Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Birmingham Museums Trust. Chambedain Square. Bimiingham B3 3DH Registered No: 07737797 Charity Number: 1147014 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Annual Report and Consolidated Financial Statements for the year ended 31 March 2024 Contents Page Company Details Report of the Trustees and Strategic Report 2-11 Statement of Trustees, Responsibilities 12 Independent Auditor's Report to the Members 13-15 Consolidated Statement of Financial Activities for the year ended 31 March 2024 16 Consolidated Statement of Financial Activities for the year ended 31 March 2023 Consolidated Balance Sheet as at 31 March 2024 18 Company Balance Sheet as at 31 March 2024 19 Consolidated Cash Flow Statement for the year ended 31 March 2024 20 Notes to the Financial Statements 2143 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Company Details Charity Name Birmingham Museums Trust Charity Registration Number 1147014 Company Registration Number 07737797 Registered Office Birmingham Museum and Art Gallery Chamberlain Square Birmingham B3 3DH Auditors Cooper Pary Group Limited Cubo Birmingham Office 301 Two Chamberlain Square Birmingham B3 3AX Bankers HSBC Bank plc 130 New Street Birmingham B2 4JU Solicitors Higgs & Sons LLP Waterfront Business Park 3 Brierley Hill Dudley DY5 1LX Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Report of the Trustees and Strategic Report The Board is pleased to present their Annual Report and Consolidated Financial Statements for the year ended 31 March 2024. This includes the ￿ntent$ of a Strategic Rep)rt as required by the Companies Acl 2006. The financial stalements comply with the Charities Act 2011. the Companies Act 2006. the Memorandum and Articles of Association. and Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). Board of Trustees of Birmingham Museums Trust The Trustees of Bimiingham Museums Trust (who are also directors for the purposes of company lawl seNed during the year and up to the date of this report are: Mr Niels de Vos (Chair) Councillor Robert Alden Mr Clive Bawden Dr Louise Brooke-smith OBE Mr Liam Dart)on Cllr Phil Davis MBE Mr John Diviney {resigned 24 July 2024) Ms Sapreena Kumari Ms Jess Phillips MP {appointed 26 July 2023) (resigned 20 August 2024) Mr Jonnie Turpie MBE Ms Elly Porler {resigned 24 July 2024) Mr Tony Simpson Ms Tracey Stephenson In addition, the charity has two subsidiary companies. It is the sole shareholder of Birmingham Museums Trading Limited and Ihe sole member of Thinktank Trust. Directors of Ihese Iwo companies who served during the year and up to the date of this report are: Birmin ham Museums Tradin Limited Mr Liam Darbon (Chair) Mr Zak Mensah Mr Kingston Myles (appointed 13 November 2023) Mr John Diviney (Resigned 24 July 2024) Ms Tracey Stephenson Thinklank Trusl Mr Niels de Vos Legal status Birmingham Museums Trust ('BMfi is a registered charity (number 1147014) and a company limited by guarantee (number 077377971, incorporated on 11 August 2011, and is govemed by its Articles of Association ("Articles"l. In the event the charitable company is wound up. members are required to contribute an amount not exceeding £10. Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Report of the Trustees and Strategic Report (continued) Achieving Objects and activities for the public benefit In considering the strategies and policies of Ihe charity, the Irustees have had due regard for the public benefit guidan￿ published by the Charity Commission. in accordance with the Charities Acl 2011. The charity's objects as set out in its Articles are= To advan￿ education by the operation, maintenance, development and promotion of museums, galleries and libraries in Bimingham, logether with associated facilities and related programmes of outreach and research. fostering knowledge and understanding, appreciation and enjoyment of the arts, history, science and technology by residents and visitors to the City of Bimiingham. We have reviewed the fundamenlal purpose of Bimiingham Museums Trust {BMTI and our activities critically and syslemalically, from Ihe managemenl culture to our business and commercial strategies, and our creative and intellectual assets and ambitions. We have begun a prO￿sS of change engaging our trustees, workforce. stakeholders, community partners and Ihe wider public in our mission to rethink what a museum is. The table below articulates the challenge we face, why we believe BMT is well-positioned to respond, and our purposeful vision or Cause. PROBLEM The challenge we face BELIEF The conviction that fuels our commitment MISSION What we exist to do PURPOSE Value and importance of what we do VISION How the world would be better if we succeed Structural inequality is thwarting Birmingham's potential. We acknowledge our history. its injustices and innovations as an ethical foundation for our work. We hamess all the people's collections. heritage and creativity to tell stories that make meaning. This eMbra￿S Birmingham's super-diversity generating hope. building social trust and increasing belonging and solidari Birmingham Museums will be an ambitious, authentic expression of the best of the people of the city and the region. If interaction and understanding are sought diversity is a great strength. We will explore how cultural reSoUr￿S can be shared and cultural participation and expression can be enabled wilhin a complex (yjltural ecosystem. We will empower people and communities to imagine and shape an ambitious, vibrant, creative. multicultural city. Birmingham's huge potential as a vibrant, creative, convivial. multicultural city is greatly diminished by structural inequality, deprivation and social injustice. This hinders aspiration and hope, undemines trust in inslilulions, weakens civic pride and the connections between and within communilies, and disempowers its citizens. We will exercise intellectual and cultural leadership in addressing the issues of an increasingly polarised society. while also exploring historic injustices within an overall context of Bimiingham as acityof belonging. capable of containing multiple idenlilies and a plurality of views. AUdien￿S and communities will play a leading role in shaping Birmingha Museums through consultation. collaboration and coprcNJuclion. We will work cultural and community parlners and individuals. lo reflect the stories and characters of the people and city today, their shared experiences and untold hislories. We will activate and amplify Birmingham's rich cultural inheritance and vibranl cultural life. We will renewlreinvent our buildings and programmes lo redefine the museum so that it is a catalyst for active citizenship, democratic renewal and inclusive pride in Birmingham. CAUSE Our Pu oseful Vision We hamess all the people's collections. heritage and creativty lo tell stories that make meaning. This embraces Birmingham's super-diversity generating hope, building social trust and increasing belonging and solidarity. We will em ower eo le and communities to ima ine and sha an ambitious. vibrant. creative, multicultural ci Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Report of the Trustees and Strategic Report (continued) The Trustees have complied with the duty in Section 17 of the Charities Acl 2011 to have due regard lo Ihe Charity Commission's general guidan￿ on public benefit when reviewing the charilable company's aims and objectives in planning future activities. In particular the Trustees have considered how planned activities will contribute to the strategic aims. The objects of the charity are achieved through capital developments and gallery redisplays. public programmes of exhibitions and events across Ihe nine venues. fomal and infomal learning programmes for schools, families and adults. public access. including digital access, to the collection on display and in store, collections care, loans and commercial activities including retail. catering and evenl hire. The charity's priorities are aligned with those of its major public funders. Birmingham City Council and Arts Council England. Structure, Governance and Management The Board of Trustees has responsibility for Ihe on-going stralegic direction of BMT overseeing its finan￿$ and approving the budget, working wwth the CO-CEOS and Senior Leadership Team in the development and implementation of policy to meel BMT'S objects and to ensure that il fulfils its slatutory dulles. The Board meets at least four times a year. Day to day management is delegated to CO-CEOS Sara Wajid and Zak Mensah. They are assisted by Rowena Dean Director of Developrnenl, Charlotte Holmes Director of Engagemenl, Rob Lews Direclor of Iransformation, Rachael Minott Direclor of Engagement {left March 2024), Kingston Myles - Director of Enlerprise and Innovation, and Toby Watley - Director of Collections. Recruitment and Appointment of TrusteeslDirectors The Articles provide that two directors shall be appointed who are members or officers of Birmingham City Council in accordance wilh the nomination of the City Council. Other directors may not be members or officers of the City Council and may only be appointed after a recommendation of the directors after they have considered the desirability of.. making such a recommendation after the advertisement of the vacancy and the response to such an advertisement- a board of Directors with a range of skills experience and abilities relevant to the objects and activities of the charity., and a board of Directors representalive of the people of Birrningham. Trustee induction and training All Trustees are provided with an induction to the organisalion on appointment. Remuneration of management personnel Remuneration for management personnel is set by cornparison internally with similar posts when possible, benchmarking with similar extemal organisations and wth reference to Cronerfs Salary Search. Employment of people with disabilities BMT is committed to the employment, supporl and training of people with disabilities. Employment policy is included in the staff handbook and is available to employees on the intranet. Infomiing Employees Keeping our workforce infomied is important to us. Perfomance infornation is circulated monthly to all staff by email and by cascade via the management team. "All Slaff Briefings" are held monthly which also provide opportunity for question and answer sessions. Risk Management The Trustees actively and regulady review the major risks to which BMT is exposed and have implemented procedures to manage and minimise any potential impact should any of the identified risks malerialise. A Risk Framework, supported by a Risk Register, is maintsined setting out an assessment of the likelihood and impact of risks, with required aclions idenlified to manage the risk. This is reviewed and updated no less Ihan quarterly. The Trustees are satisfied that there are clear lines of delegation and authority to staff regarding risk management, and that staff are aware of the need to address risks in their areas of activity- Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Report of the Trustees and Strategic Report (continued) Key risks Impacl due to Bimingham City Council issuing Section 114 notices in September 2023 Rising costs {goods. services. energy. cost of living impact) Largescale electrical rewring programme at BCC Council House forcing continued closure of Birmingham Museum and Art Gallery IBMAG) Physical deterioration of Historic Properties and Museum Collections Centre Existing mulli-year granls do not increase in line with inflation Construction of High Speed Rail {HS2) near Iwo of our sites Ability to meet obligations as they fall - BMT needs sufficient cash to meet its financial obligations at any given time Achievements & Perforniance 2023-24 23-24 saw approx. 305,000 total visiiors including 57,638 school visils. 