Company re8Éstration number.. 02041438 Charity rcgistrdtion numbcr.. 295260 . National Museum of Labour History (A company limitcd by guarHDiee) Aknnual Rtwrt a￿1 FinaTKial Ststcrntnts for thc PEriixl from 6 April 2022 ￿ 31 MJr¢h 2023 Beever and Struthers Ststuiory Audittsr Suite 9B. The Beehive Lions Drivc Shadsworth Business Park 818ckburn Lan¢ashire BBI 2QS •ACTVAW* 2111212023 cc￿PANIEs HOUSE A42 IYAtion*l Mnsellm of Labollr History Contents R¢feretsce and Admit)i$trative Detyils TnE$tees' Report. 2109 StstemeDt of Trustee5' Resp)nsibilitifs io Indepetideni Auditors. Report 11 to 15 Consolidated Statement of Financial Aciivities 16to 17 Consolidatcd BBlancc Sheet 18 B#l•T)¢e Sheei 19 Consolidated Sthtemenr of Cash Flow5 20 Nol¢S ¢0 th¢ Fin8n¢i¥l Stsierncnts 21to42 National Mus¢uDJ of Labour History R¢f¢r¢nte Administrative Details Trustee5 Lord J S B Bwam K Carbury . Mr B DoDoghu¢ Ms A Douglas Mr S Lindsly (rr5i8ned IO November 2023) Ms V Phi]lips Ms K S•va8e Mr R Sha)y¢ (re$1￿j 21 July 2023) Ms S Th¢)mpsoll Mr R TulsiaRi (￿*￿Ened 10 February 21n3) MrN T¢¢*h (8ppint¢d21 July 2023) Secret•ry Prlnclpal Offitt . L*ft B￿k Spinningfields Manchest M3 3ER Compirty RegJs*•tion Number IY2041438 Cbarlty Reglstrstion Number 2952fAI Auditor Bee*er and Struth¢Ts Statutsjry Auditor Sulk 9B, Th¢Bethive Lions Drive Blackbum BBI 2QS Pag¢ I Natlonal Museum of L*bollr Hlstory Trustees, Rtport The tnLsiees, are diretlors for tbe pijrposès of compaDy law. pte5eot the aDnual repon together with the rinat)cial Stslements and auditOTS' Teport of the charitable company for the period ended 31 March 2023. Strncturey governance •nd man•geme*l Nalure of8overnsK8 The fijll of the Charity is The N•tioTO] MweuTD of Labow Hiathy. The Cbarity is govem¢d by th¢ lern￿ of its M¢morondum and Arti¢les of AssociatiOD. The'charity is a company which is limited by guarantee. The Charity uses the working title'Peoplc's History Mu%um'. The Tnjstees who have acted durin8 ihc ycar art listed above. The Charitys &ssets are available and adequate to fi￿fil the obliwdtions of ihe Charity for each reskncted fuTrJ. Objectives #Md *ttivitie¥ Objects TJ)e principal activity of the Cbarity is.that of a mUS¢tstsL Th¢ TnLM¢e$ hav¢ paid du¢ r¢8ord to th¢ Charity Commission's 8uidance on public brnefit and the following paragraph5 dcscribc the xtivities undcrtakcn to delivcr public benefit. The Charity's 8im5 ore the adv•n¢ement of ¢d￿tIon #nd knowwge by th provisioti ¥thd maiAt¢ttaY*¢ of 8 museum for the tollcction. conArvaiion and public exhibition and diTlay of obj￿t- book. phoiograph. and many other items of visual history Telaling to all osp¢¢ts of th¢ so¢ial 3nd ¢ulnLral hi$iory of Great Brill￿. Tb¢s¢ aims ¢oniinu¢ io fomj th¢ basi$ for all museum policy. The trustees Conf￿ that they hav¢ Colnpli￿ with th¢ requirrments of srftion 4 of tbe Charitie$ Att 2011 to have du¢ regard 10 the public bertefii 8uidathce published by the Charity Commission for En8land and Wales. . Page 2 Nailonal Museum of Labour History Trnstees, Report Tr￿stee5. inttrtsts AS the Charity 15 8 ¢ompany limited by guardntee. there are no sharc5 or options in which any of the Twstees of the Charity ¢ovld hold inteTests. Tnw¢¢s the Cornparty Secretary if they are aware of any instances of direci or Indirect benefit which have occurred as a consequence of iheir Trnsteeship of Ihe Museum and a fornul request for. informtstion kn ]￿U¢d ea¢h y¢Jr Jn ag¢nda ii¢m in the Nov¢mb¢r bo)td meeiitt& Dufittg athiunting period,Dne of the Trustees declared that a family mrnibcr was employed by thc Charity. In this case. applicarion and interview procedures were followed. no CODfiict or sigDificant ￿nefiT was pereeived. and the Trustee d￿laTed the intrrem aThJ did not vot¢ ori any pay sul¢ thaDg¢s that off¢¢i¢d #ll $tsff. Furth¢r drtsi15 ar¢ provid¢d i¢J not¢ 24. Appointment of trns¢tts Trustees aTE appoinied after TTUS¢¢e va¢an¢y ad¥¢rtisem¢rtL and inteiwiew by existing TnLsiee$ and by majority v￿e of the Trustee5 of the Chan"ry. The Trades UDiOD Congress. Grcatcr M8nchcsicr CornbiDed Authority and Man¢ho" -t4T City Coun¢il hJv¢ tho iighi to appoittt a m¢ml*r ofthe Bfwd. Tr￿stee induction and training Newly appointed Tnjstees are issu￿ with.the follow0￿ • Museum Memorandum and Articles of AsxKiation . Museum Annual A¢¢outLls and Reports Charity Commission docurnentation The llew Tnjstee would iben spend time wrth the Museum Director wvrking through the current Museum Bu5ine55 plan hnd dis¢tsssiDg important items aff¢rtiDg th¢ Mus¢Lmi 01 th¢ tim¢ of appoiiirm¢nt. Or￿1115￿110￿QlstThCIMre TTU5tee5 rneet together qu•rt¢Tly #t whi¢b time th¢ Mus¢wn DI￿10t, who is appoitited by them attd is ￿$￿ISIble for the day to day runnlog of the Museum, repons on all marters of museum po12cy and strategy. These meetings alm inolude onnual acGounL ond quarterl}. budget TepoTL. Any (h￿￿05 in . -tsJtegy ar¢ di. amcDdc& ond.. whcn llgr¢¢d,. tsdopted ¥ ￿illen m￿c￿M policy by Tnknrteos and implemeDr¢d by tbc Dircctor.. Whcrc ri" identified. particulaAy regarding fundin& Sleps hTe taken Is d¢s¢ribed below.(see Risk m8Mgement). Page 3 National Museum ofL*bour History Trustees, Report Related partie5 Th¢ Charity a trading Subsidiary tornpany and dunng the year,. one of the Tnjslees declattd thai a family member was employed by the Chan"ty. Further dctails arc providcd in [￿tr 24. Risk m*n#g¢ment The Museum Director i5 charged with Dotifyuig Tnwtts of atsy Tisks fa¢ing the Mweum and of imtrni iiicome upe#diture malters ittludin8: . Possible future deficits to revenue 8rat)1s partieularly from. main. funders (Greater Manch¢5trT Combined Authonty- GMCA ATts Council for Engl￿d- ACE). • Oiher si￿lficant fore¢85t fimbjing or cash flow shorrfall5. • Capital Expendiwre Projects. The Tru5Tees are involved in p￿10￿ of bi& aAd progr￿5 i5 rwrt¢d wkTh work OlDMen￿5. . Any fvndrnising $y¢¢¢sses and the project involved. . Any majoT ¢hang¢s ro the Museum's fiJndin8 SIn￿l￿re, assessing both the negative and posltive effects of these Jges on the orgaDi5aiion. . The ottgoin8 financial impact of the Covid-19 paDdErniC. inflalionary increa%& cnergy costs and the ¢osi tsf living ¢ri5j5 On the musewn's finaTKial posihOII. Onc¢ notified of any probl¢n￿. TThst¢¢s dis¢LW and decide appropnaie acti￿ W￿"¢h may direcr museurn stsff or necessitate the setting up of a 5u&¢ommittee of Tru51e¢s a5 rcquir¢d. Th¢ Jction5 ¢ak¢n are th¢n reported on and 'r¢vi¢wed at subs¢qu¢nt rn¢¢tings. An Audil & R]sk sutrrtommtrtee was set up in 2013 and holds meetings prior To the full board mecting to ¢on5id¢r Budgets. Quart¢Tly Rep)rts. Cash flow ¥nd R]"sk$ Oentified in the Business Plan iTL nKsre det¥il and r¢f¢r items ￿ the main trx)ard meetin8 &$ required. The Trus¢¢e$ af¢ aw4r¢ of staff $tN¢ttLT¢ and responsibiliiie5 and are notified of staff changes. Salarie5 for all 5thff are ali8oed with Loc81 Government raies and Darionally a￿ted coDth'¢ion5 of 5¢rvitt 3ppIy. Pag¢ 4 National Museum of Lxbour History Trustees, Report AchievemEnts and performanc¢ People's History Muscum (PHM) 15 desigD￿ io b¢ about people, foi people, and with people" ¢elebraiittB the power of ideas, vtsites, attions artd crealivity. It is Ihe national museum of dem(*rncy. showcasing the slryggle for cquity and equality. cclcbrating radical history and providing spa¢e io ¢xplor¢ tont¢mporary issues Ihrou8h miigithalis¢d voic￿. PHM proud to bc a mu5CUTn of llatiothal $i8oifitan¢¢ ID Greater Mattebester with a $rrong relevance and resoDance to people's lives. PHM'5 vision is of a fairer ￿Kitty whcr¢ PEopl¢s' voi¢¢s and a¢tjOn5 make o diffeience. PHM'S mis510D IS to Engage visitors with social J￿lIce and entoura8e people to and ts takt a staTrJ on the i55UCS "that matter lo them. At the stsrt of 2022123. PHM was still recovering from the imp8Ct of the Covid-19 pandeDJiC bui had returned io m051 of its nonnal OP¢TJting acliwtits. As th¢ year pro8t¢ss¢d. the museum saw visitor nUM￿rS recover (though noi to pr¢-pand¢mi¢ levels) and w&$ able 10 increase its opening hours to a six.days week tsp¢rnting model, os well as delivering a wid¢ rang¢ of ¢xhibitiolls, events and activities. PHM'S learnLn8 sessions remained paused whilst a major revjew of the serviee is carried out. but self-guidcd Broup visits have cnablcd th¢ musewii to wel¢tsme s¢hool groups back'io its galleries. 