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← The Museums Association

2025-03-31-accounts

Company No: 252131 Charity No: 313024 OSCR No: SC041486

MUSEUMS ASSOCIATION REPORT AND FINANCIAL STATEMENTS 31 MARCH 2025

ADMINISTRATIVE DETAILS

For the year ended 31 March 2025

REFERENCE AND

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

From 01 September 2025:

C/O Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR.

Bankers

National Westminster

Bloomsbury, Parr’s Branch

126 High Holborn London WC1V 6QB

1

Solicitors

Russell-Cooke, Solicitors

2 Putney Hill

London SW15 6AB

Stone King, Solicitors 16 St John’s Lane London EC1M 4B

Auditors

Moore Kingston Smith LLP Chartered Accountants Statutory Auditors 9 Appold Street London EC2A 2AP

Investment managers

Rathbones 8 Finsbury Circus Finsbury London EC2M 7AZ

2

Board 2024/25

President

Steve Miller

Vice President

Rachael Rogers

Beloved Adonai (retired 31/03/2025) Stella Byrne Hasina Dabasia Janet Dugdale Tony Heaton Kinvara Jardine Paterson (appointed 01/02/2025) Sara Kassam (retired 30/09/2024) Kathleen Lawther (retired 31/03/2025) Ross McKirdy (appointed 01/04/2025) Christine McLean Katherine Steiner Mohammed Akhtar Suleman Michael Terwey Georgina Young

3

Staff

Director

Sharon Heal

Membership, Marketing and Website

Deputy Director

William Adams

Marketing & Membership Manager

Zoe Spencer

Membership & Marketing Officer

Sophie Lawson

Membership & Marketing Officer (Maternity Cover)

Craig Smith

Marketing & Membership Officer

Emma Randall

Account Manager

Abigail Lasisi

Digital Communications Officer

Francesca Collins

Projects and Programmes

Programmes Manager

Sally Colvin

Policy and Ethics Lead

India Divers

Policy and Campaigns Officer

Joshua Robertson

Grants Manager

Sarah Briggs

Projects Assistant

Jacqui Buscher

Workforce Development Lead

Tamsin Russell

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Publications and Events

Head of Publications & Events

Simon Stephens

Deputy Editor

Eleanor Mills

News Editor & Staff Writer

Geraldine Kendall Adams

Events Programme & Content Editor

Rebecca Atkinson

Finance and Resources

Head of Finance & Resources

Neil Mackay

Finance Administrator

Jolanta Stevens

Executive Assistant & HR Officer

Charlie Lindus

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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 2025.

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 referred to the Charity Commission’s general guidance on public 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 2024/25.

Organisation and governance

The MA is governed by a board of up to 14 people. Ten members of the board are elected by the members of the MA (one vote per member) and four 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 MA’s 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 director’s salary is set separately by the 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 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 MA 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 2024/25 this equated to £440,000. Unrestricted reserves at the year-end were £ 1.13m including designated funds of £600,000 for pension, £14,000 for membership support. This gave an unrestricted reserves figure of £ 499,000 and a free reserves figure of £ 416,000 at the year end. (excluding assets held).

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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 economic environment, cuts within the sector and the ongoing effects of Brexit.

The overall reserves policy of the MA 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.

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MEMBERSHIP

==> picture [484 x 263] intentionally omitted <==

----- Start of picture text -----
Total end of year membership
14,691
12,356
11,816
11,165
10,651 10,557
10,138
8,979
8,354 8,364
7,740
7,185
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
----- End of picture text -----

In 2024/25

Membership continued to rise steadily since the large drop off during the pandemic in 2020/21. This is the highest level of membership since then. Overall membership increased by five per cent – with individual membership being the key driver of this growth. Institutional membership remains higher than pre-pandemic levels.

Individual membership

Year-on-year individual membership increased by five per cent (2024/25: 11,411; 2023/24: 10,913;). The majority of this growth was in the volunteer, full, and essential member categories. Membership in the devolved nations of the UK remains high.

Institutional membership

Year on year institutional membership dropped by three per cent (2024/25: 635; 2023/24: 652). This was almost entirely due to drops in the band of institutional membership for the smallest museums. Overall institutional membership remains significantly higher than pre-pandemic levels and we continue to represent over 1,600 museums through our institutional members.

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Commercial and Freelance & Consultant membership

Year on year membership grew by 24 per cent (2024/25: 310; 2023/24: 251). This growth was due to the successful introduction of a new package of benefits for freelancers and consultants. It is a reflection of strong engagement with our members despite the impacts of the pandemic, inflation, and spending cuts upon their work.

In 2025/26

We expect members to be impacted by the longer term effects of the squeeze on public and personal finances. We aim to retain our organisational members and steadily grow individual membership, through the advice, support and advocacy we undertake.

WEBSITE AND DIGITAL

We grew in numbers and maximised engagement across our digital channels in 2024/25, enjoying another year of consolidated strong performance through our website, social media platforms and newsletters. We reached thousands more users on almost every platform, speaking to the continued relevance of our content and the success and responsiveness of our digital strategy.

