Docusign Envelope ID: 485AC3A1.121 E4A8DAFB6_CD68D809E67D 2024 ANNUAL REPORT & FINANCIAL STATEMENTS for the year ended 31 March 2024 THACK MUSEU MEDIC OF any Llmited 0 02772412 Ch Rey Nr1016￿ | Corw*i Re Docusign Envelope ID: 465AC3A1-121 E4A8D-AFB6-C068D809E67D Introduction from the Chair 2023/24 saw the Thackray Museum of Medicine embrace its redevelopment to its fullest potential, reaching beyond 70,000 visitors for the first time in its history, positioning itself on the international stage. IL began o period of strategic development after reaching pre-covid visitor figures the year prior and the implementotion of a new business plan - Remedies, Rights and Renewal- which is ot the heart of the Museum's commitments as an Arts Council England National Portfolio Organisotion. Building on the investment made in Thackroy's redevelopment from 2019-21, and its transformation from a locally-known hidden gem to a museum of national ond international standing. From now until 2027 the Thackray will diversify and engoge new audiences, grow its learning ond exhibition offer to be more representative of society today. work more closely with its local community, and develop its income model to ensure it5 future sustainability. Neil Kaiper-Holm•s Chair of the Board ofTrustees April 2023 begon with a successful Easter Holiday period focussing on eye sight. outperforming income ond footfall expectation5 and set a trend for the remoinder of the year. Thi5 Positivity was underlined in May 2023 when the Museum attended the European Museum of the Year awards in Barcelona - it was the only UK museum to reach the final and came away as one of the eleven award-winners with a special commendation. The judges praised the Thackray forcreoting 'meaningful connections and promoting social inclusion,, and being a 'tronsformative force for bringing together people of diverse backgrounds. ond helped cementthe Museum's new found position. The museum's summer exhibition - On the Bench - focussed on medicine in sport and sport5 injury and we were delighted to workwith a diverse community of co-curators, including former Leed5 Rhinos captain Stevie Ward, ex-professional bosketball player and now local coach Norman Francis, and player5 from the Leeds Roller Derby Club. With a family-focus and multi-generational opportunities to engage, it proved extremely popular. Summer holiday activities saw a pilot project featuring our in-house 'Thockray Boffins,, presenting semi-theatrical 45-minute shows oimed at bullding medical capital in a fun, engaging way to all ages. Linked directly to On the Bench, it focussed on what happens during a sports impact injury and the physics of breoking bones. The summer season gove the museum a substontial visitor boost, with 0 92% increase on the previous year. The museum's annual Visit Englond Attractions QualityAssessment was corried out in July. leading to it being a recipient of a coveted Gold Award, something only given to around 20 organisations every year and of which the Thackray's teams are rightly very proud. As we moved towards Autumn, some significont grant opplicotions came to successful fruition, The first from Foyle Foundation which supported the museum with 0 £30,000 gront towards its learning progrommes, followed in the New Year by the Notionol Lottery Heritage Fund who have o long relationship with the museum, The Thackray was the organlsation's first funded Thockraymuseumof Medlclne12023/24Annuol Report Poge 2 Docusign Envelope ID. 485AC3A1-121 E4A80AFB6-CD68D809E67D Introduction from the Chair project in the North in the 1990$. In 2019-20 they invested £1.Sm in support of the Museum's redevelopment, and their belief in us was reaffirmed in Januory 2024 with a project grant of É228,901 to support the museum's ambition5 to develop its resilience and sustoinobility, bolstered with match-funding of £12,500 from the Thackray Medical Research Trust. Our relationship with the Uniiiersity of Leeds Medical School'has always been close, and this continues to grow through ourjoint commitment to the annual Monty Loswosky Memorial Lectures in Octoberwhich invites three students to compete for a career-building award by glving a lecture on a specialist topic. We remain grateful to One Medical Group and to Thackray Medical Research Trust for supporting these inspired young professionals. In the run-up to our Christmos season, December sawthe final event in our Leeds 2023 partnership. Culture Club, come to an end. This brilliant programme aimed at local 13- to 20-yeor-olds engoged them notjU5t in the museum ond it5 collection, but in learning new creative skills and uncovering social and political topics relevant to society today in newways. In February, a new exhibition- Fragile Microbiomes- with Anna Dumitriu launched bringing the fascinating worlds of art, history ond Science together through multi-faceted works utilising several differenttypes of media including sculpture, textiles, 3D-printing ond dyeing. receiving wide media coverage. With layered storytelling throughout each work, the exhibition proved highly- engaging for our audiences. Throughoue the year, school bookings have been steady but have still to recover to pre-covid levels - o familiar picture across the sector. As schools contin ue to struggle with funding, trips are becoming increasingly inaccessible for some. We continue to build our learning programme and also offer outreach opportunities to best support the curriculum. Our digital transformation hos also made considerable steps forwards, including fully embracing flexible working by moving to cloud-based services, improved security ond providing better IT resources for our staff, thanks in F)Ort to o significont gift of equipment from Redcentric. The museum's ambitions could not be achieved without the commitment of its supporters - Arts Council Englond, Thockray Medical Research Trust, Notional Lottery Heritoge Fund, Wellcome, Foyle Foundation, Thackray Friends and Potrons ond of course our visitors - forwhich we remain particularly grateful. The trustees and I look forward to on exciting yeor ohead, as the museum continues on itsjourney to becoming recognised as the UK'S leading medical museum by 2030. Dr Cornelius ('Neil') Kaiper-Holmes Choir of the Boord of Trustees Thacktaymuseum of Medicine | 2023/24 ￿￿r￿OI Report Poge 3 Docusign Envelope ID 4B5AC3A1-121E4A8DAF88-CDSBD809E670 CONTENTS Business plon and principal octivities Caring for our tolleeticns 11 Building our audlence5 15 Sustoining our QFganFSation 18 Our people 21 Frnonce and going concern - 24 Administration and governance 29. FInar￿[al review 31 Statement ofTrustees' responsibilities Independent Quditorfs report 35 Finoncial sÈotements ". mof41•dth•.12023124Annuol Report Docusign Envelope ID.. 48.fjAC3A1-121 E4A80-AFB6-CD6BD809E67D Ji Our business plan and principal activities Docusign Envelope ID. 485AC3A1-121 E4A8DAFBS-GD68D809E67D ANNUAL REPORT OBJECTIVES AND ACTIVITIES OUR MISSION AND VISION OUR BUSINESS PLAN Our mission Is to inspire people with the passion und purpose of medicine and healthcare in the pasÈ present and future. Remedies, Rights and Renewal 2023-27 Remedies, Rights and Renewal follows Arts Council England's {ACE) Notional Portfolio Organisation {NPO) funding cycle, and supports our Mission and Vision by building on our redevelopment. In January 2024, ACE announced that itwould extend its current NPO funding period from three years to four, ending in Morch 2027. Our plans support ACE'S Let's Creote ogenda, building on the investment principles of Ambition and Quolity, Dynamism. Environmental Responsibility and Inclusivity and Relevance. To deliver this mission, we use our unique collections and heritage building as a foundation to: inspire people with stories of the motivation, commitment and ochievement that drives medical progress. promote communities. and individua15' agency in shaping health, wellbeing and the future of medicine and healthcare; Remedies sets out the next steps of ourjoLJrney to becoming the UK'S leading medical museum and o museum for everyone. We are putting the best of our medical heritage to the greatest public service todoy- inspiring people to discover their own ogency, becoming a genuine threshold into the wider world of medicine and heolthcare for underserved communities and in supporting research and learning. enable people to porticipate in a public onversation about medicine and health. provide a space in our shared stories for the under-represented and un-heard. provide o focus for reseorchers, people working in medicine, patients, decision-mokers and the public to connect, share ideas, imagine and create a better future. In this we are undertoking the following: Building medlcal capital- ensuring excellent access, growing medical capitol ond increasing engagement with locol OLtdiences through programmes co-designed to build knowledge, resilience ond wellbeing. Our long-term vision Is that, by 2030, the Thackray Museum of Medicinewill have established itself as the leading medical museum in the UK. and we Wbll: 2. Health heroes in troining- extend facilities and programmes across the museum for families with early years children and further develop our offer for education groups ond fomilies. be recognised as on asset for meaningful chonge within our community and acr05S the wider region. helping people find ways to make communities healthier and better places to live, supporting economic growth and promoting equity and access. S. Archive alive- tronsform our archive into o resource for all, working with communities and stokeholders to re-arrange, document and interpret; supporting occessible community ond specialist research, place- making ond leorning. have established the museum as a centre of excellence for research forthe benefit of all. be governed ond managed in on open, inclusive and equal way, representing and sharing decision-making with our communities, across the whole range of our operations. Rights ollows us to create together and explore stories of medical advance to inspire ond ignite debote ond conversation. Recognising the democrotic Context of what we do, we continue to cause discourse on the societal issues of class, race. empire ond gender that have shaped what and how we collect, the stories we tell and the woys in which people can benefit from our museum. The history of Medicine, modern heolthcare, our own world-view ond the choices we moke ore all distorted, to o greater or lesser extent by modern inequolities or by the legacies of past inequalitie5. By toking an empathetic, honest and colloborative approach to democrotising our proctice - valuing dissenting ond diverse voices, being open to chollenge and debate and by promoting genuine co-creotion - we help to build o shared and trusted foundation of understonding that we can oll use. be a commercially resS1ient and entrepreneurial museum that delivers excellent value for its public alongside real economic benefits for the Tegion. Tha¢kray Museum ofmedlclne | 2023124Annuol Report Poge 6 Docusign Envelope 10.. 4B5AC3AI-121 E4A80-AFB6-CDSBD809E67D ANNUAL REPORT OBJECTIVESAND ACTIVITIES In this we are undertaking the following: PRINCIPAL ACTIVITIES 4. Democratising collections- democratise the documentation, use and interpretation of medical collertion5 - forming the focus of o democratisation strategy to better understand and share the legacy and narratives of our'medical Empire,. Our strategy is underpinned by three moin areas of activity: Curing forour collections - rnonoging, preserving. documenting and making occessible o unique resource for leorning, reseorch ond public inspiration. 