2022123 saw the ¢on¢lusion of PHM'S Migration programme, with exhibitioLs. events. and ¥ctivitie5 including #Welcome. More in Common. and Migration.. A Human Story exhibitions all closing tn June 2022. WoTk in th¢ year fo￿Sed primarily around the new h¢adlin¢ ¢XhIbiti¢￿ NothiD8 About U$ Withoui Us, which opened in November 2022. In January 2023. as in previous year& PHM'S evtT-populaT banner cxhibilion was r¢fr¢sh¢d for anoth¢r year. with thc current sclcction of from th¢ ¢oll¢¢tion oth display wytil January 2024. Pa8e 5 National Museum of LAbour History Trustees. Report NothlDg Abollt Us WItbo￿t U$ In 2022123. PHM explored ihe hisTOry of disabled people'5 rights activism I1￿ugh Nothing At*)ut U$ Withoul Us. ? progratnrn¢ of qhibitsoDS, ¢vcnts I￿( adivity. This included.. A headline exhibition which T4n from November 2022 to Cktober 2023, and w95 co5¢ of the opernting r¢s¢rv¢ poli¢y for Th¢ National IAw5¢unJ of Laiwur History (trading a5 the People's History Museum) is io eiLswe rhe stability of the on-going opet8tions of the or8anisatiott. The Resefftv¢s ar¢ intetsd¢d lo provide an int¢rnal source of fvnds for wn¢rgen¢y 5ituation5 and Jlso lo cThabl¢ ush flow when high value grant incomc is to bc paid in arre&r5. The Head of FiThance will infonn the Tnjstees as part of.the Quarterly rerA)rtin8 of bud8ets and figures at board me¢tings if and when th¢ use ofreserves is lik¢ly. SI￿￿1￿ any addilional reserves be require4 this will be cle8rn1 with the Chair ofthe AudiVRisk Committee prior to spending. Th¢ Charity's ¢ore fijnder has stated that W will pmvide at l¢ty 3 months. ￿tice with grani rty)ni¢s should they intend to withdraw fund5. The Tru5tecs have agrecd that this. togcthcr with a largeted reserve of a quarner of the .pr¢vious y¢ar's uDrestyici¢d nLnniD8 ¢0$ts {cwreotly £409,802) (see not¢ 7) will enabl¢ th¢ Museum to fuD¢tion UDlbl alternative funding is 5e¢ured. The Current unrestricted free reserves are £221.242 {see note 201 and thi5 will be used a$ and when is n¢¢¢ssary. The Museum's ¢ort fill￿]llg from Council and GMCA v45 ¢XtWMkd for thre¢ years from 2023124. Page 8 National Museum ofLabour History Trustees, Report Pl*￿$ for fMtyr¢ p¢rlods Aims •#dkry obiet¢ivesforfMthrnpeviods Al the end of 2022123, PHM had mad¢ $igtyifj¢atti pmgt¢ss in its recovery froth ihe Impact of the Covid-19 Pgndemi¢, with ¢x¢ilins plans io grow its veThue hirt and fwidraisin8 operations io support.its actLVIt1¢5 through. self.8enerated irKome. PHM extcndcd its opening hour5 to thc public to 6 day5 4 week (closed on Tu¢sday$) ond continucs to Trteive lots of posltive ftedh¢k from Vk$itoYs.and commwiiry parmers. The rnUSEum developed onoth¢T On¢-y¢ar ini¢rim Bthsitless Plats for 2023124 wh￿￿ ￿18ned •with a successfijl applicalior) for ￿ ¢xt¢nsion of ATLS Council NPO fill￿1n8 for thc corning thrtt-year cycle. Thc rnuscum also suceessfijlly secured another three years of its fuThding frvm GMCA 35 part of Greater Manchester's tommitment to supporting cultural oTgan1￿￿ofi$..Th¢ Platt for the coming year will include the same aims and priorities as listed above for 2022123. Distlo$vre Of Inform*tlon to i¥dlto Each tTU51ee ha5 taken $ieps that théy otsght to have taken as a trustee in order to make themselves aware of any relevant audit inforn￿li0Tr and to establish that the charitys •uditor is a￿￿¢ of that infomjaiion. Th¢ trust¢es ¢onfirJll that th¢re is no relev3n¢ irtforTiUtiOts that th¢y knk)w of at¥J ofwFu"cb they know the audiior is unaware. The anDual r¢port was awved by the mistees of the c￿rity on1of*MN*rZO and $i￿ed on its behalf by.. Mrcc CornpaDy Secretary Pa8e 9 Nailonal Museum of Labour History Statement of Trusttts, Responsibilitits The trustees (who are also the directors of National Museum of LabrAw Himory for thc pwpts5es of ¢ompany law) are responsible for preparing the ITusiees' report and thc financial ststcrnen15 in a¢cord4nc¢ wth United Kingdom Accounting Sthndards Iunited Kingthm G¢n¢r8lly A¢£epL¢d" Acc¢)untin8 Practice) and applicable law and regulations. Company law requirc5 tbc tTU5t¢¢s lo Pr¢Pa￿ financial stat•nethts for each firtartcial perithl. Utlder company law the trust¢e$ mw not approve the finattci81 sta*ments unless they are saii5fied thai thcy give a ITUC and fair view of the state of affair5 of Ihe chariuble ¢ompaDy ¥nd of it5 inwrning Te50urte$ and applitatkon of resources. Intludin8 Its income and ¢xpenditur¢. for that period. Its preparin8 these flllln¢ial sta*meThts. the trustee5 are required to.. Stlect suitable accounting policies and apply thcm ¢￿￿]stent1y. observc thc methods and principles in the Charities SORP" make judgements and estimatts thai ase reasonable and pnhdeni". state whether applicable UK Accounting Stsndards lthve been follow¢¢ Subjea to •ny mat￿XI1 d¢parnJr¢$ dis¢los¢d and explained in the financial ststements. aDd .prepare the financial ststements on th¢ going ¢OT*ern knis WLltss it is inaFwpriate to wesLm)¢ that th¢ ¢haritsb!¢ ¢owy will continue in bwsintss. The ¢DJ51C¢5 art responsible for k¢¢piDg adequate a¢tounting [tt¢￿d$ that art suffitieDt to sknw and explain the ¢h8ritobl¢ ¢ompany'$ transactions and disclose with reasonable accuracy ai any time the financial posilion of thE charitable compakny and enable ihem to ensure that the finaTKial 51at¢Tnents Comply wth'the Compahieg Act 2￿}6. They are also respon5iblc for safeguarding th¢ ass¢ts of the tharitable company alld h¢lle¢ for takiDg reasonable si¢ps for the prevention and detection of fraud and other irregularities. Approved by th¢ tslLSte¢s of th¢ clwi.ty oniONertY*thX23 and siBned on its behalf by.. Mrccor Company Secretary Page 10 National Museum of L•bour History Independenl Auditor's Report ¢0 the Members of National Museum of Llbour Hislory Opinion W¢ have audited th¢ financial staiem¢Dts of N#titsno1 Muscurn ol Labour Hi510ry (the 'c]J•n'table pareDt cornpan and its subsidianes {the 'group? for the period from 6 Aprjl 2022 to 31 March 2023. whith comprise the Consolidated Siatemeni of Financial Activilies. Cons01idaied Balancc Sheel.IBa'lance Sheet, Consolidared Stat¢mcnt of Cash Flows and Notes to the Fin2n¢o] Ststements, in¢luding a $umu)ary of signJO¢ant a¢¢our5tittg poli¢ies on pa8es 21 to 42..The financial reportin8 framework thai has been applied in their preparation is United Kingdom Accounting Standard5. coinpri5ing Ch¥iti¢5 SORTr - FRS 102 Tr FinaDciaJ Rcporting Stafidard applicabl¢ in the UK and Republic of Ireland, and applicable law (Uniled Kingdom Generally Accepted Accounting Praciicel. In Our opynion the fiMn¢ial ststements: 8iv¢ a tru¢ and fair view of the of the 8roup's and paretli charity$ affairs as ai 31 March 2023 and of the groiip's TesuIt5 for the period thcn end¢d. have.be¢n PTopeTly prtpared in a¢ewdan¢¢ with unit￿ Kingdom Crtnerally A¢¢¢pted A¢¢ourttrttg Pra¢ti¢e: and havc becn prepared in accordanc¢ with ili¢ TeqUirun￿ts of the Companic5 Act 2(￿￿. Ba￿$ for oplnlo We co*ducied our ludii it) accordance with Jnlernational Stsndard8 on Auditing IUK} OSAS IUK}) and applicable law. responsibililies under those standards art Ikscribcd irb the