2025-01-31-accounts

Registered number: 05751540 Charity number.. 1122366 BEAMISH MUSEUM (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

BEAMISH MUSEUM (A company limlted by guarantee) CONTENTS Page Reference and administratlve details of the Company, its Trustees and advlsers Trustees, report Independent auditor5. report on the financial Statements Consolidated statement of flnanclal activities 2-14 15-18 19 Consolldated balance sheet 20 Company balance sheet Consolidated statement of cash flows 21 22 Notes to the flnanclal statements 23-51

BEAMISH MUSEUM IA company Ilmited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2025 Trustees C J D Loughran, (Chair} D S Alexander M M Armellini Dr D M Jackson Dr E K Leonard-cross C W T McKinley Councillor E E Scott B L Stratford l M Thomas (rèsigned 17 June 2025) S King (resigned 18 March 2025} R E Lennon (resigned 3 April 2025) R Baldry (appointed 18 March 2025) Dr S W Chiu {appointed 18 March 20251 L A Melville (appointed 18 Maroh 20251 P Morland (appointed 18 March 2025) F Sowerby (appointed 18 March 20251 Company registered number 05751540 Charity registered number 1122366 Registered offlce Regional Resourc8 Centre Beamish County Durham United Kingdom DH9 ORG Company secretary F Wharton {appointed 17 June 2025) L Wade (appointed 28 February 2025 and rèsigned 17 June 2025) M Pemberton (resigned 28 February 2025) Independènt audltors Armstrong Watson ALsdil Limited Chartered Accountants and Statutory Auditors Montgomery Way Rosehill Industrial Estate Carlisle Cumbria CA1 2UU Bankers Natwesl 52 Fawcett Street Sunderland United Kingdom SR1 1SB Page 1

BEAMISH MUSEUM IA company Ilmited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2025 The trustees present their report and financial statements for th8 year ended 31st January 2025. 1.0 Introduction from Chair This year has seen Beamish continue lo go from str8ngth to strength in every way. Communities, colleagues and volunteèrs continue to make us the beating heart of the North, and our northern guiding stsr has been our North Eastern values. Our roots are in our past and our branche5 in the present and fulure. Our values, Brave, Inclusiv8, Collaborative, and Always Striving for Excellence, shape every decision, ensuring the museum remains a place of integrity and ambition. In times of adversity, we have held onto these values and our unwavering commitment to be a place, space and anchor to serve anyone who is willing to share il with everyone else. 2023 saw the appointment of a brand-new Board of Trustees who joined an organisation they not only knew, but in which they shared deep pride. In 2024 we ¢ontinue to strenglhen this arrangement. Whèther you are a Trustee, executive member, staff member, volunteer, or supporter, you feel th8 responsibility of being one of the custodians of our region's identity and heritage. The year has seen us end in a strong place, with good governance and leadership practice increasingly embedded in the organisation. During 2024, we opened the final parts of the Remaking 8eamish project, the largest capital regeneration project in the museum's history. A Drovers Tavern and Georgian pottery, as well as the finalisation of self-catering accommodation, were landmark achievements for the oldest part of our heritage that we represent. Meanwhile, the opening of the Grand Cinema, STEM18aming space, Reece electrical shop, milk bar, and Romer Parrish loy shop have drawn in thousands of new and returning visitors and connected us to parts of the whole of the North East. Al the time of writing, 8eamish is 2025 Art Fund Museum of the Year. one of the most prestigious international accolades. Everyone who has been part of this should lake pride in this achievem8nt. Our work in 2024 was key, and this Trustee report sets out how it was achieved and how we hav8 fulfilled our statutory duties in the public inlerest. Our commitment to investment in staff and volunteers, as well as equity, diversity and inclusion, is unwavering. We have continued to develop our commitment to the LGBTQIA+ Gypsy, Roma and Traveller, and Indian Sub- Continent communities, listening and telling their storie5. Our work to support dementia and neurodiversity under our team's globally recognised leadership continues at pace and in dialogue with the communities we exist to serve. And our commitment to acknowledging the climate emergency and Net Zero by 2045 is not up for debate. l am deeply grateful for everyone's unwavèring commitment, particularfy those who have gon8 above and beyond their role and those who volunteer, including our Board. This includes those who work 'behind the s￿nes, al the museum, as well as those who work with local communities and meet over eight hundred thousand visitors every year. The effort and professionalism required lo make a museum like Beamish safe, spotlessly clean and in consistently impeccable costume, as well as oversee all of our animals and 500 hectares of woodland and arable land, can never be underestimated. Beamish takes everyone lo make il excellent, welcoming and inclusive. What you will read below demonstrates that Beamish continues to be a truly rernarkable institution, based on values, people and inclusive communities. 2025 has already seen our governance and leadership develop further. recruiting new skills across the organisation, including to the Board. We have also fully operationalised our trading subsidiary lo support our financial and environmental suslainabilily and finalise a new strategy that will lake us to 2Q35 and beyond. On behalf of the Board. l offer our thanks to everyone who is part of Beamish. the beating heart of the North. Page 2

BEAMISH MUSEUM IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 1.1 Strategic Overview With a strong operational improvement plan in place, we are priorilising the completion of the Rèmaking Beamish project and paving the way for strategy work. The board of trustees and senior team are working together to shape future Beamish. A recent review of ski115 and recruitment to specific gaps on the board has led to key link roles and the creation of a committee focused on heritage, people and place. whose oversight role focusses on moving the museum fotward. People, Equity, Diverslty & Inclusion (EDI) Our success is rooted in the dedication and contribution of our people - staff and volunteers. Throughout 2024, our People and Culture team focused on strengthening Beamish's foundations, ensuring our working practices better refleGI our newly established values and our slatus as an independent charity. We completed a compr8hensive review of staff contracts to better r8fl8Ct our identity. and continued to develop policies that support a flexible, inclusive organisation that welcomes everyone. A key priority was working to ensure the most effective arrangements for both permanent and seasonal staff. This included beginning to transition some colleagues to permanent contracts and strengthening our engagement teams with new roles designed to support effe¢tlV8 day-to-day operations. We also ensured appropriate staffing levels were in place to support the opening of new exhibit spaces, as the Remaking Beamish programme moved towards completion. We eslablish8d our new Staff Voice Forum with staff Representatives from 8cross Beamish and supported the establishment of a Beamish staff LGBTQIA+ group. We also continued lo train and develop Mental Health first aiders to support our wellbeing initiatives. Our commitment to modernising how we work continued through investment in digital systems. We advanced our digitisalion journey by further embedding online training provision and commissioning a new recruitment platform. These improvements not only enhanced operational effi¢i8ncy but also strengthened our approach to equity, diversity, and inclusion IED&I). Development sessions for staff and volunteers linked to key ED&1 priorities were delivered throughout the year in support of the work to tell more inclusive stories across the museum. As an anchor institution in County Durham, we continued to conlribule to wider regional priorities where these align with the Museum's charitable objects. In 2024, we bècame a delivery partner in the Arts Council England- funded Into the Light programme and appointed a Project Officer to lead the developm8nl of the Durham Creative and Cultural Skills Hub - a key strand of the initialive is to deliver against the museurns key obje¢lives around skills and people development, based on placem8nts, apprenticeships and volunteering opportunities. The Into the Light Project places th818ad project officer creative and cultural skills at B8amish and increased partnership working across Durham. Volunteers remain a vital part of our community and daily operations. Over 500 volunteers supported our work across the museum, including our ongoing collaboration with youth volunteer groups. Their involvement brings a wide range of skills, experiences, and perspectives, and deepens our connection with local communities. The team also provides a vital service supporting placements across the museum. We also played an active role in the development of our new Future Beamish strategy, helping shape the long- lerm vision for the museum. Our focus was particulady aligned to the People strand of the emerging plan. ensuring our workforce remains supported, valued, and ready to meet future challenges. Collections Collections work in the first half of 2024 continued to focus on delivering the Remaking Beamish project working towards the opening of the cinema, electrical shop, toyshop and the Georgian tavern and Pottery. Collections items were also used to furnish the self-catering accommodation units to create immersive, early 1800s style workers, cottages. After the opening of the final exhibit spaces in July 2024 the focus moved to processing the backlog of donalions from Remaking Beamish and starting to plan forwards thinking about disposals, ralionalisation and storage. Our accreditation return to Arts Council England was submitted in June 2024, with official approval expected in February 2025. Community involvement in decision making and interpretation of collections remains a key Page 3