In 2024/25

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In 2025/26

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MUSEUMS JOURNAL

Museums Journal continues to offer comprehensive news, comment, reviews, features, best practice and information to the sector online and in print.

In 2024/25

In 2025/26

our offer where appropriate.

CONFERENCE AND EVENTS

Our annual conference, which was held in Leeds and online in November 2024, has continued to evolve. Our hybrid approach is extremely popular, with high levels of engagement from museum people across the four nations of the UK and overseas in person and online. We will further develop our conference offer to meet the needs of the sector across the UK and internationally.

Our programme of one-day conferences performed strongly during the year, with our wide range of events attracting lots of in-person and online-only delegates. Yet again, the programme exceeded its revenue targets. We also held four Members Together events for members in England, Northern Ireland, and Scotland as well as a programme of online meetings for all members.

In 2024/25

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for Museums, which was at the Museum of London; and Show Time: Designing Great Exhibitions, which was at the Barbican Centre, London. Both were well attended.

In 2025/26

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CAMPAIGNS AND ADVOCACY

The MA’s vision for the sector across the UK is for inclusive and sustainable museums at the heart of 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 and to deliver this vision and mission.

In 2024/25

Advocacy

Museums Change Lives

Decolonisation

Climate justice

Learning and engagement

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Wellbeing

Ethics

Anti-racism

In 2025/26

Advocacy

Collections

Museums Change Lives

Decolonisation

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Communities and Collections Fund and will support the work of the Anti-Racism and Decolonisation steering group.

Climate Justice

Wellbeing

Ethics

Anti-racism

TRUSTS AND FUNDS

We administer 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 2024/25

Grants awarded 2024/25
Aberdeenshire Museum £5,650
Quaker Museum £6,000
Beaminster Museum £ 580
Orkney Museum £9,500

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Members Support Fund

Established as the Museums Association Benevolent Fund, and now renamed as the Members Support Fund, the fund’s purpose is to alleviate financial distress suffered by members of the MA and to support the education and training of museums and galleries personnel.

In 2024/25

Grants awarded 2024/25

CPD awards and fees £10,000 Hardship awards £2,000 Inclusive memberships and events £26,000

In 2025/26

PROGRAMMES

We work with partners and funders to develop programmes that help museums and those who work with them to become more inclusive and sustainable.

In 2024/25

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In 2025/26

WORKFORCE DEVELOPMENT

Our workforce development includes campaigns, such as those on pay and wellbeing, as well as running professional development programmes. Our competency framework underpins this work, which includes the Associateship of the Museums Association (AMA), a self-led CPD (Continuing Professional Development) programme with mentoring and support groups; the Fellowship of the Museums Association (FMA), developing and recognising significant commitment to and impact on the sector; Mentoring for All, creating time-limited mentoring relationships to progress an individual’s development; online learning, a collection of courses introducing key elements of working in the museum sector; and our Career Conversations programme, for those wishing to access 1:1 support with their career

In 2024/25

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In 2025/26

20

REVIEW OF FINANCIAL ACTIVITIES

The results for the year 2024/25 show a negative movement in funds of £279k before actuarial gains/losses on pension scheme assets.

Overall, unrestricted income of £1,925k was 7% lower than last year (2024: £2,067k). Our key areas of unrestricted income are: membership £1,016k (2024: £959k), publications £159k (2024: £194k) and events £390k (2024: £343k).

Unrestricted (including designated) expenditure was 3% higher at £1,939k (2024: £1,876k). With a drop in the financial markets in March MA investments showed an unrealised loss of £134k to the year end.

The balance of restricted funds decreased by £133k largely due to the distribution of grant funds for the UKRI Mindset & Missions programme, the balance of these funds being received in the prior year. The balance of endowment funds remains 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;

— observe the methods and principles in the Charities SORP;

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— state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

— prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

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:

— there is no relevant audit information of which the charitable company’s auditors are unaware; and

— the board members 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 board members are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the UK 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, 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 at 31 March 2025 was 12,356 (31 March 2024: 11,816).

Members of the board have no beneficial interest in the charitable company.

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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 30/09/2025 and signed on its behalf by,

Steve Miller

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INDEPENDENT AUDITORS’ REPORT

Opinion

We have audited the financial statements of Museums Association for the year ended 31 March 2025 which comprises the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows 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 applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the 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 charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

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 our audit:

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

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 exemption in preparing the Strategic Report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 20, 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 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 charitable company or to cease operations, or

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have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 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 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what Extent the Audit was Considered Capable of Detecting Irregularities, Including Fraud

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.

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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:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not

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detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005.

Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 15 October 2025

KKnore lu “es Guida LLP. Jonathan Aikens, Senior Statutory Auditor

For and on behalf of Moore Kingston Smith LLP

9 Appold Street

London EC2A 2AP

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

30

Museums Association

Statement of Financial Activities (incorporating an Income and Expenditure Account)

For the year ended 31 March 2025

Endowment
Restricted
Note
£
£
Income and endowments from:
Donations, grants and legacies
3
-
230,980
Investment income
11,665
6,861
Charitable activities
4
-
-
-
-
Total income
11,665
237,841
Resources expended
Charitable activities
5
22,570
358,066
5
22,570
358,066
11a
(23,453)
(12,849)
6
(34,358)
(133,074)
Gross transfers between funds
-
-
Transfer of funds out of the charity
-
-
-
-
(34,358)
(133,074)
Reconciliation of funds
413,222
491,789
Funds carried forward
14/15
378,864
358,715
Actuarial gain/(loss) on defined benefit
pension scheme
Net movement in funds for the year
Funds brought forward at 1 April 2024
Other incoming resources
Net incoming/(outgoing) resources
before transfers and other recognised
gains and losses
Total expenditure
Net gain/(loss) on investment assets		 Endowment
Restricted
Note
£
£
Income and endowments from:
Donations, grants and legacies
3
-
230,980
Investment income
11,665
6,861
Charitable activities
4
-
-
-
-
Total income
11,665
237,841
Resources expended
Charitable activities
5
22,570
358,066
5
22,570
358,066
11a
(23,453)
(12,849)
6
(34,358)
(133,074)
Gross transfers between funds
-
-
Transfer of funds out of the charity
-
-
-
-
(34,358)
(133,074)
Reconciliation of funds
413,222
491,789
Funds carried forward
14/15
378,864
358,715
Actuarial gain/(loss) on defined benefit
pension scheme
Net movement in funds for the year
Funds brought forward at 1 April 2024
Other incoming resources
Net incoming/(outgoing) resources
before transfers and other recognised
gains and losses
Total expenditure
Net gain/(loss) on investment assets		 Unrestricted
£
40,000
233,089
1,588,812
62,874		 2025
Total
£
270,980
251,615
1,588,812
62,874		 2024
Total
£
345,235
276,891
1,661,370
69,128
11,665
237,841		 1,924,775 2,174,281 2,352,624
1,939,193 2,319,829 2,930,703
1,939,193 2,319,829 2,930,703
(23,453)
(12,849)
(34,358)
(133,074)
-
-
-
-
-
-		 (97,329)
(111,747)
-
-
(183,000)		 (133,631)
(279,179)
-
-
(183,000)		 36,473
(541,606)
-
-
(196,000)
(34,358)
(133,074)
413,222
491,789		 (294,747)
1,407,854		 (462,179)
2,312,865		 (737,606)
3,050,471
378,864
358,715		 1,113,107 1,850,686 2,312,865

All of the above results are derived from continuing activities. All gains and losses recognised in the year are included above. Movements in funds are disclosed in Note 14 to the financial statements.

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Museums Association (Limited by Guarantee)

Balance Sheet

As at 31 March 2025

2025 2024
Note £ £
Fixed assets
Tangible Fixed Assets 9 36,844 35,906
Intangible Fixed Assets 10 45,851 53,337
Investments 11a, 11b 1,907,294 2,354,338
1,989,989 2,443,581
Current assets
Debtors 12 476,102 413,840
Cash and cash equivalents 15,296 45,579
491,398 459,419
Creditors: amounts falling due within one year 13 630,701 590,135
Net current assets/(liabilities) (139,303) (130,716)
Net assets excluding pension asset 1,850,686 2,312,865
Defined benefit scheme asset 18 - -
Net assets including pension asset 14/15 1,850,686 2,312,865
Funds
Endowment funds 378,864 413,222
Restricted funds 358,715 491,789
Unrestricted funds
Designated funds 614,352 669,988
General funds 498,755 737,866
Unrestricted income funds excluding pensions asset 1,113,107 1,407,854
Pension reserve 18 - -
Total unrestricted funds 1,113,107 1,407,854
Total funds 14/15 1,850,686 2,312,865

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime with Part 15 of the Companies Act 2006.

Approved by the Board on 30/09/2025 and signed on its behalf by

Steven Miller President

Rachael Rogers Vice President

Company Number: 252131

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Museums Association

Statement of Cash Flows

For the year ended 31 March 2025

2025 2024
£ £
Cash flow/(outflow) from operating activities
Cash generated from operations (309,888) 28,436
Interest paid - -
Net cash used in operating activities (309,888) 28,436
Cash flow from investing activities
Bank interest received - -
Acquisition of tangible fixed asset investments (19,570) (9,364)
Acquisition of intangible fixed asset investments (36,523) (37,505)
Disposal of financial instruments 292,000 -
Cash generated by sale of investments 43,698 22,286
Net cash used in investing activities 279,605 (24,583)
Net decrease in cash and cash equivalents (30,283) 3,853
Cash and cash equivalents at beginning of year 45,579 41,726
Cash and cash equivalents at end of year 15,296 45,579
Reconciliation of net income/(expenditure) to net cash flow from operating activities
2025 2024
£ £
Net income including endowments (462,179) (737,608)
Adjustments for:
Depreciation charges 18,632 16,426
Amortisation 44,009 37,205
Increase (decrease) in cash held in investments (22,286) 148,580
Bank interest received - -
Net (gains)/ losses on investments 133,632 (36,473)
Increase (decrease) in debtors (62,262) 665,771
Increase (decrease) in creditors 40,566 (65,465)
Net cash used in operating activities (309,888) 28,436

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Museums Association

Notes to the Financial Statements

For the Year Ended 31 March 2025

1. Accounting Policies

34

Museums Association

Notes to the Financial Statements

For the Year Ended 31 March 2025

Accounting Policies (Continued)

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic Financial Liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price, and subsequently measured at amortised cost using the effective interest method.

