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2025-03-31-accounts

Company number: 02041438 Charity Number: 295260

NATIONAL MUSEUM OF LABOUR HISTORY(THE)

Group report and financial statements For the year ended 31 March 2025

NATIONAL MUSEUM OF LABOUR HISTORY Group report and financial statements For the year ended 31 March 2025

Company number 02041438 Charity number 295260 Registered office and operational address

People’s History Museum, Left Bank, Spinningfields, Manchester, M3 3ER.

The National Museum of Labour History also known as People’s History Museum.

Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

No trustees held title to property belonging to the charity during the reporting period or at the date of approval.

Key management personnel

Katherine Barlow Director (joined 06/01/2025) Katy Ashton Director (left 14/07/2024) Melony Pentreath Director of Finance & Resources (joined 25/06/2025) Chrissy Davison Director of Finance & Resources (left 26/07/2024) Aine Graven Head of Development Jennifer Mabbott Head of Collections & Engagement

Bankers Cooperative Bank Balloon St, Manchester

Auditors Slade & Cooper Limited

Beehive Mill, Jersey Street, Ancoats, Manchester, M4 6JG

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NATIONAL MUSEUM OF LABOUR HISTORY Group report and financial statements For the year ended 31 March 2025

The trustees present their report and the audited financial statements for the year ended 31 March 2025. Included within the trustees’ report is the directors’ report as required by company law.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

People's History Museum (PHM) is the national museum of democracy. We are the only museum dedicated to telling the story of the development of democracy in Britain. We engage, inspire and inform all audiences by showing that 'there have always been ideas worth fighting for.

PHM is a private company limited by guarantee without share capital (company number 02041438) as defined by the Companies Act 2006. Furthermore, PHM is registered as a Charity (charity number 295260).

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 Chairty Commission for England and Wales.

Purposes and aims

The Memorandum of Articles set out the charitable purpose as:

“The advancement of education learning and knowledge by the provision and maintenance of a museum for the public exhibition and display of documents books photographs and any other items of visual history relating to all aspects of the history of the Trade Union and Labour Movements insofar as they are part of the social cultural history of Great Britain and to promote research into and the collection and preservation of items which relate thereto.”

People’s History Movement is based in Spinningfields in Manchester. It fulfills it’s objectives through:

Public benefit

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

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NATIONAL MUSEUM OF LABOUR HISTORY Group report and financial statements For the year ended 31 March 2025

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.

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

Achievements and performance

The charity's main activities and who it tries to help are described below. Charitable activities focus on education learning and knowledge and are undertaken to further People’s History Museum’s charitable purposes for the public benefit.

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NATIONAL MUSEUM OF LABOUR HISTORY Group report and financial statements For the year ended 31 March 2025

able to see the original LGSM banner on display as part of the banner exhibition and have their photograph taken with a replica. This was attended by 96 people, many of whom were new audiences for the museum.

The museum’s successes in 2024/25 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 financial year was extremely challenging for the museum, with a forecast deficit position driven by interlinked external factors. Income was impacted by visitor numbers which have not returned to prepandemic levels representing a loss of secondary spend, and major funding agreements have been awarded at a standstill level rather than in line with inflation. The operating environment created expenditure pressures with utility costs rising by over £100k in a single year despite a 23% reduction in usage, inflationary costs for staff and services rising by unprecedented levels across the board, and the cost of living crisis impacting secondary spend revenue.

The need to stabilise the cost base led to a full spending review and some extremely difficult decisions. Actions included freezing vacant posts and all non-essential expenditure and sadly a staff restructure and redundancy programme.

In the opinion of the Trustees, the Charity’s assets are sufficient to fulfil its obligations.

Reserves policy

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 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 £506,053) will enable the Museum to function until alternative funding is secured. The current free reserves have been depleted as a result of the financial pressures the organisation has faced in recent years, and are £162,372) 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.

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NATIONAL MUSEUM OF LABOUR HISTORY Group report and financial statements For the year ended 31 March 2025

Plans for the future

The museum has developed a new business plan under the leadership of the new director. Key plans for the coming year include:

Fundraising

As an independent charity the museum seeks to raise funds through trusts and foundations, donors from museum visitors and supporters and by claiming gift aid. The museum does not employ a dedicated fundraiser, fundraising is a shared responsibility overseen by the Head of Development.

During this financial year the museum enlisted fundraising capacity from Counter Culture for a time specific project, Time to Strike, which sought to attract a new pool of high net worth donors to join the museum’s supporter scheme. This project is ongoing and will complete in the next financial year.

