Sheffield Museums Trust Financial Statements Year Ended 31 March 2024 Sheffield Museums Trust Annual Report and Financial Statements Year Ended 31 March 2024 Charity registration number.. 1194032 Company registraiion number.. 13063156 •ADHBHP70" 04112r2024 ¢OKPANIES A10 shaff￿d Museums Trust Financial Statements Year Ended 31 March 2024 Conttnts Page Charity Reference and Admihistrative Detsils Chair's mes5aEe Chlel EMecuti¥e's Report Tru5tee5' Annual Aeport Ilncluding Oirertors. Rep)rt and Strategic RepDrtI Independent Auditorfs Report 32 consol￿ated Siatement of FinaDcial Activities Ilncluding InC￿e and Expenditure Account) 8alan£e sheets 37 consol￿ated Statement of Cash Flows Notes to the Financial Statemenis 39 Sheflield Museums Trust Charity Relerence and Adminislrative Detsils Year Endèd 31 March 2024 Chèrity rtElStration nurnbef 1194032 Company re81stration number 13063156 N Maroonald Ichairl P Abel D Chovings R Davison lappointed 13 Jufy 2022. resigned 7 Mav 20241 M Gre•ve5 C McDonakl R McGloin P Meleady I￿18￿ed 9 January 20241 J Robins¢)n Iresigfied 18 Juty 20241 Singer A Singh (resigned 310(tober 20235 L Tyson-Green o tadbury lappointed 31 Ortober 20231 l Gamestef lappointed 31 October 20231 S Htsllin%shead lapwinted 31 October 20231 J Banharn lappoirbted 31 Ortober 20231 A Patterson lappoinred 18July 20241 L Moynahan lappointed 18 July 20241 R Shaw IAppointed iajuly 20241 Chief Executive Officer Kim Streets Comp4ny Secretsry Kim Streets R¢(istered offi Leader House Surrey Street ShÈffield 51 2LH 8HP LLP. StatLrtory Auditor Chartered AttoumtÈnts 2 Rulland Park Sheffield SIO 2PD Auditor 8ankers Nahvest 8ank 42 High Street Sheffield SI 2GE sheff￿ld Museurns Trust Trustees. Annual Report (Includlng Dlrectors, Report and Strategic R•portl Year Ended 31 March 2024 A5 you can see in the Trustees. Rept>rt. Ihe ieam at Sheffidd Museums have delwered another exceptional range of programmes and exhibitions acrD5s our sites during the year. I would partitularly hi&hliBht Hair. Outch Flowers and Bauhaus, tO8etherwth Sh¢)w your Meial which has re¢entlyfinished. The Museums settor across the UK fates very ChaI￿nE1n8 timES and Sheffield Museums is not immune from those challenges. The Trust is grateful for the support of its two major funders. Arts Council England and Sheffield City Council. I particularly want to thank SCC. wrth whom we have an exceptionally strong rtlationship. Despite their own financial th3llenge5. th* have approved a substantial uplift in our annual semce charge. Investment continues across our srtes. In particular, the work at Abbeydale is proeressing well towards a reimagined and sustainable visitor attraction. Workin8 Wlth our colleagues at SCC. a feasibility Study will commence shortly to look into the vision and options lor ihe Graves Gallery and Central Library building. I would like to thank all my fellow Trustees for their SUPPDrt. Arn* &n8h. Patrick Meleady. Roger Davi50n and James Robinson stepped down duTing the year. and we were pleased to welcomÈ four new independent tfU5tees. Dan Ladbury. Irno8en Gamesrer. siephan Hollin8shead andjulie Banham. An8usPatteison from iheV&A and Laura Moynahan and Richard Shaw from SCC. We a150 Started our second Assooate Trustee programme ift the summer. And finally. my thank5 to the Execuiive team. Kim Streets. Kirstie Harnilton and c￿1r Tawor. Their enthusiasrn. Pè5siw and tommitmenl and their ￿adershiP of the whole team ha5 ljeen inspiring. Neil Mam￿roWn creativetalent arKI brin8 outstanding cultuRI experience5 to the citv. Sheffield Museum5 believe that the rntsseumsand colkntionsweoreforbÈlon8toeveryone ahd ¢onne¢tinKwith thern can rnake people'5 lives better. People encounter many barTier5 that fflake connecling with their fflu5eurns difficutt. Sheffveld Museum5 15 committed to working collaborativtty to make lon8-lastin8 changes. $0 nK)re people can use the museurns to learn and reflect, and to find joyand inspiration. Equity. Diversityand IndusM)n aieatthe heart olour cornmitrnent. We continue ourtrourney to become an anti-raost or8anisation. V151on, miss￿￿ and Purpose Our vision, mission ènd purpose were redefined in the last year through a ¢oliaborètive aPPfo4ch with co1￿8&UeS froffl across theTru5t. Vision Sheffield Museums-. (reatin8 **lcoffling and inwrin8 experiences for everyone. Mhslo ro work cdlaboratively in Sheffield to ￿lt￿ ehrichint rnuseum experiences throu8h stories of art, hurnan historyand hatural s¢ien¢e. Purp05e Enrichin8 life in Sheffield. Sheffleld Museums Trust Trustees. Annual Report (Including Direclors. Report and Strategic Report) Year Ended 31 March 2024 Charitable Objetti¥es As a charitable trust we have clearly defined charitable objettives that 8¢)vem our puipose. undetpin our mission and ￿￿On. and are translated into considered. attionable ambitions wtth defined Outco￿$. The objects are to advance edu(ation try the ÈttablishmÈnt and maintenance of museLJrnS and art galleriesforthe benefit of the public In the fields of social and industnal history. xience and th￿ntenn& de5igh. technology. ￿5￿01 arts and crafts and natural in partirular but not exd4Jsively through.. al theacouisition, ownership. prÉsÈivatiofi, protettion. restoration. irnprovement. enhancement and maintenance of items and features of artistic. scientific. hi5toriral and indu51Tial iThterest for the public benefit-, and bl the CO￿. rnallagement. display and developn*nt of= i. the £ollectlW5 of the Sheffield Oty Counal: ii. the an collettion of ihe Mappin Trusi.. iii. the collection of the Guild of Si George," iv. the collection of the Ken Hawle¥ Collettion TfilSt,- and v. collections of any oiher person or bodytoan extent consistent the objeas of the Charrty. 10 Sheffield Museums Twst Trustees. Annual Report Ilncluding Directors, Report and Strategic Report) Year Ended 31 March 2024 Strurture, Governance & Management parti￿￿ts atld-mlP¥acii¥ftles * Abbeydak Industii•l H•mle¢ 11 Sheffield Museums Trnst Tru5tees' Annual Report (Including Directors. Report and Strategic Report) Year Ended 31 March 2024 Sheffield Museums Trust started trading in 2021 foll¢)wing the merEer of Sheffield Industrial Museum5 Trust and Mu5eurn5 Sheffidd (Sheffield Galleries and Museums Trustl. The company is a £harity registered in EnglaNd and Wale5 and is governed by memorandum and artitles of association. To enable income generation. the trust opÈr3tes t¢)mmertrdl trading throueh a l(XN owned and controlled 5ub5idiary. SGMT Enterpfises tift￿ted. The direttors of the charitable ¢¢)mpany are its tru5tee5 for the purposes of tharty law. The tru5tee5 who have served duringthe year and since the yearend were as foll AppointedlRewEned Neil Mac()onald Patrick Al>el Roger Daw50n Cate McDonakl Patrick Meleadv Darren Chouin8S hAaxine Greave5 Richard McGloin Jame5 Robinson" Martin Singer Arun Singh Lindsey Ty50n-Green Dan Lèdbury 1rn08en Gamester Stephan Hollin8she3d Julie Banham AnEL15 Patterson Laura Movnahan Richard Show 13 July 2022 17 May 2024 8 April 202119 January 20Z4 8 W"12021118 July 2024 21 Oecernber 2020 131 Ortober 2023 31 October 2023 31 October 2023 31 October 2023 31 Ortober 2023 18 July 2024 18 Juty 2024 18 July 2024 V &A appointed Trustee Trustees serve an initial ierm of th￿ years that ¢an be exterbded up to a maximlsm ol nine year5. Trustees meet as a 8oard for a minimum of four formal board Meetin￿ e¥h year. ￿rd rneeting5 include review of pro8ress a8ainsi Arts Council NPO investment principles and asso£i•te4 attivity plan. Trustee5 provide scrutiny aDd advtse and support the stratew kadership team and wider teams thrO￿h fo¢ysed committees that report back to the eoard of Trustees. Associate Trustees The A550ciate Trustee pro6rarnme is designed for people new io charity 8overnance and interested in building their knowledge and expefience_ It 3irn5 to devebp Ehe ne￿ 8eneration of Trustees for the cultural sector by equipping people to take on a Trustee role either with us or wth another charity. Associatps takE part in traininB and induction. are supported by Trustee m￿lor%. and joined eoard and Comrnittee meetirbBS a5 participJnt observers. The first Associate Trustee programme ran for 16 months and came to an in Febnjary 2023. feeéback frorn the first cohort of Associates has helped to shape the design of ihe 5etand programrne whsch started in sumrner 2024. Committees actNe duiin8 the vear and the remit of th*r responsityltties were= Rtsk. Assurince and Go¥ernance IRAGI The RAG Comrnittee is a ccmmittee of the Board of Trusfees ihat has delegated powers to ensure that there is a frarnework for accountability lor examining and revIe￿n8 the outcomes tc all 5VStem5 and rnethod5 of internal control both financial and othenwise. 12 Sheffield Museums Trnst Trustees. Annual Report (Including Directors. Report and Strategic Report) Year Ended 31 March 2024 FiTrance The Finance Committee isa tornmittee of the Boardof Trustees ihat ha5 delegated powers to ensure thatfinancial responsibilitie5 and d￿leS are effeCt￿ety managed and for monitoring financial nsk assessment, performance measu￿5 and reportinl. Challenge •nd Change The Challenge and Change Committee is a comminee of the Board of Trnstees that has delegated powers to rutini5e and comment on the charity's plans forexhibitions. learnin& events, re&earch and pèrtnerships activity. to evaluate and review the performance of pasi programmes and ensure that Smfs £￿at￿e programmes a rEpre5entati¥e. relevant. accessible and useful to the communrties it serves. Coledions Development The Collections Development Committee is a comminee of the Board of Trustees that has tjelegated powers to scrutinise arnd comment on the charrty's collettionsdeveloprnent policies and plansandto en5urethat its approach to the care, acquisition and developmefit of Sheffield City Councif5 collertions adhere5 to the 5tar•dards and 8uidance provided by the Arts Q*uncil England Accreditat&on 5cherne for UK mu5eum5 and the Museurn5 Associatson's Code of Ethics to ensure that the collectiofis a￿ fepresenlative. relevanL acce55ible and useful to the diverse range of communities they bdon8 to. Rernuneratk>n and Employment The Remuneration and Employmentcomminee is a committeeof the Board ofTrustees that hasdelegated powers to scrutinise the trust's employment policies and pfactices and ensure that the charity retains a motivated, skn'lled and experienced workfofce ihrou8h competitive and affordable pay and benef￿ packages. Nomin•tions The Mominations Cornmittee 15 a cornmittee of the Board of TrLt5rees with dele8aied powers to review the structure, 5iie and cijrnposition required of the Board. to undertake succession plannin8 and to lead the proces5 for app￿￿tMentS and election to iht Board of Tru5tee5. Toensure thatshellield Museums Tru￿ is managed Èfficientty and effertively.the TTL15tee5 havedeleBated 3 range of day-to-day deosion-rnaking powers to ihe Executive whKh reports dirett￿ to the Board. The Executive is led by Kirn Street5. Chief Executive supporred by Kirstie Harnilton, t*"rector of Programmes and Clair Taylor. Direttorof Finafice and Re50urce5. The Executive isinturn sUPPOrted by Head5 of Service that manage and provide expertise in each area ol the trusvs operations. FundraL%lng standards Irrfwmatlon SheffEld Museums Trust 15 committed to con¥JIyi￿ wr(h the iegulatory standards of fundraisin& ar￿ to ensuTin8 that our fvndraising 15 deli¥ered in a manner consistent with our values. We are registered wth the Fundraising Regulator and take Ca￿ to ensure ihatovr fvndraNng (￿MplIeS with UK data proiection legislatK)n. The trust undertake5 its own fundraisinz activities and has noi used the services of commercial fundraising 5upplier5_ Fundrai51n8 activities include requesting donati0Trg both on our sites and through our website. fundraisin8 e¥ents and encourag¢ng legacy gifts. We rnake every effort to ensure ihat fvndraising communtcations are re$￿tful and appropfiate for the people they are airned at and that we do not bornbard people ￿th asks that are hea¥y-handed. pre5suii￿d or too frequent. We have received no complaints about lundraising in 2023-2024. Public benefrt siatement The Trustees have given dye regard to the Charity Comw455ion guidance in respett of public benelit. I http5'11vn￿.BrtscOun¢j1.Q￿g.ukIsup￿tlng-8rts-museuM$-and￿1brariesIuk-MUSeUm-3¢crtdilatl0n-Scheffl* 2 http5..lfvA￿*.mUseUffl$ass0cia￿on.