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THINKTANK TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Company Registration Number: 03239119
Charity Number: 1061898

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THINlffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
CONTENTS
Page
Company Details
Report of the Trustees
Statement of Trustees, Responsibilities
Independent Auditor's Report
Statement of Financial Activities
9-10
Balance Sheet
Notes to the Financial Statements
12-19

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THINFffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
Company Details
Charity Name
Thinktank Trust
Charity Registration Number
1061898
Company Registration Number
03239119
Registered Office
Bimiingham Museum and Art Gallery
Chamberlain Square
Birmingham
B3 3DH
Auditor
Cooper Pary Group Limited
Cubo Birmingham
Office 301
Two Chamberlain Square
Birmingham
B3 3AX
Banker
HSBC Bank plc
130 New Street
Birmingham
B2 4JU
Solicitors
Higgs & Sons LLP
Waterfront Business Park
3 Brierley Hill
Dudley
DY5 1LX

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THINFffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
Report of the Trustees
The Board is pleased to present their Annual Report and Financial Statements for the year ended 31 March 2024.
The financial statemenis comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and
Articles of Association. and Accounting and Reporting by Charilies.. Statement of Recommended Practice
applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in
the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019).
Board of Truslees
Members of the Board of Trustees, who are Directors for the purpose of company law and Trustees for the
purpose of charity law, who setved during the year and up lo the dale of this report are set out below..
Niels de Vos
The Tnjstees received no remuneration for their Se￿ices.
Legal status
Thinktank Trust is a regislered charity (number 1061898) and a private company limited by guarantee (number
03239119), incorporated on 19 Augusl 1996. and is govemed by its Articles of Association {Articlesl. In the evenl
the charitable company is wound up members are required to contribule an aTnount not exceeding £1.
Objects and activities for the public benefit
The charity's objects as set out in its Articles of Ass(xiation are:
To advance the education of the public by the operation, maintenance, expansion and development of museums
in Birmingham and the increasing of public unde￿landing of and opportunities for learning about history, science
and technology.
The mission of BMT to harness all the peoples Collecti￿S. heritage and Greatiwty to tell stories that make
meaning. The strategic aims of Bimiingham Museums Trust (BMT) as a whole are to achieve the charitable
group's objectives. Birmingham Museums TNst's strategic aims are:
DEMOCRATISE OUR GOVERNANCE - We believe ideas and leadership can and should come from anywhere.
We will adapt and augmenl lo create a more sustainable, agile and porous structure. We will create a democratic
decision-making process and new groups of influence.
NURTURE AND CREATIVE, ENABLING INTERNAL CULTURE _ Deliberale coordinated method to change our
cullure collectively. Become an experimental leaming organisalion driven by evidence-based decision making.
GROW A RICH WORKFORCE ECO-SYSTEM Design a Workfo￿ with the capabilities to develop the service
and deliver our Cause. Grow our own pipeline of talent through our programming and provision of career and
skills development opportunities. Inclusive of the wider workforce of creatives. freelancers, contracted staff and
partners.
DESIGNS A RADICAL, NEW MUSEUM OPERATING MODEL - We will re-think what a museum is and its
relationship lo its city- We believe that BMT is more than a collection of buildings and objects. We see our role not
only as a guardian bul as an agency of social change. We will explore new and different ways to manage, use
and rationalise our estate and our physical and digital assets to identify the options that best support our future
viability and resilience and that can best deliver our Cause.
REDEFINE THE CULTURAL VALUE OF COLLECTIONS _ We will change how our collections are understood,
accessed and used and we will reframe how we measure cultural value of our collections to Birmingham and ils
citizens. We will build new partnerships and develop new channels that enable people to play a fuller role in
using, researching. borrowing, augmenling and inlerpreling our collections and curating their own. We will explore
repatriation and deaccession for long-tem sustsinability.