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS102. See notes 12 and 13 for the debtor and creditor notes.

35

Museums Association

Notes to the Financial Statements

For the Year Ended 31 March 2025

Accounting Policies (Continued)

Furniture & Equipment 10.00% per annum, straight line method IT & Computers 33.33% per annum, straight line method

Depreciation costs are allocated to Support Costs.

Website & Database 33.33% per annum, straight line method

Amortisation costs are allocated to Support Costs.

Current or past service costs and gains, as determined by the scheme’s actuary, are charged to the statement of financial activities each year. Pension finance costs or income are included within total resources expended or incoming resources as applicable. Actuarial gains and losses arising are recognised within ‘gains and losses’ on the statement of financial activities.

In addition, any deficit on the scheme, representing the shortfall of the value of the scheme assets below the present value of the scheme liabilities is recognised as a liability on the balance sheet to the extent that the employer charity is able to recover a surplus or has a legal or constructive obligation for the liability. A corresponding pension reserve is included within total unrestricted funds.

36

Museums Association

Notes to the Financial Statements

For the Year Ended 31 March 2025

Accounting Policies (Continued)

The MA also hold funds as an intemediary, awaiting instructions from an approval panel (where control is retained by the Principal: Esmee Fairbairn), to distribute the funds. Although the MA monitor and report against the use of the funds in their administrative capacity, the ultimate control over the distribution of the funding and legal responsibility for ensuring the charitable application of the funds is retained by Esmee Fairbairn.

Funds received and expended in this manner are excluded from the accounts as income and expenditure. Further details can be found in note 19.

2. Judgements and key sources of estimation uncertainty

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements.

In the view of the trustees in applying the accounting policies adopted, they are required to make judgements, estimates and assumptions that have a significant effect on the amounts recognised in the financial statements and carry a significant risk of material adjustment in the next financial year. No judgements or key sources of uncertainty have been identified by the trustees.

37

Museums Association

Notes to the Financial Statements

For the Year Ended 31 March 2025

3. Donations, grants and legacies
Members Support Fund
UKRI Mindsets and Missions
Paul Hamlyn Foundation
Rausing
Members Support Fund
UKRI Mindsets and Missions
Paul Hamlyn Foundation
Esmee Fairbairn Foundation
4 Charitable activities
Membership
Publications
Events
Professional development
Research and Innovation
Research and Innovation
Trusts and funded projects
Esmee Fairbairn Collections Fund
Membership
Publications
Events
Professional development
Trusts and funded projects
Esmee Fairbairn Collections Fund		 Restricted
£
-
36,330
-
13,650
49,980
181,000
230,980
Restricted
£
-
103,491
-
-
103,742
162,114
265,856
Restricted
£
-
-
-
-
-
-
Restricted
£
-
-
-
-
-		 Unrestricted
£
-
-
40,000
-
40,000
-
40,000
Unrestricted
£
251
-
48,000
31,379
79,379
-
79,379
Unrestricted
£
1,015,945
159,178
389,657
24,032
-
1,588,812
Unrestricted
£
959,480
194,301
343,499
24,025
140,065
1,661,370		 2025
£
-
36,330
40,000
13,650
89,980
181,000
270,980
2024
£
251
103,491
48,000
31,379
183,121
162,114
345,235
2025
£
1,015,945
159,178
389,657
24,032
-
1,588,812
2024
£
959,480
194,301
343,499
24,025
140,065
1,661,370

38

Museums Association

Notes to the Financial Statements

For the Year Ended 31 March 2025

5. Total Expenditure

Staff costs - direct (Note 7)
Direct costs
Grants and Bursaries
Depreciation
Trustees' expenses
sub total
Allocated support costs
Total resources expended		 Events
Membership
Professional
Development
Policy & Public
Affairs
Governance
Support
Trusts/ Projects
Total
£
£
£
£
£
£
£
£
£
195,357
154,068
263,797
87,631
230,147
-
323,563
180,191
1,434,754
126,673
169,970
25,698
1,775
1,975
6,278
306,655
133,685
772,709
-
-
-
-
2,000
-
-
37,315
39,315
-
-
-
-
-
-
34,911
27,731
62,642
-
-
-
-
-
10,409
-
-
10,409
322,030
324,038
289,495
89,406
234,122
16,687
665,129
378,922
2,319,829
181,818
90,909
204,545
68,182
136,363
(16,687)
(665,129)
-
-
Publications
503,848
414,947
494,040
157,588
370,485
-
-
378,922
2,319,829
For the Year Ended 31 March 2024
Staff costs - direct (Note 7)
Direct costs
Grants and Bursaries
Depreciation
Trustees' expenses
sub total
Allocated support costs
Total resources expended		 Events
Membership
Professional
Development
Policy & Public
Affairs
Governance
Support
Trusts/ Projects
Total
£
£
£
£
£
£
£
£
£
186,451
147,334
230,336
172,647
213,133
-
311,721
123,875
1,385,497
125,730
162,877
20,607
1,936
4,500
4,911
272,613
841,703
1,434,877
-
(17,000)
(13,332)
(1,720)
-
-
-
68,496
36,444
-
-
-
-
-
-
26,881
28,691
55,572
-
-
-
-
-
9,313
-
-
9,313
312,181
293,211
237,611
181,863
217,633
14,224
611,215
1,062,765
2,930,703
166,783
83,392
187,632
62,544
125,088
(14,224)
(611,215)
-
-
Publications
478,964
376,603
425,243
244,407
342,721
-
-
1,062,765
2,930,703