Structure, governance and management

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 Director 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

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NATIONAL MUSEUM OF LABOUR HISTORY Group report and financial statements For the year ended 31 March 2025

the previous 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 11.

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.

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).

The organisation is a charitable company limited by guarantee - company number 02041438 and charity number 295260.

The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.

All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in Note 11 to the accounts.

Related parties and relationships with other organisations

The company structure also includes a subsidiary company, the National Museum of Labour History Trading Company, a Private limited Company (registration number 02526352|). The Trading Company was established in 1990 to run the commercial activity which currently comprises retail, venue hire and catering.

Risk management

The Museum Director is charged with notifying Trustees of any risks facing the Museum and of important income and expenditure matters including:

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NATIONAL MUSEUM OF LABOUR HISTORY Group report and financial statements For the year ended 31 March 2025

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.

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NATIONAL MUSEUM OF LABOUR HISTORY Group report and financial statements For the year ended 31 March 2025

Statement of responsibilities of the trustees

The trustees (who are also directors of National Museum of Labour History for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable group 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.

In so far as the trustees are aware:

The trustees’ annual report has been approved by the trustees on Friday 7 November 2025 and signed on their behalf by

Bernard Donoghue OBE

Chair of Trustees

8

Independent auditors’ report

to the members of

NATIONAL MUSEUM OF LABOUR HISTORY

Opinion

We have audited the financial statements of National Museum of Labour History Ltd (the ‘parent charitable company’) and its subsidiaries for the year ended 31 March 2025, which comprise the Consolidated Statement of Financial Activities (including the income and expenditure account), the Balance Sheets of the group and the parent charitable company, the Consolidated Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

9

Independent auditors’ report

to the members of

NATIONAL MUSEUM OF LABOUR HISTORY (continued)

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either

intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

10

Independent auditors’ report

to the members of

NATIONAL MUSEUM OF LABOUR HISTORY (continued)

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:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor’s report.

11

Independent auditors’ report

to the members of

NATIONAL MUSEUM OF LABOUR HISTORY (continued)

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and its trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Chinwe Jennifer Daniel FCCA DChA Senior Statutory Auditor for and on behalf of Slade & Cooper Limited Statutory Auditors Beehive Mill Jersey Street Manchester M4 6JG Date: 21[st] November 2025

Slade & Cooper Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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National Museum of Labour History Consolidated Statement of Financial Activities (including Income and Expenditure account) for the year ended 31 March 2025 Unrestricted funds Restricted funds Total funds 2025 Total funds 2024 as restate(J Note Income from: Donations and legacies 1,129,088 154,527 1,283,615 1,577,143 Charitable activities.. 20.079 20,079 7,428 Other trading activities 269,353 269,353 214,667 Total income 1.418.520 154.527 1.573.047 1,799,238 Expendlture on: Raising funds 68,019 68,019 37,662 Charitable activities.. 1.253.480 436.086 1,689,566 2,024,212 Total expendlture 1,321,499 436,086 1,757,585 2,061,874 Net income/{expenditure) before net gainsl(losses) on investments 97.021 (281.559) { 184,538) (262,636) Realised gainslllosses) on investments Unrealised gainsl(losses) on investments Net income/(expenditure) for the year 97.021 (281.559) (184.538) (262,636) Transfer between funds 1.854 (1,854) Net movement in funds for the year 98.875 (283.413) (184.538) (262,636) Reconciliation of funds Total funds brought forvyard 260.017 9.251.IH 9,511,161 9,773, 797 Total funds carried forward 358.892 8.967.731 9,326.623 9.511,161 The statement of financial activities includes all gains and losses recognised in the year. All incorne and expenditure derive from continuing activities. 13

National Museum of Labour History Company number 02041438

Balance Sheets as at 31 March 2025

----- Start of picture text -----
The group The Charity
Note 2025 2024 2025 2024
as restated
£ £ £ £
Fixed assets
Tangible assets 14 8,933,784 9,135,102 8,933,784 9,135,102
Investments 15 - - 2 2
Total fixed assets 8,933,784 9,135,102 8,933,786 9,135,104
Current assets
Stock 16 16,410 11,245 - -
Debtors 20 198,347 533,851 197,699 518,859
Cash at bank and in hand 21 279,272 253,302 173,692 169,193
Total current assets 494,029 798,398 371,391 688,052
Liabilities
Creditors: amounts falling
due in less than one year 22 (101,190) (422,339) (93,189) (388,491)
Net current assets 392,839 376,059 278,202 299,561
Total assets less current liabilities 9,326,623 9,511,161 9,211,988 9,434,665
Creditors: amounts falling
due after more than one year 23 - - - -
Net assets 9,326,623 9,511,161 9,211,988 9,434,665
Funds of the charity:
Restricted income funds 24 8,967,731 9,251,144 8,967,731 9,251,144
Unrestricted income funds 25 358,892 260,017 244,257 183,521
Total charity funds 9,326,623 9,511,161 9,211,988 9,434,665
----- End of picture text -----

