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2022-03-31-accounts

Company No. 252131 Charity No. 313024 OSCR No. SC041846

MUSEUMS ASSOCIATION

REPORT AND FINANCIAL STATEMENTS

31 MARCH 2022

REFERENCE AND

ADMINISTRATIVE DETAILS

For the year ended 31 March 2022

Status

The organisation is a charitable company limited by guarantee, incorporated on 20 November 1930 and registered as a charity on 7 November 1962.

Governing document

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.

Company number

252131

Charity number

313024

OSCR number

SC041856

Registered office and operational address

42 Clerkenwell Close

London EC1R 0AZ

Bankers

National Westminster

126 High Holborn London WC1V 6QB

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Solicitors

Russell-Cooke, Solicitors

2 Putney Hill London SW15 6AB

Stone King, Solicitors London EC1M 4BS

Auditors

Moore Kingston Smith LLP Chartered Accountants Statutory Auditors Devonshire House 60 Goswell Road London EC1M 7AD

Investment managers

Rathbones 8 Finsbury Circus Finsbury London EC2M 7AZ

Board 2021/22

President

Gillian Findlay

Vice President

Simon Brown

Nivek Amichund Alex Bird (retired 31/03/2022) Stella Byrne Dianna Djokey Heledd Fychan (retired 12/05/2021)

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Sara Kassam (appointed 15/10/2021) Kathleen Lawther (appointed 28/04/2022) Heather Lees Michelle McGrath Christine McLean (appointed 28/04/2022) Steve Miller Dhikshana Pering (retired 31/03/2022) Rachael Rogers (appointed 15/10/2021) Kim Streets (retired 31/03/2022) Michael Terwey

Staff

Director

Sharon Heal

Membership, Marketing and Website

Deputy Director

William Adams

Marketing & Membership Manager

Zoe Spencer

Membership & Marketing Officer

Sophie Lawson

Marketing & Membership Officer

Emma Randall

Account Manager

Abigail Lasisi

Website and Digital Officer

Francesca Collins

Projects and Programmes

Programmes Manager

Sally Colvin

Policy Manager

Alistair Brown

Campaigns Officer

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Antonia Canal

Decolonising Programme Officer

Roshi Naidoo*

Collections Development Officer

Sarah Briggs

Projects Assistant

Jacqui Buscher

Workforce Development Officer

Tamsin Russell

Publications and Events

Head of Publications & Events

Simon Stephens

Deputy Editor

Eleanor Mills

News Editor and Staff Writer

Geraldine Kendall Adams

Online Publications Editor

Rebecca Atkinson

Finance and Resources

Head of Finance & Resources

Neil Mackay

Finance Administrator

Jolanta Stevens

Executive Assistant & HR Officer

Charlie Lindus

* indicates person joined during the year

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REPORT OF THE BOARD

The trustees, who are also directors of the company for the purposes of the Companies Act, submit their annual report and the audited financial statements for the year ended 31 March 2022.

Reference and administrative information set out on page 4 forms part of this report. The financial statements comply with current statutory requirements, the articles of association and the Statement of Recommended Practice (SORP), accounting and reporting by charities issued in March 2015.

Objectives and activities for the public benefit

The charitable objectives of the MA are: to advance education in, and to foster and encourage the preservation and better understanding of, the material heritage of mankind and the environment for the public benefit by the promotion and development of museums and galleries and by encouraging the involvement of members of the public in their work, and to establish, uphold and advance the standards of professional education, qualification, training and competence of those employed in museums and galleries.

The board members have

benefit in reviewing the aims and objectives of the charity, in planning future activities and how planned activities will contribute to those aims and objectives. The review of activities later in the report demonstrates what the MA has done during the year to achieve its aims and what its plans are for 2022/23.

Organisation and governance

The MA is governed by a board of up to 14 people. Eight members of the board are elected by the members of the MA (one vote per member) and six are appointed by the board. For induction new trustees meet individually with the director and are given the most recent set of accounts, the constitution documents and a copy of the rules. The MA is run by the board, which agrees strategy and is accountable to members. Operational matters are delegated to the director who reports to the board.

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Staffing

The salary policy is designed to provide a clear and flexible framework to reward employees with a view to attract and retain a competent workforce, which is essential to the ongoing success of the organisation. Pay grades within the policy are set by comparing appropriate market rates.

The board carries out a cost of living review annually. The d board.

Investment policy

By the terms of the articles of association of the MA, the board has the power to make any investment it sees fit. An investment strategy was implemented in 2018-19. Surplus cash is held in interest-earning bank accounts with funds of the grant-making trusts being invested in charity equity and fixed interest funds.

Risk management

The MA commenced its new five-year strategic framework in April 2020 and continues to have careful financial planning at its core to ensure continued financial stability. The objectives of the plan will continue to be monitored by the board, with a report being presented at each of its meetings.

Reserves policy

The reserves policy aims to maintain a sufficient level of reserves to enable normal operating activities to continue should a shortfall in income occur and to take account of potential risks and contingencies that may arise from time to time. In determining the level of reserves required by the MA, the trustees have considered the risks to the Association in respect of unrestricted income and expenditure and, where appropriate, restricted income. They have also considered any identified potential external major risks to income and expenditure.

The board agreed that, in line with Charity Commission guidelines, the MA will at least hold free reserves equivalent to three months turnover. In 2021/22 this equated to £518,000. Unrestricted reserves at the year-end were £ 1.68m including designated funds of £600,000 for pension, £60,000 for planned investment in web updates. In the year the Trustees also designated £90,000 from free reserves towards access funding and membership support. This gave a free reserves figure of £ 942,000 at the year end.

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A reduction in unrestricted income is a medium risk to the MA mainly due to the financial restraints within the sector potentially affecting the amounts free to spend on MA membership and activities over the coming year, with expenditure and restricted income considered a low risk. The major external potential risks identified are the ongoing impacts of the pandemic, potential cuts within the sector, and the cost of living crisis.

The overall reserves policy of the Association includes all reserves and therefore covers the Trust and Endowment funds managed by the MA but the focus of the policy is on the free reserves of the organisation.