5. Youth voices- co-created programmes with young people working with artists and creatives, responding to social justice themes such as climate heolth emergency. Bullding ouroudlences- colluborating with communities to co-produce museum exhibits and activities to ensure greoter representation of our diverse public, developing leorning opportunities and resources, public programmes, volunteering programmes, activities ond communication to encouroge more people to visit the museum ond delivering outreach programmes ond partnerships to take the museum to harderto reoch communities. Ignite the mind's spark- our core programme of innovotive a nd collaborative exhibitions and supporting activities- encompassing the rich diversity of subjerts within our collections and inviting new perspectives, voices and creative responses. And Renewal sees us working together towards a sustoinable future and a healthier, more responsible tomorrow. We continue to fundraise to target investment in our business model and operations to become more dynamic, more resilient ond sustoinoble in on ever fluid operating environment. We have accelerated our digital strategies, formalising and better enabling flexible working, and embrace an agile team structure with greater capocity to flex. We guarantee training and development opportunities for every memberof our team, ensuring we can support our peoples. career progressions, and invest time and care in the happiness and wellbeing of our Board, volunteers and staff, continuing to build on our progress towards greater diversity ocross the whole team. Sustalnlng ourorganisa¢lon - carrying out commercial octivities, including conferencing. a museum shop and café and operotion of our cor park. fundraising and developing projects to improve the museum's public offer and resilience. In this we are undertaking the following: Thockray co-created- grow our co-creation model, with a plan forour programme to permeote other aspects of our operations. 8. No place to be sick- strengthen our engagement and relationships with NHS stoff, volunteers, patients and visitors on St James. site to increase museum visitors. generate income and develop programmes. 9. Move on up- build on our move to cloud-based digital infrastructure ollowing for transporent occess to collections moteriol ond colloborotive working. Develop strotegic plon to open up collections occess, support flexible working. 10. Llttle green feet- a programme of ottivities to odvocote for and influence oudience behaviours to promote wellbeing and sustainability. ThackrayMu$eum of Medlelne12023124 Annuol Report Page 7 Docusign Envelope ID". 465AC3A1-121 E4A8DAFB6-CD6BD809E67D li CHiS'r 414D LUNG MIX'I'URE IIIED LUNG SYRUP •t¢rt%ts Mly m•o¥l•dyr¢ IIV OLlIl IOULTI(I KAOLIN .PouLTICE 11111511 IHIIMAcoP&IA 11A1 LID for our collections Docusign Envelope ID.. 4B5AC3A1.121 E4A8D-AF86.CD68D809E67D ANNUAL REPORT CARING FOR OUR COLLECTIONS *r The Thackray's collection of historic objects, books and archives comprises the principal heritage osset of the museum through which it can meet its charitable objectives and mission. The museum's collection contains over 50,000 objects, and some 28,000 written works covering a wide range of medical specialities ond healthcare themes. The Collections Development Policy introduced o programme of contemporary collecting in 2020, whereas the focus had previously always been around collecting historic material. This change is part of the museum's brooder aim to include and represent a wide range of contemporary communities and health practices. Contemporary collecting priorities ore set annually and often coincide with programme plonning, The key collections strengths are in medicol supplies, surgical equipment, disability equipment and aids, and apothecary and pharmacy trades. Notable nationally and internotionally significant collections include the archives of the Charles F Thackray Medical Supplies Company and a number of other medical organi5ations, as well as the principal national collection of med ical trades catalogues, prosthetics, audiology, surgical equipment and apothecary tokens and jars. Items range in size from micro-implunts to x-ray machines and, while the focus is on the United Kingdom (particularly the North of England), medical traditions represented in the collection range from early roman medicine to medieval Arab apothecaries and ontemporary Chinese acupuncture. Collections ore managed within the Arts Council England Stondords forAccredited Museums and the Museums Association Code of Ethics for Museums (2015) covering oll ospects of collection ocquisltion, dispos01, care, conservation, documentotion and access. Acquisition ond disposal of objects ore corefully controlled. Disposal of individual items can only be done under strictly controlled circumstances ond the use of ony monies generoted through dispos01 is highly restricted. In the opinion of the Board of Trustees, due to the historic and unique nature of the collection land principal heritage osset) concerned, conventional valuation approaches lack sufficient reliability. Furthermore. disclosure of specific voluations is deemed contrary to the Museum's purpose of sofeguording the security of the collections ond promoting their historic importonce. As o consequence, the volue of herltage assets has not been included in the finonciol stotements. Additions to the collection Idi5closed in note 13) during the year are not considered to be of material financial value. The Wilkinson Collection of17- to 18th-century apothecory jars held by the museum 15 of particular note - recognised as containing the single most important and extensive collection of English delftware apothecoryjars in the world ond complemented by a range of drug jars from Europe to the Middle Eost. ThuckroyMu8eum of MedlelTre12025124 Annual Report Page 9 Docuslgn Envelope ID.. 485AG3A1-121 E4A8D4FB6-C06BD809E67D ANNUAL REPORT CARII4G FOR OUR COLLECTIONS A¢quisltions and Disposals Archives The museum's collection continues to develop with 156 objects and 177 books and catologues occessioned this year. Highlights included a donation of eleven upper limb prostheses from the Leeds based company, Steeper. 0 1980s proctogram chair ond two contemporaryAIDS memorial quilts. For the archive5 and library, we hove collecLed a collection of post-mortem registers from Leeds General Infirmary and o collection of books used by o nurse who worked in Bangladesh and Leeds. This year great strides have been made in laying the foundations to greoter access to our orchive collections. In the first full yeor of employing o part-Lime orchivist, around 150 records hove been added online. The Thockroy hos also been oble to add detoils of these records to externol databases such as the Archives Hub webslte, and The National Archives, Discovery catalogue, putting the collection in front of a nation-wide oudience of researchers. Highlights include the Michoel Martin OBE Hearing Aid Archive and the Calenduline Company who produced Lowry's Calenduline a treotment for the eye, throat, urethro. nose, stomoch, bladderond pyogenic membranes. Volunteers have olso helped us to catologue our extensive collection of prescription books. We approved for disposal 166 items this year. These were either damaged beyond repair. contained h02ardous material orwere duplicates of items well-represented within the collection by objects of better condition and/or provenance. Skills development has olso been on importont port of ourarchivol workthis yeor. The museum supervised o placement student who came to us as part of o supported internship programme with Mencap. The student cotologued two collections from the archive to item- level during his placement, and the experience provided them with vital employobility skills. Our orchivist held several reseorch skill sessions with students ond local people as part of Leeds 2023. Volunteers also continue to work on cotaloguing the orchive twice weekly, as well as repockoging the collections. We shared our own collection through short-term loans with Hull Minster as part of their Back to Llfe exhibition. We've also continued to monitor and renew long-term loans to the following museums: Dundee Heritage Trust, Dundee Ripon Museum, Ripon The Sedgwick Museum of Earth Sciences, Cambridge York Castle Museum Leed5 Museums and Gallerles Erasmus Darwin Foundation, Lichfield National Museums Liverpool Historic Royal Palaces (Tower of London) Imperial War Museum North. Salford We also loaned several objects in support of our exhibitions and learning programme. Highlights included the jersey worn by Stevie Ward in the 2017 Challenge Cup Final RL, three photos by lan Beesley and various Roman medical instruments. Thackraymuseum of Mediclne12023/24 Annuol Report Poge 10 Docusign Envelope ID. 485AC3A1_121 E4A8DAFB6.CD68D809E67D Building our audiences Docvsign Envelope ID". 485AC3A1-121 E4A80AF86-CD6BD809E67D ANNUAL REPORT BUILDING OURAUDltNCES Building our audiences Exhibition and prc9rammed actlvity G•n¢ialAdrnlislon52023124v%2022/25 25124 Exhibition and programmed activity continued to build on the success of our first18 months since redevelopment. Whereos that period wos about consolidation, this year we increosed our ambition and quality, opening two major exhibition5 Qnd launching our adult lates programme. The exhibition programme begon in the summer with on exhibition aimed at families - On the Bench. Curated in partnerships with three Leeds sporting superstars, On the Bench explored what happens when players 9et injured and who helps them recover. This was followed in February by Fragile Microbiomes, an exhibition of artworks by internationally renowned bio-artist Anna Dumitriu. 19 artworks were on display, including three new pieces made in collaboration with microbiologisL DrJane Freeman from the University of Leed5. The period Saw widely positive growth in the museum's general admissions throughout the year, building on the previous year's success of exceeding pre-covid visitor levels and bucking the nationol trend. In particular, the potential for increased engogement during school holidoy periods was moximised with odditional programmed offers - both bookable lot little cost), value-added and exhibition- based activities. There was also steady growth during term-time, both from a slight increase of adult visitors on weekdays and greater engagement from parents or corers with under-5s, and good weekend ottendance throughout the year. Growing our adult attending audience remains essential to growth. with better opportunities and programming for Group Bookings being a key development areo. The Museum's Insight lecture Series saw consistent growth during the period, as did exhibition attendance, and diversifying our offer to include evening events is part of current trajectory. Outside the temporary exhibitions progromme. two galleries were also updated. Murol artist Melody Sutherland was commissioned to transform an unused room off Disease Detectives into a space for under-5s. Melody worked with two local nurseries, using their understanding of whot germs looked like, to create a mural and soft play furnishings. On the first floor, we olso added o new disploy ond film obout disability and foshion. These were created as port our work with the Curating for Change project alongside a disabled poet. a model and on onimotor. Plans ore in place (detailed on poge 23) to put significont efforts into researching both our ottending ond non- attending oudiences, to help refine our offer whilst remaining occessible and supportive of our community. Overall audience figures Yearended Yeorended 51 Murch 2024 31 March 2023 General admissions Schools odmissions 57,355 13,725 38,628 14,737 Total odmisslons 71,080 53,365 IA Thackray Mu$¢um trf Modl¢lThe12023124 Annual Report Page 12 Docuson Envelope ID.. 4B5AC3A1-121E4A8DAFB6-C068D809E67D ANNUAL REPORT BUILDING OURAUDIENCES This yeor saw our adult programming come to life. In November, Phoenix Dance Theatre brought their community tourto Thackray. In January, Amanda Grace performed herone-woman show, frephination, which explored mental health issues. and conferences, and wa5 proud that our Learning Officer, in recognition of our standing in the sector, was asked to speak at the GEM (Group of Education in Museums) Conference on our Below the Belt workshop. In an effort to moke it as eosy as possible for teochers to bring their pupils