2024-03-31-accounts

Registered Charity No: 1139250

LONDON MUSEUM

Governors’ Report and Financial Statements for the year ended 31 March 2024

London Museum is the working name of The Board of Governors of the Museum of London (a charity registered as ‘Museum of London’ with charity no. 1139250).

London Museum Annual Report and Financial Statements Year Ended 31 March 2024

CONTENTS

ONTENTS
	Page
Chair’s Statement Clive Bannister	2
Foreword by Director Sharon Ament	3
Governors’ Annual Report	4
Structure, Governance and Management	16
Financial Review	21
Statement of Governors’ Responsibilities	27
Independent Auditor’s Report	28
Consolidated Statement of Financial Activities	32
Museum of London Statement of Financial Activities	33
Group and Museum Balance Sheets	34
Consolidated Cash Flow Statement and Cash Flow Note	35
Notes to the Financial Statements	36 to 62
Reference and administrative details	63 to 64

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

CHAIR’S STATEMENT

We are now counting down to opening the doors of the new London Museum in 2026.

The new London Museum will enrich the lives of millions of Londoners and visitors for generations to come. We take the long view, as do our funding partners at the City of London Corporation and the Greater London Authority. Our partnership has never been stronger and we are immensely grateful for their spirit of collaboration and unwavering support. Our new funding strategy is in place and provides the foundation from which we can realise the full extent of our shared vision for London.

Our Smithfield site is living up to its description as one of the largest cultural projects in Europe, with milestone construction moments coming thick and fast. In October 2023 it was spectacular to see the 3-metre-wide oculus for the General Market dome crane-lifted into place, crowning the building. Two days later joined by Chris Hayward, Policy Chair for the City of London Corporation and Justine Simons OBE, the GLA’s Deputy Mayor for Culture and the Creative Industries, we laid the Foundation Stone for the museum, marking a pivotal moment in our journey.

Testament to the strength of our mission is how others are offering their support and want to be part of the story. We ended the year with our Capital Campaign total standing at £45m. This included an additional £5m donation from the National Lottery Heritage Fund alongside £3.3m raised from private donors. We have exceeded the £40m target for the General Market and made significant progress, reaching 64% of our revised £70m target for the first stage of the project. Momentum and support is only set to grow further as we turn our attention to the second stage.

I would like to thank all my fellow Governors for their contributions and steadfast commitment. It is an honour to be guided by their collective experience and creative thinking. During the year we have welcomed five new appointments to the Board: Bridget Banton, Matthew Bell, John Foley, Sarah Gillinson and Samir Patel. In particular my thanks to David Camp and Prof Sir Rick Trainor, former governors who continue to support us with expert chairing of the New Museum Project Board and the Academic Panel respectively.

It is with great sadness that we note the deaths of Governors Paul Fuller and Mark Bostock during the year. Their wide-ranging expertise and thoughtful insights are much missed.

As ever, thank you to Director Sharon Ament and every single member of staff and all our volunteers that make up the whole London Museum team. Your energy and infectious enthusiasm for what you do is truly inspiring.

We’re on the cusp of something really special. All Londoners, first time visitors to the city, old returning friends and those connecting digitally from every corner of the globe, come and be part of it with us, in the new London Museum.

Clive Bannister,

Chair, Board of Governors, London Museum

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

FOREWORD BY SHARON AMENT, MUSEUM DIRECTOR

London Museum Docklands has certainly taken centre stage this year, as our sole publicly operating site, marking its 20[th] birthday with record breaking visitor numbers. As figures soared beyond prepandemic levels it has been a joy welcoming over 332,000 people through our doors in 2023/24. Since opening in 2003 just under 4 million visitors have enjoyed our galleries, learning experiences and programmes and we look forward to greeting many, many more in the years to come.

Onsite at Smithfield the physical transformation could not be more evident, the moment that we will start fitting out and moving objects in feels tantalisingly close. It was a historic moment for us to see our construction teams move into the Poultry Market as we took the ‘keys’ to the site from September 2023. The creation of essential spaces such as our collections store and state-of-the-art temporary exhibition spaces are now well underway, the pace of work has been extraordinary.

It's all happening in our Hackney Stores and behind the closed doors at our London Wall site. It’s a furious hive of activity as we continue with preparations for the London Museum. Thousands of objects have been expertly conserved ready for display and tens of thousands of words have been written that will be the thread weaving through a showstopping visitor experience. We have mapped out the plan that will see us relocate nearly half a million objects, not to mention all of our museum team, to their new home by the close of 2027.

Our core business is creating distinctive content rooted in the story of London and its people. The programme highlights included our major exhibition Fashion City: How Jewish Londoners shaped global style which was critically well received and had a huge personal impact on visitors for whom this is their story. However not everything goes to plan and Fashion City did not attract the visitor numbers we had projected what I am proud of is that we are a learning organisation and the insights that we have extracted will be used to hone our forward exhibitions strategy from 2025 onwards.

The digital realm means taking our London content to a global audience. Our foundation phase, supported by investors such as Bloomberg Philanthropies via their Digital Accelerator for Arts and Culture programme, has unlocked these almost limitless opportunities as we adopt a digital mindset in all that we do. Behind a stunning new website, that is now live, sits a streamlined infrastructure and carefully overhauled processes that means we will be well set up for achieving our engagement and business objectives.

This is our first annual report as the London Museum. Our new brand and name are signals to Londoners and our UK and global audiences of the change underway. The work to evolve and embed our brand and become London’s shared place in the middle of it all has been a gradual process, with a huge programme of work to realise a new organisation and we are by no means done!

The eagle-eyed amongst you will spot that the impact of creating a new museum spans all the way through to how we account for our finances, as we construct a new building and prepare to leave our current site. In this report we have begun to implement accounting policy changes that cover how we will capitalise and depreciate these assets.

Thank you to my brilliant museum team. I am in awe of your talents, tenacity and thoughtfulness. To our Board of Governors and our Chair, Clive Bannister, I am deeply grateful for your time, guidance and challenge that ensures we are always stretching our thinking. We are a stronger organisation for it and ready for the phenomenal time ahead.

Sharon Ament Director, London Museum

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

GOVERNORS’ ANNUAL REPORT

GOVERNING OBJECTS AND PUBLIC BENEFIT

Our principal governing document is the Museum of London Act 1965 (as subsequently amended). This requires the Board of Governors to:

• (a) Care for, preserve and add to the objects in their collections;

• (b) Ensure that those objects are exhibited to the public and made available to persons seeking to inspect them in connection with study or research;

• (c) Generally promote understanding and appreciation of historic and contemporary London and of its society and culture, both by means of their collections and by such other means as they consider appropriate; and

• (d) Take any action as they think necessary or expedient to fulfil the aims and objectives of the museum as set out in legislation.

The Charities Act 2011 (“the Act”) requires charities to publish details of the public benefit they deliver. The Governors believe that the museum delivers charitable benefits under two of the headings allowed by the Act; firstly and primarily through the advancement of the arts, culture, heritage or science and secondly through the advancement of education.

As entrance to London Museum Docklands is unrestricted and is free, the Governors believe that there are no unreasonable restrictions on access to the benefits which are therefore available to the public in accordance with the definition of the Act.

However, in order to facilitate the considerable amount of work needed to move to the London Museum’s new site in Smithfield, including the dismantling and conserving of objects previously displayed at London Wall, the Governors agreed to close the London Wall site to the public in December 2022, after 46 years.

This decision was quickly communicated to the Department of Culture, Media and Sport (DCMS), outlining potential changes to Museum of London’s offering in regards to free admissions. DCMS confirmed that it is content under Section 33A of the VAT Act 1994 (the VAT refund scheme supporting the provision of free access to museums and galleries in the UK) to allow organisations to continue to reclaim VAT during such capital works, so long as the closure is due to something temporary and planned, with a definite date of re-opening or relocation, and that they continue to have the intention to fulfil the rest of the criteria.

With this confirmation received, the Governors believe that the remaining requirements of disclosure placed on charities by the Act are met within the Governors’ Report set out below.

In July 2024 the Museum of London rebranded as London Museum. There have been no changes to the Museum of London Act or to the corporate entity (The Board of Governors of the Museum of London). The Registered Charity name, Museum of London, remains unchanged, but the working name London Museum has been added to the official record.

MISSION

We are here to enrich the understanding and appreciation of London and all its people – past, present, future. A home for learning, exploration and adventure, we aspire to be a force for good in London, as London must be for the world.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

POSITIONING

The London Museum is London’s shared place in the middle of it all. Slap bang in the middle of rush hour, of 10,000 years of history, of London’s biggest arguments, trade routes and memories. No matter where you’ve come from, how long you’re staying for, or what side of the river you live on, we offer a home where all of London’s stories cross and collide.

OUR STRATEGIC OBJECTIVES

The objectives in our Strategic Plan (2023-2028) provide the framework for all that we do.

In 2023/24 we have delivered our objectives through:

Welcoming record numbers of visitors to London Museum Docklands

• This year, 332,960 visits were made to London Museum Docklands making 2023/24 the best year on record since the Docklands site opened in 2003. This beat the previous best of 311,912 (+7%) and saw us exceed our target for the year of 280,000 (+19%). We were also thrilled to achieve a new record for school visits with 36,244 pupils taking part in our award-winning learning programmes.

• The London Museum Docklands celebrated its 20[th] birthday on 10 June 2023.The Bow Bells rang to mark two decades since Her Majesty Queen Elizabeth II opened the site to the public. From its opening in 2003 through to the record visitors in 2023/24 London Museum Docklands has welcomed nearly 4 million visitors.

• Fashion City: How Jewish Londoners shaped global style opened at the museum on 13 October 2023 and was critically well received. The exhibition uncovers the major contribution of Jewish designers in making London an iconic fashion city. The exhibition had welcomed 25,891 visitors by the end of financial year. Despite being critically well received attendance was below target (63,000) and in part affected by global events and the outbreak of the Israel-Gaza conflict at the time of opening. This was the second charged-for major exhibition to be hosted at the Docklands site and we are applying the learnings to our future exhibition strategy for Docklands.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

• Our youngest visitors have been enjoying time in our dedicated family’s space, Mudlarks , which continued to be a key community asset for local families, evidenced by over 80,700 visits this year.

• The museum featured in 2,284 pieces of media coverage across the year and within this, 651 pieces had a Docklands focus, as we sought to remain front of mind amongst our visitors and stakeholders. The single biggest driver was Fashion City, from news that the coats worn by Princess Diana and Eastenders character Dot Cotton were going on display to high profile interviews with designer David Sassoon (Vanity Fair, the Observer). Notable stories also included coverage of the museum’s industry-first Indo + Caribbean display and the Docklands 20[th] anniversary party fronted by Ru Paul’s Drag Race star, Vanity Milan.

• Throughout the year we have we collaborated with our colleagues at the Greater London Authority (GLA) to support plans for a landmark memorial in the capital for the victims of the transatlantic slave trade, planned for 2025. The main memorial artwork, The Wake by Khaleb Brooks, will sit outside the entrance to the Docklands site on West India Quay and will be accompanied by a number of ‘satellite sites’ that will connect with different stories of slavery across London.

An array of compelling programming about London and its people

• A rich and varied programme was on offer, with imaginative exhibitions and events designed to appeal to the interests of our many different visitors. Every year is different and highlights from 2023/24 are captured below.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

Growing audiences beyond our walls and transforming our digital capabilities

• This year we stepped up activity on our ambitious multi-year programme of digital innovation. The first stage is focused on creating a foundation layer of capability that will help us deliver richer, best-in-class digital experiences for current audiences and form an integral part of our offer at the new London Museum. This work is supported through external funding including Bloomberg Philanthropies via its Digital Accelerator for Arts and Culture.

• 2023/24 saw us continue to expand our team, develop our in-house knowledge and collaborate with an extensive network of technical partners to develop a host of essential new systems. These include a new website, online shop, purchase path (the way in which visitors can buy products), customer relationship management and digital asset management systems. These will all go ‘live’ in 2024/25. A new cross-organisational digital content strategy is now in place to harness our unique content and bring it to a global digital audience.

• We saw just under 1.2m visitors to our website, representing a 47% reduction against 2022/23 levels. A decrease from 2022/23 website traffic was anticipated following the closure of London Wall to visitors as, historically, in the region of 70% of our web traffic has been driven by audiences planning a physical visit to the site. This provides the baseline from which we will build up following the launch of our new website with completely refreshed content. The website will play a key role in the public unveiling of our new brand.

• The museum’s blog, Discover, offers online audiences the chance to dive into London and collections-based content. The blog gained over 346,000 page views, amounting to nearly 10% of all website traffic. We published 33 new articles with topics such as the subject of migration and migrating communities popular with audiences. We expanded our content with articles exploring LGBTQ+, disability and music themes alongside our authority

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

subjects of the Great Fire, Suffragettes and Pearly Kings & Queens. Discover retained its No.1 spot in Feedspot’s list of 20 Best London History Blogs and Websites in 2024.

• Social media audiences for the year ended 31 March 2024 were as follows (comparison to audiences as at 31 March 2023 shown in brackets):

• Facebook followers: 206,237 (204,241, +1%)

• X (Twitter) followers: 137,071 (137,272, no change)

• Instagram followers: 117,974 (109,891, +7%)

• TikTok followers: 29,015 (29,002 no change)

• We maintained our social media audiences across all main channels in 2023/24. This takes into account reporting changes (Facebook) and the general shifts in global audiences on platforms (X/Twitter) and the impact of the closure of our London Wall site for a full year. Instagram continued to see good levels of audience growth, being a natural home for our strong, visual content.

• Highlights that resonated this year included a post about a soot-stained London sign, midway through conservation treatment. Audiences on Facebook were fascinated by its history as a surviving piece of London, shortly after the Great Fire ripped through the city. It went viral, attracting over 22,000 engagements and more than 200 comments from people eager to learn more.

• On Instagram, a black and white photo of Battersea Power Station taken by Fred Wilfred was a huge hit with followers, gaining a total of 6,163 engagements – as well as requests for a print to be made available to buy. And, on X, a humorous tweet responding to TfL’s name change for London’s overground line was our most popular post this year, with 3,656 engagements.

Creating the London Museum at our new home in Smithfield

• In October 2023 the 3-metre-wide oculus for the General Market dome was crane-lifted from Farringdon Street into its final position, crowning the building and signalling its transformation into the new London Museum. Two days later the Foundation Stone for the museum was unveiled onsite in a special ceremony, marking a key milestone in the programme. We closed out the year with the entire Smithfield campus – the General Market and Poultry Market buildings – under construction to become the London Museum.

• Construction Managers, Sir Robert McAlpine, have been working in partnership with the museum to oversee the main works. This includes procuring circa 90 trade dedicated trade packages to build the museum and by the end of the financial year around half of these had been procured. This included some of the major packages, including mechanical, electrical, and façade packages, and totalled around three quarters of the approved budget in terms of value.

• The Poultry Market building was handed over from the City of London Corporation to the museum’s construction team in September 2023. We moved immediately to begin the first stages of construction with strip-out and key pieces of work such as the removal of the sloping ground floor slab to enable the creation of future museum spaces.

• The long-running and vital programme of enabling work (since 2019) to safeguard and preserve the condition of the General Market preventing further deterioration, was completed. This has included repairing and upgrading the extensive roof structure across an area roughly equivalent in size to Oxford Circus.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

• Working with the City of London Corporation, the team also completed the refurbishment of the Grade II listed Poultry Market’s copper dome roof. Chris Johnson, a former apprentice who worked on the laying of the original roof in the 1960s, returned to lay the final pieces of copper on the Poultry Market and General Market buildings as part of their refurbishment in 2023.

• The project continued to be considered an exemplar in its approach to sustainability. Innovative ‘smart buildings’ work is underway with appointed suppliers (in particular, mechanical, electrical, ventilation and Building Management Systems) to identify specific data points that will be collected across engineering systems to help to run a more efficient building in its operational phase. Work continues around the circular economy and over 95% of construction waste is being diverted from landfill, and the project remains on track to achieve the accreditation of ‘BREEAM Outstanding’ upon completion. This is the highest ranking possible for sustainable buildings.

• This year we have let the first major contract for exhibition fit-out and build, as we prepare to turn our plans into reality starting with the Past Time galleries in the General Market basement. Of the objects planned to go into Past Time , 90% have been treated by our Conservation team and are ready for display. Our Time, in the ground floor of the General Market, has progressed through the Technical Design stage, as our plans evolve from concept to constructible design.

• The industrial-scale programme of work centred on preparing our collections for moving and re-display continues apace. This year a dedicated project team conducted critical analysis through the ‘Vacating London Wall Project’ that has enabled us to establish the programme that will see us achieve an exit of our current site by the end of 2027.

