2023-12-31-accounts

Reglstered number: 00918560 Charity number: 603717 IRONBRIDGE GORGE MUSEUM TRUST LIMITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE IROnBRIDGE GORGE MUSEUM TRUST

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company Ilmlted by guarantee) coKrENTS Page Reference and admlnistrative details of the Company, Its Trustoes and advisers Tru5t8es' report Independent audltors, r•port on the financlal statements Consolidated slat•ment of flnancial actlviti•s Consolidated balance sheet 3-19 20-23 24-25 26-27 Company balance sheet Consolidated statement of cash flows 28-29 30 N•Xes to the financlal statements 31-69

IRON8RIDGE GORGE MUSEUM TRUST LIMITED {A Company limited by guarantse) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees E Appleby D Brammer B Foster (appointed 26 July 2023) J Francis R KenyOn￿laney. Deputy Chairman J Kidson (resigned 26 July 2023) M Kirk K Mackenzie E Nicholson C M Pemberton. Chainnan H Thome C Walker Company rngist•r•d number 00918560 Charity registered number 503717 Reglsternd offico Coalbrookdal8 Telford Shropshire TF8 7DQ Chief Executive Officer Nick Ralls Sonior management team Nick Ralls, CEO Nick Booth, Colledions & Leaming Director Karen Davies. Museum Development Director Rory Hunter, Estales, Facilities and Projeds Director Abbie King, Chief Operating Officer {resigned 31 December 2023) Kirsty Vlemmiks, CFO David Wright, Marketing Director Page 1

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limited by guaranteel REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Independent audltors WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Bankers Barclays Bank PLC PO Box 89 Shrewsbury Shropshire SY12WQ Investment Managers Quilter Cheviot 8th Floor 2 Snow Hill Birniingham B4 6GA Page 2

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Tha Trustees present their annual report logether with the audited financial statements of the Charitable C(xnpany (also referred to as the 'Trusf') for the period from 1 January 2023 to 31 December 2023. The Trustees confirm that the Annual Report and financial statements of the Trust comply with the current statutory requirements, the requirements of the Trusvs goveming document and the provisions of the second edition of the Statement of Recommended Practice (SORP), appllcable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK 8nd Republic of Ireland (FRS 102) (October 2019). Strategic Report - Objectfves and actlvltles a. Pollcles and objectlves The main objective of the Trust is to secure the preservation, restoration, improvement, enhancement and maintenance of features and objects of historical and industrial interest including the provision of an industrial museum and the organisation of meetings, exhibitions, lectures, publications and other forms of instruction relevant to histori￿1 and industrial development. b. Strategles for achlevlng obJectlve8 The principal activities of the Trust are the preservation of historic properties and th8 development and management, as an educational charty, of museums relating to the industrial, social and economic history of the Sevem Gorge and related areas, witt) particular reference to the Industrial Revolution. Its trading subsidiary is primarily 8ngaged in th8 retailing of museum giftware and souvenirs. There were no changes in these activities in 2023. A new ten-year Manrfesto was developed by the Trust in 2021 which sets out the strategic direction of the Trust and its underlying purpose and prioritié$. Our purpose The Most Extraordinary District in the World. The Ironbridge Gorge Is the birthplace of the Industrial Revolution. Through our buildings, monuments and collectiong we tell the stories of thls tlma of transformation and its relevance to us today. 'Charles Hulbert, a visitor to Ihe Gorge, 1837 Our prfnciples: Significance and Relovance -we INFORM We aim to ensure that the significance of the Ironbridge Gorge as the birthplace of the Industrial Revolution continues to be apprecialed. Know1￿jge of traditional methods of iron SMe￿Ing, coal mining, china and porcelain manLrfacturing. brick making and other processes is fading from living memory. By keeping this knowledge alNe, the Museum ensures these skills and crafts are preserved, while helping future generations to understand the importance of the Industrial Revolution and the place it still plays in our modern world. Our wide breadth of museums. structures, industrial machinery and collections represent many historic industries and Communities across the Worfd Heritage Site. They provide a unique opportunty to share the story of the Gorge and how it came to change the world. Page 3