to the museum and ertsure they get the most out of theirvisit, we hove developed o new teacher continuous professionol development (CPD) session. These olso include ossociated pre-visit loon boxes thot we will be piloting next yeor. We also hosted a free weekend for teochers ond their fomilies $0 thot they could see whot the museum has to offer. With support of the National Lottery Heritage Fund, we ran our first self-produced adult late, TheAnatomyof Love, in celebration of Valentines Day. The programme included hands-on heart di5section$, a living autopsy, life drawing, crafting ond a bar from Kirkstall Brewery. A mojor milestone was ochieved this yeorwhen we received funding from the Foyle Foundation to help us develop our Mory Seocole workshop os part of our work democrotising Thockroy. This new role will see us recruit a new member of staff to ploy the port of Mory Seacole. Informal learning This year has seen a real shift in opproach forthe Informal Learning teom, which hos seen the return of the immensely populor dissection workshops, and newly-developed ond delivered in-house produced live science shows. Our In5ight5 Lecture series come to a poignant close thi5 yeor with the final public lecture of Professor Keith Manchester who has supported the progromme for many year5. It wos a rousing end to a series thot has gone from strength to strength. This year 5 lectures included an exploration of medical knowledge ond empire, the politics of pandemics and the effects of the climate emergency on health. During the Easter Holidays, the teom explored eyesight, with an '1 spy, trail around the galleries and eye themed arts and craft. Alongsidejunior doctors from St Jame5. University Hospital. bookoble eye dissection workshops were available proving especiolly popular with families. Formal learning This year has been o challenging one in terms of school bookings. Teachers strikes, the cost of living crlsis and pressure on school finonces have all contributed to a difficult year. Yet despite this, school numbers remain steody and point to an encouroging year-on-year growth. The museum hos worked hard to develop further our relationships with schools through local teacher network5 As port of the NHS 75 celebrations, the team developed o troll of Foces ofthe NHS around the museum, using photos for LTHT'S 75 Foces compaign. Across two weeks, we offered free admission to ony chlld who dressed up as their'Health Hero, (we provided fancy dress for people who wonted to join inl, provided free coke ond held free eye dissection workshops. frj Summer octivities were linked to On the Bench. Visitors took port in drop-in crof¢ octivities and o physical theropy ThackroyMu$eum of Medlclhe12023124 Annuol Report Page 13 Docusign Envelope ID.. 4BSAC3A1-121 E4A8DAFB6-CD68D809E67D ANNUAL REPORT BUILDING OURAUDIENCES session devised with a physio therapist from the University of Leeds. Summer also saw the debut of our new bookoble science shows (Break a Leg) with the Thackroy Boffins. collection and issues affecting their health. This resulted in three late events through the year where they showcased their work. Highlights of these events included moker Luso talking about dental jewellery {'grilz'), poet Gina Tovares Monuel supporting the young people to host an alternative tour of the museum with historian Joe William5 and talks from curotor Adam Jaffer and artist Emil Alrai. December saw Father Christmas return to Thockroy. The 90-minute experience included an activity troll around the museum, festive crofts ond on audience with Father Christmas. A new access guide wos creoted alongside two days where a British Sign Language (BSL) interpreter was on hand to support our d/Deof visitors, The museum sow o busy increase in overall visitor numbers throughout Februory half term. The Informal learning team brought bock the Thackray 8offins for a series of science busking activities linked to our new exhibition Fragile Microbiomes. Visitors hod the opportunity to craft their own 'plague' amulets as a creative response to the artist's workand had the chance to watch vorious themed tolks. Our under-5s audience has continued to grow this year with Sparksl proving popularas olwoys. Our regular weekday story and rhyme time sessions have been especially successful. We have olso continued to regularly update our under five troll bog5 to encourage families to explore the rest of the museum. We offered members of our local community complimentary tickets to our Christmas experience. these were promoted through local events and community advocate and supporter Natalie Tharraleos. 45 adults and children took advantage of this offer, introducing new people to the museum, and building relationships with community members. Community activity Thi5 yeor. through its community programrne, the museum has welcorned more people who live and work in Harehills thon ever before. Many new groups have been welcome into the museum through offering them the free use of our Core spoce. These have inclLJded Women's Health Matters (who help women Seeking asylum in Leeds). Space2 who have been running a regular homemade herbals class and the NHS Pathology Team, who also used the space for a meet the scientist event. In February, our Community Co-producer hosted an LG8TQ+ tour for a local group from the council and held an online talk for an NHS group focused on LGBTQ+ collection items. May saw the official relaunch of the revamped Core Space with o community lounch day. Activities included o boby rove orgonised by BoomChickoBoom, Islamic- inspired craft octivities by artist Ranyo Abdulateef and a free community buffet. Feedback In line with the complaints policy odopted by the museum, all complaints received requiring a formal response are logged and recorded to be reported to the Board. During the period of the report, there were eight minor complaints, none of which required escolotion or o formal response. We continue to receive positive feedback ocross the boord for our galleries, temporary exhibitions, progrommed activity ond learning offer. A mojor strand of our community work wos the Leeds 2023 supported black leod youth project. Culture Club. The Thackroy hosted o weekly group of aroursd eight to twelve young people who worked with the museum ond our portner Soble Studios to creotively respond to our Our 2023124 Visit Englond Visi¢orAttroction Quality Scheme assessment sow us score 94Yo ond be awarded o highly coveted Gold Aword. Thackray Museum of Medlelhè12023/24 Annu¢l Report Page 14 Docusign Envelope ID.. 485AC3A1-121 E4A8DAFB6-CD680809E670 SICK,ROSE Ip ie Aili3'iOIy ol Gendei , ¥¥W*K. Sustaining our organssation Docusign Envelope ID, 485AC3A1-121 E4A8D-AFB6-C06BD809E67D ANNUAL REPORT SUSTAINING OUR ORGANISATION Finoncial performance is detoiled in the ottoched finoncial Demands on trusts ond foundations and on public statements, which hove been prepared to comply with the grant-giving organisations continued to increase Companies Act 2006. the Financiol Reporting standard throughout the period with several pausing appllcation opplicable in the UK and Republic of Ireland IFRS102) occeptance to review their strategic ambitions or are ond the Accounting ond Reporting by Chorities: winding up having depleted funds, specifically through Stotement of Recommended Prartice (effective 1 Jonuory offering additional support to culture organisations 2019) (Charities SORP IFRS102)). The movement in funds is post-covid. The museum continues to build its fundraising shown on the Stotement of Financiol Activities on poge 36. efforts. particularly for support from core grants to A brief commentary on financial performance Is contained underpin our day-to-day activities, and will be putting in the Finonciol Review on page 30. a new fundrai$ing strategy into place in 2024/25 with a new Associate Director of Development. With feference to the choritoble requlrement thot the benefit provided by the Museum is to the public, the Annual Report describes the primary groups of people who benefit from its work and demon5trotes that those benefits are not restricted by opening times, accessibility or obility to poy. The Trustees. in making decisions around public benefit, have due regard to the Chority Commission's public benefit guidance. Throughout the year we continued to acknowledge those who gave generously to the museum's redevelopment, in particular the National Lottery Heritage Fund, Wellcome, Wolfson Foundotion, Garfield Weston Foundation, Foyle Foundation and Thackray Medical Research Trust. The museum continues to receive the generous support from individual donor5, Its Patrons and the Friends of theThackray who provide additionol, voluntary support of events and activities. Fundraising and development As an independent Museum, we rely on admission charges, commerciol activities ond the generous support of a wide variety of organisations and individuals. Commercial activlty In accordonce with the Charities Act 2011. 0$ amended in 2016, the Trustees report thot the Museum strictly adheres to the Fundraising Regulotor's code of fundraising proctice ond all relevo nt Institute of Fundraising guidance including Treating Donors Fairly guidance. The Executive teom co- ordinote our fundroising octivity ond ensure the highest standords of fundro ising practice, following an Ethicol Fundraising Policy. We did not receive ony comploints in relotion to fundraising in the year. In the year we were successful with a number of major gronts and smaller gifts from Trusts and Foundotions, including a £30,000 gront from Foyle Foundation to support formal learning,, £228,911 gront confirmation from Nationol Lottery Heritage Fund to support ourfuture resilience and sustainability, five grants under £5,000 from Sovereign Healthcore, The Morel Trust, Wade's Charity, Sir George Martin Trust and St Jomes's Place Foundotion to communities, core space and schools programme. and £60,000 confirmed granl funding for a joint project with the University of Leeds, LivingBodiesObjects team to produce an exhibition together in summer 2024. The Museum's troding subsidiary (The Medical Museum Trading Compony Limited) generates commerciol Income, ollowing US to increase sustoinobility ond finonciol resilience. Principal trading activities include conferencing and events, our retail ond cofé offer, ond the opeTOtion of our cor park. Commercial income totalled £534,419 in the period (2023: £513,996), which mokes up around 35 % of unrestricted income12023', 350/01., significant increoses in cofé ond car porking income have bolstered a predicted decrease in our conference hire business os our strotegy In the latter area chonges. The museum is porticulorly groteful to Arts Council Englond and the Thackroy Medical Research Trust for continuing to provide ongoing grants. Together, they provide substantial support- totalllng £390,968, approximately 24f/io of totol income- to the organisation for core charitable activity, audience development, leorning and community actlvlty, research projects and much more. Supported by a return of both museum and hospital visitors, income from our cor park hos continued to grow during the period, with a mid-yeor increase on our hourly rote helping to contribute to o significant rise in income to £236,797 {2023'. £132,418). As other oreos of our Troding income become more estoblished post-covid and Thackray Museum of MedicinE12023124 Annuol Report Page 16 Docusign Envelope ID.. 4BSAC3A1-121 E4A8D-AFB&CD68D809E670 ANNUAL REPORT SUSTAlhilNG OUR ORGANISATION redevelopment, we plan to review our car park pricing structure to ensure the offer compliments our strategies to increase conference delegate and general visitor numbers. The continued development of our grab-and-go menu - serving locally sourced sweet and sovoury bokery goods alongside meal deals for key oudiences such as our kids 'bento box, offer- has helped increose morgins through the year to 51 /.12023: 24/1. Building on work in 2022123. we hove seen consistent growth of regular cofé custom independent of museum footfall, chiefly through stoff and patients from the neighbouring hospital site. This has allowed café income. in the main, to consistently exceed weekly targets regardless of the footfall pattern of museum visitors across the year. Café income during the period wa5 £125,514 {2023: £81,254). The team have now turned their ottention to the development of our retail offef, Wlth o full review of the scale and range of lines on offer, with the buying process being far more closely tied to vlsitor trends. A small restructure in the engogement teom has also seen a speciolist retail teom introduced to strengthen focus on merchandising trends and up-selling. At the end of the year this was starting to have a positive effect on both in-per50n and online shop soles. Retail income during the period was £62,204 (2023: £57,060>. As of 31 March 2024, café and shop stock was valued at £18,517 (2023= £18,561). 