• The decant of the objects from the London Wall galleries continued, with nearly three quarters of the objects previously on display audited and de-installed by the end of the year. The Collections Information Upgrade Project is an important step to improve our object data ahead of moving and work began in two further stores, General and Metals, during the year. Our archive team have repacked and barcoded nearly 15,000 boxes of archaeological material, 30% of the total target for moving off-site. This work is a critical step to enable the re-distribution of collections across the museum’s estate.

• Building anticipation ahead of opening and sharing the latest happenings with our audiences and stakeholders remains a priority. Highlights and stories about the new London Museum that attracted media and public interest included the acquisition of new oral histories from Wimbledon Ball Boys, new research uncovering the first witness to the Great Fire and a photocall from the Poultry Market roof - the visual became one of the BBC’s pictures of the year and attracted more than 200 pieces of media coverage.

• 2023/24 represented a significant year for fundraising with £9.5m raised, of which £8.3m is for the new museum capital appeal and many conversations continue with potential donors. The fundraising for the new museum capital appeal included an additional £5m donation from the National Lottery Heritage Fund alongside £3.3m raised from private donors. This has brought our total new museum capital appeal fundraising to date to £45m, exceeding the original £40m target for the General Market and representing 64% of the revised £70m target for the first stage of the project. Forward fundraising plans for the second stage of the project are in development.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

Becoming the London Museum through a programme of organisational transformation

• Our multi-year transformation programme is formed around nine strands of activity: brand and identity, digital innovation, income generation, partnerships, programming and exhibitions, collections, estates and design, organisational design and sustainability. This programme charts the organisational change, closely integrated with the capital project, that will ensure we are ready to inhabit Smithfield as the London Museum.

• We conclude the year ready to share our new boundary-pushing London Museum brand with our audiences and stakeholders. An extensive, behind-the-scenes, programme of work has taken place to apply our new visual identity, from establishing a new approach to art direction and how we communicate through imagery to designing outfits for our teams and new retail products for visitors. Design work is also complete for deploying the new brand across our website, social channels and physical sites starting with London Museum Docklands.

• Our new site will offer the capability to share our physical space in new ways through utilising the ‘parade’ of shop units surrounding the General Market. Our vision is for these buildings to create social value and generate income, acting as a physical manifestation of our ‘shared place’ in the middle of London. This year we have been scoping possible tenant mixes and operating models, supported by external experts.

• Our aim is to become more financially sustainable through diversification of our income streams and to make the most of all available income opportunities as we move towards opening at Smithfield. We welcomed 11,000 corporate hire visitors at London Wall as we continued to generate income from our events spaces while closed. This year we have put in place an agreement with the City of London School for Girls to make use of our London Wall learning spaces, starting in 2024/25.

• Overall in 2023/24 our shops, cafes, restaurants, Mudlarks and venue hire business generated income of £1.5m which was +8% above target. In line with the busiest year on record for London Museum Docklands we also delivered record retail sales and our best ever year for commercial hire income.

• 2023/24 marked the first year of our dedicated strategy for London Museum Docklands, Moving Centre Stage , that aims to extend the museum’s successes, change audience perceptions of the museum and establish it as a leader in the developing east London cultural milieu. Work began on scoping a long-term masterplan to optimise the site and enhance the visitor experience.

• As construction of the new building develops, we have begun looking in-depth at how we will inhabit and operate the Smithfield site. We progressed the development of our organisational design and operating model for the new museum, establishing baseline principles and then engaging with all teams to determine resourcing needs for occupying and running the site. This will be developed in more detail as we progress towards opening.

• Equity, diversity and inclusion (EDI) is integral to our plans for wider organisational change and underpins our transformation programme. We continue with an extensive body of work to support our aspirations to deliver meaningful impact in this area. This included Board approval for our ambitious new organisation-wide EDI strategy and implementing a detailed Race Equity Action Plan. We have also continued to deliver our mental health action plan and enhance our learning and development offer that included bespoke sessions to support

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

our teams in developing greater awareness of the complexities of issues of race, racism and inclusive practice.

Deepening our relationship with Londoners as we shape a new museum

• 265 volunteers contributed their time and skills over the course of 2023/24. A new Volunteer Strategy for 2024-27 has been set including our Vision for Volunteering, developed in collaboration with our Volunteer Forum.

• We are a National Portfolio Organisation for Arts Council England (ACE) and funding supports us to deliver an ambitious portfolio of programming, engagement and collectionsbased activity. The nine strand programme, including initiatives such as Young Londoners’ Archive, Smithfield Neighbourhood Programme and Collections for All, is embedded throughout our 2023/24 achievements. Our plans to create a Research Centre, with a unique offer centred on lived experience, took shape through the year and we are preparing to pursue Independent Research Organisation (IRO) status.

• We completed a major consultation engaging 350 members of the public, onsite in the museum and online, about their views about the statue of Robert Milligan and how it might be displayed and interpreted at the London Museum Docklands in the future. Milligan was a prominent London-based slave trader whose entire fortune was derived from the trade in enslaved people. The statue was removed in 2020 from a plinth on the quayside outside the museum following Black Lives Matter related protests and accessioned into the museum’s collection this year.

• Our Collections For All initiative sees Londoners engaging with our collections and adding their lived experience to the existing curatorial narrative. A group of 40 Community Research Volunteers gave their own perspectives on Polish and Chilean oral histories in the London Collection, which were compiled into a publication called Conversations with the Past. This formed part of Felix Taylor’s soundscape commission which was displayed in the Sainsbury Study Centre.

• In September 2023 we took part in the annual Open House festival and hosted 115 people on behind the scenes tours of the London Museum site. For the first time ever, we also opened up West Poultry Avenue to families and welcomed a further 110 people who took part in a range of family activities, including a Virtual Reality digger truck experience!

• As part of our Smithfield Neighbourhood Programme, we successfully ran the first iteration of our new young producers programme - Next Gen Creatives - which focusses on supporting disadvantaged young people in accessing paid employment opportunities in the sector. In partnership with Islington Job Centres, we recruited six young people aged 1825 not in education, employment or training, who undertook a two-week paid placement at the museum. The programme culminated in the creation of six individual projects on themes of poetry, architecture, fashion, film and photography, which were later showcased at our annual Community Celebration in March which was attended by 150 community partners. Our Smithfield Neighbourhood Programme is supported by a grant from the City of London Corporation’s Community Infrastructure Levy (CIL) Fund.

• We launched our three-year Flourishing Neighbourhoods programme in Islington and the City of London, which focuses on the relationship between the health and wellbeing of local communities and engagement with heritage and culture. We delivered a pilot programme with The Peel, a local community centre, exploring the impact of engaging with textiles and

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

sewing on wellbeing. Their intergenerational women’s group visited our exhibition and were taught skills and techniques which they applied in their own creations.

Connecting young Londoners to their city through our creative offer for schools and families

• Over 90,000 people took part in our schools and family programmes over the course of the year, including record levels of uptake at the London Museum Docklands. We provided work experience placements at London Wall and Docklands to 16 sixth-form students from the City of London Academy Highbury Grove in Islington and two students from Cardinal Pole Catholic School in Hackney.

• We engaged 17,637 school pupils nationwide through our online live stream programming for primary schools on the topics of Great Fire of London, Prehistoric London, Roman Skeleton Secrets and Docklands at War.

• In addition, our high quality, creative family programming continued to delight visitors. Over 5,500 family members joined our monthly Tots at the Docks programme for families with children in the Early Years, including a Frost Fair themed free play session and activities with partner organisations such as Baby Broadway. More than 6,000 family members took part in migration themed events inspired by the Fashion City exhibition.

• Two family festivals, one exploring Jewish culture and the other marking Lunar New Year, were developed and delivered in collaboration with communities and attracted over 9,300 people to the London Museum Docklands.

• We launched the Young Londoners’ Archive (YLA) project, consulting 1,500 children between the ages of 9-14 in schools about their lives in London and their hopes and fears for the city’s future, and running three pilot collecting projects in three schools, with 140 pupil-generated images for a digital artwork and 25 objects, video histories, and photographs collected. YLA is a three-year, ACE-funded project that will work with a primary or secondary school in every London borough to, for the first time in the museum’s history, collect directly from children at scale to capture a snapshot of their diverse lived experiences.

Building the London Collection and telling London’s stories

• This year the London Collection was increased by 39 new acquisitions, representing a total of 157 individual objects. As with research visits, we have reduced the volume of overall collecting activity whilst our teams focus on the development of the new museum. Exciting new objects and stories include:

Coronation items

The coronation of King Charles III and Queen Camilla was an important moment of national celebration and pageantry in London. It was the first coronation for 70 years and therefore a once-in-a-lifetime experience for many people. As part of the celebrations, street parties were organised around the UK under the banner of the Big Lunch. The museum commissioned photographer Sophie Green to photograph community-led coronation celebrations and events in London over the weekend. The project

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

was partially inspired by photographs of previous coronations and other royal celebrations from the museum’s collection. The photographs document the King’s Road Coronation party (pictured), a street party in Maxwell Road, Bexley, and a party in the Lockner Estate, Dalston.

Milligan statue

This bronze statue was created by the sculptor Richard Westmacott in 1813 to commemorate Robert Milligan (1746-1809). Milligan had been one of the driving forces behind the creation of the West India Docks in the early part of the nineteenth century. Outraged at losses due to theft and delay at London’s riverside wharves, Milligan headed a group of businessmen who established the Docks as a private enterprise. Milligan had made his fortune as a young man in Jamaica where he had acted as a slave factor – a middleman who bought and sold enslaved people. As such, the statue has long attracted criticism for celebrating the legacy of a man whose entire fortune relied on the slave trade. In 2020, in the wake of the Black Lives Matter movement, a petition to remove the statue quickly attracted over 4,000 signatures. Working with the statue’s owners, the Canal & River Trust, and Tower Hamlets Borough Council, the museum advocated for the statue’s removal. This took place on 10 June 2020, and it has now been transferred to the Museum of London’s collection. It is now the subject of a consultation with the public to help us determine how the museum should use it in the future.

Althea McNish textiles

Two textiles designed by Althea McNish (19242020), who was one of the first Black designers to achieve success in the UK textile industry were acquired. Having been born in Trinidad, McNish came to the UK in 1951, where she studied with Eduardo Paolozzi, completing a postgraduate degree at the RCA. She was immediately commissioned by Liberty’s to create exclusive designs for the department store. She went on to design freelance for many other companies, and in 1966 designed fabrics for HM Queen Elizabeth II’s wardrobe for her royal tour of Trinidad.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

Wooden booza pestle

This pestle is used in the making of booza, Syrian stretchy ice cream. Freezing dairy is pounded with mastic and orchid root by hand using a special wooden pestle. This example was brought to London from Damascus by Sameh Asami, who is the proprietor of Cafe Levant in Acton. The pestle is one of many objects acquired as part of the London Eats collecting project. London's ice cream culture is particularly varied, with traditions from all over the world represented. Cafe Levant recently featured in the online foodie magazine Vittles' guide to ice creams across the city.

McQueen - Grenfell

Grenfell is the artist and filmmaker Steve McQueen’s personal response to the Grenfell Tower fire of 14 June 2017, in which 72 people died. The film is not a documentary, and there is no narration. His motivation for producing the film was a fear that ‘once the tower was covered up it would only be a matter of time before it faded from the public’s memory. In fact, I imagine there were people who were counting on that being the case. I was determined that it never be forgotten’. Produced in dialogue with some of the community groups, including Grenfell United, this is one of the most significant artworks to have been produced in the wake of the tragedy.

2023/24 KEY PERFORMANCE INDICATORS

The table below summarises the core set of headline performance indicators, referenced throughout the narrative above. These are actively monitored and used to inform management actions throughout the year.

throughout the year.
Area of activity	2022/23	2023/24	2023/24
	Actual	Target	Actual
Visits made to Museum of London (London Wall)[1]	321,605	-	-
Visits made to London Museum Docklands	266,967	280,000	332,960
			(+19% vs target)
Visits to the_Fashion City_exhibition[2]	n/a	63,000	25,891
			(-59% vs target)
Visits to the_Executions_exhibition[3]	25,456	3,500	7,740
			(+121% vs target)
Schoolchildren visiting the museum or taking part in our	78,117	42,000	57,014
schools programme [1]			(+36% vs target)
People taking part in family events and activities[1]	36,610	16,000	34,696
			(+117% vs target)
Visits to the museum website	2.2m	1.5m	1.2m
			(-24% vs target)
Media articles generated	2,568	2,800	2,284 (651 with
	(471 with		Docklands focus)
	Docklands focus)		(-18% vs target)
Trading income generated[1]	£1.7m	£1.4m	£1.5m
			(+8% target)

[1] London Wall site was open to visitors 1 April to 4 December 2022 and closed for the duration of 2023/24.

[2] Fashion City exhibition was open from 13 October 2023 to 7 July 2024 with the period 13 October 2023 to 31 March 2024 reported above.

[3] Executions exhibition was open from 14 October 2022 to 16 April 2024 and attracted a total of 33,196 visitors across the run (split across 2022/23 and 2023/24 reporting above).

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

FUTURE PLANS

• 2024/25 will be the second year of our Strategic Plan and we continue to build momentum as we deliver our plans. Efforts will be carefully directed towards three major programmes of activity: the New Museum, the London Museum Docklands strategy and our Transformation Programme in order to deliver our strategic objectives.

• The year ahead marks the start of a final critical delivery phase for the New Museum through to opening at Smithfield in 2026. Working closely with our Construction Manager, Sir Robert McAlpine, we will conclude the major programme of procurement of specialist trade packages and progress the construction of the General Market. Activity to deliver our permanent displays in the General Market – Past Time and Our Time - will increase in intensity and we’ll pass the milestone of beginning exhibition fit-out onsite.

• At London Museum Docklands our target for the year ahead is to achieve 340,000 visitors and deliver a consecutive record-breaking year, maintaining strong growth as we make the most of our sole publicly trading site. Our Fashion City exhibition will continue on an extended run into the summer months and we will deliver a pilot programme of contemporary creative art commissions and displays, rooted in the subject matter of the museum.

• Our multi-year programme of transformation will continue. Defining our response to the climate emergency and driving digital transformation are priorities for 2024/25, as we take our work in these areas to the next level. Under the brand and identity strand, a milestone moment in our journey to become the London Museum will take place, as we unveil our new visual identity and announce our name change to our audiences and stakeholders.

• Despite having closed our doors to visitors at our London Wall building in 2022, the site will continue to be the engine room for the creation of an entirely new museum, as well as remaining in use for corporate events and becoming the temporary home for the City of London School for Girls. More of our teams than ever before will be dedicated to producing outstanding content, preparing the relocation of the London Collection, garnering support for our capital campaign and ensuring our operational readiness to open the doors. This endeavour is of a colossal scale, harnessing the collective efforts of thousands of people from Londoners to our funders and partners to our teams of staff and volunteers.

2024/25 KEY PERFORMANCE INDICATORS

KEY PERFORMANCE INDICATORS
Area of activity	2023/24	2024/25
	Actual	Target
Visits to London Museum Docklands	332,960	340,000
Visits to the_Fashion City_exhibition[1]	25,891	16,050
Schoolchildren visiting the museum or taking part in our schools programme	57,014	48,500
People taking part in family events and activities	34,696	30,000
Visits to the museum website	1.2m	1.5m
Media articles generated	2,284	2,500
Trading income generated	£1.5m	£1.6m

[1] Fashion City exhibition ran for an extended period in 2024/25 from 1 April to 7 July 2024.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Incorporation and status

The Museum of London was established by the Museum of London Act 1965 and was opened in 1976. It is governed by the Museum of London Act 1965 (as subsequently amended) and the Greater London Authority (GLA) Act 2007. Since December 2010 it has been a registered charity, number 1139250.

As at 31 March 2024 the museum had one subsidiary Museum of London (Trading) Limited, and three linked charities: London Museum, Joicey and Mackenzie Bell Trust Funds, and therefore presents consolidated financial statements. London Museum, Joicey and Mackenzie Bell Trust Funds are linked charities of the Museum of London.

In July 2024 we rebranded to become London Museum, with no change to our legal entities.

The reference and administrative details on pages 63 to 64 form part of this report.

Governor recruitment, appointment and induction

Governors (who are also the Trustees under charity law) are appointed in equal number by the GLA and the City of London Corporation in accordance with the requirements of the Museum of London Act 1965 (as subsequently amended) and guidance issued by the Commissioner for Public Appointments. The Governors serve for up to four years and are eligible for re-appointment by their sponsoring body.