￿CaMpaHJnSleth1csIcC1ye-0fO1h￿I 13 Sheffield Museums Trust Trustees, Annual Report (Including Direth>rs' Report and Strategic Report) Year Ended 31 March 2024 Strategic Report: Activities and Impact Mt>re to See displays •t Kelh*m Isl*nd Museum. supp￿ted by from the DCMSIWoWson Museums and G*lltries Impro¥tment Fund 14 Sheffield Museums Trust Trustees. Annual Report (Including Dlrectors. Report and Strateglc Report) Year Ended 31 March 2024 Vibrant museums The total wsitor nurnber for all sttes durrr*8 the year was 757,596. This was a 3% iftcrease on last yearf5 734,665 and in line with expettatiorbs. ￿l￿Ough weaie pleased to see this increase. r￿ule5 have not returned to pre Covid levels.. we ha¥2 noticed changes in visitor bEhaviour particularly at Millennium Gallery and Weston Park Museurn that we continue to learn from and adapi to in ordEr to irnprove footlall further. In 2023-24, PricewaterhouseCcK*per5 launched thE new ACE-funded audience research platforrn, Illuminate. A delayed release and several £ompatibility i55ue5 resulted in survtys not bptnB ieady until late in the year. Thi5 means we do ntrt have a robust data set for 2023-24. However. all suThtys are now operat￿n31 èt all 6 sites. and we are on trèck with our audience data targets for 2024-25. We were ableto continue to gather data throvEh lrnpart & Insight within the exhibition spaces. We rnea5ured the quality and impact of prograrnffje. evaluating four exhibitions The four 2xhibitions stored hi8he5t on the Impact & In51ght dimensions of ttsrKept. ri8our. enthusiasm and captr¥ation. The Pioneers exhibition attracted a higher percentage of older visitor5 than the usual Millennium Gallery audience and the majority of attendees said it was the reason lor their ￿&It. The Ht7ir.' Untold Storie5 exhibition at Weston Park Museum atiracted more w51tors from outside Sheffield than the typKal vi51tor wth 20% of respondent5 stating thry rarety visit mUSeLtms and 16% statinE thty dofi't visit mu5eurns at all. Donkey Nonsen5e.' Print5 bv Jomes Green attrarted more people from Sheffield than the tywcal Millenniurn Gallery audiente and 75% of respondent5 said that the exhibition expanded their uNJerstandine of treativity in Sheffield. Vtsit015 tD the Dutch Flowers exhibition had a similar demoyaphic to the usual Millennium Gallery audience yÈt 33% of respondents had nevervisited before. Volunteering 10 2023-24. volunteering artbvity rnainrained its position well a¢ainst a background of the cost-of-INirsg crisis sevefety impacting volunteer engaEementacross the third 5ertor. 247 volunteers contributed 6.746 hours of their time to support our chèritable work. as tèptured by our Volunteenn8 Man?Ber and volunteering database. This is 5% increase on time donated and èn 8% increase on number of people engaged on last year. OpportunitlES for Volunteers hève tovered a broad range of roles Including collethons man38emeftt projerts designed to build sector-relevant employability skills, support for our public proErammeand leaming activities. historic engineerin V15itor engagernent and artNities de5iEned to loster wellbeing in participants such as Eardening and Social events. Feedback frorn volunteers has been con5i5tenVy positr¥e and Beneialty focuses on the wealth of opportunities offered. the a¢ce$5ibility and supportiveness of our programme. the value they perceive in eh8a8in8 in volunteeringwith Sheffield Museums. Benefits f￿quentI¥ mentioned a￿ srfièl networks built, the confie¢¢ion felt wilh the organisation and the wellbeing benefits these both engender. plus the opportunity 10 grow confiden¢E and employability skill5. The enjoyment and wellbeing benefits of volunteeri￿& have ￿sible POSiii¥e impad. 15 Sheffield Museums Trust Trustees, Annual Report (Including Directors. Report and Strategic Report) Year Ended 31 Mareh 2024 TAP placements We participated in the final year of ihe University ol Sheffield Tfan51orrning and ActiVaiinE Places project. with student Freya Ingrarn. Frey3 worked closelywith rhe Community Curator on the More to See project at Kelham Island Museum. devebping a tour about Women in Indusiry as well as spending time working with other members of the Cdlections Team_ Freya'5 confidence clearfy grew throughout the placement. and contributed valuable Ideas to the developrnent of the project. We also supported Creaiive Prartitionef Susan Downer and her TAP placement student Derek Yiu who Is created fresh irsterpretat40ns of the artworks on display at the GT3ves fjallery for the Bloomberg Connect App. Curator of Indusiryand Metalw¢Mk O¥er the past year the John Ellerman FtyJndation continued to fund the Curator of Industry and Metalwork. ensuring we have the necessary expertise in rhe team tt> makÈ valuable ionnertion5 Wlth local comrnunities. makers and industry. resulting in a new displayat ihe Millennium Gallery celebfatingthe 250 years of the Sheffield Assay Office and MO￿ stories bein8 showcased at Kelhamlsland Museum in through the Moreto See project. This fundin8 also supported re5earth to dEcoloni5e the collertions on the therneof metalwork and empire. We made the I￿1$1￿n in the year to contsnue this role thr¢)u8h core fvnding. We thank thE John Ellerrnan Foundation for thwr suppo Team development and an￿-lad$rn Our Environmental Workin8 Grwp. kcess and Inclusion Working Gtoup and our Anli-Raci5¢ Book Groupcontinue to support She￿Ield Museums organisational developmeni and support individual te3m mernber5' personal developrnent. They provmle valuable forums to challenge. question and adapt our athr¥ity. We have continued Lwjr staff iTrnovaiion forurns ihrou8hLMA ihe year with topics induding partnershlp opportunitie5 and visitor fundr3i51n8. Our3nThual all team tO8ethèrday t¢x¥k place in Plovember 2023 at the Millennium Gallery. again with support from consultant Rey Dosaj. Rey continues to work with u5 to 5UPPOrt our de¥eloprnent toward5 becoming a lully inclusive and anti-rxisl or8anisatKJn. Collal)orntion, Creati¥ity and hi¢h perfomiance Highlight5 Of our exhibition and display prograrnme from the year are listeé below. Engagement with the progTamffle has remained strong. All the exhibitions listed were developed collaborativety with artists and creatNes. communities and organisations anrj were free toV￿[t. Threshold to the KinGdom. A Film by Matk Wallinyr. 19 Marth - 14 May 2013 (Millennium G•llery. Exhibition Galleryl 16 Sheffield Museums Trnst Truslees. Annual Report (Including Directors. Report and Strategic Report) Year Ended 31 Ma￿h 2024 Threshold to the Kingdom by Mark Wallinger shows slow motion footage of people armfing at London City Mrport with è soundtrack of Miserere. a seVenteenth￿ntury cornposition of the Bible's hfty-fifst PS31m by the Italian cwposer Gregorio Allegri Ic.1582-16521. Shot in a siftg￿ take from a fixed posrtion. the video presents a frontal view of the aiiporY5 lTrterThational afri¥a15 doorway. revealing pa55enger5 and flight crew member5 a5 they move into the public arrivals lounge. Threshold to the Kin9dom is a retent addition io ShÈffields visual art collertion through Arts CounciY5 Cultural Gift5 scheff￿. Total ¥is¢ior$ 15.101. Dutrh Aower Paintings. 22 Jun- 17Stptémber 1023 Imiltnnium Ga#Èry. Spttlal Emhlbition GOI￿) Thi5 exhibitioTh biought ten ol the finest example5 of 17 and 18 century Dutch flower painting trom the N3tionol GallÈrfs eollettion to Sheffield forthe firtttime ihcluding works by Arnbrosiy$ 8oss¢haert the Eldèr. Rachel Ruysth and Jan van Huysum. The exhibrtion also Includ￿ a ￿rIeS of modern and contemporary still life floral works by artists suth as Cedric M¢rris and Anne Redpath, on h)an from the Jerwood Collertion as well as other loèns and paintings from SheNield's visual art collettion. In addition. DtrtchFlowerPointings leatufed a new commi5510n bysheffield-based artist. Kedisha Co3kley who responded to the works on display. Kedisha'5 work also accompanied the Dutch Flower paintings at the nextvenue. The Box in Plymouth. 8einK a summer exhibition. we developed a range of farnily-friendty activitie5. Totsl vi51tor5 39.705. nkey Nonsense: prints byJ•mes Green. 27 May-• O¢tob¢r 2023. IMill¢nnium fjallery. Sm•ll Exhibition Gallery) Jame5 Green is a Sheffield based printrnaker. Thi5 exhibition focused on his ¢Jonkey themed prints which depict these hoofed mammals in familiar surroundings. cdebratinga creature that rare￿ gets Ils time in the limelight. Green's initial rnotivatioTh to champiLW the donkey has led to fifteen years of donkey print5, all of which were on display In thls exhibition. Related items were available in ihe shop indudin8 cafds. badges and prints made exclusively for sale dtsring the run of ihe exhibition. Total vi51tor5 4Z.039. 17 Sheffield Museums Trust Trustees, Annual Report Ilncluding Directors. Report and Strategi¢ Report) Year Ended 31 March 2024 Gtorie Fullard: LivinE in 3 Sculpture, 14January- l July Z013 (Gr￿S Galleryl George Fullard was born in Sheffield and studied at the Sheffield College of Arts and Craft5 and the Royal College of Art. He won prizes for his work such as Running Womon, which be seen in the ground5 of the Upper Chapel IN Sheffield city centre. This exhibrtion celebrated the centenary of hi5 birth by revealing hi5 &chievements and processes. The exhibition included diawings. rnaquettes ar￿ complete 5cvlptvre5 from the city'5 collecrion and Sheffield Hallam University alon8side l¢)ans (rom Pangolin Gallery in LoThdorb who represent the Fullard estate. Total V151tor5 20,765. Halr: The Untold Story* 10 Feb 2QlJ- 19 Oct 2023 Iweston pa￿ Museum. mar￿d C•ttor Galberyl HAIR From iewellery and dresses to armour and environmental protectRJn. this exhibition highlighted the qualities of hair as material. It expkired our comple% relatiorship with hair btrth OTh, and off. our heads- htsw and why we care so rnuch about our hair, and how hair inlluen£es societrfs expettations and our ¢elationships to others. The exhibition included photO8raph5 of Sheffield hair salons and their £lients and a film of local students dÈmtsn5tratin8 their hair¢uttinK skills. Curated bythe HornimaTh Mu5eurn. London in collaboration with thetour partners. Sheffield Museutns and Tullie House in Carlisle. Tolal visitor5 96.619. Cojouf and tight: 5¢011ish Colourislslrom the FlErniwCollerti￿. 