Auditor's T¢5ponsibilities for the audil of th¢ fLnarttial statem￿ts sectlOA of our report. We are Jrtdependeni of the group in accordance with the ethical rquirements thal are Telcvant to our audit of the financial stsiements in thc UK including tbe FRC'5 Ethical St*ttdaid, and we have fulfilled our other ethital resry)nsibilities In accordante WLth thtse rtquirements. We b¢li¢v¢ that the audii evidence we have obtained is sufficieDt and appropriale to provide a basi5 for our opinion. C•rttlusiott$ rel*tithg to golthg contern" In auditing the fu￿11] statemen1$, we have conclude41 that the tr￿tte$..USt of the 8OtIl8 concern basi$ of accounting in the pr¢paraiis)n of thc financial *aicm¢nts 15 appropriate. Based on the Work have wFormed. we have not identified any material urKertaintie5 Telating to events or ¢ondi¢ions that. iodividually oi ¢oll¢¢tiv¢ly. may ¢asf Sigrtifitant doubl on lh¢ gTOUP'S OT parent ¢hari¢abl¢ compat)y's ability to contiDue as a going CODcern for a period of at leasr twelve monihs from when the financjal stat￿¢nI5 aTE authoris¢d for issue. . OUT f¢$poTk%ibilities and the rwDsibililie$ of the trusie¢s with rtspec¢ ￿ going ¢on¢ern are d¢s¢rib¢d in thé relevant seciiot)s of this report. Other infoTmatioTr The other inforniation compris&s the inforrnation i￿]Uded in the annual retmxt. other than the finaThciaJ siaternent$ and otsr auditor's report theT¢on. The tntst¢es (who are also the dite¢tors of the group and parent cbaritsble ¢tsmpany for ihe purposes of comparty law) are its￿rLS1bIt foT Ihe other infom)aiLOlI. Our opitLion on the fiDancial Stalen￿15 does not cover the other infornat20n and. except to the extent othm*isc explicitly Stslcd in our report. we do noi ¢xpr¢s$ any fomi of assuraTK¢ ¢on¢ltysion tt*reon. P*gell N*tional Museum of Labour History Independent Auditor's Report to the Mernber5 of National Museum of LAbour History In connection with our audit of the fijancial sratements, our responsibility i$ to T¢ad th¢ Oth￿ Inforn￿tiOn and. in doing so. considcr whethcr ihc other infomiation is materially ineonsisient with the financial staterneThls or our knowledge obthined in the ¥udit or otherwise appe•rs.io be malcTially misstared. If we identify such material inconsistencies or apparent marerial misstatements. we are required to deiErniine whether there is a material mis$iaiement in the fJnan¢ial $tst¢rr￿nts OT a maierial rnis5tatement of the orher infonnaiion. If. based on the work we have perfornied, we conclude.th8t ihue is a material t)xisstatement of this oth¢r infomjatitsn. we •re r¢quircd to rep)rt that r￿t. .W¢ have nothing to r¢pon in this reg•d Oplnlon Oihtr m•tlers Pratribed by the CoiDP*nits Act ZIJ06 'Ln our opinion. bascd on thc WOTk undcrtakcn in ihc course of the audii.. th¢ inforniation giv¢u iti the and TTU5ttt5' Report for th¢ financial period for whKh the financial staiements are prepared is consistenl with the fJnaThcial sthtements., aThd the dir¢ciots' report included ththin the Trus*es' Report txcn prepared in accordance wÉth applic4ble le8al requirement& Page 12 National Museum of L•bour History Independent Audltor's Report to the Members of National Museum of Labour History Matters rlhlth we are requlred to report by exteptio In the li8hi of our knowled8e and undersiandmg of the 8TOUP and the parent charithbie con]paDy and its environTDent obtaincd in thc ￿UT￿¢ of thc audi( wc huv¢ not idcntified rnatcnal mknprtatemgnt5 in thE Jnd th¢ TrurlBer' Report. We have nothing t¢) report in respeci of the following matters whue the Companies Au 2006 wllires to rep)rt 10 you if, in our opinion.. adequate accowjting rKords have not bcen k¢pt by th¢ pamrt ¢haTitabk ¢ompany. or fftums adequa* for our audit have not been received from branches not W5jted by ￿- or the parent charitabk comp•ny finanrijl stst¢mrnLs arc nDt in agtrwent with the •fUMULting T￿OrdS and retyrn$: ¢ertain disclosures of trustees remuneraiion stttified by law are made: or we have not Tcceived 811 the infonnation Ind e¥pl#nations we for ouroydit. the trus*es were entitled to prepaTe ibe financial sraiements in accordance with the small companie5. ￿gIMe and take advantagc of the Small companies. ¢x¢rnptions ID preparing th¢ trust￿. r¢p(prt tynd froTn th¢ requirement to prepare a $tra*8ic report. Responsibilities of trnSttt5 As ¢xplain¢d mor¢ fvlly in.the Staiemertt of TnLStees' RespoL8ibilities set oul on pa8e 10. the trnslees are responsible for the prep3ration of thc financial statCTncnts and for being satisfied that they give a true and fair view. and for sucb iDtenJal ¢<>ntroI as the twst¢es det¢rniin¢ is ne¢e$sary to ¢nabl¢ the pr¢p8ration of fjnao¢ial $iaiem¢ntg Ihot free from maicrial miGsthrcment. wthether due io fraud or error. ID preparing th¢ financial statcmcnts. the tr￿Ste¢S arc ￿pOnSibl¢ for assessiDg the group's knd the parent charitable company's ability io cofiiinue as a goin8 concern. disclosing. as applicable. matters related to going concern and using th¢ going ¢onc¢rn basis of a¢¢owi¢ing wiless the tr￿ste¢S either intend 10 liquidate th¢ group or the prnt charitable comparty or io cease operatioDs. or have JKJ realistic aliernarive bui io do so. Page 13 Natlonal Museum of Labour Hlstory Independent Auditor's Report to the Member$ of l¥ational Museum of L#bour History Awd5tor'$ respO￿$1b11ltl44 the *¥dit of the fiTr*nd￿ $tstements Our obje¢tiv¢s ar¢ to obtaits r¢aswibl¢ wur¥rtee aboui whether the finattcial sthiernent$ a$ a whole ore free from material misstatemen¢ whether due to fraud or ern)r. and to issue an a￿llIor'S report that i1Klude5 our opinion. Reasonable ¥ssur8nce is a high level of 2ssw¢e. but is not a guarantee tb* an audit eondllci¢d in accordat)c¢ with ISAS (IJKI will always deteci 8 material misstatemeni wbeD it exists. Missiarnis can arise from fraud or t￿)r and are ￿nSIder￿ material if. individually or in th¢ agBregat¢. they could TV50n3bly b¢ cxpe¢t¢d ¢0 influen¢e the ecotsomic decisions of users iaken on the basis of these fin8llcLal ststerneDLS. ITregul8rities. including fraud, are in513nccs of non-cornplianc¢ with laws and r¢gulatii)ns. We d¢sign procedu￿5 in lin¢ WLth our responsibiliiies, tyjilined above, io detect material misststtments in respeci of irregulariiies, including fraud. The specific pmcedure5 for this engagernaht arml thc extcnt to which thcx art capable of dueciing irregularities. including fraud 15 detsiled below.. The txttttt fo whleh iht *•dlt ¢ott$ld¢t¢d e*p#blt •f d￿￿thi% Irrte￿I*rIIIes l#tI￿dI￿% Our approa¢h to i4kniifyitsg and assessing th¢ risks of material ti)isstst¢tt)eni in respe¢1 of I￿e￿l*tIll¢S. iwludin8 fraud and non-compliarKc with laws and regulations. wa5 as follows.. . the.eng8gement parn￿r ensured that the engagement team collectively the appropriate Com￿lenCe. capabilities ' aDd skills to id&Jtify or r¢twise oott-compliaoce with applicable ]aws and re8wlallons. • we identified the laws and regulalions applicable to the group through diScU￿10n5 Wth directors and other rnanag¢m¢nt. and from our comm¢r¢ial knowl¢dg¢ and ¢xp¢ri¢n¢¢ of thc ¢hatity Wtor. . we focused on specific laws 8nd regu18ti0ns which wc considered may hav¢ a dirxi makrial. tffeet on the f￿ancIal statement$ or the operJtions of the ¢ompany& includithg ihe Companies Aci 2006, the Charihes Aci 2011," iaxaho legislation, data protection. anti-brittry. employment. epvironmeDtsl and bcalth and safety l¢gislaTiOn. • W¢ aS5¢5s¢d ¢xl¢nt of ¢omplian¢¢ with th¢ laws and regulations identified aFx)ve throu8h making ¢nquiries of management and inspectiDÉ legal conespondence. 