2023/24 morked the first year since re-opening the museum where our full conference focilities were available for short term hire (following the contracted end of a long-term hire of approximotely 50 /0 of our facilities by the Leeds Teaching Hospitols Trust for Covid-reloted clinical reseorch). With this change in busine$5 model, ond inevitoble need to rebuild marketing and stoffing resources alongside an exponded offer, we have seen o predicted decrease in income from overall hires, with income of £109,904 {2023: £246,249). However, this figure is made up completely of short-term hires and cssocioted cotering {compored to 2022/23 where 430/0 of income was brought in by one major long-term hire reloted to covid recovery), significontly diversifying the number and range of hires of our focilities oueroll ond the prospects available for future years. Encouragingly we hove olso begun to diversify our client bose, with on increase in non-NHS bookings from Quarter 4. The Board and Executive remoin confident in this area of our trading orm ond have mode significant investment in resources to bolster income torgets in the coming yeor, including a new event management system, an increase in marketing spend and o newly created role of Events and Soles Assistant due to be introduced in Quarter 2 of 2024/25. ThatkMyMu5eym otmedlclne | 2023124 Annuol Report Page 77 Docusign Envelope ID.. 485AC3A1-121 E4A80AFB64D6BD809E67D •• o.ur people Docusign Envelope ID.. 485AC3A1-121 E4A8DAFB6-CD68D809E67D ANNUAL REPORT OUR PEOPLE Staff Our stoff Increased in numberfrom 41 to 45 during the year. as the museum continues to grow and develop new activities in 5UPPOrt of its long-term charitable objectives. The year saw a new stoff structure being put into place, replacing the senior monogement team with on Executive and placing all departments and roles into three areas: Additionally, new mechanisms were put in place to ensure that stoff can seek out and engage with new troining and development opportunities more easily. Such significant activities in the period included: En9agement Mtyketwng, Coknrnunlcatlons & PR Museum 2050 - a residential leadership deep-dive into futuring for museums, hosted by Culture24 and the University of Leicester's Institute of Digital Culture. Vl&lLor EXPer￿ncè I Museum's Association conference- four team members attended. the firsttime non-exec staff were oble to. Canierencin9 & E¥er¢4 Collections & Pmgfamming Let's Get Real: Using Digital to Add Value - two team members were able to join this six-month research and training progromme. delivering a new online project. Collé¢trons &Archl Trustees During the yearwe thanked resigning Trustees: Aidan Hindley, a nurse specialist and patient engagement manager. David Hopes, a head of locol authority museums and galleries service. Professor Simon Kay, a consultant plastic surgeon. and DrAtia Khan, junior doctor. We also welcomed new Trustees Cllr Luke Farley, a communications officer plus local councillor for Burmontofts and Richmond Hill: and Michael Lewis, senior healthcare advisor providing consultancy support to a ronge of NHS and private sectors. Fundrotsi As a chority, we are particularly grateful to all our previous, current and newTrustees who give theirtime, expertise ond vital contributions to the museum's strategy ond it5 long-term future freely ond voluntarily. Significant changes included: Placing Visitor Experience, Café and Retail at the heart of Engagement as audience-focused teams developing meaningful relationships with our visitors. Placing volunteering directly alongside learning ond porticipation, enriching both visitor's and volunteer's experiences. better defining roles. ond enabling greater support for building medical copital and volunteer5 OSSlSting with interpretation. Introducing a new Lead Producer role to oversee the core public progromme, offering new audience development opportunities. The new structure also put in place refined meeting and delivery groups, better enabling stoff communication and engagement, ond betterfocilitating contribution to. and ownership of, strategic activity. ThackMyMu$eum of Medicine12025124 Annual Report Page 19 Docusign Envelope ID". 485AC3A1-l21E4A8DAFB￿D6BD8Q9E67D ANNUAL REPORT OUR PEOPLE Volunteers Volunteers continue to enhance everything we do with their unique skills and experience, and in 2023/24 volunteers have been more involved with the museum's programme than ever before, providing an increose of 935 hours ofsupport compared to the previous period. Yearended Yearended 51 March 2024 31 mo￿h 2025 Number of volunteers Hours contrlbuted 80 3,588 59 2,653 A busy summer holiday period saw increosed interest in volunteering, with several former placement students returning in a new capacity os enthusiastic volunteers to join the wider team supporting fomily activities. A5 well as assisti ng with science shows, volunteers maintained an almost constont presence on the galleries. Other new recruits begon training forour lotest opportunity as Young People's Learning Volunteers, a role created to support the Formal Leorning team in their work with schools. Each had a strong interest in education, and they include among their numbera part-time primary teacher and a former employee of Leeds Children's Services. From meeting groups on arrivol, to 0551Sting with workshop sessions ond self-led gallery trails. they oim to offer regular weekday Support to the Formal Leorning team, The museum'5 Porticipation in the notional Heritage Open Days festival in Septemberwas led by volunteers forthe second year running. Heritage volunteers gove free talks on the building's workhouse history, drawing on the on90ing research of the wider herltage volunteering team ond attracting 30 visitors. Each of the museum's Collections staff now have dedicated volunteers of their own, working on specific weekly projects to care for and catalogue items. In a wonderful example of professional developmenL the Collections Access Assistant- hoving groduated from volunteer to staff member herself last December- now supervises her own volunteer who is making bespoke object boxes to repackage objects and update their location on the system. Th¢Jckruy Mu$eum of Medlelne12025/24 Annuol Report Page 20 Docusign Envelope ID- 4B5AC3A1-121 E4A8D4F86-CD68D809E67D .Z?. Finance and, going Con￿rn Docusign Envelope ID.. 4BSAC3A1-121 E4A8DAFB6-C06BD809E670 ANNUAL REPORT RESERVES, INVESTMENT & RISK Reserves policy Investment policy The charity's acquisition and development of its buildings and Museum displays were financed by grants and gifts, which could be used only for specific purposes. Certoin subsequent gronts ore similorly subject to donor-imposed conditions. To ensure these conditions are not breached, these grants and donations ore segregated os'restricted funds,. The policy of the Trustees is to pursue opportunities to secure further funds of this nature which can be used to continue the development of the Museum. The amount of restricted funds at 31 Morch 2024 was £4,378,175 131 Morch 2023- £4.692,963). The Trustees have considered the most appropriate policy for the investment funds and have decided thot, given the fluctuations caused by post-covid stabilisation, investment in on interest-beoring deposit occount is the m05t oppropriate policy. When ovailoble, these funds ore placed with institutions that are covered by the Financial Services Compensation Scheme I'FSCS.) and the limit with any individual institution is maintained below the limit for the FSCS. Risk monogement and the Finance, Risk and Audit committee Eoch yeor, when the financial statements are being prepared, the Trustees review the general fund in the light of any planned exceptionol or unusuol expenditure. Where they consider amounts should be earmarked for such future expenditure, tronsfers ore mode from generol reserve to'designated funds,, where sufficient funds are ovoiloble. There was no such movement in 2023/24. The Trustees have given consideration to the mojor risks to which the group is exposed and systems deployed to manage those risks. The major risks identified by the Trustees include financial sustainability, risks to the collection ond building, risks associated with the noture of the collection (including controlled drugs, hazardous materials and human remain51. 50feguording of children and vulneroble people using the museum's programmes. risks pertoining to the general safety and welfare of the museum's public, volunteers and staff, and digital risks including cyber-attacks. The Trustees ore keenly owore of the need to mointoin the viability of the Museum beyond the immediote future. Their policy is to seek to build the charity's general reserve. beyond a fixed level of three months, operational costs to generate surplus that the Trustees wi15 be able to use ot their discretion in furtheronce of the charity's objectives. The Finance, Risk and Audit Committee, which is a committee of the board, met four times during the period and reported on its findings to the Board of Trustees after each meeting. Progress wa5 mode during the period in improving the proce55e5 for assessing and controlling risks within the orgonisotion, with o continually updated risk register. Mechanism5 for managing cash headroom contlnued to be utilised. The company's reserves policy is bosed on estimoted monthly recurring costs for a three-month period at the start of the finonce year, which at 1 April 2024 was £390,000. The balance of general reserves ot 31 Morch 2024 wos £413,916 {2023: £567,436). Whilst a decrease, this is an improvement against its torget of £390.000 of £23,916. The balance of generol reserves is the sum of £428,133 surplus in the charity ond a £14,217 deficit in its trading subsidiary. The trading subsidiary usuolly retains surpluses to the extent thot its directors consider necessary to provide working capitol for its business, and ony remoining surpluses are transferred by Gift Aid into the charity's general reserve. In 2024 there was a small deficit balance and. 05 0 result, no Gift Aid tronsfers will be mode into the charity's general reserve. ThockTayMuseum of Medlclne12023124Annuol Report Page 22 Docusign Envelope ID.. 485AC3A1-121E4A8D-AFB6.CD68D809E67D ANNUAL REPORT GOING CONCERN GOING CONCERN AND PLANS FOR FUTURE PERIODS, INCLUDING POST BALANCE SHEET EVENTS Resilience and sustainability: Insights, identity and imagination The 2023/24 finonce yeor morked o significont period of development, whilst continuing to progress ogoinst oll the museum's strategic aims as set out in its Remedies, Rights ond Renewol 2023-27 business plon Ipoges 6 & 7). The National Lottery Heritage Fund has funded a project - Insights, Identity and Imagination - to support the Thackray's long-term resilience and sustainobility, following its redevelopment. Core objectives are: April 2023 begon the fir5tyear in a new cycle of Arts Council Englond funding os port of its Notionol Portfolio Orgonisotion progromme, which will run until March 2027. The Arts Council's continued investment in the orgonisotion continues to demonstrate their confidence in the Museum, in oddition to being a mork of the quality in our activities, our ability to be o catalyst for change and working towards engaging o wider diversity of people in arts and culture, acknowledges how we are striving to take new approaches in becoming mole dynamic and agile, and our continued efforts to build our long-term resilience and sustainability. Throughout this, we put our collection at the centre of ourwork, using it and it5 Stories os a point of reference t¢)words becoming more inclusive and tockling societal issues. Medicine. heolthcore ond wellbeing touches oll humonkind. our museum therefore hos the unique obility to inspire ogency in the widest possible oudience. To conduct in-depth audience research, building our understanding of who, and who does not, attend the museum. ond whot their motivations are so that we can better plan our programme. 