MEMBERSHIP

----- Start of picture text -----
Total end of year membership
14,691
10,651 10,557
10,138
8,979
8,354 8,364
7,740
7,185
6,833
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
----- End of picture text -----

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----- Start of picture text -----
Total end of year membership
14,691
10,651 10,557
10,138
8,979
8,354 8,364
7,740
7,185
6,833
6,304
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
----- End of picture text -----

In 2021/22

Following a significant fall in 2020/21 due the impact of the pandemic, membership has slowly but steadily risen again. Overall membership increased by four per cent – with individual membership being the key driver. Institutional membership fell a little from its high point during the pandemic, and remains significantly higher than pre-pandemic levels.

Individual membership

Year on year individual membership increased by five per cent (2021/22: 9,631; 2020/21: 9,192). This growth was particularly in the student, volunteer and essential member categories. Membership in the devolved nations of the UK remained high throughout the pandemic and have maintained these levels.

Institutional membership

Year on year institutional membership fell by two per cent (2021/22: 673; 2020/21: 682). This level is still significantly higher than pre-pandemic levels and we continue to represent over 1,800 museums through our institutional members.

Commercial membership

Year on year commercial membership fell by two per cent (2021/22: 253; 2020/21: 257). This reflects our strong engagement with our commercial members despite the significant impacts of the pandemic upon their work.

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In 2022/23

In 2022/23 we expect our members to be affected by the longer term impacts of the pandemic, by rising energy prices and the squeeze on public and personal finances and the cost of living crisis. We aim to retain our organisational members and slowly grow individual membership, through the support and advocacy we are undertaking for the sector.

WEBSITE AND DIGITAL

2021/22 saw us build on the significant digital engagement we had during the first year of the pandemic. Our digital audience remained very high and we saw significant growth in some of our social media channels; this was reflected equally across all four nations of the UK.

In 2021/22

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In 2022/23

PUBLICATIONS

Publications continue to offer comprehensive news, comment, best practice and information to the sector online and in print.

In 2021/22

In 2022/23

We will publish a themed issue on how museums are responding to the climate crisis.

We will publish more campaigning and investigative content.

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We will continue to give MA members a voice in our editorial content online and in print.

CONFERENCE AND EVENTS

The annual conference has continued to evolve in response to the Covid-19 pandemic and was held in Liverpool and online in November 2021. This hybrid approach was extremely popular, with high levels of engagement from museum people across the four nations of the UK and overseas. We will build on this success going forward as we look to further develop out conferences and events in a post-Covid world.

Our one-day conferences also evolved during the period and were all online. We have successfully moved to a paying model, while still offering our programme of free online meetings for MA members across the UK.

In 2021/22

In 2022/23

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POLICY AND ADVOCACY

heart of their communities and our mission is to inspire museums to change lives. Over the past year we have worked to support our members and the sector to emerge from the pandemic and to deliver this vision and mission.

Coronavirus has continued to have an impact on society and our museums, and we have advocated for the extension of emergency funding and for the continuation and strengthening of the connection between museums and their communities during this period.

In 2021/22

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In 2022/23

ETHICS

Our Ethics Committee leads sector thinking on a range of ethical issues from decolonisation to climate change and gives advice to institutions and individuals on case work.

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In 2021/22

In 2022/23

TRUSTS AND FUNDS

The MA administers two trusts established to assist museums and their staff in specific areas of collections development and care.

Beecroft Bequest

The Beecroft Bequest awards grants of up to £20,000 for the purchase of pictures and works of art (furniture or textiles can be considered) not later than the 18th century in date.

Grants awarded 2021/22

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The Museums Association Benevolent Fund

The Museums Association Benevolent Fund was established to alleviate financial distress suffered by members of the Museums Association and to support the education and training of museums and galleries personnel.

Grants awarded 2021/22

£9,039 CPD awards and fees £13,902 Covid Hardship awards £2,200 Hardship awards £12,408 Inclusive memberships and events

In 2022/23 the fund will continue to allocate funds towards members suffering financial distress during the pandemic, provide inclusive events places and support CPD fees and activity.

PROGRAMMES

Collections and engagement

Our work this year has brought together increased recognition of social inequality, from Black Lives Matter and Covid health and wellbeing outcomes, and learning from our changed working practices during the pandemic.

In 2021/22

We worked with existing grantees to adapt their projects to the needs arising from the Covid19 pandemic: issues ranging from recruitment of staff and volunteers, to hybrid delivery and changing local needs.

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In 2022/23

Inclusion

We ensure that equity, diversity and inclusion are woven through our programmes and drive our future plans. This includes the funding that we award through the Collections Fund, Benevolent Fund and Beecroft Bequest, and developing specific programmes that support inclusion.

In 2021/22

In 2022/23

WORKFORCE DEVELOPMENT

Our support for the museum workforce continues to centre around the impacts of the Covid-19 pandemic. We have continued our core programmes, the Associateship of the Museums

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Association (AMA), a self-led CPD programme with mentoring and support groups; the Fellowship of the Museums Association (FMA), developing and recognising significant commitment to and impact on the sector; and Museum Essentials, an online learning programme introducing key elements of working in the museum sector. We have also reviewed the range of additional programmes and offers that we ran through the pandemic and developed a new workforce strategy.

In 2021/22

In 2022/23

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REVIEW OF FINANCIAL ACTIVITIES

The results for the year 2021/22 show a negative movement in funds of £283k before actuarial gains/losses on pension scheme assets.

Overall, unrestricted income of £1,510k was 3% lower than last year (£1,559k). Our key areas of unrestricted income are: membership £930k (2021: £1,1119k), publications £140k (2021: £118k) and events £213k (2020: £29k).

Unrestricted (including designated) expenditure was 4% lower at £1,489k (2021: £1,554k).

With limited growth in the financial markets MA investments showed an unrealised gain of £139k.

The balance of restricted funds decreased by £403k largely due to the distribution of grant funds for the UKRI Digital Innovation and Engagement project. The balance of endowment funds remained similar.

The Museums Association has a lease on a property in Clerkenwell Close, London that runs to September 2031.

Statement of the Board's responsibilities

The board members (who are also directors of the MA for the purposes of company law) are responsible for preparing the Report of the Board and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

select suitable accounting policies and then apply them consistently;

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The board members are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). 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 board members are aware:

The board members are responsible for the maintenance and integrity of the corporate and governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

Members of the Board

Members of the board, who are also trustees under charity law, who served during the year and up to the date of this report are as detailed on page four.