'd¢ntifid laws and ￿gulatiOnS were communicated within the audil team Tegularly and the team rernained alert to Lnstancts of non•¢ompliat)ce throu8houi the audit. We ￿eSSed the s￿Seeptibllity of the 8roup's financial staknnents io m￿e[la1 missiatemenl includin8 obtainin8 an UDder5taDding of how fraud might occur. by.. ' makin8 enquiries of maTha￿ment a5 to whcrc thcy considcrrd thcre wjs 5u%eptsbility to fraud. their knowledge of atftLal. suspected artd alle8ed fraud. ' considtTin8 the internal controls in pl¥¢e to rnitigate risks of fiaud and non-¢ompli8n¢e with laws Ind regulations. To address the risk of fra￿1 thTouBh management bias and ovewride of ¢ontrols. we.. ' perfomled analyncal procedures on incomt and salaric5 to identify any urwi5ual or uncxpeded ￿laItonships. tested journal entries to identify unusual trJnsactions. ' assessed whether judgements and aSsLthJ￿OW made ill d￿ermining the ￿Oll￿tIng esttinaw s¢t out in note 3 w¢re indieative of poieniial bias. ' iDveslig¥ted the rationale behind sigtiifKotst orunusuol trans¥tion& Page 14 National Museum of La1￿￿r History Independent Auditor'5 Report to the Membtrs of National Museum of Labour History There are iDh¢rtnt Ihmiiatiorks ID our audit pr￿￿￿[¢$ described a￿Ve. The more ￿n0Ved th05c laws and regulat)On5 3r¢ frojn fijjancial tr￿110￿5. th¢ l¢ss likely it is thot ￿ wou]d become aware of noo-¢omplian¢¢. Aydiun8 srandards also limit th¢ audit prrKedures requirc4 to identify non-compliancc with laws and regulaiions to enquiry of thc diT¢Ctor5 and oiher rnanag¢rn￿l and the insFction of r¢gul3tory and It8￿ corrcspond¢n¢¢, if any. Matcrial mis5totcmellts that arisc thic til hud ¢ao be haYdcT to thte¢t th•n those arix from enor os they may involv¢ deliberate Col￿e8[ment OT collusion. A further d￿criptIon of our re5ponsibiliiies for the audit of tbe fiDan¢ial is located on the FirtAn¢ial Reportln8 Council's web$it¢ ot.. www.frt.orx.uklaudiiorsresp)tKsibiliiies. This de￿n￿￿on forn￿ part of our auditor's . rq*ort. Use of our report This report is made 501ely tb the pareni charitable compJny'5 rnembe￿ as a bLMJy. iii 8¢¢(*Tdance with Chapter 3 or Part 16 of the Companies Ati 21x16. Our audit iVOTk has been undertaken so that we might state to the parent charitabl¢ wmpany'5 T￿MberS those nJatt¢T5 w¢ ar¢ requjrcd to stst¢ to th¢m m an auditOl'5 report and for other purpose. To the fullesi extent pemiitted by law. we do not accepl or assurnt ￿spOnSIbl11ty to anyor* other ihary the parent charitablc company and the parcnt th*it#ble ¢ompaTby'5 membets as a b(￿ for our auth't worL for tb]"s T¢POrt, or for the opinions w¢ have fOrn￿d. Suzanne Lomax FCA {Senior Ststutory Auditor) For and on behalf of Bcever and Struthers. Statuiory A￿li10T Suite 9B. The Beehive Lion5 Dn'v Shadsworth Busines5 Park Bl4¢kbum IAncashiTe BBI 2QS Date.. 05 December 2023 Page 15 National Mustum of Labour History Consolidated Statement of Financial Activities for the Period from 6 April 2022 to 31 March 2023 (Includfing Consolidated Income and Expenditure Aetount Ind Ststement of Total Recognised Gains and Losses) Total 31 Mareh 2023 Unre51ricted RestTitted . futtds ote Ineome and Endowments from: DoDations and legacie5. Chaniable aciiviiies Othcr trading activilics Investment income .034.827 11.876 253,540 68 410.731 1.445.558 11.876 253",540 68 Total Incom¢ 1,300,311 410,731. 1.711.042 Expenditure on: Raising fLmds Charitable 8divities (61.402} 1.530.702 {61.402) 1.914.748 (384.046 Tè¢al Expendilwe {1.592,104) (384,¢)4 (1.976,150 Net (expenth"nlleyincome (291.793) 26,685 {265.108 Nct rnOVe￿ent in fimds .1291,793) 26.685 (265.108) Recond￿At10Th of f4Dds Total fi￿dS brought fonvard 513.035 9.525.870 10.038.905 Total fvDds GaTri¢d fonwd 20 221.242 9.552.555 9.773.797 Page 16 . Nation#1 Mnyeum of Labollr Hlstory Consolidated Statement of FiDancial Activities for the Period from 6 April 2022 to 31 March 2023 (INcludiDg CoDsolidated Incorn¢ and Expenditure Attount and Statemenl of Total Re¢ogDised G*ins and Losses) Y¢ar from 6 April 2021 to 5 Aprll 2022 Unrestrieted fuods IY•te Endown*•ts from: Donaiions and le£acie5 Charitable activities Other trading activilies Total Incomc 1.386.196 8.521 185.117 191.318 1.577.514 8,521 185.117 1,579.834 191,318 1,771,152 Expendlture on: Raising funds Charitable activjties {89.283) (1.455.721 (89.283) 11.738,4561 (282,735 Total Expenditure {1,545,IMM) (282.735) 11.827.739) Nct llKornellexpendilLkr¢) 91,417 56.587 Net movement io fvllds 34,830 (91.4)7) (56.587) Reeo•¢lli*tion •f f•nds Total fvrjds brought foThvard Total ffiJrKls carried fonYJrd 478205 9.617,287 10.095.492 20 513.035 9.525.870 10,038,905 All of the gTOUP'S aclivitics derive from continuing oper8tion$ during the at*)ve two periods. The breakdown for 2022 15 shown in no* 20. Page 17 Nation*1 Museum ofLabour History" (Registration number: 02041438). Consolidated Balan¢t Sheet as at 31 Marth 2023 31 Mfirth 2023 5 Apri12022 N•¢¢ Flxeo *Mets T•ngibl¢ 13 9.026.'684 9,238,297 Curr¢nt Sio¢k$ Dtbtors Cash at bank and IJ hand 15 16 8.083 629.120 423.539 17.547 379.072 606,383 1.¢)60.742 1.003.002 Creditors: AThovnts lalling due Tyithiu ye•r 17 299.581 174.298 Net currellt Aisets 761.161 828.704 Total #sstts lesl current li*bilili¢$ 9.787,845 10,067.001 ?8:096) Creditors: Amounts falllng •fter rnore one yur Ne¢ assets 18 9.773.797 10,038,905 FuThd$ of tb¢ group: Re5trir¢ed funds 9.552,555 9,525.870 Unrestrlcted 5n¢om¢ funds Unr¢$tri¢t¢d 221,242 513,035 Totsl funds 20 9.773.797 10,038.905 The fjnancial stsiements on pa8e5 16 to 42 Frre approved by the tru5*es. and authort5ed for issue on lo1￿￿#202$ and signed on their behalf by= Mr B Dono8hue TTU5ttt Page 18 National Museum of Labour History (Registration Dumber: 02041438) Balance Shett as at 31 March 2023 31 M*rth 2023 S April 2022 N•tr Fixed #ssets Tangible assets Investments 13 14. 9.026.684 9238.297 9.026.686 9.238.299 Current •ss¢ts D¢btors . Cash at bank and ID hand 16 670.569 267,621 499.724 469,789 938,190 969.513 .Cr¢diion: f•lling Tvithin o#¢ y¢*r 17 262.003 164.013 Net turreibt assets 676.187 805.500 Tot•1 a$stts l¢M ¢wrr¢nt li•b¥lities 9,702,873 10.043,799 Credltors: AmowAts f*lllng after Th￿￿¢ ¢h*D on¢ y¢*r 18 (14.048) 28,096) Plet *5Jets 9.688.825 10.015.703 Futtd$ of the ch#rlty: Re5tritted fuTrd$ 9,552.555 9.525,870 Unre$tritt¢d irt¢ome Unrestricted funds 136.270 489.833 Total futtds 20 9.688.825. 10.015.703 The fijjaneial $tatemertis on pages 16 to 42 wert approT*ed by the trustees, and authorised for issue on 19Ntyw•wlQ?J and signed on their behalf by-. Mr B Donoghue Trn$iee Page 19. N4tion*l Mu$¢um of L*bour History Conwlidated Statement of Cash Flows"for ihe Period from 6 April 2022 to 31 March 2023 31 M*reb 2023 S Aprll 2022 Cash flows from •per*tl•g *ttlvStles Nel cash expEr￿ltUre. (265,108) (56.588) Adlu$tsllent$ to ¢asb fr•ro nowash Items Depreciation Investment income 223.532 68 224272 (41,644) 167.684 Working ¢apit¥l #djy$trntnts Decrease in Stocks Ithcre&se iti debto Jncreaselldecrcase) in ¢redilows 15 16 17 8,171 1206.592) 46.289 1250.048) 121.771 Net cash flows from operatin8 a¢tivitie5 Cash flows frorn investing aelivitie5 It)i¢r¢st r¢¢eivable and $imilar income Purcha￿ of tsDgible fixed ￿ets 160.457 77,026 68 11.919 13 6.733 N¢t cash flows from inve5tin8 activiii Cash flows from fin4nting *rfivi¢ies Repayment of loans aTKI borrowings N¢t dccrea5e in ttsh and cash equivalents (11.851) 16,733) 17 10.536 38,632 {182,844) 606.383 {45,127} 651.510 Cash and cash equivalents at 6 April Cash and cash equivaknts at 31 March 423.539 606J83 All of the cash flow5 are derived from continuing operBti4)ns during the abovc Iwo period5.' Page 20 NatioDal Museum of L*bour Htstory Notes to the Financial Ststements for the Period from 6 April 2022 to 31 March 2023 I ChY4rity ststh5 Th¢ chaTity is a Charity limited by 8uarant¢¢ and consequently docs not have Sha￿ capithl. Each of thc tDJStec5 i$ ' liable to contributc an amount not ex¢¢¢ding £1 tOW4rds the assets of th¢ ch*ity in the event of liquidatioo. 