Company registration number: 02041438 Charity registration number: 295260 ## National Museum of Labour History (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024 Beever and Struthers Statutory Auditor Suite 9B, The Beehive Lions Drive Shadsworth Business Park Blackburn ## **National Museum of Labour History** |Lancashire||| |---|---|---| |BB1 2QS||| ||**Contents**|| |Reference and Administrative Details||1| |Trustees' Report||2 to 9| |Statement of Trustees' Responsibilities||10| |Independent Auditors' Report||11 to 14| |Consolidated Statement of Financial Activities||15| |Consolidated Balance Sheet||16| |Balance Sheet||17| |Consolidated Statement of Cash Flows||18| |Notes to the Financial Statements||19 to 41| ## **National Museum of Labour History** ## **Reference and Administrative Details** ## **Trustees** Lord J S B Bassam K Carberry Mr B Donoghue Ms A Douglas Mr S Lindsay (resigned 10 November 2023) Mr D Luckin Ms V Phillips Ms M Quiney Ms K Savage Mr R Sharpe (resigned 21 July 2023) Ms S Thompson Mr N Tetteh (appointed 21 July 2023) Mr Dermot Garvey (appointed 10 May 2024) **Principal Office** Left Bank Spinningfields Manchester M3 3ER **Company Registration Number** 02041438 **Charity Registration Number** 295260 **Auditor** Beever and Struthers Statutory Auditor Suite 9B, The Beehive Lions Drive Shadsworth Business Park Blackburn Lancashire BB1 2QS The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 March 2024. Page 1 ## **National Museum of Labour History** ## **Trustees' Report** ## **Structure, governance and management** ## _**Nature of governing document**_ The full name of the Charity is The National Museum of Labour History. The Charity is governed by the terms of its Memorandum and Articles of Association. The Charity is a company which is limited by guarantee. The Charity uses the working title 'People's History Museum'. The Trustees who have acted during the year are listed above. The Charity's assets are available and adequate to fulfil the obligations of the Charity for each restricted fund. ## **Objectives and activities** ## _**Objects and aims**_ The principal activity of the Charity is that of a museum. The Trustees have paid due regard to the Charity Commission’s guidance on public benefit and the following paragraphs describe the activities undertaken to deliver public benefit. The Charity's aims are the advancement of education and knowledge by the provision and maintenance of a museum for the collection, conservation and public exhibition and display of objects, books, photographs and many other items of visual history relating to all aspects of the social and cultural history of Great Britain. These aims continue to form the basis for all museum policy. ## _**Public benefit**_ The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. ## **Trustees' interests** As the Charity is a company limited by guarantee, there are no shares or options in which any of the Trustees of the Charity could hold interests. Trustees notify the Company Secretary if they are aware of any instances of direct or indirect benefit which have occurred as a consequence of their Trusteeship of the Museum and a formal request for this information is issued each year as an agenda item in the November board meeting. During this accounting period, one of the Trustees declared that a family member was employed by the Charity. In this case, application and interview procedures were followed, no conflict or significant benefit was perceived, and the Trustee declared the interest and did not vote on any pay scale changes that affected all staff. Further details are provided in note 24. ## **Appointment of trustees** Trustees are appointed after Trustee vacancy advertisement and interview by existing Trustees and by majority vote of the Trustees of the Charity. The Trades Union Congress, Greater Manchester Combined Authority and Manchester City Council have the right to appoint a member of the Board. ## **Trustee induction and training** Newly appointed Trustees are issued with the following documents: Page 2 ## **National Museum of Labour History** ## **Trustees' Report** - Museum Memorandum and Articles of Association - Museum Annual Accounts and Reports - Charity Commission documentation The new Trustee would then spend time with the Museum Director working through the current Museum Business plan and discussing important items affecting the Museum at the time of appointment. ## _**Organisational structure**_ Trustees meet together quarterly at which time the Museum Director, who is appointed by them and is responsible for the day to day running of the Museum, reports on all matters of museum policy and strategy. These meetings also include annual accounts and quarterly budget reports. Any changes in strategy are discussed, amended, and, when agreed, adopted as written museum policy by Trustees and implemented by the Director. Where risks are identified, particularly regarding funding, steps are taken as described below (see Risk management). ## **Related parties** The Charity has a trading subsidiary company and during the year, one of the Trustees declared that a family member was employed by the Charity. Further details are provided in note 24. ## **Risk management** The Museum Director is charged with notifying Trustees of any risks facing the Museum and of important income and expenditure matters including: - Possible future deficits to main revenue grants particularly from main funders (Greater Manchester Combined Authority - GMCA and Arts Council for England - ACE). - Other significant forecast funding or cash flow shortfalls. - Capital Expenditure projects. The Trustees are involved in preparation of bids and progress is reported when work commences. - Any fundraising successes and the project involved. - Any major changes to the Museum’s funding structure, assessing both the negative and positive effects of these changes on the organisation. - The ongoing financial impact of the Covid-19 pandemic, inflationary increases, energy costs and the cost of living crisis on the museum’s financial position. Once notified of any problems, Trustees discuss and decide appropriate action, which may direct museum staff or necessitate the setting up of a sub-committee of Trustees as required. The actions taken are then reported on and reviewed at subsequent meetings. An Audit & Risk sub-committee was set up in 2013 and holds meetings prior to the full board meeting to consider Budgets, Quarterly Reports, Cash flow and Risks identified in the Business Plan in more detail and refer items to the main board meeting as required. The Trustees are aware of staff structure and responsibilities and are notified of staff changes. Salaries for all staff are aligned with Local Government rates and nationally agreed conditions of service apply. Page 3 ## **National Museum of Labour History** ## **Trustees' Report** ## **Achievements and performance** People's History