39

Museums Association

Notes to the financial statements

For the year ended 31 March 2025

6. Net incoming/(outgoing) resources for the year

This is stated after charging/crediting:
Interest payable
Bank charges
Depreciation
Operating lease rentals
▪property
Board's remuneration
Board's reimbursed expenses (travel and subsistence)
Auditors' remuneration:
▪Audit
▪Other services
Income from quoted investments
Bank interest receivable		 2025
£
-
28,066
62,641
93,000
-
13,123
16,247
6,000		 2024
£
-
24,781
53,631
93,000
-
5,158
18,250
6,000
64,706
-		 74,357
-

40

Museums Association

Notes to the financial statements

For the year ended 31 March 2025

7. Staff costs and numbers

Staff costs were as follows:
Salaries and wages
Settlement payments
Social security costs
Temps/Consultants
Costs of pension scheme - defined contribution
Costs of pension scheme - defined benefit
Other staff costs
Total emoluments paid to staff were:		 2025
£
1,039,555
-
111,862
59,804
96,175
62,871		 2024
£
961,477
-
105,528
63,918
123,630
57,877
1,370,267
64,487		 1,312,430
73,260
1,434,754 1,385,497
1,039,555 961,477

The Charity considers its key management personnel comprise the trustees, the Chief Executive Officer and 3 heads of departments. The total employment benefits of the key management personnel were £ 410,814 (2024: £ 394,820). Trustees receive no remuneration.

No trustee received any remuneration for their role as a trustee during the year (2024: none, £nil). Expenses reimbursed to trustees, or paid directly on their behalf, in relation to travel and subsistence totalled £8,054 (2024: £9,135). These expenses were incurred wholly in connection with the trustees’ duties. Trustee indemnity is covered by the organisation's Charity Care

Earnings over £60,000 (including pension)

2025 2024
No. No.
Number of employees receiving £90,001 - £100,000 1 1
Number of employees receiving £80,001 - £90,000 1 1
Number of employees receiving £70,001 - £80,000 2 2
Number of employees receiving £60,001 - £70,000 - -

The employees above participated in the pension scheme. Contributions paid on behalf of the employees totalled £ 31,785 (2024: £ 30,100).

The average weekly number of employees during the year was as follows:

Publications
Restricted projects
Events
Membership
Professional development
Policy and public affairs
Support		 2024
No.
4.0
3.0
2.0
4.5
1.5
3.0
3.0		 2023
No.
4.0
3.0
2.0
4.5
1.5
3.0
3.0
21.0 21.0

41

Museums Association

Notes to the financial statements

For the year ended 31 March 2025

8. Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9. Tangible fixed assets

£
COST
75,982
Additions in year
8,351
84,333
DEPRECIATION
52,623
Disposals in year
-
Charge for the Year
5,762
58,385
NET BOOK VALUE
25,948
23,359
10.
Intangible fixed assets
COST
Additions in year
AMORTISATION
Disposals in year
Charge for the Year
NET BOOK VALUE
At 31 March 2025
At 01 Apr 2024
At 01 Apr 2024
At 31 March 2024
At 31 March 2024
Furniture and
Equipment
At 31 March 2025
At 31 March 2025
At 01 Apr 2024
At 01 Apr 2024
At 31 March 2025
At 31 March 2025
At 31 March 2024		 £
COST
75,982
Additions in year
8,351
84,333
DEPRECIATION
52,623
Disposals in year
-
Charge for the Year
5,762
58,385
NET BOOK VALUE
25,948
23,359
10.
Intangible fixed assets
COST
Additions in year
AMORTISATION
Disposals in year
Charge for the Year
NET BOOK VALUE
At 31 March 2025
At 01 Apr 2024
At 01 Apr 2024
At 31 March 2024
At 31 March 2024
Furniture and
Equipment
At 31 March 2025
At 31 March 2025
At 01 Apr 2024
At 01 Apr 2024
At 31 March 2025
At 31 March 2025
At 31 March 2024		 £
212,905
11,219
224,124
IT &
Computers		 Total
£
288,887
19,570
308,457
52,623
-
5,762		 200,358
-
12,870		 252,981
-
18,632
58,385 213,228 271,613
25,948 10,896 36,844
23,359 12,547 35,906
£
545,455
36,523
581,978
Website &
Database		 Total
£
545,455
36,523
581,978
492,118
-
44,009		 492,118
-
44,009
536,127 536,127
45,851 45,851
53,337 53,337