2 Atcounting polities Summary of signifieant areouDtiDg politie5 and key ac¢ownting estittt*t¢s Th¢ prin¢ipo1 o¢cout)tin8 policies applied in the preparaiion of these financial swemeDts are set out below. These policie5 have bcen consist¢ntly #pplied lo all tk yw5 presenied. unless otheTWiS¢ Stated. Statemefyt of tomplixnte The financial statements have been prepared In accordance with Ar¢oyDting aTrJ Rewrting by ChaTiIi¢5'. Sts¢¢mMt of Recommend￿ Pra¢ti¢¢ applicable to ¢harities pw•arin8 their accouns in accordance with the FiThancial Reporting Standard applicablc in th¢ UK and Republic of Ireland (FRS 102) leff¢ctiv¢ l January 2019)- (Charities SORP (FRS 1021), th¢ Financial Reponing Standard applicable in the UK and Republic of Irelat)d {FRS 1021 atld the CoDwnic5 Aci 2006. B*51$ tsf pr¢p*ratt• National Musewn of Laljour HIs￿ry An¢ets the defll)ition of a public bènefii enrity ynder FRS 102. Assets and liabilities are iniiially reCo￿ls¢d at historical c05t er Iransa¢tion value Unl￿ oth¢rwis¢ 5tat¢d in ¢h¢ relevani accounting p)Ii¢y DOte$. Bas15 of ton$olSd#tion The consolidat¢d fillaucioj stst¢m¢nts ￿[Solida* the fo)ao¢ial staTemeDts of th¢ ¢han"ty aod it$ subsith.ary und¢rtakings dTaWn UP to 31 March 2023. No 5talcm¢nt of finartial aeiivities is prestnied for the Charity as ptnnitted by section 408 of the Companie5 Aci 2(K)6. The cbarity mad¢ a loss aftcr tsx for the financial pcviod of £326.878 (2022- Ios5 of £82.629). Page 21 Ngtional Museum of L*bour History Notes to the Financial Statements for the Period from 6 April 2022 to 31 March 2023 A subsidiary is att ehiity ¢otttrol]￿ by the tbarity. Co]thl is achi¢v¢d the cbarity bAS the poweT to gov¢rn the rJnat)cial and operating polities of an entity so as th obthin benefits from tts activities. The r¢sult$ of subsidiaTie$ O¢qYiT¢d or disp0s¢41 of dunng th¢ y¢4r ate in¢1￿1¢4 in th¢ stht¢Tnent of financial actLVIILes ftorn the effeciive date of a¢quisition or up ro the effttiiye datr of disposal. as appropriate. Where necessary, adju$tments ar¢ rnad¢ to th¢ finAl￿la1 stst¢ments of $ub$idianes to bring their a¢wLWting polici¢5 into line with those used by the group. The purehase méthod of accountin8 is used to accouni for I￿sInesS combinaiions.thai resuli in the aqui$itiort of subsidiarie$ by the group. Th¢ cost of • business combination is MEWSUr￿ as th¢ fair value of thE a5scts given. equity it￿ruments issued and liabilities incwred or assumed ai the dale of exchaDge, plus costs directly attributable to th¢ bu5in¢ss combinalion. Identifiable a55¢ts and liabilities and coTrtingeni liabilitie5 assumed in business tombijjation are meastsred itsitially at their tair values at the aqujsition date. Any exces$ of the ¢ost of thc businc5s combination over thc acquirer'5 intertst in the fair value of the ideniifiable asse15. liabilities and contineent liabilities recogttised is Fe¢oYded ¥ gth)dwill. Inter-company transactiorLS. balances atsj unrealised 8ains on trarLSactions between the chariry and its $ubsidiari¢s. which are relatd parti¢5. are climiThatcd ID full. Intra-wup losse5 are also elirn1￿tClj but nmy indicat¢ an in1pair￿1 thèr Ttquire5 recognition in the co[￿lidated financial $￿eme1)￿. Accountin8 policies of subsidiaries have bee# chats8ed where rtttessary to ethsure tott$istency with th¢ poli¢i¢s adopled by thc group. Non4ontrolling inter¢s15 in the nct assets of con501idaied subsbdiarie5 are identified separaicly from th¢ group's ¢quity th¢r¢in. Non-controlling interests ¢on$ist of the aujount of ihos¢ int¢rest$ xt the date of the original bu5ine5s combinanon and ihe M)n-controlling 5hareholdeT'S share of changes in eguity since ihe date of the ¢ombinatioa. Total ¢ompr¢h¢nsiv¢ incom¢ is 3tttibut¢d ￿ non400tr011itig iuter¢sts eveD if this i¢sults In the non-controlling int¢Test5 having a deficit balancc. Goiog ¢otyeern The I￿Ste¢S con5id¢r that ther¢ arc malerial uncertainties aboui the group's ability 10 continue as & going concern nor any signifJc4nt areas of uncertainry thai affe¢t ihe carying value ofasseis heid by the group. Page 22 Nation*1 Museum of L*bonr Hlstory Notes to the Finaneial Staiemenls for the Period from 6 April 2022 to 31 Marth 2023 Key soutte5 of estimatio• untertainty The preparation of the fiDanc>al statem¢Thts r¢quirt5 M￿ageMent to *kke jud8ett*nts. estimates and assutnptioos that affecl the aTrK>unts rewfied. These estimates and jud8ements are continually reviewtd and are based on ¢xp¢ri¢ttce and othw fathors. including ￿pecIall0n$ of fijfure events th•t we believed ¢0 be reasortable uthder the circumstsDce5. The.judg¢meftts (apart from those involving estirnation5) rnanfigement rnade in the PTO¢¢SS of opplying the Charity5 accounting policies and ihJt hav¢ ihe most significant effeei on the amounts reco8Thised in the financial sthtements are os follows.. . Deterllsin#tion of whether there are indicators of impairn)eDt of the C]Jarity's raDgible fixcd a55cts. Factor5 takeD into considtration includc the cconomic viability and expected future financial perfonnattce of the asset. Determination of the recoveTabiliry of trade debtors. A srttific Provision is madc against certain debts where in the opinion of the trustees the debt 15 Dot con5ideT¢¢J to be ful]y r¢¢overnbl¢. . Determination of whether a provision a8ainsi siock is considered nccessary. Key so¥r¢¢s of¢Mim4Yfr011 tiiJcért*iiity Accounting ¢51imate5 8nd assumpiions are made concerning the ffiJtUTe and. by their nature. will rarely equal the related acDJal outcome. The key assumptions 8T￿ other sow¢es of estimation wJ¢¢rntainty thai have a si8s)ifJcaTht risk of causing a malcri81 adJu$tn*nt to th¢ Ca￿lti& anKJWliS of assets and knabiliiies wtthitl the nexi fmanciaj year are as follows= Tan8ible assets are depTtciated ovcr Ih¢ir lifts tsking into ￿COurt1 reS￿ul1 values. where appropriate. The actyal live$ of the ossets and residual values are assessed annually and may vary depending on a number of fauors. Residual value assessments consider 155ues su¢h as fvtUTe market tonditiOll8 the remaining life of the asset and prtsjected disposal values. The carrying 8mount of such assets 15 £9.026.684 (2022: £9238.297). Recovery of trade debtors. A specific provisAOQ is made against certain debts where in the opÉnion of the tru5¢¢e5 the debt 1$ not CoL￿dered To bc fully rècovcr•bl¢. The provision ￿lled¢d ai the balante shtd date is £nil {2022.. £nil). Page 23 National Museum of Labour Hlstory Notes to ihe Fin¥nci41 Statements for the Period from 6 April.2022 to 31 March 2023 Imonx and endtswments rfndleycies Donations and l¢gaci¢5 including donatio￿. gifts and legaties and grants that provide core fi]ndin8 or are of a genetal naDJre are recognised where there 15 entitlemenl certainty of rtctiw and the amount can bc rncasured with sufficient Teliabilty. Such income is only deferred wlLCn: l. The donor specifie$ that the graDi or doD•tion otsly b¢ ¥s¢d itt fvojre actOUDlin8 peri(th" or 2. Thc donor ha5 imposed condition4 which be met before the Ch•rity has utt¢ohditiottal erylitleme￿. Income from SJndraisLI18 tradin8 a￿ly1￿"t5 15 rtcwised as eamed #s the ￿la￿d services are provided. Investment Inc0Th￿ 15 re￿gnISed on a receivable b#si& Gifv in *iKrf Gills in.kind 3T¢ r¢¢ognis¢d in differettt ways dependent ort bow are used by the chariry: li) Thos¢ donated for resale produce iticome whert they are sold. They are Valu￿ ai the amount actually realised.. (li) Those donated for onward transmission to bcneficiarie5 arc included in the Statement of Financial Activities as incoming r¢sources and r¢sour¢es ¢xp¢nd¢d whm