Museum (PHM) is designed to be about people, for people, and with people; celebrating the power of ideas, voices, actions and creativity. It is the national museum of democracy, showcasing the struggle for equity and equality, celebrating radical history and providing space to explore contemporary issues through marginalised voices. PHM is proud to be a museum of national significance in Greater Manchester with a strong relevance and resonance to people’s lives. PHM’s vision is of a fairer society where peoples' voices and actions make a difference. PHM’s mission is to engage visitors with social justice and encourage people to speak up and to take a stand on the issues that matter to them. In 2023/24 PHM’s visitor numbers reached 80,183 which was comparable with the previous year. The museum has seen engagement recover following the Covid-19 pandemic but not to pre-pandemic levels and there is an ongoing reduction in visitor numbers which the museum continues to work to address. The museum’s main programme for 2023/24 was the continuation of Nothing About Us Without Us - exploring the history of disabled people's rights and activism through a co-curated programme of exhibitions, events and activity. This included a headline exhibition which ran from November 2022 to October 2023, and was co-curated by four curators, Anis Akhtar, Ruth Malkin, Hannah Ross and Alison Wilde, who all identify as disabled people. The exhibition was guided by a steering group, including representation from disabled people's organisations and nondisabled allies. The exhibition explored the history of disabled people's activism and the ongoing struggle against oppression, discrimination and injustice, in their own words and images. Page 4 ## **National Museum of Labour History** ## **Trustees' Report** Alongside the exhibition there was a regular programme of events, developed in consultation with steering group members. These included: - Audio Described tour in April - Fabric of Protest session with Charm and the Charm Offensive in May - BSL curator tour in June - A Summer Celebration Event - Two Family Sessions led by a Neurodivergent artist (Cate Blanchard) - BSL tour in September The programme also included working in partnership with local and national organisations such as Brighter Sound and Venture Arts to produce creative events in collaboration with disabled musicians and artists. As well as creative, family friendly activities run by disabled artists and a regular programme of BSL and Audio Described tours of both the main exhibition and our main galleries. Accompanying our headline exhibition was a programme of community sourced exhibitions, including The Quiet installation co-ordinated by the Community and Heritage CIC on behalf of the Manchester Deaf Centre, and a showcase of the work of LGBTQIA+ Disabled Artists in collaboration with arts organisation Outside In. Finally, alongside this programme of exhibitions, events and learning activity, The museum secured capital funding for the Welcome project. Developed from an access audit completed for us by Manchester Disabled People’s Access Group, this improved accessibility across the museum building including a new access door at the front of the building, toilet improvements and a Changing Places toilet, lift improvements and an improved welcome space with new signage, clearer way finding and a new digital welcome screen. Funding was provided for this project from DCMS Wolfson, Valencia Community Fund, Foyle Foundation and NLHF). In 2023/24 PHM’s learning sessions remained paused whilst a major review of the service was carried out, but self-guided group visits were available for school groups visiting the museum. The learning review included consultation with 37 schools from Greater Manchester (including Tameside, Manchester and Salford). Feedback gathered from pupils included how 84% felt the opportunity to express ideas and opinions, 80% learned how people made a change in society and learned new things, 74% felt more confident to express their own ideas and challenge things they don't agree with. The museum also delivered learning activities with 381 groups during the year and welcomed 8,500 learners to the museum. As well as being used by regular researchers Wednesday-Friday, the Labour History Archive and Study Centre (LHASC) held several archive open days. This included an open day as part of an event to mark the Labour Party Centenary (Dec 2023) which also included an ‘In conversation’ with three labour historians and guided gallery tours. The event raised £1400. Archive open days were also held to mark the Peterloo anniversary, the 50th anniversary of Chilean Coup, LGBT+ History Month and the 40th anniversary of miner’s strike. Several trade union and other labour movement groups visited the archive on Mondays, Tuesdays and at weekends raising vital funds for the museum. Auditing of uncatalogued archive collections continued and new cataloguing included the Earth First!,collection, the papers of Hilary Wainwright, the Michael Steed collection and the British Overseas Socialist Fellowship. A new acquisition was the collection of prominent disability rights activist Barbara Lisicki. The Museum Collections team started work on the John Ellerman Foundation funded project to continue the digitisation of the collection and the Headley Foundation funded project to improve collections management and documentation. Priorities for digitisation in the period included material relating to the 1984-85 miners’ strike, general elections and LGBT+ communities, resulting in new social media content, blogs and displays. The museum’s conservation studio worked to deliver the new First in the Fight banner case and the 2024 banner hang, as well as the Nothing About Us Without Us deinstall. Large external pieces of work included the Southwell Page 5 ## **National Museum of Labour History** ## **Trustees' Report** Cathedral banner, Shepherds Bay lodge banner for Robin Hoods Bay Museum and the Paisley Museum project in February. The studio continues to deliver both external contracts and internal work, with income generated by the studio’s external contracts helping to provide the resources to conserve the museum’s own collection. PHM's work continued to be recognised through press and media coverage and awards nominations including: - Shortlisted for Most-loved Arts/Cultural Venue in the I Love MCR Awards 2023 - Finalist for Best Exhibition for Nothing About Us Without Us in the Manchester Culture Awards - Highly Commended for Community Engagement Programme of the Year for Nothing About Us Without Us at the Museums and Heritage Awards 2023. The museum continued to receive lots of positive press and media coverage, and continued to promote its activities and services on a range of digital platforms; engaging with audiences through social media to share content through news stories and blogs that achieved a significant