11 continues to be a difficult climate to operate in. However highlights include the launch of Thinktank's new exhibitions space. the reopening of Bimiingham Museum and Art Gallery's Gas Hall, the completion of BMAG'S rewiring and building works, the start of a 10 year BMT'S Dynamic Collections programme. the delivery of popular biodiversity programmes across Historic Properties, and a steady growth in our volunteering programme. The Museum of the Jewellery QLJarter remains closed due to ongoing essential roof wot1( delays by the landlord (Birmingham City Council), and a closure of Soho House for health & safety reasons due to a blocked and leaking sewer caused by factors far beyond BMT'S premises. Our main stakeholder, Bimingham City Council, issued a Section 114 notice in September 2023, effectively declaring itself near bankrupt. The immediate impact has been a delay in securing additional council money to supporl BMAG'S reopening plans and polenlial for a new Museum of Science and Industry. BMT has been working with the CLJltural organisations in the city highlighting the cultural value of Ihe museum colleclion and estate. as well as the liabilities lied up in these for both the Trust and Council if funding were lo decrease or assets sold off. By March 2024 the Council had confimied its commitment to the existing funding agreement which runs in four year cycles (2022-2026) as part of 25 year agreement which runs until 2043. Some of Bmfs key achievements during 2023-24: Completion of Birmingham City Council-funded rewiring works and ACE MEND-funded roof, heating and lift works at Birmingham Museum and Art Gallery included the creation of an additional painting store and a new fine art works on paper store to improve access and better care for the collection. The fine artworks retumed lo site from temporary, storage whilst BMT also began the process of reinstatr.ng offices and shared user spaces on site. A total of 8,930,433 people saw loans from Bimiingham's collection on public display at venues worldwide in 2023-24. Of Ihese, 281.910 visitors attended 13 temporary exhibilions featuring 45 objects on short-term loan from our collections al venues including Sharyah Art Foundation, the National Gallery of Ireland, Ulster Museum in Belfast and Ashmolean Museum in Oxford. A further 8.648,523 visitors attended museums featuring 1,542 objects or groups of obje￿$ on long-tenn loan from the collection. Two venues conlinued to host 'star' loans of well-known fine art paintings during the closure of Bimiingham Museum and Art Gallery= The National Gallery showed The Rest on the Flight into Egypt by Orazio Gentileschi. where il was enjoyed by 3,097,135 visilors. The Bart)er Institute also played host to Errninia and the Shepherd by Guercino, The Last of England by Ford Madox Brown. and Christ as the Man of Sorrows, by Petrus Christus up until Oclober 2023, meaning Ihat Birmingham audiences continued to be able to enjoy these iconic and important works. 2024 saw the start of BMTS 'Dynamic Collections. 10-year programme, to create a complete searchable and publicly accessible collections catalogue. It aims to transfom the accessibility of the collection by finding ways lo involve people in this work, breaking down the collections management activities into smaller participatory and joy sparking sessions. Under this wider programme. two projects began this year. a 16-month Fidelity Foundation funded projecl for on-site and online colleclions activities. and a 3 year 'Voices of the Cty, oral history project funded by Esmée Fai￿aIrn Foundation. The Documentation Detectives: Transcribing the AC￿s1On Registers project launched in March on the Zooniverse crowdsourcing online plafform. wilh 1.530 InStan￿S of participalion online and 27,264 paper records digitally transcribed within just a few weeks. Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Report of the Trustees and Strategic Report (continued) On 22 July 2023 BMT launched the exhibition'makers and Machines.. Creativity in the Computer Age, part-funded by Millennium Point Trust. The exhibition explored the surprising long hisiory of coding and told the incredible stories of local people, past and present. who use c(xling in their work. It looked at how local weavers and knitters. mathematicians and scientists. artists and gamers all use coding. The exhibition also explored the implications of new technology such as artificial intelligence (Al) for human creativity, as well as showcasing rare and important collection objects such as the HEC computer. one of the oldest surviving eleclronic compulers in the world During the year Thinktank also launched a display in partnership with HS2 and Balfour Beatty Vinci about railway engineering, featuring a 6m long model of an HS2 tunnel boring machine. In addition, Thinktank opened up its new 'Think Code Play Interactive Arcade, featuring 8 vintage original arcade machines from the late-twentieth century. Each machine is interpreted with a 'Top Trumps, style fact file. and the overall display tells the story of the birth of video gaming as a pastime in Ihe context of the local games development industry. Birmingham Museum and Art Gallery remained dosed to the public due to the building works. In February 2024 BMAG Gas Hall reopened with the exhibition, 'Victorian Radicals.. From the Pre-Raphaelites to the Arts and Crafts Movement,. The exhibition sees Birmingham's world-famous collection of Pre-Raphaelite art and design on display in the city for the first time in over five years, following a Su￿$$fUl lour of the US. This special homecoming exhibition gives visitors the opportunity to diso)ver the story of the Pre-Raphaelites and their Influen￿ on artists and makers well into the 20th century. Whilst Birmingham City Council had to withdraw its financial support to BMAG reopening costs, BMT still successfully secured £250k from FCC Communities Foundation funding and an addib'onal grant from DCMSIWolfson Foundalion to support Ihe costs of a phased partial reopening of the museum later in 2024. At Soho House Visitor Centre. the exhibition 'Blood & Fire.. Our Joumey Through Vanley Burke's Hislory reopened for a second season wilh images taken by renowned photographer Vanley Burke alongside archival material from his personal collection, taking visitors on a joumey through the artist's history and the Black British experience. At Ihe Museum Collections Centre IMCC) we increased public access in 2023-24 with weekly instead of bi-weekly 'Explore the Store, tours. In previous years MCC held an annual open day in September. Due to popular demand a second MCC Open Day has been added to April. Over 1600 visitors were attracted to these days over the course of the year. Volunleerin Volunleers gave 5,088 hours of their time including 936 Corporate volunteer hours. At the beginning of 2023 a Volunteer Manager was recruited to relaunch volunteer efforts which have been low since the Covid era. Key priorities included a review of all activity. Throughout the year systems and processes were reset. a Volunteer Management system was introduced which ensures accurate report on our volunteers, managing rotas and communication. In a bid to experiment BMT hosted our first Volunteer Fair. A wellbeing survey was conducted with a score of 4.3 out of 5 for six rneasures of volunteer satisfaction. The second and final year of the Volunteer Futures programme was carried out Ilix)king al dispersed model of volunteering in North and East Birminghaml. Activity included Co-creation of a book of photos taken oflby asylum seekers living in Rowton Hotel, working wilh GRAIN Photography {book launched June 20241, Partnership with Kings Rise Academy, Kingstanding, supporting the use of archives and pupil-led oral histories to empower young people and parents in the area. Community art project working with archives on the Bromford Estate, with the co- creation of artworks which are now on pemianent display on the eslate, Relationship building wilh partners including Sophie Hayes Foundation. Heart of Bimiingham Vocakn'onal College. Open Door Theatre Company to link partners into other BMT projects and celebration and sharing evenl held at Thinktank with all partners and stskeholders to share learning and best practice in community volunteering. Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Report of the Trustees and Strategic Report (continued) Partici alion Suc￿sSfUllY continued delivery of the CoTnmunity Welcome Pass, providing access to BMT siteslexhibitions for those facing financial barriers lo engagement. Across 2023-24. the number of Community Welcome Pass holders increased to 68 people from 40 grassrcx)ts organisations and CICS in the city- CWP holders booked 70 group visils across the year. bringing 1.770 partiupants to BMT sites who would not otherwise be able to visit. 2023-24 was Ihe first year of a partnership between BMT and Bimingham City Council's Public Health Team. A Research Officer was recruited, with similar roles being recruited in three other cultural venues in the cily. BMT'S activity lo)ks at how museum collections (wth an initial focus on oral history collections around food and drink) can be used as a tool for heallh behavioural change and discussion. Since starting in May 2023, activity has induded, Developing a new model for mixed Al- and volunteer- transcription, making the oral histories accessible for the first time, Creating a framework for coding collections in line with Public Heallh outcomes. Community consultation around the collection and foodldrink. Partnerships with Aston University and local artists, reaching a wider audience, Partnership with the Ikon Gallery to use BMTS colleclions lo inspire discussion around motherhood and breasffeeding. Linking Public Health outcomes and research into the Thinktank schools leaming programme. Since starting in June 2023, the Dynamic Colleclions Parbcipation Officer has developed a method for engaging local groups with the collecb'ons responsively, meeting local need through collections work. Activities have included.. Delivering in-reach and outreach activity with groups as diverse as Heart of Bimingham Vocational College {16+ age learners with SEN). Sophie Hayes Foundation (sutvivors of modem slavery), Nechells Pod (local residents) and BCU {local HE students). offering social connection, employability skills, Confiden￿ building and more. Supporting the delivery of a model for ethical approaches to sensitive language in the collections, via Zooniverse. Working with an extemal Critical Friend to deliver an impact report, evaluation framework. community partner panel discussions. Regarding our learning services, 53,664 children and young people from schools or allemative educational provisions engaged with BMT museums and collections in 2023124 through a combination of facilitated learning sessions and self-guided resource leaming across all key stages. Of these, 42,555 {79/0) children and young people attended as part of school visits. with 49.701) coming from a Bimiingham school and 50.3 % coming from beyond Birrningham. including Wesl Midlands sthoo15 in Sandwell, Slaffordshire, Wolverhampton and Coventry. The BMT'Museum in a Box, service has continued to help the city's, collections reach school aLJdiences who may be restricted in ac￿Ssing museum visils. Through lemi-based hires Ihe museum in a box service delivered 180 box hires and engaged with 5,758 children and young people in schools. BMT'S leaming outreach programmes commenced in September 2023 after a 3-year gap. Oulreach has been heavily supported by the provision of a new Mobile Planetarium which delivered 60 outreach sessions to 60 schools and engaged with 3,437 pupils. Stsff have also been piloting mobile planetarium at evenls across MCC and the historic properties to gauge interest in its popularity for wider public programming. 40 leachers accessed conlinued professional development activities through partnership exhibitions and focused projects such as the 'Urban Nature, programme. helping teachers find new ways to explore biodiversity and natural history leaming programmes wilh their leamers. BMT'S infomial learning programming {live public events} engaged with 42.569 people in tolal in 2023124. 55 % of these were children and young people under 19 years of age. and 45 /0 over 20 years of age ladultsl. Highlights included the 8lackSTEAM festival {8lasffestl. a pioneering pop-up festival exploring science and technology through Black arts and culture. with a mission to build community 'science capital, by championing Black brilliance, cultivating connected communities and fostering critical curiosity, creative action and positive Change. other key events included the showcasing of Pogus Caesarfs 'A Tiny Spark. film screening (commissioned by Birmingham Museums Trust) which reimagined the 1985 Birningham Handsworth riots. The screening look place over two evenls where BMT had the great honour of hosting the late Benjamin Zephaniah as part of ils post- screening in-conversation event, who featured in the film. At Soho House BMT worked with the Bimingham Black Arts Forum to support creative craft programming and Caribbean story telling wilh artist. Miss P, and perforrnance artist, Charles Kouasseu- whilst at Aston Hall we hosted Sonia Sabris Mughal Miniature perf0mlan￿$ as part of the city's wider South Asian History Month programme. Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Report of the Trustees and Strategic Report (continued) Communi develo ment activ Engagement in a group discussing arts-based approaches to healing and dialogue around the Gazallsrael conflicl. Visitor engagemenl in new Thinktank display Makers and Machines including engaging local residents in Al, developing content in the gallery and evaluation. Supporting development of the Citizen's Jury which is due to run 2024-25. Partnerships with local organisalions induding Geese Theatre, Saheli Hub and Mencap, to develop asset-based approaches to working with local providers. Climale Action Our Climate Pledge {Sept 2021 } makes a commitsnent to reducing the environmental impacl of our activities and operating as sustainably as we can. Our ambition is to reach net zero by 2040. The Pledge fomis part of the Our Changing Planet gallery at Thinklank. Our Climale Action Plan 2022-26 sets oul our aims to lead the way in our approach to environmental responsibility. sin￿ our establishment in 2012 we have taken considerable steps to reduce our waste and energy usage, change to green energy suppliers and reduce the negative impact of our operations on the climate and environmenl. Progress against our Action Plan is monito￿￿ quartedy. Our Climate Action Plan recognises our role in public engagement on environmental action, as well as responding to public. partner. stakeholder and funder expectations. One of our major funders. Birmingham City Council has undertaken an Environment and Sustainability Assessment of our work to assess its impact on and understand how we are tackling Climate Change. As an Arts Council England National Portfolio Organisation we are required to improve our environmental performan￿. redu￿ carbon emissions and manage our collections sustainably, collecting data and submitted evidence annually to ACE'S Sustainability Partner Julie's Bicycle. 