These accounts are prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The notes on pages 16 to 41 form part of these accounts.

Approved by the trustees on 09/11/2025 and signed on their behalf by:

Bernard Donoghue OBE (Chair)

14

National Museum of Labour History Consolidated Statement of Cash Flows for the year ending 31 March 2025 2025 2024 as restated Cash provided by/(used in) operating activities 29 91.719 178,330 Cash flows from investing activities.. Purchase of tangible fixed assets (51,701) (334,519) Cash provided by/(used in) investing artivities (51.701) (334,519) Cash flows fmm financing activities." Repayment of borrowing { 14,048) (14,048) Cash provided by/(used in) financing activities (14.048) (14.048) Increase/(decrease) in cash and cash equivalents in the year 25,970 (170,237) Cash and cash equivalents at the beginning of the year 253,302 423.539 Total cash equivalents at the end of the year 279,272 253,302 15

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 Accounting policies The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows: a Basis of preparation 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), second edition October 2019 (Charities SORP (FRS 102)), the Financial Reporting Standard pplicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 and UK Generally Accepted Accounting Practice. National Museum of Labour History meets the definition of a public benefit entity under FRSIO2. Assets and liabilities are initially recognised at historical cost or transartion value unless otherwise stated in the relevant accounting policy note. b Group financial statements These financial staternents consolidate the results of the charitable company and its wholly-owned subsidiary National Museum of Labour History Trading Company Limited on a line by line basis. A separate Statement of Financial Activities and Income and Expenditure account are not presented for the charity itself following exemptions afforded by sertion 408 of the Companies Art 2006. The charity made a loss after tax for the financial year of £222.680 (2024.. loss of £227,880) c Preparation of the accounts on a going concern basis The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. Key judgrnents which the trustees have made which have a significant effect on the accounts include determination of whether there are indicator5 of impairnient of the Charity's tangible fixed assets. Factors taken into consideration include the economic viability and expected future financial performance of the asset. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are as follov4s'. 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 projerted disposal values. The carrying amount of such assets is £8,933,784 12024: £9,135,102). 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 at the balance sheet date is £nil (2024.. £nil). 16

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) d Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item{s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from government and other grants. whether'capital, grants or 'revenue' grants, is recognised when the charity has entitlement to the funds. any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliablv and is not deferred. For legacies, entitlement is taken as the earlier of the date on which either- the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy. in whole or in part. is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity. or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material. Income received in advance of a provision of a specified Servi￿ is deferred until the criteria for income recognition are met. e Donated services and facilities Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 1021, general volunteer is not recognised; refer to the trustees, annual report for more information about their contribution. On receipl, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market,. a corresponding amount is then recognised in expenditure in the period of receipt. f Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is normally upon notification of the interest paid or payable by the Bank. 17

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) g Fund accounting Unrestritted funds are available to spend on artivities that further any of the purposes of charity- Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. h Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlemenl will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings- Costs of raising funds comprise the costs of commercial trading and its associated support costs. Expenditure on charitable artivities includes the costs undertaken to further the purposes of the charity and their associated support costs. Other expenditure represents those item5 not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. i Allocation of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support Costs have been allocated are set out in note 9. j Operating leases Operating leases are lease5 in which the title to the assets. and the risks and rewards of ownership, remain with the lessor. Rental charges are charged on a straight line basis over the term of the lease. k Tangible fixed assets Individual fixed assets costing £IOOO or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows= Museum building Equipment Fixtures & ffittings Long leasehold buildings Exhibition fixtures & fittings 50 years 10 years 10 years 50 years 10 years 18