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THINFffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
Report of the Trustees (continued)
Objects and activities for the public benefit (continued)
PIONEER EXPERIMENTS IN MASS_PARTICIPATION We will make a paradigm shift that moves BMT away
from the dominant model of passive visitor-ship. In its pla￿ we will forge a new model of active engagement=
experiments that enable non-visitors lo share their heritage and creativity and share their slories and ours. We
want to make the people's culture popular culture. We will devise new measures that evidence the impact on
individual, community, civic and societal change
REPOSITION BMT AS CRITICAL TO THE CITY'S FUTURE _ Reposition Bimingham Museums as a critical key
driver of social, cultural and economic creativity and innovation. Identify new audiences, advocates, partners and
stakeholders to help us deliver our Cause.
BUILD OUR OWN SEGMENTED MASS CHANNELS _ Use direct email to create our own channel to increase
user engagement and participation. Underpinned by our website, CRM and ticketing systems and backed up by a
social media strategy.
CULTIVATE CONNECTIONS - Become an anchor organisation in a vibrant city-wide neiwork of organisations
and individuals.
DIVERSIFY AND INCREASE OUR INCOME - Respond to the changing markets and circumstances, adapting
and evolving our trading opportunities to maximise income.
The Trustees have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the
Charity Commission's general guidance on public benefit when reviewing the charilable company's aims and
objectives in planning fvture activities. In particular. the Trustees have considered how planned activities will
contribute to the strategic aims.
The Charitable group's priorities are aligned with those of ils major public funders. Birmingham City Council and
Arts Council England. For a full review of activities in the year, please refer to the parent charitable company
Birmingham Museums Trustees report anol financial 3tstements (see note 201.
Structure, Governance and Management
The Truslees of Thinktank Trust have continued to cary out the charitable aclivities through Ihe parent,
Birmingham Museums Trust. Bimiingham Museums Trust combines the WO￿ ofThinktank Trust together with the
principle activities of Bimiingham Museums Trust.
The Board of Trustees oversees the development of the Trust and the work of the executive team of Bimiingham
Museums Trust in relation lo Thinktank Trust's activities. The Trustees are responsible for ensuring and
maintaining control over all activities and authorise all major transactions of the charitable company.
Day to day management was delegated to Sara Wajid and Zak Mensah, Joint Chief Executive Officers of
Birmingham Museums Trust.
The remuneration of key personnel and Directors is met wholly by the parent. Bimiingham Museums Trust. which
also provides indemnity for the Directors.
Recruitment and Appointment of TrusteesA)irectors
Truslees are appointed by the Directors of Ihe parent, Birmingham Museums Trust, after they have considered
the desirability of:
making such a recommendation after the advertisement of the vacancy and the response to such an
advertisement-
a board of directors with a range of skills experience and abilities relevant to the objects and aclivities of
the charity- and
board of directors, representstive of the diverse community within the City of Bimiingham.
Trustee Induction and Training
All Trustees are provided wth an induction to the organisation on appointment.

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THINFffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
Report of the Trustees (continued)
Funds Slatement at 31 March 2024
The Trustees have considered the level of reserves required to maintain sufficient working capital and to meet
unforeseen liabilities Ihat may arise.
At 31 March 2024, Thinktank Trust had unreslricled reseNes deficil of £2.003m (2023.. £1.636ml and restricted
reserves surplus of £NIL 12023= £NIL). Total reserves al 31 March 2024 were £2.003m deficit (2023..
£1.636deficitl-
Thinklank Trust receives grant funding direcuy linked to expenditure. The deficit on unrestricted funds represents
unavoidable expenditure incurred over a number of years with insufficient grant funding to support this during
those years. Thinktank Trust continues to be supported by its parent company. Binningham Museums Trust.
The restricted funds were crealed when assets were purchased for continuing use by Thinktsnk utilising restricted
funds. These assets are now fully depreciated.
Going Concern
The Trustees consider that there is a reasonable expectation that the company has sufficient support from its
parenl charitable company to conkn'nue in operalional existence for the foreseeable future, with this support having
been confimed in writing and for this reason they have adopted the going concem basis in preparing ihe financial
statements.
Investment policy
The company maintains bank accounls with HSBC plc. In order to maximise the return on available funds, these
are invested in low-risk short-lemi deposits with HSBC plc, a bank vihich operates in the United Kingdom and
which is subjecl to regulation under the Financial servI￿s kt 2012.
Related parties
Birmingham Museums Trust is the sole rnernber of the company. Binningham Museums Trading Limited is also a
related paty through being wholly owned by Bimiingham Museums Trust. Any conflicts of interest involving
Trustees in these respects are dedared where appropriate.
The accounts include an intercompany creditor with Ihe parent company of £2.033m {2023.' £2.305ml. A grant of
£1.417m {2023.' £1.417m) was received from Birningham City Council contributing to the rent, service charge and
rates.
Plans for Future Periods
The Truslees of Thinklank Trust plan to continue to cary out the charilable activities through the parent company,
Birmingham Museums T￿St.