Members of the charitable company guarantee to contribute an amount not exceeding £1 to the assets of the charitable company in the event of winding up. The total number of such guarantees

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at 31 March 2022 was 10,557 (31 March 2021: 10,138). Members of the board have no beneficial interest in the charitable company.

Auditors

Moore Kingston Smith were re-appointed as the charitable company's auditors during the year and have expressed their willingness to continue in that capacity.

Approved by the Board on 2022 and signed on its behalf by,

Gillian Findlay, President

Opinion

We have audited the financial statements of Museums Association for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is Accounting Practice).

In our opinion the financial statements:

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have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 (as amended), regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) 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 independent of the charitable company in accordance with the ethical requirements that are 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

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 charitable company 's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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

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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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where Companies Act 2006, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Act 2011 require us to report to you if, in our opinion:

the charitable company has not kept adequate accounting records; or

Responsibilities of trustees

are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable going concern and using the going concern basis of accounting unless the trustees either intend to

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

We have been appointed as auditor under Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, the Companies Act 2006 and Section 151 of the Charities Act 2011 and report to you in accordance with regulations made under those Acts.

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 el 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 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

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As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the c

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or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidenc

conditions may cause the charitable company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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 charity's trustees, as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, and Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might not accept or assume responsibility to any party other than the charitable company and charitable company's members and trustees as a body, for our audit work, for this report, or for the opinion we have formed.

Date 12 October 2022

Neil Finlayson, Senior Statutory Auditor For and on behalf of Moore Kingston Smith LLP Devonshire House 60 Goswell Road London EC1M 7AD

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

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Mu$¥um$ As$o¢iation ststèmènt of Flnanelal Aetlvltl•s Ilneorporatlng an Incomè and Expènditurè Aeeauntl For the ear ended 31 March 2022 2022 Total 2021 Total Endowment Restricted Unrestricted Note Income and endowments from: Donations, grants and legacies Investment income Charitabl& achvi118S Otherincoming Trsour¢8s 545,858 40,000 117,414 1.320.454 32.659 585,858 133,186 1.320,454 32,659 885,727 126,998 1.296.191 112,557 9.186 Total incoming rnsources 1 510527 2 072 157 2,401,473 ReBourcos exponded Charitabl8 aGliviti&s 1469 156 2 494 200 1.723.847 Total re8ourc•s expendod 32.000 973.044 1.489.156 2,494.200 1.723.847 Net gainlllos81 on investment assets 11a 23.437 17,773 97,565 138,775 437,689 N•t In¢omlnglloutgolngl 10￿ure¢S beforo tran8fors and other rncognl8•d goln8 and lo$$•s 623 {402,8271 118,936 {283.2681 1.115,315 Gro$$ tran$fers be￿88n funds Transfer of funds out of the charity Actuarial gainlllossl on defined benefit pension scheme Net mov•m•nt In fund8 lor the year R•¢on¢ili¥tion of lund$ 267.000 267.000 136.000 623 {402.8271 {146.0641 {550.2681 979.315 Funds brought forward at l Aprll 2022 Funds carrl•d forward 475.238 1,106.779 703,9S2 1,825,751 1,677,687 3,407,768 2,428,453 2,857,500 3,407,768 14115 47S.861 All of the above results are derived from continuing acts'vities. All gains and losses reco9nised in the year are included above. Movements in funds are disdosed in Note 14 to the financial statements. 26

Mus•ums Assoelatlon {Llmit•d by Guarantsèl Balane• Shoot As at 31 March 2022 2022 2021 Note Fixed assets Tangible Fixed Assets Intangible Fixed Assets Investments 40.129 27,722 2,91S,916 2.983,767 35,806 72,398 2,777,141 2,885,345 Current assots Debtor5 Cash al bank and in hand 12 465,904 4,377 727,842 124 340 470.281 852,182 Creditors: amounts falling due within one year 13 517758 Net current a88etsllllab511tiesl {126.2671 334,423 Net a880ts excludlng penslon asset 2.857,500 3,219,768 Definod benefit schemo assot 18 188,000 3,407,768 Net a$$ots Includlng p¢n8lon asset 14115 2,857,600 Funds Endowment funds Restricted lund5 Unrestricted funds Designated funds General fund5 475,861 703,952 475,238 1,106,779 735,566 942,121 1,677,687 716,165 921,586 1,637,751 Unre51ricted inceme lund$ excluding pensions asset Pgn$ion reserve 18 188,000 Total unrestricted funds 1.677.687 1,825,751 Total funds 14115 2.857,500 3,407,768 These financial stslements have been p￿pared in accordance wth the provrsions applicable to companies subject to the small companies regime Part 15 of the Companies Act 2006. Approved by the Board on 11 October 2022 and signed on its behall by Gillian Findlay President Simon Brown Vice President 27

Museums Association statement of Cash Flows For the ear ended 31 March 2022 2022 2021 Cash flowlloutfiow) from operating activities Cash generated from operations Interest paid Nel cash provided byllused inl operating activities (85,0031 42,447 185,0031 42.447 Cash flow from Investlng a¢tlvltles Bank interest received Acquisition of fixed asset investments Disposal of financial Instruments 1.446 173.9031 13S,0041 Net cash used In Investlng actlvltles 34,959 72,457 Net increase in cash and cash equivalents Cash and cash equivalents al beginning of year 1119,9631 124,340 130,0101 154.350 Cash and cash equlvalents at end of year 4,377 124.340 ReconcllSatlon of net Sncomellexpendtturel to net cash flow from operatlng actlvhtle8 2022 2021 Net Income Includlng endowments 1550,2681 979,315 AdJu$tmont$ for: Depreciation charges Amortisation Bank interest received Nel Igainsll losses on Investments Decrease lincreasel in pension asset Decrease I lincreasel in stock Decreasel lincreasel in debtors Increasel Idecreasel in creditors 24,396 50,960 1451 1138,7751 188,000 19.523 75.211 11,4461 1437.6891 67,000 261,938 78,790 1344.8551 1314,6121 Net Cash proylded byllused Inl operatlng actlvltles 85.003 42,447 28