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company Ilmlted by guarantse) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Strategic Report - Objectives and activities (continued) Authenticity and Authority - we INSPIRE To engage and inspire our audiences in a way that builds trust, we must be authentic. The stories we tell of the Ironbridge Gorge will continue to be supported by thorough research that ensures their historical accuracy. as well as providing engaging detail. As a leading independent museum in a World Heritsge Site, we have a responsibility to be an authority on the intemational story of our industrial, social and economic past. It is a responsibility that we welcome in every aspect of our work. Communlty and Place - we INVOLVE The UNESCO World Heritage Site designation for Ironbridge is import8nt. By y￿rkIng with and involving partners, ws will retaln the historic integrity of Ironbridge. Unlike many other historic estates. which are frozen in time, the Ironbridge Gorge is a thriving community, ajongside which the museums and monuments are sltuated. This presents an opportunity. We are a key part of the tourism and cultural economy and we will work alongside partner organisations to strengthen the economic benefit for local businesses. We will develop strong links as part of the local communities with indivtduals, organisations and public sector bodies to improve engagement and pride in the signfficance of the Gorge. The Trust will take a lead and work viith these partners to improve the pride and sense of place. Invention and Exporimentatlon - we INNOVATE Ironbridge is a place where industrial entrepreneurs experimented and innovated. Transformation and vision are part of our local history. The Museum is a part of this continuing story of innovation and will embrace thi5 willingness to experiment and be bold and rise to the challenges ahead of us. Our Stratsglc Prlorltles: Protecting our past, looking to our future Bringing to life the voices of the past Community. place and partners Quality visitor experience Our staff and volunteers Caring for environment Flnancial resilience Page 4

IRONBRIDGE GORGE MUSEUM TRUST LIMITED IA company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Strateglc Report - Otyectlves and actlvltles (contlnued) c. Actlvltles undertaken to achleve objectlves In setting objectives and planning for adivities, the Trustees have given due consideratFon to general guidance published by the Charity Commission relating to public benefit and in particular to its supplementary public benefrt guidance. The Trustees review the activities of the Trust against its aims continualty and are satisfied that all actiVit￿S continue to be related to its goajs. No specifi¢ issues of detriment or harm have been identffied in relation to the continuing public benefit from our charitab18 activities. The Trust seeks to build on the success of the past five decades and provide inspirational leaming for all ages as well as telling the holistic story of one of the most important industrial World Heritage Sites. The beneficiarres of the Trusfs work are. therefore, the people that visit our sites tcrflay, as well as future generations to come, as the Trust seeks to expand the number of people who ar8 able to share in the timeless significance of the Ironbridge Gorge Worfd Heritage Site. The Trust is committed to serving its local communities whilst playing a national and intemational role in the telling of the story of Ironbridge as the Birthplace of Industry. The Trust works closely with educational institutions by providing stimulating and inventive leaming experiences. providing outreach sessions within Ihe communty and also in supporting initiatives for individuals or groups with special needs. As a result, the charges made for enty to our sites are kept to the minimum required to remain financially viable and include concessionary rates along with numerous offers and schemes. A number of the sites and monuments within the Trust's care that benefit from the funds raised by the Twst are available for members of the public to visit free of charge. A number of private benefits do necessarily arise from the activities of the TrusL In particular. the Trust finds it essential to employ and remunerate staff. These private benefits are a required by product of carrying out the Trust's aims. The Trust promotes a strong volunteering policy encouraging individuals to become involved with the organisation. This offers a fulfilling opportunty for the volunteers, oftén providing them with valuable work experience within a safe and controlled environment and is of great value to the organisation in canying out its mission whilst minimising private benefits. Strategk report Achievemènts and perfomiance . Review of activities Protectlng our past, looking to our fvtur• Work continued on iwo externally fijnded major Conservation projects: the £1.064m ACE administered Museum Estate and Development Fund (MEND) project. This grant was awarded as part of the Government's Cultural Investment Fund allocated by the Department for Digital, Culture, Media and Sport (DCMS) and is funding vital infrastructure works at Blists Hill including work on- The Hay Inclined Plane The foundry Installation of perimeter fencing New fire alarm systems Installation of equipment to reduce energy consumption Page 5