BEAMISH MUSEUM (A company limlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 approach and the Esmee Fairbairn funded collections project, working alongside members of the Gypsy, Roma and Traveller communities and LG8TQ+ comrnunities, has been incredibly positive in lerms of developing new relationships and new understanding of stories and collections which will help us to create more inclusive exhibits. In November 2024, the museum was also successful in an application to the Queer Heritage and Collections Network (QHCN) for a project which looks at the collections from the perspective of young people. Capital The Remaking Beamish capital project was drawing to a closè into early 2025 with the final element of the s81f- catering accommodation. The Remaking Beamish project is currently under evaluation and final projecl audit. This includes review of any outstanding potential project elements. Other capital items identified within the Operational Improvement Plan including staff and volunteer welfare provision, refreshed Entrance Coffee Shop and IT infrastructure will lake place during 2025. External funding will be sought to support the IT work at significant cost circa £350400k and other smaller capital works including lifts within the Resource Centre and Masonic Hall, with total circa costs of £50,000. Looking forward wa will be reviewing conservation items for capitalised spend including wagonway wheels for one of the carriages and conservation maintenance work across Home Farm and Pockerley chimneys. 1.2 Highlights of the Year Highlights of the year include the opening of Remaking Beamish exhibit5 (see below for further details). Diversifying our audience and addressing key issues through our programming and activities is a priority of the work that we do now and for the future. Work across LGBTQIA+ Gypsy Roma Iravelling community and left behind communities and minorities remains a key focus for the worl( that we do at Beamish. The vision for every school-age child to have the opportunity to visit Beamish remains a core objective. Performance In 2024125, the museum welcomed 833k visitors, which is a 3.99/0 increase on the previous year. This footfall helped us to increase our revenues, both across admissions and secondary spend. which was criti¢al in ensuring we covered our increasing costs, arising because of operating a site with more exhibits and continuing inflationary pressures throughout our supply base. Remaklng Beamlsh- New Exhlblls Opened The final Remaking Beamish exhibits opened in June and July 2024. The Drovers Tavern and Pottery opened in June with a weekend of music and jollity. The spaces have been really well received by visitors with the Drovers Ale and food offering receiving rave reviews and the tavern exceeding all income 8xpectations. Staff and volunteers working in the pottery have been amazing and really embraced Ihe space and the skills to bring It to life. The final exhibits in the 1950s Town were previewed by Ryhope schools and community members throughout June. Members of the community who sponsored seat5 in the cinema were also tr8aled to a special preview screening which in some cases proved in¢redibly emotional, prompting memories of first dates and absent friends and family. The grand opening of'The Grand. cinema took place in July wilh a day of fun and celebration led by the Ryhope All Stars Jazz Band and featuring work from schools involved in the cinema project. Speeches from community members linked to all of the new buildings and North East Mayor Kim McGuinness were well received. All of the spaces have had great feedback from staff, volunteers, community members and visitors. The cinema is proving a big hil. and we are exploring programming options around events and special occasions. Wavehill has been appointed to complete the Remaking Beamish project evaluation, and the final report will be presented mid-2025. Social Impacl (Learning, Community, Heallh & Wellbeing, Sustainability) This year we welcomed 44,100 children lo the museum to engage with our innovative learning programme, including new sessions linked to the 1950s area of sile and the STEM focused Reece Workshop which opened in July- the ice cream making activity 'The Inside Scoop, proving popular with Key Stage 2 and 3 students! 44,100 represents the highest number of school visits since Covid and, although we know that fewer schools visited than in the previous year, those who are visiting are bringing more children, potentially to make best use Page 4

BEAMISH MUSEUM (A Gompany limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JANUARY 2025 of the costly bus transport. We have also welcomed more secondary school childran and fewer Infant and Early Years classes and moving fO￿ard we will be developing more sessions appropriate for this age group. The Learning Team have also begun to deliver days aimed at home educators to provide an opportunity for those who are home schooled lo take part in group learning sessions. The days have proved immensely popular, engaging on average 400 people in a range of activities across the museum. The Learning Team are also working with the North East Combined Authority to develop a careers evenVa¢tivity for SEND children to b8 d81ivered at the museum in early 2025. The Museum's Health and Wellbeing programme continues to go from strength to strength with continuad delivery of the weekly calendar of activities for people living with cognitive impairmenl in addition to a range of innovative partnership projects which provide opportunities lo engage new audiences and embrace creative working. In Septembar, th8 '0ur South Shields, project launched al 8eamish bringing South Asian (by way of South Shields) music, dance, food, storytelling, and a Pakistani Truck Art bus to the museum to provid8 real and welcome disruption to usual service! The proj8Ct has continued throughout the year. Historic England in February 2024 and is a dynamic cultural partnership be￿een Beamish Museum, Balbir Singh Dance Company, Professor Paul Chazot (Department of Biosciences, Durham University) and residents of South Shields. This collaboration aims to create a supportive environment that preserves and celebrates South Shield's divers8 cultural heritage and improves the wellbéing and quality of life for those living with dementia. The 'Centering' Clay project with Northumbria University has also begun this is 8 research project led by our long-lerm collaborator Professor Jayne Wallce and working with one of the men's groups at the mus8um. The project, through which the group develop pottery skills, researches the impact of creativity and making on older adults and people living with cognitive impairment. As part of the evaluation process a film has been created which will be presented at the international 'Dementia Lab, conference in March 2025. Community Engagement has continued to focus on work with Communities and individuals connected wllh buildings in Remaking Beamish in addition to progressing work on the Esmee Fairbairn Collections project. We were pleased in June 2024 to mark Gypsy, Roma, and Traveller History month at the museum for Ihe first time. Working with members of the respective communities we were able to produce a public facing programme which engaged visitors through music, storytelling and artwork inspired by objects from the Beamish collection. Work has continued throughout the year to build relationships and trust within Gypsy, Roma, Traveller communities and colleagues at Gypsy, Roma and Traveller Friendly Churches have been incredibly supportive and helpful in developing this work. In September, the 'Our South Shlelds, project launched at Beamish bringing South Asian (by way of South Shields) music, dance, food, storytelling, and a Pakistani Truck Art bus to the museum to provide real and welcome disruption to usual setvicel The project has continu8d throughout the year. Similarly, work has been ongoing building relationships and trust with groups and individuals within LGB TQIA+ communities. In May we attended Durham Pride for the first time followed in August by our lead partnership role with Alnwick gardens in supporting Mr Gay World competition to the museum. This work has moved the museum forward in terms of what we do and our understanding of the role we might play in influencing positive social change. Critical to the suG¢ess of this work is staff and volunteer understanding and confidence and programme of development $8ssions is being run alongside the Community engagement. Environmental sustainability threads through all of the museum's work and the Sustainability Strategy is now well established. Notable achievements this year have included the commissioning of the Air Source Heat Pumps which provide heal and hot water lo the majority of the 1950s Town and to Ihe self-catering accommodation. We were also exlremely proud to achieve a silver Green Tourisrn Award which recognizes our commitment to sustainability. The work the museum does in this area is widely recognized both within and outside the cultural sector and we have been invited to speak at several high profile events including the Msc Sustainability Leadership at Teesside University and the Museum Next 'Get Set Green, Summit. Our Sustainability Manager also moderated the Sustainability session of the AEOM Conference in Hungary, in August 2024. Awards Page 5

BEAMISH MUSEUM IA company Ilmited by guarantee} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 The achievements of the museum's staff, volunteers and partners was recognised in the following awards and commendations.. Museums + Heritage Awards 2024- Winner, Visitor Welcome Award VisitEngland Quality Assured Visitor Attraction Scheme Accredited Tripadvisor Travellers, Choice Award 2024 Achieved the Silver Award from the Defen¢e Employer Recognition Scheme IERS) Retained Coach Friendly Status from the Confederation of Passenger Transport Volunteers for Museum Learning Award 2024- volunteer Alan Henderson Highly Commended School Travel Awards 2024. - Shortlisted, Best UK Altraction North East England Tourisrn Awards 2024- Silver, Largé Visitor Attraction of the Year 1.3 Looking Ahead to 2025 Set the scene We will see the culmination of the Remaking Beamish project with the opening of accommodation at Pockerley, the beginning of new and immersive ways for our visitors to experience Beamish. We are increasing our role and profile working with partners across Durham and the wider North East and nationally lo place the region on the map in terms of pride of place, Greativily, culture and innovation, Beamish is a major part of the regional tourism offer with huge social and economic impact. This year we welcomed 44,110 children to the museum, which was the highest number since before the pand8mi¢ and an increase of 7.5 % on the previous year, with 425 participants during our STEM week and with over 47,375 volunteering hours across a diverse range of projects and activities with our communities we have a huge impact on the lives of people living working and learning in the area. We continue to be an anchor institution in the North East and are working with our culture, business, and learning partners, lo highlight the regional offer on a national and international stage. Income Diversiflcation As an independent museum we have always taken an entrèpreneurial approach and we have been working proactively to diversify our income and take the pressure off individual visitor spend. We Collaborated with a consultant to consider a brand licensing proposition, and we embarked on our first, smaller partnerships. With this support, we developed our licensing contract. It is clear that this is a longer-term 8ndeavour, and we will now be looking to focus our approach on onsite product development first with an eye to then explore licensing deals from that point on. Several of our exhibits have commercial opportunity within them and we have trialled our first ticket8d cinema showings. We are currently working on a programme of films which fil best into our operation and the stories w8 tell. Christmas films hav8 been our most popular viewings to date so this is an area we will look lo develop. The opening of Ihe cinema in particular has also seen an influx in requests for corporate hire bookings. Again, a slight tweak in approach to the use of exhibits has allowed us to capitalise on this and thi5 15 a function we hope to expand in the future. We have t￿eaked our approach lo filming hire and have seen an influx of interest from filming companies as we continue to work closely with Film Northeast and the burgeoning film industry in the area. Visits have resulted in several large and recognisable projects to be aired in the coming year. We successfully launched a pop-up shop (The Beamish Emporiuml, in the centre of Durham City in partnership with one of our Business Friends, Citrus Group. This was both a trial to explore off-site retail as an Option bul also a fantastic opportunity to engage new audiences. The shop proved to be extremely popular and allowed us lo welcome volunteers who engage in the space and help to run the shop and who could not make il to the museum itself. The unit was both profitable and engaging and we have used the space lo showcase different eras to help inform future strategic planning. We plan to continue this venture for a further season during 2025. Openlng of new exhibits and onsite accommodation Page 6