The Chair is recruited in line with best practice Charity Commission guidelines and is appointed by the Board and the term is in line with the office of a Governor. When Board vacancies arise, the Chair of the Board is responsible for advising the GLA and the City of London Corporation of the needs of the museum with a view to ensuring a proper balance of expertise, including professional and financial expertise, and that the balance of GLA and City of London Corporation appointments is maintained.

Governor induction is managed by the office of the Director of the Museum. The standard induction procedures are that Governors receive a copy of the Museum’s Code of Practice for Governors which describes the committee and management structure and the duties and responsibilities of Governors. To underline the importance of Governors’ responsibilities the procedures require Governors to sign to confirm that the Code of Practice has been received and is understood. Induction procedures require that Governors also receive the Museum of London Acts together with the museum’s Financial Governance Manual, Strategic and Business Plans, Annual Report and Financial Statements, the Museums Association’s Code of Ethics and Charity Commission guidance documents on trusteeship, good governance, conflicts of interest, and the “hallmarks of an effective charity”. The Nolan principles form the foundation of the Governors’ induction.

The Director of the Museum also meets with new Governors to explain current issues and future plans, introduce them to members of the Executive Team and to offer a tour of the museum. Further ongoing training is arranged for Governors individually or the Board as a whole as needed.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

Organisational structure

The museum is responsible for the management of the sites at London Wall, Eagle Wharf Road, and the London Museum Docklands at West India Quay.

The Board of Governors sets broad strategic direction, long-term objectives and priorities for the museum. The Board, which meets four times a year, is also responsible for ensuring that the museum’s management team fulfils its responsibilities for the effective, efficient and economical management of the organisation.

There are four Board committees on which Governors serve, all of which have met during the year:

• Audit and Risk Management Committee

• Finance and General Purposes Committee

• Trust Fund Management and Investment Committee (renamed in July 2024)

• Remuneration Committee

In addition, there are three boards on which Governors may serve, meeting as required:

• New Museum Project Board

• Museum of London Academic Panel

• London Museum Trading Board

Key management personnel

All Governors give of their time freely and no Governor received remuneration in the year. Details of Governors’ expenses and related party transactions are disclosed in Note 10 to the accounts. The pay of the key management personnel is reviewed and benchmarked annually by the Remuneration Committee. Key management personnel are set objectives based on the museum’s strategic plan. Annual performance is assessed against these objectives and is reviewed by the Remuneration Committee and used to set pay levels and any performance related bonuses. The Chair of the Board of Governors undertakes the performance assessment for the Director.

The Governors are key management personnel as defined by FRS 102. The Governors also consider the Executive Team members to be the key management personnel of the charity in charge of directing and controlling, running and operating the museum on a day to day basis. The management team is led by the Director of the Museum, who is appointed by the Board.

The primary functions of the museum relate to care and management of collections, lifelong learning, exhibitions and other public programmes. All are designed to inform and engage visitor interest in the history, heritage and cultures of London. To achieve its aims the museum is structured into business areas, each overseen and supported by a member of the Executive Team. The Executive Team, including the Director of the Museum, meets monthly. The Executive Team comprises of the following members:

Director of Content: Responsibility for curatorial activity (across the Archaeology Collections and History Collections teams), learning, information resources, conservation and collections care, exhibitions and design, the Museum Development regional programme and our relationship with Arts Council England.

Director of New Museum Project and Estate: Responsibility for planning and delivery of the New Museum project. The project is overseen by a separate governance structure which includes the museum’s Executive Team. Responsibility for facilities and estates.

Managing Director of London Museum Docklands: Responsibility for retail, licensing, hospitality, commercial events, front of house, security and visitor services - across museum sites – and is the lead for the strategic development of the Docklands site.

Director of External Affairs: Responsibility for capital and revenue fundraising, major campaigns and donor and supporter networks, including the Society of Londoners. Responsibility for press and

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

marketing campaigns, communications for the museum’s public programme including exhibitions, events and projects, audience development and public affairs. Responsibility for digital innovation across the museum.

Chief Financial Officer: Responsibility for museum-wide corporate services, including finance, IT, procurement, insurance and legal.

Chief Officer, People and Culture: Responsibility for human resources including learning and development, equity, diversity and inclusion (EDI) and organisational development.

Head of Strategy: Responsibility for strategic and corporate planning, reporting and performance.

Relationships with related parties

Governance is primarily exercised through the Board of Governors appointed by the museum’s two principal funders. Meetings are also held with officers of the City of London Corporation and the GLA to consult on the business plan and review progress. The City of London Corporation is the museum’s landlord at its premises at London Wall and Eagle Wharf Road, and supplies various services to the museum. In addition, two of its officers are appointed as the Secretary and Treasurer to the museum, as required by the Museum of London Act 1965. Note 21 to these financial statements includes details of the museum’s transactions with the GLA and the City of London Corporation and other related party transactions.

Fundraising Practices

The London Museum’s Development function is strategic and is represented at the most senior management level at the Executive Team; it has a close working relationship with the Board of Governors and the Chair. The team conduct a range of fundraising activities which support the organisational plans and needs. No professional agents are used for fundraising, and staff fundraisers are trained to act in accordance with agreed standards and guidelines. The Board of Governors receive regular reports on all fundraising activity as part of their statutory responsibilities.

No fundraising complaints were received by the museum in the financial year 2023/24 (none in 2022/23).

The museum pays the levy for, and is registered with the Fundraising Regulator, and our fundraising standards and guidelines are aligned with the Regulator’s Code of Fundraising Practice. This includes treating people fairly and with respect, explaining our cause in a way which does not mislead people, and being sensitive to people who may be in vulnerable circumstances.

Human Resources

As at 31 March 2024, we employed approximately 260 staff across our three sites.

We commenced the year knowing that we would continue our work to change the structure and focus of delivery for the museum. This ‘step change’ was related to us supporting the ongoing creation of the new museum as scale and delivery of work packages increased, enhancing Docklands to maximise its potential, transforming the whole museum, and continuing our work to become a more equal, diverse and inclusive museum.

Transformation being the order of the year, we brought in more resourcing to support this work, including significantly increasing the number of Project Assistants working on the various elements of our Preparation and Move workstream, as well as specialist roles with new skills requirements across our Digital and New Museum teams. As we moved forward with our Rebrand work, we also brought in new skills to support this team, to be able to achieve the timescales involved with a whole organisation rebrand project.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

As we continued the Organisational Design and Operating Model work, we made changes to our departmental structures and senior team, through merging our Marketing and Communications, Development and Digital teams, to form a new External Affairs Directorate. This enabled efficiencies of working and brought closer together teams who were working on achieving similar goals, albeit through different mediums.

In year we also continued to review the staff benefits we provide and took forward the plans we had developed and piloted at London Wall at the end of the previous year, introducing free tea and coffee across all sites. We also introduced a Buying Annual Leave Scheme part way through the year, which was received really well. Towards the end of the year, on 25 March 2024, we also launched our New Benefits Platform, which introduced many different offers to staff including a discount voucher scheme for purchases.

Volunteering was also a focus as we were able to look to bring more volunteers back on site. We focussed on supporting key areas of activity building on the success of our lived experience volunteering at Docklands, broadening this to support general work across the galleries, as well as achieving the goals set under our ACE programme of work.

We also repositioned our work experience, apprenticeships and other allied activities, into our Early Careers work. Here, under our work supporting the ACE programme of activity, we introduced a London Collection Bursary – an entry route for all young people from backgrounds that might not otherwise think of careers in museums.

Although the year had a focus on change, we still managed to make progress against areas of our People Strategy, continuing to work against five strategic objectives linked to our overall organisational objectives. Here are some of our achievements over the last year:

• Transforming ourselves: We continued work transforming ourselves – our workforce make-up, skills, structures, and ways of working. Equity, diversity and inclusion (EDI) continued as a key focus with us building on our strategic objective to be a more equal, diverse and inclusive museum. As part of this we developed and launched our new EDI Strategy, finalised and continued delivery of our Race Equity Action Plan and launched our Tool for Culture Change.

We continued diversifying our workforce, making good progress against our key identified areas, particularly with regard to the number of colleagues within the museum who are from Black Asian and ethnically diverse background, and those who have a disability. We also built upon the changes made to our Senior Leadership Team as well as our Executive Team, bringing greater diversity to both.

• Resourcing and retention: We recognise that our exceptional staff and volunteers are key in bringing experience and expertise to the task of implementing our strategic plan. To support this, we were assessed and reaccredited for commitment to the Mayor’s Good Work Standard, gaining achievement level, just missing out on receiving an excellent award. We continued to carry out smaller scale restructures in various areas of the museum, to align resourcing with requirements. We also brought in a number of new skills and talent across the museum, particularly in our Digital, HR and New Museum teams. Work on our organisational design for the new museum continued and we compiled our second iteration of this, with more work to follow as we move into next year. We also looked at ways we could improve the support we give to staff to improve our overall retention rate, some of this is linked to benefits as noted above, but also to new and improved policies.

• Development and talent management: We want to value our people by ensuring they experience excellent line management and have access to a variety of high quality and costeffective learning opportunities. To support this, we reviewed and revamped our staff corporate induction programme, expanded our Race Matters: People and Stories, Objects and Places training to a wider staff base, ran more of our Work Smarter and Maximise Your Day courses, as

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

well as introducing a new course around managing your own career development. Given our strategic work on supporting mental health, we also ran line manager training on Identifying and Supporting mental health at work. During the year we also continued our series of Quarterly Talks, a time to come together organisationally to learn and better understand areas of EDI and other work-related topics.

• Wellbeing and employee relations: We recognise that we will perform better organisationally when our people are healthy, motivated and focused. To aid this, we continued delivering against our Mental Health Action Plan, embedding the work of our Mental Health Champions and introducing training for line managers, as noted above. We again renewed our business membership of Calm, using this in a strategically focussed way to support the wellbeing of our staff. Our ambition is to have a culture where mental health has no stigma attached to it and we openly share and support one another. We spent time coming together as an organisation and reintroduced our staff quizzes and gatherings as a means to support greater connectivity, inclusivity and wellbeing. As part of launching our EDI strategy, we also spent time working with and supporting our staff networks, part of which led to a review of this provision. Outputs from this will be taken forward in 2024.

• HR systems and processes: We have continued to focus on ensuring we have systems and processes in place that are fit for a 21[st] century museum to provide a secure and efficient infrastructure in which to support our people. We made changes in year to our performance management platform, Performance Hub, enabling easier and more efficient means of reviewing how staff have demonstrated our Museum Behaviours though out the year. System optimisation was a focussed objective for the team, to ensure we are using technology to support our roles to make processes more efficient.

Policy development work also continued throughout the year, with new and updated policies being introduced e.g. new Menopause Guide, updated Performance Management and Development Policy, Probation Policy, Long Service Award Policy, Volunteer Policy and Sickness and Attendance Policy.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

FINANCIAL REVIEW

The results for the year are set out on the Statement of Financial Activities (SOFA) on page 32. Due to the significant impact on the results of non cash items of pension accounting and depreciation, it is important to review the Consolidated Cash Flow Statement on page 35 alongside the SOFA and the Balance Sheet on page 34. The table below strips out these transactions to provide an alternative view of the financial results of the Group, showing that income for the year was £30.9m higher than expenditure (2023: £11.3m higher).

LONDON MUSEUM GROUP Expressed in £’000	Unrestricted Funds	Restricted Funds Total 2024 Unrestricted Funds	Restricted Funds	Total 2023 Variance to prior year
Per Group SOFA
Total Income and Endowments	17,715	81,959 99,674 17,029	44,103	61,132 38,475
Less: Total Expenditure before gains / (losses) on investments	20,456	51,414 71,870 24,312	33,202	57,514 (14,276)
	(2,741)	30,545 27,804 (7,283)	10,901	3,618 24,199
Add back:
Pension service cost and interest (Note 22)	323	- 323 4,420	-	4,420 (4,097)
Depreciation and disposals (Note 12)	2,745	- 2,745 3,289	-	3,289 (544)
Adjusted Operating Results[1]	327	30,545 30,872 426	10,901	11,327 19,558

[1] Excluding Gains / (losses) on investments, Transfers between funds and Actuarial gain / (loss) on defined benefit pension schemes.

Total Group Incoming Resources were £99.6m during the year (2023: £61.1m). The increase from the prior year is mainly due to an increase in New Museum project grant funding and donations as the project scales up and grants for Digital transformation work.

The museum’s main sources of funding were the Greater London Authority and the City of London Corporation, which together contributed 83% of the group’s donations, grants and legacies revenue funding (2023: 81%). Other grants and donations included £1.4m from Arts Council England (2023: £1.4m). Group expenditure on raising funds and charitable activities was £2.2m higher than the prior year across various areas and includes £0.3m on pension service costs (2023: £4.4m) and £2.7m on depreciation (2023: £3.3m). The pension service cost is essentially the estimated cost to the employer of the benefits accruing over the accounting period, based on actuarial assumptions. Trading activities, which includes venue hire, retail, catering and events was £0.2m lower than the prior year reflecting the closure of London Wall in 2022. Trading revenue was £1.8m (2023: £2.0m). All commercial trading is carried out through the museum’s trading subsidiary, The Museum of London (Trading) Limited.

The Museum of London recorded an operating surplus (excluding depreciation and pension costs, and before transfers) on its unrestricted free reserves (general fund) of £0.2m (Note 18A “General Reserves – Museum of London”) (2023: £0.1m).

The Governors reviewed the museum’s financial plans in March 2024 as part of their normal annual review and budget setting process, as well as our principal financial risks. At that time, the Governors were satisfied that the museum had sufficient resources to continue operating for the foreseeable future and accounts have been prepared in the knowledge that the museum is a financially viable organisation. Further detail is in the Going Concern section below.

Financial reserves

After transfers from restricted and designated funds and other gains and losses, the Museum of London’s total general reserves were £6.9m at 31 March 2024 (2023: £7.9m). The group’s restricted

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

funds were £60.3m at 31 March 2024 (2023: £29.7m) and the group’s designated funds, excluding the Defined Benefit Pension Reserve, were £17.7m at 31 March 2024 (2023: £19.3m). The designated funds are largely comprised of the Fixed Assets Fund, which is being used to fund future depreciation of those assets acquired from unrestricted funds. The group’s cash balances and cash flow forecast remain adequate for its needs. However, the Governors are aware that the current economic climate and future uncertainty in relation to all income streams require this assessment to remain under review.

Total group funds, carried forward at 31 March 2024 were positive £86.7m (2023: positive £53.5m). The results have been impacted by the accounting valuation of the Pension Fund. This is further explained below and in Note 22. An alternative balance sheet view is included below that removes the Pension Fund deficit as this is not indicative of any pension liability that is expected to crystallise in the short term as it represents the accounting valuation of the scheme under FRS 102 rather than the level of future contributions to be paid.

The Governors are satisfied that the pension deficit is an accounting deficit and does not represent the actual fund value, and that the fund deficit is scheduled to be extinguished within 10 years.

Expressed in £’000	LONDON MUSEUM GROUP		MUSEUM OF LONDON CHARITY	MUSEUM OF LONDON CHARITY
	2024 2023		2024	2023
Total Funds per the Balance Sheet	86,649 53,508		86,645	49,020
Less: Pension Deficit	510 5,409		510	5,409
Total Funds excluding the pension deficit	87,159 58,917		87,155	54,429

The Museum of London’s pension scheme is part of the City of London Corporation’s scheme and the Museum of London’s deficit is largely proportional with its share of total assets in the fund (approximately 6.54%). The museum’s pension contribution rates are reviewed every three years, after an actuarial valuation in which the surpluses and deficits may be measured differently to the FRS 102 valuation, in accordance with the museum’s accounting policy as described in Note 1 (J). The triennial funding valuation is used to set the required level of contributions to be paid and reflects a longer term view of the level of employer contributions required to ensure the assets are sufficient to meet the liabilities. The funding valuation in 2022 set the contributions rates from April 2023 at a level to meet the deficit in 10 years (i.e. 20 years set in 2013, less 10 years of contributions made as at 2023).

The museum accounts for the pension fund under the Financial Reporting Standard 102 (FRS102) accounting standard, which requires liabilities to be valued using a discount rate assumption set with reference to yields on “high quality” corporate bonds. As a result, accounting deficits are usually larger than funding deficits and are more volatile as they have to use a prescribed discount rate, which does not reflect future expected returns from the actual investment strategy. As the actual contribution rates required by employers for each Fund are calculated using assumptions set by the Fund Actuary, the contribution rates paid by employers are not affected by the accounting results.