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THINFffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
Statement of Trustees, Responsibilities
Statement of Trustees, responsibilities in respect of the Trustees. report and the financial
statements
The Truslees are responsible for preparing the Truslees. Report and the financial stalemenls in accordance with
applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under that law the
trustees have elected to prepare the financial statements in accordance with applicable law and Uniled Kingdom
Accounting Standards (United Kingdom Generally AC￿pted Accounting Practice), including Financial Reporting
Standard 102, 'The Financial Reporting Slandard applicable in the UK and Republic of Ireland,. Under company
law the trustees must nol approve the financial slatements unless they are satisfied that Ihey give a true and fair
view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the trustees are required to=
select suitable accounting poliues for the charitable company's financial statements and then apply them
consistently..
make judgemenis and estimates that are reasonable and prudent..
prepare the financial statements on the going concem bas￿ unless ri is inappropriate to presume that the
company wll conlir)ue in business.
The trustees are responsible for keeping adequate accounting records thal are sufficient to show and explain the
charitable company s Iransaclions and disdose with reasonable accuracy at any time the financial position of Ihe
charitable company and to enable them to ensure that the financial statements comply with the Companies Act
2006. They are also responsible for the safeguarding the assets of the company and he￿￿ for taking reasonable
steps for the prevention and detection of fraud and other irregularitie5.
Disclosure of information to auditors
Each of the persons who are directors at lime when this Trustees. report is approved has confimed that..
so far as the trustee is avRre, there is no rdevant audii infomiation of which the charitable company's
auditor is unaware,. and
the Irustee has taken all steps that ought to have been taken as a direclor in order to be aware of any
relevant audit infoThation and to establish that the charitable companys auditor is aware of that information.
Auditor
The Auditor, Cooper Pary Group Limited. will be proposed for reappointment in accordance with section 485 of
the Companies Act 2006.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies subject to the small
companies. regime of the companies Act 2006.
Approved by the Board of Trustees on 24 July 2024 and signed on their behalf by..
DrKuSigneil by:
814878EFeEE3442
Niels de Vos
Trustee

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THINFffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
Independent Auditor's Report to the Members and Trustees of Thinktank Trust
Opinion
We have audited the financial statements of Thinktank Trust {"the Charitable Company'l for the year ended 31
March 2024 which comprise the Stalemenl of Financial Activities, the Balance Sheet, and notes to the financial
stalemenls, including a summary of significant accounting policies. The financial reporting framework that has
been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial
Reporting Standard 102 -The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United
Kingdom Generally A￿pted Accounting Practice).
In our opinion the financial stalements=
give a true and fair view of the state of the charitable company's affairs as at 31 March 2024, and of ils
incoming resources and application ol resources, including its income and expenditure. for the year then
ended.,
have been propedy prepared in accordance with United Kingdom Generally Accepted A¢xounting Practice,.
and
have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act
2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibililies under those slandards are further described in the Auditor's responsibilities for the audit
of the financial statements seclion of our report. We are independent of the charitable company in accordance
with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC'S
Ethical Slandard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit eviden￿ we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Conclusions relating to going concern
In audiling Ihe financial slatements, we have concluded thal Ihe Irustees, use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have perfomied. we have not identified any material uncertainties relating to events or
conditions that. individually or collectively, may cast significant doubt on the charitable company's ability to
continue as a going con￿rn for a period of at least 12 months from when the financial statements are authorised
for issue.
Our reswnsibilities and the responsibilities of the trustees with respeci to going concem are described in the
relevant sections of this report.
Other inforniation
e other infomiation comprises Ihe infonTtation included in the trustees, annual report, other than the financial
statements and our auditorfs report thereon. The trustees are responsible for the olher information contained
within the annual report.
Our opinion on the financial statements does not cover the other infonnation and, except to the extent othemise
explicitly staled in our report. we do not express any fomi of assurance condusion thereon. Our responsibility is lo
read the other information and, in doing so, consider whether the other infomation is materially inconsistent with
the financial statements or our knowledge obtained in the course of the audit or otherwise appears lo be
malerially misstated. If we identify such material inconsislencies or apparent material misstatements, we are
required to determine whether this gives rise to a material misststement in the financial statements themselves. If,
based on the work we have performed, we conclude that there is a material misstatement of this other
infomiation, we are required to report that fad.
We have nolhing to report in this regard.