Museums Association Notss to th8 Flnanclal Stat8m•nts For the Year Ended 31 March 2022 1. Accounting Polici8s al The financial ststements have been p￿pa￿ under the histori￿1 Cost t>)nvenlion except for investments which are induded at market value. The statements have been prepared in accordance with the Statement of Recommended Practice ISORPI FRS 102, Accounts'ng and Reporting by Charitses published in 2015. the Companies Act 2006 and applicable accounting stsndard5. The finanaal statements are prepared in sterfing. Wh￿ is the fvnth'onal currency of the charity. Amounts presented a￿ rounde(I to the nearest pound. bl The charity is a company limited by guarantee and incorporated in England & Wales. Tha members of the company are the individuals and insts'tutsons in membership of the Association. In the event of the charity being wound up. the liability in respect of guarantee is limited to £1 per member of the chanty. The company is a putlic benefit enty"ty. cl The Iru$l&es have as$&ss&d whelher the use of the going con¢em ba$ 1$ appropriat& and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concem. In lighl of the current pandemic, Trustees have reviewed and approved revised budgets and forecasts. in parts'cular taking into account pressures on events. membership. publicab"on$ and investment Income. Trustees have made this assessment lor a period ol at least one year from the dale of approval of the financial statements. After makin9 enquiriès the trustees have concluded that there is a reasonable expectats'on that the chanty has adequate resources to continue in operats'onal existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing ils finan¢ial stalemenls. dl Ggneral funds are unrestricted fun¢Js whi¢h are available for use al the di$¢relion of the trustees in furtherance of the general objecb'ves of the charity and which have not been designated for other purposes. Designated funds are unrestricted lunds thal have been set aside by the trustees for parts'cular purpose5. The aim and use ol each designated fund is set out in the notes lo the financial glatements. el Re81ricted and end¢>wmenl fund$ are to be use(1 f¢( speufic purposes as laid down by the donor. Income generalefj from inveslments helfj by the fvnd$ 1$ reslncted to use by the fund. Expenditure which meets these criteria is charged to the lund. Incoming resources. including grants, are included in ihe statement of financial activities ISOFAI when there is enlidement to the fijnds.lhe receipt is probable and the amount can be measured reliabty. nel of VAT where applicable. gl Membership income is included on a receivable basis with amounts relating to future accounting years deferred a5 svbscripb.ons in advance. For svbscripb.ons of publicab"on3 the amount re¢ognise<l 1$ calculed on a pr￿rata basi$ covering the period paid for in the accounting year. Events income is recognised in the accounling year in vthich the event takes place. h) Investment income and gains are allocated to the approwale fund. 29

Museums Association Notss to th8 Flnanclal Stat8m•nts For the Year Ended 31 March 2022 Accounting Policies (Continued il Resources expended are accounted for on an accruals basis and allocated to the particular acb'vity where the cost relates directy to that acb"vty. However. the support costs of overall direcbon and adminislrabon of each a¢b"vty. compn*ng the salary and overhead ￿$ts of the central function, is apportioned first to restricte(I lun¢Js in accordance wrth funding restrictions and then to the remaining unrestricted activities on the basis of staff numbers. Liabilrties are recognised once there is a legal OT construcb've obligation to transfer economic benefit to a third party, it is probable that a transler of economic benefit wll be required in settlement and the amount of the obligation can be measured reliably. Il Governance costs are no longer presented as a separate category of expenditure in the Statemènt of Finanual Activities as they are now re9arded as part ol support costs which are allocated to the cost of acb'vities undertaken by the Charty. kl Grants and bursaries payable are re¢ognised vthen a deusion to make an award has been madg and ¢ommuni¢aled lo the recipients. 11 Cash and Cash equivalents include cash in hand, deposits held at call bank$, other short- term liquid investments wth original maturth'es of three months ¢y le$$. and bank overdrafts. Bank overdrafts are shown wthin borrowngs in current liabilitses. ml The company ha5 elected to apply the provisions of Sectson 11 '8a$ic Finanual Instrumènts. and Seth"on 12'0ther Finanoal Inslrumenls Issues, of FRS102 to all 11$ finanaal instruments. Financial instruments are recognised in ihe companvs balan￿ sheet ￿en the company becomes party to the contractual provision5 of the instrument. Financial assets and liabilities are offset, thè net amount$ presented in Ihg finanoal statements. when there is a legally enlorceable right to set off the recognised amounts and there is an intention to setue on a net basis or to realise the asset and settle the liability simultaneously. Baslc flnanelalass•ts Basic financial assèts, which indudè trade and other receivables and cash and bank balances, are In￿'allY measured at transacb'on price induding transaction costs and are subsequenuy carried at am0￿'sed cost using the effective interesl method unless the arrangement conslrtule5 a finan?ng transaction. where the transaction 15 measured al the present value of the future receipts dis¢ounled al a market rale of interest. 8asic Financial Liabilities B¥si¢ finanoal liabi1￿"e$, I￿lUding trade and other payable$, are inib.ally recognised at transaction price, and subsequènly measured at amortised cost using the effective interèst method. Vvilh the excepb.ons of prepayments and deferred income all other debtor and creditor balance$ are considèred to be basic financial instruments under FRS102. See nole$ 12 and 13 for the debtor and credrtor notes. 30