Accounting valuations per Expressed in £’000 Assets Liabilities Impact of asset ceiling Net Pension Deficit	Actuarial FRS102 Reports for the Museum of London 31 March 2024 31 March 2023 Variance
	97,859 90,636 7,223 (97,009) (96,045) (964) (1,360) - (1,360)
	(510) (5,409) 4,899

As can be seen in the table above, the reduction in the accounting deficit comprised primarily of a increase in the value of the assets offset by the smaller decrease in the value of liabilities.

As explained previously the Accounting Valuation does not reflect the real liability. Our liability is the employer contributions we pay and budget for each year. These contributions are certified at

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

triennial funding valuations and were set at the last triennial valuation (as at 31 March 2022) at 16.1% of salaries and will remain at 16.1% until 31 March 2026. The Actuary’s funding model aims to keep employer contributions as stable as possible by looking at a more sensible long term cost assessment rather than the artificial and very short term assessment required under the accounting standard.

A report was commissioned from the Actuary in June 2022 to compare an estimated funding valuation with the accounting valuation at 31 March 2022. This compared the accounting valuation of a pension deficit of £54.4m (at 31 March 2022) with an estimated funding valuation of a surplus of £2.17m (at 31 March 2022). The deficit reduction plan remains in place and aims to eliminate the funding deficit over the next 10 years.

Investment policy and performance

The capital funds of the Trust Funds are invested in Blackrock Charities UK Equity Fund. Targets are not set but the Trustees of the funds periodically review the performance of the investments to ensure the returns are satisfactory. During the year to 31 March 2024 there was a small increase in carrying values. Total income received over the year was in line with receipts in previous years. Available cash balances held by the Museum of London and its subsidiary undertakings or linked charities are placed within the City of London Corporation’s account and with Lloyds Bank.

Going Concern

The accounts are prepared on the going concern basis as financial projections show the museum is able to meet its liabilities as they fall due for the foreseeable future. In reaching the conclusion on the ability of the museum to remain a going concern, the Governors have reviewed the forward financial projections to 31 March 2026.

Governors believe that the museum has put in place a robust structure that, in conjunction with the prudent reserves policy, will allow it to manage the foreseeable risks to the organisation.

The principal uncertainties currently facing the organisation are the prolonged uncertainty of visitor numbers, security of future funding and inflationary pressures on operational costs. The Governors and Executive Team continue to closely monitor the impacts, and believe that the organisation is in a financial position to help manage these risks.

The New Museum project is a significant investment of £437m, with a key milestone being the joint funding announcement on 5 September 2024. The project is currently funded by drawdowns in advance from the City of London Corporation. The cash outflows over the coming two years from April 2024 are expected to be circa £295m (although these are dependent on the programme and may change), matched against a combination of grant income from the City of London Corporation and the Greater London Authority, and the museum’s fundraising campaign. Given the current economic environment facing potential donors, uncertainty exists over these amounts. We are also reliant on the project being closely managed during this period to prevent delays and increases to the cost base for the project. Controls are in place to mitigate these risks.

In addition to the above funding model, where we act as lead charity within the terms of a Design Services Agreement with the City of London Corporation, income is received from the City of London Corporation in the month that the consultants are paid. As lead charity we have procured and contracted with suppliers to provide design and other services relating to the New Museum project which are then recharged to the City of London Corporation as set out in note 5 to the financial statements.

The key factors in our going concern assessment are:

• The museum has confirmed funding from our statutory grant funders until March 2025 and commitment from both statutory funders for the following 5 years. This ensures the Museum has certainty over Grant in Aid funding to 31 March 2030.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

• The Docklands museum is welcoming visitor numbers at pre Covid levels and will remain open to the public. Work is being done to scope a long-term masterplan to optimise the site and enhance the visitor experience.

• ACE funding of £1.1m per annum for National Portfolio Organisation funding has been confirmed for the three years to 2026. ACE Sector Support Organisation funding has also confirmed for the three years to 2026.

• The museum continues to invest in its management capability and has a Board of Governors that brings in additional expertise.

• The museum has robust financial modelling procedures that allow it to deal with changing assumptions.

• The museum’s five year Strategic Plan contains a key objective to move to the Smithfield site where the opportunities for growth in visitors and self-generated income will be greater after opening a larger site across two market buildings.

• The City of London Corporation and GLA have confirmed their commitment to the New Museum project through budgets approved by the Court of Common Council and Policy and Resources Committee, and funding is drawn down in advance against these approved budgets. Other factors of note are:

• i. The forecast project spend from April 2024 to 31 March 2026 is circa £295m (dependent on the programme) and is within budget and overall funding commitments.

• ii. The going concern assessment period largely covers RIBA Stage 5 of the project and break clauses are in place for the construction contracts to manage cashflow if funding levels changed.

• iii. None of the philanthropic funders have withdrawn pledges.

• iv. We have not drawn down or will not draw down funding that is philanthropically raised until the latter stages of the project, thus we will never be in the position of having to pay back donors’ money should the project fail.

On the basis of the above and the assumption that grant in aid from our statutory funders (the City of London Corporation and the GLA) will be at least in line with 2024/25, Governors believe that the museum’s robust structure, in conjunction with the prudent reserves policy explained below, will allow it to manage the foreseeable risks to the organisation. There is a risk that the Museum could require further funding due to an unplanned decline in visitor numbers to London Museum Docklands. However, the Board has reviewed the Museum’s cash flow forecasts and believes it has sufficient cash flows for the next twelve months and there is no material uncertainty. As such, the Governors continue to adopt the going concern basis of accounting in preparing the annual financial statements. Further detail is included in Note 1a to the accounts.

Reserves policy

The Reserves Policy underpins the Museum’s Strategic Plan and establishes the financial parameters within which the long-term delivery of our mission and objectives can be achieved.

The Board has adopted a Reserves Policy which is based on holding 4 months’ operating cost cover in free reserves and on the evaluation of major risks facing the museum, which is reviewed by the Board annually. The objective is to provide a level of unrestricted reserves that will minimise the impact to museum services, should any of the risks materialise, but that does not fully cover all of the main risks as the Board believes that this would provide an unreasonable level of excess reserves. The Board has identified the following as its main risks. The museum:

• Fails to generate satisfactory revenues from its activities to cover increases in operational costs.

• Fails to secure sufficient grant income as a result of continued cuts in government spending.

• Suffers a sudden failure of building structure or major plant requiring immediate attention in order to continue operations.

• Requires further restructuring of operations should grant in aid be substantially reduced.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

• Suffers loss of assets as a result of fraud, theft or cybercrime.

• Fails to respond appropriately to an act of terrorism or major emergency at all/any of the group sites, causing a fall in income and/or loss of reputation.

Accordingly, the Board holds reserves to mitigate the effect of the above risks in the following way:

• Approximately £6m to cover normal operating expenditure for at least 4 months (this excludes discretionary spend such as projects),

• Approximately £1m to cover emergency building repairs, restructuring costs and short term cash flow fluctuations which may arise during the year.

As at 31 March 2024 the balance on the Museum of London’s general funds (as shown in Note 18 – Total General Funds) stood at £6.9m (excluding designated fixed asset and pension reserves) (2023: £7.9m). While the net asset position (excluding the accounting valuation of the Pension Deficit) is strong, this is predominantly in fixed assets, restricted funds, restricted endowment funds or designated funds. Therefore, the Reserves Policy and the level of general funds held is vital to protect the museum from the risks and issues noted above and enables the museum to continue to deliver our mission and objectives. The current risks concerning increased uncertainty over visitor income and grant funding, are examples of why we hold such levels of general reserves and these will be used accordingly to ensure that the museum remains a going concern.

The Museum has a designated Fixed Asset Reserve equating to the net book amount of tangible fixed assets that have not been funded by loans, to reflect the fact that some unrestricted funds are utilised to finance fixed assets and are thus unavailable for working capital.

Risk management and internal control

Purpose of the system of internal control

The system of internal control is designed to manage risk to a reasonable level rather than eliminate the risk of failure to achieve policies, aims and objectives. The system can therefore only provide reasonable and not absolute assurance of effectiveness.

The system of internal control is based on an ongoing process designed to identify and prioritise the principal risks to the achievement of museum’s policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised and to manage them efficiently, effectively and economically.

An effective system of internal control has been in place in the group during the year ended 31 March 2024 and up to the date of approval of the annual report and financial statements.

Capacity to handle risk

The London Museum has a structured risk management process as detailed in the Risk Management Policy and Strategy . The Director has the ultimate responsibility for promoting and embedding this policy and strategy.

Each Executive Team member has responsibility for the identification and assessment of risks within their area and for ensuring that these are managed appropriately.

The Chief Financial Officer provides advice and support to the museum on the risk management strategy, policy, framework and processes. The museum uses the internal audit unit of the City of London Corporation, which operates in accordance with local government internal audit standards as laid down in the CIPFA code of practice. The work of the internal audit unit is informed by an analysis of the risk to which the museum is exposed, and annual internal audit plans are based on this analysis. The analysis of risk and the internal audit plans are endorsed by the museum’s Audit and Risk Management Committee. At least annually, the Head of Internal Audit provides the Audit and Risk Management Committee with a report on internal audit activity in the museum. The report

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

includes the Head of Internal Audit’s independent opinion on the adequacy and effectiveness of the museum’s systems of risk management, internal control and corporate governance.

Risk and Control Framework

The museum’s Risk Management Policy and Strategy explains the organisation’s approach to risk management; provides risk definitions; raises awareness of the principles and benefits involved in the risk management process; identifies the main reporting procedures and promotes good risk management. Embedding of risk management is generally sound but continues to progress. Further work is always required, when personnel and priorities change, to ensure that this continues to be part of all the operations of the organisation.

The Risk Management Policy and Strategy sets out the risk assessment process whereby risks are identified and included within the risk register according to the category of risk and the likelihood and impact of the risk event occurring.

These identified risks are controlled through the system of internal control which is based on a framework of regular management information, administrative procedures including the segregation of duties, and a system of delegation and accountability. In particular, it includes:

• an organisational structure with clear accountability and levels of authority, from the Governors overall responsibility down to the individual staff member;

• comprehensive budgeting systems with an annual budget and five year rolling financial plan that are reviewed and agreed by the Board of Governors;

• regular reviews by the Board of Governors of periodic and annual financial reports which indicate financial and operational performance against plans and forecasts;

• setting targets to measure financial and other performance;

• clearly defined review procedures for proposed capital investments;

• as appropriate, formal project management disciplines;

• codes of conduct for Governors and staff; and

• annual signoffs by senior management that they have complied with their responsibilities.

The risk reporting programme agreed with the Audit and Risk Management Committee is as follows:

• Strategic and major operational risks are reported to and reviewed by the Board of Governors at least once per year and quarterly by the Audit and Risk Management Committee and Executive Team.

• Departmental operational risks are regularly reviewed by the Executive Team (at least twice per year) and heads of department, project managers and other senior managers as appropriate.

Review of effectiveness

The effectiveness of the system of internal control is reviewed by the Audit and Risk Management Committee who meet quarterly and report their findings to the full Board. Their work is informed by the work of the internal auditors, the executive managers within the museum who have responsibility for the development and maintenance of the control framework, and comments made by the external auditors in their management letter and other reports.

26

London Museum Annual Report and Financial Statements Year Ended 31 March 2024 STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors are responsible for preparing the Govemors, Annual Report and the financial statements in accordan￿ with applicable law and regulations. Charity law requires the Governors to prepare financial statemenls for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law}. Under charity law the Govemors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charity and of the incoming resources and application of resources, including the income and expenditure, of the group and charity for that period. In p￿parIng these financial statements, the Govémors are required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the applicable Charitie5 SORP., make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going Con￿rn basis unless it is inappropriate to presume that the group will continue in business. The Governors are responsible for keeping adequate a￿OUntIng records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities {AGcounts and Reports) Regulations 2008, and the provisions of the governing document. They are a150 responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Financial stalements are published on the charity's website in accordan￿ with legislation in the United Kingdom goveming the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity's website is the responsibility of the Govemors. The Governors, responsibility also extends to the ongoing integrity of the financial statements Gontained therein. Audit tendor The museum is in the process of tendering for the audit for the currènt financial year and will appoint the successful supplier once that process is concluded. Dlsclosure of infomiation to Auditor The Govemors confimi that as far as they are aware there is no relevant audit infomiation that has not been brought to the attention of the group's auditor, and that they have taken all steps that they ought to have taken to make themselves aware of any relevant audit infomation and to establish that the auditor is aware of that information. Adoption of report and flnanclal statements Adopted and signed for and on behalf of the Board of Govemors. SlgNd by.. ELWWML 226D9779A4CA493 Clive Bannister ljeoma Ekwueme-okoll Chair of the Board of Governor5, London Museum Governor of the London Museum Date: 23 October 2024 23-oct-24 1 6:20 PM BST 27

London Museum Annual Report and Financial Statements Year Ended 31 March 2024

INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS OF MUSEUM OF LONDON

Opinion on the financial statements

In our opinion, the financial statements:

• give a true and fair view of the state of the Group’s and of the Parent Charity’s affairs as at 31 March 2024 and of the Group’s incoming resources and application of resources for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

We have audited the financial statements of Museum of London (“the Parent Charity”) and its subsidiary (“the Group”) for the year ended 31 March 2024 which comprise the consolidated statement of financial activities, the statement of financial activities, the group and museum balance sheets, the consolidated cash flow statement and notes to the financial statements, 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 Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Group and the Parent Charity in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions related to going concern

In auditing the financial statements, we have concluded that the Governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and the Parent Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

Other information

The Governors are responsible for the other information. The other information comprises the information included in the Governors’ Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion;

• the information given in the Governors’ Report for the financial year for which the financial statements are prepared is inconsistent in any material respect with the financial statements; or

• adequate accounting records have not been kept by the Parent Charity; or

• the Parent Charity financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of Governors

As explained more fully in the Statement of Governors’ Responsibilities, the Governors 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 Governors 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 Governors are responsible for assessing the Group’s and the Parent Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the Group or the parent Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to 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 auditor’s 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. Misstatements 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 basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in

29

London Museum Annual Report and Financial Statements Year Ended 31 March 2024

respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Non-compliance with laws and regulations

Based on:

• Our understanding of the Group and the sector in which it operates;

• Discussion with management, and those charged with governance; and

• Obtaining and understanding of the Group’s policies and procedures regarding compliance with laws and regulations;

We considered the significant laws and regulations to be the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ published in 2019, Financial Reporting Standard (FRS102) and Charities Act 2011.

The Group is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be employment law, health and safety legislation and the Bribery Act 2010.

Our procedures in respect of the above included:

• Review of minutes of meeting of those charged with governance for any instances of noncompliance with laws and regulations;

• Review of correspondence with regulatory and tax authorities for any instances of noncompliance with laws and regulations; and

• Review of financial statement disclosures and agreeing to supporting documentation.

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

• Enquiry with management, internal audit and those charged with governance regarding any known or suspected instances of fraud;

• Obtaining an understanding of the Group’s policies and procedures relating to: o Detecting and responding to the risks of fraud; and

• Internal controls established to mitigate risks related to fraud.

• Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud;

• Discussion amongst the engagement team as to how and where fraud might occur in the financial statements;

• Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

• Considering remuneration incentive schemes and performance targets and the related financial statement areas impacted by these.

Based on our risk assessment, we considered the areas most susceptible to fraud to be journal entries, estimates and the existence and timing of income recognition for the New Museum project.

Our procedures in respect of the above included:

• Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation;

• Assessing significant estimates made by management for bias, including the defined benefit pension scheme assumptions and the useful life of fixed assets.; and

• Testing a sample of income recognised in respect of the New Museum project during the year, by agreeing to supporting documentation.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s Governors, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Governors those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Governors as a body, for our audit work, for this report, or for the opinions we have formed.