they are distrib￿ed. They are valued at the amount the charity would have had io pay 10 acquire them. lili) Those donated for us¢ by the ¢hority itself aT¢ iti¢lude4 when wivabk. Tlw ar¢ valued ar th¢ amount the charity would have had to pay to wuire thcm. Gifi rfid Incoming re50urc¢s frorn tsx rcdairns arE includ¢d in the Stst¢nxent of Financial Activities.at the same time as the gifi 10 which thty relate. Dividends are recognised once ihc div￿¢￿1 has bctn d¢cl¥rd notification has been r¢¢eived of th¢ div5dend ' pendlture All expendibjre is rtcogni5ed oncc th¢r¢ 15 a legal OT ￿nStr￿lIv¢ i)bligali(m to that eXp￿d]I￿re, il 15 probabl¢ 5ettl¢m¢tLt 15 r¢quÈred atLd th¢ arnunt can be measurtd reliably. All Costs art allocated to the applicable expeThditure headin8 rhai a88re8ate simli ar costs to that catcgory. Where costs c3nno¢ k di[￿llY attributed to porticular headings tbey have been allocated tsn a basi$ consi￿¢￿¢ with the use of Tesout¢es. with central sthff costs allocated on the basis of time spent. and depr¢¢iatioth tha￿eS allocattsl on the portion of the asset's w. Other sw)port costs are allocated based on the spread of stsff costs. Rdisingfunds The5c are cost8 incurred in allTa¢ting voluntary iTKomE. the ￿￿T￿geMent of Investm￿ and those in¢uTr¢d in trading activities thar r•i5e funds. Page 24 National Museum ol Labour History Notes to the Financial Statements for the Period from 6 April 2022 to 31 March 2023 Ch4rii•ble.4diviiies Ch4ri¢abl¢ ¢xpenditure tomprise$ those tosts I￿￿rIed by the chariry in the delivery of Jts activities and serwices for lis beneficiaries. li iDcludc5 both costs ihai caD bc allocatcd directly to such acrivitics aDd those ￿sts of an indirect nature ne¢es5ary to 5UPPOrt them. Swpport costs Suppo]t Costs include central hjnctions and have allocated to activity cosi eate8ories on a basjs consisteni ￿th the usc of rcsources. for exampl< allixating propcrty costs by floor areas. or per capit4 costs by the time spent and other tosts by iheir usage. GoverTh*nce tosts These include the costs attributable to ihe charity's conwliarKt with consti￿tIonal and staDJiory Tequiremetsts, including audit. $ttat¢gi¢ mowgwwit Ind tnwees'$ ¥thd reimbursed ¢x￿¢S. T*x8tioD The charity is considered to p&ss the ttsts set our in Paragraph I Schcdulc 6 of tht Finance Act 2010 and therefore ir meets the definition of • chaTi¢able cornpany for UK ¢QTPtsT¥tion tsx PUTpose$. A¢¢ordiDgly, the ¢haTiry is PDtenti4lly exemw from taxalion in respect of income or capiral gains received within caie8ories covered by Chapter 3 Part I I of the Corporaiion Tax Act 2010 or Seciion 256 of the Taxation of Chargeable Gain5 Act 1992. to the extent that '$uch Income or gairts are applied exclusively io chariiable purposes. Ftsed a55ets Individual fixed assets c05ting £l.O(KI.'OO or nw)r¢ arc initially retordcd at ¢05L les$ any subseq￿nI xcumulated depr¢ciation arKI sub5¢qU¢JIt a¢ruTllulatrd impairmeDi losses. Depreclgtion D¢pr¢tiaiion is provid¢d on r￿ed assets so &$ to off ihe Cost or valua110￿ less any ellIMa￿ residual value, over thtir expcctcd ustful economic life a5 follows.. Asset cla5$ Museum building Equipment Fixture5 and fittings Long leasehold buildings Exhibilion Iixturc5 & fittings DepTe¢i*tiots metbod •nd rait 3-50 years 10 yèars io yea 50 year5 10 yea Stock Stock is included at the lower of CO￿ or net realisabk valut. Donared iiems of stock art teco8nisd at fair valut which 15 arnount the Charity would havc becn willing lo poy for ihc items on the opcn markct. Page 25 Nallonal Museum of Labour History Notes to the Financial Statements for the Period from 6 April"2022 to 31 March 2023 Debtors Trade and other debtOT5 are Te¢ogoised li the sente4neDi amount due aftu any trade discount offeTed. Prepa'yttjenis IT¢ valued ai the amount prepaid net of any trade di5COWlts d￿_ Cgsh At bank and in hawd Cash al bank and Cash in hand include5 co$h tyrxl $hort iemi highly itwesknents with a short maturity of three months or less frorn the d•te of a¢qui$itioD or ot*nin8 of the deposii or similar ac¢ouDL Trade tredllors Trade erediiors are obli8arions to pay for goL¥ls or 5¢ryitts that bav¢ b¢ty atqttire41 its ihe oxdjnary course of busiricss from supplicT5. A¢¢ounts payable are classified &% curreni liabiliiies if the charity does not have an UO¢(pnditional ri8hi, ai the end of the reporting penod. to defer settlement of th¢ ¢reOitOT foT at 1¢8st tw¢lve month$ after Ihe reporting datc. If th¢r¢ is #D un¢onditional right io defer settlement for ai le85l Iwelve nv)nth5 afler th reportin8 date, they Are presented as non-curreni liabiliti¢5. Trade creditors are reco8t)ised initially at the transxtion PTi¢C subsequently nwsur¢d 41 ¥mortised cost using the effective inlerest rnethod. BoTfowinE5 IDter¢st.bwing borrowtDg$ are itiiiially re¢orded at fair valuc. net of transaction costs. Intcre5t-i*an'tyg bmowings ale subsequently tarried ai amorti5ed c051. with the differ¢n¢e b¢h¥een ihe proceeds. nei of transaction c05rs. and the amouni due on Ttyjemptiott being rwised as a chaT8e to the Sthremux of Finwncial Activities over ihe period of the relevant borrowing. Illterest expense is recogniscd OD thc ba&15 of th¢ ¢ff¢ctive itiieyest meihod and is included in interesl payable and 5irnilaT ch¥g¢s. Bouowin8s are cl&ssifitd as cumi liabiliti¢s th¢ chan.ty h&$ an unconditional right to defer 5ettkment of the liobility for li l¢a$t twelve months after the rcFKw¢ing date. Fund strn¢￿Te The Cbarity a restricred income fuThJ to a¢¢ix]rtt for Siniatiow the a donor requires thal a donation mu51 be spent on a capital d¢v¢lopment projeci OT similar puqx)se. All other fvnds are unrestricted income fLmds and they include fimds used for specified projects which contribute to tht ongoing work of the Museum..Th¢ fw)ds betd io each oftt￿ categories aredts¢105ed in Note 20. Operat•nE Lease AgTeements 0￿ratIng Ica5e renia15)r¢ ¢barg￿ to the Statenxtti of Financial Aaivitie5 00 a 5traight-IiDC basis ovcr the p¢riod of the lease. Pa8e26 Nailonal Museum of Labour History . Notes to the Fimncial Statements for the Period from 6 April 2022 to 31 Mareb 2023 Finaneixl Instruments CIAs5ific171io The 8roup only has fithantial &sstts and financial ljabilities tsf a k]"nd thai qualify a5 basic financial ]￿t￿rnents. Basic financial instruments are initially recogn￿d ai traAsaction vblue and substquenily mtasured at their settleTnenl value. 3 Income from doTr•tions and lrya¢ie5 C•lkctlons Unre5¢rleted Operations Cojwbs and PR Total Funds 2023 Total Funds 2022 Gifts $ponsorship Gift in kind MaDche5ter City Coyn¢il 168,512 168,512 168,717 Royalry income GeDeral donations and sub5CTiplion5 Radical H¢TO¢S Banner cor￿ervatIOn 6233 28.157 6.233 84.471 28.157 28.157 34.108 6.013 70.211 23.066 23.¢)66 GT&nts rereivgblt GMCA 163,588 163.588 81,794 4108,970 408.970 19.800 464.190 25,930 188.257 1.386,196 Busi￿$s[rU Sponsorship Arf5 Council England Coronavirus Job Retention Scheme 131.170 131,170 65.585 327.925 Oiher 6.260 34474 6260 497.687 3.130 178.666 15.650 1.034.827 Page 27 National Museum of Labour History Notes to the Finaneial Statements for the Period from 6 April 2022 to 31 March 2023 aDd Op¢r•Ots*$ EngageDX•t Cornrns and PR Totyl Funds 2022 Restricted 2•Z3. Gr¥nts re¢¢iv¥bl¢ Tru￿ & Foundation . 