2023-24 saw the delivery of a wide range of biodiversity-related programmes across our Historic Properties. funded with the support of Arts Council England NPO funding, including an Earth Day event at Weoley Castle and Urban Nature Day events at Blakesley Hall, Sarehole Mill, Aston Hall and Weoley Castle. attracting over 1,000 participanls. As part of these events BMT trained and worked with volunteers to undertake ecological surveys which led to the development of biodiversity plans for Aston Hall and Weoley Castle. with the aim to develop fijrther plans at our other sites in the coming 2 years. We also helped share knowledge and understanding of Birmingham's biodiverstty through giving talks to numerous neighbourhood nature groups including Selly Park Gardening Club and the West Midlands Fungus Group. Fundraising BMT actively pursues funding from grant makers (trusts, foundalions and public ftjnders), corporate supporlers and individuals to fund our charitable activities. We work with others to increase our fundraising opportunities including academic partners, specialisl sector organisations, charities who align with our purposes, community partners, and other museum and cultural organisations. A grant from National Lottery Heritage Fund was awarded to undertake business planning though our 'Laying the Foundations. project to which a new fundraising strategy will be created in tandem. The project will run throughout 2024-25. We use third-paty website Just Giving to collect donations. and Donr to collect donations via SMS. We offer the option to gifl-aid admission charges for enlry. make a donation online wth a ticket or shop purchase, or on-site at one of our museums. We do not employ the services of professional or commercial fundraisers. We do not undertake streel ¢x)Ilections or telephone campaigns. Where we collect personal information. this is managed in line with our Data Protection Policy. BMT is registered with the Fundraising Regulator. the independent regulator of charitable fundraising in England. Wales and Northern Ireland. We have received no complaints regarding our fundraising in 2023124. BMT'S Safeguarding Policy makes specific reference to donors. BMT abide by the Fundraising Regulatorfs Code of Practice and uses Ihe InstitLbte of Fundraising guidance for Treating Donors Faidy120211. We are hugely grateful to all our donors, partners and fijnders for their support. Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Report of the Trustees and Strategic Report (continued) Key strategic prioritieslobjectives for BMT over the next 2-3 years BMT'S Business Plan 2022-26 slates Ihal our CO-CEO'S Sara Wajid and Zak Mensah's brief is lo lead a multi-year transformation towards a socially purposeful museum service rooted in the distinctive cultural heritage of Ihis region. Radical transformation takes time and we are committed. 2024-25 will be the third year of our change programme and we are delemiined to emerge from the pandemic a more dynamic organisation Ihal belter contributes to our srKiety- We will fulfil our cause by taking forward actions that meet our 10 Strategic Aims.. AIM 1. Democratise our governance We believe ideas and leadership can and should come from anywhere. We will adapt and augment lo create a more sustainable, agile and porous structure. We will creale a democratic decision-making process and new groups of influence. AIM 2. Nurture a creative, enabling internal culture Deliberate coordinated melhod to change our Cultu￿ collectively. Become an experimental leaming organisation driven by evidence-based decision making. AIM 3. Grow a rich workforce eco-system Design a workforce with the capabilitses to develop the service and deliver our Cause. Grow our own pipeline of lalent through our programming and provision of career and skills development opporlunities. Inclusive of the wider workforce of creatives. freelancers. contracted staff and partners. AIM 4. Design a radical, sustainable new museum operating model We will re-think whal a museum is and its relationship to its city and environment. We believe that BMT is more than a collection of buildings and objects. We see our role not only as a guardian but as an agency of social change. We will explore new and different ways to manage, use and rationalise our eslate and our physical and digital assets to identify the opts.ons that best support our fijture viability and resilience and that can best deliver our Cause. AIM 5. Redefine the cultural value of collections We will change how our collections are understood, accessed and used and we will reframe how we measure cultural value of our collections to Bimiingham and its citizens. We will build new partnerships and develop new channels that enable people to play a fuller role in using. researching. tx)rrowing. augmenting and interpreting our collections and curating their own. We will explore repatriation and deaccession for long-term sustainability. AIM 6. Pioneer experiments in mass-participation We will make a paradigm shifl that moves BMT away from the dorninant model of passive visitor- ship. In its place we will forge a new model of active engagement- experiments that enable non-visitors lo share their heritage and creativity and share their stories and ours. We want to make the people's culture popular culture. We will devise new measures that evidence the impact on individual, community, civic and societal change. AIM 7. Reposition BMT as ¢riti¢al to the City's future Reposition Birmingham Museums as a critical key driver of social. cultural. and economic creativity and innovation. Identify new audiences. advwates, partners. and stakeholders lo help us deltver our Cause. AIM 8. Build our own segmented mass channel Use direct email to create our own channel to increase user engagement and participation. Underpinned by our websile. CRM and tickeling systems and bad(ed up by a soaal media strategy. AIM 9. Cultivate connections Become an anchor organisation in a vibrant city-wide network of organisations and individuals. AIM 10. Diversify and increase our income Respond to the changing markets and circumstances. adapting and evolving our trading opportunities to maximise income. We will.. Engage our existing relalionship partners and seek new voices to reimagine our vision for BMT. The outcome will be a service direction that uses socially engaged practi￿. At our core will be a work programme that always focuses on the needs of our users. 2024-25 will see our first use of a Citizen's Assembly to get the views from a group of representative people across the city. We will experiment with reaching new audiences through local, national, and international partnerships. Re-imagine who the buildings and collection are for and collaborate with the people and communities who are critical to the future of Bi￿ninghaM Museums for the next 50 years and beyond. Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Report of the Trustees and Strategic Report (continued) BMT wll demonstrate a commitment to increase educationalloutreach work through.. Without Walls. a programme lo engage aUdIen￿S online and offsite. Includes laking artworks and items from the collection inlo sch(K>ls and communities, inviting Bimingham citizens to co-produce new displays for when BMAG reopens, sharing content through our digital plaffomis, and delivering outdoor exhibitions. New online services and activity tsking the outcomes of our new Digital Stralegy forward New public parkncipation in shaping Ihe direction of the organisation under the leadership of our CO-CEOS The change in approach envisions a shift with decreasing education and participation numbers onsite and increasing offsite and online attendan￿ and participation. BMT will continue to work closely with Birmingham City Council and will ensure we take all reasonable steps to prolecl the properties and collections we are ￿sponsible for. We have worked iogether to develop a sel of condilion surveys to aid prioritising essential maintenance, mechanical and electrical work across our properties. This work will support future applicalions to improve building infrastructure. BMT is an Arts Council England National Portfolio Organisation delivering the 2020 - 2030 Let's Create strategy. This year, 2023-24, was the first year in a three year agreement with Arts Council England, with Arts Council announcing in 2024 that they would invite NPO organisations to apply for an addib'onal year of funding, extending the agreement lo 2026127. Throughout 2023-24 BMT has actively developed. delivered and monitored the Let's Create outcomes of Crealive People, Cultural Communities and A Creative & Cultural Country as well as the Investment Principles of Ambib'on and Quality. Inclusivity and Relevance, Environmental Responsibilty and Dynamism. BMT'S vision is fully aligned with these objectives and principles and leading the sector in many areas. For example, our work lo explore and test new routes to participation and democralising museum practice through our Dynamic Collections project delivers on all Let's Create outcomes and is becoming a model for the sector. Financial Review The financial perfomiance of the Museum for the year under review and the financial position at Ihe Balance Sheet date are set oul in this report. In particular the Statement of Financial Activities ISOFAI, which includes both unrestricted and restricted funds. shows the performance of the group during the year. Like Ihe vast majority of chartties. BMT continues to recover frorn the irnpact of COVID-19. The main financial impacts have been.. Nalionally museums saw between 25 % to 50°h less visitors nationally than pre-pandemic Facing significant loss of revenue, BMT prioritised expenditure that was critical lo the delivery of its charitable objectives and looked at new ways of cost effective working Bimiingham Museum & Art Gallery remained fully or parbally closed for the majority of the reporting period as part of electrical rewiring works across the building complex, which tradilionally attracted the majority of visitors and secondary spend Rising costs continue to put a strain on the business The cost of governance activities was £0.044m (2023: £0.034m). Direct governance costs have been included in accordance with the Charity SORP 2019 and include audit fees, legal fees and Trustee expenses. Going Concern On 5 September 2023 Birmingham Cty Council issued a section 114 noti￿. Following this Bimiingham City Council confimied it will honour existing contrads. The existing Setvice Level Agreement (SLA} covers the four year period to March 2026, so there are no short lerm risks to SLA funding. However, Birmingham City Council continues to look at areas of cosl savings for the financial year 2025-26 and onwards. At time of writing Birmingham City Council and Birmingham Museums Trust are working together to look at the next four year funding cycle 2026-30. There are finanual and reputation implications rf the Bimingham City Council were to reduce funding from April 2026. However in finalising the next SLA both parties have to agree the funding provided by Bimiingham City Council is in line with service provision expecled from Birmingham Museums Trust. The financial statements have been prepared on a going con￿rn basis. Substantial budgeting and forecasting due diligence has been undertaken by senior management and Trustees. The Trustees consider there is a reasonable expeclation that the company has sufficient resources to continue in operational existence for the foreseeable future and, for this reason they have adopted the going concem basis in preparing the financial statements. 