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: 

- Bernard Donoghue, OBE – Chair of Trustees – Chair of Association of Leading Visitor Attractions 

- Lord Steve Bassam – Vice Chair 

- Kay Carberry, CBE – Former Assistant General Secretary of the TUC 

- Anna Cornelius – Head of Marketing at Wellcome Collection 

- Councillor Adele Douglas – Manchester City Council 

- Dermot Garvey – Independent Finance Trustee 

- Dave Luckin – Head of Social Investment at the Cooperative 

- Andrea Pearce – Information Manager at the TUC 

- Victoria Phillips – Independent Trustee and former Legal Advisor at Thompsons Solicitors 

- Matilda Quiney 

- Katherine Savage – Partner at Ernst and Young 

- Councillor Nathaniel Tetteh – Salford City Council 

- Suzie Thompson – Director of Development and Alumni Relations at Liverpool University 

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 

1 



## 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: 

- Creating a welcoming visitor experience for circa 80,000 people each year to explore the museum galleries. 

- Providing educational opportunities through our learning programme including workshops to develop skills in oracy and creative skills. 

- Developing and sharing new exhibitions which encourage critical thought and reflection. 

- Conserving and preserving objects and materials linked to museum themes. 

- Supporting independent research through our onsite archive. 

- Delivering a vibrant and dynamic public events programme which offers the opportunity to engage in more depth with the collection, museum themes, develop skills and make new social connections. Partnering on projects which advance learning, curriculum and sharing of stories. 

- Providing civic space and accessible facilities in Manchester city centre. 

## **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. 

2 



## 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. 

- The museum welcomed almost 81,000 visitors between 1 April 2024 and 31 March 2025, an increase on the previous year. 

- Education and youth engagement remains core to the museum’s purpose, with a newly developed learning programme focusing on inspiring and equipping young people with the confidence and skills they need to use their voice in making change. The programme harnesses creativity, combining oracy skills and creative banner making and has been designed with young people and education professionals to help prepare children and young people to become citizens. These sessions utilise the historic collection to highlight examples of changemakers and builds the skills for young people to use their voice in their own brand of activism. Over the past 12 months we have offered over 315 sessions to more than 6,000 learners, more than half from Greater Manchester. Our ambition is to double this. 

- Our annual banner exhibition opened in January 2025 showcasing 27 historic and contemporary banners from PHM’s vast banner collection. The exhibition was curated to reflect significant campaigns, varying through time and topic; from highlighting homelessness in the 1940s, to lesbians and gay men supporting striking miners of the 1980s, to today’s continuing fight for disabled people’s rights, alongside representations of trade unions of the past and present. The themes the banners explore will resonate with visitors as strongly today as they did when the banners were created and carried. The exhibition will run until December 2025. 

- During the year the commercial team worked to relaunch our Venue Hire offer, with the appointment of a new commercial team manager, creation of the new Riverside Room overlooking the River Irwell and a completely refresh of the heritage spaces with new décor, furniture, signage and artwork reproduced from items in the museum collection. The transformation was made possible thanks to an Adapt to Thrive resilience grant from the National Lottery Heritage Fund and a grant from Fidelty Trust.  The changes enabled the national museum of democracy to invest in ways that will secure its future so that it can continue to preserve and share stories of change that empower people to make a difference. In March we hosted a launch event “A Night at the Museum”, welcoming over 150 people to view our revamped venue hire spaces, enjoy entertainment and tour the museum and archive. 

- Our community exhibition programme hosted Southern Voices, a Manchester based voluntary organisation. The exhibition “Exploring the Legacies of Empire: Some Perspectives from the Global South” explored the significance of the civilisations that existed prior to British colonisation and the economic exploitation, environmental degradation, and cultural oppression that followed. 