14 July- 9 December 2023 IGraves Gallery) 18 Sheffield Museurns Trvst Trustees. Annual Report (Including Directors, Report and Strategic Report) Year Ended 31 March 2024 The four art15t5 kno4¥n as the Scottish Colourist5. SJ.Peploe. J.D_ Fergusson. Le51ie Hunter. and F.C8. Cadell. are acknowledged a50ne of thernosttslented. experimental and distinctivegroups intwentiethcentury 8riti5h art. Drawing thÈir Inspiratioh fwm breakthrough art15ts in France. the young Scot5 explored the Irontiers tsf ¢onternpor8ry art through theirrutting edge use of pure colour and liThe. Colourondlwhttraced the Scott15h Colourist5' development as rnasters of doiiling interior5. landscapes. portraits and Still lives. Works from the Fleming Colthion were shown alongside two works by Caddl and Hunter from Sheffield's collection. Total wsitors 19,385. Pioneers= Jtshn Ruskin, William Moryis anrt the 8auhaus. 19 October 2023 - 21 January 2024 Imillennium Gallery* Special EMhibr(ion Galleryl The 8auhaus khool was founded by architect Walter Gropius11883-19691 in the German city of Weimar in 1919. Combinin8 ihe khool of Arts and Crafts with ihe Academy ol Fine ArL the school was a radical attempt to reform arts education. They 50U8ht 10 redefine ihe relationship between art ènd sc*iety and fine art and craft. Behind them all lay the pioneering ideas of John Ruskin(181>1￿Tr and Williarn Morris11834-18961. This exhibition invited visiior5 to onsider the link5 between the German based Bauhaus and the 8rirish ans 3nd craft movemeTrt_ It included international loans from the Geihard Marrk5 archive and Gunta Siolz estate alon8side notion31 lenders such a5 the British Museum and V&A. Pioneers wa5 Kenerously sponsored by Cirara. an internaiional company based in Sheffield that specialises in harnessin8 the powerol data to support business 8rowth on a BIDbal sca￿. Total visitor5 40.853. Lafid.. Photographs by mattl￿W Conduit. 2 January- A5June 2024 IGra¥ts Galleryl Mèithew Conduit was Direttor at the Untrtled Gallery in sheffie￿ in the mid-19805 and reloiated the 8allery to its current location (now &tÈ Gallery). He therb worked foT over 20 year5 developing the Cultural Indu5trie5 Quarter in Sheffield. More recently he curated The Sheffield Project. for Weston Park Mv5eurn which featured photographs taken by 14 artlSts af the city durinz the late 19805 and eady 199)s.Tht5 exhibition is part of a strand of progr3rnming which show5 the work ol Shefheld based artists. The exhibitlon showed some of Conduit's more recent work including lar8e scale landscape5 of Oerbyshire, Sheffiehl and the North Yorkshlre. Total visitors 18.247. 19 Sheffleld Museums Tntst Trustees. Annual Report (Induding Directors. Report and Strategic Report) Year Ended 31 March 2024 Olsplays We collaborated with cornmunTty groups and artisis on displays in the Millenniurn Gallery aThd Weston Park Museurn. In the Millennium Gallery new case display included Out ol ihe Archives 112 Jurle 4 Septernber 20231. The 50th Annivefsoryolthe Cotsp in Chile.14 September- 15 January 20241 and ceramics by Becca 8rown.115 January- 29 April 20241. Af Weston Park Museum we showed. a celebration of the ?Sth anniversary of the Windrush. 119 June 18 December 20231, phote8raphs by youn8 carers working with artist Pete McKee, 118 De(ernber-25 March 20241, and photogiaphic self-portraits by Mencap service users.125 March-8 July 10241. We continued our annual redisplay ol the Ruskin Cdlettion in Millenniurn Gallery with Hond. Hevdond Heurt opening in Oecernber 2023 and installed a new display in the Sykes MetaK¥ork Gallery with SheffieldAssoy Offi'ce." Morking 200 yÈorsollastin4 Impressiorts opening in September 2023. At Weston Park Museum we opened two new displays In April 2023, Shelfield E38lÈs in ShÈffiÈld LifÈ & Times. which £elÈbrates the achievements ol the cit¢s rugby league Club followed by. Nature ol the Pust. Re-wildin4 the Future in What On Earth which demonsirares how climate change is affecting our wildlife and what we can do to prot*tt our enwrohment. A further new display in Beneath Your Feet. Women of SheffJeldC95tle. opened later in May 2023. revea15 thewomen a5S¢Xiated wth The Castle fromthe past right throu8h to the present dav_ MO￿ to See at Kelham Islond Museum opened on 30 March 2024. Supported by a grant lor new museum standard Cases from the DCMS m101ts￿ Museums and Galleries lrnprtsvÈment Fund, this new display enèbled more research Intoaspetts tsf the Industr131 tollÈttK)ns. Open to 311 Èvents were held i￿￿tIng£ontributIOnS of storiesand objects which formed ihe basis of ihe new displays. Stories n¢)wtold morefulty Include the links be￿een Shefheld tool manufatturing and the trade in en￿1Ved yoples. and women's continuing Tole in the development ol ihe oty's metsl industry. Looklng Fon*ard.. Gfaves Gallery This Five-year, £455.(WAmpersand Ftyjndarion fvnded projert reiuvenate5 the Gra¥es Gallery throuEh displaying more of Sheffield's collection and developing new prograrnme5 With art15ts. yOUnE people and cornmunities to 5UPPOrt thinking for the fvture olthe building and grow ownership of the cW5 Visual art collection. We thank the Arnper5and Foundation for their sypp¢yt. Year fouT of the project was c(Knpleted in April 2024 and the gallery reopened with a very positNe event on 17 April. New displays included We ore the Monument. curaied byartist Yuen Fon8 Line. which included hi5 newly commissioned workMonumentuli5eand a rehan8of theAbstraciion display5which facilitaied iheframingand mountin8of rnore works on paper by artist5 Such as Brid8et Riley 3nd Te55 Jaray. Loan5 from Sheffield based artist5 including the wiork of art15ts Gary SimrnoTrd5. Emma Bolland. Eelyn Lee. olong5ide new acquisltws from Conor Rogers and Manbsh Harijan are irbcluded throuBhout the galleries. Year fouraf the project Saw u5 continueto wmrk with For8eValley School Year 12 Students who $elert￿ seven artworks frorn the vtsual art collectK)n tu display in their sthool. The students Curated a thoughthbl and varied exhibition. which focused on the theme of 'conform1￿. Collaboratlon The V&A The crty has had a 5trategK partnership wth the Victoria & Alt*rt Museum since 1999. It ha5 enabled the people of Sheffield to enjoy high qual￿ Collett￿0$ and exhibitions, and the trust has benefitted from curatorial advice and professional expertise through ialks, secondmenis, tru51ee in¥olvement and training. The Learning Team continve to wor* in partnership with ihe V&A's UPSTART programme. hosting events both in-person and online to showcase ènd proNM>te ¢areers irt the ￿atiVe industries to youn8 people. The Guild olst Geor ShefField Museurns work5 closety with the Guild of St Georze Ihrovth our Siewardship of the Ruskin Colle¢tion The Guihl continue to support us to care lorand display the Ruskin Collection and financially support the trust to undertake thiswork. The Board ofTrustees and staflteam would like to thank the Guild ol St Georgefor theirongoing commitment to the city of Sheffield and the work ol Sheffield Museurns during this and lutufe years. Sheffield Museums Trust Trustees. Annual Report Ilncluding Directors. Report and Strategie Report) Year Ended 31 March 2024 The Ken Hawley Collectiofi rI￿t Thi5 year the sch￿1 Learning Team have worked in partnership ￿th the H3wley Collertk)n to rre3te a new workshop for schools 'Sheffield DestEners." Tools for Ihe 21 Ceniury.. This V￿rkshOp focu5e5 on the work of desi8ners and makers in Sheffield. with siudents creatirrf a prototype of their own multi-tool. The feed￿ck from schools on this new workshop has been poslti¥e. Partnership and Projects Sheffield A55ay Office Over the last rwelve rnonths we have worked dosdy wr(h the Assay Office ihrou8hout our Creat¢we Programme. In autumn 2023 we commemorated the 250 anniversary of the Sheffield Assay Office with a display and series of events and collaborated Tmth the Sheffield Assay Office and The Company of Cutlers in Hallamshire on Show Your Metol an exhibition celebratin8 Metalwork in Sheffield openiTrB 2024. Sheff￿1d Cukure Consortbum Membership of thE Sheffield Culture Consortium continues to be of strategic importanie as we seek to position Culture as a key component in the £iVs recovery and development. We work alongside £ollea8ues at Sheffield Theatres Trust. Site Gallery. The Showroom, Do£lFest.Yorkshire Artspace. Music in the Round. SADACCA, Sheffield African Herit3gÈ Forum. and the Universities. to develop the Consortium's role and deliver on its strategic objedives. The Trust continues to administer the sheffield Ctrlture Consortium Visual Art Newslerrer. Sheffleld Cutt¥re Colletti¥e The trust is a founding memter ol the Sheffiekl Culture Collectwe." tKsth the ChieF Executive and Chair are represented on the Board. The Collective include5 public. prNate and voluntary sector mernber5hip and works together with Shelh'eld City Council to support Ihe Strategic role ol culture in city centre d2veloprThent. the vi51tor ecoThomy. and the city regiori. In 2022. the Council adopted the CU￿Ure Collective's strategy. this ha5 led to the developrnent ol the SheffieldCultureStrote9ylor2030 whi¢h ￿11 launch earty in 2025. South Yorkshlre Museums We continue to meet regularly with our peers in 8am￿e¥. Doncasterand Rotherham to consider opportunities to share learning and resourtts as well as conne¢t planNry. Creativt Health In Stmrth Yorkshire Our partnership with Karen Harrison from the rhrector of Public Health's Office and Prof. Steve Haake from Sheffield Hallam University. flourished through 2023wiih ihe formation of Qeorive Ileolth 5heffteld and the South Yor*5hire Creotive Health 8oord. These two new groups champion the role of creativity in improving health outcomes across our region and report to placed based Health & Well Being board5 and the South Yorkshire Integrated Care Partnership. A 2022 paper dem0fi51rating ihe power of creative health is available here. rkin 4n trate nami¢ myswm ￿Per￿N￿$ The myseums offered a wide rnnie of a£cesstbfe and enriching eyriences that connetted and inspired people frDm all walks of life. During2023124. 14.890¢h41drenandyoun8 Peop￿ engaged with exhit*itions, workshops and actNities atour sites. The Sch(K)l Learning Te4m deliverel 291 paid WOTk5hops aiross all six site5. We WOTked with 5ch(K>15 from every Sheffield postcode. a5 well as 5choo15 acr055 Yorkshire. Nottinghamshire and Derby5hiie. The year Saw u5 begin significant review of our school workshop programme. with some workshops being removed. while otheTS were re-wr¢tten and new workshop5 were created_ A new 5trateKy for publbcising and marketinE these Workshops is set to improve comrnunKarions. Funds raised ar our first Fundraising t*nner in March enabled ihe School Learning Team to begin development of a 5Lllte of newobject handling boxes which can beloaned to schooh. These boxes will supportour exi5tin8 Schools offer, pro¥sdin8 a valuable resoui£e to teachers and incieèsing en8a8ernent wilh the handling collection. 