BDO LLP, statutory auditor London, UK 24 October 2024

BDO LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

LONDON MUSEUM GROUP CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

Expressed in £’000 Notes		2024		2023
		Unrestricted Funds Restricted Funds	Endowm -ent	Total Funds Total Funds
			Fund
INCOME AND ENDOWMENTS
Donations, grants and legacies 3		15,170 1,209	-	16,379 17,020
Other trading activities 4		1,783 -	-	1,783 2,003
New Museum project 5		- 79,949	-	79,949 41,494
Investment income 6		304 751	-	1,055 231
Income from charitable activities 7		458 50	-	508 384
Total Income and Endowments		17715 81959	-	99674 61132
		, ,		, ,
EXPENDITURE ON
Raising funds 8		1,839 -	-	1,839 2,991
Charitable activities 8		18,617 1,246	-	19,863 23,337
New Museum project 8		- 50,168	-	50,168 31,186
Total Expenditure before gain/(loss)		20456 51414		71870 57514
on investments		, ,	-	, ,
Gain/(loss) on investments 14		- 55	60	115 (42)
Net (expenditure) / income before transfers		(2,741) 30,545	-	27,804 3,576
Transfers between funds 18 (A)		- -	-	- -
Net (expenditure) / income before other recognised gains and losses		(2,741) 30,600	60	27,919 3,576
Other recognised gains and losses
Actuarial gain on defined benefit 22		5,222 -	-	5,222 53,386
pension schemes
Net movement in funds		2,481 30,600	60	33,141 56,962
Reconciliation of funds in 2023/24
Funds brought forward at 1 April 2023		21,770 29,704	2,034	53,508 (3,454)
Net movement in funds		2,481 30,600	60	33,141 56,962
Funds carried forward at 31 March 1 A		22	2
2024 8 ()		4,51 60,304	,094	86,649 53,508
Reconciliation of funds in 2022/23
Funds brought forward at 1 April 2022		(24,376) 18,866	2,056	(3,454)
Net movement in funds		46,146 10,838	(22)	56,962
Funds carried forward at 31 March 2023 18 (A)		21,770 29,704	2,034	53,508

There are no other gains or losses other than those recognised above and therefore no separate statement of total gains and losses has been prepared. All activities derive from continuing operations.

The notes on pages 36 to 62 form part of these financial statements.

32

London Museum Annual Report and Financial Statements Year Ended 31 March 2024

MUSEUM OF LONDON CHARITY STATEMENT OF FINANCIAL ACTIVITIES

Expressed in £’000 Notes		2024		2023
		Unrestricted Funds Restricted Funds	Endowm -ent	Total Funds Total Funds
			Fund
INCOME AND ENDOWMENTS
Donations, grants and legacies 3		15,565 1,209	-	16,774 17,257
Other trading activities 4		949 -	-	949 1,163
New Museum project 5		- 79,949	-	79,949 41,469
Investment income 6		304 751	-	1,055 90
Income from charitable activities 7		458 50	-	508 384
Total Income and Endowments		17276 81959	-	99235 60383
		, ,		, ,
EXPENDITURE ON
Raising funds 8		1,400 -	-	1,400 2,298
Charitable activities 8		18,617 1,246	-	19,863 23,320
New Museum project 8		- 50,168	-	50,168 31,186
Total Expenditure before gain/(loss)		20017 51414		71431 56804
on investments		, ,	-	, ,
Gain/(loss) on investments 14		- 55	60	115 -
Net (expenditure) / income before transfers		(2,741) 30,600	60	27,919 3,559
Transfers between funds 18 (A)		- -	-	- -
Linking direction of the Trust Funds		120 2,330	2,034	4,484 -
Net (expenditure) / income before other recognised gains and losses		(2,621) 32,930	2,094	32,403 3,559
Other recognised gains and losses
Actuarial gain on defined benefit 22		5,222 -	-	5,222 53,386
pension schemes
Net movement in funds		2,601 32,930	2,094	37,625 56,945
Reconciliation of funds in 2023/24
Funds brought forward at 1 April 2023		22,050 26,970	-	49,020 (7,925)
Net movement in funds		2,601 32,930	2,094	37,625 56,945
Funds carried forward at 31 March 18 A		2461 9900	2094	8664 49020
2024 ()		,5 5,	,	,5 ,
Reconciliation of funds in 2022/23
Funds brought forward at 1 April 2022		(24,106) 16,181	-	(7,925)
Net movement in funds		46,156 10,789	-	56,945
Funds carried forward at 31 March 2023 18 (A)		22,050 26,970	-	49,020

There are no other gains or losses other than those recognised above and therefore no separate statement of total gains and losses has been prepared. All activities derive from continuing operations.

The notes on pages 36 to 62 form part of these financial statements.

33

London Museum Annual Report and Financial Statements Year Ended 31 March 2024 LONDON MUSEUM GROUP AND MUSEUM BALANCE SHEETS ExFwessed in £'OOO Fixed assots Heritage assets Intangible assets Other tangible assets Notss Group 2024 4,401 609 25,505 30,515 4,047 34,562 Mv8eum 2023 4.650 364 22,629 27.643 3,932 31,575 2024 4,401 609 25.SOS 30.515 4,047 34.562 2023 4,650 364 22,629 27.643 12A&13 12C 12B Investments Totrl fixed aB8ets Current a￿ets Stock Dgbtors Investments Cash al bank and in hand Total Currant assets Current liabilities Cr￿ltOrS- arllounts falling due wilhln one year Net current assets Totsl assets less current Ilabllltleg Crndltors . amounts falling due aft•r on• year City of London Corporation Net assets excludlng penslon 11oblllty Defined benefit pension liability Net a$$ets including pension Ilablllty 14 27,643 52 33,643 68 13.137 4.000 25,650 42,855 15 34.812 4,000 34,175 72,987 14,620 4.000 23,507 42,127 35,603 73,298 16 115,8611 57.437 91.999 110,2781 32.577 64,152 115.5541 57.433 91,995 {10,1061 32.021 59.664 215 14,840) 87.159 15101 86,649 {5,2351 58,917 15,4091 53.508 {4,8401 87,155 15101 86,645 {5,235) 54,429 15,409} 49.020 22 The funds of th• chority Reslricled Endowment fvnds Restricted income funds Designated funds Dafined benefit pension resetve General resetves Total funds and rn8orv08 18&19 2.034 29.704 19,301 15.4091 7.878 53,508 2,094 59,900 17,719 {5101 7.442 86.645 60,304 17.719 {510) 7.042 86,649 26,970 19,289 (5.4091 8,170 49,020 The notes on pages 36 to 62 fom part of these financial statements. The financial statements were approved by the Board of Governors on 23 October 2024. Signed on ils behalf by.. gn•d by.. 226D9779A4CA493. Clivg Bannlster ljeoma Ekwuemo-okoll Govemor of the London Museum Chair of the Board ofGovemors, London Museum 34

London Museum Annual Report and Financial Statements Year Ended 31 March 2024

CONSOLIDATED CASH FLOW STATEMENT

CONSOLIDATED CASH FLOW STATEMENT	CONSOLIDATED CASH FLOW STATEMENT
Expressed in £’000 Notes		2024 2023 15,312 8,275 1,055 231 - (4,000) (5,803) (821) (4,748) (4,590) (143) (80) (468) (492) (611) (572) 9,953 3,113
Cash flows from operating activities: Net cash flow provided by operating activitiesB Cash flows from investing activities: Interest and dividends received Payments to acquire investments Payments to acquire tangible fixed assets Net cash flow (used in) investing activities Cash flows from financing activities: Interest paid Financing - Repayments of long-term borrowing A Net cash flow (used in) financing activities Increase in cash and cash equivalents in the year A A) Analysis of changes in net debt (Group)
Expressed in £’000	Balance	Balance
	1 Apr 2023 Cashflows 31 Mar 2024
Cash and cash equivalents
Cash at bank	13,631 7,505 21,136 19 448 467
Cash held in escrow
Cash on deposit(3 months or less)	12,000 2,000 14,000
	25,650 9,953 35,603
Borrowings
Debt due within one year	(465) 70 (395) (5,235) 395 (4,840)
Debt due after oneyear
	(5,700) 465 (5,235)
Total	19,950 10,418 30,368

B) Reconciliation of net expenditure to net cash inflow from operating activities

EXPRESSED IN £’000	2024 2023
Net expenditure before other recognised gains and losses	27,919 3,576
Interest and dividends receivable	(1,055) (231)
Interest payable	146 80 (115) 42
(Gains) / loss on investments
Pension costs – see Note 22	323 4,420
Depreciation	2,931 3,572
Net Operating Income	30,149 11,459
Decrease in stock	16 65
(Increase) in debtors and long term contracts	(20,506) (6,051)
Increase in creditors (excludingloans/overdrafts)	5,653 2,802
Net cash flow provided by operating activities	15,312 8,275

35

London Museum Annual Report and Financial Statements Year Ended 31 March 2024

NOTES TO THE FINANCIAL STATEMENTS

1) ACCOUNTING POLICIES

A) BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS

The financial statements have been prepared, on a going concern basis as detailed on pages 23 to 24 and below, under the historical cost accounting convention, with the exception of investments which have been included at market value, and comply with the Charities Act 2011, the Statement of Recommended Practice Accounting and Reporting by Charities SORP (FRS 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland) and applicable accounting standards in the United Kingdom. The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the relevant version of the 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 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Museum of London is a public benefit entity under FRS 102.

Going Concern

The accounts are prepared on the going concern basis as financial projections show the museum is able to meet its liabilities as they fall due for the foreseeable future. In reaching the conclusion on the ability of the museum to remain a going concern, the Governors have carefully considered the longer term impact of the Covid-19 pandemic and reviewed the forward financial projections to 31 March 2026.

Governors believe that the museum has put in place a robust structure that, in conjunction with the prudent reserves policy, will allow it to manage the foreseeable risks to the organisation. The accounts are therefore prepared on the going concern basis as financial projections show the museum is able to meet its liabilities as they fall due for the foreseeable future.

The principal uncertainties currently facing the organisation are the prolonged uncertainty of visitor numbers, security of future funding and inflationary pressures on operational costs. The Governors and Executive Team continue to closely monitor the impacts, and believe that the organisation is in a financial position to help manage these risks.

The New Museum project is a significant investment of £437m, with a key milestone being the joint funding announcement on 5 September 2024. The project is currently funded by drawdowns in advance from the City of London Corporation. The cash outflows over the coming two years from April 2024 are expected to be circa £295m (although these are dependent on the programme and may change), matched against a combination of grant income from the City of London Corporation and the Greater London Authority, and the museum’s fundraising campaign. Given the current economic environment facing potential donors, uncertainty exists over these amounts. We are also reliant on the project being closely managed during this period to prevent delays and increases to the cost base for the project. Controls are in place to mitigate these risks.

In addition to the above funding model, where we act as lead charity within the terms of a Design Services Agreement with the City of London Corporation, income is received from the City of London Corporation in the month that the consultants are paid. As lead charity we have procured and contracted with suppliers to provide design and other services relating to the New Museum project which are then recharged to the City of London Corporation as set out in note 5 to the financial statements.

The key factors in our going concern assessment are:

• The museum has confirmed funding from our statutory grant funders until March 2025 and commitment from both statutory funders for the following 5 years. This ensures the Museum has certainty over Grant in Aid funding to 31 March 2030.

• The Docklands museum is welcoming visitor numbers at pre Covid levels and will remain open to the public. Work is being done to scope a long-term masterplan to optimise the site and enhance the visitor experience.

• ACE funding of £1.1m per annum for National Portfolio Organisation funding has been confirmed for the three years to 2026. ACE Sector Support Organisation funding has also confirmed for the three years to 2026.

• The museum continues to invest in its management capability and has a Board of Governors that brings in additional expertise.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

• The museum has robust financial modelling procedures that allow it to deal with changing assumptions.

• The museum’s five year Strategic Plan contains a key objective to move to the Smithfield site where the opportunities for growth in visitors and self-generated income will be greater after opening a larger site across two market buildings.

• The City of London Corporation and GLA have confirmed their commitment to the New Museum project through budgets approved by the Court of Common Council and Policy and Resources Committee, and funding is drawn down in advance against these approved budgets. Other factors of note are:

• i. The forecast project spend from April 2024 to 31 March 2026 is circa £295m (dependent on the programme) and is within budget and overall funding commitments.

• ii. The going concern assessment period largely covers RIBA Stage 5 of the project and break clauses are in place for the construction contracts to manage cashflow if funding levels changed.

• iii. None of the philanthropic funders have withdrawn pledges.

• iv. We have not drawn down or will not draw down funding that is philanthropically raised until the latter stages of the project, thus we will never be in the position of having to pay back donors’ money should the project fail.

On the basis of the above and the assumption that grant in aid from our statutory funders (the City of London Corporation and the GLA) will be at least in line with 2024/25, Governors believe that the museum’s robust structure, in conjunction with the prudent reserves policy explained below, will allow it to manage the foreseeable risks to the organisation. There is a risk that the Museum could require further funding due to an unplanned decline in visitor numbers to London Museum Docklands. However, the Board has reviewed the Museum’s cash flow forecasts and believes it has sufficient cash flows for the next twelve months and there is no material uncertainty. As such, the Governors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Basis of consolidation

Consolidated financial statements have been prepared for the museum, which consolidate the financial statements of the Museum of London, Museum of London (Trading) Limited, the London Museum Fund, the Joicey Fund and the Mackenzie Bell Fund on a line by line basis. In March 2024 the three Trust Funds were linked with the parent Charity and therefore separate financial statements are not required for those three charities. The consolidated financial statements present the results of the Museum of London and its subsidiaries ("the Group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. Uniform accounting policies have been applied across the group and have been applied consistently year on year. The functional currency is GBP Sterling.

In preparing the separate financial statements of the parent charity, advantage has been taken of the disclosure exemptions available to qualifying entities, and no cash flow statement or net debt reconciliation has been presented for the parent charity.

B) INCOME

Income is recognised when the museum has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably. Grant income is recognised as income when the conditions for its receipt have been met. Retail income is recognised when the sale takes place. Event and commercial hire income is recognised when the event takes place. Donations are accounted for when the museum has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Gift Aid receivable is included in income when there is a valid declaration from the donor.

Funding for the New Museum Project

• Funds relating to the New Museum project are accounted for when the Museum has entitlement to funds upon submission of a drawdown request to the City of London Corporation.

• Funds relating to the recharge of expenses (as described in note 5 to the financial statements) are accounted for when the Museum has entitlement to funds upon submission of recharge invoices to the City of London Corporation.

C) EXPENDITURE

Expenditure is classified under the principal categories of the cost of raising funds (costs of activities that are not in themselves charitable but which are incurred to generate income to support charitable activities),

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

charitable activities (costs incurred in furtherance of the charity’s objectives, including a proportion of governance costs), and other costs.

Within the costs of raising funds are the costs of generating voluntary income and trading: costs of goods sold and other costs. The costs of generating voluntary income are the costs of fundraising and the costs of administering the museum’s Friends’ scheme. Trading costs relate to the museum shops, event hire and catering.

Expenditure incurred on charitable activities is subdivided into communications, programmes and learning (adult, family and schools education programmes), galleries and exhibitions, collections (conservation and curation) and governance (costs in connection with the constitutional and statutory requirements of the museum).

Categories of expenditure include direct and indirect costs. Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with their use of the resources.

Pension financing costs, arising from changes in the net of the interest costs and the expected return on assets, have been apportioned across the expenditure categories on the basis of the number of pensionable employees. Financing costs relating to interest payable on loans are included in the building maintenance category for purposes of apportionment as the loans are for building improvements.

As detailed in Note 9, support costs comprise finance, administration, human resources, information technology, Directorate and some premises costs. Support costs are apportioned across the resources expended categories on a basis consistent with their use of the resources, principally by reference to staff head count.

Resources expended are accounted for on an accruals basis.

D) IRRECOVERABLE VAT

Irrecoverable VAT is charged as an expense apportioned across expenditure categories pro-rata.

E) FUND ACCOUNTING

The museum’s financial statements comprise a number of individual funds that divide into distinct categories. These are defined below.

General funds are unrestricted funds and comprise revenue balances that have arisen and are available for use at the discretion of the Board of Governors in furtherance of the general objectives of the museum. The London Museum Trust (income element) is also a general fund, which, although the responsibility of a separate Trust, is available for the general objectives of the museum.

Designated funds are also unrestricted and comprise funds that have been set aside at the discretion of the Board of Governors for specific purposes. Funds representing the net book value of the tangible fixed assets of the museum not funded by loans are transferred to a designated fund to the extent that sufficient general funds are available.

Restricted funds are subject to specific restrictions imposed by the donor and include grants and donations for Museum of London major projects, Mackenzie Bell Trust and the Joicey Trust (income element).

Restricted Endowment funds - Joicey Trust and London Museum Trust are trust funds in which the donor has provided that the capital cannot be converted to income (London Museum Trust - except by the approval of the Board of Governors).

F) FIXED ASSETS

Heritage Assets

The Museum of London is one of the world’s largest urban history museums and cares for approximately seven million objects in its collection.

The Governors consider that the vast majority of items in the collection would be difficult, if not impossible, to value. The collection includes social history and archaeological items with no obvious market value as well as

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

many unique items with no comparable sale records to use as the basis for valuation. Even if valuations could be obtained, the costs would be onerous compared with the benefit derived by the museum and the users of the financial statements. As a result, no value is reported for these assets in the museum’s balance sheet.