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Stratsglc report (continued) Achievements and performance (continued) the £9.974m National Heritage Memorial Fund (NHMF) project. This grant is part of the Government's Cultural Assets Fund allocated by DCMS and is funding vital heritage conservation works across the entire estale identified in the Quinquennial Buildings and Monuments Audit that was Carried out by an extemal conservation accredited architect in 2021. The grant includes an endowment of £4.5m which was received in the year. the income from which will pay for ongoing Gonservation maintenance. Works funded by the grants in 2023 included the replacement of the Museum of the Gorge roof and conservation works to a number of Blists Hill buildings. The replacement of the MOG roof was also supported by donations from a number of Trusts and Foundations which funded v￿rkS not covered by the NHMF grant including reinstatement of the historic chimney pots. Much of the work on Blists Hill was carried out by a small in- house rna1ntenan￿ learn funded by NHMF. The Museum of the Gorge reopened in February 2024 following its closure to albw the Y￿rkS to take place. The focus for 2024 will be on the Museum of Iron and the Library and Archives in Coalbrookdale. Abng with Yrfork on the historic buildlngs. the Trust was successful in an application for grant to the Association for Industrial Archaeok)gy for much needed conservation work on the Sentinel locomotives stored under the viaduct arches in Coalbrookda18. The project involves the Collections Curator leading a team of conservation volunteers. and work began in the final quarter of Ihe year, and continues into 2024. Brlnglng to Ilfe the voices of the past 'The Daily Grind - The Industrial Workers of the Ironbridge Gorge, exhibition ran from late April until early November welcoming almost 10,000 visitors and proved to be one of the most popular exhlbltions to date. Visitors rated the exhibition 9.3 out of 10 and particularly enjoyed this focus on the lives of the ordinary people who lived and worked in the gorge. The education team welcomed almost 27.CM)O education visitors in 2023 (up from 20.000 in 2022). Overseas education visitors are returning viith 18 vists from France in the year. The Learning Offer was shortlisted for the 'Best Heritage Venue, at the School Travel Awards 2023 and in September the Coalbrookdale Museum offer was awarded a Sandford Award for heritsge education. The Trust began hosting its first Cdlaborative Doctoral AvRrd PhD student whose project is 'Common Printed Things: Intersections of art and industry in the Coalbrookdale Collection 1850-1930. The Trust also hosted three student interns from Keele University over the summer and IGMT subsequently won the 'Cultivating talent. award at Keele Universty'Breaking the Mould. awards. Communlty, plac• and partners The Trust continues to be a rnember of the World Heritage Site IWHS} Steering Committee working collaboratively with local partners to ensure the WHS is managed in line with the high standards required by its WHS status. As in previous years, the Trust supported the annual World Heritage celebration providing free entry to its Coalbrwkdale site and special activities in September. The Trust continues to work with other institutions including a partnership with the British Library to deliver the Christmas Edition of the 'Blists Hill Observerf in the year - the newspaper curator at the British Library chose stories from the local paper between 1890-1910 and brought them together in a new edition for our visitors. Page 6