21 Sheffield Museums Trust Tiustees, Annual Report Ilncluding Directors. Report and Strategic Report) Year Ended 31 March 2024 We engaged with young people through our Work Experience programme. which has been developed this year to include'tasterf days in February half term and a further additional week planned forAu8ust. We also engaged with 137 young people across vanous Pfoiects. including UPSTART wilh the V&A, the 'Looking forward, project and Young Makers. Ouf ambition is to continue to develop our programme for and with young people. as we explore ways of Èng38in8 Ihose who do ntst turienttyvisit museums ènd 8allÈries. The pastyear hasseen thÈ Sehool Leafnin8Teamdevel(wourserwceasa useful afidpratti¢al resour¢efortea¢her$ cr055 a range of educational 5ettinEs. We delivered 5e5510ll5 for 170 Initial Teacher Training 5tudent5 from Sheffield Hallarn UnNer5ityon howtoBe¢ the vn05tfrom a sclK)olvisil. a5 well a5 Partnering￿t￿ Art UK and Hi5tori¢ England lo ddiver bespDke CPD Icontinuing profe55K)nal developfflenll opportunitie5 for teacher5 Using our 51tes and Shefh'el(fs collertions. In the next year. we vrill continue to explore opportunities for 5LlPPOrtlnE Sheffield'5 teachers. We offered a vibrant and well-established public programrne of ialks, tours. workshops. hands-on attivities. and special e¥enrs. We cater to diffefent audiences. inter￿ts and a8e ranges through a varied proBramme, from baby friendly art dasses to dementia cafés. artist.talks to blacksmiihing demonstrations. craft workshops for klds to gallery touis in British Si8n Language. In 2023ll4, a total of 22.402 visilols took part in 4S9 events and xtivities atross the six sites. 96% of attendees responded when surveyed that Ehey *ther a8reed or strongly agreed that they enjoyed the event. Visitors described the pU￿1C pro8ramme as -wdl or8anised. interesiin8 and en8aging- and -a real bonus io life in Sheffield-. 2,784 people carne to 34 Friday Under S's sessions. which offer sensory play and discover for early years children and their ￿v￿$. Mear*while. 3.806 people (ame to 41 aaivities de$l￿ed lor prirnèry sthool aged children. with everything from makirbg motors io exploring colour. These attiwiies support ski115 development among children and foster an enthu5ia5m for learn1r￿ outside of a forrnal educatio￿1 eThvironmenL plantinE the seeds of life-long engaBement with arts. (Ultu￿ and heritage. Wealso held large scale special ¢vents desi8ned in col1abtyat￿n with ry¥rnmunity8roups in¢lydirbB Lunar New Year with Rewater Cl¢ Diwali with Sunrit Culture Group and Open Iftar with The Ramadan Tent Project. These events widen our audiences. build reliiionships with community 8roup5, and celebrate the city's wealth of culture and heritage. ThE annual two4ay Victorian Christmas Market ¢)n 2 and 3 December at Kelham Island Mu5eurn comprised over 80 stalls of Eifts and local Makers. food and drink,. festive entertainrnent.. traditional craft deffjonstration5', fèmi attbvities. Santa's Grotto #nd a fa¢rground. It welcornEd 6.557 vi51tor5 and received posilive feedb3ck from both $tallholders visittsts. We continue to work the Prolessors and thÈ 8urton Streèt Group at Weston Park Museum and Artworks at Kelham Island m￿￿m providin8 space forthem to meÈt and work. all generous hosting38rÈemÈnts. Sheffield's Cotlertton The past 12 moThths have seen a perityl of congYidatiDn. training and developrn*nt within Collettions Managernent. Focu5 ha5 been on preparing updating policie5. pIBns and procEdures in preparation for the submission of Sheffield Museums fiist A¢¢relitati¢rt RetllTn in Match 2024. Signilicant work ha5 also been on preparing the TMS database, upBrading entrie5 and creaiing new recDrd5 for the Industrial collectw)n to input into the new collection online database_ This ha5 included undenaking iraining in phoiographing objects and research into key objett5 to represent ihe Industrial collection5 35 these were prewousty noionline. Work ha5 continued to irnprove acce55 10 SheffiekJ'5 collecrions throu8h de¥elopin8 the TMS darabase wilh 882 records improved to SPECTRUM standard and the addition of 865 new records. In addition. there have been 3,940 enquiries answered with Information, irnagesand ¥¢ess to £¢lle£tiorts provided to interested individuals, acadefflics, t￿rators,£reaIive pra£titioners as well as or8anisatK)ns such as the B8C, the CrKk Institute, Sheff*ld Te¥chin8 H05Pitals NHS Foundation Trust arKI South Yorkshire Police. 22 Sheffield Museums Trust Trustees. Annual Report (Induding Director5, Report arml Strategic Report) Year Ended 31 March 2024 During 2023114 OVE[ 350 iterns were a¢¢uired fOrSheff￿1d collecth)n including.. 30 works oft paper by Nooh Rodgerson illustrating the d￿elOpInent of the Sheflield Canal B•sin. An An81o-Soxon cold 5ettin& found in Wingev*orth. Derbyshire. acquired through the Treasure procas Ilonation of Old Sheffield Plate 8a5kel. 1785. GeorEe111 Lubna Chowdhary. Crrtgin fij1￿ Ul. ceramic xulptural ITh5tallat￿n. supported by the Art Fund and J G Grave5 Charitable Trust Murmumtion, ceramic ve55d made by Janei Barnes. Bolero ar￿ drivinyj ltying Eloves belong to Monica Maurice who ran the Wolf $3fety Cornpanv. Collection of 19305 Sheffield Transport Posters by Val Morche. Britannia Metal Collettion iTrduding a 5dec[￿ of boxes of unusual des￿n$ of vessels table wares. designed and made in Sheffield. Girl Guide Pocketknife, registered design pateni. Sheffiesd deS￿ned and made 1907. by Maleham and Yeomans. Manish Harijan'$5homoft (Uw¢n Untouchoblej photO8raph donated byyorkshiie Visual Art Network. Attsnthus Vll. by Shinta Nakajima 2023. Acquired thTough the Contemporary Arts Soitety Omega Fund Acquisition Where's tho beeny by Conor Ro8ws' acquised through the National Portrait Gallery Creative Connections project supported by Naiional Ltsttery Heritage Fund. 8rlef Wlndowln Time by Mandy Payne. donated by the artisi Additions to the LGBTQ+ collect￿n Ir￿lUdI￿ membership card fcrf Dempseys and a LGBT+ History Month 2024 badge l)ominos used at Sheffield and District Alrican Caribbean Community Association ISADACCAI acquired as part of the Many Voices Icaribbean Footsieps projett. Two pair5 of scissors and pairoftweezersdonation from Gwen Hardy acquired as part ol the Manyvoices / Caribbean Footsteps project We thank everyone who has genÈrously suprA%￿d thÈse acquisikn(bns. Over the pa51 year Sheffield Museums conser¥ed 64 objects and artworks from the collection including a Broup of river dwelling animals for the City of RNers exhibition and 29 artworks funded by the Ampersand Foundation including Clwd by Derek Greaves and Weqiur iondscope by Keith Vaughan. A successful application to the WoodrnansterneArtConservation Awards 5upponed ihe conserwation oljudith with thelleodofmolofvrnes After Carlo Saraceni11579-16201. which Is now on display in the Portraiture and Figure display ar Grave5 Gallery. We facilitated 62 lotal, national and irbternational loan5 from Sheffield'5 rolknion durinB 202314. These included local projects such as specimens from the Commonwealth Institute economic botany 5erie5 on loan to Kedi5ha CoakleTrls exhibition Mi woan 40 # eounty go look monp.. at Bloc Proie£ts as well as significant national and international loans such as Art Hlstory by Marlene Smith loaned toTatè 8ritain, A CorneroJtheArtiSt's RoLWn i Ptyrss by Gwen John to the Holburne Museum. Bath and TheHorbowot5tJean de Lu4 Fronce." E*trly Mtwnini bv John Lavery to National Gallery Ireland. te De¥elopment In 2022 working with the Science Museum Group and the V&A we secured fundinR via the National lottery Memorial Fund to expbie the potential retum of iht Stephen50n Blake colleCt￿n to Sheffield. Thi5 nationalty significantcollectiom numbersovertwo million itern5 from Stephen50n 81ake and Co. Sheffield b35ed type founders stsblished in 1818. The tompany#rewto beeome one of the rn05t successfvl type foundries in the country. Mvch of th15 Initial exploration of the fea5ibilrty of such a project ha5 taken place ir• the last IS moThth5 ènd is due to complete in autumn 2024. Ouring ihe year we continued wth plans lor Abbeydale Industrial Hamlet thai will see it become a dynarni¢ destination for visitors of all ages and a resilient site with a sustainable fvture. Plèn5 include a new welcome area and shop. refvÈshed interpretation. a bespokethemed play area. a newworkshop toaccornmodate }￿lUnteerS3nd aft extended tar pork. Our ￿5￿)n is that rhe Hamlet inspires the next ger￿ratIOn of wonder-smiths. engineers. 23 Sheffield Museums Trust Trustees, Annual Report {Induding Directors. Report and Strateglc Report) Year Ended 31 March 2024 entrepreneurs and makers and stirnulares curiosity and creativity in all its wsitors. It wll become a resilient. 5UStainable hub for local communitie5. a base for makers. a working Slte and a great dayout for visitOTS of all age5. In June 2023, we received the good news thai our bid to National Lortery Herit38e Fund for £230k towards investment at thi5 Slte had been successful. P3rt of this fundin8 was for a dedscaied project manager. who started towards the end of the year and is now pro8iessin8 the projett. Our EollaiK)ration with Council colleagues about the potential of the Giaves Gallery and Central Library buildinB continues. In summer 2024, Ihe Council approved funding to support a new feasibility SI￿dY that will develop the vision and consider hiBh.level option5 for a transformed gallery, library and archi￿ offer. This work will cornfflence in autumn/winter 2024-29. En¥lronmtntal lfflpèrt Every aspect of our work has conse4ven￿5 for theenvironment." we artract Msitors to oursites." we use resources in exhibition5.' we maintain climate tontrol in our buildings. Our main environmental impaas are- EnÈrgy use. in particular through maint•inin8 en¥ironmental conditions Wlthin our building5 and runnin8 8a5-powered engine5 Atsdience, Supplier and staff travd ￿ and between oUr￿t¢S Emhibition resource tsse. paint and materials Catering waste- rnanaged by our fronchisee5 We have an environrnental 5U51ainability working Eroup made up of employee5 from across the Trust who ffleet twice a year to challenge and promote change. The erbvi¥onmeThtal action is reviÈwed by the rt5k, avdit and go¥ernance committee annually. Key achievements this year are= Energy audit taken plècè at Kelham Island Museum follwnE audits at frAillennium Gallery and Weston Park Museum in the prior year Cvntinued to reduce print rtsn5 ftji paper8uKles and rno¥e toward5 a more di8ltal offerin8 to reduce wasta@e Modifications to hot water 5tora8e and piping at Millennivrn Gallery Funding secured for variable speed dri¥es io improve the effiC￿nry of the air hèndling units at Millennium Gallery and Weston Park Museum Funding se¢ured from theAnS Cwntil's Museums Estate & Oevelopmenl Furbd Round 3 lo rep13ce the Millennium Gallery air handlin8 units. RedUct￿n in energy usa8¢ rernains a prtority lor the sustainability plan5 for the TrusL with a focus on the lar8er Sites_ We wrll continue to seek outoppDrtunities to our Ener￿ usKe. 24 Sheffield Museums Trust Trustees, Annual Report Ilncluding Dire¢trtrrs' Report and Strategic Report) Ygar Ended 31 March 2024 VE5itQf5 in the Portmltweandthemumunfwwe d&plays * the Grab*s Galbory 25 Sheffield Museums Trust Trustees, Annual Report (Induding