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) l Fixed asset investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently meaSU￿d at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Charity does not acquire put options, derivatives or other complex financial instruments. m Stock Stock is included at the lower of cost or net realisable value. In general, cost is determined on a first in, first out basis. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of reali5ation. Provision is made where necessary for obsolete, slow movingi and defective stocks. Donated items of stock are recognised at fair value which is the mount the charity would have been willing to pay for the items on the open market. n 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. o Cash at bank and in hand Cash at bank and cash in hand includes cash and short temi 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. p Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. q Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transattion value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 19

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) r Pensions Employees of the charity are entitled to join a defined contribution 'money purchase, scheme. The charity's contribution is restricted to the contributions disclosed in note 11. There were no outstanding contributions at the year end. The costs of the defined contribution scheme are included within expenditure on charitable attivities in note 8. The charity has two pension schemes in operation. The money purchase plan is managed by Greater Manchester Pension Fund IGMPFI and the plan invests the contributions made by the employee and employer in an investment fund to build up over the term of the plan a pension fund which is then converted into a pension upon the employee's normal retirement year age when eligible for a state pension. 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. The trust has no liability beyond making its contributions and paying across the deductions for the employee's contributions. There were no contributions outstanding at the year-end. The second, managed by Aviva. started on 1st January 2025 and is for employees taken on after that date. This is also a defined contribution scheme. Legal status of the charity The charity is a company limited by guarantee registered in England and Wales and has no share capital. In the event of the charity being wound up. the liability in respert of the guarantee is limited to £1 per member of the charity. The registered office address is disclosed on page l. 20

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) Income from donations and legacies Collections and Engagement Current reporting period Operations Comms and PR Total 2025 Restricted Grants receivable Art Fund Ellerrnan Fidelity Royal Holloway The Barry Amiel & Norman Melburn Trust The Headley Trust The Pilgrim Trust 759 40,544 21.329 2,746 758 758 2,275 40,544 63,988 8,237 21.330 2,745 21,329 2,746 5,000 24,000 1.494 5,000 30,000 4,483 6,000 1,494 1.495 Total 95,872 26,328 32,327 154,527 Unrestricted Gifts and sponsorship Gift in kind - Manchester City Council Royalty income General donations and subscriptions Radical Heroes Banner conservation Gift aid 157,846 157,846 26,298 26.298 21,516 14.016 33,790 3,058 21,516 14.016 21,516 14,016 64,548 42,048 33,790 9,174 3,058 3,058 Grants recelvable Arts Council England GMCA other unrestricted grants 109,308 136.323 14,470 109,308 136.323 14,470 109,308 136,323 14,470 327,924 408,969 43,410 Legacies Legacy 5,027 5,027 5,027 15,081 Total 363,806 461,564 303,718 1,129,088 21

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) Income from donations and legacies continued Collections and Engagement Previous reporting period Operations Comms and PR Total 2024 Restricted Grants receivable Trust & Foundation Changing Places DCMS Wolfson Ellerman National Lottery Heritage Fund Grant The Headley Trust 2,020 20,000 6.550 42,528 2,020 20,000 6.550 I,oio 10,000 3,274 10,632 5,050 50,000 16,374 53,160 98,003 24.000 98,003 49,001 6,000 245,007 30,000 Total 193.101 126.573 79,917 399,591 Unrestricted Gifts and sponsorship Gift in kind - Manchester City Council Royalty income General donations and subscriptions Radical Heroes Banner conservation Gift aid 186,423 186,423 12,681 12.681 31.278 993 41,675 2.289 31.278 993 31,279 993 93,835 2,979 41,675 6,869 2.289 2,291 Grants receivable Arts Council England GMCA other unrestricted grants 109.308 136,324 32.065 109,308 136,324 32.065 109,308 136,323 32,065 327,924 408,971 96,195 Total 366.613 498.680 312,259 1,177,552 22

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) Income from charitable artivities Current reporting period Unrestrirted Restrirted Total 2025 Income from curatiorial, exhibition and educational activities 20.079 20,079 Total 20.079 20,079 Previous reporting period Unrestricted Restrirted Total 2024 Income from curatiorial. exhibition and educational activities 7,428 7,428 Total 7,428 7,428 Income from other trading activities 2025 2024 as restated Other trading income 269,353 214,667 269,353 214,667 All income from other trading artivities 15 unrestrirted. Cost of ralslng funds 2025 2024 Administration Cost of good sold 19,940 48.079 6,416 31,246 68,019 37,662 All expenditure on cost of raising funds is unrestrirted. 23