BEAMISH MUSEUM (A company limlted by guarantee} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 In Spring 2025 we anticipate the opening of our onsite accommodation- 2 self-catering cottages tucked away in Ihe Georgian landscape. The cottages have been created by restoring and repurposing a disused barn which wa5 original to the museurn sile. Each cottage has been carefully crafted using early 1800s period appropriate materials such as lime mortar and lime plaster whilst also accommodating 21st century facilities including underfoor heating and air source heal pumps! The management of the cottages will be through Host and Slay who will manage bookings and housekeeping. 1.4 Our place and role in the region, nationally, and internatlonally We are key partners in culture programming in County Durham and across the wider region and continued to develop place-based partnerships with our regional colleagues including Glasshouse, Tyne & Wear Archives & Museums {TWAMI, Sunderland Cultur8, Northumbria Museums, Bowes Museum, Auckland Project and Raby Castle, alongside Durham and Newcastle Universities, Gateshead College and New College Durham and businesses including Sunderland Football Club and Durham Cricket Club, placing Beamish as the lead attraction working with partners a¢ross the North East. Regionally, our CEO is a Board member of New College Durham, and Council member of North East Chamber of Commerce {NEEC),' nationally, a council member of Association Leading Visitor Attractions (ALVA) and National Museums Directors Council INMDC)., and internationally, Vice-Presidenl of the Association of Open Air Museums IAEOM). Regionally, our Sustainability Manager is a Board member of New College Durham Academies Trust, and a Board member of the Climate Durham Emergency Strategy Commiltee,. and nationally is a member of the NMDC Environmenl and Ecology Group,. and a Fellow of the Association of Open Air Museums (AEOM). Our COO is a Trustee of Kiplin Hall, a heritage venue in North Yorkshire, and we actively encourage team m8mbers to take up trusteeships within the sector. Our Senior Leadership Team (SLT) and Heads of Teams continue to be active participants within ALVA'S programme of learning, development, and sharing practice, and we are regular speakers with their forums, as well as through Association for Cultural Enterprises (ACE). We Continue to be lead members of the Association of Independent Museums (AIM), where our Visitor Experience Manager is also a Board member. Our international ambitions are taking shape through the AEOM, with world-wide members, and other ne￿orkS with Sweden and Scandinavia. We arè lead partners with 81ack Country Living Museum, Skansen in Stockholm, Den Gamle By in Denmark and Jamlli in Sweden on a European Open Air Museum leadership programme. We have re-engaged with American and Australian museums, and alongside AEOM, continue to share best practice. Looking to 2025, we will continue lo further develop the anchor role Beamish has regionally alongside culture, business and learning establishment5, placing Beamish as a key element of enabling people to liv8, learn, work, and want to stay, in the North East, alongside driving the North East as a tourism destination of choice. 2.0 Flnanclal review The Statement of Financial Activilies ISOFAI, which includes both unrestricted and restricted funds, details the financial performance of the museum for the year with the balance sheet detailing the financial position as of 31st January 2025. In 2024125. the museum welcomed 833k visitors, which is a 3.9Vo increase on 2023124. Both museum and Irading income incrèased from the £15.3m reported last year to £17.3m, an increase of 13.1 % . With the opening of The 1950s Town and additional food and retail outlets contained within. we can see the positive impact this addition to the portfolio has given to the museum both on visitor numbers and revenue. Alongside our supporters. including the National Lottery Heritage Fund, we continue to invest heavily in the museum and opened the final part of the Remaking Beamish project. This investment 15 essential to enhance Ihe visitor experience, attract new audiences. and ensure the long-term sustainability of the museum and our role as custodians of our region's identity and heritage. As a result of this continued investment, the museum incurred net expenditure of £756k for the year. Page 7

BEAMISH MUSEUM (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 In addition, Employees of Beamish Museum are admitted to the Teesside Local Government Pension Fund - defined benefil scheme. The scheme is currently in surplus bul due to the asset ceiling calculation, provided by the scheme acluary. Ihe group has been unable lo recognise any pension scheme asset at 31 January 2025. The previously recognised asset of £4.6 million, included in the 2023-24 financial statements has been reversed to zero in the current year. Consequently, the museum and its subsidiary have recorded a net decrease in funds of £4.0 million for the financial yaar. Restricted reserves in the year wer8 r8duced to £7k as the remaining assets from the Remaking Beamish project were brought into use and so met the criteria to be transf8rr&d lo unrestricted funds. Unrestricted funds sland at £39.5m, which represents general funds of the charity. 2.1 Rasenias policy The reserves position of the museum is reviewed on an annual basis. Th8 Trustees aim to maintain free reserves in unreslriGled cash funds at a minimum level of £1m. The reserves position will continue to be reviewed annually in line with the planning, budgetary and risk management processes. 2.2 Golng concern With new exhibits now fully op8n and continued strong visitor numbers, the Trust88s are confident in the museum's ability lo continue to operate as a going concern, and therefore happy that the financial statements are prepared on a going concem basis. 3.0 Energy and carbon report Beamish Museum acknowledges the climate 8mergency and the part it musl play in taking action lo address it. We continue to use our national and regional role. heritage, and identity to contributè to a suslainable and equitable future, achieving net zero by 2045 and helping to protect our planet for future generations. The museum's Sustainabilily Strategy provides a framework for Beamish to work towards achieving net zero by 2045, as well as being a driving force that underpins the museum's strategic direction, where climate and social justice sit al the heart of our decision making. The Board of Trustees are committed lo ensuring the strategy is embedded in the museum's future direction. Beamish is inspired by the people of the North East and their sense of cornmunity, resilience and resourcefulness and we will draw on these traits lo ensure we play our part in addressing the climate crisis. The information provided below has been Commissioned from Green Energy Consulting to calculate g￿enttOuse gas emissions, which are required under the Streamlined Energy Carbon Reporting ISECR) regulations. Conversion factors outlined in the '2024 UK Government GHG Conversion Factors for Company Reporting, hav8 been used for all calculations. The reporting period in qu8Stion is 01102124 to 31101125, and as such the 2024 conversion factors have been applied. Page 8

BEAMISH MUSEUM (A company limited by guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JANUARY 2025 GHG Emissions Data GHGEmisslons & Enorgy Uie Dala lor 01102124 to 31101125 Gesort. ￿. rOy Ano•oul iWnl 1,701.YO t,8Q7.>17 Tr•niwrrtion,kilthi 507 .1￿1 roill *CO.iy Sr.OQ-. 'JJIYdWlT OUlVOY•$. tCO:•J Srotyj li '.OrnD.tT'y S¢ooé Jl 'ri iy.'.CQ k•¥i. JO().rm n ?0ti.4".O- t j..IW QOO'utThOv#f 11 10? J.'-0IE Energy Efficiency action between 01102104 to 31102125 Throughout the financial year, Ihe museum has installed Air Source Heal Pumps in the new 1950$ Town and also in the Georgian Tavern and a¢¢ommodation. Additionally, the accommodation has underfloor healing. Beamish Gonlinues lo prioritise decarbonisalion as a key environmental priority and continues to work with heritage partners and others to establish low carbon or carbon alternatives. The museum regularly undertakes museum-wide energy audits, which are reviewed alongside ESOS and carbon reporting tools. implementing realistic targets, as well as regularly monitoring infrastructures and galvanising strategic direction to achieve net zero. Calculation Methodology Green Energy Consulting has assessed Beamish Museum's GHG emissions in accordance with HM Government's 'Environmenlal Reporting Guidelines.. Including streamlined energy and carbon reporting guidance,, March 2019 update. In order to calculate emissions .2024 UK Government GHG Conversion Factors for Company Reporting, have been used. For electricity data, annual energy consumption in kwh over the reporting period was converted to IC02e using the above described GHG conversion factors. As per SECR guidelines, location based IUK-grid average) electric emissions have been calculated. For gas oil and LPG consumption data provided in lilres was filtered by fuel source and converted to kwh and tC02e using the relevant conversion factor listed in the aforementioned GHG conversion factor documentation. Coal consumption data provided in tonnes was converted to kwh and tC02e using the relevant conversion factor listed in the aforementioned GHG conversion factor documenlalion. Transport consumption data provided in litres was filtered by fuel source and converted lo kwh and tC028 using the relevant conversion factor listed in the aforementioned GHG conversion factor documenlalion. Page 9