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THINFffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
Independent Auditor's Report to the Members and Trustees of Thinktank Trust
(continued)
Opinions on other matters prescribed by the Companies Act 2006
In our opinion. based on the work undertaken in the course ofthe audit-.
the infom)ation given in the Trustees, report (incorporating the strategic report) for the financial year for which
the financial statements are prepared is consistent with the financial statements., and
the Strategic report and the Trustees. report have been prepared in accordance with applicable legal
requirements.
Matters on which we are required to report by exception
In Ihe light of our knowledge and understanding of the charitable ￿MpanY and its environment obtained in the
course of the audit, we have not identified material misstatements in Ihe strategic report or the tnjstees, re￿rt.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the
Charities Act 2011 requires us to report to you if, in our opinion..
adequate accounting records have not been kept, or retums adequate for our audit have nol been received
from branches not visited by us- or
the financial statements are not in agreement with the accountsng records and retums", or
certain disclosures of TTUStees' remuneration spectfied by law are not made. or
we have not received all the infomiation and explanations we require for our audtt.. or
the Iruslees were not entitled to prepare the financial staternents in accordance wilh Ihe small companies.
regime and take advantage of the small companies. exemptions in preparing the trustees, report and from the
requiremenl to prepare a strategic report.
Responsibilities of Irustees
As explained more fully in the Trustees, responsibilities statement set out on page 5, the trustees (who are also
the directors of the charitable company for the purposes of company law) are responsible for the preparation of
the financial slatements and for being satisfied that they give a true and fair view, and for such intemal control as
the tNslees determine is necessary to enable the preparation of financial statements that are free from material
misstatement. whether due to fraud or error.
In preparing the financial statemenls. the Trustees are responsible for assessing Ihe charitable company s ability
to continue as a going concem, disclosing, as applicable. matters related to going concern and using the going
concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease
operalions, or have no realistic allemative but to do so.
Auditorfs responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial stalements as a whole are free
from malerial misstatement, whether due to fraud or error. and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assuran￿. but is nol a guarantee that an audit conducled in
accordance with ISAS {UKI will always detect a material misstatement when it exists. Misstatemenls can arise
from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be
expecled to inffluen￿ the economic decisions of users taken on the basis of these financial statements.
I￿egUlaritIes, including fraud, are InStan￿S of n0n-cornpl1an￿ with laws and regulations. We design prO￿dureS
in line with our responsibilities, outiined above, to detect material misstatements in respect of irregularities,
including fraud. The specific procedures for Ihis engagement and the exient to which these are capable of
detecting irregularities. including fraud are detailed below.
Our assessment focussed on key laws and ￿gUlationS the charitable company has to comply with and areas of
the financial statements we assessed as being more susceptible to misstatemenl. These key laws and regulations
included but were not limited to compliance with the Companies Act 2006. Charities Act 2011, taxation legislation,
data protection and anti-bribery legislation

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THINFffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
Independent Auditor's Report to the Members and Trustees of Thinktank Trust
(continued)
We are not responsible for prevenling irregularities, including fraud. Our approach lo detecting irregularities
including fraud, included, but was not limited to, the following=
oblaining an understanding of the legal and regulatory framework applicable to the charitable company
and how the charitable company is complying with that framework, including agreement of financial
stalemenl disclosures to underlying documentslion and other evidence-
oblaining an understanding of Ihe charitsble company s control environmenl and how Ihe charitable
company has applied relevant control procedures. through discussions with management and by
perfoming walkthrough testing over key areas-
oblaining an understanding of the charilable company's risk assessment process, including Ihe risk of
fraud,. and
perfomiing audit testing to address the risk of management override of controls, including testing joumal
entries and olher adjustments for appropriateness. evalualing the business rationale of significant
transactions outside the nomial course of business and ￿VIewIng accounting esb'mates for bias.
Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood
of detection of fraud based on our approach. Irregularities arising from fraud are inherenlly fflore difficult to detect
than those arising from error.
Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities. including
those leading to a material misstalement in the ffinancial staternenls or non-compliance with regulalion. This risk
increases the more that compliance with a law or regulation is removed from Ihe events and transactions reflected
in the financial stalemenls. as we will be less likely to become aware of instances of non-complian￿. The risk is
also greater regarding irregularities occurring due to fraud rather than error. as fraLJd involves intentional
concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located at the Financial
Reporting Council's I'FRC'S'I website at.. https://www.frc.or
-uklauditOTsres
nsibiliiies. This description fomis part
of our auditor's report.
Use of our report
This report is made solely to the charitable company's member5, as a body, in accordan￿ with Chapler 3 of Part
16 of the Companies Acl 2006 and to the charity's Trustees. as a body, in accordance with Chapter 3 of Part 8 of
the Charilies Act 2011 and regulations made under section 154 of Ihal Act. Our audil work has been undertaken
so that we might state lo the charitable company's members and the charity's trustees those matters we are
required to state to them in an auditorfs report and for no other purwse. To the fullest extent permitted by law, we
do nol a￿pt or assume responsibility to anyone other than the charitable company, the charilable company's
members as a body, and its Trustees as a body. for our audit work. for this report. or for the opinions we have
formed.
CoopÈr Parry Group Limited
Statutory Auditors
Cubo Bimingham
Office 301
Two Chamberlain Square
Birmingham
B3 3AX
Dale-
13 Novemeber
2024