Museums Association Notss to th8 Flnanclal Statèmènts For the Year Ended 31 March 2022 Aeeountlng Pollelès {Contlnu•d} n) Tangible fixed asset3 C031ing more than £1.000 are caprtali3ed and indvded at C031 including any In¢identsl expenses of acquisib"on. Oepre¢iab"on is prowded on all tangible fixed assets at rates calculated to write off the cost of èach asset over its expectèd useful life. The depreaation rates in use are.. Furniture & Equipment 10.00% annum, straight line method IT & Comput8rs 33.33% per annum, straight line method Depreciation costs are allocated lo Support Costs. ol Intangible fixed assets costr'ng more than £1.000 are capitalised and included at cost including any incidental expenses of acquisition. Amorbsation is provided on all intangible fixed assets al rates c3lculaled to wnte off the ¢o$l of each asset over its expected useful life. The amorb"58b"on rale$ in use are". Web$ite & Database 33.33% per annum, straight line method Amortisation costs are allocated to Support Costs. pl Investments held as fixed assets are induded at rnid-market value at the balance sheet dale. The gain or Ios5 for each period is token lo the ststement of financial acty"vilies. Unrealised gains are shown in note I la. Gains are Shown on the face of the SOFA. The Investments are as$e$$ed for impairment al each reporting date and any impaimient lo$$e$ or reversals of impairment are recognised immediatety in the profit or loss account. ql Rentals payable under operating leases. where substsnbally all the risks and rewards of ownership remain wrth the lessor. are charged lo the slalement of financial activities on a straight line basi$ over the len9lh ol the lease. rl The charity used to operate a defined benefft pension scheme on behalf of rts employees. The scheme is now closed. The assets of Ihe scheme are held separately from those of the charity in an independently administered scheme. Current or past service ￿319 and gains. 88 detemiined by the Scheme's actuary. are charged to the slatem$nl ol financial ath'vitie$ ea¢h year. Pension finance ¢o$ts or income are in¢luded wrthin total resources expended or incoming resources as applicable. Actuarial gains and losses arising are recognised vthin'gains and losses, on the statement of financial activits'es. In addition, any deficit on the scheme, representing the shortfall of the Val￿ of the scheme assets below the present value of the scheme liabilrties is recognised as a liability on the balance sheet to the extent that the employer charity is able to recover a surplus or ha5 a legal or conslructs.ve o)bligalion for the liabilrty. A ¢orre$ponding pension reserve 1$ induded wrthin totsl unrèstri¢ted fun¢J$. 31

Museums Association Notss to th8 Flnanclal Statèmènts For the Year Ended 31 March 2022 Aeeountlng Pollelès {Contlnu•d} sl The charitable company also agrees lo contribute to personal pension Schemes. The pen510n Cost ¢harge represents ¢onlnbub"ons payable by the Charitable ¢¢)mpany to the individual schemes. The charitable company has no liabilty under the schemes other than for the payment of those contributions. 11 Trust funds are lund$". il which are administered by or on behall of the MA ill whose ftjnds a￿ held fty $peu"fic purposes whi¢h are vthin the general purposes of the MA., or iiil which are subject lo a substsnb.al degree of lnfiuer￿E by the MA. are treated as branches and a¢¢ounled lor as part of the MA. ul The MA undertakes an administrabve role in the running of the Esmee Fairbaim Collections Fund. The MA undertake this service in return for a grant which is recognised as income in the stslulory a¢￿unIs. The MA also hold fvnds as an inleme<liary, awaibng in$lru¢tions from an approval panel (where Control is retained by the Principal.. Esmee Fairbaiml, to distribute the funds. Although the MA monitor and report against ihe use of the funds in their administral've capacity, the ultimate control over the distribution ol the funding and legal responsikn'lity lor ensuring the Charitable application of the funds is retsined by Esmee Fairbaim. Funds received and expended in this manner are excluded from the accounts as income and expendthre. Further details can be fO￿d in note 19. 2. Judg•m•nts and k•y sourc•8 of 08tSmatlon unc•rtalnty In preparing financial statements rt is necessary lo make certain judgements, eslimaleg and assumptions th* affe¢t the amounts rewnised in the financial slalemenls. In the view of the trustees in applying the accounting polic4es adopted. they are required to make Judgements. e$bmale$ and assumplion$ Ihal have a $ignifi¢anl effect on the amounts recognisèd in the finan¢ial statemènt$ and ¢arry a $ignificant risk of material adjustrnent in the next finanaal year. No judgements or key sources ol uncertainty have been idenb'fied by the trustees. 32

Museums A¥sociation Notes to the Financial Statements For the Year Ended 31 March 2022 3. Donation¥, grants and legacies Restricted Unrestricted 2022 Trusts and funded proleets UKRI Decolonisation Museums F￿lanCe ACE Paul Hamlyn Wellwme Trust HMRC JRSI Other 89,000 25,000 150.000 40.000 119.000 32,659 1,175 4S6,834 25,OCK) 150,COJ 119.¢X(I 32,659 1.175 72 659 Esmee Fairbairn Collections Fund 181,683 161.683 618517 Re$tri¢ted UnwtsKted 2021 TruBt8 and funded projects UKRI Other 633.125 49.641 633,12S 202.748 1S3,107 682.766 153,107 835.873 Esmee Fairbairn Collections Fund 142.411 142,411 825,177 1S3,107 978,284 4 Charltable acuvltles Restricted Unrestr￿ted 2022 Membership Publications Events Profession81 development 929,869 140,103 212,942 37,460 929,869 140,104 212,942 37,460 1,320,375 1.320.375 Restricted Unrestricted 2021 Membership Publications Events Professional development 1,118.￿1 118,386 29,273 29,571 1.118.961 118,386 29,273 29,571 1,296.191 1,296,191

Mu$eurns A$50ciation Notes to the Flnan¢ial Ststements For th8 Year Ended 31 March 2022 5. Total Resourc88 Exp8nded Professional Policy & Put4ic Memtr*rshy Devekynenl Affairs Governance Publications Events Support Trustsl Project$ Total Staff eosts- direct INoie 71 Direct costs Grants and Bursaries Depreryation Twslees, expenses 146,068 102,821 117.099 95.543 171.770 24,5C 62.291 180.514 7.931 341,458 157,812 169,159 168,037 682,771 55,891 1,168,379 560,548 682,771 75.355 7.147 3,630 19,464 7,147 sub total 248,909 212.642 196.276 62.559 168.445 10,777 518,734 1,075,858 2,494,200 Allocated sUPPOrt costs 132,378 94,556 151,289 56.733 94.556 10.777 518.734 Total resources exwnded 381,287 307.198 347,565 119.292 283.001 1075,858 2,494,200 Professional Policy & PUNIC Events Membershy Devek)pnenl Affair6 Governance Publicath)ns Support Trustsl Projects Total staff eosts- dimct INolt 71 Direct costs Grants and Bursaries Depreciation Trustees, expenses 169,257 103,623 166.261 40.236 222,153 40,379 17.5001 92.054 2.973 18.1301 180.(X)8 243,594 214.651 81,539 25,953 52,811 82,237 1,164,866 436,253 37,181 95,547 6,084 13,310 sub total 272,880 2(￿.497 255.032 86,897 182,362 471.555 242.$40 1,723,847 Allocaled 5UPPOrt costs 104.484 89.557 149.262 44,779 89.557 471.555 Total ￿sourceS ex￿nded 377,364 296,054 404,294 131,676 271,919 242,540 1,723,847