reach. Enterprise, fundraising and income generation were a priority throughout the year, as visitor numbers remained below pre-pandemic levels and the museum experienced significant increases in utilities costs despite its environmental initiatives resulting in reductions in usage.. Retail continued to secure income from both onsite and online customers but has been impacted by the cost of living crisis and low visitor numbers.. There was particular focus on growing venue hire income which resulted in a 16% rise in revenue compared to the previous financial year, exceeding pre-covid levels. The museum continued to work with Open Kitchen, its ethical and sustainable catering provider, which operates the onsite café at PHM and provides catering for clients coming to PHM for events Key funding successes included a resilience grant from National Lottery Heritage Fund and the museum took part in the first ever Big Give Arts for Impact crowdfunded campaign. The museum’s Director was on maternity leave for some of this year (from November 2022 to September 2023) and Becky Peters was appointed as Interim Director during this time, working with the Senior Leadership Team to develop and deliver the museum’s Business Plan with a set of strategic priorities across the business. The museum’s Board of Trustees continued to provide robust governance, support and direction for PHM under the leadership of its chair, Bernard Donoghue OBE. The museum continued to have representation on the Board from its major partners; Greater Manchester Combined Authority, Manchester City Council and The Trades Union Congress. The museum’s successes in 2023/24 were the result of the hard work of its dedicated staff team and the ongoing support and flexibility of its main funders, Greater Manchester Combined Authority (GMCA) and Arts Council England (ACE). ## **Financial review** The Statement of Financial Activities for the year is set out on page 15. During the year, the conditions relating to the funding of the Museum by the Greater Manchester Combined Authority (GMCA) and Arts Council England (ACE) were fulfilled. The Trustees are monitoring the ongoing recovery from the Covid-19 pandemic on the museum, with visitor numbers remaining below those in 2019/20. This, together with impact of the cost of living crisis, has affected the Museum’s ability to raise income through donations (although the museum has been successful in securing and retaining public support). Extremely high gas and electricity unit costs have placed further pressure on the museum’s finances, despite significant reductions in energy consumption. Fundraising activity has been Page 6 ## **National Museum of Labour History** ## **Trustees' Report** successful with a number of grants received from the Headley Foundation, the John Ellerman Foundation, the National Lottery Heritage Fund, and others. Meanwhile, the organisation has been carefully reviewing its cost base, seeking appropriate, independent, professional advice, and implementing changes to reduce its cost base. Quarterly budgets, reserves amounts and expenditure savings will continue to be monitored closely by Trustees whilst fundraising will continue to be concentrated on projects that help enable the Charity to work through this period of recovery. In the opinion of the Trustees, the Charity’s assets are sufficient to fulfil the obligations of the Charity. ## _**Policy on reserves**_ The purpose of the operating reserve policy for The National Museum of Labour History (trading as the People’s History Museum) is to ensure the stability of the on-going operations of the organisation. The Reserves are intended to provide an internal source of funds for emergency situations and also to enable cash flow when high value grant income is to be paid in arrears. Reserves have been used for both of these purposes in the year. The Head of Finance informs the Trustees as part of the Quarterly reporting of budgets and figures at board meetings if and when the use of reserves is likely. Should any additional reserves be required, this will be cleared with the Chair of the Audit/Risk Committee prior to spending. The Charity’s core funder has stated that they will provide at least 3 months’ notice with grant monies should they intend to withdraw funds. The Trustees have agreed that this, together with a targeted reserve of a quarter of the previous year’s unrestricted running costs (currently £478,687) (see note 7) will enable the Museum to function until alternative funding is secured. The current unrestricted free reserves have been depleted as a result of the financial pressures the organisation has faced in recent years, and are £75,142 see note 20) and this will be used as and when is necessary. The Museum’s core funding from Arts Council and GMCA was extended for three years from 2023/24. ## **Plans for future periods** ## _**Aims and key objectives for future periods**_ At the end of 2023/24, PHM had made significant progress in its recovery from the impact of the Covid-19 pandemic, with a new grant secured from the National Lottery Heritage Fund to support its plans to grow its venue hire and fundraising operations to support its activities through self-generated income. PHM continues to receive lots of positive feedback from visitors and community partners. The museum developed another one-year interim Business Plan for 2023/24 which aligned with a successful application for an extension of Arts Council NPO funding for the coming three-year cycle. The museum also successfully secured another three years of its funding from GMCA as part of Greater Manchester’s commitment to supporting cultural organisations. The aims and priorities remained unchanged from 2022/23. ## **Disclosure of information to auditor** Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware. The annual report was approved by the trustees of the charity on 8[th] November 2024 and signed on its behalf by: Page 7 ## **National Museum of Labour History** ## **Trustees' Report** ... ...................................... Mr B Donoghue Trustee Page 8 ## **National Museum of Labour History** ## **Statement of Trustees' Responsibilities** The trustees (who are also the directors of National Museum of Labour History for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustees of the charity on ..8[th] November 2024.. and signed on its behalf by: ......................................... Mr B Donoghue Trustee ## **Opinion** We have audited the financial statements of National Museum of Labour History (the 'charitable parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024, which comprise the Consolidated Statement Page 9 ## **National Museum of Labour History** ## **Independent Auditor's Report to the Members of National Museum of Labour History** of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies on pages 21 to 42. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and parent charity's affairs as at 31 March 2024 and of the group's results for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees (who are also the directors of the group and parent charitable company for the purposes of company law) are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Page 10 ## **National Museum of Labour History** ## **Independent Auditor's Report to the Members of National Museum of Labour History** In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinion on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the and Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the directors' report included within the Trustees' Report has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the and the Trustees' Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent charitable company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. - the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report. ## **Responsibilities of trustees** As explained more fully in the Statement of Trustees' Responsibilities set out on page 10, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and Page 11 ## **National Museum of Labour History** ## **Independent Auditor's Report to the Members of National Museum of Labour History** using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: ## **The extent to which the audit was considered capable of detecting irregularities including fraud** Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. - we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the charity sector. - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, the Charities Act 2011, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures on income and salaries to identify any unusual or unexpected relationships. Page 12 ## **National Museum of Labour History** ## **Independent Auditor's Report to the Members of National Museum of Labour History** - tested journal entries to identify unusual transactions. - assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias. - investigated the rationale behind significant or unusual transactions. There are inherent limitations in our audit procedures described above. The more removed those laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Use of our report** This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company’s members as a body for our audit work, for this report, or for the opinions we have formed. ...................................... Suzanne Lomax FCA (Senior Statutory Auditor) For and on behalf of Beever and Struthers, Statutory Auditor Suite 9B, The Beehive Lions Drive Shadsworth Business Park Blackburn Lancashire BB1 2QS Date:..12 December 2024... Page 13 ## **National Museum of Labour History** **Consolidated Statement of Financial Activities for the Year Ended 31 March 2024 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)** **Total** |**Note**
**Income and Endowments from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Total Income
**Expenditure on:**
Raising funds
Charitable activities
7
Total Expenditure|**Unrestricted**
**funds**
**£**
1,177,552
7,428
246,028
-
(37,662)
(1,323,210)
1,431,008
(1,360,872)
70,136|**Restricted**
**funds**
**£**
399,591
-
-
-
-
(701,002)
399,591
(701,002)
(301,411)|**Total**
**31 March**
**2024**
**£**
1,577,143
7,428
246,028
-
(37,662)
(2,024,212)
1,830,599
(2,061,874)
(231,275)|**6 April 2022**
**to 31 March**
**2023**
**£**
1,445,558
11,876
253,540
68
(61,402)
(1,914,748)
1,711,042
(1,976,150)
(265,108)| |---|---|---|---|---| Page 14 ## **National Museum of Labour History** |Net income/(expenditure)
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
20|70,136
221,242
291,378|(301,411)
9,552,555
9,251,144|(231,275)
9,773,797
9,542,522|(265,108)
10,038,905
9,773,797| |---|---|---|---|---| All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 20. ## **(Registration number: 02041438) Consolidated Balance Sheet as at 31 March 2024** |**Fixed assets**
**Note**
Tangible assets
**Current assets**
13
Stocks
15
Debtors
16
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
17
**Net current assets**
**Total assets less current liabilities**
**Creditors: Amounts falling due after more than one year**
18
**Net assets**
**Funds of the group:**
**Restricted funds**
**Unrestricted income funds**
Unrestricted funds|**31 March**
**2024**
**£**
9,135,102
11,245
533,850
253,302
798,397
(390,977)
9,542,522
-
9,251,144
291,378
407,420
9,542,522|**31 March**
**2023**
**£**
9,026,684
8,083
629,120
423,539
1,060,742
(299,580)
9,787,846
(14,048)
9,552,555
221,242
761,162
9,773,798| |---|---|---| Page 15 ## **National Museum of Labour History** ## **Total funds** 20 9,542,522 9,773,797 The financial statements on pages 15 to 41 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by: ......................................... ## Mr B Donoghue Trustee ## **(Registration number: 02041438) Balance Sheet as at 31 March 2024** |**Fixed assets**
**Note**
Tangible assets
13
Investments
14
**Current assets**
Debtors
16
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
17
**Net current assets**
**Total assets less current liabilities**
**Creditors: Amounts falling due after more than one year**
18|**31 March**
**2024**
**£**
9,135,102
2
518,859
169,193
688,052
(388,491)
9,434,665
-
299,561
9,135,104|**31 March**
**2023**
**£**
9,026,684
2
670,569
267,621
938,190
(262,002)
9,702,874
(14,048)
676,188
9,026,686| |---|---|---| Page 16 ## **National Museum of Labour History** |**Net assets**
**Funds of the charity:**
**Restricted funds**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
20|9,251,144
183,521
9,434,665
9,434,665|9,688,826| |---|---|---| |||9,552,555
136,270
| |||9,688,825| The financial statements on pages 15 to 41 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by: ## ......................................... ## Mr B Donoghue Trustee ## **Consolidated Statement of Cash Flows for the Year Ended 31 March 2024** |**Cash flows from operating activities**
**Note**
Net cash expenditure
**Adjustments to cash flows from non-cash items**
Depreciation
Investment income
6
**Working capital adjustments**
(Increase)/decrease in stocks
15
Decrease/(increase) in debtors
16
Increase in creditors
17|**31 March**
**2024**
**£**
(231,275)
226,101
-
(5,174)
(3,162)
95,269
91,397|**31 March**
**2023**
**£**
(265,108)
223,532
(68)| |---|---|---| |||(41,644)
9,464
(250,047)
121,770| Page 17 ## **National Museum of Labour History** |Net cash flows from operating activities
**Cash flows from investing activities**
Interest receivable and similar income
6
Purchase of tangible fixed assets
13
Net cash flows from investing activities
**Cash flows from financing activities**
Repayment of loans and borrowings
17
Net decrease in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March||-
(334,519)
(334,519)
(14,048)
(170,237)
423,539
178,330
253,302|-
(334,519)
(334,519)
(14,048)
(170,237)
423,539
178,330
253,302|68
(11,919)
(11,851)
(10,536)
(182,844)
606,383
(160,457)