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) Analysis of expenditure on charitable artivities Collections and Engagement Current reporting period Operations Comms and PR Total 2025 Exhibition costs Learning Conservation Wages & Salaries Employer's NIC Pension costs staff - casual cover/traininglrecruitment Rent & rates Water Light & heat Repairs & maintenance Insurance Marketing Governance costs {see note 8) Support costs (see note 81 2,027 9,029 987 276,059 20,836 68,118 2,027 9,029 987 690,147 52,090 170,295 276,059 20,836 68,118 138,029 10,418 34,059 289 289 157,846 3,967 100,692 68.463 11,066 144 722 157,846 3,967 100,692 68,463 27,665 28,233 11,066 5,533 28.233 7,513 7,513 7,513 22,539 97.390 160,085 97,389 354,864 493.314 874.934 321.318 1,689,566 24

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) Analysis of expenditure on charitable artivities continued Collertions and Engagement Previous reporting period Operations Comms and PR Total 2024 Exhibition costs Learning Conservation Wages & Salaries Employer's NIC Pension costs staff - casual cover/traininglrecruitment Rent & rates Water Light & heat Repairs & maintenance Insurance Marketing Governance costs {see note 8) Support costs (see note 81 18,507 3.521 6,217 338,702 27.484 87,583 18,507 3,521 6,217 846, 755 68,710 218,958 338,702 27.484 87,583 169,351 13,742 43, 792 371 371 186.423 4,670 188,593 91.414 8,259 186 928 186,423 4,670 188,593 91,414 20,647 29,678 8,259 4,129 29,678 6,590 6,590 6,589 19,769 90.859 137.704 90,859 319,422 588.093 1.077.793 358,326 2,024,212 2025 2024 Restricted expenditure Unrestricted expenditure 436,086 1,253,480 701,002 1,323,210 1,689,566 2,024,212 25

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) Analysis of governance and support costs Support ¢ost$ Basis of apportionment Collections and Engagement Collections and Engagement Operations Comms and PR Total 2025 Operations Comms and PR Total 2024 Travel and subsistence Legal and profession Sundry Telephone Postage, print and stationery Depreciation Subscrlptlons IT costs Customer entertaining other interest payable Bank charges 536 536 59,774 2,921 2,172 536 1,608 59,774 2,921 6,516 1,281 1,281 46,358 487 1,964 1,281 3,843 46,358 487 5,892 2, 172 2,172 1,964 1,964 419 84,340 6,998 1,929 419 84,340 6,998 1,929 419 84,339 6,998 1,929 1,2S7 253,019 20,994 5,787 446 75,367 3,934 6,491 446 75,367 3,934 6,491 446 75,367 3,934 6,491 1,338 226, 101 11,802 19,473 850 146 850 146 8SO 146 2,5SO 438 850 524 850 524 850 524 2,550 1,572 Support costs total 97,390 160,085 97,389 354,864 90,859 137,704 90,859 319,422 Governance costs Basis of apportionment Collettlons and Engagement Operatlons Comms and PR Collectlons and Engagement Comms and PR Total 2025 Operatlons Total 2024 Audit and accountancy 7,513 7,513 7,513 22,539 6,590 6,590 6,589 19,769 Governance costs total 7,513 7,513 7,513 22,539 6,590 6,590 6,589 19,769 Governance and support costs total 104,903 167,598 104,902 377,403 97,449 144,294 97,448 339,191 26

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) Net income/{expenditure) for the year This is Stated after chargingl(crediting): 2025 2024 Depreciation Auditor's remuneration audit fees Auditor's remuneration accountancy fees Staff pension contributions 253.019 6,500 3,100 170.295 226,101 8,430 2,240 218,958 10 Staff costs Staff costs during the year were as follows: 2025 2024 Wages and salaries Social security costs Pension costs 690,147 52.090 170,295 846, 755 68,711 218,958 912,532 1,134,424 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. The financial assumptions underlying the valuation were as follows: per annum Discount rates cpi Pay increases Pension increases 27

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) 10 Staff costs continued No employee5 have employee benefits in excess of £60.000 12024.. Nil). The averaqe nurnber of staff employed by the qroup durinq the period was 34 {2024.' 39). The average number of staff employed by the charity during the period was 34 (2024: 391- The average full time equivalent number of staff (including senior management team) employed by the group during the period was as follows: The group The charlty 2025 2025 2024 2024 Number of museum staff Number of support staff 26 26 26 26 26 26 26 26 The key management personnel of the charity comprise the trustees and the Senior Management Team. The total employee beneffits of the key management personnel of the charity were £160,828 (2024.. £221.3841. 28