55.000 6,818. Other National IA*tery Heritage FuDd Grant 129.500 DCMS Wolfson 85.720 38.630 15.641 3.918 85.720 38.630 15.641 3.918 42.860 19.315 7.820 .959 1,000 8.191 82,145 214,300 96,575 39.102 9.795 Valtnci Ellerman National Lottcry Community Fund Joseph Rowntree An Fund 16.384 164393 16.384 164293 40.959 410,731 191.318 4 l*¢om¢ from C￿n1•b￿ adlvltlts Unrestritted fuDds Toi*l 31 March 21123 Totsi Year ended S April 2021 Ce'Der*l Ineome from curatorial, exhibiiion and ed￿￿tIOnal activitie5 11.876 11.876 8.521 .5 Intome from other trading aetiwiti Uthrestricted funds Total 31 March 2023 Total Year eMded 5 April 21122 Gtneral Trnding in¢omc.' Other tradLn8 income 253.540 253.540 185.1 17 253.540 253.540 Page 28" National Musellm of Labour History Noles to the Financial Statements for the Period from 6 April 2022 to 31 Mareh 2023 6 Inves¢n*iit ineome Ujresltritttd funds Total 3] M*rth 2023 Totsl Ye*r ¢thded S April 21122 General Int¢r¢y reteivable and Similar incotne" InTeTeSt rtteivable on baDk thw)sits 68 68 7 Exp¢Ddlthre charltalth actlville5 Collettioths and Totaj Fu*ds 3J Marfb Z023 Total Fund5 Year tndtd S April 21122 Oper*tio•s PR Exhibition co$1$ . L¢arning" Ctsns¢rv•iio Wages & Salaries Employd$ NIC Pension costs Staff _ casual coverltrniDinpJrecnJibneni Rent and rale5 Woter Li8hi & he Repairs & maiDteJwice Insurance Marketing Supporl and gtsv¢rnante ¢osts (see tK)re 8) 59.071 2.986 9.560 322241 26.557 79.746 59,071 2,986 9.560 805.603 66.392. 199,364 36,446 . 4.780 1.495 714,416 54.277 169,374 322.241 26,557 79.746 13.278 39.872 731 731 168.512 2,924 172.091 74.829 10.764. 365 1.827 168.512 2,924 172,091 74.829 26,911. 30.175 17,7>) 169.889 2.425 90,199 I65.428 10.764 5,383 30.175 42.135 88.251 118,005 976.4C 88.247 294.503 245.691 599.907 338.441 1,914,748 1,738,456 £1,530,702 {2022- £I.455.721) of the aiw)ve expendilure w8$ amri￿¢#ble io unrestri¢1￿ funds and £384,046 12022 - £282.735) to re$tri¢t¢d fimds. Pa8c 29 National Museum of Labour History Notes to the Finaneial Statements for the Period from 6 April 2022.to 31 March 2023 8 ATh>tysts of gov¢rnaDc¢ and swpport costs S￿PPOrt costs allouled to eh#ritabk atlivrtieS Totaj Totsl Funds 31 Mar¢b 2023 CollectioTr% Ye*r ended 5 Aprll 2022 C•m and PR EnE¥zernent Operations Trav¢] and subsist¢tt¢¢ Lcgal and professional 1.919 1.919 17.662 12.092 1.407 J.919 5.757 17,662 12.092 4.221 2,598 223.481. 12.027 12,008 1.244 3.005 408 3.176 850. 616 1.784 2,446 224272 12.547 T¢l¢pbon¢ P05tage, print and ststioncry Depreciation Govcrnanrr SubscTipijon5 Customer enteTtsining Oihcr interest payablc. Bank charges 1.407 866 74.494 4.009 4,IK>3 41S I.IK12 136. 1.407 866 74.493 74.494 4,(K13 415 I.IK12 136 4,002 414 136 88251 118.IK15 88,247 294.503 245,691 Cov¢ro*n¢e ¢oits Unrestricted Total 31 M*rth 2023 Total Y*•r tndtd S April 21122 Allocated support Costs 12,028 12,028 12.$47 -12.028 12,028 12.547 Page 30 N*tlonal Museum.ofL*bour History Notes to the Fin*neial St*ttments for ihe Perlod from 6 Aprll 2022 to 31 March 2023 9 Net re50vrces . Nei out80in8 resources,for the period in¢lude: 31 M*reh 2023 5 Aprll 2022. Audit fe¢5 Other non-audit servtces Dcprc¢iation of fjxcd awt5 Slaff pension ¢ontribuiions 7.9(M) 3.405 223.532 199J64 8,300 5,825 224272 169,374 10 Tru¥tees Ttmuner¥ti•p *￿d expewses I)un"ng the period the group made the followin8 transX￿ with ￿￿￿tee￿. £194 (2022.. £Nil) of expenses were reimbursed to one IN5tee during the period. No trusttts. nor any petsons ¢onT*¢i¢d with th¢tN hav¢ r¢¢tived arty r¢munerniion from the group during the year. No trustees have received ony oth¢r benefits from th¢ ¢baYty during the year. 11 S¢4ff ¢o$ti Thc aggregate ￿YT0]I ¢o$ts were a5 follow& 31 Martb 2023 5 April 2(122 S¢*ff ¢osts duriog the p¢rfod w¢re: Wages and salarie5 Soci315e¢uTity eosts Pension cost5 805.603 66,392 199.364 714.416 54.277 169.374 1.071.359 938.067 Page31 Flational of Labour History Note$ lo the FinAncial Statements for the Period from 6 April 2022 to 31 March 2023 Pension obligations The Natiot)al Museum of LatK*w History 15 an" Admitted Body. to thc Greater M•n¢hesteT Pension Fu￿1 (GMPFI. GMPF is i multi4rnployer defined b¢n¢fit s¢h¢m¢. being part of ihe Local Government Pension Scheme. ' The fonnal valuaiion of the 5cban¢ was F*rfoTUb>J at 31 Mar¢h 2022 by a professionally qualified actuary u$in8 Ih¢'Proje¢ted Unit, a¢nJarial method. The market value of the Fund's assets ai ihat date was £29,324.000,000. It is not possjble to Jdethtify the share of utthlwn8 assels and liabilities belongin8 to individual partKipating employers: Finanacial &ssumpiLOll$ The fLnaDacial a55umptioDs underlying the valuation wel¢ ¥ follow$.' Y• per annurn r*scount rdte5 cpi Pay increases Pension increas The monthly average number of per50n5 linc1￿lIng senior wnagemcnt t¢am) crnploy¢d by the group during the period exwess¢d a$ fvll time ¢quival¢nts wa$ •s follows: JI Mareh 2023 5 AprAI 2022 Number of museum slaff . Number of support styff 30 26 34 30 No cmploytt r¢¢eivd ernolutDents (trf mr¢ than £60.(mdurin8 the penod. Th¢ totsl ¢mployee benefits of the key managem￿1 personncl of the group wcrc £198.35512022- £173.227). 12 Taxation The Naiional Musucm of Labour History 15 a re815tCTed charity and is therefore exew from taxatiort. The trading subsidiary is subject to tax and paid £539 in the ytsr_ Pa8e 32 Iyailonal Museum of Labour History Notes lo the Financial Stat¢Jnents for the Period from 6 Apnl 2022 to 31 March 2023 13 TAnglble ￿e￿ ￿ets Group Exhibitio Fixtsres & Flxtures & Ltxsehold Fittimgs FiltiTr85 Property Equipment Building (r¢urf¢t¢d) Cost At 6 April 2022 Additions 12.530.726 187.652 2.416 313.151- 103,301 391,229 13.526,059 9.503 11.919 At 31 March 2023 12,530.726 190.068 313.151 103.301 4(M).732 13.537,978 DepretiatioTh At 6 April 2022 Charge for the year 3.562.575 183.372 81.429 14.842 255,973 12.518 49.485 1.418 338.3L 11.382 4287.762 223.532 At 31 March 2023 3.745.947 96271 268.491 50,903 349.682 4,$11,294 Iyet book . At 31 Marcb 2023 8.784,779 93.797 52.398 51.050 9,026.684 At 5 Awil 2022 8,968.151 106.223 57.178 53.816 52,929 ' 9238.297 Charity Museurn Bulldlng (rtstricted) ExhibitiOA" Fixtsres & FiltinE5 Flxtures & FittiThgs IA9se1￿ld Proprrty . Eq￿lP￿t￿l Ttst*l Cost At 6 April 2022 Athlition5 12.530.726 187,652 2,416 313.151 103.301 391229 13J26.059 9.503 11,919 At 31 March 2023 12.530.726. 190.068 313,151 103,301 400.732 13537.978 Depretiatioll A¢ 6 April 2022 Charge for the year 3.562,575 183,372 81,429 14.842 255,973 12.518 49.485 1.418 338,3(K) 4287.762 1.382 223,5J2 At 31 March 2023 3.745.947 96.271 268.491 50.903 349.682 4.511.294 Net b•ok value At 31 March 2023 8.784.779 93.797 52.398 51.050 9,026.684 Page 33 Nation*J Museum of Labour History Notes to tht FRnanei*l Statements for the Ptriod fn¥m 6 April 2022 to 31 March 2023 Mllseu Building (r¢strlettd) Exhibltio Fixtsres & Fixtsres & Flttings Le*sehold Prop¢rty Equtpm¢nt Ttst*l At 5 April 2022 8,968,15J 106,223 57.178 53,816 52.929 9238297 14 Fixed w¢t investmDt$ ChArity 2023 5 April 2022 ' Shares in group urmlertakings and participatbng interests Tr National Mwcum of Labour History TT¥ding Cornpany Lirnit￿ 15 8 wholly owll￿1 subsidiary of The National Museum of Labour History. The subsidiary eompany is incorwxated in England and Wales. The principal activities durin8 the yw were running of the Mu5curn shop. corponTe room hire and other In￿Me geneTation &CTiYitie5. Page 34 National Museum of Labour History Notes to the Financlal Statemefits for the Period from 6 April 2022 10 31 March 2023 Shares In group undertaklnp and parlicip*ting interests Subsidiary dtrt#kStsgs Cost At 6 April 2022 At 31 Ma￿h 2023 book v*lue At 31 March 2023 Al 5 April 2022 IS Stock Gr0￿P Chirlry 31 March 2023 31 M*rch 2023 5 Aprll 2022 S April 2022 Stocks 8.083 17.547 16 Debtors Grwp Chxrlty 31 Mareh 2023 31 Mare 2023 SAprll 2022 S April 2022 Trade debtors Due from 8fow) undertakn"n8S Prtpaym¢nts and ￿ed inrorne Other debiors 246,(K18 154,795 213.369 74,088 355.811 27.301 133.853 141,594 213.588 10.689 355.811 27.301 213.588 10.689 629.120 379.072 670.569 Page 35 National Museum of Labour Hislory Notes to the Financial Statements for the Period from.6 April 2022 10 31 March 2023 17 Crtdlttir$: f4llthg due wlthSn •De ye*r Croup Ch¥rity Jl Marth 2023 31 M*reh 2023 S April 2022 S April 21122 Trdd¢ ¢reditors Other loans Other iaxation and social securiry Other cr¢ditors Acernals and deferred income 28.163 14,048 28.067 .593 227.710 23.064 10.536 8.593 2232 129.873 18,772 14.048 21,372 10.536 1.473 227,710 2.232 129,873 299.581 174,298 262.003 164.013 18 Creditors: falling dwe after One year Grwp 31 March.. 