- Development of the museum’s public programme continued with highlights being Solidarity Forever: 40 Years of LGSM an evening of collections, communities, and conversations to mark 40 years since the 1984 to 1985 Miners’ Strike which led to the founding of Lesbians and Gays Support the Miners (LGSM). This included a Q&A with LGSM members Mike Jackson and Jonathan Blake, with visitors 

3 



## 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. 

- Community banner making workshops with textile artist Helen Mather inspired by the 2025 banner exhibition included two workshops with Proud2bParents, an organisation which supports LGBT+ parents and one with Heart and Parcel, a group that brings people together to develop English language skills. 

- In partnership with Royal Holloway we are working on the Inclusive Histories project. The project seeks to influence the way the curriculum explores topics of democracy and citizenship, as part of a multi-agency “Inclusive Histories” project which will redesign the teaching of British political history at GCSE. Reshaping AQA's Britain: Power and the people aims to foreground the voice, experience and agency of historically marginalised communities in the struggle for rights and representation, connecting young people with stories which reflect their own communities and lived experience. 

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. 

4 



## 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: 

- Strikes exhibition – 2026 sees a series of landmark anniversaries linked to key moments of action in the trade union movement: the centenary of the General Strike, 50 years since the Grunwick strike and 40 years since the NUJ Wapping dispute. Covering issues of gender, race and workers' rights, these moments punctuate a time of intensity and change the relationships between workers, leaders and policy makers. The exhibition will explore the issues that lead to strike action, the impact strikes have on individuals and communities and how workers and supporters have organised to defend their rights through the trade unions. From General Strike banners to the Amazon workers’ Decepticon, this exhibition embodies PHM’s purpose: to interpret the past so we can better navigate the future. 

- Community exhibition – in partnership with IAP:MCR. This NHLF-funded community-led exhibition will draw on banners and objects PHM’s collections to contextualise and reflect on Clause 28 as a key moment for the LGBTQIA+ community in the battle for civil rights. It will replace the annual banner exhibition for this year. 

- Education and youth engagement remains core to the museum’s purpose, with a newly developed learning programme focusing on inspiring and equipping young people with the confidence and skills they need to use their voice in making change. The programme harnesses creativity, combining oracy skills and creative banner making and has been designed with young people and education professionals to help prepare children and young people to become citizens. These sessions utilise the historic collection to highlight examples of changemakers and builds the skills for young people to use their voice in their own brand of activism. Our ambition is to grow this to new audiences. We also intend to seek funding to extend our offer, developing a new unique offer based on textiles to add to the curriculum. 

- We have appointed a new dedicated public programmer to revitalise the museum’s public programme. The purpose of this role is to grow our audience, attracting new visitors to the museum (including visitors from marginalised communities) and encouraging repeat visits, particularly from Greater Manchester residents. We intend to pilot new forms of programme and iterate from success to build a dedicated audience. 

- Commercial transformation will continue, as the museum works with a new catering and cafe partner, develops a new retail proposition including relocating the museum shop and trials new commercial events such as markets. 

## **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 

5 



## 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: 

- 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. 

- Condition and repair of the building and off site store, including spend aligned with repairs and any planned capital works. 

- 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. 

6 



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

- The ongoing financial impact of inflationary increases, energy costs and the cost of living crisis on the museum’s financial position. 

- Changes to lease or contract arrangements which may substantially impact the operating of museum services 

- Reputational risks. 

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. 

7 



## 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: 

- Select suitable accounting policies and then 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 and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation 

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: 

- There is no relevant audit information of which the charitable company’s auditors are unaware 

- The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 

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: 

- give a true and fair view of the state of the group’s and charitable company’s affairs as at 31 March 2025, and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. 

## **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: 

- the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the directors’ 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 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: 

- 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’s financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of directors’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- 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 directors’ report. 

## **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: 

- enquiry of management and those charged with governance around actual and potential litigation and claims. 

- enquiry of the charity's staff, management and those charged with governance to identify any instances of non-compliance with laws and regulations. 

- reviewing minutes of meetings of those charged with governance. 

- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. 

- auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. 

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 

12 



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


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