2. Work with our teoms ond stakeholders to develop and suggest activotions for a brand positioning, determining a Set of volues that will drive the ambition of our business forwards; Develop an earned income strategyto devise o ticketing model that works. long-term, forthe organisation and diversify. income opportunities: Build on pilots of new audience development ond engagement opportunities, to drive new and more diverse audiences towards engaging with the Thackray. Throughout the year our audiences continued to grow- exceeding both the previous finance year and also pre-covid admission figures. Through o newly developed exhibition progromme, spread wider ocross the Museum ond with o greater number of related octivities, olongside piloting new approaches to school holidoy engogementopportunities, tridl ing evening adult-focussed events ond new opprooches to marketing and communications, we exceeded our annual visitor target by 2,580, finishing the yeor with 71,080 visitors. This marks 0 33Y¢ increose on the previous yeor. Improve ourvisual presence in Harehi115 by launching o new wellbeing garden with volunteers, and improving our signage and lighting to drive more visitors and contribute towards Harehills being a great place to live. work and discover. and, 6. Support the commissioning (md implementotion of new CRM (Customer Relationship Management) and ticketing system to provide enhance audience communication and engogernent, and build organisational knowledge. It is our ambition to welcome 100,000 visitors o year by 2030., 2023/24 hos seen us moke greot strides toward5 that figure and set us on a trend of growth. In the year aheod we hope to reach 83.200 visitors. These projects will be implemented in a phased opproach, throughout 2024 and 2025. Collections, interpretation and exhibitions practices In 2024/25, Rernedies, Rights and Renewol, principally supported by Arts Council England, is accompanied by o significant set of projects and activities. Several focus on our resilience ond sustrjinobdity, supported by National Lottery Heritage Fund. we stort a two-year project towards better curatorial practice through democrotisotion ond representation supported by the Museum's Associotion Esmée Foirboirn Collections Fund. we continue o project to better represent our communities in our formal learning activity generously supported by Foyle Foundation. and our core work around enabling research and maximising the potentiol of our collection continues to be supported byThockroy Medical Research Trust. We ore porticulorly grateful to our principal partners ond core funders for enabling this vltal work to happen. Through the Museum's Association, the Esmée Fairbairn Collections Fund hos supported a gront to transform our collections, interpretation and exhibitions practices so that the Thackray becomes more representative of our audiences and local communities. This project, which will being in Autumn 2024 and run for two years, will see us: Recruit an officer-level Curator of Change.. o future sector leader from a Globol Majority background, with experience in activism ond community engagement. Deepen our relationships with diverse local communities to drive participatory practice and collection democrat15ation and decolonisation. ond Thockray Muspumof M¥di¢ine12023124 Annuol Report Puge 23 Docusign Envelope ID.. 4BSAC3A1-121 E4A8DAFB6.G06BD809E67D ANNUAL REPORT GOING CONCERN Affect profound change in policy ond practice in term5 of how and what we collect ond the stories we tell. permanent staff has the opportunity to undertoke CPD activities relevant to their role, and staff ore encouraged to attend conferences and events, as well as undertake experience visits at other culture venues. This work is vital in driving our vision to become o new kind of inclusive, open ond equitably-operoted museum thot works hond-in-hand with our locol communities. Building on our recent ochievements of receiving a Special Commendation at the Europeon Museum of the Year awards in May 2023, and our previous accolade os a finalist in 2021,5 ArtFund Museum of the Yeor awards, we were delighted to receive a coveted Visit England Gold Award in August 2023 having attained 0 940/0 score in our annual assessment, demonstrating our continued relevance and excellence in customer experience. Dlverslfylng formal learnlng The Museum is possionate about sharing stories of medical innovation ond individuals in heolthcore who are of particular inspiration. It is widely acknowledged that stories from people with diverse backgrounds hove been largely hidden from mainstream view, which is something the Museum wants to chonge. The Thackray continues to actively engoge in wider networks and initiatives, building our position and reputation both in Leeds and thewider region, nationally and has gained international recognition, whilst also building both its economic impact and cultural impact on the region. Its Chief Executive is Chair of Culture Consortium Leeds ICCL), shoring knowledge and cultural ambition alongside 26 of Leeds, most Slgnificant cultural venue5 and orgonisations, and is a member of Leeds Arts Health and Wellbeing Network (LAHWN), Libraries in Leeds (LILI. Sustcinable Arts in Leeds (SAIL}, the UK Medical Collections Group {UKMCG) which is co-choired by the museum's Director of Collectionsand Programming, and regularly attends or is invited to meeting5 and events with Leed5 City Council, GEM IGroup for Education in Museums), Arts Council England. Museum's Association, Museums Development Yorkshire, omongst many others. The Foyle Foundation hove supported the museum in bringing about this change by diversifying our formal learning activities to include more diverse stories. In 2024/25 we will employ o Block African or Caribbean individual to research and develop formol leorning octivities focusing on the 19th-century nurse Mory Seocole, whom they will also portroy. Sustainlng our organlsation Being able to undertake this work is dependent on fundraised income from grant-giving orgonisations, donations and corporate svpport. We have put significant efforts into building our ability to raise vital restricted ond unrestricted grant income, and develop new portner relationships to ensure our success. Managtng going concern The museum is recipient of two sizeoble gronts - one os on Arts Council England Nationol Portfolio Orgonisotion, the other supported by the Thackroy Medicol Reseorch Trust. Combined, these funds not only support the b¢ckbone of ourobility to operate and carry out our charitable objectives, but fund strategic work bosed on both Arts Council England's Investment Principles, ond the reseorch and knowledge-building ombitions of the Thackray Medical Research Trust. Developing our offer and our activities, ond diversifying our income model. continues the need for us to maintain a tight rein on our finonciol monagement. The unrestricted financial reserve stands at £413.916 and we have a cash reserves policy thot outlines our longer-term approach. The impact of Inflation, higherthon expected increases in National Living Woge, continued fluctuations to visitor habits, and over-subscribed trusts and foundations within The museum continues to reap the great benefits of all the museums and galleries sector continues to odd to on generous supporters that funded the capital redevelopment unpTedictoble ond difficult economic climate. The Museum programme, notobly (ond in oldition to the above) is working dynomically to odapt to these changes at short No¢ionol Lottery Herltoge Fund, Wellcome, Gorfield Weston notice, and the Trustees recogni* the need for continued Foundation, Wolfson Foundation, Foyle Foundation and improvements to orgonisotionol efficiency, financial individual donors. As our strategic plans develop, we will scrutiny and efforts to seek further support. seek out further longer-term grant relationshlps thot con help support our ambitions over greater time periods, whilst continuing to build relationships with trusts and foundation5 to whom we can link ongoing, core activity. Taking all of the above into account, olong with a cosh flow bosed on forecast income and expenditure to 31 March 2026, the Trustees hove a reasonable expectation that the Group hos adequate resources to continue in operotionol existence for the foreseeoble future. Therefore, they continue to adopt the going concern bosis of accounting in preporing the annual accounts. As well as investing in our business we ore actively investing in our team. Our managers will oll toke part in a six- month training progromme in 2024125. every member of Thockray Museumof M•dlclne12023/24 Annual Report Page 24 Docusign Envelope ID.. 485AC3A1-121 E4A8DAF86-CD68D809E670 -l•. CHARMLey/THACKRAY HIP R8PLAceMENT DePuY SYIITHes -TMACrfRAY LTP PA TISWT speciFIC oevicE5 Adlninistration and governance Docusign Envelope ID. 485AC3A1-121 E4A8D-AFB6-CD68D809E67D ANNUAL REPORT ADMINISTRATION & GOVERNANCE STRUCTURE, GOVERNANCE, REFERENCE AND ADMINISTRATION Structure The Thackray Medical Museum Company Limited is Reference ond administrative details of the compony, its a company incorporated under the Companies Act trustees and advisors for the period ended 31 March 2024 (registered company number 027724121 which is registered and up to the date of signature of the financial stotements as o charity (registered charity number1016169). were as follows: Its registered office is 141 Beckett Street, Leeds. LS9 7LN. The Museum Company is governed by its Memorandum and Articles which specify its objects as.. Trustees Dr Cornelius I'Neil') Kaiper-Holmes {chair) Hannah Fox (Resigned May 2024) Aidan Wemyss Hindley (Resigned April 2023) Dr Dovid Hopes (Resigned October 2023) Professor Simon Kay OBE (Resigned October 2023) Dr Atia Khan {Resigned April 2023) Cllr Luke Farley {Appointed November 2023) Dr Amritol Kaur Riat {Appointed May 2024) Dr Michael Lewis (Appointed November 2023) Dr Homish Mclure (Appointed May 2024) Rojin Sohindol (Appointed May 2024) Michelle Barry Martin Dickson Samuel Dixon Nicole Fowler Sharon Heal Nosober Latif Joonne Norry MBE to odvonce the understanding of the public ot large of medicine and healthcare through the operation ond mointenance Df a Museum in or near to Leeds with a particular focu5 on past, present and future developments of medicol technologies, supplies and innovations and of the diverse individuals who contribute or have contributed to such developments. and to educate the public: by acquiring, preserving, enhancing, managing ond disploying to the public, the Museum collection comprising medical and associated objects and equipmenL archives. printed moterials and ephemera and. providing o research facility for the history of medicine and medical supply trades. Registered company number 02772412 Registered charity number 1016169 The company has a subsidiary company, The Medical Museum Trading Company Limited (registered company number 02580425), which carries on commercial activities oncillory to the charitable activities of it5 parent company. Registered office Thockroy Museum of Medicine 141 Beckett Street Leeds LS9 7LN Company seC￿tary Rachael Polmer Chlef Executive Officer Edword Appleyard