BEAMISH MUSEUM IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED> FOR THE YEAR ENDED 31 JANUARY 2025 4.0 Governing document The trustees are pleased lo present their annual report together with the consolidated financial statements of the charity and its subsidiary for the year ending 31st January 2025 which are also prepared lo meet the requirements for a directors. report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandurn and Articles of Association, and the charities Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland., FRS 1021 issued in OGlober 2019. Beamish Museum is a registered charity number 1122366 and lirnited company and was incorporated on 22 March 2006. The charity was formed to manage and develop Beamish Museum, an activity which was previously undertaken by the Beamish Joint Comrnittee, an organisation led by a nurnber of local authorities in the North East of England. The charity formally took over this activity on 1 April 2008 and the Joint Committee was dissolved in April 2014. The charity IS governed by its Memorandum and Articles of Association. The objects of the charity are.. To advance the education of the public by studying, collecting, preserving, interpreting, and exhibiting to the public buildings, machinery, objects and information illustrating the development of industry and agriculture, and the way of life in the North of England. To maintain and develop the North of England Open Air Museum at Beamish in County Durham,. and trustees meet regularly lo discuss all mallers in relation lo the charity. The Iruslees who served during the period and since the end of the period are shown below. The day-lo-day operation of the charity is overseen by the mtjseum's CEO. supported by the Senior Leadership Team, and wider staff team of over 500, and over 320 volunteers. 4.1 Museum purposes, actlvitles, and publlc beneflt Beamish's overarching objective, as a charity, is to preserve the social, industrial, and agricultural heritage of the North East region from the early 1820s onwards. The work of the museum is guided currently by our Development and Engagement Plan 2013-2025 (DEP> which sets out our core purpose and guiding principles. A key priority for the new board and Senior Leadership Team over the coming year ahead will be lo develop an inclusive process to ¢reate the strategy which follows on from the DEP, guiding the museum's work through lo 2050. Beamish's purpose is as follows.. 'A living. working museum that uses its collections to connect with people, exploring stories of everyday life in the North East of England, and helping visitors lo understand themselves, the region, and its place in the world. The museum has an important role to play in creating a sense of belonging and regional pride for its constituent North East communities. We strive to deliver world-class inlerprelalion and engagement for our visitors and are committed to weaving equity, diversity. and inclusian into everything that we do. We seek environmentally responsible way5 of operating. securing a sustainable future for the museum so it can continue lo thrive and develop for generations lo come. We have three guiding principles which inform our priorities and how Beamish works.. Putting our visitors first in everything we do. Genuine community engagement - enabling participation in the making of the museum, the activities, and stories that we tell. creating enduring, rneaningful, and diverse connections. Self-reliance and entrepreneurial spirit - always looking for new opportunities lo innovate and grow to reach more people. Page 10

BEAMISH MUSEUM {A company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 5.0 Trustees The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements, were: Board (appolnted 1 March 2023) Chris Loughran (Chair} Dr Dan Jackson (Vice-chair) Dr Elouise Leonard-cross {Vice-Chair) David Alexander Mauricio Armellini Stephen King Dr Ra¢hael Lennon Conan McKinley Cllr Elizabeth Scott Bridget Stratford MBE lan Thomas 5.1 Key Personnel Chief Executive.. Rhiannon Hiles Chief Finance Officer & Company Se¢retary'. Mark Pemberton Chi6f Operating Officer.. Samantha Shotton Chief Philanlhropy Officer.. Samantha Appleby Director- People & Culture.. Deborah Heron Director- Collections & Programmes: Helen Barker Director- Transport, Industry and Design.. Paul Jarman Director- Visitor Experienc8'. Celyn Gurden Williams 5.2 Structure, Governance and Management The charity was formed to manage and develop Beamish Museum, activity which was previously undertaken by the Beamish Joint Committee, an organisalion led by a number of Local Authorities in the Noth East of England. The charity formally look over this activity on 1 st April 2008 and the Joint Committee was dissolved in April 2014. The charity is govemed by its Memorandum and Articles of Association. The objects of the charity are: To advance the education of the public by studying, collecting, preserving, interpreting, and exhibiting to the public buildings, machinery, objects and information illustrating the development of induslry and agriculture, and the way of life in th8 North of England. To maintain and develop the North of England open air museum at Beamish in County Durham. Previous Trustees, Reports outline the governance review Ihat led to the appointment of a new Chair and board in 2023. Chair, Chris Loughran, and nine trustees were appointed through this process. Durham County Council, the museum's home Ioc81 authority and landlord, retained one nominee position on the board. The COLJncil's nominated Irustee is Cllr Elizabeth Scott. the Portfolio Holder for Economy and Partnerships. The first meeting of the new board look place in March 2023, with Dr Dan Jackson being appointed Vice-chair in line with good governance practice, and later Dr Elouise Leonard-cross as a second Vice-chair. Mauricio Armellini has been appointed as Chair of Finance & Audit Committee. We continue to strengthen these governance arrangements. Following the Goveman¢e Committee.. Finance and Audil Committee Governance, Nomination, Remuneration Committee (GNRC) Arts Council England National Portfolio oversighl lead Board Health & Safety Gompetent person Beamish Museum Trading Limited Heritage, Places, Partnerships {HPP) Page11

BEAMISH MUSEUM {A company limited by guarantee) TRUSTEES. REPORT (CONTINUEO) FOR THE YEAR ENDED 31 JANUARY 2025 The museum ensures new Trustees are familiar with the work the charity undertakes through the process of induction and training. Newly appointed Trustees receive support and Iraininglinduction including the provision of the museum'5 business plans. a copy of the Board minutes and th8 latest annual report and accounts to bring them up to speed with current developments. 5.3 Appointment and Induction of Trustees Appointment of trustees takes place through an open and transparent. competitive process. Moving fomard, this will be managed by the Governance, Nomination. Remuneration {GNRI Committee. We have filled vacancies for trustees with Trustees and Directors of Beamish Museum Trading Limited. The museum ensures new trustees are familiar with the work the charity undertakes through the process of induction and training. Newly appointed trustees receive support and traininglinduclion including the provision of the museum's business plans, a copy of the board minutes and the latest annual report and accounts to bring them up to speed with current developments. New trustees have had the opportunity lo meet key staff, get to know the museum behind the scenes, and have been attending museum events such as previews and the events programme. The board's programme of work includes learning and immersion in th& museum's operations. 5.4 Organlsatlon The Trustees meet regularly to discuss all matters in relation to the charity. The Trustees who have served during the period and since the period-end are shown above. The day-to-day operation of the charity is overseen by the museum's CEO, supported by the Senlor Leadership Team. 5.5 How we Beneflt the Publlc The objectives of the charity, as sel out in our governing document, are the development and operation of the museum and the promotion of learning about the development of industry, agriculture, and way of life in the North of England. All our activities are focused on benefiting the public.. Through the operation of the museum and our exhibits Through our work to maintain, for future generations, the heritag8 of Ihe past As a museum we charge admission to m8mb8rs of the public to help fund our work. In doing so we ensure that we sustain a diverse audience and do not exclude low-income groups or people with access needs from enjoying visiting the museum. Special admission packages are available to allow reduced admission for community groups and families. In addition, we offer reduced price admission lo schoo15 and other educational groups and, where possible, provide support to schools from disadvantaged ar8as within the region, including help with transport and educational activity costs. At all of our Trustees, meetings, we keep in mind the Charity Commission's guidance on public benefit. As Trustees we see the benefits our visitors gain from our organisation every day. 6.0 Remuneration, gender pay gap, employment, and seasonal worker5 and volunteering We employ 504 staff under a mix of permanent and zero hour contracts designed to support the successful delivery of the museum's strategic plans and that reflects the seasonality of the visitor experience offer. During this period, a review of contracts took place with all bar sixteen not signing. The Governance. Nomination and Remuneration Committee are responsible for considering and setting the pay of the key executive team with pay for staff managed by the Exec and delegated members of the Senior Leadership Team. Historically, executive pay is reviewed annually and normally increased in accordance with average earnings, and, in view of the nature of the charity, this has been regularly benchmarked against pay levels in other organisations of a similar size. We began to review the way in which annual pay uplifts are decided in line with Beamish's status as an independent museum. Our driving forces are to ensure we balance paying all our staff a fair wage with affordability. We also review pay alongside other benefits. Page 12