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) 11 Trustee remuneration and expenses, and related party transactions I member of the board of trustees received travel and subsistence expenses during the year of £210 {2024.'£nil). During the year the Charity received donations from trustees totalling £4. 140 (2024.. £7,409). During the year the Charity received donation from the Trades Union Congress totalling £1,000 (2024- £1,000), who have the right to appoint a member of the Charity's Board. During the year the Charity received a gift in kind from Manchester City Council of the value £157,846 {2024'. £186,423), who have the right to appoint a member of the Charity's Board. No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity, including guarantees, during the year (2024- nil). In the prior year, l of the trustees declared that a family member was employed by the charity. The employee concerned was Serpil Lindsay. wife of trustee Steven ￿nd$aY who resigned on 10 November 2023. The employee received £22,247 and indicates a total cost to the Charity for their eimployment, including employer's NI and employer's pension contributions. Application and interview procedures were followed. no conflirt or significant benefit was perceived and the trustee declared their interest and did not vote on pay scale changes that affected all staff. During the year the Charity received a gift aid donation of £76,496 (2024- £84,973) from its subsdiaryi 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 £20,013 (2024.. £14,970). The balance owed to National Museum of Labour History Trading Company Limited at the year end was £33,281 {2024.' £nil). 29

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) 12 Government grants The government grants recognised in the accounts were as follows: 2025 2024 DCMS Wolfson Gift in kind - Manchester City Council GMCA 16,374 186,423 408,971 157.846 408,969 566,815 611,768 13 Corporation tax The charity is exempt from tax on incorne and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Art 1992 to the extent that these are applied to its charitsble objects. No tsx charges have arisen in the charity. The charity's trading subsidiary National Museum of Labour History Trading Company Limited gift aids available profits to the parent charity. Its charge to corporation tax in the year was.. 2025 2024 UK corporation tax at 200/0 (2024- 200/0} 30

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) 14 Fixed assets: tangible assets The charlty Museum Building (restricted) Exhibition Fixtures & Fittings FixtLJres & Fittings Leasehold Property Equipment Total Cost At l April 2024 Additions Disposals 12,530,726 486,028 20,934 313,151 103,301 439,291 30,767 13,872,497 51,701 At 31 March 2025 12,530,726 506,962 313,151 103,301 470,058 13,924,198 Depreciation At l April 2024 Charge for the year Disposals 3,929,320 183,372 114,683 44,072 280,956 10,800 52,319 1,416 360,117 13,359 4,737,395 253,019 At 31 March 2025 4,112,692 158,755 291,756 53,735 373,476 4,990,414 Net book value At 31 March 2025 8,418,034 348,207 21,395 49,566 96,582 8,933,784 At 31 March 2024 8,601,406 371,345 32,195 50, 982 79,174 9,135,102 There are no fixed assets held by the subsdiary company 31

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) 15 Investments The group The charlty 2025 2025 2024 2024 Market value at the start of the year Market value at the end of the year Investments comprised.. Shares in subsidiary undertaking Investments are all carried at fair value and are all traded in quoted public markets except the shares in the subsidiary undertaking. 16 Stock The group The charity 2025 2025 2024 2024 stocks 16.410 11.245 16.410 11.245 17 Deferred income - Prior period adjustment I ne accounts nave Deen restateo ro Incorporare rne Impact or Incorrect cur-orr appiiea ro venue nire income in previoys year. This change has resuted in profits available for distribution at 31 March 2024 decreased by £31,361. Summary of the prior year accounting impact Venue hire income (included in Other trading income) before adjustment Decrease in incomelincrease creditor - deferred income 107,857 (31,361) Venue hire income (included in Other trading income) as restated £ 76,496 32

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) 18 Subsidiary undertaking The Charitable company owns the whole of the issued ordinary share capital of National Museum of Labour History Trading Company Limited, a company registered in England and Wales. The subsidiary is used for non-primary purpose trading artivities including running of the Museum shop, corporate room hire and other income generation artivities. Available profits are gift aided to the charitable company. A surnrnary of the results of the subsidiary is shown below: Profit and loss account 2025 2024 as restated Turnover Cost of sales Administration costs Taxation Donation to parent charity 269,353 (48,079) (106,639) 217,549 (31,246) (109,807) (76.496) (84,973) Net profit £ 38,139 £ (8,477) Balance sheet 2025 2024 as restated Fixed assets Current assets Creditors due in le5S than one year 175,931 (61,294) 137,082 (60,584) £114.637 £76,498 Called UD share Capital Profit and loss account 114,635 76,496 £114,637 £76,498 19 Parent charity The parent charity's gross income and the results for the year are disclosed as follow: 2025 2024 Gross income Result for the year 1.466,889 {222,680) 1.783,555 (227,880) 33