10 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Report of the Trustees and Strategic Report (continued) Reserves Policy The Trustees have considered the level of reseNes required to maintain sufficient working capital lo operale the museums in the most effective manner and to meet unforeseen liabilities that may arise. The Truslees have therefore established a reserves policy that aims to protect the charity's acttvities from risk of disruplion at short notice due to lack of funds. They take the view that the nature of the BMTS consolidated cash flows is such that they can set as a medium- term objective to maintain unrestricted reserves. excluding defined benefit pension liabilities, at a level of one month's income, or around £1m. At 31 March 2024 Restricted Funds stand al £1.972m (2023: £2.285m), Unrestricted Funds at £3.954m {2023'. £2.255ml and a Pension Reserve of £NIL (2023= £NIL). While the Pension Reserve has a £NIL balance at 31 March 2024, the FRS102 valuation report from the actuary indicates there is an asset in the scheme of £8.463m (2023.. £6.529m). There is significant judgment needed by the Trustees in assessing whether the asset should be recognised in the financial statements. After considering the extenl to which a benefit could be derived by BMT from this pension asset. either in the form of reduced contributions or refund from the scheme. the Trustees are of the view that there is no benefit to BMT. As such no pension asset has been recognised in Ihe financial statements at 31 March 202412023 £NIL). As at the 31 March 2024 Free Reserves. including designated reserves of £0.500m. were £3.391m {2023.' £1.654ml. The unrestricted reserves are in line with the charity's reserves policy. Investment Policy The Trustees have Ihe power lo invest fvnds not irnmedialely required from operational purposes in such investments, securities or property as they see fit. The undedying investmenl strategy is to 8￿pt only a low level of risk and therefore available funds are invested in low risk short-term deposits with HSBC plc. a bank which operates in the United Kingdom and which is subject to regulalion under the Financial Services Act 2012. Related Party Birmingham City Council, the sole member of the charitable company, has paid fees for services and has provided loan finance to Bimiingham MLJseums Trust. Any conflids of interest involving Trustees in this respect are declared where appropriate. Auditor The Auditor. Cooper Parry Group Limited. will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Statement of Trustees, responsibilities in respect of the Trustees. report and the financial statements The Trustees {some of whom are also the ￿1￿CtOrS of Thinktank Trust and Bim)ingham Museums Trading Limited for the purposes of company lawl are responsible for preparing the Trustees, Report and the Financial Statements in accordan￿ wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally AC￿pted Accounting Practice) Company law requires the Truslees to prepare financial slalements for each finanryal year which give 8 true and fair view of the stale of affairs of the charitable company and of the incoming reSoUr￿S and application of resources, including the income and expenditure. of the charitable company for that period. In preparing these financial statements. generally a￿pIed accounting practice entails. the Truslees.. select suitable accounting policies and then apply them consistenly" observe the methods and principles in the Charities SORP" make judgemenis and estimates that are reasonable and prudent., slate whether applicable UK Accounb'ng Standards have been followed, subject tr) 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 charitable company wll continue in business. The Trustees are responsible for keeping proper and adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the ffinancial statements comply with the Companies Act 2006. They are also responsible for safegLJarding the assets of the charitable company and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Tnjstees are aware" there is no relevant audit information of which the charitable company s auditor5 are unaware., and the Trustees have taken all sleps Ihat they oughl to have taken to make themselves aware of any relevanl audit infomiation and to establish that the auditors are aware of that infomiation. The Trustees are responsible for the maintenance and integrity of the corporate and financial infomialion included on the charitable company's website. Legislation in the United Kingdom goveming the preparation and dissemination of the financial slatemenls may differ from legislation in other jurisdictions. Approved by the Board of Trustees on 24 July 2024 and signed on their behalf by- Docu5igned by. B14878EFCEE3442 Mr Niels de Vos Chair 12 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Independent Auditor's Report to the Members and Trustees of Birmingham Museums Trust Opinion We have audited the financial statements of Birningham Museums Trust (the 'parent charitable company'l and its subsidiaries (the 'group'l for Ihe year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities. Consolidated Balance Sheet, Company Balance Sheet. Consolidated Statement of Cash Flows and notes to the financial statements. including a summary of significant accounling 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 (Uniled Kingdom Generally Accepted Accounts'ng PraCts.￿). In our opinion the financial statements: give a Irue and fair view of the state of the group's and pa￿nt charitable company s affairs as al 31 March 2024. and of the group's incoming resources and application of resources, including its income and expenditure. for the year then ended., have been properly prepared in accordan￿ with United Kingdom Generally AC￿pted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) IISAS (UKII and applicable law. Our responsibililies under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of OLJr report. We are independent of the group and parent charitable company in accordance with the elhical requirements that are relevant to our audit of the financial statemenls in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audil eviden￿ we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going con¢ern In audiling Ihe financial statements, we have conduded Ihal the trustees. use of the going con￿rn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least 12 months from when the financial stalements are authorised for issue. Our reswnsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant seclions of this report. Other information The trustees are responsible for the other infomation. The other infomation comprises the information included in Ihe Report of the Trustees and Slralegic Report. other than the financial statements and our auditor's report thereon. Our opinion on the financial stalements does not cover the other infomation and, except to Ihe extent otherwise explicitly stated in our report. we do not express any forn of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other infomiation is malerially inconsislenl 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 ststements or a material misstatement of the other information. If, based on the work we have perfomied. V￿ conclude that there is a malerial misslatement of this other infomiation, we are required to report that fact. We have nothing to rep)rt in this regard. 13 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Independent Auditor's Report to the Members and Trustees of Birmingham Museums Trust (continued) Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course ofthe audit-. the information given in the Iruslees, report (incorporaling the strategic report and Ihe directors, report) for Ihe financial year for which the financial statements are prepared is consistent with the financial statements- and the strategic report and the directors, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit. we have not identified material misstatements in the strategic report and the directors, report. We have nothing to report in respect of the following matters in relats'on to which the Companies Act 2006 and the Charities Acl 2011 requires us to report to you if. in our opinion.. adequate accounting records have not been kept by the parent charitable company. or retums adequate for our audil have nol been received from branches not visited by us., or the parent charitable cornpany s finanual statements are not in agreement with the accounting records and returns- or cert8in disclosures of directors, remuneration specified by law are not made., or we have not received all the infomiation and explanations we require for our audit. Responsibilities of Irustees As explained more fully in Ihe truslees. responsibilities statement set out or) page 12. the trustees {who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slatements and for being satisfied that they give a true and fair view, and for such internal control as the truslees detemine is ne￿$sary to enable the preparation of financial statements that are free from material misstatement In preparing the financial statements. the trustees are responsible for assessing the group's and parent charitable company s abilily to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to ￿ase operations. or have no realistic allemative bul to do so. Auditor's responsibilities for the audit of the financial statements 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 assuran￿, but is not a guarantee that an audil Conducled in accordance with ISAS (UK) will always detect a malerial 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. 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 misslatemenls in respect of irregularities. including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities. including fraud are detailed below= Our assessment focussed on key laws and regulations the charitable company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, Charities Act 2011. charities SORP, taxation legislalion, data protection and anti-bribery and employment legislalion. 14 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Independent Auditor's Report to the Members and Trustees of Birmingham Museums Trust (continued) We are not responsible for preventing irregularities. including fraud. Our approach to delecting irregularities including fraud, included but was not limited to. the following= obtaining an understanding of the legal and regulatory framework applicable to Ihe charitable company and how the charitable company is complying with that framework, including agreement of financial stalemenl disclosures to underlying documentslion and other evidence- oblaining an understanding of the charilable company's control environmenl and how the charitsble company has applied relevant control procedures, through discussions with management and by perfoming walkthrough testing over key areas- oblaining an understanding of the charitable company's risk assessment prO￿S$, including the risk of fraud., reviewing meeting minutes of those charged with governance throughout the year- and perfoming audil testing to address the risk of management override of controls, including testing joumal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the nomial course of business and reviewing accounkn'ng estimates for bias. Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection of fraud based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstalement in the financial statements or non-compliance with regulation. This risk increases the more thal compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularilies occurring due to fraud rather than error, as fraud involves inlentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council's ("FRC's") website at.. h s.'l/wivw.frc.o .uk/auditorsres sibilities. This descriplion forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charilable company s truslees, as a body. in accordance with Part 4 of the Charilies (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company s members and its trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest exlent pemitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company s members as a body and the charitable company s trustees as a bcmjy. for our audit work. for this report. or for Ihe opinions we have formed. i(g. Cooper Parry Group Limited Statutory Auditor Cubo Bimiingham offi￿ 301 Two Chamberlain Square Birmingham B3 3AX Dale- 13 November 2024 15 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Consolidated Statement of Financial Activities For the year ended 31 March 2024 Restricted & Unrestricted Endowment Funds Funds Note Pension Funds Total 2024 Total 2023 Income and endowments from: Donations and legacies Investments Rental income Interest receivable Charitable activilies Visitor admissions and outreach income Granls re￿1vable and other income Other trading activities Income from trading aclivilies of Subsidiary 487.080 487.080 22.260 19.167 43.094 19,167 43.094 10,000 13.305 2.563.823 2,563.823 1.816.519 5.828.576 3.346.117 9,174.693 7,845.810 1.197.139 1,197.139 1,607.196 Total Income 10.138.879 3.346.117 13,484.996 11,315.090 Expenditure on: Raising funds Expenses from trading activities of Subsidiary Fundraising costs Charitable activities Museum costs (1.116.931) (1.116.931) {1.479.797) {32.6(K)} (32.600) (7.339.899) (3.608.812) 307.000 (10.641.711) (11,337.3091 Total Expenditure {8.489.430) (3.608.812) 307.000 (11,791.242) (12,817.1061 Net incomel{Expenditure) 1.649.449 (262.695) 307.000 1.693.754 (1.502.016) Transfers between Funds 14 49.922 {49.922) Other recognised gains Actuarial losslgain on scheme assets Actuarial losslgain on scheme (857,000) 1857,000) {7,262,0001 550,000 550,000 8,288,000 Net movement on pension fund 22 (307.000) (307.000) 1,026.000 Net movement in funds 1.699.371 (312.617) 1.386.754 (476.016) Reconciliation of funds Fund balances brought forward 14 2.254.637 2,284.933 4,539.570 5,015.586 Fund balance carried forward 14 3.954.008 1.972.316 5.926.324 4.539.570 Restricted funds comprise both income and capital funds. The incoming resour￿$, resources expended and resulting net movement in funds, arise from continuing operations and includes all gains and losses recognised in the year. The notes on pages 21 to 43 form part of these accounts. 