Independentouditor Saffery LLP 10 Wellington Place Leeds LS14AP Prlncipal bonkers Virgin Money PIC (formerly Yorkshire Bank, Plc) 94-96 Briggate Leeds LS16NP Thackray Museum of Mediclne12023124Annuol Report Page 26 Docusign Envelope ID.. 4B5AC3A1-121 E4A8DAFB&CD68D809E670 ANNUAL REPORT ADMINISTRATION & GOVERNANCE Governance and Management Recruitment and appointment of Trustees The governance of the group is the responsibility of the charity's Board of Trustees which meets at least quorterly under its chair Dr Cornelius ('Neil') Kaiper-Holmes. The Twstees may from time to time appoint further Trustees. Trustees hold office only until the third Annual General Meeting after appointment and are eligible for re-appointment. The Trustees from time-to-time conduct a skills review of the Board of Trustees to assist in informing the boord in the selection of new Trustees. alongside anonymous diversity rnnitoring. The Trustee recruitment policy was ogreed in March 2023. and detoils a formal and transporent process to formally advertise The Collections, Research and Learning sub-committee for new Trustees, ensuring that we can encourage a wide met four times under its choirJoonne Nory. diversity of candidates. Applicants are reviewed by o panel comprising of ot least three Trustees, who make o formal recommendation to the Board ofTrustees regarding the oppointment of new Trustees. During 2023/24, board sub-commlttees met as follows: The Finance, Risk and Audit Committee met three times under its choir Nicole Fowler. The Remuneration sub-committee met once under its chairsharon Heal. The Equality, Diversity and Inclusion sub-committee met twice under its chair Nosober Latif. Trustee induction and training policy The Trustees have adopted the following policy for the induction and training of Trustees. The Board of Trustees, the Finance, Risk and Audit Committee and other sub-committees are governed by Terms of Reference. These terms set out the remit of each NewTrustees will be issued with an information pack. committee, including the hierorchy of decision making and The information pack will include,, criterio for devolvement of decisions to the executive team. A copy of 'Responsibilities of CharityTrustees' (CC3) from the Charity Commission A5 part of the budget setting process for 2023/24, the Remuneration Committee considered the remuneration of the chority's key personnel and mode any recommendations on olterotions to this remuneration to the Moin Board. Any major chonges to the organisational structure, a role or any new appointments to the leadership or executive team are brought by the Main Board, usually after discussion with the relevant sub-committee. A copy of the Museum's key documents The most recent annual report and accounts The latest business plan Two sets of previous board papers; and Members of the executive team as at 31 March 2024 were: Other background information about the Museum. Edward Appleyord, Chief Executive Officer NewTrustees will have on induction meeting with the Choir and the museum's Chief Executive. They will also have a tour of the Museum and premises. Trustees will, Jomie Taylor, Director of Collections and Programming from time to time, attend training courses as agreed by the Board of Trustees. Rachoel Polmer. Director of Engagement The group's financiol management is undertaken and provided by Adding Value Ltd with two key personnel one acting in IEU of a group Director of Finance. the other as management accountant. All Trustees and the Board as a whole will undertake an annual review of Board and individual Trustee effectiveness. The Choir carries out the review of all Trustees, and the Chief Executive and one Trustee carry out the review of the Chair. Strategic work on the the Museum's fundraising activities is undertaken by Rob Shaw, appointed on a consultancy contract in the role of Association Director of Development. ThoEkTay Museum of Medlclne12023/24 Annuol Report Page 27 Docusign Envelope ID. 4B5AC3A1-121 E4A80-AFB6-CD6BD309E67D ANNUAL REPORT ADMINISTRATION & GOVERNANCE Reloted parties Independent Auditors The charity has two significant related parties, the Thackray Medical Research Trust and the Friends of the Thackray Museum. Saffery LLP hove expressed their willingness to remain in office as auditors. The principal activities of the Thackray Medical Research Trust are to support the establishment of a medical Museum in Leeds and to promote research into the history of the medicol supply trode. This report was approved by the Board of Trustees on 14 November 2024 and signed on their behalf by During the period the Museum received the following from the Thackray Medical Research Trust: $iynEdty'. An annual support grant of £165,000. Bor55E02JJBC4F3 Match-funding ta support the National Lottery Heritage Fund Insights, Identity and Imagination project of £12,500., Dr Cornelius Kaiper-Holmes Chair of the Board of Trustees Support to portiolly relocate staff offices and initiate a feosibility study into a new research / community work space of £15,671; £24,413 to continue to catalogue the archives of the Charles F Thackroy Medical Supplies Company. Governing document, objects and activities for public benefit The charity's governing documents and objects ore set out in the structure section above. These objects are achieved by the operation of a museum and o resource centre, giving access to the collection and supporting the studyof the history of medicine. With reference to the choritable requirement that there ore identifiable benefits, the Choir's Statement and Review of Museum Activities: Explain the Museum's purpose and the strategies adopted to achieve it. Report on the Museum's octivities ond provide a clear Statement of the benefits received by the public from those activities having been undertaken., Show that activities always balance the potential detriment to the Museum or it5 collection wlth the potential benefit to the public. Thockroymuseumof Medlclne12023/24 Annuol Report Poge 28 Ik" Lll,) VI S￿oll ' VENOS TO 11 li Financial Review Page29 Docusign Envelope SD. 485AC3A1_121 E4A80.AFB6.CD6BD809E670 FINANCIAL REPORT FINANCIAL REVIEW The Trustees present their report and audited finoncial Statements of the charity and group for the yeor ended 31 Morch 2024. The comporotive figures cover the year ended 31 Morch 2023. Designated funds The designated funds hold amounts set aside to meet the expected cost of exceptional or unusual projects planned for the future. During the period. the charity held no designated funds. FINANCIALREVIEW Movement of funds General fund Total funds of the Museum and its trading subsidiary decreosed by £468,313 in the 12 months to 31 March 2024, with a period-end balance of £4,792,090. This compares with a decreose in the previous12-month period of £469,880. The main element5 of the overall decrease ore: The general fund is where the day-to-day operating activities of the Museum and its trading subsidiary ore accounted for. The net result for the period on these activities, was a decrease of £153,525 compared with a £182,160 decreose for the previous period. The income and expenditure account on page 36 and related notes present the items which make up this resulL A decrease in restricted funds of £314.788 A decrease in general unrestricted funds of £153,525 The Board of Trustees and Executive team of the Museum continually strive to moximise income opportunities whilst monaging costs and mitigatlng the risks to the operation of the Museum. We continue to focus on generating income through our Museum and trading activities to meet costs. whilst also investing in the Museum's future. We are grateful to the Thackray Medical Research Trust (TMRT) who continue to support us through a revenue gront, without which the Museum would foce risk and uncertainty with regards to its operational viability. Revenue funding secured from Arts Council England through becoming a National Portfolio Organisotion in 2018 has proved fundamental in supporting the Museum to recruit ond support key personnel to work towards our strategic oims, and support key strategic deliverables. Restricted funds Movements in restricted funds {set out in note 18 to the financial statements) broadly fall into two categories: receipts of grar)ts ond sponsorship monies for specific projects less expenditure on the projects concerned depreciation provision against the Museum building5. certain galleries and exhibitions. In thi5 period, receipts for restricted fund projects totolled £138,887 {2023: £88,526). Expenditure on such projects, largely depreciation. was £406,600 (2023: £376,246). Of this, £307.885 wos depreciation against capitalised items, including the Museum building,'A Healthy Future. copitol work and 'The Nerve Centre. capitol work. The depreciotion charge against the Museum buildings remains modest at £35.304. Tho¢kray Museum of Medicifte12023124 Finan (88.820) 7,237 141,345) 134,107) 3,733 192,553) (88.8201 Cash used in financing actlvitles Repayment of C3IL Net Cash flows from finonclng octivlties (55,555) (55,5551 (55,556} (55,5561 155,5551 {55.555} {55.556) {55,5561 Increa$e/lDecrea$e) In ctssh In year (32,044) (106.158> (8,734) {206.069) Cash at startof year 374,471 480,629 201,042 407.111 Cash atend of yoor 342,427 374.4n 192,308 201,042 Reconclliation of net movernent in funds to net cash flow from operatlng actlvlties Group Cosh Charity Cash. 201,042 Debt (134,2S91 55.555 Net Debt 240.212 55,555 132,0441 263,724 Debt 1134.2591 55,555 Net Debt 66,783 55,555 (8,734) 113,604 Balance b/f Repayment ofCBIL Cosh generoted/used Balunce c/f 374,471 132,0441 342,427 {8,7341 192,308 (78,704) 178,7041 Thackraymuseum of Medtcln*12023124 Flnancial Statements Pogé 38 Docusign Envelope ID.. 4B5AC3A1.121 E4A8D￿F8￿D6SO809E67D FINANCIAL REPORT NOTES TO THE FINANCIAL STATEMENT NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Bus1$ ofpreparation The financial statements have been prepared In occordance with Accounting and Reportlng by Charlties: Statement of Recommended Practlce applicable to charitles preparing their accounts In accordance wlth the finonclal Report Stondard applicable in the UK and Republic of Ireland {FRS102) (effective 1 January 2019), (Charlties SORP (FRS102)). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Componies Act 2006. The Thackray Medical Museum Company Limlted meet the definition of a public benefit entity under FRS 102. The financial statements ore prepored in sterllng, whlch Is the functional Currency of the company. Monetary amounts in these financiol stotements are round to the nearest £1. In adopting the going concern basls of accounting in preparing the annual accounts, the trustees hove consldered the followlng: The year performed well reachlng 71,080 vlsltors, wlth further visitor growth projected for 2024/25, reaching o torget of 83,200 through a contlnulng serles of buslness strategles and an actlvity plan defined by the Arts Council's Let's Create agenda and its investment principles. The museum's status as an Arts Councll England National Portfolio Organlsatlon wlth a annual grant15 In place until March 2026. and theThackray continues to develop its relationship with the Thackray Medical Research Trust (TMRT) which widened Its support through continued investment in an archlves projec( supported an office relocation and learning space feasibillty study. and providing the SVO match-funding required for the National Lottery Heritage Fund Insights, Identity and Imagination projert. A significont gift was made to the Museum by TMRT in March 2024 by paying down the Museum's Coronovlrus Buslness Interruption Loan originally taken out in 2020. The Trust is open to considering match-fundlng for other grant requests, os well as project grants. The Thackray was able to invest in its team. continuing a staff restructure to better support organisational resilience and sustainability, and invest in continuing professional development for its staff. The museum continues to gain significant recognition, receiving a speciol commendation at the European Museum of the YearAwards 2023 and maintainlng Its Vlsit England Gold status, wlth a quallty score of 94%. There has been continuous growth in trading opportunities through the museum's café and retail offer, and in the return of conference and event hire. The museum is on a trajectory of growth os set out in its ambitious plans as part of Remedie5, Rights and Renewal, accompanied by a series of business plan imitative targeted at building resilience and sustainability. but continuing to growthe museum's commitmentto its local community and democratising its collection. The Thackray is supported by a network of strategic partners and stakeholders that offer opportunities to mitigate against the external factors that challenge It, and plays a vltal role in the Leeds cultural economy. Basis of consolidation The consolidated accounts Incorporate the accounts of the charity and its wholly-owned subsidiary undertaking. The charity has taken advantage of the exemption allowed under section 408 of the Companies Att 2006 and has not presented its own Income and Expenditure account in these financial statéments. The result for the year includes a deficit of £452,628 {2023: deficit £456,142) which is dealt with in the financial statements of the charity. A separate Stotsment of Flnancial Artlvitles for the charlty Is not consldered necessary because the artivltles of the charity and the wholly owned subsidiary undertaking ore easlly distlngulshed wlthln the consolldoted Statement of Flnanclal Artlvitles. Thuckrqy Mu¥gum of M4dlclne12023124 Flnanclul Report Page 39 Docusign Envelope ID.. 4B5AC3A1-121 E4A8L)AFB6£D6BD809E67D FINANCIAL REPORT NOTES TO THE FINANCIAL STATEMENT Reporting period The accounts have been made up to the year ended 31 March 2024. The comparative period is the year to 31 March 2023. Fund accounting As explained in the section of the Trustees, Report on reserves policy, the group's sources of finonce ore segregated between restricted funds (the use of which is limited by donor-impo$ed conditions) and unrestricted funds (which the Trustees may use at their discretion in the furtheronce of the objects of the charity). Unrestrirted funds are held in the general reserve except to the extent that the Trustees consider it appropriate to make transfers to designated funds to meet the expected cost of exceptional or unusual projects planned for the future. If a project costs les5 than the amount tronsferred to the designoted fund, ony surplus is transferred back to the general fund. The group's accounting systems allocate als income, expenditure, asset5, liabilities and reserves between these funds. The consolidated statement of finoncial ortivities shows separately the income, expenditure and any transfers relating to restricted funds, designated funds ond general reserve5. As5et5 and liobilities ottributed to each fund are disclosed in the notes to the financial statements. Incomlng resources All incoming resources are included in the statement of financial activities when the group is entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categorie5 of income: i) Grants receivable Grants are credited to the Statement of Financial Activities when they ore receivable. Grants that are awarded for specific purposes are treated as restricted incoming resources. Grants received for acquisition of fixed assets ore accounted for as restricted funds when the recognition criteria are met. The restricted fund is reduced by the depreciation or amortisation charges mode over the expected useful life of the asset concerned. Grants where entitlement is not conditional on the delivery of a specific performance by the charity are recognised when the charity becomes unconditionally entitled to the grant. Where applicable, grants receivable for which cash has notyet been realised ore shown as accrued income and is included within debtors. If any grants are received in advance of a period to which they relate. then the amount of the grant, which relotes to the future period5 is shown as deferred grants and is included within creditors. Gronts where the income is related to performance and specific deliverables are accounted for os the charity earns the right to consideration by its performance. ii) Commercial Income Income from commercial trading ortivities is recognised 0$ earned (os the related goods and services are provided). iii) Admission income Represents amounts receivable from visits during the year, including any relevont gift old tox recoveries but excluding value odded tax. iv) Volunteers Any donation by volunteers of good5 or services in kind is not incorporated into these finonciol statements. Thuckroy Museum of Medlclne12023124 Flnanciol Report Poge 40 Docuslgn Envelope ID.. 485AC3AI-121 E4A8DAF￿0SBD8Q9E67D FINANCIAL REPORT NOTES TO THE FINANCIAL STATEMENT Resources expended Resources expended are recognlsed. in the perfod in whlch they are Incurred. Resources expended include related value added ta& whlch cannot be recovered, and 1$ reported as part of the expendlture to which it relates: Costs of generatlng funds comprise the costs associated with attracting voluntary income and those incurred in tradlng actlvities that raise funds. Charitable activities comprise those costs incurred by the charity in the delivery of its artivities and services associated with the operatlon of a Museum. It Includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to SUPPOrt them. Governance costs include those costs associated with meeting the constitutional and 5totutory requirements of the charity and Include the audit fees and costs linked to the strategic management of the charity. All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a porticular activity are allocated directly while others are apportioned on an appropriate basis. Stuff costs and other overheads have been charge.d across the different ccrtegories of costs on reasonable bases such as approximote time spent or percentage of floor area. Exhibition costs The costs of establishlng new galleries ond exhibltlon$ are capitalised and depreciated over their useful economic lives. Costs associated with the refurbishment/maintenonce of gallerles and temporary exhlbltions are wrltten-offto the statement of financial activitles in the yearwlthin which the costs are Incurred. Pension costs The charity operates a group personal pension plan scheme for several employees. The contrlbutions payoble for all other staff ore charged to the Statement of Finoncial Activities. Taxation The Museum is a registered charity and as such is o charity wlthin the meaning of schedule 6 of the FinonceAct 2010. Accordingly, the Museum is potentially entitled to tax exemption under part 11 of the Corporatlon Tox Art 2010 or secLion 256 of theTaxation of Chargeable Gains Art 1992 In respect of income and galns arfslng. Glven thls, no tax charge arises on the chority. The troding subsldlory Is liable to corporatlon tax on Its chargeoble profits. Current tax, Including UK Corporation and foreign tax, is provlded at amounts experted to be pald (or recovered) uslng the tax rates and laws that have been enacted or substantially enacted atthe balance sheet date. As all profFts arislng in the subsidiary are gift aided to the parent charitable company within 9 months of the year end, no corporation tax arises. Stocks Stocks are stated at the lower of cost and net reallsable value. Cost Is based on the cost of purchase on a first In first out basls. Net reallsable value is bosed on estlmated selling price. Heritage Assets HerStage assets are the tangible assets of the Museum that are of historical importance and are held to advance the preservation. conservation and educational objectives of the Museum and through public access contribute to the nation's culture and educatlon. Details of the Museum's Collertion are included in theAnnual Report. Due to the historlc and unlque nature of the assets concerned, conventlonal valuatlon approaches lack sufficlent rellability. Consequently, the value of herltage assets has not been Included In the financial statements. Thackr(ryMu8eum otM•dlclhe12023124 Flnanclol Report Poge 41 Docusign Envelope10. 485AC3A1.121 E4A80AFB6-CD6BD809E67D FINANCIAL REPORT NOTES TO THE FINANCIAL STATEMENT Acquisition, pre5ervotion. manogement and disposal of heritage assets Future acquisition would be made by donation or purchase. Disposals are mode in line with the Museum's collections policy, which are approved by the Chief Executive on which reports are shared with the Collections, Reseorch and Learning committee. Tongible fixed assets Tangible fixed ossets ore stated in the balonce sheet at cost less depreciation. Assets under construction are brought onto the balance sheet at cost. They are not depreciated until the accounting period in which they are brought into use. Depreciation is calculoted to write off the cost of all tangible fixed ossets in equal annual instalments over their expected useful lives. The annual rates used are.. Leasehold buildings A Healthy Future Building Infrastructure Museum displays Fixtures, fittings ond computer equipment Over the lease period 15 to 20 years 5 to10years 4 to 5 years Leasehold land is not depreciated. Finoncial instruments The charity only hos financial assets and financiol liabilities of a kind that qualify os basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measure ot their settlement value. Debtors Trade and other debtors ore recognised otthe settlement amount due after any trade discount offered. Prepayments are volued ot the amount prepared net of any trade discounts due. Creditors and provisions Creditors and provisions are recognised where the group hos a present obligation resulting from a past event thot will probably result in the transfer of funds to a third party and the amount due to settle the obligotion con be measured or estimated reliability. Creditors and provisions are normolly recognised ot their settlement amount after allowing for any trade discount5 due. Critical accounting estimates andjudgements In the application of the group's accounting policies, the Trustee5 are required to moke judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other Sources. The estimotes and ossociated assumptions are based on historical experience and other factors considered to be relevant. The estimates and underlying a55umption5 are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised. if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The estimates and assumptions that have o significant risk of causing a material adjustment to the carrying amount of ossets and liabilities are outlined below: Valuation of property Useful economic lives of fixed assets ThackrayMus•umgf Medicine | 2023/24 Financial Report Poge 42 Docusign Envelope ID.. 4BSAC3A1-121 E4A8DAFB6-CD6BD809E67D FINANCIAL REPORT NOTES TO THE FINANCIAL STATEMENT 2 COMPARATIVE SOFA INFORMATION The figures are for the twelve month period ended 31 March 2023. 