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) 20 Debtors The group The charity 2025 2025 2024 2024 Due from group undertakings Trade debtors Other debtors Prepayments and accrued income 20,013 8,826 320 168,540 14,970 208,025 35,589 260,275 28,304 1.193 168,850 249.753 23,823 260,275 198,347 533,851 197,699 518,859 21 Cash at bank and in hand The group The charity 2025 2025 2024 2024 Cash at bank and on hand 279,272 253.302 173,692 169,193 279.272 253,302 173,692 169,193 22 Creditors: amounts falling due within one year The group The charity 2025 2025 2024 as restated 2024 Due from group undertakings Trade creditors Other creditors and accruals Deferred incorne Taxation and social security costs other loans 33,281 23,541 23,622 945 11,800 29.635 25,868 25,621 20.066 155,531 16,914 235.846 154,327 15,631 204,485 14,048 14,048 101,190 422.339 93,189 388,491 34

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) 23 Deferred income The group The charity 2025 2025 2024 as restated 2024 Deferred grant brought forward Grant received Trading income received Released to income 235,846 945 24,676 {235.846) 204.485 204,485 31.361 (204.485) 204,485 945 204,485 204,485 (204.485) (204,485) Deferred income carried forward 25.621 235,846 945 204,485 24 Analysis of movements in restricted funds Current reportlng period balance at 31 March 2025 Balance at I April 2024 Income Expenditure Transfers Building grant Art Fund Fidelity John Ellerman Foundation National Lottery Heritage Fund Adapt to Thrive Royal Holloway The Barry Amiel & Norman Melburn Trust The Headley Trust The Pilgrim Trust other restricted grants 8,920,636 8.388 { 183,372) (12,499) (35,540) 8,737,264 2.275 63,988 1.836 28,448 48,660 40,544 (42,221) 46,983 240.450 (104.455) (8.237) 135,995 8.237 5,000 30.000 4.483 (5.000) (38.858) {5.904} 27.960 (5,111) 1.421 13,991 5,050 5,050 Total 9,251,144 154,527 {436,086) (1,854) 8,967,731 35

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) 24 Analysis of movements in restricted funds continued Previous reporting period tjaiance ar 31 March 2024 Balance at I April 2023 Income Expenditure Transfers Building grant Access to Growth Art Fund Changing Places DCMS Wolfson John Ellerman Foundation Foyle Foundation National Lottery Community Fund National Lottery Heritage Fund National Lottery Heritage Fund 9.104,008 6,818 40,959 (183.372) (6.818) (32,571) (50,000) (230,674) 8,920,636 8,388 50.000 16,374 214,300 36,032 25.000 53,160 (40,532) (25.000) 48,660 9.795 (9.795) 19,068 (19,068) 245.007 (4.557) 240,450 The Headley Trust Valencia Other restricted grants 30,000 (2,040) (96,575) 27,960 96.575 5.050 5,050 Total 9,552.555 399.591 (701.002) 9,251,144 Name of Description, nature and purposes of the fund Building grant 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. Access to Growth Grant element of a GMCVO funding package to redevelop aspectsof PHM'S public spaces and coMm￿rCIal offerings to enhance self-generated income potential. Art Fund Grant awarded to support a detailed review and redesign of PHM'S learning programe. Changing Places Funding to support the installation of a Changing Places facility in the museum as part of a wider projett to implement the recommendations of the Acces5. DCMS Wolfson Capital funding relating to PHM'S Welcome Projert, a programme of capital works to update and improve access to PHM'S public spaces. 36