Directors. Report and Strategic Report) Year Ended 31 March 2024 Finance and Resources Review P•rticiwnts Fn fam*adi¥ltles at Weston Park Museum Sheffield Museums Trust Trustees. Annual Report {In¢luding Dlrectors, Report and Strategic Report) Year Ended 31 March 2024 The Trust is ¥eportin& a net con501idated vnre5trtrted operating defKit of £125k for the per￿d ending 31 March 202412023 deficit E250kl. The consolidatèd statementofhnancial artiwtie5 shows a total dtfiot forthtyearafter other recogniseé gains and losses of £594k12023 surplus £154kl. As in previous years. this figure is heawly influenced by the depreciation costs of 8raht funded asset5. Remea5urement gain on the defined benefit pension plan was1£76kl12023.. É1,Ollkl. with the liability remainingat nil. and depreciation on grantfunded assets Is shown In restricted funds and totalled E731k12023. E758kl for the period. Thi5 depreciation is funded from the restrirted caprtal reserve fund. The uArestr*tel operating defficit result is in line wth expeci*H)ns. We reco8nise that operatifig at a deficit on Ur*￿$1[1Cted funds is not 5UStainable. and we are locussed. together Mth our funders. On ensunng a sustainable financial future. Given the challengesfaced. the financial performance of the Twsi for the year is acoptable. We have continued to control tyJr expenditure and work wtth a range of stakeholders to plan with ambition to ensure that we are able to optimise future opportunities for Income generation. At 31 March 2024the group had netassetsof £9.548k12023.. £10,142kl. Free reseryes were£976k12023.. £1.022kl supported b¥ a cash balance of £1.946k 12023.. El.898kl. Th15 provide5 the trust with Sufficient stability and re5ilieThce in the short term as we work towaTds a balancel budget in the lO￿trter￿_ Income Sheffield Museurns Trust Ir￿Me lor The per￿ to 31 March 2024 was ES.235k. This is an increase of £897k compared ro the cornbioed total irscome 012022-23 of £4.338k. Where our income came from in 2024 . Sheffield City C(thol Ariscountil England Commercial Grat)¢sffom Trusrs and FwndatlON5 Oohatiotss Earned and other Income This year saw some modest 8ro¥¥th in visitor numbers from ihe prw)r year and some Bro%￿ in cornmercial and learnin8 artivity which is refletted in an increase in self-generated intome. Sheffield City Couniil continue5 to be the rnain sUPPOrter of rhe irts51 and following detailed discussions in the previou5 Veèr around energy and wa8e inflaiion, they supported the Trust ￿th an additional oneoll £360k Servi charge. providin8 a toral charge of £2,IOlk in sef¥ice charge income 11023.. El,741kl. In recognition of the depletlTh8 reserves and the incfeased cost base as a resuli of inftationary pressure5, Sheffield City Council have 38reed an uplifted annual Se￿ice charge of f 2.336k from 2024-25. subjeci to annual review. The irust 27 Sheffielfl Museurns Trust Tru5tees' Annual Report Ilncluding Direclors. Report and Strategic Reportl Year Ended 31 March 2024 acknowledge5 the difficult financial challenges lac1￿ Sheffield City Council and are 8rateful for their continued finafjtial afid operotional 5UPPOrt- Sheffield My5eurn5 Trust benefits frorn coThiinued Arts Council England NPO support. The NPO8fant of £814k per annum for the NPO programme for 2023-2026 has now been exiended until 2027 subjert to a nonwned £t)mmereial trading subsidiary SGMT Enterpri5e5 Ltd. The Iradin8 5ub5idiary distributes its reserves to the trust by grft èid. Commefoal income is generaied from retail sales through the museum shops. h05Pltality bookinE5 and cafe operations. Commerrial incorne grew significantly for the year to El.1%9k 12023.. E924kl with htsspitality holdin£ Slightly fewer events and the reiail offef at Millennium Gallery ￿rfOrmin8 much better than prior year. A8ain5t an increased cost base. SGMf Ersterprise5 Ltd has rewed a pre-tax profit of £265k in 202412023.. profit E244kl distribution of U57k wa5 made io the Trust. Expendliure Expendiiure for the year totalled E5.897k12023= £5.239kl. Of this £4.741k wa5 unre511ided expenditure12023.. unrestricted E4.233kl and £l,156k was restricted e¥penditure 12023.. restritted £1,006kl. Of the ￿StrICted expenditure a 51Enificani £731k relaies to depreciaiion (051$. How our resources were spent in 2024 Staff Costs w BLuldin¥and Support Costs • Dewetiatioh • PrwaM￿CostS • Govemance 28 Sheffield Museums Trust Trustees, Annual Report {Including DireclorJ' Report and Strategic Report) Year Ended 31 March 2024 Empendlturecc￿tlThuesto bewellconrrolled and rekn a lean staffing structureand careful approach tospending. Staffin6 costs are the largest part of expenditure at £2.506k 12023-. £2.293kl. and buildi￿ and overhead coAs £1,880k12023.. £1.682kl. These two areas represerst 74% of total expenditure. The maintenanceand running costs of theTrust'5 wght operational buildings continuesto be o sigrbifirant expen5t and a concern 8¢ven limited operating budget lor repaifs. Millennium Gallery and Wesion Park Musevm are lea5eé Irom SCC on a full repairing ba515, Wlth the Trust receiwn £I￿k restrirted funding per annum for lifecycle repairs and mainienance at the Millenniun) Gallery . Even wth this fundin& which is often used as match funding lor projects..boih buildings are requiring increasing levels of rna1ntenan￿ and repai¥ ￿th some substantial items of plani nearing the end of lsfe. Tre need 10 Sustain stable environmental conditions lor the collettion and the use of fvll fresh air ventilaiion to improve visitor c¢)nditions rneans ihat our ener8v usage is high and not easily reduced. This year we Saw art end to a very £ompetTtive fixed rate on elertricity from l April 2024, and even with a competitively prited tontratt the Enef8V and Tr3de Intensive Industry discount. energy costs still increased signifitèntly. EnÈr8y tosts have stèrted to redute slightly ptsstyear end, howevef not to levels previouslyseen. This has permanently increased theoperating costsof the Trustfof futureyears. Wecontinueto lookfor waysto redu our energy consumption across sr(es to reduce thiscost. with vari￿$ initiatives taking place in this area. Charlty Funds Restrirted Funds Aestricted funds 3rE tied to particular purp05e5. as 5pecihed by the donor or funder. Re5tri£ted funds totalled E7.270k at 31 March 202412023 £7.807kl- The largest source of restritted funds is the Capital Depreciation reser¥e. This fund i% used to support the depreciation costs of grant funded asseis. Vnrestrkteil Funds Unre5¢ricted lun05 cornpri5eth05e fund5thatare notsubjecttQspeuficdonorre5trKtions. Total unrestricted funds at 31 Mar£h 2024 decreased lo £2.278k12023.. £2.335kl. Unrestrided funds include a Enil bèlènce12023". nil) rektin8 to Sheffield Museums Trust's Defined genefit Pension scheme. This is a closed pension scheme with liabililies transferred into the trust as part of the merger prcn beuu5e of their protected characteristics. However. we recogni5e that fflore needs to be done to achieve our airn of a 29 Sheffield Museums Trust Trustees, Annual Report Ilnduding Directors. Report and Strategic Report) Year Ended 31 March 2024 workforce that 15 as dwerse as the cl￿$ population. A Race InClu￿On MatUrityAssessrnentwas undertaken durin8 the prior year whKh h4ghlighted the need for change in numerous areas including reciuiiment procedures. This work Is ongoing 5UPPOrted by the Race Inclusion Steering Group. wilh prD8ress being made in the year demonstrated bythe aCh￿rne￿t ofa knl One Race in Heritage Award. Sheffield Museums Trust re(08nise that training is an important way in which employees and poiential employees develop the knowledge, skills. qualffjications and eApenence necessary for the effertNe performanre of their job. Training needs are identified through the performance man38ement pr¢xess an¢J training OPPOrtunitie5 are made available, 5ubjett to financial and operational constraints. toall staff. Examples of trainin8 whith took plaee during the year are project management and a continuation of equity. diversity and irt¢lusw)n training. Volunteers continue to contribute eft0mous￿ to the trust. Volunteers tontributed 6.746 hours 12023.. 6.400 hours) of theirtime and skills to support tyJT service. WÈ Tun the prograrnmeon a 5triEtIy pr3Ctical bè515, recruitinE volunteers to fit roles and UnLlertake tasks identified by museum staff. All volunteering opportunities are advertised ¥ia the websitE and to re815tefed voluThteer5. Keymanaeement pwsonnd remuneratitin ptsHcy and ber The tiust bases its Teward policie5 and strategies on the needs of the orgaThisaiion. Salaries in general are determined by reference to Similar rnu5eurn other charitable serwce5 both local￿ and across the UK, and consistency is ensured by regular evaluation of empk)yees' performance. Senior executive'5 remuneration is decided by the Trustee remuneratiorb and employment committee which has acce55 to exrernal data. A Personal Pension Plan is available to all staff that is auto-enroljnent complianL Related partle5 The rrust has i subsidiary. SGMT Énterprises Limr£ed. wthich undertakes the non-tharitable activitie5 based ￿thin the 51te5 operaied by the Trust. Any surpluse5 8enerated by the attr¥ities of the subsidiary are don•ted to the Trust to support it5 charitable activities. Investment poliqT and re￿rn5 The trust has started to hold some re5er¥e5 in J 30-day T￿l¢e savings account in order to earn interest income. The remainder of cash is held primari￿ for workiTh8 tapital or spetsfic projeds and a5 a result. 15 held in liquid accounts at the bank that can be called upon at short rv)titè. Trustees will revtew the Investment poltry as funds grow in the luture. akhough current £ash fl¢)w prtsjertions do ntst show any5ignificant increase in cash reseNes. Risk m•no8ernent Trustees a￿ committetl to the 1derbti￿&tyon and management of ihe major risks facing the Trust. IdeMlf*catlon and Go¥ernante of Rbsk Strong communication throughout the or8anisatiofi enab￿$ risk5 to be identified in a tirnely basis. Risks are recorded on a detailed regisier. the Board Assurants Framework. This reKisteTquantifiesthe impact anly likelihood of the risk and identifies influencing fattcrfs. NMtl8ations and £¢)nttols for •ll major ri5k5 identified. The Risk, Assurance and Governan￿ Ctsmrnittee IRAGI meets at least quarterty. and a review of the Board Assurance Framework IBAFI is a standin8 agenda item M 411 mettinz5. The RAG committee regularly reports to the full Board of Tfu5tEes. PriY*ipal Risks The most significant ri5k5 and uncertaintie5 facing the or8anisaiion at the ol this report are.. Fundin8 and income 8eneration The Trust is reliani on the financial support of two main funders. both of wlK)rn themsefve5 face financial pressures. We continuetostren8then oui self-8enerated income. howeverthe current cost ol living crisis and reduced city centre footf311 continues to limil thi$ 8TowIh. 