16 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Consolidated Statement of Financial Activities For the year ended 31 March 2023 Restricted & Unrestricted Endowment Funds Funds Note Pension Funds Total 2023 Total 2022 Income and endowments from: Donations and legacies Investments Rental income Interest receivable Charitable activilies Visitor admissions and outreach income Granls re￿1vable and other income Other trading activities Income from trading aclivilies of Subsidiary 22.260 22.260 37.748 10.000 13.305 10,000 13.305 14,082 729 1.816.519 1,816.519 1.572.553 4.996.447 2.849.363 7,845.810 9,868.984 1.607.196 1,607.196 797.234 Total Income 8.465.727 2,849.363 11,315.090 12,291.330 Expenditure on: Raising funds Expenses from trading activities of Subsidiary Fundraising costs Charitable activities Museum costs (1.479.797) (1.479.797) (742.110) 18,8471 (7.505.574) (3.643.735) (188.000) (11.337.309) (11,448.9071 Total Expenditure {8.985.371) (3.643.735) (188.000) (12,817.106) (12,199.8641 Net {expenditure)lincome (519.644) (794.372) (188.000) (1.502.016) 91.466 Transfers between Funds 14 12,735 (12,735) Other recognised gains Actuarial losslgain on scheme assets Actuarial losslgain on scheme (7,262,000) {7,262,000) 1,232,000 8,288,000 8,288,000 2,306,000 Net movement on pension fund 22 1.026.000 1,026.000 3,538.000 Net movement in funds (506.909) (807.107) 838.000 1476.016) 3.629.466 Reconciliation of funds Fund balances brought forward 14 2.761.546 3,092.040 (838.000) 5.015.586 1,386.120 Fund balance carried forward 14 2.254.637 2.284.933 4.539.570 5.015.586 Restricted funds comprise both income and capital funds. The incoming resour￿$, resources expended and resulting net movement in funds, arise from continuing operations and includes all gains and losses recognised in the year. The notes on pages 21 to 43 fonn part of these accounts. 17 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Consolidated Balance Sheet as at 31 March 2024 Note 2024 2023 Fixed Assets Tangible assets Inlangible assets 9a 9b 1.292.985 1.540,153 1.292,985 1.540,153 Current Assets Stock Debtors.. amounts falling due in one year Debtors.. amounts falling due after more than one year Cash al bank and in hand 10 138.134 1,136,946 251,786 4,139,331 5,666,197 150,889 1,308,536 329,632 2,639,861 4,428,918 Creditors: amounts falling due within one year 12 {781,072) 11,099,869) Net Current Assets 4,885,125 3,329,049 Total Assets less Current Liabilities 6,178,110 4,869,202 Creditors= amounts falling due after more than one year Provisions for liabilities and charges Defined benefit scheme pension liability 12 25 22 {251,786) (329,632) NET ASSETS 5,926,324 4,539,570 Funds Unrestricted (Includes designated) Restricted Endowment Pension 14 14 14 14 3,954.008 1,090,165 882.151 2,254,637 1,400,532 884,401 TOTAL FUNDS 5.926.324 4,539,570 The notes on pages 21 to 43 fomi part of these accounts. These financial slatements were approved and authorised for issue by the Board of Truslees on 24 July 2024 and were signed on its behalf by= Docu5igned by. 814878EFCEE3442 Mr Niels de Vos Chair Registered No: 07737797 18 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Company Balance Sheet as at 31 March 2024 Note 2024 2023 Fixed Assets Tangible assets Intangible Assets 1,270,088 1,537,183 9b 1,270,088 1,537,183 Current Assets Debtors.. amounts falling due in one year Deblors.. amounts falling due after more than one year Cash al bank and in hand 3.428.327 251.786 3,930.392 7.610.505 4.262,531 348,584 1.496,062 6.107,177 Creditors: amounts falling due within one year 12 (713.426) 11,072,491) Net Current Assets 6,897.079 5.034,686 Totsl Assets less Current Liabilities 8.167.167 6.571.869 Creditors= amounts falling due after more than one year 12 1251.786) {329,632) Defined benefit scheme pension liability 22 NET ASSETS 7.915.381 6.242,237 Funds Unrestricted (includes designated) Restricted 15 15 5,943,065 1,090,165 882,151 3,957,304 1,400,532 884,401 Endowment Pension 15 15 TOTAL FUNDS 7.915.381 6.242.237 The notes on pages 21 to 43 fomi part of these accounts. These financial slatements were approved and authorised for issue by the Board of Truslees on 24 July 2024 and were signed on its behalf by= Docusigneil by: 814876EFeEE3442 Mr Niels de Vos Chair Registered No: 07737797 19 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Consolidated Cash Flow Statement For the year ended 31 March 2024 Note 2024 2023 Cash used in operaling activities Cash flows from investing aclivities 1.604.614 (105.143) 11,031,154) {299,884) Increasel(Decrease) in cash during the year 1.499.471 11.331.038) (a} Cash used in operating activities 2024 2023 Net incoming l (outgoing) resources 1,693,754 {1,502,0161 Adjustments for non-cash items: Depreciation and amortisation Pension fund provision Ilncreaseydecrease in stocks Ilncreaseydecrease in debtors (Decreaselllncrease in creditors (Decreasellincrease in provision 352,311 (307.0001 12,755 171,591 (318.7971 714,227 188,000 13,920 616,801 {537.0861 525,000 Net cash inflowl{outflow) from operating activities 1,604,614 {1,031,154) (b} Cash flows from investing activities 2024 2023 Purchase of tangible fixed assets Purchase of intangible fixed assets (105.143) (299,884) Net cash outflow from investing activities (105.143) {299.8841 (c) Analysis of movements in cash and cash equivalents 2024 2023 Decrease I Increase in cash and cash equivalents in the year Cash 8nd cash equivalents at the beginning of the year 1.499.471 2,639,860 11,331,038) 3,970,898 Total cash and cash equivalents at the end of the year 4.139.331 2.639.860 (d} Analysis by cash and net debt AsAt April 2023 Cash Other non- flows cash flows Asat March 2024 Cash at Bank and in hand 2.639,860 1,499,471 4,139,331 20 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements General infonnation Birmingham Museums Trust is a charitable company limited by guarantee. incorporated and domiciled in England and Wales (Company number 07737797, Charity number 11470141- The Trust has no share capital. In the event of the charity being wound up. the liability in respect of the guarantee is limited to £10 per member of the charity- The registered Offi￿ is Birmingham Museums & Art Gallery. Chamberlain Square. Bimiingham. B3 3DH. Statement of principal accounting policies The following accounting policies have been applied consistently in dealing with items which are considered malerial in relats'on to the Trusl's financial statements. Basis of accounting The financial statemenls have been prepared under the Companies Act 2006 on a going concern basis and under the historical cost convention. The financial statements have been prepared in accordance with Accounting and Reporting by Charities Statement of Recommended Practi￿ applicable lo charilies preparing their accounts in accordance with the Financial Reporting Standard applicAble in the UK and Republic of Ireland (FRS 102) (effective 1 January 20191- (charities SORP {FRS 102)). the Financial Reporting Standard applicable in the Uniled Kingdom and Republic of Ireland IFRS 102) and Ihe Companies Act 2006. Birmingham Museums Trust meels the definition of a public beneffit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value. unless otherwise stated in the relevant account policy notes. The financial statements are prepared in slerfing. to the nearest £1. which is the fur)ctional currency of the group and the charity. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgemenl in applying the charity's accounting policies {see nole 31. Going Concern On 5 September 2023 Birmingham City Council issued a section 114 notice. Following this Bimingham City Council confimied it will honour existing contracts. The existing Service Level Agreement ISLAI covers the four year period to March 2026, so there are no short term risks to SL4 funding. However. Birmingham City Council continues to look al areas of cost savings for the financial year 2025-26 and onwards. At time of writing Birmingham City Council and Birmingham Museums Trust are working together to look at the next four year funding cycle 2026-30. There are finanaal and reputation implications rf the Birmingham City Council were to reduce funding from April 2026. However in finalising the next SLA both parties have to agree the funding provided by Bimiingham City Council is in line with service provision expected from Bimingham Museums Trust. The financial stalements have been prepared on a going concem basis. Subslantial budgeting and forecasting due diligence has been undertaken. The Directors consider that there is a reasonable expectation that the company has sufficient resources lo (x)ntinue in operational existence for the foreseeable future and, for Ihis reason they have adopted the going concem basis in preparing the financial statements. Basis of consolidation The consolidated financial stalements of Bimingham Museums Trust include the financial statemenls of the charitable company. its subsidiary Irading company Bimiingham Museums Trading Limtted, and its subsidiary charity Thinktank Trust. The resulls of the subsidiaries, as disclosed in note 17 are consolidated on a line by line basis within the consolidated statement of financial activities. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the Trust has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. The results of the standalone charity are summarised in note 17. Statement of financial activities The incoming resour￿$ and resour￿$ expended by the Bimiingham Museums Trust are detailed below, together with respective accounting treatments. 21 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) Statement of principal accounting policies (continued) Incoming resources Voluntary income including donalions. gtfts and legacies and grants that provide core funding or are of general nature are recognised where there is entiuement, receipt is probable, and the amount can be measured with sufficient reliability. Such income is only defe￿ed when= Ihe donor specifies that the granl or donation must only be used in future accounting periods., or the donor has imposed conditions which musl be met before the charity has unconditional enliuement. Donations and gifts Cash donalions are included when received. Legacies Income is recognised on an accruals basis to the extent that Bimingham Museums Trust has been notified that it is a beneficiary. receipl is probable and there is a clear indication of the amounts involved. Grants receivable including govemment grants Grants are recognised in the consolidated statement of financial activities when the conditions for receipt have been complied with. Trading income Turnover from the staging of events, retail shops and catering ouuets operated by Bimingham Museums Trading Limited represents the value of goods sold net of VAT. Income from investments Investmenl income is accounted for on an accruals basis. Sponsorship in kind Sponsorship in kind includes provision of commercial services. Such incoming resources are included in the Consolidated Statement of Financial Activities where the benefit to the charity is reasonably quantifiable and measurable. The value placed on these resources is the estimated value to Ihe charity of the service received, being the price. the charity esb'mates it would pay in the open market for an equivalent servi￿. Fund accounting The charitable company mainiains three types of fijnds as follows: Restricted funds Restricted funds represent granls and donations re￿1vable which are allocaled by the donor for specific purposes. Within restricted fijnds. endowment funds represent donats.ons receivable which on the instruction of the donor are to be sel aside and along with the income applied for a specific purpose. The airn and use of such funds are set out in the notes to the financial statements. Unrestricted funds Unrestricted funds represent funds that are expendable at the discretion of the Trustees in the furtherance of the objects of Ihe charity. Such funds may be held in order to finance both working capital and capilal investment. Within unrestricted funds. designated funds represent unrestricted ftjnds that have been set aside by the Trustees for particular purposes. The aim and use of such funds are sel out in the notes to the financial statements. Pension funds Pension funds represent funds relating to the West Midlands Defined Benefit Pension Scheme. The aim and use of such funds are set oul in the notes to the financial statements. Resources expended Liabililies are recognised as ￿sOurceS expended as soon as there is a legal or constructive obligation committing Birmingham Museums Trust to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Raising funds These costs are incurred in relation to staff members and consultsnts who are engaged directly in fundraising and also include the costs of campaigns for raising donations. Charitable activities Charitable expenditure includes expenditure assoaated with the operation of the Bimingham Museums and Art Gallery. 