423,539| |---|---|---|---|---| |||||| All of the cash flows are derived from continuing operations during the above two periods. Page 18 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** ## **1 Charity status** The charity is a charity limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. ## **2 Accounting policies** ## **Summary of significant accounting policies and key accounting estimates** The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. ## **Statement of compliance** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. ## **Basis of preparation** National Museum of Labour History meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. ## **Basis of consolidation** The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 March 2024. No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a loss after tax for the financial year of £254,159 (2023 - loss of £326,878). A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the statement of financial activities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group. The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess Page 19 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill. Inter-company transactions, balances and unrealised gains on transactions between the charity and its subsidiaries, which are related parties, are eliminated in full. Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. ## **Going concern** The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the group. ## **Key sources of estimation uncertainty** The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. ## _**Significant judgements**_ The judgements (apart from those involving estimations) that management has made in the process of applying the Charity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: • Determination of whether there are indicators of impairment of the Charity's tangible fixed assets. Factors taken into consideration include the economic viability and expected future financial performance of the asset. ## _**Key sources of estimation uncertainty**_ Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncerntainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Tangible assets are depreciated over their useful lifes taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. The carrying amount of such assets is £9,135,102 (2023: £9,026,684). Page 20 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** Recovery of trade debtors. A specific provision is made against certain debts where in the opinion of the trustees the debt is not considered to be fully recoverable. The provision reflected at the balance sheet date is £nil (2023: £nil). ## **Income and endowments** ## _**Donations and legacies**_ Donations and legacies including donations, gifts and legacies and grants that provide core funding or are of a general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when: 1. The donor specifies that the grant or donation must only be used in future accounting periods; or 2. The donor has imposed conditions, which must be met before the Charity has unconditional entitlement. Income from fundraising trading activities is recognised as earned as the related services are provided. Investment income is recognised on a receivable basis. ## _**Gifts in kind**_ Gifts in kind are recognised in different ways dependent on how they are used by the charity: (i) Those donated for resale produce income when they are sold. They are valued at the amount actually realised. (ii) Those donated for onward transmission to beneficiaries are included in the Statement of Financial Activities as incoming resources and resources expended when they are distributed. They are valued at the amount the charity would have had to pay to acquire them. (iii) Those donated for use by the charity itself are included when receivable. They are valued at the amount the charity would have had to pay to acquire them. ## _**Investment income**_ Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. ## **Expenditure** All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs. ## _**Raising funds**_ These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Page 21 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** ## _**Charitable activities**_ Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. ## **Support costs** Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. ## **Governance costs** These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses. ## **Taxation** The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ## **Fixed assets** Individual fixed assets costing £1,000.00 or more are initially recorded at cost. ## **Depreciation** Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: |**Asset class**|**Depreciation method and rate**| |---|---| |Museum building|3-50 years| |Equipment|10 years| |Fixtures and fittings|10 years| |Long leasehold buildings|50 years| |Exhibition fixtures & fittings|10 years| ## **Stock** Stock is included at the lower of cost or net realisable value. ## **Debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 22 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** ## **Cash at bank and in hand** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **Trade creditors** Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. ## **Borrowings** Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. ## **Fund structure** The Charity has a restricted income fund to account for situations where a donor requires that a donation must be spent on a capital development project or similar purpose. All other funds are unrestricted income funds and they include funds used for specified projects which contribute to the ongoing work of the Museum. The funds held in each of these categories are disclosed in Note 20. The charity has a number of restricted funds to account for in situations where a donor requires that a grant or donation must be spent on a particular purpose. ## **Leases** Rentals payable and receivable under operating leases are charged to the statement of comprehensive income on a straight-line basis over the period of the lease. Lease payments are recognised as an expense in the year they become due. ## **Pensions and other post retirement obligations** During the year, the Charity participated in the Greater Manchester Pension Fund , a multi-employer defined benefit schemes whose assets are managed independently of the Charity. The Charity is unable to identify its share of the underlying assets and liabilities and consequently the funds are all treated as defined contribution schemes. Page 23 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** The amount charged in respect of the pension costs, the contributions payable in the year are included within the appropriate expenditure heading in the Statement of Financial Activities ## **Financial instruments** ## _**Classification**_ The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. - **3 Income from donations and legacies** |**Unrestricted**||**Collections**