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THINFffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
Statement of Financial Activities
(Incorporating an Income and Expenditure Account) for the year ended 31 March 2024
Note
Unrestricted
funds
Restricted
funds
Totsl
2024
Total
2023
Income and endowments from:
Charitable activities
1,417,000
1.417,000
1,417,000
Total
1,417,000
1,417,000
1,417,000
Expenditure on:
Charitable Aclivilies
(366.598) (1.417,000) (1,783.598) {1,983,929)
Total
(366,598) (1,417,000) {1,783.598) {1.983.9291
Net movement in funds
1366.598)
(366.5981
1566.929)
Fund balances brought forward
14
{1.636A99)
(1,636.499) (1.069.570)
Fund balances carried forward
14
{2.003.097)
(2.003.097) (1.636.499)
The incoming resources, resoLJrces expended and resuming net movement in funds arise from continuing
operalions and include all gains and losses recognised In the year.
The notes on pages 12 to 19 form an integral part of these financial statements.

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THINFffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
Statement of Financial Activities
(Incorporating an Income and Expenditure Account) for the year ended 31 March 2023
Note
Unrestricted
funds
Restricted
funds
Total
2023
Income and endowments from:
Charitable activities
1.417.000
1.417.000
Tolal
1.417.000
1.417.000
Charitable Activities
(294.737) (1.689,1921 {1,983,929)
Total
(294,737) (1.689.192) (1.983,929)
Nel movement in funds
14
(294,737)
1272,192)
1566,929)
Fund balances brought forward
14
11,341.762)
272,192
(1,069,570)
Fund balances after transfers
carried forward
14
(1,636,499)
(1.636.499)
The incoming resources, resources expended and resuming net movemer)t ir) funds arise from continuing
oper8tions and include all gains and losses recognised in the year.
The notes on pages 12 to 19 form an integral part of these financial statements.
io

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THINFffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
Balance Sheet as at 31 March 2023
Note
2024
2023
Fixed Assels
Tangible assets
Current Assets
Debtors
Cash at bank and in hand
10
11
489,485
178,868
29.895
29,895
668,353
Creditors.. amounts falling due in one year
12
(2,032,992) 12,304.8521
Net Current Assets
(2,003.097
{1.636.499)
Net Assets
(2,003,097)
{1,636,499)
Funds
Restricted funds
Unreslricled funds
14
14
{2,003,097)
{1,636.4991
Total funds
14
12,003,097)
{1,636,499)
The financial 5tstements have been prepared in accordan￿ with the special provisions applicable to companies
subject to the small companies regime
These financial statements were approved and authorised for issue by the Board of Truslees on 24 July 2024 and
were signed on ils behalf by=
SwJn•d by..
814878EFCEE3442...
Niels de Vos
Trustee
The notes on pages 12 to 19 fomi an integral part of these financial statements.
Company Registration Number: 03239119
Charity Number- 1061898