BEAMISH MUSEUM (A company Ilmlted by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 The trustees and Chair roles are voluntary, and reasonable expenses can be reimbursed. The museum reports on the gender pay gap annually and the outcomes are published on our website. We provide a diverse range of volunteering opportunities, including supported volunteering for people with additional health need5, many of whom have come to the museum through our Health and Wellbeing programmes. 6.1 Remuneration of Key Staff The Governance, Nomination and Remuneration (GNRI Committee is tasked with considering and setting the pay of the key management team of the museum. The Trustees and Chair positions are of course voluntary, and reasonable expenses are reimbursed. The pay of senior staff is reviewed annually and normally increased in accordance with av8rag8 8arnings. In view of the nature of the charity, the sub-committee benchmarks against pay levels in other organisations of a similar size on a regular basis. 7.0 Rlsk Management All risks that could pose a significant threat to the museum's operations are taken seriously. The museum operates a live risk register, where all material risks are captured with actions put in place to remove, mitigate, or control that risk to an acceptable level. The risk register is reviewed twice a year and is approved by the Board of Trustees. The following four appetite statements outline the museum's attitude to risk taking and management across its operations. Risk is a standing agenda item at board meetings. Risk is approached across four areas.. Heallh and Safety The health and safety of our visitors, staff and volunteers Is of critical importance to Beamish. As 8 result, the museum will always robustly challenge standards or ways of working that could bring about harm to individuals on our site. The museum operates through a culture of openness and learning, the transparent reporting of incidents and near misses and a desire to continuously improve health and safety performance year on year. Financial The financially sustainable op8ration of Beamish is vital to ensuring the museum survives and thrives for another 50 years and beyond. Developing a portfolio mix of income streams, managing expenditure carefully whilst building new and ambitious capital projects are the three ingredients to creating this sustained longevity, all encapsulated by appropriate, fit for purpose controls and processas. Reputalion81 Beamish has a long and proud reputation in the region and beyond. born from a commitment to share engaging stories of our past alongside a resounding ambition to collaborate closely with diverse communities within the North of England. All material risks that have the potential to impact this reputation will be Ireated as a high priority to mitigate or remove. Strategic The museum will lake a moderate but ambitious and entrepreneurial risk approach to developing and executing its long-term strategic aims. This will always be informed by market, customer, and community data with a view lo always growing, sustaining, and refreshing the museum's offer. 8.0 Trustees, responsibilities in relation to financial statements The trustees, (who are also Ihe directors of Beamish Museum for the purpose of company lawl, are responsible for preparing the trustees, report including the strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of Ihe incoming resources and application of resources. including the income and expenditure of the charitable company for that year. Page13

BEAMISH MUSEUM (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 In preparing these financial statements, the trustees are ￿qUired to- select suitable accounting polici8s and then apply them consistently. observe the methods and principles in the Charities SORP. make judgements and eslimales that are reasonable and prudent. state whether applicable UK Accounting Standards have been follow8d, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on a going concern basis unless it is Inappropriate lo presume that the charity and groLtp will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of Ihe charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of th8 charity and hence for taking reasonable steps for the prevention and detection of fraud and other Ir￿gUlaritieS. 9.0 Statements as to dlsclosure to our audltors, and slgn off by Chalr Each of the persons who are trustees at Ihe time when the trustees. report is approved has confirmed that.. so far as that trustee is aware, there is no relevant audit information of which the charitable group's auditor arè unaware, and that trustees have taken all the steps thal ought lo have been taken as a trustee in order to be aware of any relevant audit information and to 8Stablish that the charitable group's auditors are aware of that information. 10.0 Audltors Armstrong Walson Audit Limited were appointed as auditors in October 2024 replacing Az8ts Audit Services Limited. Th8 auditors, Armstrong Watson Audit Limited, have indicated their willingness to continue in office. The designated trustees will propose a motion reappointing the auditor at a meeting of the Iruslees. The trustees, report, including the stra18gi¢ report, was approved by the board of trustees. Approved by ord8r of the members of the board of trustees and signed on their behalf by: C J D Loughran Chair of Trustees Date.. 2711012025 Page 14

BEAMISH MUSEUM {A company limlted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BEAMISH MUSEUM Opinion W6 hava audited the financial statements of Beamish Museum Ilhe 'parent charitable companv) and its subsidiaries {the 'group'l for Ihe year ended 31 January 2025 which comprise the Consolidated statemenl of financial activities, the Consolidated balance sheet, the Company balance sheet, Ihe Consolidated statement of cash flows and the related notes. 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 Accepted Accounting Praclicel. In our opinion the financial statements-. giv& a true and fair view of the slate of the Group's and of the parent charitable company's affairs as al 31 January 2025 and of the Group's in¢omlng r8sourc8s and application of resourc8s. including its income and expenditure for the year than ended., have been properly prepared in accordance with United Kingdom G8nerally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Ba$ls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilities und8r those standards ar8 further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requir8menls. We believe that the audit evidenc8 we have obtained is sufficient and appropriale to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements. we have concluded that the Trustees, us8 of the going conc8rn basis of accounting in the preparation of the financial stateménts is appropriat8. Based on Ihe work we have performed, we have not identified any material uncertainli8s relating to events or conditions that, individually or Collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. Page 15

BEAMISH MUSEUM {A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BEAMISH MUSEUM (CONTINUED) other information The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements d08s not cover the other information and, excèpt to the exlent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with Ihe financial statements or our knowledge obtained in the course of the audit, or otherwise appears to b8 materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misstatement in the financial slatements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. W8 have nothing to report in this regard. Oplnlon on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the work undertaken in Ihe course of the audit.. the information given in the Trustees, report including the Strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Tru5tee5' report and the Strategic report have been prepared in accordance with applirAble legal requir8m8nts. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report including the Strat8gic report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us lo report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us., or the parent charitable company financial statements are not in agreement with the accounting records and returns; or Certain disclosures of Trusteès, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities slalemenl, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees 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 statements, the Trustees are responsible for assessing the Group's and the parent charitable company's abilily to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or lo cease operations, or have no realistic alternative but to do so. Page 16

BEAMISH MUSEUM (A company limlted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BEAMISH MUSEUM {CONTINUED) Auditors, responsibilities for the audit of the financlal statements Our objectlV8s are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misslatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basi5 ofthese financial statements. Irregularities, including fraud, are InStan￿S of non-compliance with laws and regulation5. We design procedures in line with our responsibilities, outlined above, to detect material misslalements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direGt effecl on the financial statements or that had a fundamental effect on ils operations. Key laws and regulations that we identified included the UK Companies Act, lax legislation and occupational health and employment legislation. We enquired of the directors, revi8wed correspondence with HMRC and reviewed directors meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure Compliance. We gained an underslanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period. The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas.. revenue recognition and management override of controls. We revlewed financial stalemenls disclosures and tested lo supportlng documentation to assess compliance with relevant laws and regulations discussed above. We enquired of the directors and Ihird-party advisors about actual and polenlial liligation and clalms. We performed analytical procedures to identify any unusual or unexpect8d relationships that might Indicate risks of material misstatement due to fraud. In addressing the risk of fraud due to management override of internal controls we tested the appropriateness ofjournal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias. 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 misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the evenls and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliancè. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery. collusion, omission or misrepresentalion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .Ltklauditorsres onsibilities. This description forms part of our Auditors, report. Page 17

BEAMISH MUSEUM IA company limlted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BEAMISH MUSEUM (CONTINUED} Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken $0 that we might state to the charitable ¢ompanls members those matters we are required to state to them in an Auditors, report and for no olh8r purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone olher than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Lau ren Gr,Iham (Oct 28, 2025 08'.08.'34 POTI Laurèn Graharn (Senior statutory auditor) Armstrong Watson Audlt Limited Chartered Accountants and Statutory Auditors Carlisl8 Date: 2811012025 Page 18

BEAMISH MUSEUM (A company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JANUARY 2025 Unrestricted funds 2025 £000 Restricted funds 2025 £000 Total funds 2025 £000 Total funds 2024 £000 Note Income from: Donations and legacies Charitable activities 735 9,872 7.407 254 511 1,246 9,872 7,407 254 359 1,203 8,083 6,149 161 421 Other trading activities Investments Other income 359 Tolal Income 18,627 511 19,138 16,017 Expendlture on: Raising funds Charitable activities Exceptional costs 5,614 12,825 5,614 12,825 4,896 11,080 1,591 10 Total èxpendlture 18,439 18,439 17,567 Net Incornellexpendlture) Transfers b8tween funds 188 11,438 511 699 (1,550) 23 111,438) Net movement In funds before other recognlsed gainsl(lossesl 11,626 110,927) 699 (1,550) Other recognised gainsl(losse$l: Pension surplus not recognised Actuarial gain on defin8d b8nefit pension schemes (7,622) (7,622) 2,909 2,909 1,929 Net movement In funds 6,913 <10,927) 14,014) 379 Reconciliation of funds: Total funds brought forward N81 movement in funds 32,563 6,913 10,934 110,927) 43,497 (4,014) 43,118 379 Total funds carried forward 39,476 39,483 43,497 The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 23 to 51 fomi part of these financial Statements. Pagè 19

BEAMISH MUSEUM IA company limited by guarantee) REGISTERED NUMBER: 05751540 CONSOLIDATED BALANCE SHEET AS AT 31 JANUARY 2025 2025 £000 2024 £000 Note Fixed assets Tangible assets Heritage assets 16 17 6,122 32,863 19,157 17,194 38,985 36,345 Current assets Stocks Debtors Cash at bank and in hand 19 20 327 646 313 1,870 2,922 2,058 3,031 5,105 Creditors.. amounts falling due within one year 21 (2,399) (2.241) Net current assels 632 2,864 Total assets less current liabilities 39,617 39, 2Q9 Creditors.. amounts falling due after more than one year 22 (134) (284) Nel assets excludlng penslon asset Defined benefit pension scheme asset 39,483 38, 925 30 4,572 Total net assets 39,483 43,497 Charity funds Restricted funds Unrestricted funds 23 23 10,934 32,563 39,476 Tolal funds 39,483 43,497 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting rècords and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. C J D Loughran Chair of Trustees Date.. 2711012025 The notes on pages 23 10 51 form part of these financial statements. Page 20