**and**
**Engagement**|**Operations**|**Comms**
**and PR**|**Total**
**Funds**
**2024**|Total
Funds
2023| |---|---|---|---|---|---|---| |||**£**|**£**|**£**|**£**|£| |**Gifts and sponsorship**||||||| |Gift in kind - Manchester|City|||||| |Council||-|186,423|-|186,423|168,512| |Royalty income||12,681|-|-|12,681|6,233| |General
donations|and|||||| |subscriptions||31,278|31,278|31,279|93,835|84,471| |Radical Heroes||993|993|993|2,979|-| |Banner conservation||41,675|-|-|41,675|23,066| |Gift aid||2,289|2,289|2,291|6,869|-| |**Grants receivable**||||||| |GMCA||136,324|136,324|136,323|408,971|408,970| |Arts Council England||109,308|109,308|109,308|327,924|327,925| |Other unrestricted grants||32,065|32,065|32,065|96,195|15,650| |||**334,562**|**498,680**|**312,259**|**1,177,552**|1,034,827| Page 24 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** |**Restricted**||**Collections**
**and**
**Engagement**|**Operations**|**Comms**
**and PR**|**Total**
**Funds**
**2024**|Total
Funds
2023| |---|---|---|---|---|---|---| |||**£**|**£**|**£`**|**£**|£| |**Grants receivable**||||||| |Trust & Foundation||2,020|2,020|1,010|5,050|-| |Other||-|-|-|-|5,000| |National Lottery Heritage Fund
Grant||98,003|98,003|49,001|245,007|-| |DCMS Wolfson||6,550|6,550|3,274|16,374|214,300| |Valencia||-|-|-|-|96,575| |Ellerman||42,528|-|10,632|53,160|39,102| |National
Lottery
Fund|Community|-|-|-|-|9,795| |Joseph Rowntree||-|-|-|-|5,000| |Art Fund||-|-|-|-|40,959| |The Headley Trust||24,000|-|6,000|30,000|-| |Changing Places||20,000|20,000|10,000|50,000|-| |||**193,101**|**126,573**|**79,917**|**399,591**|| ## **Unrestricted 4 Income from charitable activities funds** |**Income from charitable activities**||**Unrestricted**
**funds**|**Unrestricted**
**funds**|||| |---|---|---|---|---|---|---| |Income from curatorial, exhibition and educational
activities||**General**
**£**
7,428||**Total**
**31 March**
**2024**
**£**
7,428||**Total**
**6 April 2022**
**to 31 March**
**2023**
**£**
11,876
410,731| |||||||| Page 25 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** ## **5 Income from other trading activities** ## **Unrestricted funds** |Trading income;
Other trading income
**Investment income**
Interest receivable and similar income;
Interest receivable on bank deposits|**General**
**£**
246,028
246,028|**Total**
**31 March**
**2024**
**£**
246,028
**Total**
**March**
**2024**
**£**
-
246,028|**Total 6**
**April 2022**
**to 31 March**
**2023**
**£**
253,540
**Total 6**
**April 2022**
**to 31 March**
**2023**
**£**
68
253,540| |---|---|---|---| Page 26 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** ## **7 Expenditure on charitable activities** |**Collections**
**and**
**Engagement**
**£**
Exhibition costs
18,507
Learning
3,521
Conservation
6,217
Wages & Salaries
338,702
Employer's NIC
27,484
Pension costs
Staff - casual
87,583
cover/training/recruitment
371
Rent and rates
-
Water
-
Light & heat
Repairs &
-
maintenance
-
Insurance
8,259
Marketing
Support
and
governance costs
-
(see note 8)
97,449
588,093|**Operations**
**£**
-
-
-
338,702
27,484
87,583
371
186,423
4,670
188,593
91,414
8,259
-
144,293
1,077,792|**Comms and**
**PR**
**£**
-
-
-
169,351
13,742
43,792
186
-
-
-
-
4,129
29,678
97,449
358,327|**Total Funds**
**31 March**
**2024**
**£**
18,507
3,521
6,217
846,755
68,710
218,958
928
186,423
4,670
188,593
91,414
20,647
29,678
339,191
2,024,212|**Total Funds**
**6 April 2022**
**to 31 March**
**2023**
**£**
59,071
2,986
9,560
805,603
66,392
199,364
1,827
168,512
2,924
172,091
74,829
26,911
30,175
294,503
1,914,748| |---|---|---|---|---| £1,323,210 (2023 - £1,530,702) of the above expenditure was attributable to unrestricted funds and £701,002 (2023 - £384,046) to restricted funds. ## **8 Analysis of governance and support costs** ## **Support costs allocated to charitable activities** ||||||**Total**| |---|---|---|---|---|---| ||||||**Funds**| |||||**Total**|**6 April**| ||**Collections**|||**Funds**|**2022 to 31**| ||**and**||**Comms**|**31 March**|**March**| ||**Engagement**|**Operations**|**and PR**|**2024**|**2023**| ||**£**|**£**|**£**|**£**|**£**| |Travel and subsistence|1,281|1,281|1,281|3,843|5,757| |Legal and professional|-|46,358|-|46,358|17,662| |Sundry|-|487|-|487|12,092| |Telephone|1,964|1,964|1,964|5,892|4,221| Page 27 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** |Postage, print and stationery
Depreciation
Governance
Subscriptions
IT costs
Customer entertaining
Other interest payable
Bank charges|446
75,367
6,590
3,934
6,491
2
850
524
97,449|446
75,367
6,590
3,934
6,491
2
850
524
144,294|446
75,367
6,589
3,934
6,491
2
850
524
97,448|1,338
226,101
19,769
11,802
19,473
6
2,550
1,572
339,191|2,598
223,481
12,027
12,008
-
1,244
3,005
408
294,503| |---|---|---|---|---|---| ## **Governance costs** ## **Unrestricted funds** |Allocated support costs
**9 Net outgoing resources**
Net outgoing resources for the year include:
Audit fees
Other non-audit services
Depreciation of fixed assets
Staff pension contributions|**General**
**£**
19,769
19,769|**Total**
**31 March**
**2024**
**£**
19,769
**31 March**
**2024**
**£**
8,430
2,240
226,101
218,958
19,769|**Total 6**
**April 2022**
**to 31 March**
**2023**
**£**
12,028
**31 March**
**2023**
**£**
7,900
3,405
223,532
199,364
12,028| |---|---|---|---| ## **9 Net outgoing resources** Net outgoing resources for the year include: ## **10 Trustees remuneration and expenses** During the year the group made the following transactions with trustees: No trustees have received any reimbursed expenses during the year (2023: £194). No trustees, nor any persons connected with them, have received any remuneration from the group during the year. No trustees have received any other benefits from the charity during the year. ## **11 Staff costs** The aggregate payroll costs were as follows: Page 28 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** |**Staff costs during the year were:**
Wages and salaries
Social security costs
Pension costs|**31 March**
**2024**
**£**
846,755
68,711
218,958
1,134,424|**31 March**
**2023**
**£**
805,603
66,392
199,364
1,071,359| |---|---|---| ## **Pension obligations** The National Museum of Labour History is an " Admitted Body " to the Greater Manchester Pension Fund (GMPF). GMPF is a multi-employer defined benefit scheme, being part of the Local Government Pension Scheme. The last formal valuation of the scheme was performed at 31 March 2022 by a professionally qualified actuary using the 'Projected Unit' actuarial method. The market value of the Fund's assets at that date was £29,324,000,000. It is not possible to identify the share of underlying assets and liabilities belonging to individual participating employers therefore treated as a defined contribution scheme. ## Financial assumptions The financial assumptions underlying the valuation were as follows: ||% per annum| |---|---| |Discount rates|3.6| |CPI|2.3| |Pay increases|3.1| |Pension increases|2.3| The monthly average number of persons (including senior management team) employed by the group during the year expressed as full time equivalents was as follows: |Number of museum staff