Museums A88o¢latlon Notes to the financial statements Forthe trar ended 31 March 2022 Not incominglloutgoingl resources forth8y•ar This 15 slaleil afteT thargIt￿lTedrfry". 2022 2021 Interest payab Bank charges Depreoalion Oreraling lease rentals 22,4B1 75,356 18,378 94,734 property 71147 93,855 Board's ￿MUnera￿on Board's reimbursed expen88s ltra¥A 8ubsslencel Auditors. remuneralicfi.. 7,148 18.995 11,300 . Other seryKes Income from quoled inveslrnents Bank intere$t re¢ewable 54.041 45 56,553 1,44e £ 1,202 in ￿1Mbur8ed Ir8vel and $ubsisn( tthis relaiiNJ 10 81 Board meeiin9s were p8id lo 6 board rnembers 12021..01 dunThJ the year. Twstee iTrJemr*ty * covered bythe organisats"on'8 Chanty Care Insuranc8.

Museums A88o¢latlon Notes to the financial statements Forthg trar ended 31 MarGh 2022 Stsff costs and numtrA Staff cos15 were a5 fgllw5". 2022 2021 Salaries and wages Setuemenl payments Social Security costs Tempslconsuttants Costs of pen510n scheme- deffied c0ntritr￿bon Costs of penson 5cherne-defrf￿d benefv 855,n9 34,326 92,409 2,OB8 73,752 71,918 908,081 94,736 12,114 75,936 48,041 1.130.271 1.138.908 Other $iaff ¢o$ts 36,053 15,958 1.168,379 1.154,866 Total em(Auments pa￿1 10 staff we". 855.779 908,081 The Charity consthr5 ts key rnanagemenl pe￿Wr￿ coryrfi5e Ihe trustees. the Ch￿f Exe￿￿Ve Officer and 3 head$ of deparbrents. t￿81 ¢M￿￿￿e￿I bweffts ofthe key managen￿r pernwnel £ 356.856 12021". £ 363,3331. Trustees receive no remurralion. Redundancy payrrnnts lolafA'ThJ £ 34.326 %¥we m•Je lo 2 slaff. E•rnlTho¥ ovgr e60.000 IlnGludln9 p•rwlonl 2022 2021 Number ofemployees receivww £80.001_ £￿.( Number ofemployees receiving £70,001 . £80.(MY) Number ofemployees receiving £60,001- £70.(MYJ The emI￿oYeeS atK)¥e p￿rt￿lp&1ed in pensiw sche￿. p8NJ on beh•if of the employee$ total £ 25.101 12020.. t 25.5701. The avef8ge weekty number ofeM￿0Yee8 IfL*lime ewNatenll durir¥J Iheyearw88 88 fdlM.' 2022 No. 2021 PU￿icatiOnS Reylricted projecls Events Membership Professional develcpmer Policy and putlic affair8 Support 18.0 20.0

Museums A88o¢latlon Notes to the financial statements Forthe trar endtsd 31 March 2022 Taxation The tharilabk company is exempt from CNwrat￿ tax as al its incJJne is tharitable and is ap￿led for tharitab purposes. Tanglbk fix￿ Furnitu￿ and EquiwTVrt IT& Cwiput￿s Totsl COST Al 181 Apr 2021 Additions in year Al 31 March 2022 54,730 19,404 74,134 172.983 9.315 182.298 227,713 2B,718 256,431 DEPRECIATION AI Isl Apr 2021 Disposals In ￿ar Charge lor the Yeor 37.816 154.091 191.907 4,940 19.456 24.396 Al 31 March 2022 42,756 173.547 216,302 NET SOOK VALUE At 31 March 2022 31.a78 40,129 Al 1st Apr 2021 16,914 18.892 35,807 10. Int•nglbl• fix•d 4••9ts Website & Database Totsl COST Al 1st Apr 2021 Additions In year DIspos81s In s*ar 433.075 8.285 433,07S 6.285 Al 31 March 2022 439.260 439.360 NORTISATION Al 31 March 2021 Disposals in year Charge for Ihe Yeir 360.677 380.677 50.960 $0.960 Al 31 March 2022 411.638 411.638 NET BOOK VALUE At 31 M8rGh 2Q22 27,722 27.722 At 31 March 2021 72.398 72,396

Museums A88o¢latlon Notes to the financial statements Fortho trar endèd 31 MarGh 2022 11& Investment¥ 2022 2021 Raihbones Al 01 April 2021 Disposal prKeed5 Additions duriw the >ar, at tATr81 Disposals dunry the year. at broughl loThRrd valu8 Realised11055e51 gain5 Unrealised Ilossesl 1galn$ Al 31 March 2022 2,T17.141 2.339,452 138.775 437,689 2.777,141 2.91S,916 Al the balance sheet dole. the mket ofthe pthlh) c￿￿￿ed.. Flxed intsre$i UK equili85 Global equibes Propety Other a55els 343.149 1.1%1.041 1,289.089 147.478 75.159 Al 31 March 2022 2 91S916 Irnlividual holding$ rewesentsrvj more 5% olV* mwkei of porfdio 8t bolance Sheet date are as lo1￿￿1. 2022 BROWN ADVISORY FUNDS US Su81amab￿ Gro%vth C Ir 132.921 Analysis olin¥eslment 2022 2021 Rathbones 2,777.141 2.777,141 Al 31 March 2022 2 915,916 2.777,141