22 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) Statement of principal accounting policies (continued) Governance Costs Governance costs comprise direct costs involving Bimiingham Museum's Trust's strategic management and its compliance with legal, constitutional and statutory requirements. These costs include costs related to slatulory audit and legal fees. Redundancy Costs All redundancy costs and temiination payments are recognised in the year. Basis of allocation of costs All expenditure is accounled for on an accruals basis and has been dassified under headings that aggregale all cosls related to the calegory. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent wth the use of resources. Costs relating to the management of Birmingham Museums Trust and support departmenls have been allocated lo other funclions based on the time they consume in pursuing the objectives of Bimingham Museums Trust. Operating leases Rentals under operaling leases are charged to the statement of financial activities on a slraighl-line basis over the term of the lease. Foreign currency translation Transactions in foreign Cu￿enCieS are translated into Steding at the rates of exchange on the transaction day. Foreign currency liabilities in Ihe balance sheet are translated into Sterling at the rales of exchange ruling at the year-end except where hedged. Resulting exchange gains and losses are taken to the Consolidated Slatement of Financial Aclivities in the year in which they arise. Pension costs The charitable company operates a stakeholder compliant Group Personal Pension Scheme open to all employees. Certain forrner staff of Birmingham City Coun(il are members of the West Midlands Pension Scheme which is a defined benefit scheme based on final pensionable salary. For defined benefit retirement plans, the cost of providing benefits is detemined using the projected unit credit method, with actuarial valuations being carried out at each balance sheet date. Actuarial gains and losses arising are recognised immediately in the Consolidated Statement of Financial Activities. Past Servi￿ cosls are recognised as an expense on a slraight-line basis over the average period until the benefits become vested. To the extent that the benefits have already vested, the cost is recognised immediately in profil or loss. The amount recognised in the balan￿ sheet represents the present value of the defined benefit obligation. adjusted for unrecognised past service costs and reduced by the fair value of plan assets. Any asset resulting from this calculab'on is limited to the lower of the asset and any unrecognised past service cost plus the present value of available refunds or reductions in future contributions to the plan. The rate used to discount the benefit obligations is based on market yields for high quality corporate bonds with temis and currencies consistent with those of the benefft obligations. Gains and losses on curtailmentslsetuements are recognised when the curtailmenusettlement occurs. A pension scheme asset is recognised on the balance sheet only to the extent that the surplus may be recovered by reduced fulure contributions or lo Ihe exlenl that the trustees have agreed a refund from the scheme al the balance sheet date. A pension scheme liability is recognised to the extenl that BMT has a legal or constructive obligation to settle the liability- The assets of the scheme are held separately from those of the Trust in an independently administered fund. Taxation Birmingham Museums Trust is exempt from taxation on its income and gains where they are applied for charitable purposes. In the subsidiary financial statements, the policy is to distribute all tsxable profits to Bimingham Museums Trusl via gift aid. Stocks Slocks are valued at the lower of cost and net realisable value. 23 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) Statement of principal accounting policies (continued) Tangible and intangible fixed assets Operating assets Operating assets are stated at cost less depreciationlamortisation. Depreciation is provided on a straight-line basis using rates calculated to write down the cost of each asset to its estimated residual value over its antiapated useful life as follows: Leasehold improvements Plant and equipment Fixtures and fittings Hardware Software Over 10 years 3 to 10 years 3 to 10 years 3 to 5 years 3 to 5 years Depreciation commences in April following the year of purchase. Assets in Ihe course of construction are not depreciated until completion where upon they are transferred to the appropriate fixed asset category and depreciated as above. Fixed asset investments Investments are held at cost less any permanent diminution in value. Recognilion of liabilities Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events. Financial instruments The trust only has financial assets and financial liabilities of a kind ihat qualify as basic financial instnjments. Basic ffinancial instrumenls are initially recognised al transaction value and subsequently measured at their settlement value with the exception of loans which are subsequendy measured at amortised cost using the effective interest method. Related party transactions Birmingham Museums Trust is the parent undertaking within a group that prepares consolidated financial statements. Related party transactions are disdosed at note 20. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions Ihat affecl the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements {apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements= Operating lease commitments The group has entered into comrnercial property leases as a lessee on its propety portfolio and as a lessee it obtains use of property, plant and equipment. The classification of such leases as an operaling or finance lease requires the group to determine. based on an evaluation of the teThs and (x)nditions of the arrangements, whether it relains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the balance sheet. We consider there is no value to be recognised in the peppercom leases held by Bimingham Museums Trust or the commercial lease held by Thinktank Trust. Leasehold improvements are recognised as assets when it is appropriate to do so. 24 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) Judgements and key sources of estimation uncertainty (continued) The following are the group's key sources of estimation uncertainty: Pension and other post*mployment benefits The costs of defined benefit pension plans are detemiined using actuarial valLJalions. The actuarial valuation involves making assumptions about discount rates. future salary increases. mortality rates and future pension increases. Due lo the complexity of Ihe valuation. the undedying assumptions and Ihe long-tem nature of Ihese plans, such estimates are subject to significant uncertainty. Future salary increases and pension increases are based on expected future inflation rates. Further details a￿ given in note 22. Impairnient of non-financial assels Where there are indicalors of impaimient of individual assets, the group perfomis impaimienl tests based on fair value less costs to sell, or a value in use calculation. The fair value less costs to sell calculation is based on available data from binding sales transactions in an ami's length Iransaction on similar assets or obseNable market prices. Impairment of debtors The company makes an estimate of the recoverable value of trade debtors. When assessing impaimient of trade debtors, management consider them individually reviewing the ageing profit of the balance and the historical experience. Obsolete stock provision At each balance sheet date. stocks are reviewed for impairnent. If stock is impaired the carying value is reduced. The provision is based upon a percentage reduction linked to the age of the stock item and its sales history. Analysis of incoming resources 2024 2023 General Restricted Funds Commonwealth Games Dynamic Collections Millennium Point Trust Minibrum Portable Antiquities Scheme Rent and servi￿ Charge Grant Rewiring Project Resel and Innovation Vanley Burke Exhibition Other Total Restricted Funds 22,950 163.134 160,000 33,363 120,224 1,417,000 945,999 46,490 29,120 74,217 2,849,363 106.748 1.417,000 1,502.363 156,872 3,346,117 General Unrestricted Funds Other Grants Receivable and Other Income Legacy Income Arts Council England (National Portfolio Organisation) Donations Bimingham City Council Fees Visitor Admissions and Outreach Income Rental Income Trading Aclivities Total Unrestricted Funds 1.563.562 468,150 1,026,108 18.930 3,282,000 2,563,823 19,167 1,197,139 10,138,879 701,644 1,026,108 22,260 3,282,000 1,816,519 10,000 1,607,196 8,465,727 Total Incoming Resources 13.484.996 11.315,090 25 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) Analysis of total resources expended Museurn Costs Governance Fundraising 2024 2023 Costs directly allocated to activities Staff costs Marketing Maintenance Finance and Administration Other operating expendiiure Depreciation l Amortisation 32.600 3.343,467 149,625 451,019 3,806 6,356,700 352,311 3,376,067 149,625 451,019 48,019 6,356,700 352,311 3,649,539 205,717 366,279 43,268 6,348,199 714,226 44,213 Direct Costs Total 32,600 10,656,928 44,213 10,733,741 11,327,228 Support costs allocated to activities Staff costs Finance and Administration Professional fees Pension Fund charges 1.133,868 207.682 22,951 (307.000) 1,133,868 207,682 22,951 (307.0001 1,051,678 232,858 17,342 188,000 Support Costs Total 1,057,501 1,057,501 1,489,878 Total Costs 32,600 11,714,429 44,213 11,791,242 12,817,106 26 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) Analysis of total resources expended (continued) Total resources expended include: 2024 2023 Depreciation Amortisalion Auditor's remuneration - audit of these financial statements Auditor's remuneration - non-audit services Operaling lease charges.. land and buildings Operaling lease charges: other than land and buildings 352.311 666,948 47,279 35,000 59,099 651,384 12,170 38.000 32,129 667,668 14.447 Key management remuneration and Trustees, expenses The key managemenl personnel of the parent company, the Trust, comprise the Trustees and the senior management team as defined in the Trustees. Report. The total employee benefits of the key management personnel of the Trust were £434k (2023.. £391 k). The key management personnel of the group comprise those of the Trust and its wholly owned subsidiaries Thinktank Trust and Birmingham Museums Trading Limited. The key management personnel are responsible for the group as a whole and it is nol possible to split their employee benefits between each individual enlity. An amount of £9,520 12023: £9,520) was paid in respect of Trustees and Officers Liability Insurance. The Trustees received no remuneration in the year other than reimbursement of expenses. A total of £267 {2023'. £Nill was reimbursed to trustees in respect of expenses mainly related to travel. Employee numbers and costs . Average number of persons employed Number 2024 121 29 Number 2023 106 25 Museum Support and administration 150 131 b. Full Time Equivalent employed FTE 2024 101 FTE 2023 92 Museum Support and administration 25 22 126 114 27 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) Employee numbers and costs (continued) . Employee costs 2024 2023 Wages and Salaries Social Security costs Pension costs 3,919,165 328.684 262.087 4.509.935 4,097,084 332,595 269,385 4.699.064 Included wilhin wages and salaries figu￿ is an amount of£104k {2023= £284k) in respect oflemporary staff costs. £115k 12023= £198kl in respect of casual staff and Nil (2022= £36k) in respect of redundancy and settlement costs. d. Higher paid employees The number of employees whose emoluments. fell within the following bands are= 2024 Number 2023 Number £70.000 to £79,999 £60,000 to £69,999 . B1￿InghaM Museums Trading Limited Included in the above staff costs, the subsidiary Birmingham Museums Trading Limited was recharged for 17 staff members12023.' 22 staff) whose costs are wholly or partly included within the results of the subsidiary given al note 17. The employment costs incurred by Bimiingham Museums Trading Limited were: 2023 2023 Wages and Salaries Social Security costs Pension costs 537,172 35,593 17,841 590,606 684,403 32,026 14,878 731,307 Included within wages and salaries above is an amount of £56k {2023.' £200k) in respect of temporary staff. None of the Directors of Birmingham Museums Trading Limited re￿iVed any remuneration in their capacity as Directors. f. General volunteers Volunteers welcomed and engaged visitors to our venues, conservation cleaned objects and our sites, supported family activities, worked wth our curators. gardened and assisted with our documentation. 