BEAMISH MUSEUM (A company limited by guaranlee) REGISTERED NUMBER: 05751540 COMPANY BALANCE SHEET AS AT 31 JANUARY 2025 2025 £000 2024 £000 Note Fixed assets Tangible assets Heritage assets 16 17 6,122 32,863 19,151 17,194 38,985 36,345 Current assets Stocks Debtors Cash at bank and in hand 19 20 26 2,704 2,919 943 2,055 2,998 5,049 Creditors.. arnounls falling due within one year 21 (2,366) (2, 185) Net current assets 632 2,864 Total assets less current Ilabilities 39,617 39, 209 Creditors.. amounts falling due after more than one year 22 (134) (284) Net assets excluding penslon asset 39,483 38,925 Defined benefit pension scheme asset 30 4,572 Total net assets 39,483 43,497 Charlty funds Rèstricted funds Unrestricted funds 23 23 10,934 32,563 39,476 Total funds 39,483 43,497 The Company's nel movement in funds for the year was £(4.0141 (2024- £3791. The Trustees acknowledge th8ir responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: C J D Loughran Chair of Trustees Date: 2711012025 The notes on pages 23 to 51 form part of these financial statements. Page 21

BEAMISH MUSEUM {A company limlted by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2025 2025 £000 2024 £000 Cash flows from operating actlvltles Net cash used in operating activities 2,825 5,442 Cash flows from investing actlvlties Purchas8 of langible fixed ass8ts Purchase of heritage assets Proceeds from disposal of h8ritage assets (158 (3,338) {6, 747) (7) 155 Net cash used In Investlng activitles {3,496) (6,599) Cash flows from flnancing actlvitles Repayments of borrowing (193) (237) Net cash used In financing actlvltles (193) (237) Change In cash and cash oqulvalents In the year Cash and cash equivalents at the beginning of the year 1864) 2,922 (1,3941 4,316 Cash and cash equlvalents at the end of the year 2,058 2, 922 The notes on pages 23 to 51 form part of these financial statements Page 22

BEAMISH MUSEUM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 General information Beamish Museum is a private company limited by guarantee incorporated in England and Wales. The registered office is Regional Resource Centre, Beamish. County Durham, DH9 ORG, United Kingdom. Accounting policies 2.1 Basis of preparation of flnancial statements The financial statements have been prepared in accordance wilh the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019}. the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Beamish Museum meels the d8finilion of a public benefit entity under FRS 102. Assets and liabili118S are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are prepared in sterling, which is the functional currency of the charitabl8 company. Monelary amounts in these financial statements are rounded to the nearest £000. The Consolidated statement of financial activities (SOFA} and Consolidated balance sh88t consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolldated on a line by line basis. The Company has taken advantage of Ihe exemption allowed under section 408 of the Companies Acl 2006 and has not presented its own Statement of financial activities in these financial statements. 2.2 Going concern Th8 opening of remaking Beamish as well as new food and beverage outlets has strengthened the revenue position during 2024. This allows greater confidence to be plac8d on the financial projections of the museum. As a result, the trustees are confident about the Museum's ability to continue to operate as a going concern and are therefore happy that the financial statements are drawn up on a going concern basis. Page 23

BEAMISH MUSEUM {A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Accounting policles (continued} 2.3 Income All income is recognised once the Company has entitlement lo the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Grants are in¢luded in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entillemenl of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donatlon. Legacies are recognised on receipt or otherwise if the charitable company have been nolified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a Gontingent asset. Income tax recoverable in relation lo investment income Is recognised at the time the investment income is receivable. Other income is re¢ognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the servl¢e. 2.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation to Iransf8r economi¢ benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement. and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that a¢livity. Shared costs whi¢h contribute to more than one activily and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spenl, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charilable trading. Expenditure on charitable activitiès is incurred on directly undertaking the activities which further th8 Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group,. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page 24

BEAMISH MUSEUM IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Accounting policies {continued} 2.6 Glft Aid In the case of a Gift Aid payment made within the Group, as there 15 no legal obligation, income is recognised when the payment is made to tha Parent Company. Where the right to receive Gift Aid has been established, the amount receivable is recognised as investment income in the Consolidated statement of finanGial activities. 2.7 Tanglble flxed assets and depreclatlon Tangiblè fixed assets costing £NSL or morè ar8 capitalised and r8cognised when future economic benefits are probable, and the cosl or value of the asset can be measured r81iably. Tangible fixed assets ar8 initially recognised at cost. After recognition, und8r the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Assets in the course of construction are Included at costs Incurred to date. Dep￿CiatIon on these assets is not charged until they are brought into use. Al each reporting date the Char¢table Company assesses whether there is any indication of irnpairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is Charged so as to allocate the cost of tangible fixed assets less their residual value over their eslimated useful lives. Depreciation is provided on the following bases.. Infraslruclure Land and buildings Plant and machinery Transport Computer Assets under construction 2 - 3.50/0 on straight line basis 2 - 109/0 on straight line basis 5 - 200/0 on straight line basis 5 - 200/0 on straight line basis 17 - 33,/0 on straight line basis No depreciation charged until asset has been completed Page 25

BEAMISH MUSEUM {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Accounting policies (continued) 2.8 Herltage assets Heritage assets and other fixed assets were donated to Beamish Museum by the Joint Committee in 2015. The donated assets were valued as follows.. Infrastructure, land and buildings - Valued at transfer value from the Joint Committee or original cost. Plant and machinery, Transport, Collections- Valued at original cost to the Joint Committee. Depreciation rates for heritage assets are s81 on a case by case basis, depending on the age, use and status of the asset. Howev8r, as depreciation is recognised so as to write off the cost of th8 asset less their residual values over their useful lives, these are largely in line with the rales applied to similar classes of tangible fixed assets, for which the policy is shown above in note 2.7. Al each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is r8cognised where the carrying amount exceed5 the recoverable amount. 2.9 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date unless the value cannot be measur8d raliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are Combined and presented as 'GainsllLosses) on investments, in the Consolidated stat8mgnt of financial activities. Investments in subsidiaries are valued at cosl less provision for impairment. 2.10 Stocks Stocks are valued al the lower of cost and net realisable value after making due allowance for obsolete and slow-rnoving stocks. Cost includes all direct cosls and an appropriate proportion of fixed and variable overheads. 2.11 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.12 Cash at bank and In hand Cash al bank and in hand includes cash and short-term highly liquid investments with 8 short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 26

BEAMISH MUSEUM {A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Accounting policies (continued) 2.13 Liabilities and provislons Liabilities a￿ recognised when there is an obligation at the 8alanc8 sheet date as a result of a past event. it is probable that a Iransfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount il has received as advanced payments for the goods or services it must provide. Provisions ar8 measured at the best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognis8d in the Consolidated statement of financial activities as a finance ¢osl. 2.14 Financlal Instruments The Group only h85 financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.15 Penslons Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method and is based on actuarial advice. The change in the nel defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and ¢urtailm8nts are recognised as incurred. The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in incomel(expenditurel for th& year. Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in nel interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified lo incomel(expenditure) in subsequent periods. The net defined benefit pension a5sel or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rale based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information. and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme. The net defined benefit pension asset in the balance sheet is assessed for its recoverability ulilising the asset cost cap calculation. The maximum value of the asset that can be recognised cannot exceed the value of the cost cap calculated by the actuary. Page 27

BEAMISH MUSEUM (A company limited by guarantèe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Accounting policies (contlnued) 2.16 Fund accounting General funds are unrestricted funds which a￿ available for use at the discretion of the Trustees in furtherance of the gen8ral objectives of the Group and which have not been designated for other purposes. Restrict8d funds are funds which are to be used in accordan￿ with specific restrictions imposed by donors, or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes lo the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Crltlcal accounting estlmales and areas of judgment In the application of the charitable companls accounting policies, the trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The eslimates and underlying assumpiions are reviewed on an ongoing basis. Revisions to a¢¢ounting 8Stimales are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of thè ravision and future periods where the revision affects both current and future periods. Local Government Pension Schem8 The present value of the Loeal Government Pension Scheme defined benefit liability depends on number of factors that are determined on an actuarial basis using a variety of assumptions. The assurnptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 30, will impact Ihe carrying amounl of the pension liability. Page 28

BEAMISH MUSEUM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Income from donations and legacies Unrestricted Restricted funds funds 2025 2025 £000 £000 Total funds 2025 £000 Donations Local aulhorities Government agenci8S Remaking Beamish (Other Funding) 210 80 420 35 630 115 445 445 56 56 Total 2025 735 511 1,246 UnrestriGted funds 2024 £000 138 33 445 Restricted funds 2024 £000 Total funds 2024 £000 138 183 Donations Local authorities Government agencies Remaking B8amish (Other Funding) 150 445 437 437 Total 2024 616 587 1,203 Income from charitable actlvltles Unrestricted funds 2025 £000 Total funds 2025 £000 Admissions income Sale of guide books 9,843 29 9,843 29 9,872 9,872 Page 29