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THINFffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
Notes to the Financial Statements
1. General infomiation
Thinktank Trust is a charitable company limited by guaranlee, incorporated and domiciled in England and Wales
(Company number 03239119, Charity number 10618981. The Trust has no share capital. In the evenl of the
charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the
charitable company.
The registered office is Birmingham Museum & Art Gallery, Chambedain Square, Bimingham, B3 3DH.
2. Statement of principal accounting policies
Basis of Accounting
The financial statements have been prepared under the Charities Act 2011 on a going concem basis and under
the historical cost convention. The financial statements have been prepared in accordance with Accounting and
Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in
accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021,
Charities SORP IFRS 1021. the Financial Reporting Standard applicable in the United Kingdom and Republic of
Ireland IFRS 102) and the Companies Acl 2006.
Thinklank Trust meets Ihe definition of a public benefft enlty under FRS 102. Assets and liabilities are initially
recognised at historical cost or transaction value, unless otherwise stated in the relevant acmunt policy notes.
The ffinancial statements are prepared in sterling which is the functional currency of the charitable company and
rounded to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting
estimates. It also requires management to exeruse judgement in arplying the Trust's accounting policies (see
note 31.
The following principal accounling policies have been applied:
Incoming Resources
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general
nature are recognised once Thinktank Trust has an entitlement to the resources and it is probable that the
resources can be measured with SLrficient reliability. Such income is only deferred when:
the donor specifies that the grant or donation must only be used in future accounting periods- or
the donor has imposed Condit￿nS which must be met before the chartty has unconditional entitlement.
Grants receivable
Grants are recognised in the Statement of Financial Aclivities wthen the conditions for receipl have been complied
with.
Going concern
The Trustees believe the charitable company (in conjunction with the Group) is well pla￿d lo trade through Ihe
uncertain ts'mes caused by the Section 114 notice issued by Bimiingham City Council on the 5 September 2023,
due lo the quality of its offer and the loyalty of its customers. More so. the charitable company's parent,
Birmingham Museums Trust, is not requiring payment of the inter-company debtors for the foreseeable future and
confirming support for the company for the foreseeable fijture.
On this basis, the Trustees are confident that the charitable company has adequate resources to continue in
operalion and have adopted the going cOn￿M basis in preparing these financial statements.
12

Docusign Envelope ID.. 5CB01779-FF554F3C-A36A43105EB7494A
THINFffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
Notes to the Financial Statements (continued)
Statement of principal accounting policies (continued)
Fund accounting
The charilable company mainlains two types of funds as follows:
Restricfed funds
Restricted funds represent grants and donations received which are allocated by the donor for specific
purposes.
Unrestricted funds
Unrestricted funds represent funds that are expendable at the discretion of the Trustees in the fijrtherance of
the objects of the charitable company. Such funds may be held in order to finance trM)th working capital and
capilal investment.
Resources Expended
Liabilities are recognised as resources expended as s￿n as there is a legal or constructive obligation committing
Thinktank Trust lo the expenditure. Al expenditure is accounted for on an accruals basis and has been classrfied
under headings that aggregate 811 costs related to the category.
Costs of generating voluntary income
These costs are incurred in relation to staff members and consultants who are engaged diredy in fijndraising and
also include the costs of campaigns for raising donations.
Charitable activities
Charitable expenditure includes expenditure ass(xiated the operation of Thinktank.
Basis of allocation of costs
All expendilure is accounled for on an accruals basis and has been dassified under headings thal aggregate all
costs related to the category. Where costs cannot be diredly attributed to particular headings, they have been
allocaled on a basis consislenl with the use of reSoUr￿s. Costs relating lo the management of Thinktank Trust
and support departments have been allocated to other functh'ons based on the time they consume in pursuing the
objectives of Thinktank Trust.
Operating leases
Rentals under operating leases are charged to the statement of financial activtties on a straight-line basis over the
lerm of the lease.
Taxation
Thinktank Trust is exempt from taxation on its income and gains where they are applied for charitable purposes.
13