30 Sheffield Museums Trust Trustees, Annual Report Ilncluding Directors. Report and Strategic Report) Year Ended 31 March 2024 Increased c05t base Energy inflarion and the growin8 demand5 of the National Li¥inB Wa8e continue lo impact adVe￿ly on the rinance5 of ihe Trust. A5 we operate from a lean c05t base identfyinE C05t redurtions that do not adversely affect irnpad 45 a challenging task. 8uÉl¢Jing5 The 51te5 that we operate all present unique operating thallen8e5. but a comrTh)n therne is an historic under investment in maintenance. We are working closely with SCC who own the estate and have repair oblieaiion5 over 50rne of the sites and have now mapped oui requtremenis of work5 over the shoo meéium and lon8er term which we continue to revisii. Resw¥es POIKV Trustees adopt a ri5k-based approach io the mana8ement of reser¥es that Seeks to balance long term financial sustainability and flexibility wth current operational requirements. In assessing the level of free resenfes required the Trustees have taken due note of the major risks facin8 the charity. considered the likelihood of the risks and the potential linancial impaci of those fisks. The major fioèncial risks that have been considered in determioing ihe level of free reserves ￿QuIred by the Irust are thesecurity of ihe fundin8 thai we receive frorn our major fvThders- our ability to supp￿rnent lundin8Wlth 5elf- 8enerated income", and the level of expenditure that we need to maintain our buildin8s in the appropriate conditions ro operate as publidy acce55ible accredited mu5eurn and8alleries. At 31 March 2024 Trustees detefmined that based on the a55e55ment of principal ri5k5 the appropiiate targeted free rese￿e5 level lor the trust Wa5 £fAKJk_ At 31 March 2024 free reserves. calculated as unrestricted fund5 le55 fixed assets not ineludtd within Ihe restricted ¢•pital reserve fund plus the lonr-terrn guaranteed defined benefit pension liability, were £976k12023.. El.022kl. The level of free reserves at 31 March 2024 remains above ihe iargeied free reserves level. However, Trustees consider this to be appropnate in light of the expetted decline in free reserves thai is anticipated a5 a result ol standstill fundinl inrre•siAB costs Lwerthe Next few years. Lookin8 Ahead The Trust conEinues to face substantial pressures from the impart of increases in the National LNing Wage and other rising costs, particular￿ energ¥ costs. with the real impaa hawne been felt from l April 2024 and we are 8ratefulto Sheffield Oty Council for theirsupport whKh has helped usto mainEain adequaie reserves despite these C05t pressures. Our financial plans recoÉnise ihat we must continue to iThcrease earned income through cornffjercial activbry, visitor 8ivin8 arbd by finding incorne generating opporrunitie5 throughout Liur activities. This 15 an ongoing piece of work and management ieport to the Board regularly on initiative5 rakinE pL4ce_ Vi51tor welcorne and the link with visitor donaiion5 a£r055 OUI sites was reco8nised as an area lor improvement and a restructure of the Vi51tor Experienre team tnsidered rnoterial rf, Indiwdually or in the a8g￿8ate, they could reasonably be experte to inluence the ecohomic decisions L>f userstaken on the bays ol these financial statements. IrreEularitie5. including fraud. are instance5 of nonwledge and experiEnres ol the 5e¢tor,' we focussed on spÈcrfic13ws ènd regulations which WE considered may have a direct rnaterial effecl on the linancial statemeftts or the operation5 of the charity. including Charities Act 2011. Cornpanie5 Act 2006. GDPR. eMp￿fflent ond health and safety ley51ation.' We assessed the extent of ¢ompliaAce with the laws and ￿ul0t10￿5 identified above through making fiqutries of rnanigÈrnent.' identified law5 and regulation5 were communicated within the audit team regulartyand the tearn remained a￿rt to instances ol nontal expenditure 14.7411 11.1561 15,8971 15,2391 Net expenditure 11251 15371 16611 19011 Transfers befvRen funds Other r¢¢o8nis¢d sains: Remeasurernent (bss) gain on dpfined benefit perb5ion plan Carporation tax relief 23 1761 1761 i.oii 25 144 144 Net movement in fuThJs 20 1571 IS371 15941 154 Rttortcilla￿￿ Dflunds.. Total funds brought forward 2.33S 7,807 10,142 9,988 Total ￿ndsCa￿led fonvxd 20 2.278 7.270 10,142 All income and expenditure derive from continuing arttwties. The consolidated statement of finanoal atttyiiies complies wth the requirerneTrts ol an income and expenditure account under ihe Companies 2(*)6 and indudes all recognised gains and knsses in the year. Sheffield Museums Trust Consolidated & Trust Balanu Sheets As at 31 March 2024 Grtyjp 1014 Twvst 1024 Grwp 2013 Tru$t 20Z3 Flx¢d asse Tangl￿e a55et5 13 8J94 8.187 8,680 8,187 8.704 B.6 Current *sstts stocks Debtors Cash at baThk and ID hathd 15 16 426 597 1.761 3S8 1,898 4S9 1,8DI 14S2 2358 2.325 2,2FAI C￿￿11y$. amounts la11*ed￿￿1thln one yoar i? 15281 13731 131X)I 1.952 1.960 Total a55ets less (urwent Ilab11th5 10.039 10,OL7 10.656 10.640 Prtr•lslDn5 for l￿bIllI*S 19 14911 14911 15141 5141 P4et •ssetsex¢Wity p¢ngtbhl￿lIty 10.14l Its,IZ6 Defined bewfft penw•h li•tylity 13 14eta55et5 9516 10,14l 10,116 Charlty Funds Ressricted tuThds UnrestrKted lunds 7270 78 7J07 2,319 2257 2.335 Totsi ¢h¥itiTfur 10,141 10,126 The Trust ￿$ taken ad¥anta8e of the eAemptK>n alknwed under section 408 of the Compan*s Att 2￿6 has Th)t presented its own statement of financial xtt¥itieS in these financial 51aiemenE5.The defKit of the Tru5¢ ￿lY was £E4IOk The finanoalstatements were arwoved and autlh)rised forissue tythe eoard r Signedon behawofthe board ottru#ets Vu￿)GI￿ Swjher 10 N2B02GG(WF.. Neil maCD(H￿ld. Chairof Board 0fTn￿ree$ Dateow1212024 GMT The noteson pa8e5 41to 62form part of these firwnc47ls￿tern2￿1k Company ¢e8i%tratitsn numkr." 13063156 39 Sheffield Museurns Trust Consolidated Statement of Cash Fl¢)ws Year Ended 31 March 2024 Consolidated St•t•ment of Cash Ilowfur the peritid endÈd 31 Marth 1024 2024 2023 £ODO eash flowfrom operntlngatthltses 22 345 230 Cash Imm in¥estinÈ •di¥ilies P3ymÈnts to a£quirÈ tangl￿e fixed assets Bèfik inteiest ￿tely 13101 13 1231 Net cash flow from inb*sting activities 12971 1231 Net Increase In tash and t8sh equO¥alents 48 207 C•sh and (ash equi*dlents at tsrfinniry of the perNxl 1,89B 1,691 Cash and cash equi¥alents at endof the peiiod 1,946 1,898 Cash and cash equivalents consistsofr. C35h at bank and in hand 1.946 1.898 Cash and rash equivalents at end of the period 22A 1.946 1.898 40 Sheffleld Museums Trust Notes to the Financial Slatements Year Ended 31 March 2024 Summary of slRrfKant acrountwy poli¢i*s (al General ￿1r￿Mati￿ afid lJa5i5 of pTtwritio She￿Ield MuseumsTrust Isa lirnitedcomp¥nyand ¢harity reK1$￿Ted in Englahd. In theeveni ofthe charity bein8 wound p, the li4bility in respect of the guarantee 15 limited to £1 per rnembw of the charity. The address of the registered office is given in ihe charity information on page l olthe5e financLal statements. The nature of the charity'5 operatitsns and principal activities are education. the operaiion of rnu5eum5 and the care and development of Sheffield's collections. The charity constituies a publ￿ benefit eniKty a5 defined by FRS 102. The financial 5taternents have been prepared i accordance Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial AeporrinE Standard applicable in the UK and Republic of Ireland issued in ottober 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. Thefinancial s￿lernents are wepared oThagoingCor￿ern basts Underrhehistoricalcostc￿¥en1I0Tr, modified toinclude certain items ai fair value. The financial statements are pre5enied in sterling which is the funciional currency of the charity and rounded to the nearest £CO). The significant xcovnting policies applied in the preparalion of these financial 5ts1ernents are Set out below. These policies ha¥e been con51Stenily applied to all years presented unle55 Otherwise Stared. The ¢)nsolidate*J statement of financial adivities ISOFAI and consolidated balante sheet consolidate the financial st3tements of the twst and its subsidiary undertakings. The tesult of the subsidiary afe consolidated on a line by line basis. The trust ha5 taken ad¥anra8e of the exemption allowed under 5ecrion 408 of the Companies Act 2006 and ha5 not presented its own staterneTrt of financial aaiwties in these financial staien*nts. Ibl.Funds Unrestriaed funds are available lor use at the discreison of the trustees in furtherance of the general objectives of the charity and which have not been designated for other PLJfp05e5. Oe5ignated funds comprise unrestrirted fvnd5 that have been Set 45ide by thE trustees for partiwlar purposes. The aim and use of each designated fund is set out in the notes to the finaNcièl statements. Restritted funds afe fufids which are to be used in accordance specific restrittions imposed by donors or which have been raised by the £hanty lor particular purposes. The cost of tsising and administerin8 such funds are charged a8ainst the specifK fund. The aim and use of each restr￿ed lund 15 set out in the notes to the financial statements. Icl Income recocnition All incomin8 resources are included in the Statement ol Financial ArtivTlies ISOFAI when ihe charity is legally entitled to the income after any performance conditions have been met. the amount can be measured reliably and if is probable that the irKome will be recei¥ed. Ftrr donations io be rec•Enised the thèritywill have notified 01 the amtyjnts and the settiÈmeht date in writin£. If there are conditions attached to the donation and thi5 requires a level of perforrnanre before entitlernent can be obtained then income 15 deferred until th¢)se Conditions are fvlty rret or the fuifilment of those condition5 15 ¥wthin the control ol the chartty and it is probable that they will be fulfilled. Donated faciliiies and donaied professional services are reco8nised in income ai their fair value when their economic benefit is probable. r£ can be measured reliably and ihe chaiw has control over the item. Fair value is determined on 41 Sheffield Museums Trust Notes lo the Financial Stalements Year Ended 31 March 2024 the basis of the value of the zift to the tharity. For example, the amount the charity would be willing to pay in the open market lor such lacilities and Servi￿5. A correspondirvd amount is re¢o8nised In expenditure. No amount 15 included in the financial statements forvolunteertirr* in line ￿ the SORP. Further dÈtail is wven in the Trustees. Annual Report. Fixed asset gifts in kind are recc¢ni5ed when receivable and are induded at fair value. They are not deferred over the life of the asset. For le8acies. entitlement is the earlier of ihe charity teinz noti￿ of an impendine distribution or the leBa¢y being reteNed. At this pointincome is recognised. On occasion legacies willbenotified to the charity however it 15 not P055ible to measure the anv)unt expected to be distributed. On these occa510n5. the legary is treated a5 a contingent a55et and distlosed. Income from tradirbR •rtNities includes in¢orne eamed fvom fundraoing events and trading artivitie5 to raise funds for ¢hE charity. Income is recepved in exchange for supplying 8oods and services in ￿der to ratse fund5 and 15 recognised when entil￿rllent ha5 occurred. The charity receives government grafits in rÈspett of funding from the Arts Counol ETr8laTrd National PortfolK* Organisation$ 8rafit programme. IncomÈ from govemment and other grants are reco8nised at fair value when the charity ha5 entitlernent after any pÈrformancÈ£onditions have been met. il is probable thai the income will be received and