BEAMISH MUSEUM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Income from charitable actlvltles (continued) As restated Total funds 2024 £000 Unrestricted funds 2024 £000 Admissions income Sale of guide books 8, 074 8,074 8,083 8,083 Income from other tradlng actlvltles Income from non charltable trading actlvltles Unrestrictèd funds 2025 £000 Total funds 2025 £000 Retail and catering income 7,407 7,407 Unrestricted funds 2024 £000 Total ftinds 2024 £000 Retail and catering income 6,749 6,149 Investment Income Unrestrlcted funds 2025 £000 Total funds 202S £000 Bank interest receivable Nel interest on defined benefit scheme 34 220 34 220 254 254 Page 30

BEAMISH MUSEUM IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Investment income (continued Unrestricted funds 2024 £000 Total funds 2024 £000 Bank interest receivable Net interest on defined benefit schem8 44 117 44 117 161 761 Other Incomlng resourc88 Unre8trlcted funds 2025 £000 Total funds 2025 £000 Other income 359 359 Unrestricted funds 2024 £000 Total funds 2024 £000 Oth8r incom8 421 421 Page 31

BEAMISH MUSEUM (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Expenditure on raising funds Fundralslng tradlng expenses Unrestricted funds 2025 £000 Total funds 2025 £000 Finished goods and consumables Administration costs Recharged - Wages and salaries 2,409 440 2,765 2,409 440 2,765 5,614 5,614 Unrestricted funds 2024 £000 Total funds 2024 £000 Finished goods and consumables Administration costs Recharg8d - Wages and salaries 2,175 426 2,295 2.175 426 2,295 4,896 4,896 10. Analysls of expenditure on charitable activities Summary by fund type Unrestrlcted funds 2025 £000 Total 2025 £000 Operation of Museum 12,825 12,825 Page 32

BEAMISH MUSEUM {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 10. Analysis of expenditure on charitable activities (contlnued Summary by fund type (contlnued) Unrestricted funds 2024 £000 Total 2024 £000 Operation of Museum 11,080 11,080 11. Exceptlonal co8ts Total funds 2025 £000 Fixed asset exceptional cost Unrestricted fvnds 2024 £000 Total funds 2024 £000 Fixed assel exc8Ptional cost 1,591 1,591 1,591 1,591 In the prior financial period a review of the fixed asset register, including depreciation rates and useful economic lives of the assets was performed. It was identified that there were a number of older assets whose useful lives needed to be updated and remaining net book values amended. In these instances. accelerated depreciation was applied to these assets to bring these net book values down to £nil. As a result, there is an exceptional line item. shown within the Statement of Financial Activities, 2025.. £nil (2024: £1,591,000) relating to the additional charge applied to these assets. Page 33

BEAMISH MUSEUM IA Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 12. Analysls of expenditure by activities Actlvltles undertaken directly 2025 £000 Support costs 2025 £000 Total funds 2025 £000 Operation of Museum 11,694 1.131 12,825 Activities undertaken direclly 2024 £000 Support costs 2024 £000 Total funds 2024 £000 Operation of Museum 9,761 1,319 11,080 Analysls of 8UPPOrt costs Operation of Museum 2025 £000 Total funds 2025 £000 Computer costs Legal & professional Banking charges Irr8coverable VAT Advertising A¢¢ounlancy & audit fees 212 82 174 514 121 212 82 174 514 121 28 28 1,131 1,131 Page 34

BEAMISH MUSEUM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 12. Analysis of expendlture by actlvltles (contlnued) Analysis of support costs (Gontinued) Opèralion ol Museum 2024 £000 Total funds 2024 £000 Staff costs Computer costs Legal & professional Banking charges Irrecoverable VAT 533 100 45 85 556 533 loo 45 85 556 1,319 1,319 13. Audltors, femuneratlon 2025 £000 2024 £000 Fees payable to the Company's auditor and its associates for the audit of the Company's annual accounts 28 28 14. Staff costs Group 2025 £000 Group 2024 £000 Company 2025 £000 Company 2024 £000 Wages and salaries Social seGurily costs Pension costs 9,921 573 8, 036 463 779 7,156 573 585 5,836 463 779 585 11.079 9.278 8,314 7,078 Page 35

BEAMISH MUSEUM (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 14. Staff costs (continued) Included above in pension costs is a charge of £79,000 12024.. £235,000) in respect of LGPS adjustments. The average number of persons employed by the Company during the year was as follows: Group 2025 No. Group 2024 No. Company 2025 No. Company 2024 Retail and catering Charitable activities Management 150 334 20 119 310 19 150 334 20 119 310 19 504 448 504 448 Th8 number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. Group 2025 No. Group 2024 In the band £60,001- £70.000 In the band £80,001- £90,000 In the band £90,001- £100,000 For the purposes ofthis disclosure Key Management Personnel a￿ defined as Trustees, Chlef Executive Officer, Chief Operating Officer, Finan￿ Director, Director of Collections and Programmes, Director of Visitor Experien¢e, Director of People and Culture, Chief Philanthropy Officer and Assistant Director of Design, Transport and Industry whose aggregate remuneration in the y8ar, including employer pension and national insurance contributions was £631,73212024'. £628,000). 15. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). During the year ended 31 January 2025, expenses totalling £1,262 were reimbursed or paid directly to Trustees (2024 - £1,278). Page 36

CY (y 51 1

BEAMISH MUSEUM (A company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 17. Heritage assets Group and Company Assets recognlsed at cost Infrastructure, Land and buildings Collectlons 2025 2025 £000 £000 Plant and machinery Transport 2025 2025 £000 £000 Total 2025 £000 Carrying value at 1 February 2024 Additions and transfers Depr8ciationlAmortisation 15,280 16,192 {473> 1,336 188 391 17,195 16,198 (530) (23) (34) Carrylng value at 31 January 2025 30,999 1,336 165 363 32,863 Analysls of heritage asset transactlons Group and Company 2025 £000 2024 £000 2023 £000 2022 £000 2021 £000 Purchases and transfer8 Infrastructu￿, Land and Buildings Transport Plant and Machinery 16,192 2,700 314 3,308 45 17 227 103 Total additions 16,198 3,014 3,535 62 103 18. Flxed asset Investments Beamish Museum holds an investment in Beamish Museum Trading Limited valued at £100 representing the share capital of the subsidiary. 19. Stocks Group 2025 £000 Group 2024 £000 313 Company 2025 £000 Company 2024 £000 Raw materials and consumables 327 26 Page 38

BEAMISH MUSEUM IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 20. Debtors Group 2025 £000 Gmup 2024 £000 Company 2025 £000 Company 2024 £000 Due wlthln one year Trade debtors Amounts owed by subsidiary undertakings Other debtors Prepayments and accrued income HLF grant debtor 61 79 61 297 111 153 321 79 234 155 143 1,493 111 155 143 153 321 1,493 646 1,870 943 2, 104 21. Credltors: Amounts falllng due wlthln one year Group 2025 £000 Group 2024 £000 Company 2025 £000 Company 2024 £000 Bank loans Trade creditors Other taxation and social security Other ¢redilors Accruals and deferred income 150 193 312 713 116 907 150 356 793 256 389 235 235 773 116 1,620 1,620 907 2,399 2,241 2,366 2, 185 Group 2025 £000 Group 2024 £000 Company 202S £000 Company 2024 £000 Resourc8s deferred during the year 944 944 Page 39

BEAMISH MUSEUM (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 22. Creditors: Amounts falllng due after more than one year Group 2025 £000 Group 2024 £000 Company 2025 £000 Company 2024 £000 Bank loans 134 284 134 284 Included within Bank loans in short and long term ¢reditors Is a bank loan repayable to Natwest over 72 months with an interest rate of 2.50k over Base Rate. No security is provided on th8 loan. Page 40

BEAMISH MUSEUM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 23. Statement of funds Statement of funds - Current year Balance at 1 February 2024 £000 Balance at Gainsl 31 January (Losses) 2025 £000 £000 Transfers inlout £000 Income Expendlturo £000 £000 Unrestrlcted funds General reserve Pension res8rv8 27,991 4,572 18,407 220 (18,360) (79) 11,438 39,476 (4,713) 32,563 18,627 {18,439) 11,438 (4,713) 39,476 Restrlctad funds Remaking Beamish Karl Doran Memorial Fund 10,776 476 <11,252) Local authority contributions Sundry restricted funds 150 35 11851 10,934 511 (11,438) Total of funds 43,497 19,138 {18,439) (4,7131 39,483 Page 41