42

Museums Association

Notes to the financial statements

For the year ended 31 March 2025

11a.
Rathbones Greenbank
At 01 April 2024
Disposal proceeds
Adjustment for cash held in portfolio
Additions during the year, at cost
Disposals during the year, at brought forward value
Realised (losses) gains
Unrealised (losses) / gains
At 31 March 2025
At the balance sheet date, the market value of the portfolio comprised:
Fixed interest
UK equities
Global equities
Property
At 31 March 2025
No individual holding represented more than 5% of the market value of the portfolio at the bal
Analysis of investment portfolio
Rathbones Greenbank
At 31 March 2025
Investments		 2025
£
2,354,338
(292,000)
(21,413)
-
-
-
(133,631)		 2024
£
2,641,040
(323,175)
-
-
-
-
36,473
1,907,294 2,354,338
389,246
615,912
782,467
119,667
1,907,292
ance sheet dat
2025
£
2,354,336		 e.
2024
£
2,641,038
1,907,292 2,354,336

43

Museums Association

Notes to the financial statements

For the year ended 31 March 2025

11b.
12.
Debtors
Trade debtors
Grant Debtors
Other debtors
VAT recoverable
Prepayments and accrued income
13.
Creditors : amounts falling due within one year
Trade creditors
Accruals
PAYE, social security and other taxes
VAT payable
Other creditors
Subscriptions in advance
Investment in subsidiary
Shares in subsidiary at cost		 2025
£
2		 2024
£
2
2025
£
128,561
171,000
1,949
20,936
153,656		 2024
£
57,278
185,914
9,813
20,171
140,664
476,102 413,840
2025
£
61,073
29,760
39,804
-
23,038
477,026		 2024
£
81,473
41,705
37,898
-
8,011
421,048
630,701 590,135

All deferred income recognised in 2024 was released in 2025

44

Museums Association

Notes to the financial statements

For the year ended 31 March 2025

14.
Movements in funds
Total endowment funds
Restricted funds:
Esmee Fairbairn Collections Fund
UKRI Digital Learning
UKRI Mindsets & Missions
Wellcome Trust Bold Futures
Museum Freelance
NLHF NI
Decolonisation programme
Communicating Decolonisation
Rausing Foundation
Unrestricted funds:
Designated funds:
Pension Company
Fixed Asset reserve
Access
Campaigns and membership support
Total designated funds
General funds
Total unrestricted funds
Total funds
Members Support Fund
Beecroft Bequest
Endowment funds
Pension reserve fund
Total restricted funds*
ACE CRF		 At
31 March
2024
£
413,222
413,222		 Income
£
11,665
11,665
6,861
181,000
-
36,330
-
-
-
-
-
13,650
-
237,841
-
-
-
-
-
1,741,775
1,741,775
-
1,991,281		 Expenditure
£
(46,023)
(46,023)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
- -		 At
31
March 2025
£
378,864
378,864
230,812
126,095
16,589
109,845
(200)
400
(134)
7,490
707
-
185		 (54,794)
(169,354)
-
(141,289)
-
-
-
(2,973)
(2,505)
-
-		 182,879
137,741
16,589
4,886
(200)
400
(134)
4,517
(1,798)
13,650
185
491,789 (370,915) 358,715
600,000
12,574
(691)
58,105
669,988		 -
(12,574)
(14,486)
(58,576)
(85,636)		 -
-
25,000
5,000
-
(30,000)
-
-
-		 600,000
-
9,823
4,529
614,352
737,866 (1,950,886) 498,755
1,407,854
-		 (2,036,522) 1,113,107
-
2,312,865 (2,453,460) 1,850,686

45

Museums Association

Notes to the financial statements

For the year ended 31 March 2025 Movements in funds (continued)

14) Purposes of Endowment Funds

The Beecroft Bequest originates from a legacy made in 1961 which is used to make grants to museums to help fund purchases of pictures and works of art produced no later than the 18th century.

Purposes of restricted funds

The Members Support Fund (formerly the Benevolent Fund) assists financially distressed members of the MA and now includes within its purpose the promotion of education and professional development of members of the MA.

The MA runs the Esmée Fairbairn Collections Fund (EFCF), offering grants of £20,000 to £100,000 to museums for timelimited work with collections. Through this fund the MA and the Esmée Fairbairn Foundation seek to develop a series of projects that demonstrate the inspiring and engaging potential of collections to deliver social impact for people and communities.

UK Research and Innovation provided grant funding of £633,125 to fund the Digital Learning programme in 14 UK museums.

UK Reearch and Innovation provided grant funding of £895,445 to fund the Mindsets and Missions science programme in 12 UK museums.

Wellcome Trust provided fundng of £238,00 for the Bold Futures programme supporting science based projects in 7 museums and cultural institutions.

Museum Freelance provided £30,000 funding to support freelancers during the pandemic.

The National Lottery Heritage Fund Northern Ireland provided £5,000 to fund a research project on the social impact of museums in Northern Ireland.