28 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) Fixed Assets Tangible Fixed Assets Group Leasehold Plant and Improvements Equipment Fittings Equipment Total Cosl At 1 April 2023 Additions Disposals At 31 March 2024 5,955,685 33,387 800,142 22,897 8,451,277 48,859 899,132 16,106,236 105,143 5,989,072 823,039 8,500,136 899,132 16,211,379 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 5.490.378 68,426 5,558,805 724.024 7,517,947 41.563 204,988 765,587 7,722,935 833,733 14.566,083 37,334 352,311 871,067 14,918,394 Net Book Value At 31 March 2024 430.267 57.452 777.201 28.065 1,292.985 Net book Value At 31 March 2023 465,306 76.118 933,330 65,399 1,540,153 All fixed assets are held for charilable purposes. Capital expenditure contracted for, but not provided in the financial statements, was £Nil (2022= £Nil.). Company Leasehold Plant and Improvements Equipment Computer Fittings Equipment Total Cost At 1 April 2023 Additions Disposals At 31 March 2024 746.819 33.387 625.483 3.217,005 48,859 760.020 5,349.327 82.246 780.206 625.483 3.265,864 760.020 5,431.573 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 281,513 68,426 349.939 552,335 38,593 590.928 2,283,675 204,988 2.488,663 694,621 3,812,144 37,334 349,341 731.955 4.161.485 Net Book Value At 31 March 2024 430.267 34,555 777,201 28.065 1,270.088 Net Book Value At 31st March 2023 465,306 73,148 933,330 65,399 1,537,183 All fixed assets are held for charilable purposes. Capital expenditure contracted for, but not provided in the financial statements. was £Nil (2023= £Nill. 29 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) Fixed Assets (continued) Intangible Fixed Assets Group and Company b) Software Cost At 1 April 2023 Additions 232,628 At 31 March 2024 232,628 Depreciation At 1 April 2023 Charge for the year 232,628 At 31 March 2024 232.628 Net Book Value At 31 March 2024 Net Book Value Al 31 March 2023 10. Stocks Group Company 2024 2024 Group 2023 Company 2023 Goods for resale 138.134 150.889 stock recognised as expense during the year was £439k (2023- £629k) 11. Debtors Amounts due in one year Group 2024 Cornpany 2024 Group 2023 Company 2023 Trade debtors Amounts owed by group companies VAT recoverable Other debtors Prepayments and accrued income Amounts owed by group companies - Loan Birmingham City Council 196,258 120,429 2,375,926 19,934 2.720 831,472 426,500 215,058 3,514,749 31.370 831,472 10.587 786,314 2.258 369,520 75,810 85,136 77,846 77,846 85,136 1.136.946 3,428.327 1.308,537 4,262.531 30 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) 11. Debtors (continued) Amounts due after more than one year: Group Company 2024 2024 Group Company 2023 2023 Birmingham City Council Amount owed by group companies 251.786 251,786 329,632 329,632 18,952 348.584 251.786 251.786 329.632 12. Creditors Amounts due within one year: Group Company 2024 2024 Group 2023 Company 2023 Trade creditors VAT, Tax and social security Loan from Birrningham City Coun￿1 Other creditors Accruals and deferred income 86.755 96.121 77.846 78.136 442,214 280,397 361,069 85,136 32,820 340,447 244.077 405.318 85.136 32.820 305,140 78.424 77.846 78.136 394,172 781.072 713.426 1.099,869 1.072.491 Amounts due after more Ihan one year: Group Company 2024 2024 Group 2023 Company 2023 Loan from Birrningham City Coun￿1 251,786 251.786 329.632 329.632 Deferred income {group and Company) Deferred income comprises grants received in advance of expenditure. Group Company Balance as at 1 April 2023 Amount released to income from Charitable Activities Amount deferred in year 80,642 51,856 Balance as at 31 March 2024 80,642 51,856 31 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) 13. Financial instruments Group 2024 Company 2024 Group 2023 Company 2023 Financial assets Financial assets measured at fair value through stalemenl of financial activities Financial assets that are debt instruments measured al amortised cost 4.139.331 3.930.392 2.639,861 1.496.062 499.349 2.770.795 835.693 4.137.506 4.638.680 6.701.187 3.475.544 5.633.568 Financial liabilities Financial liabilities measured al amortised cost 705,183 684,020 1,238,909 1,167,281 Financi81 assets are measured at fair value through statement of financial activities comprises cash held at bank and in hand. Financial assels Ihat are debt instruments measured at amortised cost compTises trade and other debtors. other taxation and social security and amounts owed by group undertakings. Financial liabilities measured at amortised cost comprises Trade and other creditors, other taxation and social security. amounts owed to group undertakn'ngs. accruals and a loan from Bimingham City Council as explained below. Birmingham City Council Loan The loan falls due for repayment as follows= Group 2024 Company 2024 Group 2023 Company 2023 Within one year In 1-2 years In 2-5 years Over 5 years 77,846 69,558 147,654 34,574 77,846 69,558 147,654 34,574 85,136 77,846 179,387 72,399 85,136 77,846 179,387 72,399 329,632 329,632 414,768 414,768 The above unsecured loan is held by Binningham Museums Trusl. The loan was approved by Birmingham City Council in March 2012 with interest charged at 4.5°A per annum and is repayable (x)mmencing 1 April 2012 and lerminating on 1 January 2031. The loan was made to Thinktank Trust then transferred to Birmingham Museums Trust in April 2012. In addition. Bimiingham City Council has identified a source of funding and will not less than 5 business days in advance of each inlerest payment dale grant aid to BMT a sum equivalent to Ihe amount of interest and capilal required to be paid by 8MT to Bimiingham City Council, to be held on trust by BMT and hypothecated to the payments of the loan as they fall due. 32 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) 14. Funds Analysis - consolidated Restricted funds in the consolidaled and charity accounts comprise the following unexpended balances of donations and grants held on Irust to be applied for specific purposes. Balance Balance at 1 Aprll In¢¢mlng 2023 Resources Other Galn (Loss) Outgolng Resources Funds Transfer 31 March 2024 General Restricted Funds BMOSI BMAG Re-opening Commonwealth Games Dynamic Colle¢lions Laying Foundations Millennium Point Trust Minibrum Portable Antiquities Scheme Rent and Service Charge Grant Reset and Innovation Rewiring Projecl Tessa Sidey Bequest Welcome All WCF-97011 Other {37.966) 19451 12,3551 38,911 12,3551 24.376 {24,3761 163.134 (66.7751 17,5001 1103.0141 1207.8181 1137,5251 11,417,000) 114,5941 11,495,271) 110,6001 4091 5,535 148,291 13.606.562) 96,359 17,5001 22,277 716,600 34,393 125,291 946.777 65.170 {22.359} 106.748 1,417,000 26,892 28,564 85.921 818 58,890 75,799 1.400.532 186 12,484 35,656 75,321 409 1,502.363 {64,4251 22,141 {49.9221 156,872 3.346.117 106,521 1,090.165 Endowment Fund 884.401 12.2501 882,151 Total Restricted Fund5 2,284,933 3.346.117 3.608,812 49,922 1.972.316 Designated Funds Infrastructure Reserve 500,000 500.000 500,000 500.000 General Unrestricted Fund5 General Fund Trading Reserve 2,320.805 8,941.740 66,168 1,197,139 2.254.637 10.138.879 17,372.4991 1450,0801 1,116,931 18.489.430) 3,439,968 14,040 3.454.008 49.922 Total Unrestri¢ted Funds 2.254.637 10.138.879 8.489.430 49.922 3.954.008 Pension Deficit 307.000 307.000 Total Funds 4.539,570 13.484.996 {11.791,2421 1307,0001 5,926.324 The carry forward balance reflects the net book value of assets in the relevant fund balance. 33 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) 14. Funds analysis - consolidated (continued) Restricted funds The restricted funds held at the year*nd are lo be applied for the purposes of the specific projects las shown under the headings above) to develop= BMAG Reopening - Support from FCC Communities Foundation and Friend of Birmingham Museums Tnjst b. Commonwealth Games Birningham 2022 Cultural Festival. We Are Birmingham (BMAG) Black British History.. A Journey through the Life of Vanley Burke (Soho House). Exhibitions supported by Bimingham Organising Committee for the 2022 Commonwealth Games Limited. c. Dynamics Collection - Support from Fidelity Uk and Esmeé Fairbaim Foundation d. Laying the Foundations - Grant from National Lottery Heritage Fund e. Millennium Point Trust - Grant to support programmes and projects at Thinktank, Bimingham Science Museum. f. Minibrum New gallery and education programme, grants from Inspiring Science Fund co-funded by the Department for Business. Energy & Industrial Strategy (BEIS). UK Research and Innovation (UKRII and Wellcome, Garfield Weston Foundation, Stavros Niarchos Foundation. The Wolfson Foundation, The 29th May 1961 Charity. Grimmitt Trust. RO￿andS Trust and other donor5. g. Portable Antiquities Scheme - Recording archaeological objects found by members of the public in England and Wales., DCMS grant support, administered by the British Museum. h. Rent and Service Charge Grant- Grant supporl from Bimingham City Council at Thinklank. Rewiring Project BCC funding for the collections and non-collections packing, decanl, and temporary storage as well as re-installation due to rewiring of the Council House complex including BMAG Tessa Sidey Bequest- A bequest in the wll of Tessa Sidey {1955-2011) a curator at BMAG {1983-2011) to "buy major print acquisitions". k. Welcome All - projecl to improve access at the Museum & Art Gallery: grant support from DCMSIWolfson Museum & Art Galleries Improvement Fund 2011-16. Friends of Bimiingham Museums Trust and City of Birmingham Museums & Galleries Development Trust, and Arts Council England Major Partner Museum funding 2015-18. This fund will be released as the asset is depreciated. I. WCF-97011- Garfield Weston fvnd to invest in our digital offer and technology infrastructure. Endowment fund This represents the Ivan Witton legacy income restricted for the purchase of painting or artefact for display at the Central Birmingham Museum and Art Gallery. Designated funds £500k has been set aside to replace assets that are in disrepair having reached the end of useful life. Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) 14. Funds Analysis - consolidated (continued) Restricted funds in the consolidated and charity accounts comprise the following unexpended balances of donations and grants held on trust to be applied for specwfic purposes. Balance at 1 April Incoming 2022 Resources Other Gain (Loss) Balance at 31 March 2023 Outgoing Resources Funds Transfer General Restricted Funds Aston Hall Refurbishment BMOSI Commonwealth Garnes Made in Birmingham Millennium Point Trust Minibrum Portable Antiquf(ies Scheme Renl and Service Charge Grant Resel and Innovation Rewiring Project scien￿ for all Seasons Spiffire Gallery Slaffordshire Hoard Gallery Tessa Sidey Bequest Welcome All WCF-97011 Other 9,668 10,720 11,7(M) 137,681 25,225 1.117,346 45,726 19,933} {48,686} 139,394} 1137,681} 159,934) 1203,9321 1100,780} (1,417,000} 119.598) 1932.655) 1134,511) 19,7731 {53,312} 265 {37,9661 24,376 52,070 160,000 33,363 120,224 1.417,000 46.4 945.999 125,291 946,777 65,170 26.892 28,564 15.220 134,511 9,773 53,312 85,921 1.227 448.150 98,479 2,204,659 85,921 818 58.890 75,799 1,400.532 {4091 1389.260} 83,897 (3,640,755) 74,217 2.849,363 13,000 112.735} Endowment Fund 887,381 12,980} 884,401 Total Restricted Fund5 3.092,040 2.849.363 3.643,735 12.735 2,284.933 Genaral Unrestricted Funds General Fund Trading Reserve Total Unrestricted Funds 2.955,113 193.567 2.761,546 6,858.531 1.607.196 8.465,727 (7.505,574} 1.479.797 8.985,371 12.735 2,320,805 66,168 2,254.637 12.735 Pension Deficit 838.000 188,000 1,026,000 Total Funds 5,015,586 11.315.090 112,817,106) 1.026.000 4,539.570 The carry forward balan￿ reflects the net book value of assets in the relevant fijnd balan￿. 