the arnount ran be rnea5ured ieliabty. tl entitlernellt 15 not rnet then these amounts are delerred. Idl Expendiiwe rec￿￿111￿) All expenditure is accounted for on an accrua15 basis and ha5 been da55ified under headin£5 that aggregate •ll costs related to the category. Expenditure 15 recognised where there is o legal or constructNe obligation to makÈ payments to third parties. it Is probable that the settlement will be required and the amount of thÈ obl￿ation ca* mÈasured reliably. It Is categori5ed underthefo1l0￿r￿ headinE5= Costs of raising funds includes charitable fvndfaising aaiyiiies and commercial trading operation expenditure.. Expendiivre on charitable actNities includes expenditure incurred on exhibitlOn5. collections and p•rticipation' and operational costs induding building management. wsitor servites and overheads Other expendff(uie represents thtsse items not fallin8 into thecaiegorie5 above. Ir￿COVerable VAT is charged as an expense a8ains1 the attivity for which expenditure arose. (el Stspportcosts allocatlon Support costsare thosethat assisi thework of ihe charity but do not directly represent charitable activitie5 and include offKe Costs, governance costs. administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and indude project management carried out at Headquarter5. Where 5UPPOrt C05t5 cannot be dirtctly attributed to particular headin8S theyhave been allocated tocostol raisingfunds and expenditure on charitable activities on a basis £onsistentwith use of the resources. Premises overheads have been allocated to OPerat￿)nal costs and other overheads have been alktated on a proporthwaie ba515. Fund-raising costs ate th¢)se Incur￿ in seekin8 voluntary £ontributiofts and do not indude the costs of disseminating information in support of the charitable artNities. The analy515 of these costs b5 included in note 6. 42 Sheffield Museums Trust Notes to the Financial Statements Year Ended 31 March 2024 InTangible fmed assets Tangible fixed assets are stated at C05t lor deemed c05tl le55 ocrurnul•ted depre¢i¥tioft and accumulated impairment losses. Cost includes costs direct￿ èttrlb￿ab￿ to rnakingthe a55et tapable of opentsne as intended. Expenditure ol less than £IO.(#J) 15 normally not capitsli5ed unle55 It lorms part Of a la¥ger projert whKh has either al an aggregate value ifi excess of {1,(￿ or bl ha5 been specifically designated as o capitsl projert by maftagement. In all cases the decision ro capitalise expenditure or otherwise ¥rill be made on an itern by item basis with regard to the nature ol the items and the eCOr￿M￿ benefits deribEd. Depreciation Is provided on all tangl￿e fixed a55ets, at rates calculated to write off the cost. less estimated residu31 value. of each asset on 3 systemaiic basis over its expected usefvl life as lollows.. Leasehokl Property irnprovements Gallery improvements Plant and machinery Fixtures and ffttings Motor Vehicle5 4% or pwiod of lease. where reasonab 4- 12.5% 10-33% 33% Large scale m tharttabie attt¥ltles 2024 £oc 2023 £000 Charitable attivities Managemeni 5ervKe Charge 316 2.101 202 1.741 Z.417 1.943 Income Or￿ charitable artivities was attrlbuts￿tO ￿n￿trIcted funds. Incofflefrom othertradinE artiwtses 2024 2023 £()Jo CornrneTcial trading income 1.069 924 1.069 924 All incorne frorn other trading actiwties was attributatAe to unrestntted fvnds. 46 Shgffield Museums Trust Notes to the Financial Statements Year Ended 31 March 2024 ¢Xher incorne 2024 2023 £wo SCC-a55et maintenance support 8aThk interest received Otherancillary income loo 13 89 202 29 129 Income from other sources was É202k 12023 - £129k} of which £ILNJk 12023 - È1ts)kl was attribvtable to restricted and £102k12023- £29kl was auribjtable to unresificted lunds. Interest received on cash re5erye5 was £13112023.. Trill. Ana￿5￿9 of expendlture 2024 2024 2024 2024 2024 2024 Oewec4ltion Éooo Ralslng funds Trading activities Fundraising ¢osts 318 103 416 17 17 757 120 Charit¥ble Exhibitions, collections and participation Operational costs 623 1.432 1,279 58 3,588 Tot41 Expendlture 623 1.881 67 820 5.897 2023 2023 2023 Z023 2023 2023 £oc £000 Ra151nKfvnds Trading attivities Fundraising costs 324 io l9 635 21 li Ch3ritsble arti￿11*$ Exhibitions, coliedions and participatio Operational rosts 816 370 1.188 32 833 3,395 Total Expendi￿re 2.293 370 1.682 42 852 5,239 47 Sheffield Museurns Trust Notes to the Financial Statements Y•ar Ended 31 March 2024 Anatysis of expendIlU￿ leonti*ued) Staff fosts includes wa8es and salaries, training and development and other staffing overheads. Pro8farnme costs are the costs of ihe creatwe programme. learnin8 pro8rammes and the costs of the care and development of the tollottions. Buildifi8 and overhead costs are ihe oyraiional costs of maintainin8 and opening siies and administrative overheads. £1,156k12023- El,Lh)6kl of the 4bove ¢osts wert 4ttribyt4ble to ￿$trIcted Ivnds. E4.741k12023- £4,233kl of the above cost5 were attributable to unre5trKted funds. Governan￿ costs 2024 2023 Audttor's fee Auditor'5 remtJneration- other Profe55ional fees 17 27 34 67 42 14et empendltureforthe perkxl Net expenditure 15 51ated after char8in8'. 2024 2023 £0 Depreciaiion of tangible fixed a55ets OperatiTre lease rentals 820 852 Audltorf5 rernuner4tion 2024 2023 £OC¥) Fees payable to the charl￿$ auditor and its a550ciale5 for the audit of the charitws annual accounts 21 21 Fees p￿able to the choriws auditor its •sso¢i*es for other services.. Audit of the charl￿$ subsidiaries Taxation compliance oiher ser¥icES- independent exarNrtatioTh of giant funding 12 12 33 33 48 Sheffield Museums Trust Notes to the Financial Statements Year Ended 31 March 2024 io Trustees. and key management persoTh*l reM￿￿latIon and e¥penses The trustees neither ￿teNed norwaived any remuneration durir% the year12023- £Nill. The toial amount of employeÈ ￿eNed l)y key m¥naKement personnel 15 É267k12023-É255kl. The trust tonsiders it5 kry rnanagernent personnel in 2024 to cornpromi5e 3 employee5- Chtef Executive, Oirertor of ProKrarnme5 and Director of Finance & Reswrces. The tiustees did not have any expenses reimbursed during the year12023- £nil l. li Staff costs and employee benefits The average monthly number of employees and full time equivalent IFTEI durin8 the period was asfoll¢M.' 2024 Number 2024 2023 2023 FTE Numbei Ralsing funds Chafltable Activities.. Exhibitions. collections and Participatio Oper31ions 34 17 27 li 33 29 73 31 76 128 123 Staff numbers presented include 30 stsff. equi¥alent to 4 FfE empbyed on Zero hourcontratts12023- 31 staff, Èquivalent to 4 FTEI. The total staff costs and employee benefits were as fotlows.. 2024 2023 WaEes and 5alarie5 Sotial 5eiunty Pension cost5 Termination Payments 2.129 161 216 1.858 143 273 19 2.506 2.293 Total redundancy and temination payments amwnt to £nil12023 - £19kl ¥rith 2023 ¢0sts relating to volufitary redundancy payments for 3 members of staff. Recharged ernployees Total payroll costs of £2,506k IZO23- £2.293kl include E318k12023 - £ 283kl of cost5 that are included in the subsidiary company, SGMT Enterprise Ltd. ¢y these Costs. £Z47k12023- £176kl relate5 to staff directly empl¢)yed bv 5GMTEnterprises Limited, and £71k12023- £107kl relatest05taff fetharged from the parent company toSGMT Enterpiises Lt41. 49 Sheffield Museums Trust Notes to the Financial Statements Y•ar Ended 31 March 2024 li stsff tOSts and ernployee beneffts Icorrtlnuedl The number of ern￿O¥ee5 who received iotal employee benefiis (excluding employer pension c(15ts of rnore than £60.CK)J is 45 fotlow5.' 2024 Number 2023 Number £60.001- £70.WO £70.001- £80.WO £80.001- £90.¢X 12 Interest payable and ￿rnIlar expeiises 2024 2023 £￿0 Intere51 on net defined benefit pension liability 1601 25 13 Tantibl*fix¢d assets- Group Total £LNJO At l April 2023 restated Addit10Th5 thsposals At 31 Marth 2024 22.924 310 13.3441 19.890 939 24,893 310 4.802 20,401 170JI 17481 191 iioi 20 OÉpretiation'. At l April 2023 restated Charge for the year Eliminated on disp05a15 At 31 March 2024 14.410 711 13.3441 11.777 23 16.189 820 14.8021 12,207 51 17CK)I 240 51 17481 170 iio 20 Net b¢X)k value.. Al 31 Marth 2024 .113 21 8.194 At 31 March 2023 restated .514 iii 72 8.704 50 Sheffield Mu5eurn5 Trust Notes to the Financial Statements Year Ended 31 March 2024 13 Tangible fmed assets- Group l¢¢ntinuedl Tangib￿ f4Jted assets-TnJst F￿u￿4￿a Total £C#)O Cost.. At l April 20Z3 resiated Additions Disp05als At 31 March 2024 22.924 310 13.3441 19,8go 30 24,762 310 4,802 20.Z70 17481 iio 20 Depreciatioll.. At l April 2023 restated Charge for the year Eliminated on disposals At 31 March 2024 14.410 711 13.3441 760 23 16.082 801 14,8021 51 17481 iioi 11.777 240 46 20 12.083 Net book value.. At 31 March 2024 ,113 14 8.187 At 31 March 2023 restated 8,514 Fixed asset cla55ification5 have been rewewed in theyeaT which has resulted in some assets being redassified as at l April 2023. The total asset Costs brought forward and depreciation brought forward rernains u*¢hanged. Any fulty depreciated assets identified as no bnEer in use have been dtsposed of in the year. 14 Subsld13rle5 The consolidated finan£ial statements of Sheifield MuseumsTrusi irKlude the results of SGMT EnterpfisES Limited. a wholly owned subsidiary. SGMT Enterprises ￿miled. is a company re8isrered in the UK with the comparby registration number 04077686. The re8lStered office of SGMT Enterprises LI￿￿ted is Leader House, Surrry Street. Sheffield. Sl 2LH. Sheffield Museums Trnst owns the entire issued share capÈtsl of two ordinary Shares of El each. The principal artivity of SGMT Enterprises ￿rnited is the operation of shops. cafe5, events and hospltality at sites owned by the Trust. A summary off its tradin8 resu￿5 is shown below_ 51 Sheffield Museums Trust Notes to the Financial Statements Year Ended 31 March 2024 14 Subsldlèrles {tontinuedl S¢*ernent ol irKome and ret4ined eamin for the year ended 31 March Z024 2024 2023 Turnover Cost of Sales Staff costs Other operatin8 expen5e5 Other income, includinggrants 1.070 14151 13171 1621 924 13261 12831 1631 Operating profft Interest payable and othef exper￿e$ Profit before taxation Tax on profit 277 iiji 264 254 244 Profit forthe linancial year 242 5tatèmtnt of changes In equlty Profit and loss account at the beginning of ihe year Profit foi the financièl year Gift Aid distribution to charitab￿ parent cornpany Profit and lo55 a((ount at the end of the year 16 262 1257 21 14 242 12401 16 Summary of FlnarKlal poshk>n 2024 2023 assets 21 16 15 Stocks Group 2024 Group 2023 Trust 2024 Trust 2023 Good5 lor resale 69 All Stock at the period end 15 hekl by 5GMf Enterprises Ltd to supp)rt commercial trading attivities Impaired stock of Éllk12023- E2kl has been recognised as an expense. 52 Sheffield Museums Trust Notes to the Financial Statements Year Ended 31 March 2024 16 Debtors Grwp 2024 Group 2023 TThst 2014 £0 TTU5t 2023 Trade debtors Prepaymenis and accrued incorne Amounts gwed by group urKlertakings Tax repayable 20 117 261 199 26 129 173 131 144 193 127 426 358 597 459 17 Creditois.. amount5 fallini duewtthln ￿eve•r Group 2024 Group 2023 Trust 2024 Trust 2023 Trade creditors Othertèx and sotial security Ac£ruals and def*rrÈd intome 22 218 218 62 309 62 236 607 373 518 3Crf) Deferred income of £50k12023.. £761 relates to depo￿1 payTh*nts for events whKh have not yet occurred. and projert fvnding paid for in advanc?. 