|The Natural History Museum Annual Review 2003 | 2004|
|Introduction||The Director's Review||Our Year||World Class Science|
|Opening Up the Collection||Darwin Centre Innovation||3 Million+ Visitors||A Place for Learning|
|Working for Us||Looking Ahead||Our Supporters||Financial Review|
|Corporate Governance||Previous Years' Reports|
|(Annual Report Home - graphics and PDF)|
|The Museum is a substantial business that makes a significant contribution to the UK economy. We are focused on maximising income from our trading units, while managing our expenditure carefully to ensure that we deliver value for money.|
|Our Economic Contribution||The Funding Mix||Managing our Income and Expenditure||Funding for Research|
|Income and Expenditure|
Our economic contribution. Our available income in 2003/04 was £45.2 million, of which we spent £42.1 million on outgoings and capital projects. The Treasurehouse & Powerhouse report published during the year pointed out that the Museum's turnover is broadly equivalent to that of an average Premiership football club, a smaller university or a medium-sized hospital. The report went on to argue that each pound of grant-in-aid produces between £3.25 and £4.00 in wider economic benefit, not only in London and the South East but nationally as the Museum's expenditure is dispersed across the UK.
The funding mix. Of the £39.6 million that we received as grant-in-aid, £6.7 million was compensation for loss of revenue following the introduction of free entry for all adults in 2001 and £3.5 million was earmarked for the refurbishment of the Palaeontology Building. In 2003/04, grant-in-aid accounted for 88% of our available funding.
This was the third and final year of the current funding agreement, which sets out the levels of grant-in-aid and defines the Museum's performance targets. A new funding agreement, to cover the 2006/09 period, will be finalised in Autumn 2004. Our long-term aim is to reduce our dependence on grant-in-aid, by maximising revenue from our trading operations and by opening up new sources of financial support for our scientific research and exhibitions.
Managing our income and expenditure. The success of T. rex: The Killer Question ensured that this would be an exceptional year for admissions revenue, which was nearly 75% higher than the previous year. Income from science grants and consulting, which has increased steadily in recent years, was £4.9 million - an increase of around 19% on 2002/03. Strong visitor numbers helped to maintain turnover in retailing and catering, while membership, publishing and our other services mostly delivered a steady or positive performance. Our Conferences and Events business has been impacted by the downturn in corporate spending, though we are expecting bookings to improve in the coming year.
Expenditure was down on the previous year, mostly because of lower capital spending. The increase in estates services expenditure was the result of a reallocation of security and housekeeping costs. Capital projects included the completion of the first phase of the IT network and further work on the refurbishment of the Palaeontology Building, which is now nearing completion.
The figures shown are an overview and are subject to final audit. For a complete set of the Museum's audited annual accounts, please contact: The Stationery Office, PO Box 276, London SW8 5DT, telephone (020) 7873 0011.
Funding for research. Our research depends on external funding from research councils, the European Union, trusts, charities and other grant-awarding bodies. The largest grants for projects that commenced during the year are listed below (some are collaborative projects and the amounts shown include partner funding unless otherwise stated).
Income and expenditure The figures shown are an overview and are subject to final audit. For a complete set of the Museum's audited annual accounts, please contact: The Stationery Office, PO Box 276, London SW8 5DT, telephone (020) 7873 0011.
|Self-generated and trading income||£k||£k||£k||£k|
|Admissions and related income||4,371.3||3,562.3||531.2||927.3|
|Licensing and Picture Library||285.2||160.8||206.2||187.0|
|Conferencing and Events||1,846.8||1,814.6||1,595.8||1,387.5|
|Exhibitions and Education||242.9||146.6||87.7||460.8|
|Scientific Grant Income||2,114.6||2,533.9||2,689.6||3,228.1|
|Other Science Income||970.5||1,410.9||1,473.7||1,706.6|
|International Business Development||942.9||1,122.1||958.5||1,036.6|
|Sponsorship and other income||2,313.9||1,425.4||1,059.5||2,529.9|
|Sponsorship and donations||2,607.7||2,777.9||2,623.8||2,692.0|
|Net other income||1,874.5||1,404.1||698.4||2,162.2|
|Heritage lottery funding||-||115.1||471.7||109.1|
|Grant in aid||30.408.0||32.377.0||38,085.0||39,603.0|
|Communication and Development||1,054.6||1,123.2||2,691.2||3,029.7|
|Exhibitions and Education||4,044.5||4,461.7||3,871.1||2,622.2|
|Curation and Research||11,157.8||11,523.9||12,041.7||12,695.1|
|Libraries and Information Systems||2,234.8||2,495.8||2,679.6||2,855.0|
|Equipment and IT Projects||486.0||581.4||1,597.4||939.7|