2023 Charity 31 M*r¢b 2023 5 April 2022 5 April 2022 Other loans 14.048 28.096 14.048 28.096 Tr charity ha5 a loan from Acces5 10 Growth GM whith 1$ b¢ing rtpaid over 3 years. Intere51 is charged at a fixed rates of 6.6Q/fj. 19 Obligations under leases and hirt pureh•se ctsnlrxts Oper*¢1￿8 k¥se commitnKnts Total fithjre minirnwn 1¢4se payft￿ts under thoii-cancellable operating leases are as follow5: Crnup Chjkrity 31 Marc 2023 Jl Marc 2023 S ApTll 2022 S April 2021 Land and buildiThxs Within one year Between one and five ye•rs 11>0 S(K) 500 500 900 Pase 36 National Museum of Labour History Notes to the Financial Statements for the Period from 6 Aprll 2022 to 31 March 2023 20 F￿ljd5 Charity Balante at 6 April 2022 Ineoming resourtes B8l#nce 8t 31 Mar¢h 2023 expended Unre51rieted fund$ GeRero1 General Funds 489.833 1.634,974 (1,988,537) 136,270 Incoming Bal8llte at 5 AprAI 21112 April 1021 ¢xptnd¢d Unrestricted GÈ*¢rnl General Funds 481.044 1.469,014 25 489 833 Page 37 Nationgl Museum of Labour History Notes to.the Fin*ttclal Statements for the Period from 6 April 2022 to 31 mS￿h 2023 B¥lan¢¢ *t 6 April 2022 Reswrcts ' B*l*llce at 31 expended Marth 2023 resomrtes Group and Company Unrestricled General Futsds 513.035 ,347,415 (I,639208} 221242 Restri¢t¢d f￿nd Building grant Foyle Foundation A¢¢ess to Growth National Lottery H¢rilag¢ FuDd Arts Council En8land Ellernjan Garfield Weston Foundation An Fund DCMS Wolfson Valencia National Lottery Community Fund . Jo$epb RowTJtree Other restricted wrs 9,287.880 25.000 6.818 129.51X) 46,672 1183.872) 9.104.(rf18 25.(￿0 6,818 19.068 1110.432) {46.6721 (3.070) {30.OiKI) 39.102 36,032 . 30,( 40.959 214,3 96,575 9.795 40.959 214,300 96.575 9,795 (5,000) 5,000 Tot*1 rutritted funds 9.525,870 410,731 384,046 9,552,555 Total funds 10.038.905 1.758'.146 (2.023254) 9,773.797 Page 38 Nation*1 Muitum of Labour History Notes to the Financial Statements for the Period from 6"April 2022 to 31 March 2023 Buildijbg Èr*nt Grani awarded for the con$M]ctiort of the curreni mus¢um buildin& which open¢d to the public in 2010, being amonised over a period consistent with the useful e¢0￿Mie life of the buildin8." Foyle Fouttdation Grant awarded a5 part of our Nothing About US Without Us a¢£￿5 irnPmV¢rnEnt WOTk5" UOW tbr Wclcomc Projcct. Acte55 to Crowth GTani element of a GMCVO fvDdin8 Po¢kag¢ to wknelop aspxts of PHM'S publi¢ spa¢¢s aThl ¢ommer¢TJI offerings to enhance self-Benerated incoTr* po*ntial. NLHF Grant awarded in respect of PFtM's Notbing About Us Witlw)th Us programmc. The rnajority of the fimding has supported the pr￿1￿¢110Th of the headljrte exhibition and associa*d artcjllary costs. ACE DDF Fwided'a project to digitize PHM'S cita151Ve P05tcr coll￿tIon and impri)ve onlinc xc¢ss to and cAtsloguing of PHM'S ¢olk¢tion pnttted maierials. Johu Ellerty*n Fo￿￿￿￿(1•0 Funding a Project within the Collections departrnent lo cats108￿. di8ltize and democratize acce5S to more of PHM'S ollection. focusing sp¢cifiu]ly on badge G*rfield Weston Foundation Grdlli awdrded in respect of PHM'S Nothmg About Us Without Us.prograDMne. supporting The production of PHM'S headline exhibition and associated ancillary ¢osts. Art Fund Gr8nt awaTded to sup￿)rt sdetsiled Teview and Tedesi8n of PHM's ]earnin8 pro8ramme. DCMS Wolf$o Capiral fvnding relarin8 to PHM'S wel&W￿ Projeci. a progr￿￿ of capital works to updaR and improve access to PHM'S public 5PattS. ValeThcia CDmmunities.Fund Capital fijnding relarith8 to PHM'S Wekome Proieci. a pro8Tamme of capital wotks io updaie and improve a¢cess to PHM'S public spaces. Ngtl•ng1 Lottery Community Funding ac¢¢$s productiort for event$ &8sociated with PHM'S Nothing Aix)ut U$ Withoui US programme and oiher et)gag¢ni¢ni actiViii¢8. J05epb RoY4Utree Ch4Ti¢•bk Trvsl Fundin8 to enable elements of PHM'S Mi8raiion pro8ramme to be dtwtized and made available Indefinitely on the museum'5 website. Pa8e 39 National Museum of Labour History Notes to the Financial St4lement$ for the Period from 6 April 2022 to 31 March 2023 Re￿￿¢¢$ B*l**ee #t S ¢xpend¢d April 2022 April 2021 resources UnrtstTltted fund8 GenÉrtsl Gener31 478.205 1.579,834 (l.545,1￿M> 513,035 Re5trkted funds Building grartt Foyle Foundation Ac¢¢$$ 10 GroK*th N*ional Lottery Heritagc Fund Arts Council England Garfield Weston Fouthdation Art Fund Joseph Rowmtree Respond and reimagin¢ 9.471.252 (183,372} 9,287.880 25.000 6,818 129.500 46.672 30,(HX) 25.0 6.818 129,51KI 73.369 (26.697} 30.1 lo,0￿) 25.076 37.590 (lo.c￿l (25.076) (37.590 Totgl restricted funds 9.617287 191.318 82,735 9,525.870 Total funds 10,095,492 1,771,152 (1.827,739) 10.038.905 Pa8e tlo National Museuln of LalK•ur History Notes to the Financial Statements for ihe Period from 6 April 2022 to 31 Marth 2023 21 Anaty5is of net gssets bttwetn funds Gr•¥p Umre#ridtd fllnds Restri¢fed ftsnd$ Gtner Totsl fvthd$ Tangible fixed assets Current assets Cumt liabilities Creditors over l year 1525.871) 1.060.742 (299.581) 14.048 9,552,555 9,026,684 1.060.742 {299,581) 14.048 Total nei ￿ets 221242 9,552,555 9.773.797 22 Compally Liwited by Gv*raDtte The Naiional Museum of talM)ur Histhry is a company ljmjied by guarant¢¢ but not h*ving # $h#re ¢4pitsl and is regi$tered a5 a charity under the Charities Act 2011. Every member undertakes to conrribute to the assets of the Museum in the eveni of li being wound up while they are Member. or within one year after they ¢ease io be a meM￿r and of the costs, eharEe$ and ¢xpense of winditig up, and for lh¢ adju5ttn¢nt of th¢ rights of th¢ ¢on¢ribulorics among th¥1￿]ve5. such amounts as May be required. nol exceedin8 £1 per meniber. 23 An*lyJls of net Grnup At 31 Marth 2023 At 6 Aprl12022 Cash Cash at bank and in hand 606,383 {38.632) (182,844) 10.536 423,539 (28.096) 567,751 (172,308) 395.443 Net cash 567.751 {172.308) 395,443 Page 41 National Museum of Labour Hlstory Notes lo the Finaneial Statemenls for the Perlod from 6 April 2022 to 31 Mgreh 2023 24 Related party tr*ns8Ctions Charity Durirbg the period the ¢harity nude the following ￿laTed P8Tty tsansa¢tions: ID a￿ord#n¢¢ with FRS 102. Cbanty di%105es relatd party tran5KtioDs that were recogwsed in the StaiemeTht of Financial Activkiies. Tru5tees' remuneration 8nd expenses are disclosed in ￿￿e10 and remunerniion of key manag¢ment PCTSOTUKI in noi¢ I l. During the y¢ar on¢ of th¢ TDJSttt5 d¢c]ar¢d that a f•mity DKmbEr was cmployed by the Ch8rity (2022.. 2). The employ¢¢5 ¢onccmcd w¢rc Ellcn B•wm £Nil12022.. £630) dthightcr of T￿5￿¢ J S Bas5am (LoTd}.and Scrpil Lind$ay £19,08012022-. £12.990) wife of Trnstee Stev¢n Ljrnlsay. Th¢ figur¢s indi¢ate ihe iotsl Cost to the Chonty" of their ernployment including EmployeT5 Nl and EmployeT5 Pension contribJtion& ID both ¢os¢$ application amd interview pr￿edUr￿ ￿re followd. no confli£l or Si￿￿ficant benefil was perceived and both TnJ51ees declared rhe interest and did not vote on pay scale changes that aifected all staff. Durin8 the year the Chariry tteeived a aid dottation of £23.202 (2022- £nil) from its wbsidiary, National Museum of Labour Hillory Trading Company Limiied. The ba18nce due from Naiional Museum of IAbow Hi510ry Tradin8 Cornp8ny Limited ai the year-end was £53.228 (2022.. £141,594). Pa8e 42