The Decolonisation programme is supported by £90,000 grants from the Art Fund, the Esmee Fairbairn Foundation, the John Ellerman Foundation and the Paul Hamlyn Foundation to provide guidance and support to the sector.

The Esmee Fairbairn Foundation supported comunication of decolonisation guidance with a grant of £10,000 The Rausing Foundation provided £13,650 for a Health and Wellbeing programme.

ACE CRF provided a £150,000 donation during Covid.

Purposes of designated funds

A fund of £600,000 was set up in 2012 in place of the charge on the property sold that year held by the Museums Association Pension Plan.

The Fixed Asset Reserve has funds set aside for future capital expenditure.

The Access fund was established to support access and inclusion needs for MA events and activities on an ongoing basis.

Designated campaign and support funding was established to support MA campaigns and membership on an ongong basis.

15. Analysis of Net Assets Between Funds

Intangible Fixed Assets
Tangible Fixed Assets
Investments
Net Current Assets
Pension scheme asset
Net Assets at 31 March 2025
Intangible Fixed Assets
Tangible Fixed Assets
Investments
Net Current Assets
Pension scheme asset
Net Assets at 31 March 2024		 £
-
-
342,721
36,143
-
378,864
£
-
-
416,107
(2,885)
-
413,222
Endowment
Funds
Endowment
Funds		 Restricted
Funds
£
-
-
180,673
178,042
-
£
45,851
36,844
1,383,898
(353,485)
-
Unrestricted
Funds		 2025
Total Funds
£
45,851
36,844
1,907,292
(139,300)
-
358,715 1,113,107 1,850,686
Restricted
Funds
£
-
-
226,076
265,713
-
£
53,337
35,906
1,712,155
(393,544)
-
Unrestricted
Funds		 2024
Total Funds
£
53,337
35,906
2,354,338
(130,716)
-
491,789 1,407,854 2,312,865

46

Museums Association

Notes to the financial statements

For the year ended 31 March 2025

16. Related Party Transactions

During the year, the charity entered into the following transactions with related parties:

During the year, the following Trustees were employed by organisations which the Museums Association purchased products and services (venue hire) from:

Hasina Dabaque, Programme Manager, Wellcome Collection
At the year end, the amount outstanding to Wellcome Collection was £0 (2024, £nil)		 2025
£		 2024
£
- 13,213

During the year, the following Trustees were employed by organisations which the Museums Association made grants to:

2025
2024
£
£
Christine Mclean, Head of Cultural Heritage and Wellbeing, OnFife
-
61,655
2025
2024
£
£
Christine Mclean, Head of Cultural Heritage and Wellbeing, OnFife
1,928
1,845
Steve Miller, Director of Cultural Heritage, Norfolk County Council
2,830
4,754
Rachael Rogers, Museums and Arts Manager, MonLife Heritage Museums
696
666
Michael Terwey, Director of Public Engagement and Research, National Trust for Scotland
3,513
4,358
Hasina Dabaque, Programme Manager, Wellcome Collection
3,248
3,265
Georgina Young, Head of Collections and Exhibitions, Manchester Museum
5,863
1,845
Kate Steiner, Editor, Science Museum Group Journal
5,029
5,741
Janet Dugdale, Director, Museum of Liverpool
3,391
-
26,498
22,474
2025
2024
£
£
Kate Steiner, Editor, Science Museum Group Journal
2963
-
Nivek Amichund, Chief Exhibitor, Historic Royal Palaces
-
80
2,963
80
In the year, one Trustee was paid for work carried out for the charity.
2025
2024
£
£
Hasina Dabaque
900
-
Beloved Adonai
-
300
Sara Kassam
-
1,000
900
1,300
Hasina Dabaque carried out Lived Experience Consultancy for the Anti-Racism and Decolonisation Steering Group.
All related party transactions were carried out in line with the conflicts of interest policy.
No Trustees exerted influence over commercial transaction to or from the Museums Association.
Where relevant payments to Trustees were authorised in line with the articles of the Museums Association.
(c) Donations from Related Parties
Donations from Trustees and other related parties during the year amounted to £nil (2024: £nil).
17.
Operating lease commitments
2025
2024
£
£
Property
Less than one year
93,000
93,000
2 to 5 years
372,000
372,000
More than 5 years
139,500
232,500
At the year end, one organisation which a Trustee was employed by had an outstanding balance (membership and events
fees) with the Museums Association:
During the year, the following Trustees were employed by organisations which purchased products and services
(membership and events fees) from the Museums Association:
Expenditure committed to under operating leases falling due in;		 2025
£		 2024
£
- 61,655
2024
£
1,845
4,754
666
4,358
3,265
1,845
5,741
-
ces
26,498 22,474
2,963 80
2025
£
900
-
-		 2024
£
-
300
1,000
900 1,300
Group.
2024
£
93,000
372,000
232,500

47

Museums Association

Notes to the Financial Statements

For the year ended 31 March 2025

18. Defined benefit pension scheme

The association operates a defined benefit scheme in the UK which was paid-up at 31 March 2008 so no further service liability will accrue.

The most recent full actuarial valuation was carried out in 2022 by a qualified actuary. As the scheme was fully funded no contributions were made in 2024-25.