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Strateglc report {continued) Achievements and performanu (conlinued) The Trust partnered with the Wolverhampton Wanderers Foundation to create a Vidorian women's football kit to Celebrate the FIFA Women's World Cup - the kit was displayed in the Drapers shop wirKlow at Blists Hill during the tournament and a replica is now displayed in the Wolverhampton Wanderers Museum. Through its WO￿ as a Sector Support Organisation (SSO) the Trust also contlnued to hold an industy leadership rde delivering the successful West Midlands Museum Developmènt (WMMD) programm8. As one of only nine organisations to ￿Ceive Arts Council England (ACE) grant funding to deliver this natK•nal programme the Trust has a responsibilty to support museums across the region by encouraging the sharing of knowledge and best practice lo drive excellence, raise standards and develop skills to ensure a thriving sector. The programme seeks to ensure these museums achieve future sustainabilty through new and innovative ways of providing a￿eSs to cdledions, increasing 8qualty and diversity. engaging audi8nces and improving excellence. Throughout 2023 the VA)rf( of the WMMD team continued through a hybrid online and in-person support offer" offering training and development opportunities across ¢olle¢tions, audiences, workforce, resilien￿. inclusive pr*ice and environmentsl responsibility. The team continued to commission training and offer new opporbJnitie8 for support that were relevant and responsive to the ongoing challenges facing the sector, including the impact of COVID, cost of living crisis. rising energy Costs and increasing financial pr&8sure. During 2023, 66 training events were attended by 626 participants, including a hybrid conference hosted in CoalbrLY)kdale. Online coffée momings Offer￿ informal opportunitias to share sector news, opportunities, challeroes. and case studies. A total of nine Coffee and Chatter sessions were held, attended by 55 indmduals. Accreditation support and guidance was offered to 141 museums in the West Midlands region. Bid writing support continued through 2023, supporting applications to WMMD Small Grants and ACE National Lottery Project Grants {NLPG). 20 rnuseums were awarded £60,518 through Small Grants, utilising £14,250 match funding from Art Fund. The grants supported activity ranging across the ACE Investment Principles. including developing schc(Ils and edUcat￿)n offers, audience development, workforce developmenl and wellb8ing, financial and business planning, improving environmental sustainabilty, and collections care. Flve museums were awarded £22,450 through the Strategic Intervention Fund (SIF); a new responsNe grants scheme aimed at supporting museums to navigate risks and respond to challenges. 11 bursaries were awarded to all¢)w museum dekgates to access conferences and training hosted by sector partners. From April 2024 Museum Development funding from Arts Council England changed to fwe Area programmes, rather than the previous nine regions. During 2023, Ironbridge Gorge Museum Trust, in partnership with Leicestershire County Council (LCC) was successful in a bid to deliver Museum Davelopment Midlands 202 2026. Through 2023 the IGMT team worked collaboratively with LCC colleagues to ensure a smooth mobilisation and transl￿On to Museum Development Midlands in April 2024. developing new relationships across the expanded Area and creating a data-driven Bid and Actmty Plan for the 2024-26 programrne. The team worked collaboratively with national Museum Development Network (MDN) partners to strategically support national needs through national working groups. the Roots and Branches.. Carbon Litera￿ training programme and developed a shared approach to collaboration and national working for the 2024-28 programme with Museum Development England (MDE) partners. The Trust continues to deliver the Industrial Heritage Support Officer (IHSO) proiect, supported by Historic England, which provides support in the fonn of advice, networking. training. advocacy, and best practice, to preserved industrial heritage sites open to the public across England with fundiro secure until 2025. Page 7

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limited by guaranteo) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Strateglc report (continued) Aehlevements and performance (contlnued) Quality visitor experlence The first major event of the year was a special weekend of activities in April to mark 50 years since Blists Hill was c¥)ened to the public and in July we continued the celebrations by welcoming almost 200 people to a lecture delivered by Sir Neil Cossons entitled The Foundation and Earty Days of Blists Hill Open Air Museum,. We continued to deliver a varied programme of events across all sites with a number of new events including a Fashion Show and Beer Festival at Coalbrookdale along with the return of traditional favourites such as Fireworks and Victorian Christmas weekends at Blists Hill. At Blists Hill. visitors could experience a traditional Victorian seaside experience during the Summer holidays including real sand, donkeys, deck chairs and a Punch and Judy show which proved really popular with visitors and generated national press coverage. One of the Trusfs strategic priorities is to ensure every visitor has a qualty experience and that their experlences are inspirlng. engaging, educational and fun. The Trust carried out regular customer surveys throughout 2023 and benchmarked perfomiance against the Association of Leading Visitor Attractions (ALVA) with the Trust scoring 9.15 out of 10 for overall enjoyment and 72 for Net Promoter Score against the ALVA average of 9.07 and 72 respectively. During the year we conducted an external mystery shopper exercise which concluded there had been a marked improvernent visitor standards since the last audit in 2022. In August direct debit capability was implemented allowing visitors to opt into direct debit when purchasing annual passes with incentives offered for signing up with the intention of encouraging long tenn visitor loyalty and renewal of annual passes. Our staff and volunteers Volunteering remains critical to the success of the Trust and the Trust enjoyed the support of almost 200 regular volunteers in 2023. 18,252 volunteer hours were recorded including 1,397 volunteering hours from The Friends of the Ironbridge Gorge Museum making a substantial contribution to the Trust. 2023 has been a successful year for volunteering with a number of regular groups 5UPPOrting varied activities. These have included the 'Steam Team,, a group of regular volunteers who meet on a weekly basis to work on the Trust's heritsge steam assets and a small group of keen enthusiasts working on the Sentinel conservation project. The Da￿Y Houses, Tar Tunnel & Broseley Pipeworks and the "Daity Grind" exhibition were manned solely by volunteers and the Art Society volunteers assisted with the archiving and recording of the LTC RO￿ collection. Corporate volunteering continued with several successful volunteering activities and interest in corporate volunteering opportunilies continues to grow. There has been an increase in young volunteers with hidden disabilities gaining work 8xperience on their My Options "Pathway to Work" scheme. They have conducted housekeeping and visitor audits on our various sites. The Telford and Wrekin Inclusive Gardening Service (TWIGS) provide a team of gardeners from the Council's Skill Unit for Adults with Disabilities and their ,￿oodWork pathwal, have a group restoring the wooden benches. The Shropshire Council and Telford and Wrekin Council have a Supported internship with their local colleges and we have had thr88 candidates who have loved this experience and gained valuable work experience. Page 8