18 Operntifi¢ Leases Total future minirnum lease payments under nOn￿nCe11ab1e operating leases are as follows.. ZOZ4 2023 £oc¥) Not later Ihan one year Later than tsne and not later thah fwe years 53 Sheffield Museums Trust Notes lo the Financial Statements Year Ended 31 Ma￿h 2024 19 Pro¥l$l￿5 lor liabillties n Provision £OLKI At be8inninE of period Released durinE the year Additions durinB the year S14 12 At 31 Maich 2024 491 The pfowsion for dilapidations reLate5 to hjentified dilapidations at museum sites and is based on building SUThfeyor reF4)rts undertaken by a congjltant thirtl party. The prOVi￿On relates Whol￿ to the assets of the Trust. 20 Fund reconciliation Unrestricted fund5 Balance at Gainsl Ilossesll taxat+on Balance at 31 March 2024 Income ExpÈnditure Transfers 2023 Vnre5tricted Pension reserve 2.335 4.581 14.8171 76 144 1761 2,243 Designated funds 35 35 2335 4.616 14.7411 22n Balante at l April 2022 Gains I Iltsssesll iaxati Balance at 31 Marth 2023 Intome Expenditu Transfers Unrestricted PensioTh reserve 2.413 1883 3.983 14.1051 11281 2,335 i.oii Oesignated funds I,S30 3.983 14.2331 1.055 2,335 Sheffield Museurns Trust Notes lo the Finaneial Statements Year Ended 31 Ma￿h 2024 20 Fund recondllatSon IcontiroJedl Restrirted fvnds Balance at I April 2023 Balance èt 31 March 2024 £0 IrKome Expenditure Transfers Capital Depieciètio Reserve Social History Collertion Recovery Fund Acqui51tiw Fund Lifecycle Fund Stephenson eiake Sustain. Connect. Create Many Voice5 Embrace Abbeydale Re5trirted Projecis 7.391 17331 269 6,927 51 151 1181 11461 178 11581 102 146 61 Isii io 87 1681 1181 11681 1141 25 149 196 133 7.807 619 11.1561 7,270 8alance ai l April 2022 Balance at 31 March 2023 IrKo Expenditure Tofisfers £000 Capital Depreciation Reserve Social Hisiory Cdlection Reco¥ery Fund Acqui51tion Fund ferycle Fund Stephenson Blake Restricted Projetts 8.13B 17561 7.391 43 38 52 51 178 io 243 iioi 136 149 8.458 355 7.807 55 Sheffield Museums Trust Notes to the Financial Statements Year Ended 31 March 2024 Fund Retantiliation Icoffllnuedl Fund descriptian5 Designated funds This is made up of a £27k r￿elpt from an insurance daim relating to darnaEed museurn eases. These funds ore designated at the year end for expenditure on museum interaction. The remaining £8k is funds received frorn the lundraising dinner held duringthe year. de￿"BTrated to the produrtion of obiett handlifte boxès for Use within 5chools_ Restricted fund5 The capital depreoation re5eive rewesents restntted 8rants received to finance capital expeThditU￿. The grants have been recognised a5 restricted incorne in the stslemeni of Financial Attivities. but the c05t of the assets has been capitalised rather thaTh recognised a5 expeThtliture. The feserve is reduced each year by an amount equwalent to the depreciati￿ charged on these assets. The Social History Cdlection Recovery fund was created following the receipt of insurance monies to reftsrbish items thatwere damaged whilst in a forrnÈrstore at Kelham Island. The aim is tospend the rnonie5 on conservation and new Storage facilitiÈs tts irnpr¢we a£tess to the Collect￿n. The acquisition fund ha5 been Set up to allow the Trust tr) acquire further iterns for the collections. The source of this is income Beneiated from the sale of surplus assets or donations rnade specifically for this purpose. The Lifecycle fund represents incorne received frorn Sheffield City Council ynderthe lifetytle provision of the SeThfi£es A8reemeni. Lifec¥de fundin6 15 aconiribvtion towards the maintenancecosts of Millennium Gallery and Leader Mouse. The Stephenson Blake fvnd 15 fundinB reteived fmm The Science Museuffl Group. workin8 with HeritaEe Memorial Fund and it 15fundingfor3leasibilitysbJdyre8afdingthe lutureofthe Stephen50n 81ake collertion. Sustain. Create ionne£t is funding via Sheffield tity Counol for a new Cthangint Plaees Toilet whith was installed at Weston Park MLWM. Many Voices project funding is recei¥ed from Fidelity UK Foundation and relates to collettions and organisational change with a focus on tyuilding relationships wTihin communr£ies and developing our audience. Embrace Abbeydale is a Nati¢)Aal Lottery Herita8e Funded woiett io start the development of Abbeydale Industrial Hamlet. Rtstrieted projerts fvnds are those smaller projects funded acrivive5. Transfers Transfer5 between fvnds repre5eni fixed assei depwiation. Sheffield Museums Trust Notes to the Financial Statements Year Ended 31 March 2024 21 Anatysis of net awts between fvnd5 Unresrritted hJnd5 2024 Oesignated funds 2024 Restricted funds Total 2024 2024 £000 Fixed a55ets Cash and current investments Other current asset5 1 liabilities Pro¥isions /pensions 1.267 1.634 1167) 14911 6.927 277 8.194 1,946 IIDII 14911 35 Total 2.243 35 7,270 9,548 Vnrestritted frjnds 2023 Desi8nat funds 2023 RÈstritted funds 2023 £0 Total 2023 Éo Fixed assets Cash and cUrr￿t iftvestments Other Current assets I liabilities Prowsions I pensions 1.313 1.516 20 15141 7.391 382 34 8.7Q4 1.898 54 15141 Total 2.335 7,807 10,142 22 Re4onciliation ot net exptndiiur*to nrtC•5h Ilowfrorn (yeratinK Kli¥ii 2024 2023 £0 Net expenditure for period 16621 19011 Depreciation and irnpairment of tangible fixed assets L055 on dispos31 of Eangible r￿ed asseis Corporation tax receipt FRS 102 Pension Adju5tmeTht Ilncreasel in stock Ilncreasel I decrease in debtors Increase / (Decrease) in creditors Interest received 820 852 78 1761 129 210 1131 184 Net cash flow from oper31ing attivit￿$ 345 230 57 9S -trZOZ 4)je￿ T£ le )no pauje) aJaM ￿￿￿81190 )iJauaq pau Ji ap a4J io aniEh Juosajd è41 PUE 51a55e UEid uty5u•d Jo UOryEnieA ieuenpe è•jsuè4aJdLUOJ )uaJaJ )sow alu -pur4 pajajsiuiwpp AiaiEJeda5 t ui play •JE Jo #asst put suoonqwuoj Jo iUaUTAed è41 Aq papuni si uei¢ uoisuad aw'vpid u¢isuad iyèuèq pèuiièp È $1 SI￿"0u1•uJs LIL*SUad aJi4S>IJOA 41no5 a41 Jo sJaqwaw aje Tioz IiJd¥ T UO isAJi swnasny¥ ieijisnpui pièiJ4ays LUOJJ isnji swnasnw piaiJ4a4S OJ PaJJaJSUEJ) 04M saaAoidwè pu? 866[ iudv T uo ￿nJI sWnaSn￿ ¥ saiJaiie9 ppwa4s ojinuno) Alr* piawa4S WOJJ PaJJaJSUeJ) 04MsaaAoidLU3 suwd uoisuad ¥Jauaq pau Ji ao l? 'IITE3- Eioz) 15E3 sew4 ￿lj?d a4) ui pasiu&))aJ JunowE alu -AEd >5Eq JO %S'L #JE ve￿* ol 5uwnqiJJuo) JaA¢idwJ '5MOPIM ysiiiws Aq PaI￿ad0 UEld L1015Llad IEUOSJad flnojg Jsnji * saiJ•iie9 Plal41a4s U1￿ oi aNi8iia ajam 15nJi 5wnasnw pue 54uaiiEg PPIJI•45 JQ 5aèk)Iilwa iTOI Jè4iUa)èO T£ Iiiun 666[ Iijdv T LUOJ SMOPIM 451UO)s- ueid u0￿uad uThinqiJiuo) pauiiao Iq 'Aed )Iseq Jo %s aJe 5uoiJoqiJJuo) aaAqd4L* pue Aed )!SPq 10 %E fyJuaJJn) aJE SUO!inqiJiuo? JaAoidw3 'jUpI￿￿O? JU￿10j￿3-o1nP si pue aw?4>5 iuawajiwj u•do iuajjn) 5aLua435 a4J 51 5141 'Iv3- Ezoll 15£3 SEAI ptsijad ayi u! asuadxa LIE se pas!u3oJaJ iunowE 'sa•A¢J￿U)O ty Jty ve￿ utysuad uoiinquiuoj p•uJi ap e saieJado ￿lJe4) 041 MQN- utysuad uoiJnquJuo) pauipo le sAeM aajyi ui S￿￿d￿4 oj 5wauaq iuawajiwj-wd 5apIAoJd A￿￿)JJn) IsnJiaLIL 9tr6'1 868'T 4SEJ lau ieloi 9tr6'T 869'T sJuaiÈAinba 4S￿ PUP Lise) Cl)03 SMOU ysrJ p w u! sa¥uE4?p s!sAieuv vzz trZOZ 49JEW l£ PaPU3 JE•A SW•IU•IEIS IE!?ueu!4 04101 $aioN Isnji swnasnby piaiJJa4s Sheffield Museums Trust Notes to tho Financial Staternents Year Ended 31 March 2024 23 Pen$ions and Other￿st-l￿reffient beneffts l(offlirwedl The total c05t recoRnised in the Per￿ was as follcrws- 2024 2023 £0 Current service c05t Pasr service c05t Plèn iniroduction5. chanBe5. Curtailrnents and SEttlemenlS Adrninistrative expense5 Ner interest expense l incorne 74 132 1601 25 Recognised in net e¥penditure 14 157 Reco8Trised in other1055es 118ainsl 76 11,oiii Total CO￿ I Igainl rec(vdnised 90 18541 Amounts rectsgniseil in the balance sheet were as follows.. 2024 2023 £000 Present value of Funded obligations Fair value of plan a55ets Surplus not re[Qgn￿e￿ 6,753 18.4351 1.682 6,764 18.0121 1.248 The net pensHJn surplu5 of £1.682k. in actordarte wth the requirements of FRS 102, ￿ noi recognised in the balance sheet as the charity is unawe to rettsver this surpkn from the pension scheme and 15 not due anv relund related to the furbd. ChanEe5 ￿ri the present value ofthe defined benefrt obligations were as fotlow5= 2024 £000 Opening defined benefit obli8ation Current 5ervicE C05t Past se￿iCe c05t Interest expense ttuarial (gains) Coniribution5 by 5themE Participants 8enefits paxl 6.764 74 316 24 13101 Closing defined benefrt oblKgation 6,753 59 Sheffield Museums Trust Note5 to the Financial Statements Year Ended 31 March 2024 23 Penslons and other post-retlrerneni beneffts Ic4￿11nUed} Chan8es in the Fair value of the pension ￿art assets were as Idk)ws'. 2024 OpEning plan assets Interest incorne Actual return on plan assets lexcludiThg interest intomel A55ets distributed on 5ettlernents Contributions by charity Contributions by sche￿* participants Benefits pa*1 8,012 376 243 83 24 13031 C105ing plan a55ets 8.435 The amount that eath major ¢lass of pension plan assets ¢onstiiutes of the fairvalue of ihe total plan assets was as foll¢)ws: 2024 £000 Equ*ty instrument5 Oebt instrumenls ltrrfjndsl Propertv Cash 5.820 1.771 759 85 ,435 The return on plan assets wa5 as lollow5'. 2024 2023 £000 Interest incorne Artual return on p￿￿ assets lextludint interest intomel 376 243 225 14241 Total return on plan assets 619 11991 Balance sheet reconciliation-. ZQZ4 £OC*J Z023 Deficit in xheme 41 l April Net pension cost £har8e to incorne and expenditure account Amount recognised in other gains and losses Aciual contributions made by employer 883 157 ii.oiii 1291 14 76 Sheffield Museums Tntsl Notes to the Financial Statements Year Ended 31 March 2024 23 Pensionsafid othv post.reiirement beneffts lcomirrt￿dJ The prin¢4pal attuarol assumptions used were as folbws= 2024 2023 Pension Increase rate ICPII Salary increase rate Discount rate 3.4% 3.6% 4.75% The mortality assumpticffis used for knrwity lin yeafs) on reiiremeni at a8e 65 are.. Retiring at the balance sheet date Males - Females Retiring in 20 years Males - Females 20.6 23.6 20.5 23.7 21.4 25_0 21.5 25.2 Related partytransartion5 Inforrnaiion about relaied party transaction5 and outstanding bolance5 15 O￿lined below.. Outsranding balances due In¢•me Expendituie Commitments £￿0 £000 SGMT Enterprises Ltd- Trading Sub$KI￿ry At 31 March 2024 At 31 Marth 2023 261 173 ShÉffiÈld City Council- major fvnder At 31 March 2024 At 31 March 2023 2.315 {1351 11201 io IkJnatK)ns from Trustees At 31 March 2024 At 31 March 2023 Arun SinBh- Trustee and Oireclor of Ctty Taxis Holdings Ltd At 31 March 2024 At 31 Marth 2023 . All iran5action5 have been independent of Trustee invofvement and OA usual ¢¢)mmercial terms. 61 Sheffield Museums Trust Note$ to the Financial Staternents Year Endod 31 March 2024 25 Tax 2024 2023 £￿0 UK corporation tax Current tax on inrome for the year 11441 1441 2024 £or 2023 Mu5eum5 and Gallerie5 Tax Rel*f Corporation tax-5ub5idiary 11461 1461 Tax credit fof the year lsee above) 11441 1441 26 Capital Commitments At 31 March 2024. the Trnst had the following capiial commitments". 2024 2023 Contratts for luiure expenditure not wovided in the financial statements- leasehold property impro¥tments 62