Number of support staff|**31 March**
**2024**
**No**
26
3
29|**31 March**
**2023**
**No**
30
4| |---|---|---| |||34| The average number of employees during the year was 39 (2023: 47). No employee received emoluments of more than £60,000 during the year. The total employee benefits of the key management personnel of the group were £221,384 (2023 - £198,355). Page 29 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** ## **12 Taxation** The National Musuem of Labour History is a registered charity and its income and gains are exempt from taxation to the extent they are applied to its charitable objectives. ## **13 Tangible fixed assets** ## **Group and charity** |**Cost**
At 1 April 2023
Additions
At 31 March 2024
**Depreciation**
At 1 April 2023
Charge for the
year
At 31 March 2024
**Net book value**
At 31 March 2024
At 31 March 2023|**Museum**
**Building**
**(restricted)**
**£**
12,530,726
~~-~~
12,530,726
3,745,947
~~183,373~~
3,929,320
8,601,406
8,784,779|**Fixtures &**
**Fittings**
**£**
190,068
295,960
96,271
18,412
371,345
486,028
114,683
93,797|**Fixtures &**
**Fittings**
**£**
190,068
295,960
96,271
18,412
371,345
486,028
114,683
93,797|**Exhibition**
**Fixtures &**
**Fittings**
**£**
313,151
-
268,491
12,465
32,195
313,151
280,956
44,660||**Leasehold**
**Property**
**£**
103,301
-
50,903
1,416
50,982
103,301
52,319
52,398|**Equipment**
**£**
400,732
38,559
349,682
10,435
79,174
439,291
360,117
51,050|**Equipment**
**£**
400,732
38,559
349,682
10,435
79,174
439,291
360,117
51,050|**Total**
**£**
13,537,978
~~334,519~~
13,872,497
4,511,294
~~226,101~~
4,737,395
9,135,102

9,026,684| |---|---|---|---|---|---|---|---|---|---| ||||||||||| ||||||||||| ||||||||||| ||||||||||| ||||||||||| ||||||||||| ||||||||||| ||||93,797|||||51,050|| ## **Charity** ## **14 Fixed asset investments** ## **Charity** Shares in group undertakings and participating interests **Shares in group undertakings and participating interests** **Cost** At 1 April 2023 **March March 2024 2023 £ £** 2 2 **Subsidiary undertakings Total £ £** 2 2 Page 30 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** |At 31 March 2024
**Net book value**
At 31 March 2024
At 31 March 2023||2
2
2|2
2| |---|---|---|---| ||||| ||||2| The National Museum of Labour History Trading Company Limited is a wholly owned subsidiary of The National Museum of Labour History. The subsidiary company is incorporated in England and Wales. The principal activities during the year were running of the Museum shop, corporate room hire and other income generation activities. |**15 Stock**||||||||| |---|---|---|---|---|---|---|---|---| |||**Group**|||**Charity**|||| ||**March**|**31 March**|**2024 2023**|**March**|**31**|**March**||**2024**| ||**£**||**£**||**2023**|||| |||||**£**|||**£**|| |Stocks|11,245||8,083||-|||-| Page 31 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** ## **16 Debtors** |Trade debtors
Due from group undertakings
Prepayments and accrued income
Other debtors|**Group**
**31 March**
**2024**
**£**
**31 March**
**2023**
**£**
249,753
246,008
-
-
260,275
355,811
23,822
27,301
533,850
629,120|**Charity**
**31 March**
**2024**
**£**
**31 March**
**2023**
**£**
208,025
213,369
14,970
74,088
260,275
355,811
35,589
27,301
518,859
670,569| |---|---|---| ## **17 Creditors: amounts falling due within one year** |Trade creditors
Other loans
Other taxation and social security
Other creditors
Accruals and deferred income|**Group**
**31 March**
**2024**
**£**
**31 March**
**2023**
**£**
155,531
28,163
14,048
14,048
-
28,067
-
1,592
221,398
227,710
390,977
299,580|**Charity**
**31 March**
**2024**
**£**
**31 March**
**2023**
**£**
154,327
18,772
14,048
14,048
-
-
-
1,472
220,116
227,710
388,491
262,002| |---|---|---| ## **18 Creditors: amounts falling due after one year** |||**Group**|||**Charity**|**Charity**|| |---|---|---|---|---|---|---|---| ||**March**||**March**|**March**|**31**|**March**|
**2024**| ||**2024**||**2023**||**2023**||| ||**£**||**£**|**£**|||**£**| |Other loans||-|14,048||-||14,048| The charity has a loan from Access to Growth GM which is being repaid over 3 years. Interest is charged at a fixed rates of 6.6%. ## **19 Obligations under leases and hire purchase contracts** ## **Operating lease commitments** **Group Charity** Page 32 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** |Total future minimum lease payments
under non-cancellable operating leases
are as follows:
**Land and buildings**
Within one year
Between one and five years
**20 Funds**
**Charity**
**Unrestricted funds**
**_General_**
General Funds
**Unrestricted funds**
**_General_**
General Funds|**31 March**
**2024**
**£**
100
-
**Balance at 1**
**April 2023**
**£**
136,270
**Balance at 6**
**April 2022**
**£**
489,833
100|**31 March**
**2023**
**£**
400
100
500
**Incoming**
**resources**
**£**
1,378,206
**Incoming**
**resources**
**£**
1,634,974|**31 March**
**2024**
**£**
100
-
**Resources**
**expended**
**£**
(1,330,955)
**Resources**
**expended**
**£**
(1,988,537)
100|**31 March**
**2023**
**£**
400
100
500
**Balance at 31**
**March 2024**
**£**
183,521| |---|---|---|---|---| |||||| |||||| |||||**Balance at 31**
**March 2023**
**£**
136,270| Page 33 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** ||**Balance at 1**|**Incoming**|**Resources**|**Balance**|**at 31**| |---|---|---|---|---|---| |**Group and Company**|**April 2023**
**£**|**resources**
**£**|**expended**
**£**|**March**
**£**|**2024**| |**Unrestricted funds**|||||| |**_General_**|||||| |General Funds|221,242|1,431,008|(1,360,872)|291,378|| |**Restricted funds**|||||| |Building grant|9,104,008|-|(183,372)|8,920,636|| |Foyle Foundation|25,000|-|(25,000)||-| |Access to Growth|6,818|-|(6,818)||-| |National Lottery Heritage Fund|19,068|-|(19,068)||-| |Ellerman|36,032|53,160|(40,532)|48,660|| |Art Fund|40,959|-|(32,571)||8,388| |DCMS Wolfson|214,300|16,374|(230,674)||-| |Valencia|96,575|-|(96,575)||-| |National Lottery Community Fund|9,795|-|(9,795)||-| |Other restricted grants|-|5,050|-||5,050| |The Headley Trust|-|30,000|(2,040)|27,960|| |National Lottery Heritage Fund -|||||| |Adapt to Thrive|-|245,007|(4,557)|240,450|| |Changing Places|-|50,000|(50,000)||-| Page 34 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** |**Total restricted funds**
**Total funds**
**Building grant**|9,552,555
9,773,797|399,591
1,830,599|(701,002)
(2,061,874)|9,251,144