BEAMISH MUSEUM {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 23. Statement of funds (continued) General reserve The General reserve represents the free funds of the charity, which are not designed for particular purposes. Pension re88rv8 This reserve represents the Current deficit or surplus position of the charity's defined benefil schema. Remaking 88amlsh Heritage Lottery and other development grant funding towards the activlty plan, design specification, management and maintenance plan, project business plan, and other developmént phase activities of the Remaking Beamish Heritage Lottery Funding application. Karl Doran Memorlal Fund Fund established by the family and the museum to provide a lasting legacy for Karl Doran. The idea of the fund is lo provide opportunities for children and young people to learn about stearn engineering and directly experience the operation of road sleam. Local Authorlty Contrlbutlons Local Authority contributions from the six Local Aulhority's. Sundry Restrlcted Funds This fund represents small amounts of restrlcted funding fof specific purposes. Transfer from restricted to unrestricted funds The transfer represents the value of assets brought in to use in the period under the Remaking Beamish project. The funding for the project was reslricled to the construction of the assets, it is the belief of th8 Trustees that the conditions for the restrictions have been met at Ihe point the asset is brought into use and that the use of the assets are available for unrestricted use within the wider museum, in lin8 with the charitable objectives of the charity. Page 42

BEAMISH MUSEUM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 23. Statement of funds (continued) Statement of funds - prior year Balance al 1 February 2023 £000 Balance at Gains/ 37 January (Losses) 2024 £000 £000 Transfers in/out £000 Income Expenditure £000 £000 Unrestrlcted funds General reserve P8nsion reserve 27.317 2,761 15,313 (17,332) {118) 2.693 27,991 4,572 7,929 30,078 15,313 (17,450) 2,693 1,929 32,563 Restrlcted funds Remaking Beamish 13,032 437 (2, 693) 10,776 Karl Doran Memorial Fund Local authority contributions Sundry restricted funds 150 150 13.040 587 (2, 693) 10,934 Total of funds 43,178 15,900 (17,450) 1,929 43,497 Page 43

BEAMISH MUSEUM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 24. Summary offunds Surnmary of funds - current year Balance at 1 February 2024 £000 Balance at Galnsl 31 January (Losses) 2025 £000 £000 Transfer$ Inlout £000 Income Expendlturo £000 £000 General funds Restricted funds 32,563 10,934 18,627 511 (18,439) 11,438 (11,4381 (4,713) 39,476 43,497 19,138 (18,439) {4,713) 39,483 Summary of funds - prior year Balance at l February 2023 £000 Balance 8t 31 January 2024 £000 Transfers in/out £000 Gains/ (Losses) £000 Income Expenditur8 £000 £000 General funds 30,078 13,04Q 15,313 587 (17,45Q) 2,693 (2,693) 1,929 32,563 10.934 Restricted funds 43,718 15,900 (17,450) 1,929 43,497 25. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestrlcted Restrlcted funds funds 2025 2025 £000 £000 Total funds 2025 £000 Tangible fixed assets Heritage assets Current assets 6,167 32,818 3,024 {2,3991 11341 6,167 32,818 3,031 (2,399} 1134) Creditors due within one year Creditors due in more than one year Total 39,476 39,483 Page 44

BEAMISH MUSEUM (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 25. Analysis of net assets between funds {continued) Analysis of net assets between funds - prior perlod un￿striCted funds 2024 £000 Restricted funds 2024 £000 Total funds 2024 £000 Tangible fixed assets Heritage assets Current assets 9,710 17,194 3,612 (2, 241) (284) 4,572 9,441 19,151 17,194 5,105 (2,241) (284) 4,572 1,493 Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges Total 32,563 10,934 43,497 26. Reconclllatlon of net movement In fund8 to net cash flow from operatlng a¢tlvltles Group 2025 £000 Group 2Q24 £000 Net incomelexpenditure for the period (as per Statement of Financial Activities) 699 (1,550) Adjustments for: D8preciation charg8S Loss on the sale of fixed assets Decreasellincrease) in stocks Decrease in debtors Increase in creditors Difference between pension charge and cash contributions Loss on the disposal of heritage assets 811 728 1,591 53 4, 150 352 118 (14) 1,224 201 {142) 45 Net Cash provlded by operatlng activities 2.825 5,442 Page 45

BEAMISH MUSEUM IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 27. Analysis of cash and Cash equivalents Group 2025 £000 Gmup 2024 £000 2,922 Cash in hand 2,058 Total cash and cash equlvalents 2,058 2,922 28. Analysis of Changes in net debt At1 February 2024 Cash flow8 £000 At31 January 2025 £000 £000 2,922 (193) {284) Cash at bank and in hand Debt due within 1 year Debt due after 1 year (864) 43 150 2,058 (150) (134) 2,445 (671) 1,774 29. Capital commltments Group 202S £000 Group 2024 £000 Company 2025 £000 Company 2024 £000 Contracted for but not provided In these flnancial statemenls Acquisition of tangible fixed assets 1,668 1,668 30. Pension commitments The Group operates a defined benefit pension scheme. The museum operates a defined benefit pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the museum in an independently administered fund. The most recent comprehensive actuarial valuation was made on 27 March 2025. Page 46

BEAMISH MUSEUM (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 30. Pension commitments (continued) Principal actuarial assumptions at the Balance sheet date (axpressed as weighted averages).. At31 January 2025 At31 January 2024 Discount rate Future salary increases Future pension increases 5.45 3.75 2.75 4.85 3.80 2.80 At31 January 2025 Years At31 January 2024 Years Mortality rates (in years) for a male aged 65 now at 65 for a male aged 45 now for a female aged 65 now at 65 for a female aged 45 now 20.4 20.5 21.3 21.2 23.4 24.9 23.5 25.0 The Group's share of the assets in the scheme was.. At31 January 2025 £000 At31 January 2024 £000 Equities Property Cash 15,612 5,913 2,130 15,072 5,307 848 Total fair value of assets 23,655 21,227 The actual return on scheme assets was £36 (2024 - £39). The amounts recognised in the Consolidated statement of financial aclivities are as follows.. 2025 £000 2024 £000 Current service cost Interest income Interest cost Total amount recognised in the Consolidated statement of flnancial activitles 508 {1,029) 809 701 (942) 825 288 584 Page 47

BEAMISH MUSEUM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 30. Pension comrnltments {contlnued) Movament5 in the present value of the defined benefit obligation were as follows.. 2025 £000 2024 £000 Opening defined benefit obligation Contributions by scheme participants Benefits paid Actuarial gains Interest cost Unfunded pension payments Current service cost Other 16,655 18,356 170 (481) (2,910) 825 (644) (1,469) 809 (71 508 701 (6) CIo8lng deflned beneflt obligallon 16,033 16,655 Movements in the fair value of the Group's share of scheme assets were as follows: 2025 £000 2024 £000 Opening fair value of scheme assets Interest income Conlribulions by scheme participants Contributions by employer Benefits paid Return on plan assets {excluding amounts included in net interest) Unfunded benefits paid Contributions in resp8Ct of unfunded benefits paid 21,227 1,029 181 429 {644) 1,433 {7} 21,117 942 170 460 {481) (981) Closing falr value of scheme assets 23,655 27,227 The trustees have considered the actuarials valuation on the pension scheme asset as at 31 January 2025 amounting to £7,622,000 which is held separately in an independently administered fund. The trustees have obtained an asset ceiling report from the scheme actuaries which has determined that none of the asset should be recognised within the financial statements. As a result. the previous recognised asset in 2024 has been reduced to £nil by the means of an in-year adjustment recognised through other gains and losses within the Slalement of Financial Activities. Page 48

BEAMISH MUSEUM IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 31. Operating lease commitments Al 31 January 2025 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. Group 2025 £000 Group 2024 £000 Company 2025 £000 Company 2024 £000 Not later than 1 year Later than 1 year and not later Ihan 5 years 36 41 32 36 41 32 69 69 77 101 77 101 Page 49

BEAMISH MUSEUM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 32. Related party transactlons During the year. the museum received donations of £355,00012024.. £210,000) from Friends of Beamish, The North of England Open Air Museum Limited. During the y8ar £183,815 (2024.. £155,000) of Friends of 88amish membership fees for for the period February 2024 to January 2025 were collected by Beamish Museum on behalf of Friends of Beamish. At the year-end £2,893 (2024: £37,494) is included within other creditors in relation to Friends of Beamish Memberships for the year. At the year-end Beamish Museum received a distribution of profits under gift aid from Beamish Museum Trading of £1,792,69812024: £1,348,084), which has been recognised as other income in the Statement of Financial Actlvities. Recharges of £230,680 {2024.' £384,073) wer8 charged from Beamish Museum to Beamish Museum Trading for expenditure paid by Beamish Museum on behalf of Beamish Museum Trading. At the year-end £296,66212024.' £234,373) is included within other dèbtors in relation to amounts owed to Beamish Museum from Beamish Museum Trading as al 31 January 2025. Page 50

BEAMISH MUSEUM (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 33. Principal subsidiaries The following was a subsidiary undertaking of the Company.. Registered office Princlpal activity Class of Holding Included in or principal place shares consolidation of business Name Beamish Museum Trading Limited United Kingdom Trading company Ordinary 1000/0 Yes The financial results of the subsidiary for the year were.. Name Profltl(Loss} I Surplusl (Deficit) for the year £000 Net assèts £000 8eamish Musaum Trading Limited 1,793 100 Page 51