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) 24 Analysis of movements in restricted funds continued Name of restrirted fund Description. nature and purposes of the fund John Ellerman Foundation Funding a project within the Collettions department to catalogue, digitize and democratize access to more of PHM'S collection. focusing specifically on badges. Fidelity Grant offered over a two year period towards a new post of Events Sales Officer to grow income from venue hire and new conference technology for hire. Foyle Foundation Grant awarded as part of our Nothing About Us Without Us access improvement works: now the Welcome Projert. National Lottery Cornmunity Fund Funding access production for events associated with PHM'S Nothing About Us Without Us programme and other engagement activities. National Lottery Heritage Fund Grant awarded in respect of PHM'S Nothing About Us Without Us programme. The majority of the funding haas supported the produrtion of the headline exhibtion and associated ancillary costs. National Lottery Heritage Fund Adapt to Thrive 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 unrestrirted funds. Royal Holloway Reimbursement for staff time and desk space contribution to Inclusive Histories project. The Barry Amiel & Norman Melburn Trust Funding towards 2025 Banner exhibition showcasing political and trade union banners from the museum collection. The Headley Trust Two year projert 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. The Pilgrim Trust Grant funding towards foundational building survey as the basis for future planning and major capital requests in building a sustainable future for the Pump House and short term heat loss reduction Measures. 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. 37

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) 25 Analysis of movement in unrestrirted funds The group Current reporting period Balance at I April 2024 Asat31 March 2025 Income Expenditure Transfers General fund 260.017 1.418.520 (1.321.499) 1,854 358,892 260.017 1.418.520 (1.321.499) 1.854 358,892 Previous reporting period Balance at i April 2023 Asat31 March 2024 as restated Income Expenditure Transfer5 General fund 221.242 1.399.647 (1.360,872) 260,017 221.242 1.399.647 (1,360.872) 260,017 Name of Description, nature and purposes of the fund General fund The free reserves after allowing for all designated funds 38

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) 26 Analysis of group net assets between funds Current reporting period General fund Designated funds Restricted funds Total Tangible fixed assets Net current assets/(liabilities} 196,520 162,372 8,737,264 230,467 8,933,784 392,839 Total 358,892 8,967,731 9,326,623 Previous Reporting Period General fund Designated funds Restricted funds Total Tangible fixed assets Net current assets/(liabilities} 214.466 45,551 8,920,636 330,508 9,135,102 376,059 Total 260,017 9,251,144 9,511,161 27 Analysis of group net funds Balance at I April 2024 Asat31 March 2025 Cash flow Cash at bank and in hand Loan 253.302 (14,048) 25,970 14,048 279,272 Net cash 239,254 40,018 279,272 Previous Reporting Period As at l April 2023 Asat31 March 2024 Cash flow Cash at bank and in hand Loan 423,539 (28.096) (170,237) 14,048 253,302 (14,048) Net cash 395,443 (156,189) 239,254 39

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) 28 Operatlng lease commltments The group'5 total future minimum lease payments under non-cancellable operating leases is a5 follows Property Equipment 2025 2024 2025 2024 Less than one year One to five years 320 1,278 loo 1.598 loo The charity's totsl future minimum lease payments under non-cancellable operating leases is as follow5 Property Equipment 2025 2024 2025 2024 Less than one year One to five years 320 1,278 loo 1,598 loo 29 Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 as restated Net income/{expenditure) for the year Adjustments for: Depreciation charge Decrease/{increasel in stock Decreasel{increase) in debtors IncreaseJ{decrease) irb creditors { 184.538) (262,636) 253,019 (5,165) 335.504 {307,101) 226,101 (3,162) 95,269 122, 758 Net cash provided by/{used in) operating 91,719 178,330 40

National Museum of Labour History Notes to the accounts for the year ended 31 March 2025 (continued) 30 Prior year Statement of Financial Activities (including Income and Expenditure account) Unrestricted nds Restricted funds Total funds 2024 as restated Total funds 2023 Income from: Donations and legacies 1,177,552 399.591 1,577, 143 1,445,558 Charitable activities.. 7.428 7,428 11,876 other tradino artivities 214,667 214,667 253,540 Investments 68 Total income 1.399.647 399,591 1,799,238 1,711,042 Expenditure on: Raising funds 37,662 37,662 61,402 Charitable artivities.. 1,323,210 701.002 2,024,212 1,914,748 Total expenditure 1.360.872 701,002 2,061,874 1,976 150 Net income/(expenditure) before net gainsl(losses) on investments 38,775 (301.411) 1262,636) (265,108) Realised gains/{losses) on investments Unrealised gainslllosses) on investments Net income/(expenditure) for the year 38.775 {301,411) (262,636) (265 108) Transfer between funds 1,854 {1,854) Net movement In funds for the year 40,629 {303,265) {262,636) (265,108) Recon¢iliation of funds Total fund5 brought forward 221,242 9.552.555 9,773,797 10,038,905 Total funds carried forward 261,871 9,249.290 9,511,161 9,773,797 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive frorn continuing activities. 41