2023 T¢)tal Funds Unrestricted funds General Designcrted Restrlcted Fund$ Income and endowments from Donations and legaC￿S Charitable income Other trading Other Income 178,438 721,886 515,996 66.853 22,875 61,151 201.313 783,037 513,996 71,353 4,500 T¢)tal Incomlng Resources 1,481,173 88,526 1,569,699 Expenditure on Raising funds Charitable activities Other expenditure 198.259 1.465,074 198,259 1,805.439 35.881 340,365 35,881 Total Resourtes Expended 1.663,333 376,246 2.039,579 Net Incorne (expenditure) (182,160) (287,720) (469,880) Tronsfers between funds 500,814 {500.814) NETMOVEMENT IN FUNDS 318,654 (500014) (287,no) (469,8801 RECONCILIATION OF FUNDS Bolonces brought forward 248,787 500,814 4,980,683 5.730.284 BALANCES CARRIED FORWARD 567,441 4,692,963 $260h04 Thu¢kray Mu8•um of MedlclDe12023124 Flnonclul Stotements Page 43 Docusign Envelope ID.. 4B5AC3A1-121 E4A8D-AFB6_CDSBD809E67D FINANCIAL REPORT NOTES TO THE FINANCIAL STATEMENT INCOME FROM DONATIONS AND LEGACIES Unrestritted Restricted 2024 Total Unrestricted Restricted Funds 2023 Funds Funds Funds Total The Thockray Medical R¢strorch Trust Research resource grant Archives project C8IL poyment NLHF motch funding Office relocation & library feosibility Friends and Patrons ofThackray Museum Other awards 165,000 165,000 24,413 87,963 12,500 15,671 660 165,000 165.000 22,875 24,413 22,875 87,963 12.500 15,6n 660 55,965 176 13.262 176 13,262 55,965 Total Income from donutlons ond legocles 309,588 52,584 362.172 178,438 22,875 201313 Other owords includes £9,626 for donated laptops from Redcentric plc. INCOME FROM CHARITABLE ACTIVITIES Vnrestrfcted Restrirted Funds 2024 Unrestricted ftestricted Funds Funds 2023 Funds Totol Totol Grants receivable Arts Council England National Lottery Heritage Fund Foyle Foundotion Othergrants towards A Heolthy Future Other Museum visitor income Other Income 225,968 225.968 14,725 30,000 225.968 225,968 38,351 14,725 30,000 38,351 2.800 20.000 2,800 20,000 365,507 130,411 41,578 41,578 402,981 23,516 402,981 23,516 365.507 150,411 652A66 86.303 738,768 721,886 61,151 785,037 ThocktayMu$eum of Mediclhe12023124 Flnunclul Statements Poge 44 Docusign Envelope 10: 4B5AC3A1_121 E4A8D-AFB6.C06BD809E67D FINANCIAL REPORT NOTES TO THE FINANCIAL STATEMENT 5 COMMERCIAL TRADING OPERATIONS The charity has onewholly owned trading subsidiary, The Medical Museum Trading Company Limited (Company No 02580425), which carries on the commercial octivities that are ancillary to the operation of the Museum. A summary of the trading results of the subsidiary is shown below: Profitand loss account Year ended 51 Marth 2024 Yeor ended 31 March 2023 Turnover Cost of sales and admlnlstratlve costs Academic, Education and access Operating profit 534,419 {550.108} 513,997 {525,991} {1,741) {15,735) (15,689) Interest receivable Gift aid obligation and donations to the charity Fietained in subsidiary 115,689) {13,735} Balance Sheet Assets Liobilities 316,031 (330,2461 279,422 (277,948) Funds {14,215) 1,474 6 OTHERINCOME Unrestrfcted Restrlrted Funds Funds 2024 Total Unrestrlcted Restrlcted Funds Funds 2025 Total Bank Interest receivable Even¢ and sundry income Income from disposal of assets General rcrte5 rebate 7,237 18,080 7,237 18,080 3.733 10,000 3,733 10,000 4.500 53.120 4,500 53.120 25,318 25,318 66,853 4,$00 71,353 7 EXPENDITURE ON RAISING FUNDS 2024 Total 2023 Total Generol Restrlrted General Restrfct Commerciol trading operatlons Raising publ1¢ awareness of the museum 126,462 76,626 126,462 77.676 111,377 86,882 111,377 86,882 1,050 203,088 1,050 204,138 19&259 198,259 Thuckray Mu¥gum of Medklne12025/24 FtNinclol Stotements Page 45 Docusign Envelope ID: 485AC3A1-121 E4A8D4FB￿D66L)809E67D FINANCIAL REPORT NOTES TO THE FINANCIAL STATEMENT 8 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Yearended 31 March 2024 General Designoted Restricted Year ended 31 March 2025 General Deslgn(rted Restricted Salarfes nattonal Insurance and penslon costs Related staff costs Other office costs Professlonal services Insurance Utillty services and $upplles Operatlon of museum bulldlng Depreciation of tangible fixed assets AcLthk, ed￿at1¢￿6 occessand ethNtions Event costs Colle¢tlon malntenance Governance costs (note 9) Bank charge5 and interest payable 909.860 27,174 125,911 69,331 49,733 52,231 107,597 82.583 62,023 36,866 93 129 819,215 42.039 77,096 83,748 41,064 83,994 173,854 8.824 76.328 22,875 307,885 60,577 353,371 1,270 39,9m 11.679 26.487 23,386 9,039 1,519,302 405,550 1,465,074 376.246 GrandTotal 1,924,852 1841,320 9 ANALYSIS OF GOVERNANCE AND SUPPORTCOSTS 2024 Governance Total 2023 Governanee Total General General Legol and other Trustee meetings and expenses Audit 6.646 2,400 9,046 640 640 246 22,500 246 22.500 30.865 30,865 33,265 39,911 22.746 23,386 10 NET INCOME / {EXPENDITURE} FOR THE YEAR Yeurended 31 Moreh 2024 Year ended 51 March 2025 Thls Is after charging: Depreciation Audltors remuneration: AudSt of parent charitable cothpany 13,000 Audlt of trrAing subsidiary 6,500 Addltlonal oudit fee 2023 3.000 Underprovlslon in prior year's oudit fee 8,365 Non-audlt foes 2,400 590.468 410,369 12,250 6,250 4,000 ThuckroyMLtseumof M•dkln•12025/24 Ananclol StoPzments Page 46 Do¢uskJn Envelope ID: 4B5AC3AI-121 E4A8D4IFB6-CD6BD809E670 FINANCIAL REPORT NOTES TO THE FINANCIAL STATEMENT 11 ANALYSIS OF STAFF COSTS, TRUSTEÉ REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL Year ended 31 March 2024 Year ended 31 March 2023 Wages and salorles Social securlty costs Pension costs 849.249 63,676 33,801 759,003 63,226 19,831 946,726 842,090 There was one employee pald between £60,000 and £70,000 In the period (2023: one). The average headcountwas 45 (2023: 41) and analysed byfunction. was: Year ended 31 March 2024 Year ended 31 March 2023 Museum and ¢radlng octivitles Management and administration of Charity Trustees/directors 31 27 11 45 41 The key management personnel of the group comprise the Trustees and the Executive team. The combined employee benefits of the Executive team in the 12 months ended 31 March 2024 totalled £151.145 (2023: £143,841). ITrustees are not remunerated. During the year, no travel and subsistence expenses were paid (2023: Nil). Thaekruymusewnof Medl¢ln•12023/24 Flnonclol Stotements Poge 47 Docusign Envelope ID: 4B5AC3A1-121 E4A8DAFB64D6BD809E67D FINANCIAL REPORT NOTES TO THE FINANCIAL STATEMENT 12 TANGIBLE FIXED ASSETS GROUP A Healthy Future Long leasehold Capex (non- lond and bulldlng Museum Dlsplaysl Dlsplays Flttlngs & Comp equlp Total Cort At 1 Apr 2023 Additions At 31 Mor 2024 2,825,604 2,357,497 1,040,945 491,363 46,407 557.770 6,n5.409 46,407 761.816 2,825,604 2,357A97 1,040,945 Depreclatlon At l Apr 2023 Charge At 31 Mar2024 930,792 35304 966,096 344,454 157.199 501,653 287,544 99,063 384607 280,529 98,903 379,432 1.843,319 390,468 2.233,787 At 31 Mor 2024 1,859,508 1,855,844 654,339 158338 4,528,029 At 1 Apr 2023 1,894,812 2,013,045 755,401 210,834 4,871090 Analysls of net bookvalue: Restricted assets Unrestrlcted asset5 1,859,508 1,855,844 654,339 16,932 141,406 158,338 4.386,622 141,406 4,528,028 1,859,508 1,855,844 654￿59 CHARrrY A Healthy Future Long leasehold Capex (non- Museum lond und building Museum Displays) Displays Flttlngs & Comp4qulp Total Cost At l Apr 2023 Additions At 31 Mar2024 2,825,604 2,357.497 1.039,444 398,604 41,345 439,949 6,621,H9 41,345 662,494 2,825,604 2J57rt97 1.039,444 Depreclatton At l Apr 2023 Charge At 31 Mar2024 930,792 35,304 966,096 344,454 157,199 501,655 287,554 99,054 586,608 239,765 80,305 320,071 1.802.565 3n,861 174,426 At31 Mar2024 1,859,508 1,855,844 652,837 119,878 4,488,068 At 1 Apr 2025 1,894,812 2.013,045 751,890 158,839 4,818,584 Analysis of net book value: Restricted ossets Unrestricted assets 1.859,508 1.855,844 652,837 16,932 102,946 119,878 4,385.122 102,946 4,488,068 1,859,508 1,855,844 652,837 Thuckraymuseum of Medkln•12023124 Nnanciul Stotements Pqge 48 Docusign Envelope ID.. 4BSAC3A1-121 E4A8DAFB6-CD6BD809E67D FINANCIAL REPORT NOTES TO THE FINANCIAL STATEMENT 13 SUMMARY OFANALYSIS OF HERITAGE ASSETTRANSACTIONS 2024 2023 2022 2020 2019 ObJect additions Trade catalogue additlons Book odditions 270 61 1.600 1.020 1.152 668 415 520 59 80 ioo 288 194 Total addltlons 558 255 5,T12 1,405 239 The table above sets out Heritage assets acquired by the Museum In 2019, 2020, 15 months to 31 March 2022. 2023 and 2024 which are consldered to have o monetary value. There were no slgnificant odditions in the yearto 2024. The museum disposes of heritage assets In line with its collections management policy, authorlsed by the Chlef Executive and overseen by the Collections, Research and Learning committee, which neither generates Income nor a loss. 14 INVESTMENTS Investments amounting to £2 (2023: £2) comprise a 100% holding in the issued share capital ofThe Medical Museum Trading Company Limited (Company number 02580425), a company registered in England and Wales.A summaryof the financlal performonce and position of the company is included in note 5 to the financial stotements. The chorlty holds 100¢/o of the voting rights within The Medical Museum Trading Company Limited. 15 STOCK Group 31/5/2024 311512023 311312024 51/312023 Goods for resale 1&517 18,561 16 DEBTORS Group 31/312024 Ch￿ltY 3113/2024 511512025 511312023 Amounts falling due withln oneyear: Debtors in the ordlnary course of activitles Prepayments and accrued income VAT Debtor Gift aid recoverable other Debtors Amount owed by (to) subsidiary 135,243 60,383 68.013 222,588 21,037 1,469 7,551 27.808 60,383 34,991 222,589 20,037 1,469 1,469 1,469 309,533 279,581 197,095 320,659 399,193 558,667 Thuckroy m￿50￿m of Medlclne12025/24 Flnonclal Statements Page49 Docuslgn Envelope ID.. 4B5AC3A1-121 E4A8DAFB6£D6BD809E67D FINANCIAL REPORT NOTES TO THE FINANCIAL STATEMENT 17 CREDITORS Group 311312024 Chavlty 3115/2024 31/3/2023 51/3/2025 Amounts folllng due wlthln oneyeor. Creditors in the ordinary course of activities Taxation ond social security Accruals and deferred Income Other creditor5 CBIL 84,362 21.616 97,789 11,502 78,707 38,535 13,722 136,548 2.310 55.556 75,969 21,616 85.470 11.502 78.707 32,518 13,722 136.548 2,310 55,556 293,977 246,671 273,265 240,654 Group 31/312024 Chayity 31/312024. 311512023 311312023 Amounts falllng due In more than one year. CBIL 78,706 78,706 78,706 78,706 The CBILwas settled in April 2024. Yhaekraymuseum of Medl¢ln812023124 Flnanclol Stotements Poge 50 Docusign Envelo￿ ID.. 4B5AC3A1-121 E4A8D4IFBfvCD6BD809E67D FINANCIAL REPORT NOTES TO THE FINANCIAL STATEMENT 18 ANALYSIS OF CHARITABLE FUNDS Analysis of movements In restrirted funds Balance Incomlng 1 Aprll 2023 Resources Note £ Outgolng Resources Baltsnee 51 March 2024 Transfers Establlshmert of the Museum Ashley Wing 1,894,812 (35,307) 1,859.505 Speelfic Projects TMRT Collections Management System TMRT Fire Alarm System Downs collectlon Wilknnson Gallery Development Oxford knee archive Friends Contribution to Legacy Marketing MDYGIS Space A Healthy Future A Healthy Future- capitalised items LEGO Fundraising Campaign The Nerve Centre- capitalised items Acquisitions Fund Esmée Fo1￿01M Sustaining Engo9ement The Monty Lozsowsky Memoriol Prlze Con Rol)ots Core Partnership with University of Leeds NLHF Trade Up Programme Leeds 2023 TMRT Archivlst Grant Foyle Foundation Living Bodies Objects (You Choose) NLHF Insights, Identity & Imagination Screen South TMRT NLHF Matched Funding TMRT Library Feasibility- capitalised items 17,187 (4.945} 100 321 6.566 1,700 1,739 28,486 2,640,614 {2641 65,508 5,419 524 5,702 194 10,000 19,300 (12,270) {4,917) 4,945 {1001 {321> (6,566) (1,700) 1.739 {28,486) (253,641) 2,386,973 264 (4.666) (572} (2331 (1,000) 60,842 4,847 291 4,702 (194) (10.000) 22,000 24,413 30,000 4,966 14,n5 14,611 12,500 15,671 (41.3001 (16,540) (5,0001 (4,966) (14,725) (14.611) 7.873 25.OCM) 12,500 13,903 11,7681 4,691963 158,887 406,600) 47.075) 4,378,175 Commentary on restrfrted funds a) TMRT Collection management system The Museum procured and commissioned a new Collections Manogement System using funds from the Thackray Medlcal Research Trust (TMRT). The outgoing resources reflect the depreciation of the capltallsed system and support fees. b) Oxford Knee Archlve The Museum received funding of £l0.450 towards the cataloguing and repackaging of the Oxford Knee Archive donated by Dr J d O'connor and Mrs H Goodfellow, widow of the late Dr J Goodfellow. The archive has been catalogued and repackaged in Oxford and was transported to the Museum in Leeds in 2014. The funds also supported the cost of commissioning an oral history intervlew wlth Dr O'connor. c) Frlends Contrlbutlon to'Legacy'Marteting Thls donation was made bythe Frlends of the Museum in 2014 to develop a marketlng strategy and fundralsing ThuckrE StrGeorge Mortin Trurt Soverelgft ¢4eolth Care St Jonits'$ ploymuTeum£o￿kISUpPort￿s or dar￿￿e orj gite toty. Docusign Envelope ID.. 485AC3A1.121 E4A80AFB6£D680809E67D Iirjb gtJLLOWAI S HOLL Pili¥ 4n¢ I JU.. IAIIII o•v*. • rx¥•* t 4•K4U'sEU'M OF MEDICINE 141 Beckett strÉeV" Harehills, Le LS9 7LN thackraymusetsm.co.uk r? . ARTS COUNCIL . ENGLAND Registered charity. n England no 1016169