The exception is for heritage assets purchased since 1 April 2001, which are capitalised if the cost is greater than £3,000. Items in the collection that are capitalised are stated at cost but, with the exception of the Docklands property, are not depreciated as the amount of depreciation is regarded as immaterial due to their anticipated high residual value. The Museum of London Docklands building is depreciated over 4-30 years in line with the expected useful life of each asset.

Tangible Assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

All tangible assets with a cost greater than £3,000 are capitalised and depreciated on a straight-line basis to write off the cost over their expected useful lives. Assets under construction are depreciated from the year of completion. From 1 April 2001 historic artefacts and inalienable assets purchased, with a value of over £3,000 have been capitalised. No depreciation is charged on these items.

Leasehold property including buildings, Over 5-99 years; the shorter of the expected useful improvements, renovations and extensions life and the length of the lease. Historic artefacts and museum exhibits No depreciation is charged on acquired historic artefacts. Museum exhibits are depreciated over the expected life of the exhibit, typically 10 years. Assets under construction No depreciation is charged until completion. Other assets including furniture, equipment, Over 4 years (25%) or the asset’s expected vehicles and plant useful life if shorter.

An impairment review and assessment of useful economic lives is completed at each reporting date. Additional impairment reviews are undertaken should an indication of impairment be identified.

Intangible Assets

Intangible fixed assets are stated at cost. All intangible assets with a cost greater than £3,000 are capitalised and depreciated on a straight-line basis to write off the cost over their expected useful lives, typically 10 years.

G) INVESTMENTS

Investments shown under fixed assets are investments in listed company shares, which have been classified as non-current asset investments, are re-measured to market value using the bid price at each balance sheet date. Gains and losses on re-measurement are recognised in profit or loss for the period.

Investments in subsidiaries are recognised at cost in the financial statements of Museum of London. The unrealised profit or loss on investments is shown on the Consolidated Statement of Financial Activities.

Current asset investments are fixed term deposits that have a maturity greater than three months from the date of acquisition or opening of the deposit or similar account.

H) STOCK

Stock consists of purchased goods for resale and is valued at the lower of cost and net realisable value using the weighted average cost method.

I) RECOGNITION OF LIABILITIES

Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

J) PENSION COSTS

The Museum’s employees are eligible to contribute to the Museum of London Staff Pension Fund (the Fund), which is part of a multi-employer defined benefit scheme called the City of London Corporation Pension Fund, administered under the regulations of the Local Government Scheme.

Charges are made to the income and expenditure account based on the recommendations of the Fund’s actuary. They are applied between the Fund’s triennial valuations so as to include the expected cost of providing pensions on a systematic and rational basis over the period during which the museum derives benefit from the employees’ services.

The current service cost of the defined benefit scheme is charged to employee costs over the anticipated period of employment. Net pension finance income or costs are included immediately in employee costs and allocated via support costs. Actuarial gains and losses are recognised immediately on the face of the Statement of Financial Activities. A provision for the scheme deficit is shown on the face of the balance sheet. The amounts charged to the Statement of Financial Activities for defined contribution schemes represent the contributions payable in the period. The actuary estimates the employer’s share of the assets of the Fund at approximately 6.59%.

K) HOLIDAY PAY

In accordance with the requirements of the Charity SORP (FRS 102) holiday entitlement untaken as at the balance sheet date is accrued in full.

L) DONATED GOODS, FACILITIES AND SERVICES

Donated goods, facilities and services are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the museum is not recognised. Refer to the Governors’ Annual Report for more information about their contribution.

On receipt, donated goods, facilities and services are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is recognised in expenditure in the period of receipt.

Donated fixed assets for on-going use by the museum are recognised as tangible fixed assets when their fair value exceeds the museum’s threshold for capitalisation set by the museum’s accounting policy. The corresponding gain is recognised as income. In common with any other tangible assets, donated goods held as tangible fixed assets are depreciated over their useful economic life.

M) CASH AT BANK AND IN HAND

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

N) CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group’s accounting policies, described above, the Governors are required to make judgements, estimates and assumptions about the carrying amounts 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 estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future periods if the revision affects both current and future periods.

Critical judgements

In preparing these financial statements, the key judgements have been made in respect of the following:

• Depreciation is based on the management’s judgement of the useful economic life of each asset or asset group, which determines the rate at which the asset or asset group is written down.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

• For the assets at London Wall, the useful economic life has been adjusted to align with the expected date when we will vacate the building.

• New museum capital costs have been identified and capitalised as asset under construction.

Key sources of estimation uncertainty

The present value of the museum’s share of the City of London Corporation Pension Fund Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. Any changes in these assumptions, which are disclosed in Note 22, will impact the carrying amount of the pension liability. A roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2023 has been used by the actuary in valuing the pensions liability at 31 March 2024. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.

O) FINANCIAL INSTRUMENTS

Museum of London has adopted Section 11 FRS 102 in respect of financial instruments.

(i) Basic financial assets , including trade and other receivables and cash and bank balances are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost, less any impairment.

(ii) Basic financial liabilities , including trade and other payables, are initially recognised at transaction price (after deducting transaction costs) and subsequently held at amortised cost.

Museum of London has no financial instruments that fall within the scope of Section 12 of FRS 102.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

2) CONSOLIDATION OF LINKED CHARITIES’ AND TRADING SUBSIDIARY UNDERTAKINGS

The Joicey Trust, Mackenzie Bell Trust and London Museum Trust all have objects which are exclusively to provide funds for the Museum of London and Trustees who are appointed by the Museum of London. In March 2024 the Charity Commission approved to link the three trusts with the parent charity, Museum of London.

The Museum of London holds the entire share capital (£2) of the Museum of London (Trading) Limited.

Two companies were incorporated on 16 July 2024 as part of the rebrand and both are currently dormant: London Museum Limited and London Museum Trading Limited.

The results of the subsidiary entities for the year ended 31 March 2024 were as follows:

Expressed in £’000	Joicey Trust Mackenzie Bell Trust London Museum Trust	Museum of London (Trading)	Total 2024 Total 2023
Incoming resources	44 82 35	1,749	1,910 2,059
Resources expended	(23) (52) (5)	(1,749)	(1,829) (1,999)
Net incoming resources	21 30 30	-	81 60
Unrealised gain/(loss) on investments	33 55 27	-	115 (42)
Net movement in funds	54 85 57	-	196 18

Museum of London (Trading) resources expended includes gift aid due to the parent of £395k (2023: £176k).

The assets, liabilities and funds of the subsidiary and linked undertakings as at 31 March 2024 were as follows:

Expressed in £’000	Joicey Trust	Mackenzie Bell Trust London Museum Trust Museum of London (Trading)	Total 2024	Total 2023
Net Assets
Investments	1,128	1,949 971 -	4,048	3,933
Current assets	135	352 145 1,716	2,348	2,438
Current liabilities	-	- - (1,716)	(1,716)	(1,887)
Total net assets	1,263	2,301 1,116 -	4.680	4,484
Funds employed
Permanent Endowment	1,128	- - -	1,128	1,096
Expendable Endowment	-	- 966 -	966	938
Restricted funds	135	2,301 - -	2,436	2,330
Unrestricted funds	-	- 150 -	150	120
Total funds	1,263	2,301 1,116 -	4,680	4,484

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

3) DONATIONS, GRANTS AND LEGACIES

Expressed in £’000	LONDON MUSEUM GROUP	LONDON MUSEUM GROUP
	Unrestricted Funds Restricted Funds	Total 2024	Total 2023
Greater London Authority Revenue grants	7,828 -	7,828	7,616
Greater London Authority Capital grants	- 133	133	498
City of London Corporation Revenue grants	5,435 138	5,573	5,667
Arts Council England and related programmes	1,400 -	1,400	1,429
Other grants	306 442	748	1,444
Other donations	201 496	697	366
Total	15,170 1,209	16,379	17,020
Expressed in £’000	LONDON MUSEUM GROUP
	Unrestricted Funds Restricted Funds	Total 2023	Total 2022
Greater London Authority Revenue grants	7,600 16	7,616	7,610
Greater London Authority Capital grants	- 498	498	500
City of London Corporation Revenue grants	5,292 375	5,667	5,666
Arts Council England and related programmes	1,429 -	1,429	1,387
Coronavirus Job Retention scheme grants	- -	-	101
Other grants	37 1,407	1,444	470
Other donations	272 94	366	301
Total	14,630 2,390	17,020	16,035

Gifts in kind and pro bono services received in the year were valued and recorded by the Museum in accordance with the Accounting Policy Note 1 (L). Other donations include £1k for gifts and services in kind received during the year (2023: £54k).

Expressed in £’000	MUSEUM OF LONDON CHARITY	MUSEUM OF LONDON CHARITY	MUSEUM OF LONDON CHARITY
	Unrestricted Funds	Restricted Funds	Total 2024 Total 2023 7,828 7,616 133 498 5,573 5,667 1,400 1,426 747 1,508 1,093 542 16,774 17,257
Greater London Authority Revenue grants	7,828	-
Greater London Authority Capital grants	-	133
City of London Corporation Revenue grants	5,435	138
Arts Council England and related programmes	1,400	-
Other grants	305	442
Other donations	597	496
Total	15,565	1,209

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

Expressed in £’000	MUSEUM OF LONDON CHARITY	MUSEUM OF LONDON CHARITY	MUSEUM OF LONDON CHARITY
	Unrestricted Funds	Restricted Funds	Total 2023 Total 2022 7,616 7,610 498 500 5,667 5,666 1,426 1,385 - 101 1,508 511 542 856 17,257 16,629
Greater London Authority Revenue grants	7,600	16
Greater London Authority Capital grants	-	498
City of London Corporation Revenue grants	5,292	375
Arts Council England and related programmes	1,426	-
Coronavirus Job Retention Scheme grants	-	-
Other grants	101	1407
Other donations	448	94
Total	14,867	2,390

4) OTHER TRADING ACTIVITIES

Expressed in £’000	LONDON MUSEUM GROUP
	2024 2023
Shops	295 598
Private events and functions	1,250 1,133
Photographic library and licensing	31 36
Other	207 236
Total	1,783 2,003

Other Trading Activities income is split between Museum of London (Trading) Limited £1,749k (2023: £1,889k) and Museum of London £34k (2023: £114k), of which £nil is restricted (2023: £nil).

Other Trading Activities in the Museum of London also includes £915k of recharges from the Museum of London (Trading) Limited (2023: £1,049k), which are eliminated on consolidation.

5) NEW MUSEUM PROJECT

Expressed in £’000	MUSEUM OF LONDON CHARITY AND LONDON MUSEUM GROUP	MUSEUM OF LONDON CHARITY AND LONDON MUSEUM GROUP	MUSEUM OF LONDON CHARITY AND LONDON MUSEUM GROUP
	2024	2023
INCOME
City of London Corporation grants	56,207	37,655
Other income	23,742	3,839
Total	79,949	41,494

Restricted income of £79,949k (2023: £41,494k) were received during the year to fund specific activities for the New Museum project including RIBA Stages 4 and 5 project costs. Of this £56,207k (2023: £37,655k) was grants received from the City of London Corporation and £22,000k (2023: £1,700k) was external fundraising which includes £70k (2023: £53k) of gifts in kind. Other remaining income relates to invoiced income received from the City of London Corporation where the museum has acted as lead charity to provide design and other services. As lead charity the Museum has procured and contracted with suppliers to provide design and other services relating to the New Museum project which are then recharged to the City of London Corporation.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

6) INVESTMENT INCOME

Expressed in £’000	LONDON MUSEUM GROUP
	2024 2023
Interest on cash balances	916 98
Dividends received	139 133
Total	1,055 231

Investment Income is split Museum of London £894k (2023: £90k) and linked charities £161k (2023: £141k). Included in Investment Income is £751k (2023: £155k) of restricted funds.

£630k (2023: £518k) of the cash balances for the Museum of London and the Trust Funds are invested by the Chamberlain of the City of London Corporation at competitive rates that averaged 4.29% in 2024 (2023: 1.83%).

7) INCOME FROM CHARITABLE ACTIVITIES

Expressed in £’000	MUSEUM OF LONDON CHARITY AND LONDON MUSEUM GROUP	MUSEUM OF LONDON CHARITY AND LONDON MUSEUM GROUP	MUSEUM OF LONDON CHARITY AND LONDON MUSEUM GROUP
	2024	2023
Exhibitions and events	505	375
Other	3	9
Total	508	384

Included in Income from Charitable Activities is £50k (2023: £32k) of restricted funds. All other income is unrestricted.

8) EXPENDITURE

8) EXPENDITURE
LONDON MUSEUM GROUP Expressed in £’000	Direct Staff Costs Other Direct Costs Support Costs	Total 2024	Total 2023
Expenditure on Raising funds
Cost of generating voluntary income	70 34 151	255	342
Trading	622 761 201	1,584	2,649
	692 795 352	1,839	2,991
Expenditure on Charitable activities
Communications	787 831 418	2,036	1,707
Programmes and learning	2,459 1,517 1,104	5,080	5,885
Galleries and exhibitions	1,687 1,803 518	4,008	5,815
Collections	3,053 4,405 1,104	8,562	9,768
Governance	34 126 17	177	162
	8,020 8,682 3,161	19,863	23,337
New Museumproject	- 50,168 -	50,168	31,186
Total Expenditure	8,712 59,545 3,513	71,870	57,514

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

LONDON MUSEUM GROUP Expressed in £’000	Direct Staff Costs Other Direct Costs Support Costs	Total 2023	Total 2022
Expenditure on Raising funds
Cost of generating voluntary income	33 10 299	342	321
Trading	815 1,136 698	2,649	2,458
	848 1,146 997	2,991	2,779
Expenditure on Charitable activities
Communications	502 773 432	1,707	1,498
Programmes and learning	2,365 1,560 1,960	5,885	5,426
Galleries and exhibitions	2,009 2,178 1,628	5,815	5,110
Collections	2,825 4,551 2,392	9,768	9,094
Governance	32 97 33	162	154
	7,733 9,159 6,445	23,337	21,282
New Museumproject	- 31,186 -	31,186	22,790
Total Expenditure	8,581 41,491 7,442	57,514	46,851

Governance costs comprise audit fees, an apportionment of directors’ remuneration and other costs and an apportionment of support costs.

Expenditure is split Museum of London £71,339k (2023: £56,803k) and subsidiaries and linked charities £451k (2023: £711k).

Expenditure includes £51,414k (2023: £33,202k) of restricted funds.

9) ALLOCATION OF SUPPORT COSTS

LONDON MUSEUM GROUP Expressed in £’000		Cost of Raising Funds Charitable Activities	Governance Costs	Governance Costs		Total 2024 Total 2023
Finance and administration		127 1,126		5		1,258 1,358
Management costs		63 568		3		634 586
Human resources and IT		130 1,160		6		1,296 1,078
Pension liability– finance costs, etc.		32 289		2		323 4,420
Group total support costs		352 3,143		16		3,511 7,442
MUSEUM OF LONDON GROUP Expressed in £’000		Cost of Raising Funds Charitable Activities		Governance Costs		Total 2023 Total 2022
Finance and administration		183 1,170		5		1,358 1,462
Management costs		78 505		3		586 630
Human resources and IT		144 929		5		1,078 1,122
Pension liability– finance costs, etc.		592 3,808		20		4,420 4,750
Group total support costs		997 6,412		33		7,442 7,964

Support costs are defined and allocated as disclosed in Note 1c, Accounting Policies.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

10) EMPLOYEES

STAFF COSTS

STAFF COSTS
	LONDON MUSEUM GROUP
Expressed in £’000	2024		2023
Salaries and wages	10,380		9,678
Social security costs	1,079		1,030
Pension costs	1,574		1,491
Employment agencies	725		812
	13,758		13,011

The Governors neither received nor waived any emoluments during the year (2023: £nil). Reimbursement of travel and meeting expenses to Governors of the Museum of London were in total £3,072, paid to one Governor (2023: £606, paid to one Governor).

Staff costs in 2023/24 include £70k redundancy costs (2023: £49k) of which £35k was accrued at the year end and due to be paid in 2023/24. Redundancy and termination payments are recognised when there is a demonstrable commitment on an individual or group basis that cannot be realistically withdrawn.

The number of employees with remuneration above £60,000 was within the ranges listed below:

	LONDON MUSEUM GROUP
	2024 2023 8 5 8 4 1 1 - 1 1 2 2 2 1 - - 1 1 - - - 1 -
£60,000 to £70,000
£70,001 to £80,000
£80,001 to £90,000
£90,001 to £100,000
£100,001 to £110,000
£110,001 to £120,000
£120,001 to £130,000
£170,001 to £180,000
£180,001 to £190,000
£190,001 to £200,000
£200,001 to £210,000

Under the museum’s defined benefit pension scheme, retirement benefits are accruing to 13 staff disclosed above.