Museums A88o¢latlon Notes to the financial statements Fortho èar èndèd 31 MarGh 2022 Invgstment in subsidiary 2022 2021 Shares in sUbs￿l8ry8t tost 12. Debtors 2022 2021 Trade deblorn Grant Dtbiors Other debto VAT recoverabk Prepaymenls and ac(y￿￿ irKome 68.957 171.983 4.996 71,247 565,911 5,924 219.968 465,904 84,760 727,842 13. Cr0d￿0￿.. amoubth lalllng du• wlthln on• y•ar 2022 2021 Trade cr8dilor5 Accruals PAYE, social se0￿ty 8nd othef taxes VAT payable Other credilors &Jbscrlpiion$ In 8dvan¢e 57,485 55,477 32,743 18,422 7,607 424,834 596,548 32,831 57,705 35,505 5,999 1,843 384,075 517,758 I deferred income recwi88d in 2019 was rel8awJ in 2021 reL8tiTrJ lo fees for CanC￿ed ￿entS due lo Covid (held over with cuslcffier a9reernenll. 39

Museums A88o¢latlon Notes to the financial statements Forthg ear ended 31 March 2022 14. Movements in fvnds Al Ino)miTrJ 31 March Resources 2021 Igoin9 Resour￿5 Transfer8 31 March 2022 Endowment fvrKIs Beecroft Bequest Total tnd¢>wmtrrbt fund& 475,238 32.623 132.rMJoi 475,861 475,861 475,238 32.623 RestrlGtod funds.. Benevolent Fund Esrnee Fairbaim 353,179 118.730 633.125 1.745 35.534 161.663 137.7941 1155.4161 1609.4011 11.7451 350,919 124,997 23,724 UKRI ArtFundL&E Wellcome Trusl Museum Freelance Decolonisalion program ACE CRF 119.C 15.C 89.( 150.LYX) 119.000 400 84,727 185 114.6001 14.2731 149.815 Tot•1 re•trlrtgd lund• 1.1C6,779 570.217 973.044 703.952 Unr88trlctsd fund8'. D•S￿nated fvnds.. Pen$ion Company Fixed A$$ei ￿SerVe Acce$$ CampavJn and membwslw Tolaldvswnaleé funds 800,000 60,274 1.073 73,419 735.566 116,165 155.8911 18.3421 16,$811 70,814 215 10.tM)o 80,(x)O 90,￿0 716,165 215 Gènèril fund• 921.586 1.528.877 1.418.342 90,OC#) 942,121 To¢•1 unrg•trl¢t•d fund• 1.637.751 1.529.092 11.489.156> 188.(X)O 2,682.200 1.677.687 P¢n•lon r•••rv• fynd Totwl fvnds 188,OOD 3.407.768 2.131.932 90.000 2 B57.500 ' Indudes gwns on in¥eslmenl assets

Museums A88o¢latlon Notes to the financial statements Forthg ear ended 31 March 2022 Movements in fvnds lcontinuedl 141 PUrP￿e￿ gf End0¥￿eThI Fund¥ The Beecroft Bequesl or¥Jinates from a gacy made in 11 t5 Used to make grants to rnuseurns to IEIp fund purthases of l%duTes and wotks of art prtsth￿d no later Ihan 18th inttJry. Purpg¥94 of ￿tri4￿d fund¥ The Benev(Aent Fund as515ts finanaalty distre55ed member5 of atKI Ir￿￿le$ ¥￿thin ts pu[pO￿ promotion oleduG8l￿n prOfes￿onal de¥eloweN of members ollhe M The PM run5 the E5mèe Fairbaiffl C(Akntions FurKI IEFCFI. offering grants of£20.th)10 £100.(M)O lo museum5 fcf me4imiied woth wth Co1￿￿10n$. ThrO￿￿h IhL% Il MA and Iht Esmée Faitb&m Foundation setk 10 devdop 8 senes of projects thai demonstrate the inspYirvJ and eThJagwMJ polenbal of c4llethon8 lo dehver soual Impact for peO￿e Communit￿S. The MA re￿Ned funds 10 adm￿lS[tr £8￿ ol grnnis for the UKRI thJital InrKJ¥8tiM and ErKJ89em?nl progr8mme. The Art Fund granted funds lo support a LearnirvJ & Ervjagement re8eari kyogramme. The MA recewed £150,￿0 from Ihe Arts Counul Cuhural Rec￿ery F￿d. Museum Freelance granted Els,(￿ lo dBlritrothe fiJnds lo fredance wker5 8ect￿. The DeColonisa￿0n kycgramme ￿ swported by Ihe FuTrJ. the Esmee Fairbaim FouThYatlon. the John E1￿Mi￿n Foundation aTrJ the Paul Haffl￿ FoUTrJa1￿ to prowde gu￿8￿Ct aThY to the sec1￿. The MA recewed £119,C¥JO from Ihe Welkome Trust as 50 % part pawmwl 018 grant fuTrJ for UK scaenc cenlres. The MA receNed £150,LIJO from Ihe Arts co￿1 Clthral Recovery F￿d. Purp￿0¥ of do4lgnatod lun A fund of £600.0(K) was sel up in 2012 in F4ace of the tharge on Ihe propety sokl Ihal wr hdd by the Museums Ass0oal￿n Pensiw Plan. The Fixed Assel Reserve has lunds xl ashle lor fulure caplal expeThYrfure. The Acce55 fund e51ablished lo support acce$$ and ind￿10￿ rwls for MA events •nd 8¢tivil*$. De$ignaied Campaign and $upport fUrMJI￿j wa$ esiabli$W 10 $iWrt MA ¢ampawns and membetship. 41

Museums A88o¢latlon Notes to the financial statements Forthg ear ended 31 March 2022 15. Anatysi5 of Net Assets Be￿￿n Funds 2022 Endcwmienl FuTrJs arend had debtor balwces Imembership or Events Feesl th the Museums A88￿￿or1.. 2022 Sara K8$98m Michael Te￿Y and Abeii Museum National Tru$1 lor S¢oUand 2,358 2,418 17. Oprntiny commitm•b 2022 2021 ExperKliture ¢tynmitted lo urxkT operaiiry k¥ses falkrwJ ￿. Proporty Less ¢han c￿e ￿ar 2105￿￿8 More than 5 yrs 93.000 372.000 418.5 69,750 372,LN)O 511,500 Olhèr Less Ihan ¢￿e >ar 2t05￿*S More than 5 ￿￿$ 1.147 1,147