35 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) 15. Funds analysis - Company The charity holds restricted funds comprising the following unexpended balances of donations and grants held on trust lo be applied for specific purposes. Balance at31 Mar¢h 2024 Balance at 1 Aprll 2023 other Galn {L0551 In¢omlng Resources Outgolng Resource5 Funds Transfer Restricted Funds BMOSI BMAG Re-opening Commonwealth Games Dynamic Collections Laying Foundations Millennium Point Trust MiniBrum Portable Anliqui(ies Scheme Resel and Innovation Rewiring Project Tessa Sidey Bequest Welcome All WCF-97011 Other 37.9661 19451 12.3551 38,911 12,3551 24.376 124.3761 163,134 166,7751 (7,5001 1103,0141 1207.8181 1137.5251 114,5941 11,495,271) 110,6001 1409) 5.535 148.291 {2,189.562) 96,359 {7,5001 22,277 716.600 34.393 12,484 35,656 75,321 409 125.291 946.777 65.170 26,892 28,564 85,921 818 58.890 75.799 1.400.532 122,3591 106.748 1.502.363 164,4251 22.141 149.922) 156.872 1.929.117 106.521 1.090.165 Endowment Funds Ivan Witton Legacy (including interest receivable) 884.401 (2.250) 882.151 Total Restricted Fund5 2,284,933 1,929.117 {2,191.812) 149.922) 1.972,316 Designated Funds Infrastructure Reserve 500,000 500,000 Unrestricted Funds 3.957.304 8.941.740 17,005,900) 1450,0781 5,442,167 Total Unrestri¢ted Funds 3.957,304 ,941.740 17,005.900) 49,922 5,943,065 Pension Deficit 307,000 (307.0001 Total 6.242.237 10.870.857 {8,890.713) {307,0001 7.915.381 36 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) 15. Funds analysis - Company (continued) The charity holds restricted funds comprising the following unexpended balances of donations and grants held on trust to be applied for specific purposes. Balance at31 March 2023 Balance at l April 2022 Other Gain {Lossl Incorning Resources Outgoing Resources Funds Transfer Restricted Funds Aston Hall Refurbishment BMOSI Commonwealth Games Millennium Point Trust MiniBrum Portable Antiquf(ies Scheme Reset and Innovation Rewiring Project Spiffire Gallery Slafford5hire Hoard Gallery Tessa Sidey Bequest Welcome All WCF-97011 Other (9.9331 148,6861 139.3941 159.9341 1203.9321 11(X),7801 119,5981 1932.6551 19.7731 153.3121 265 10,720 11,700 25,225 1.117,346 45.726 137,9661 24,376 125,291 946,777 65,170 26,892 28,564 52.070 160.LNJO 33.363 120.224 46.490 945.999 15.220 9,773 53,312 85,921 1,227 448,150 98.479 1.932.467 85,921 818 58,890 75,799 1.400,532 1409) 1389,2601 83.897 {1,951.563) 74.217 1.432.363 13,000 112.735} Endowment Funds Ivan Witton Legacy (including interest receivable) 887.381 (2.980) 884,401 Totsl Restricted Funds 2.819.848 1.432.363 1,954.543 12.735 2.284,933 Total Unrestricted Funds 4296.875 6.858.531 7,210.837 12.735 3.957.304 Pension Deficit (838.000) 1188.000) 1,026.000 Total 6.278.723 8.290,894 {9,353.380) 1.026.000 6.242.237 37 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) 16. Analysis of net assets between funds - consolidated Restricted Pension Unrestricted Total Fixed Assets 729.494 1.242.822 563,491 3,642,303 1.292.985 4.885.125 Net Current Assets Creditors (amounts falling due after more than one year) Provision for liabilities and charges Total as At March 2024 (251.7861 1251,786) 1,972,316 3,954,008 5,926,324 Fixed Assets 939.503 1,345,430 600,649 1,983,620 1.540.152 3,329,050 Net Current Assets Creditors (amounts falling due after more than one year) Provision for liabilities and charges Total as At March 2023 (329.6321 1329,632) 2.284.933 2.254.637 4.539.570 17. Financial perfomiance of undertakings Company Statement of Financial Activities The consolidated statement of financial activities includes the results of the company s subsidiaries, Birmingham Museums Trading Limited and Thinktank Trust. The summary financial performan￿ of the company alone is: 2024 2023 Income Gift Aid from subsidiary company 10,870,857 8,290,894 Total Income 10,870.857 8,290,894 Expenditure on Charitable Aclivilies Net Income 8,890,713 1,980,144 9,353,380 {1,062,486) Other recognised gainsl{losses) (307,000) 1,026,000 Net Movements in funds 1,673,144 36,486 Total funds brought forward 6,242,237 6,278,723 Total Funds carried forward 7.915.381 6.242.237 Represented by: Unrestricted income funds Restricted funds Pension 5.943,065 1,972,316 3,957,304 2,284,933 Net Funds 7.915,381 6,242,237 38 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) 17. Financial perfomiance of undertakings (continued) The summary financial perf0Than￿ of the wholly owned subsidiaries are as follows: Birmingham Museums Trading Limited Registered Company Number: 04221635 Registered Address: Chamberfain Square Bimiingham B3 3DH 2024 2023 Profit & Loss Account Turnover Cost of Sales 1.197,139 (439.274} 1,607,196 {629.2431 Gross Profit 757,865 977,953 Administrative expenses (677,657) {850,5541 Profit on ordinary activities before Gift Aid Gift Aid to parent undertaking 80,208 127,399 Retained Profit l (Loss) for the year 80,208 127.399 The aggregated assets and liabilities of the subsidiary were Assets Liabililies 444,554 430,514 14,040 1,334,844 1,401,012 166,168) Net Funds Thinktank Trust Registered Company Number: Registered Address: 03239119 Chamberfain Square Birmingham B3 3DH Unrestricted funds Restricted funds Total funds Total incoming resources Total reSoUr￿S expended Net incoming I (outgoing) resources 1.417,000 1,417,000 1,417,000 1,783.598 (366,598) 366,598 1366,598) Transfer between funds Net movement in funds 1366.598) (366.598) Fund balances brought forward (1.636,499) (1,636,499) Fund balances carried forward (2.003.097) {2.003.097) 39 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) 18. Taxation The charitable company's income is exempt from taxation under section 505 of the Income and Cory)oration Taxes Act 1988 and its chargeable gains are exempt under section 256 of the Taxation of Capilal Gains Act 1992. 19. Financial Commitments Debentures and charges Thinklank Trust has granted a first mortgage charge over certain of its assets to the Millennium Commission to secure all monies owing to the Commission by the Trust under the terms of a grant agreement dated 10 December 2004. The Thinktank Trust has granted a mortgage charge over ￿rtain of its assets to the National Heritage Memorial Fund underlhe terms of an agreement dale 20 April 2011. Value Added Tax As a result of group registration arrangements for ValLJe Added Tax (VATI, the charitable company is jointly and severally liable wilh olher members of the group for any VAT due by the representative member of the group. Al 31 March 2024 the group's net payable in respect of VAT was £18k12023= £291 k). 20. Related Party Transactions During the year, the Company conducted the followng transactions with its hyo subsidiaries, ThinkTank T￿st and Birmingham Museums Trading Limited. and had the following debt wsitions with these subsidiaries at 31 March 2024. Birmingham Museums Trading Limited The Cornpany levied a management charge on Birmingham Museums Trading Limited for the year ended 31 March 2024 amounb'ng to £591 k {2023'. £731 kl. The management charge for both years includes the recharge of staff by the Company to Birmingham Museum Trading as disclosed in Note 8e lo the consolidated financial stalemenls. Birmingham Museums Trading Limited made a gift aid donation to the Company of £nil for the year ended 31 March 202412023.. £Nill as disclosed in Note 17 to the consolidated financial statements. At 31 March 2024. the Company was due an amount of £343k from Bimiingham Museums Trading Limited (2023.. £1,301 k). Thinktank Trust The Company levied a management charge on Thinktank Trust for the year ended 31 March 2024 amounting to At 31 M8rch 2024, the Company was due an amount of £2,033k (2023: £2,305k) from Thinktank Trust. At 31 M8rch 2024, Bimiingham Museums Trading Limited was due an amount of£Nil from Thinktank Trust (2023.. £Nill Birmingham City Council {BCC) In addition to the above listed related party transaclions, the following transactions took place with BCC, the sole member of the Company, during the year. BCC received services from the Company and contractual payments received in the year by the Company for services undertaken amounted to a fixed fee of £3.282m (2023.. £3.282m) and variable perf0mlan￿ paymenls amounting to £2.508m {2023'. £1.924m). The Company has an outslanding loan with BCC as disclose(l in Notes 11 and 12. BCC funded £1.502k (2023: £946k) for the rewiring project and provided compensation of £420k12023: £420k) for loss of earnings. In addition, Thinktank Trust received a grant from BCC of £1.417m during the year12023= £1.417m) to assist in the provision of lease paymenls on Thinktank to Millennium Point Propety Ltd. In the prior year one of the Truslees was employed by TATE. During the prior year there were 8 sales tolalling £3,780 with TATE. One of the Trustees is also a Trustee of Greater Bimiingham and Solihull LEP. During the prior year we received a granl of £25,000. All transactions were at am's length. 40 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) 21. Members The charity is incorporaled as a company limited by guarantee having no share capital and, in accordance wilh the Memorandum of Association, every member is liable to conlribute a sum of £10 in the evenl of the company being wound up. At 31 March 2024 B1￿1ngharn City Council was the sole member of Birmingham Museums Trust. 22. Pension Schemes The company operates Defined Benefit and Defined Contribution Schemes. Defined Benefit Scheme The defined benefit pension scheme is accounted for in accordan￿ with applicable accounting standards within the United Kingdom. As a consequence, a liability of Nil {2023.' £Nil) is shown in BMT'S consolidated balance sheet. However, in accordance with the te￿S and conditions of the Local Govemment Pension Scheme, any liability is reversed over lime through an increase in the contribution from current members to the scheme, on a mulualised basis across the whole of Local Govemment Pension Scheme, and BMT is not required to specifically fund the deficit that relales lo its current and deferred members. At 31 Mar¢h 2024 At 31 March 2023 The major assumptions used by the actuary were (in nominal tems).. Rate of increase in salaries Rate of increase to pensions Discount rate Inflation assumption - CPI 3.75 /. 2.75 /. 4.85 /. 2.75 /. 3.95 % 2.95 % 4.75 % 2.95 % Assumed life expectations on retirement at age 65 are.. At 31 March 2024 At 31 March 2022 Retiring today Males Females Males Females 20.0 23.7 21.3 25.3 20.2 23.9 21.5 25.6 Retiring in 20 years, time The assumptions used in deterrnining Ihe overall expected retum of the scheme have been set wtlh reference to yields available on govemment bonds and appropriate risk margins. The assels in the scheme and the expected rates of retum were: Fair value at 31 March 2024 £000 Fair value at 31 March 2023 £000 Equities Bonds Property Cash Fair value of plan assels 14.454 6.635 1.422 1.185 23.696 14,810 4,791 1,525 653 21,779 The aclual retumlllossl on assets over the year was 2.107 (1281 41 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) 22. Pension Schemes (continued) Defined Benefit Scheme {continuedJ The amounts recognised in the balance sheet are as follows 2024 £000 2023 £000 Present value of scheme liabilities Fair value of scheme assets Net pension liability (15.233) 15.233 (15,250) 15,250 Analysis of the amount charged to Statement of Financial Activities.. Current service cost Administration cost Interest on the defined liabilityllasset) Total 136 311 72 25 208 336 Analysis of the amount recognised in other recognised gains and losses.. Actuarial {loss}Igain on scheme assets Actuarial {loss}Igain on scheme liabilities Actuarial {loss)Igain recognised (857) 550 (7,262) 8,288 1,026 (307) Changes to the present value of the defined benefit obligation: Opening defined benefit obligations Current service cost Interesl cost Conlributions by scheme parbcipants Actuarial lossllgain} Benefils paid Changes in demographic assumplions Experience lossl{gainl on defined benefit obligation Closing defined benefit obligations 15.250 136 720 38 (940) (361) 192) 482 15.233 22,945 311 630 48 {8.373) (396) 1697) 782 15,250 Changes in the fair value of plan assets Opening plan assets Interest on assets Return on assets less interest Pension asset restriction Administration expenses Contributions by employers Conlributions by scheme parbcipants Benefils paid Closing plan assets 15,250 1,030 1.077 {1,934) 22,107 605 (733) {6.529) 133 38 (361) 15.233 148 48 (396) 15,250 42 Docusign Envelope ID.. 1 F76A4DA-B9364090-97C4-6D9064AAD5B8 BIRMINGHAM MUSEUMS TRUST Notes to the Financial Statements (continued) 22. Pension Schemes (continued) Defined Benefit Scheme {continuedJ Sensitivity Analysis Change in assumptions as at 31 March 2024 31 March 2023 £OOOs £OOOs 296 294 609 610 33 34 268 264 0.10/0 Decrease in Real Discount rate 1 year increase in member life expectancy 0.1 % Increase in the Salary Increase Rate 0.1 % Increase in the Pension Increase Rate (CPI) Defined Contribution Scheme The charitable company operates a stakeholder compliant Group Personal Pension Scheme run by Standard Life PLC open lo all employees. The Trusl rnakes matching contributions to this scheme for employees making contributions, subject to a minimum contribution of 30A per month per employee. 23. Lease Commitments Land and Building Leases At 31 March 2024 the group had future minimum lease payrnents, in relation to land and building leases for Thinktank Tnjst at Millennium Point, under non-cancellable operating leases as follows= 2024 2023 Within one year Between two to five years More than five years Total 680,109 2.894.768 577,111 4,151,988 663,521 2.824,164 1,327,824 4,815,509 The company had no leases in respect of land and buildings. Other Operating Leases At 31 March 2024 the group and company had future minimum lease payments, in relation lo other operating leases, under non-cancellable operating leases as follows= Group 2024 Company 2024 Group 2023 Company 2023 Within one year Be￿een two to five years More than five years Total 11.839 19.954 1,663 33.456 11.839 19.954 1,663 54.241 6.570 6.333 6.570 6.333 12.903 12,903 24. Post Balance Sheet Events There are no post balan￿ sheet events 25. Provisions for liabilities and charges There are no provisions in the accounts. 43