Docusign Envelope ID.. 5CB01779-FF554F3C-A36A43105EB7494A
THINFffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
Notes to the Financial Statements (continued)
2. Statement of principal accounting policies (continued)
Tangible Fixed Assets
Operating assets
Operating assets are stated al cost less depreciation.
Deprecialion is provided on a slraight-line basis using rates calculated to write down the cosl of each asset to its
estimated residual value over its anticipated usefijl life as follows=
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipmenl
over 10 years
3to 10years
3to 10years
3 to 5 years.
Assets in the course of construction are not depreciated until completion where upon they are transferred to the
appropriate fixed asset calegory and depreciated as above.
Recognition of liabilities
Liabililies are recognised when an obligation arises to transfer economic benefits as a result of past transactions
or events.
Financial instruments
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial instruments are initially recognised at transaction value and SLJbsequently measured at their
settlement value.
3. Judgements in applying accounting policies and key sources of estimation
uncertainty
In preparing the financial stalemenls. management is required to make estimates and assumptions which affect
reported income, expenses, assets liabilities and disclosure of contingent assels and liabilities. Use of available
infomiation and application of judgement are inherent in the fomiation of estimates, together wilh expeclations of
future events that are believed to be reasonable under the circumstances. Actual results in the fijture could differ
from such estimates.
Operating lease commitments
The Trust has entered into commercial propety leases as a lessee on its property portfolio and as a lessee it
obtains use of property. plant and equipment. The classification of such leases as an operating or finance lease
requires the Trust to determine. based on an evaluation of the tems and conditions ofthe arrangements, whether
it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the
lease requires an asset and liability to be recognised in the balan￿ sheet. The trustees consider Ihere is no
value to be recognised in the commercial leases held by Thinktank Trust. Leasehold improvements are
recognised as assets when it is appropriale to do so.
The following are the Trust's key sources of estimation Un￿rtaInty'.
Impaimient of non-financial assets
Where there are indicators of impairment of individual assels. the Trust performs impaimient tests based on fair
value less costs to sell, or a value in use calculation. The fair value less costs to sell calculation is based on
available data from binding sales transactions in an arm's length transaction on similar assets or observable
markel prices.
14

Docusign Envelope ID.. 5CB01779-FF554F3C-A36A43105EB7494A
THINFffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
Notes to the Financial Statements (continued)
4. Analysis of Income from Charitable Activities
2024
2023
Restricted funds
Grant lo cover rent and seNice charges
1,417,000
1,417,000
Total incoming resources
1.417.000
1.417.000
5. Analysis of Expenditure from Charitable Activities
Museum
Costs
Costs dI￿¢11Y allocated to
activities
Fundraising
Governance
2024
2023
Other operating expenditure
Deprecialion
Direct costs total
1.783.598
1,783,598
1.711,736
272,193
1,983,929
1,783,598
1.783.598
Support costs allocated to
activities
Total costs
1.783,598
1,783,598
1,983,929
6. Trustees, expenses
No expenses were paid either directly to Trustees or on their behalf in the current or preceding financial years.
7. Staff Costs
No staff were employed by the c(ynpany in the current or preceding financial years. The fomer Thinktank Trust
staff transferred to the employment of Binningham Museums Trust from 1 April 2012.
No remuneration was paid to Trustees in the current or pr￿dIng financial year. Key managemenl personnel are
remunerated through the parent company, Bimiingham Museums Trust.
8. Net movement in funds
Net movement in funds is staled after charging the following:
2024
2023
Depreciation
Auditor's remuneration
272,192
The auditor's remuneration was paid by the parent entity, Bimiingham Museums Trust.
15

Docusign Envelope ID.. 5CB01779-FF554F3C-A36A43105EB7494A
THINFffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
Notes to the Financial Statements (continued)
Fixed Assets
Leasehold
Improvements
Plant and
Equipment
Fixtures and
Fittings
Computer
Equipment
Total
Cost
At 1 April 2023
Additions
5,208,866
64,889
5,234,272
139,112
10,647,139
At 31 March 2024
5.208.866
64.889
5.234.272
139.112
10.647.139
Depreciation
At 1 April 2023
Charge for the year
5.208,866
64,889
5.234.272
139,112
10.647,139
At 31 March 2024
5.208.866
64.889
5.234.272
139,112
10.647,139
Net Book Value
At 31 March 2024
At 31 March 2023
All fixed assets are held for charitable purposes.
Capital expenditure contracted for, but not provided in the financial statements, was £nil12023= £nill.
10. Debtors
2023
2023
VAT receivable
Prepayment
Amount receivable frorn group company
72,691
416,794
489,485
11. Cash and Cash Equivalent
2024
2023
Cash at bank and in hand
29,895
178,868
12. Creditors
2024
2023
Amounts falling due within one year:
Amounts owed to parent company
VAT Payable
2,032,992
2,304,852
2.032.992
2,304,852
16