The compensation (including employer’s national insurance contributions) of the key management personnel was £1,057k (2023: £1,046k). The roles included in the key management personnel are listed in the Governors’ Report on pages 17 and 18.

The remuneration of the Director, who was also the highest paid employee, was as follows:

	2024 2023
	£ £
Salary	195,610 180,088 38,004 28,994
Contribution to pension scheme

BENEFITS IN KIND

No employee received any benefit in kind during the year.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

AVERAGE NUMBER OF EMPLOYEES

The average number of employees, analysed by the categories of resources expended, and after the apportionment of 35.6 (2023: 32.5) support staff, was:

	LONDON MUSEUM GROUP
	2024 2023
Cost of Raising Funds
Costs of generating voluntary income	11 11
Trading	15 24
	26 35
Charitable Activities
Communications	30 15
Programmes and learning	78 69
Galleries and exhibitions	38 59
Collections	80 85
	226 228
Total	252 263

The average headcount during the year excluding casual or agency staff was 260 (2023: 269).

The decrease in staff numbers is due to decrease in number of staff required to work on the New Museum project across Fundraising, Visitor Experience and Collections. Staff costs above include casual staff equivalent to approximately 8 full time staff (2023: 9).

11) NET OUTGOING RESOURCES

Net outgoing resources is stated after charging:

et outgoing resources is stated after charging:
Expressed in £’000	LONDON MUSEUM GROUP
	2024 2023
Depreciation	2,931 3,572
Auditor's remuneration:
Audit fees – statutory audit	96 80
Taxation compliance fees	6 5

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

12) FIXED ASSETS

At 31 March 2024 no fixed assets were held by any subsidiary company and both the opening and the closing positions for fixed assets were identical in the charity and the group.

TOTAL FIXED ASSETS -

LONDON MUSEUM GROUP AND CHARITY Expressed in £’000	Heritage Assets Intangible Assets Other Tangible Assets Total
Cost
At 1 April 2023	16,960 1,049 75,686 93,695
Additions	20 402 5,381 5,803
Disposals	- - (186) (186)
Transfers	- - - -
At 31 March 2024	16,980 1,451 80,881 99,312
Accumulated Depreciation
At 1 April 2023	12,310 685 53,057 66,052
Charge	269 157 2,505 2,931
Disposals	- - (186) (186)
At 31 March 2024	12,579 842 55,376 68,797
Net book value
At 1 April 2023	4,650 364 22,629 27,643
At 31 March 2024	4,401 609 25,505 30,515

A) HERITAGE ASSETS

The historic artefacts and museum exhibits at the Museum of London are regarded as heritage assets. This is due to their historical importance and their being held for the purposes of preservation and public education. As explained in Note 1 (F) only historic artefacts and exhibits purchased since 1 April 2001 have been included in the balance sheet due to the impracticality of economically valuing assets acquired before that date.

The Museum of London buildings at London Wall and Eagle Wharf Road are not heritage assets as their preservation is not an objective of the museum. This contrasts with the Museum of London Docklands building, a former spice warehouse, which is historic, and the restoration and continued preservation of which is part of the museum’s objective.

As stated in Note 1 (F) fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

A) HERITAGE ASSETS (continued)

LONDON MUSEUM GROUP AND CHARITY Expressed in £’000	Docklands Historic artefacts Total
Cost
At 1 April 2023	14,422 2,538 16,960
Additions	9 11 20
At 31 March 2024	14,431 2,549 16,980
Accumulated Depreciation
At 1 April 2023	12,310 - 12,310
Charge	269 - 269
At 31 March 2024	12,579 - 12,579
Net book value
At 1 April 2023	2,112 2,538 4,650
At 31 March 2024	1,852 2,549 4,401

The transactions relating to heritage assets for the current year and preceding four years are shown below. There have been no impairments.

Expressed in £’000	2024 2023 2022 2021 2020
Cost of acquisitions	20 619 612 404 308
Disposals	- - - 125 4

B) OTHER TANGIBLE ASSETS

Assets Under Construction include £4,990k of New Museum Project expenditure, representing the start of the creation of the long leasehold asset that will become the new museum. Other Assets Under Construction are related to the brand launch in July 2024, including the new website.

LONDON MUSEUM GROUP AND CHARITY Expressed in £’000	Leasehold property Museum Exhibits Fixtures and Fittings Assets Under Construction Other Assets Total
Cost
At 1 April 2023	55,951 3,586 15,085 - 1,064 75,686
Additions	319 - - 4,994 68 5,381
Disposals	- - (8) - (179) (186)
At 31 March 2024	56,280 3,586 15,077 4,994 953 80,881
Accumulated Depreciation
At 1 April 2023	35,548 3,473 13,039 - 997 53,057
Charge	2,079 35 347 - 45 2,505
Disposals	- - (8) - (179) (186)
At 31 March 2024	32,627 3,508 13,378 - 863 55,376
Net book value
At 1 April 2023	20,403 113 2,046 - 67 22,629
At 31 March 2024	18,643 78 1,699 4,994 90 25,505

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

C) INTANGIBLE ASSETS

LONDON MUSEUM GROUP AND CHARITY Expressed in £’000	Intangible Assets Intangible Assets under construction Total Intangible Assets
Cost
At 1 April 2023	1,049 - 1,049
Additions	28 374 402
Disposals	- - -
At 31 March 2024	1,077 374 1,451
Accumulated Depreciation
At 1 April 2023	685 - 685
Charge	157 - 157
Disposals	- - -
At 31 March 2024	842 - 842
Net book value
At 1 April 2023	364 - 364
At 31 March 2024	235 374 609

13) HERITAGE ASSETS NOT DISCLOSED IN THE BALANCE SHEET

Nature and scale of Heritage Assets held

The Museum of London cares for approximately seven million objects in its collection, a proportion of which it inherited from the Guildhall and the London Museums when it opened in 1976. The museum collects objects that illustrate and document the past and present cultures and people of London. It operates under the terms of the Museum of London Act 1965 (as subsequently amended) which defines London as all of Greater London and the surrounding region. Generally this is considered to be the 32 London Boroughs and the City of London. The museum collections cover all periods of time, from the earliest hominid occupation in prehistory to the present day. They include field archaeology, ceramics, jewellery, numismatics, metalwork and human remains, paintings, prints and drawings, photography, ephemera, social and working history items, decorative arts and costume as well as tape recordings, film, video and other electronic media.

Policies for acquisition, preservation management and disposal of Heritage Assets

The museum has a Collections Management Policy and an Acquisitions and Disposal Policy. It uses the collections management system MIMSY XG for the day-to-day management of its collections.

The museum continues to add actively to its collection via a number of means including purchase, gift, bequest and excavation, and occasionally divests itself of objects through transfer to other museums or organisations, sale and recycling/destruction. Reasons for disposal include objects being outside the museum’s current collecting policy, unprovenanced objects, duplication in collections, underuse (no known future potential for research or display), damage beyond any possible use and health and safety reasons.

Access to collections is provided through our permanent displays, temporary exhibitions, web site, public access to stored collections, public programmes such as loans out and learning activities.

Further details can be obtained from our website at:

http://www.museumoflondon.org.uk/Collections-Research/About-the-collections/

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

14) INVESTMENTS

LONDON MUSEUM GROUP	2024 2023
Expressed in £’000
Listed investments
Market value at 1 April	3,932 3,974
Unrealised gains/(loss) on investments	115 (42)
Market value at 31 March	4,047 3,932
Less Cost at 31 March	1,159 1,159
Cumulative unrealised gain at 31 March	2,888 2,773

The above is represented by holdings in Charity Authorised Investment Fund managed by BlackRock, namely BlackRock Charities Funds, which aims to provide medium to long-term capital and income appreciation by investing mainly in UK listed companies. The Trustees believe that the carrying value of the investments is supported by their underlying assets.

Holdings in excess of 5% of the market value of the portfolio at 31 March 2024 are as follows and are all invested in the Blackrock Charities UK Equity Fund:

LONDON MUSEUM GROUP	Total Total
Expressed in £’000	2024 2023
Joicey	1,127 1,095
Mackenzie Bell	1,949 1,894
London Museum	971 943
Market value at 31 March	4,047 3,932

15) DEBTORS DUE WITHIN ONE YEAR

Expressed in £’000	LONDON MUSEUM GROUP			MUSEUM OF LONDON	MUSEUM OF LONDON
	2024 2023			2024	2023
Trade debtors	261 259			50	81
Amounts owed by group undertakings	- -			1,405	1,706
Other debtors	2,616 1,118			2,617	1,120
Prepayments and accrued income	30,766 11,760			30,708	11,713
	33,643 13,137			34,780	14,620

Included within Trade debtors is a provision for bad and doubtful debts of £nil (2023: £nil).

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

16) CREDITORS - AMOUNTS FALLING DUE WITHIN ONE YEAR

Expressed in £’000	LONDON MUSEUM GROUP			MUSEUM OF LONDON	MUSEUM OF LONDON
	2024 2023			2024	2023
Trade creditors	5,849 948			5,786	902
Accruals	7,803 7,598			7,803	7,598
Debt repayable Note 21 B	395 465			395	465
Other creditors	1,340 1,132			1,321	1,124
Deferred income	474 135			249	17
	15,861 10,278			15,554	10,106

Deferred income included in Other Creditors and Payments in advance represent income received in 2023/24 for ticketed events and venue hire occurring in the following financial year and rental income received in advance to June 2024. Movements from the prior year are shown below:

Expressed in £’000	LONDON MUSEUM GROUP		MUSEUM	OF LONDON
	2024 2023		2024	2023
Balance at 1 April	135 282		17	3
Released during the year	(135) (265)		(17)	(3)
Newlyassigned	474 118		250	17
Balance at 31 March	474 135		250	17

17) COMMITMENTS

(i) The total of future minimum lease payments due under non-cancellable contracts within each of the following periods are:

Expressed in £’000	MUSEUM OF LONDON AND LONDON MUSEUM GROUP	MUSEUM OF LONDON AND LONDON MUSEUM GROUP	MUSEUM OF LONDON AND LONDON MUSEUM GROUP
	2024	2023
Payments due:
Within one year	142	19
Within two to fiveyears	150	9
Total	292	28

During the year, payments of £163k (2023: £23k) were made under operating leases.

(ii) The Museum has construction and professional fees commitments for the New Museum project that are not included in the balance sheet and are due as follows:

Expressed in £’000	2024 2023
Payments due:
Total	73,980 2,410

The commitments that relate to additional trade and professional fees contracts, entered into by the end of September 2024, totalled £86m.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

18) TOTAL FUNDS

A) FUNDS ANALYSIS – LONDON MUSEUM GROUP

Expressed in £’000	Balance at 1 April 2023 Income Expendi -ture Transfer between funds Other gains & losses Balance at 31 March 2024
RESTRICTED ENDOWMENT FUNDS
London Museum Trust	938 - - - 28 966
Joicey Trust	1,096 - - - 32 1,128
Total Endowment funds	2,034 - - - 60 2,094
RESTRICTED FUNDS
Museum of London
Fixed Assets Fund	1,316 - - 4,994 - 6,310
Major Projects Fund	1,450 1,259 (955) - - 1,754
New Museum Project Fund	22,991 80,574 (50,168) (4,994) - 48,403
ACE Programmes Fund	2 - - - - 2
Museum in Docklands
Capital fund	1,615 - (216) - - 1,399
Trust funds
Joicey Trust Income Fund	114 44 (23) - - 135
Mackenzie Bell Trust	2,216 82 (52) - 55 2,301
Total restricted funds	29,704 81,959 (51,414) - 55 60,304
DESIGNATED FUNDS
Fixed Assets Fund	19,014 - (2,715) 1,076 - 17,375
Arts Council England	287 1,400 (1,343) - - 344
Designated funds	19,301 1,400 (4,058) 1,076 - 17,719
Designated defined benefit pension reserve	(5,409) - (323) - 5,222 (510)
GENERAL RESERVES
Museum of London	7,758 16,280 (16,070) (1,076) - 6,892
London Museum Trust	120 35 (5) - - 150
Total General Reserves	7,878 16,315 (16,075) (1,076) - 7,042
TOTAL FUNDS	53,508 99,674 (71,870) - 5,337 86,649

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

B) EXPLANATION OF FUNDS

Restricted Endowment Funds

The London Museum Trust and Joicey Trust Funds are both endowment funds, established by benefactors to provide funds to the museum in pursuit of its objectives. The Joicey Trust Fund is a permanent endowment fund which means that the income can be spent but not capital. The London Museum Trust Fund is an expendable endowment which means that both income and capital can be spent but the latter only with the approval of the Board of Governors of the museum. Income arising in the year is treated as unrestricted in the London Museum Trust, restricted in the Joicey Trust.

In March 2024 the Charity Commission approved the linking of the London Museum Trust, the Joicey Trust and the Mackenzie Bell Trust with the Museum of London, as detailed in note 18D, and therefore these no longer form part of the subsidiary undertakings.

Restricted Funds

Where a donor or sponsor has specified a particular purpose for a donation, grant or sponsorship income, that income is shown as restricted income in the year in which receipt is due.

Museum of London Fixed Assets Fund represents the net book value of tangible fixed assets located at the Museum of London financed out of restricted income, it funds future depreciation of those assets.

Museum of London Major Projects Fund arises from a variety of external funding, ranging from major capital works at the museum to specialised work on the collections.

Museum of London New Museum Project Fund was set up in 2015 to represent the restricted funds received for the New Museum project.

Museum in Docklands Capital Fund dates from the inception of the Museum in Docklands, it arose from the restricted funding obtained to restore the old warehouse building that is now that museum (included in “Heritage Assets” in the financial statements). It funds future depreciation of those assets.

The Mackenzie Bell Trust Fund is similar to the Joicey and London Museum Trust Funds except that both capital and income can be spent in support of the museum’s objectives.

Designated Funds

Where the museum decides to commit to a specific project or set aside a sum for a specific need, an allocation is made to a designated fund.

The Fixed Assets Fund has been designated by Governors to ensure the museum maintains sufficient reserves to replace fixed assets that were acquired without any kind of external funding. Defined as the net book value of tangible fixed assets less the outstanding amount of related long-term loans, it funds future depreciation of those assets.

ACE Fund arises from funding from the Arts Council England National Portfolio Organisation (NPO) grants. A new three year NPO grant for 2023-2026 was awarded to the Museum in 2023 and a new three year ACE Museum Development Programme (MDO) grant for 2024- 2026 was awarded to the Museum in 2024.

The Defined Benefit Pension Reserve represents the current shortfall on the Defined Benefit Pension Scheme.

General Reserves

General Reserves are otherwise referred to as “Free reserves” as Governors can use them in any way connected with the running of the museum. Both arise from unrestricted income.

C) TRANSFERS BETWEEN RESERVES

Fixed Assets Fund - the transfer in of £4,994k reflect the New Museum Assets Under Construction balance at 31 March 2024. The balance will grow as the project construction continues and will fund future depreciation on the leasehold asset once it is capitalised.

New Museum Project – the transfer of £4,994k is the transfer to the Fixed Assets Fund.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

Designated Fixed Assets Fund – the balance on this fund is maintained at a level representing the net book value of total fixed assets less the outstanding amount of related long-term loans. As the cover required each year is affected by a collection of factors, such as depreciation, loan repayments, fixed asset disposals and acquisitions, each year a specific calculation is made to determine the transfer required from general to designated funds. The transfer from general reserves for 2023/24 was £1,076k.

General Reserves – the transfer of £1,076k is the transfer to the Designated Fixed Assets Fund.

D) LINKED CHARITIES

In March 2024 the Charity Commission approved to link the trusts with the parent charity, Museum of London, therefore individual financial statements are not required for each trust and the results are consolidated into the financial statements of the Museum of London.