Museums As80¢ialion Not88 to the Financial Statements For thè èar •nd•d 31 March 2022 18. D•fin•d ￿n•fit pènslon seh8mè The ass(xiats"on operates a defined bÈnÈfft sdmÈ in the UK whth was pai&up at 31 Maich 2008 so no further service liabilty will ￿￿e. The most recent lull actuanal valuats.on was ￿rried out in 2019 by a qualified actuary. As the scheme was lully funded no contnbutions were made In 2021-22. Defined benelil ¢osl". 2022 £'ooo 2021 £'ooo Currant swvies cost Nel Interest cost on the recognised ¢Jefined benefit asset R&m$a$urgments recognis¢d in SOFA Rerne88urernents recognised in Olher Cornprehensive Income". 2022 £'ooo 2021 £'ooo Reme8$uremenl of defined benefv ¢JI￿atIon Return on plan assets Change in effect of the asset ceiling 718 13181 472 16451 1731 Prln¢ipal actuarial assumptions al the balan￿ $h&t dal& lexprssed a$ weighted 8￿ra9&$I., Finanaal Assumptions.. 2022 2021 Discount rate 8¢ the end ol the ye8f Reiail Pn¢e Inflats¢n Consumer Price Inflation Increases in deferrnent Rate5 of increase to pensions in paymenl Pension5 earned t)elore 614197 Pensions earned after 514fy7 2.2°h 3.4% 2.7% 2.7% 3.8% 3.1% 3.1% 0.0% 3.4% 3.8% Based on the mortality assumpts.ons detsI￿d below. the fdlowng illustrates the lrfe expectancies used to place a value on the Scheme's l￿bIl￿"e9 as at 31 March 2022.. Life expectancy Male Female Member aged 65 at the effective date of the calculth.ons 20.3 22.6 Member aged 65 at a date 20 years after the effecbve date of the 20.3 calculations 22.6 43

Museums As80¢ialion Not88 to the Financial Statements For thè èar •nd•d 31 March 2022 Financial As¥umption8 l¢onLI DeMOgra￿lC and other assumptions 2022 S3PA wlh ages rated up 2 years 2021 S3PA vith ages rated up 2 years Mortalty after retirement base table Future irnprovemenl$ CMI_201911.25%1 CMI_201911.25%1 Cash comrnutation I mem￿r$ will cNnrnute 25% of pens￿ on Current temis l rnernbers will ￿rnrnUte 25% of wnsion on ¢urrenl lemis Retirement age Nomial rebrement age Nom)al ￿1r￿M￿nI age Proportion ol m&mt4rs a spouse 85%- Males, 75% females 85%- Male$," 75% f&m81&s Average age difference befften rnember and spouse Females we 3 years younger than males Females are 3 years younger than rnales Discretionary increases No allowance No allowance The expected return on the plan asset5 is based on the fair valve of (he assets at Ihe beginning ol the period and the &xF4decl long lem r8le of retum a$ ests"mated at the stsrt of the penod. The em ￿¢Ye8 benefit obligations fecognised in the balance sheet a￿ as follows. 2022 È'ooo 2021 £'ooo Present value of defined benefft obligab.ons Fair value ol plan assets Net asset recognised in the BalanTr Sh￿t 3.328 3,328 3,419 3,607 188

Museums As80¢ialion Not88 to the Financial Statements For thè èar •nd•d 31 March 2022 18. D•fin•d ￿n•fit pènslon seh8mè leontlnu8dl Movements In the p￿sent value ol the defined benefft obligats.on a￿ as follows.. 2022 £'ooo 2021 £'ooo Opening defined benefit obligation Service cost (Current and past) Interest C05t Reme85urernent arising frorn chan9es in assumpbons Remeasurernent arising frorn experience Benefits paid 3,419 2.648 75 12021 63 729 12 10 Liabilities at end ol period 3,328 3,419 Changes in the fair value of plan assets are as fdlNs'. 2022 £'ooo 2021 £'ooo Opening lair value ol plan assets Interest incorne Actual return on plan assets. exdudiryJ interest irKome Contributions by ernployer Benefits paid 3,607 79 13461 2,￿3 69 12 10 Assets at end of period 3,328 3,607 The a¢bal relumlld&fioll ￿ plan a$$ws wa$ £ I01".12021".1£645.¢XQII. The major categories of ￿an assets as a percentage ol total ￿an assets are as follows." 2022 2021 £'ooo Equrtie$ Bonds & Gi Property Cash 2.330 70% 9% 18% 3% 2.597 381 577 72 72% 599 100 1e% 2¥. 45

Museums As80¢ialion Not88 to the Financial Statements For thè èar •nd•d 31 March 2022 19. Funds held by The Museums Assoclatbon as an Interniedlary a￿nt The Museums Asswation receives an annual restn'ded grant from Esrnee Fairbaim to support the research. development and adrninistr8bi)n of the Esmee Fairb8im Cdle(XH)ns FurKI. This is recognised 88 Income In the finanaal statements. The MA also receives £1.3 million per year for 2020-22 over the extended life ol the programme lor distribution to grant recipients. Under the tern)s ol the ag￿rnent. the IAuseums Association will receive, review and filter applications which will be sent to an approval panel for consideration. The panel consists of two Esmee F8irbaim trustees. the Esmee Fairbaim chief execubve. the Museurns Assw*ion's ohief executive and hvo members from the museums communty. Based on the composition ol the panel and the lacl that the Esmee Fairbaim chief executive has the casting vote on the approval of awards, the Museums Association has no ultsrnate c4Jntrol over the distribubon ol the awards. Under this arrangement the Museums Assoaation Is holding the funds as an Intermediary, awaiting inslructioll from Esmee Fairbaim to distribute the funds. Mlhough the Museums Association will rnonitor and report against tre use of the funds. the ultirnate control of the fvnding and legal responsibility for •n$uring the ¢hant¥ble ¥ppli¢aiion ol lh¢ funds wouly appeal to ￿M81n wth th& E$me¥ Foirbairn Foundation. As such, funds received and distributed under this arrangement have been exduded from the MA'S accounts. This year. £ 282,677 was carried forward, £ 1.173,208 was received and £ 943,569 was awardttd. At the year end. the MA held ¢ash of £ 512,315 which Is payable to 9r8n¢ees under the programma. Thi$ bank balance and wre$ponding liability have also removed from the finan¢ial statements.