Docusign Envelope ID.. 5CB01779-FF554F3C-A36A43105EB7494A
THINFffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
Notes to the Financial Statements (continued)
13. Financial Instruments
2024
2023
Financial assets
Financial assets measured at fair value through statement of financial activities
Financial assets that are debt instruments measured at amorbsed cost
29.895
178,868
489,485
668,353
29,895
Financial liabilities
Financial liabililies measured at amortised cost
2,032,992
2,304,852
Financial assets are measured at fair value through statement of financial aclivities comprises cash held at bank
and in hand.
Financi818ssets that are debt instruments measured at amortised cost comprises trade and other debtors, other
taxation and social security and arnounts owed by group undertakings.
Financial liabilities measured at amortised cost comprises Trade and other creditors, amounts owed to group
undertakings and accruals.
14. Funds Analysis
Balance
as 1 April
2023
Balance at
31 March
2024
Incorning
Resources
Outgoing
Resources
Restricted Funds
Building rent
1.417,000
(1.417.000)
Total Restricted Funds
1.417.000
(1.417.00)
Unrestricted Funds
1.636.499
366.598
2.003.097
TOTAL
(1.636.499)
1.417.000
(1.783.598) {2,003.097)
Restricled funds
Building Rent - Grant support from Bimingham City Council.
17

Docusign Envelope ID.. 5CB01779-FF554F3C-A36A43105EB7494A
THINFffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
Notes to the Financial Statements (continued)
14. Funds Analysis (continued)
Balance at
31 March
2023
Balance at
Incoming
1 April 2022 Resources
Outgoing
Resources
Restricted Funds
Science for all Seasons
Made in Bimingham
Building rent
134.512
137,680
(134.5121
(137,S301
(1.417.C()01
1.417.000
Total Restricted Funds
272.192
1.417.000
(1.689.192)
Unrestricted Funds
1,341,762
1636.499
TOTAL
(1,069,570)
1,417,000
(1,983,929)
(1,636,499)
15. Analysis of net assets between funds
Restricted
Unrestricted
Total
Fixed Assets
Net Current Assets
12,003,097) {2,003,0971
Total as at March 2024
(2,003,097} {2,003.097)
Fixed Assets
Net Current Assets
11,636,499) {1,636,4991
Total as at March 2023
(1,636,499} {1,636,499)
16. Lease commitments
At 31 March 2024 the trust had future minimum lease payments under nOn-can￿lIable operating leases as
follows..
2024
2023
Within one year
Between two to five years
More Ihan 5 Years
680,109
2.894.768
577.111
4.151.988
663,521
2.824,164
1.327,824
4.815.509
18

Docusign Envelope ID.. 5CB01779-FF554F3C-A36A43105EB7494A
THINFffANK TRUST
Report and Accounts for the Year Ended 31 March 2024
Notes to the Financial Statements (continued)
17. Taxation
The charitable company's income is exempt from taxation under section 505 of the Income and Corporation
Taxes Act 1988 and its chargeable gains are exempt under section 256 of the Taxation of Capital Gains Act 1992.
18. Financial Commitments
Debentures and charges
The Thinktank Trust has granted a first mortgage charge over certain of its assets to the Millennium Commission
to secure all monies owing to the Commission by the Trust under the tem)s of a granl agreement dated 10
December 2004.
The Thinktank Trusl has granted a mortgage charge over certain of its assets to the National Heritage Memorial
Fund underthe temis of an agreement date 20 April 2011.
Value Added Tax
As a result of group registration arrangements for Value Added Tax (VAT), the charitable company is jointly and
severally liable with other members of the group for any VAT due by the representative member of the group. At
31 March 2024 the group payable in respect of VAT was £18k (2023.. payable £291 kl.
19. Related party transactions
Birmingham City Council (BCC)
Thinktank Trust received a grant from BCC of £1.417m dumg the ye& (2023= £1.417m) to assist in the provision
of lease payments on Thinktank to Millennium Point Propety Limited.
20. Member and ultimate controlling party
The charity is incorporated as a company limited by guarantee having no share capital and, in accordan￿ with
the Memorandum of Association, every member is lial￿e to contribute a sum of £1 in the event of the charitable
company being wound up. At 31 March 2023 Bimiingharn Museums Trust was the sole member of Thinklank
Trust. Birmingham Museums Trust, a charitable company (company number 07737797, charity number 11470141
incorporated in England and Wales and limiled by guarantee. is controlled by Bimiingham City Council who is the
sole member of Bimiingham Museums Trust.
Consolidated financial statements are available from Birrningham Museums Trust, Birmingham Museum & Art
Gallery, Chambedain Square, Bimiingham, B3 3DH.
19