Defined benefit cost:
Current service cost
Net interest cost on the recognised defined benefit asset
Remeasurements recognised in the SOFA
Remeasurements recognised in Other Comprehensive Income:
Remeasurement of defined benefit obligation
Return on plan assets
Change in effect of the asset ceiling		 2025
£'000
-
-
-
-
2025
£'000
(221)
159
62
-		 2024
£'000
-
-
-
-
2024
£'000
(39)
365
(326)
-

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

Financial Assumptions:

Financial Assumptions:
2025 2024
% %
Discount rate at the end of the year 5.8% 4.9%
Retail Price Inflation 3.3% 3.1%
Consumer Price Inflation 3.0% 2.6%
Increases in deferment 3.0% 2.6%
Rates of increase to pensions in payment
Pensions earned before 6/4/97 0.0% 0.0%
Pensions earned after 5/4/97 3.2% 3.1%

Based on the mortality assumptions detailed below, the following illustrates the life expectancies used to place a value on the Scheme's liabilities as at 31 March 2025:

Life expectancy Male Female
Member aged 65 at the effective date of the calculations 19.7 21.9
Member aged 65 at a date 20 years after the effective date of the 20.9 23.3
calculations

49

Museums Association

Notes to the Financial Statements

For the year ended 31 March 2025 Financial Assumptions (cont.)

Demographic and other assumptions

Demographic and other assumptions
2025 2024
Mortality before retirement Nil Nil
Mortality after retirement base table 101% male and 104% 101% male and 104%
female. S3PA with ages female. S3PA with ages
rated up 2 years rated up 2 years
Future improvements CMI_2022 [1.25%] CMI_2022 [1.25%]
Cash commutation All members will commute All members will commute
20% of pension on current 20% of pension on current
terms terms
Retirement age Normal retirement age Normal retirement age
Proportion of members with 85% - Males; 75% females 85% - Males; 75% females
Average age difference between Females are 3 years Females are 3 years
member and spouse younger than males younger than males
Discretionary increases No allowance No allowance

The expected return on the plan assets is based on the fair value of the assets at the beginning of the period and the expected long term rate of return as estimated at the start of the period.

The employee benefit obligations recognised in the balance sheet are as follows:

Present value of defined benefit obligations
Fair value of plan assets
Net asset recognised in the Balance Sheet		 2025
£'000
2,297
(2,297)
-		 2024
£'000
2,438
(2,438)
-

50

Museums Association

Notes to the Financial Statements

For the year ended 31 March 2025

18. Defined benefit pension scheme (continued)

Movements in the present value of the defined benefit obligation are as follows:

Opening defined benefit obligation
Service cost (Current and past)
Interest cost
Remeasurement arising from changes in assumptions
Remeasurement arising from experience
Benefits paid
Liabilities at end of period
Changes in the fair value of plan assets are as follows:
Opening fair value of plan assets
Interest income
Actual return on plan assets, excluding interest income
Contributions by employer
Benefits paid
Assets at end of period		 2025
£'000
2,438
-
119
(221)
(38)
2,298
2025
£'000
3,761
183
(380)
-
(38)
3,526		 2024
£'000
2,402
-
119
(52)
13
(44)
2,438
2024
£'000
3,974
196
(365)
-
(44)
3,761

The actual return/(deficit) on plan assets was £ (0); (2024: (£0)).

The major categories of plan assets as a percentage of total plan assets are as follows:

2025 2024
£'000 % £'000 %
Equities 610 17% 527 14%
Bonds & Gilts 2,805 80% 3,122 83%
Property 88 2% 75 2%
Cash 23 1% 38 1%

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Museums Association

Notes to the Financial Statements

For the year ended 31 March 2025

19. Funds held by The Museums Association as an intermediary agent

The Museums Association receives an annual restricted grant from Esmee Fairbairn to support the research, development and administration of the Esmee Fairbairn Collections Fund. This is recognised as income in the financial statements.

The MA also receives £1.3 million per year for 2024-25 over the extended life of the programme for distribution to grant recipients. Under the terms of the agreement, the Museums Association will receive, review and filter applications which will be sent to an approval panel for consideration. The panel consists of two Esmee Fairbairn trustees, the Esmee Fairbairn chief executive, the Museums Association’s chief executive and two members from the museums community. Based on the composition of the panel and the fact that the Esmee Fairbairn chief executive has the casting vote on the approval of awards, the Museums Association has no ultimate control over the distribution of the awards.

Under this arrangement the Museums Association is holding the funds as an intermediary, awaiting instruction from Esmee Fairbairn to distribute the funds. Although the Museums Association will monitor and report against the use of the funds, the ultimate control of the funding and legal responsibility for ensuring the charitable application of the funds would appear to remain with the Esmee Fairbairn Foundation.

As such, funds received and distributed under this arrangement have been excluded from the MA's accounts. This year, £ 84,830 was carried forward, £ 1,340,523 was received and £ 1,049,454 was awarded. At the year end, the MA held cash of £ 375,900 which is payable to grantees under the programme. This bank balance and corresponding liability have also been removed from the financial statements.

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