9,542,522| |---|---|---|---|---| Grant awarded for the construction of the current museum building, which opened to the public in 2010, being amortised over a period consistent with the useful economic life of the building. ## **Foyle Foundation** Grant awarded as part of our Nothing About Us Without Us access improvement works; now the Welcome Project. ## **Access to Growth** Grant element of a GMCVO funding package to redevelop aspects of PHM’s public spaces and commercial offerings to enhance self-generated income potential. ## **NLHF** Grant awarded in respect of PHM’s Nothing About Us Without Us programme. The majority of the funding has supported the production of the headline exhibition and associated ancillary costs. ## **ACE DDF** Funded a project to digitize PHM’s extensive poster collection and improve online access to and cataloguing of PHM’s collection of printed materials. ## **John Ellerman Foundation** Funding a project within the Collections department to catalogue, digitize and democratize access to more of PHM’s collection, focusing specifically on badges. ## **Garfield Weston Foundation** Grant awarded in respect of PHM’s Nothing About Us Without Us programme, supporting the production of PHM’s headline exhibition and associated ancillary costs. ## **Art Fund** Grant awarded to support a detailed review and redesign of PHM’s learning programme. ## **DCMS Wolfson** Capital funding relating to PHM’s Welcome Project, a programme of capital works to update and improve access to PHM’s public spaces. ## **Valencia Communities Fund** Capital funding relating to PHM’s Welcome Project, a programme of capital works to update and improve access to PHM’s public spaces. ## **National Lottery Community Fund** Funding access production for events associated with PHM’s Nothing About Us Without Us programme and other engagement activities. Page 35 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** ## **Joseph Rowntree Charitable Trust** Funding to enable elements of PHM’s Migration programme to be digitized and made available indefinitely on the museum’s website. ## **The Headley Trust** Two year project to fund a Collections Assistant post for 2 years. Creating a dynamic early career opportunity to provide vital capacity to catalogue, process new acquisitions, support research visits linked to our collections which have never been more relevant ## **National Lottery Heritage Fund** Adapt to Thrive - A two year project to support the resilience of the organisation. Adapt to Thrive focusses on growing the fundraising and venue hire capacity of the organisation in order to bolster unrestricted funds. ## **Changing Places** Funding to support the installation of a Changing Places facility in the museum as part of a wider project to implement the recommendations of the Access ||**Balance at 6**|**Balance at 6**|**Incoming**|**Resources**|**Balance at**| |---|---|---|---|---|---| ||**April**|**2022**|**resources**|**expended**|**31**| ||**£**||**£**|**£**|**March 2023**| |**Unrestricted funds**|||||**£**| |**_General_**|||||| |General Funds|513,035||1,347,415|(1,639,208)|221,242| |**Restricted funds**|||||| |Building grant|9,287,880||-|(183,872)|9,104,008| |Foyle Foundation|25,000||-|-|25,000| |Access to Growth||6,818|-|-|6,818| |National Lottery Heritage Fund|129,500||-|(110,432)|19,068| |Arts Council England|46,672||-|(46,672)|-| |Ellerman||-|39,102|(3,070)|36,032| |Garfield Weston Foundation|30,000||-|(30,000)|-| |Art Fund||-|40,959|-|40,959| |DCMS Wolfson||-|214,300|-|214,300| |Valencia||-|96,575|-|96,575| |National Lottery Community Fund||-|9,795|-|9,795| |Joseph Rowntree||-|5,000|(5,000)|-| |Other restricted grants||-|5,000|(5,000)|-| Page 36 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** |**Total restricted funds**
**Total funds**
**21 Analysis of net assets between**
**funds**|9,525,870
10,038,905|410,731
1,758,146|(384,046)
(2,023,254)|9,552,555
9,773,797| |---|---|---|---|---| ## **Group** |Tangible fixed assets
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**General funds**
**£**
214,466
467,889
(390,977)
291,378|**Restricted**
**£**
8,920,636
330,508
-
9,251,144|**Total funds**
**£**
9,135,102
798,397
(390,977)
9,542,522| |---|---|---|---| ## **22 Company Limited by Guarantee** The National Museum of Labour History is a company limited by guarantee but not having a share capital and is registered as a charity under the Charities Act 2011. Every member undertakes to contribute to the assets of the Museum in the event of it being wound up while they are a member, or within one year after they cease to be a member and of the costs, charges and expense of winding up, and for the adjustment of the rights of the contributories among themselves, such amounts as may be required, not exceeding £1 per member. ## **23 Analysis of net funds** ## **Group** |**At 1 April 2023**
**£**
Cash at bank and in hand
423,539
Loan
(28,096)
Net cash
395,443
395,443|**Cash flow**
**£**
(167,173)
14,048
(153,125)
(153,125)|**At 31 March**
**2024**
**£**
256,366
(14,048)
242,318
242,318| |---|---|---| ## **24 Related party transactions** Page 37 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** ## **Charity** During the year the charity made the following related party transactions: In accordance with FRS 102, the Charity discloses related party transactions that were recognised in the Statement of Financial Activities. Trustees' remuneration and expenses are disclosed in note10 and remuneration of key management personnel in note 11. During the year 1 of the Trustees declared that a family member was employed by the Charity (2023: 1). The employee concerned is Serpil Lindsay £22,247 (2023: £19,080) wife of Trustee Steven Lindsay who resigned on 10 November 2023. The figures indicate the total cost to the Charity of their employment including Employers NI and Employers Pension contributions. Application amd interview procedures were followed, no conflict or significant benefit was perceived and both Trustees declared the interest and did not vote on pay scale changes that affected all staff. During the year the Charity received a gift aid donation of £84,973 (2023: £23,202) from its subsidiary, National Museum of Labour History Trading Company Limited. The balance due from National Museum of Labour History Trading Company Limited at the year-end was £14,970 (2023: £74,088). During the year the Charity received donations from Trustees totalling £7,409. ## **25 Prior period Statement of Financial Activities** |**Income and Endowments from:**
**Note**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Total Income
**Expenditure on:**
Raising funds
Charitable activities
7|**Unrestricted**
**funds**
**£**
1,034,827
11,876
253,540
68
(61,402)
(1,530,702)
1,300,311|**Restricted**
**funds**
**£**
410,731
-
-
-
-
(384,046)
410,731|**Year from 6**
**April 2022 to**
**31 March**
**2023**
**£**
1,445,558
11,876
253,540
68
(61,402)
(1,914,748)
1,711,042| |---|---|---|---| Page 38 ## **National Museum of Labour History** ## **Notes to the Financial Statements for the Year Ended 31 March 2024** |Total Expenditure
Net (expenditure)/income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
20|(291,793)
513,035
221,242
(1,592,104)
(291,793)|26,685
9,525,870
9,552,555
(384,046)
26,685|(265,108)
10,038,905
9,773,797
(1,976,150)
(265,108)| |---|---|---|---| Page 39