Expressed in £’000	Balance at 1 April 2023 Income Expendi -ture Transfer between funds Other gains & losses Balance at 31 March 2024
London Museum Trust	1,058 35 (5) - 28 1,116
Joicey Trust	1,210 44 (23) - 32 1,263
Mackenzie Bell Trust	2,216 82 (52) - 55 2,301
TOTAL FUNDS	4,484 161 (80) - 115 4,680

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

19) ANALYSIS OF NET ASSETS BETWEEN FUNDS – LONDON MUSEUM GROUP

Expressed in £’000	Tangible Fixed Assets	Invest- ments Current Assets Current Liabilities	Long term Liabilities and Provisions	Pension Liabilities Total Net Assets
RESTRICTED ENDOWMENT FUNDS
London Museum Trust	-	966 - -	-	- 966
Joicey Trust	-	1,128 - -	-	- 1,128
Endowment funds total	-	2,094 - -	-	- 2,094
RESTRICTED FUNDS
Museum of London
Fixed Assets Fund	6,310	- - -	-	- 6,310
Major Projects Fund	-	- 1,754 -	-	- 1,754
New Museum Project Fund	-	- 48,403 -	-	- 48,403
ACE Programmes Fund	-	- 2 -	-	- 2
Museum in Docklands
Capital fund	1,399	- - -	-	- 1,399
Trust Funds
Joicey Trust Income Fund	-	- 135 -	-	- 135
Mackenzie Bell	-	1,949 352 -	-	- 2,301
Restricted funds total	7,709	1,949 50,646 -	-	- 60,304
DESIGNATED FUNDS
Fixed Assets Fund	22,806	- - (591)	(4,840)	- 17,375
Arts Council England	-	- 344 -	-	- 344
Designated funds total	22,806	- 344 (591)	(4,840)	- 17,919
Designated defined benefit pension reserve	-	- - -	-	(510) (510)
GENERAL RESERVES
Museum of London	-	(1) 22,163 (15,270)	-	- 6,892
London Museum Trust	-	5 145 -		- 150
General Reserves total	-	4 22,308 (15,270)	-	- 7,042
TOTAL FUNDS	30,515	4,047 73,298 (15,861)	(4,840)	(510) 86,649

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

20) TAX STATUS

The activities of the museum are undertaken for charitable purposes. Under Part 11 of CTA 2010 no liability to corporation tax has arisen for the year to 31 March 2024 (2023: £nil).

21) RELATED PARTIES

The following disclosures are made in recognition of the principles underlying Financial Reporting Standard 102 concerning related party transactions.

A) GREATER LONDON AUTHORITY (GLA)

The GLA is considered a related party since it has the right to appoint half of the Governing Body of the museum and is one of the two main sponsors of the museum along with the City of London Corporation (see below). The museum received grants from the GLA totalling £7,960k (2023: £8,100k) during the financial year ended 31 March 2024. Included in the 2024 figure above is £133k of capital funding (2023: £500k), which was for capital works carried out in 2023/24.

B) CITY OF LONDON CORPORATION (COLC)

The City of London Corporation is considered a related party since it has the right to appoint half of the Governing Body of the museum and is one of the two main sponsors of the museum along with the GLA (see above). The museum received grants from the City of London Corporation during the year of £61,780k (2023: £43,322k). Included in the 2024 figure is £56,207k for the New Museum project (2023: £37,655k).

The City of London Corporation in accordance with the Museum of London Act 1965 is required from amongst the officers of the City of London Corporation to appoint persons who, whilst remaining officers of the City of London Corporation, act as Secretary and as Treasurer to the Board. Additionally, the Board has appointed other officers of the City of London Corporation to provide various services including legal, payroll and internal audit services. The provision of all these services by the COLC is the subject of a charge in accordance with the 1965 Act. During the financial year ended 31 March 2024 the charges for these services were £105k (2023: £103k).

Outstanding loans from COLC to the Museum of London totalled £5,200k at 31 March 2024 (2023: £5,700k). This total includes a balance of £21k on a loan originally made to the Museum of London Docklands (2023: £41k). Of these loans, £395k is due within one year (2023: £465k) and £4,840k is due after more than one year (2023: £5,235k). The museum incurred interest charges related to these loans of £143k (2023: £80k).

C) MOLA

MOLA is considered a related party due to the close association between it and the museum, as reflected in the Memorandum of Understanding that governs relations between the two organisations and the on-going link between the organisations through Boards of Management with close and regular contact. The museum does not exercise control over MOLA which is an independently constituted charitable company separately managed by its own Board of Trustees. One of the Museum of London’s Governors, Alderman Alison Gowman, is a Board Director and Trustee at MOLA, representing the Museum of London on the MOLA Board.

A charge of £297k was made by the museum to MOLA for a licence to occupy space in Mortimer Wheeler House (2023: £297k). In addition, a charge of £50k was made by the museum to MOLA for use of the museum’s trade mark, under a variation to the Trade Mark Licence agreed during the year (2023: £50k).

D) GOVERNORS AND STAFF

None of the Governors, key managerial staff or their related parties has undertaken any transactions with the museum or its subsidiary undertakings during the year, other than the donations from Governors listed below and salaries received by staff. The Museum has received £17k (2023: £5k) donations in total from a number of the Governors, in the normal course of charitable giving.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

22) RETIREMENT BENEFITS

The Museum of London participates in the City of London Corporation Pension Fund, a defined benefit pension scheme. The Museum’s share of the assets of the Fund for the year ended 31 March 2024 is approximately 6.54% (2023: 6.59%). The amounts below relate to the Museum of London’s share of the fund. The valuation used for the disclosures in this note has been based on the results of the last full actuarial valuation carried out at 31 March 2023, as updated to 31 March 2024 using financial assumptions that comply with FRS 102.

The contributions made by the employer over the financial year amounted to £1,583k (2023: £1,542k). The contribution rate set for the year was 16.1% (2023: 16.1%). Following the triennial valuation, the 2023/24 employer contribution rate has been set to remain at 16.1%.

ASSUMPTIONS

The financial assumptions used to calculate scheme liabilities under FRS 102 are:

Valuation Method	2024	2023	2022
	%	%	%
RPI Increases	3.20%	3.25%	3.55%
CPI Increases	2.90%	2.90%	3.20%
Salary Increases	3.90%	3.90%	4.20%
Pension Increases (CPI)	2.90%	2.90%	3.20%
Discount Rate	4.90%	4.80%	2.60%

The assumed life expectations from age 65 are:

Life expectations (years)	Males	Females
Retiring today	20.8	23.3
Retiring in 20 years	22.0	24.7

NET ASSETS OF THE SCHEME

The Museum of London’s share of the net assets in the scheme was as follows:

Expressed in £’000	At 31 March 2024	At 31 March 2023	At 31 March 2022
Equities	54,559	53,167	54,461
Bonds	13,921	-	-
Cash	852	653	1,295
Property and infrastructure	12,871	12,098	11,426
Multi-asset fund	15,656	24,718	24,979
Closing fair value of Fund assets(A)	97,859	90,636	92,161
Present value of the defined benefit obligation	(96,499)	(95,506)	(146,006)
Present value of unfunded obligation	(510)	(539)	(530)
Closing defined benefit obligation(B)	(97,009)	(96,045)	(146,536)
Pension Surplus/(Liability) (A) - (B)	850	(5,409)	(54,375)
Impact of asset ceiling	(1,360)	-	-
Net Pension Surplus/(Liability)	(510)	(5,409)	(54,375)

As the Pension Fund is in surplus at 31 March 2024, the asset ceiling is the present value of any economic benefit available to the Employer (Museum of London) in the form of refunds or reduced future employer contributions. The assumptions taken into account by the Actuary in the calculation of the asset ceiling are:

• There is no prospect of the Employer having an unconditional right to a refund of surplus on the basis that such a payment would be at the discretion of the Fund.

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

• The Employer is a scheduled body and assumed to participate indefinitely.

• The potential economic benefit from future contribution reductions is nil.

ANALYSIS OF PENSION SCHEME OUTGOING RESOURCES	LONDON MUSEUM GROUP AND CHARITY	LONDON MUSEUM GROUP AND CHARITY
Expressed in £’000	2024	2023 2022
Analysis of the amount charged to resources expended
Current service cost	1,655	4,539 4,901
Employer contributions	(1,583)	(1,542) (1,431)
Unfunded pension payments	(42)	(41) (42)
Net interest on the defined liability	221	1,393 1,252
Administration expenses	72	71 70
Net Resources Expended excluding Past service costs, including curtailments	323	4,420 4,750
Past service costs, including curtailments	-	91 115
Net Resources Expended	323	4,511 4,865

Pension fund operational costs are apportioned to the expenditure heading on the Consolidated Statement of Financial Activities according to staff costs in each category.

ANALYSIS OF AMOUNT RECOGNISED IN OTHER RECOGNISED GAINS AND LOSSES

	ANALYSIS OF AMOUNT RECOGNISED IN OTHER RECOGNISED GAINS AND LOSSES
	Expressed in £’000		LONDON MUSEUM GROUP AND CHARITY
			2024	2023 2022
	Remeasurement of the net assets / (defined liability)
	Return on fund assets less interest		3,907	(2,891) 4,364
	Other actuarial (loss) on assets		-	(866) -
	Changes in financial assumptions		1,687	63,274 9,629
	Changes in demographic assumptions		1,303	3,622 -
	Experience (loss) on defined benefit obligation		(315)	(9,753) (329)
	Changesineffect ofasset ceiling		(1,360)	- -
	Actuarial gain recognised in Consolidated Statement of Total		5,222	53,386 13,664
	Recognised Gains and Losses

MOVEMENT IN DEFICIT DURING THE YEAR

		LONDON MUSEUM GROUP AND CHARITY	LONDON MUSEUM GROUP AND CHARITY	LONDON MUSEUM GROUP AND CHARITY
		2024	2023	2022
	Expressed in £’000
	Deficit at beginning of the year	(5,409)	(54,375)	(63,289)
	Current and past service costs, including curtailments	(1,655)	(4,539)	(4,901)
	Employer contributions	1,583	1,542	1,431
	Unfunded pension payments	42	41	42
	Net interest on the defined liability	(221)	(1,393)	(1,252)
	Administration expenses	(72)	(71)	(70)
	Actuarialgain	5,222	53,386	13,664
	Deficit at end of the year	(510)	(5,409)	(54,375)

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

RECONCILIATION OF OPENING AND CLOSING BALANCES OF THE PRESENT VALUE OF THE DEFINED BENEFIT OBLIGATION

OBLIGATION
Expressed in £’000	LONDON MUSEUM GROUP AND CHARITY
	2024	2023
Opening defined benefit obligation	96,045	146,536
Current service cost	1,655	4,448
Interest cost	4,549	3,788
Change in financial assumptions	(1,687)	(63,274)
Change in demographic assumptions	(1,303)	(3,622)
Experience gain on defined benefit obligation	315	9,753
Estimated benefits paid net of transfers in	(3,226)	(2,300)
Past service costs, including curtailments	-	91
Contributions by Scheme participants	703	666
Unfundedpensionpayments	(42)	(41)
Closing defined benefit obligation	97,009	96,045

RECONCILIATION OF OPENING AND CLOSING BALANCES OF THE FAIR VALUE OF FUND ASSETS

Expressed in £’000	LONDON MUSEUM GROUP AND CHARITY	LONDON MUSEUM GROUP AND CHARITY
	2024	2023
Opening fair value of Fund assets	90,636	92,161
Interest on assets	4,328	2,395
Return on assets less interest	3,907	(2,891)
Other actuarial (losses)	-	(866)
Administration expenses	(72)	(71)
Contributions by employer including unfunded benefits	1,625	1,583
Contributions by Scheme participants	703	666
Estimated benefits paid and unfunded net transfers	(3,268)	(2,341)
Fair value of Fund assets at end of period	97,859	90,636

SENSITIVITY ANALYSIS

The following table sets out the impact of a change in the discount rates on the Total Obligation and Projected Service Cost along with a +/- 1 year age rating adjustment to the mortality assumption.

	2024	2023 2022
Adjustment to discount rate	+0.1%	+0.1% +0.1%
- Present value of total obligation £’000	95,417	94,451 143,469
- Projected service cost £’000	1,498	1,504 4,055
Adjustment to mortality age rating assumption	+1 year	+1 year +1 year
- Present value of total obligation £’000	105,459	99,562 152,547
- Projected service cost £’000	1,935	1,626 4,392

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

PROJECTED PENSION EXPENSE FOR THE YEAR TO 31 MARCH 2025

PROJECTED PENSION EXPENSE FOR THE YEAR TO 31 MARCH 2025
		£’000
Service cost		1,563
Net Interest on the defined liability		(14)
Administration expenses		71
Total loss		1,620
Employer contributions		1,588

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

REFERENCE AND ADMINISTRATIVE DETAILS

Name Museum of London Address 150 London Wall, London EC2Y 5HN Registered Charity number 1139250 Board of Governors A Board of Governors, consisting of 18 members of whom the Greater London Authority (GLA) (prior to April 2008: the Prime Minister) and the City of London Corporation (COL), each appoints 9 members, is responsible for the strategic direction and oversight of the museum. The following Governors served throughout the financial year, except where indicated. City of London Matthew Bell CC (appointed 08 September 2023) Mark Bostock (ceased to be a Governor 01 August 2023) Tijs Broeke CC (ceased to be a Governor 08 September 2023) Professor Sir David Cannadine Councillor Kaya Comer-Schwartz John Foley CC (appointed 07 September 2023) Alderman Alison Gowman (ceased to be a Governor 23 October 2024) Alderman Gregory Jones KC Paul Martinelli CC Judith Pleasance CC Charlotte Twyning Appointed by the GLA Clive Bannister Bridget Banton (appointed 1 July 2023) Alice Black Ijeoma Ekwueme-Okoli Paul Fuller (ceased to be a Governor 07 August 2023) Sarah Gillinson (appointed 1 January 2024) Lindsay Herbert Simon Morris Samir Patel (appointed 1 July 2023) David Wormsley Administration Under the Museum of London Acts 1965 and 1986, the Board is required to appoint a Director of the Museum to be responsible to the Board for: • the care of all property in possession of the Board; • the general administration of the collections vested in the Board and any place where those collections are kept; and • the administration of any services provided by the Board in the exercise of their functions. The Treasurer and Secretary to the Board are required to be officers of the City of London Corporation. Director Sharon Ament Treasurer Kate Limna, Guildhall, London EC2P 2EJ Secretary Ian Thomas CBE, Guildhall, London, EC2P 2EJ Bankers Lloyds Bank, 25 Gresham Street, London EC2V 7HN Chamberlain of London, Guildhall, London, EC2P 2EJ

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London Museum Annual Report and Financial Statements Year Ended 31 March 2024

Legal Advisers City of London Corporation, Guildhall, London, EC2P 2EJ Farrer & Co, 66 Lincoln’s Inn Fields, London WC2A 3LH

Independent Auditor BDO LLP Chartered Accountants and Statutory Auditor 55 Baker Street London W1U 7EU Investment Adviser BlackRock Investment Management 12 Throgmorton Avenue London, EC2N 2DL The financial statements consolidate the accounts of the Museum of London together with its subsidiary undertaking the Museum of London (Trading) Limited.

Museum of London The Museum of London (Trading) Limited is a company limited by shares. Its (Trading) Limited principal activities are the provision of corporate hire and catering services and the retail function at the museum shops. The registered company number is 05423292.

The Trust Funds The Trust Funds were acquired from the London Museum in accordance with the provisions of Section 2 of the Museum of London Act 1965 and are separate legal entities. The Board of Governors appoints their Trustees. In March 2024 the Charity Commission approved to link the trusts with the parent charity, Museum of London, therefore individual financial statements are not required for each trust and the results are consolidated into the financial statements of the Museum of London.

The trusts are:

• London Museum Fund - Registered Charity Number 312174

• o Joicey Fund - Registered Charity Number 314194 o Mackenzie Bell Fund - Registered Charity Number 314195

The appropriate clauses defining the control of their expenditure are:

London Museum Fund “The Trustees shall hereof apply the income of the Charity for such charitable purposes as the Trustees shall from time to time consider best in the interests of the Museum including in particular:

• the acquisition for the Museum of artefacts, pictures, photographs, books, manuscripts, films and other objects of any description whatsoever relating to any aspects of the history of London;

• the rendering of assistance to the Museum in preservation, maintenance and repair of objects of all kinds owned by or in the custody of the Museum for the purposes of exhibition to the public or for use for the purposes of study or research;

• the promotion of the study of history of London by the publication of books and other printed matter, the provision of exhibitions, lectures, seminars, recitals, recorded music and prizes and the commissioning of literary or artistic works, photographs or films; or

• the provision of improvement of amenities and facilities at the Museum”.

Joicey Fund The Trust was established from the estate of John George Joicey. The relevant extract from his will states:

“The remainder of the said estate shall be made over to the Trustees of the London Museum to form a fund, the income from which shall be applied as the Trustees of the Museum think fit in the purchase of articles, specimens, curios, etc., for the Museum”.

Mackenzie Bell Fund “The said assets and property and any income thereof shall be used as the Trustees of the London Museum shall from time to time think fit for the purpose of maintaining and adding to the collection in the said Museum”.

Dormant subsidiaries London Museum Limited (registered company number 15842295) London Museum Trading Limited (registered company number 15842176)

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