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A ¢ompany Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Strateglc report {¢ontlnued) Achlevements and perforniance {contlnued} Volunteer coffee mornings and bi-annual volunteer meetings were very well attended and the volunteers have said they feel more like a 'YamllW': overall a very positive year for volunteerlng. In January 2023 a comprehensive training programme was agaln dellvered to all stsff and volunteers. The main focus of the training was on diverslty, equity and inclusion delivered by an external training provider. Ted Tralnlng. We introdU￿d the concept of the 'Sunflower Scheme, to our front of house teams (providing support for visitors with hidden disabilities) and all employees had refresher training on health and safety, safeguarding and supportlng school visits. Where applicable, employees received training in risk assessment. food hygiene, first aid and the use of evacuation chairs. The programme also focused on developlng role specafic skills and competencies and providing up to date mandatory tralning for those who require the use of specialised equipment such as fork lift trucks. Carfng for envlronment During 2023 further actions to address the recommendations of the 2020 energy audit were carried out including the installation of a further voftage Opilmlser at upper Site Blists Hill bringing the total installed to four. It is expected that the installation of voltage optimisers wll reduce energy consumptlon by 1 OQ/o at the sites where they are installed. Regular monttoring of energy consumption has continued, made possible by analysing data from half hour meters which cover approxlmately 85Qk of the Trust's annual electricty usage. The Twst investigated monitoring gas consumption in the same way in 2023 using Automated Meter Reading (AMR or 'smart' meters) devices but concluded that the dats obtained was not reliable. Our teams have focuséd in 2023 on reducing the contamination of waste into our recycling and worked wrth our waste management contractor Gaskells to ensure that waste is managed appropri8tely. These efforts have ensured that all our waste has been successfully diverted from landfill during 2023. In 2024, we will explore how we can improve recycling at our sites by our employees and visitors. This activity will reduce the volume of our waste us8d to create Refuse Derived Fuel (RDF), improving our sustalnablllty by looking for opportunities for reuse and recycling. In July, a project to repair and improve the Bllsts Hill Canal commenced supported by members of the Environment & Sustainability Committee. The project aims ar8 to remove overgrown vegetation, restore the industrial wharf in the north of Blist8 Hill and in the longer term, repair the stop locks and watewy. In the medium temi, the project wtll recover the habitat. increase biodiversity, improv8 water quality, restore light to the bank to boost understorey growth and provide visitor infomiation on the work of the Trust on environmental projects. Scoping vrfork for electric vehicle charging points commenced. A decision was taken that the prq'ect will begin at Blists Hill and Coalbrookdale and four potential suppliers surveyed the sites. The groundwork in 2023 has paved the way for this prolect to begin in 2024. The Trust produced an updated Envlronmental Strategy in June 2023, adopted by Twstees in September 2023. The poliGy SUPPOrts an annual action plan submitted to Arts Council England supporting thelr investment principle on Environmental Responsibility. During the year an Environment worklng group was established to monitor and progress the action plan. the group will meet quarterly in 2024 following submission of the annual report in June. Page 9

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Strateglc report {contlnued} Achlevements and perforniance (continued) Flnanclal Reslllence The financial perfomiance of the Trust is set out In the Financial Review on pages 10 to 13. Financial review a. Overvlew The Annual Accounts for the year to 31 December 2023 are set out at pages 24 to 69. In 2023 the unrestricted net movement in funds was a surplus of £158,469 (2022.. £744,541 deficit). Included in the unrestricted surplus for 2023 is an actuarial gain on a defined benefit pension scheme of £Nil (2022.. £357,000 surplus) which is excluded in the calculation of free reserves. Exduding the pension surplus, the unrestricted net movement in funds was a surplus of £158,469 <2022.. £1,101,541 deficit). The movement in restricted funds was a surplus of £377.962 (2022: £2.570,105 deficit) giving a combined restricted and unrestricted position of £536,4318urplus (2022.. £3,314,646 deficit). The movement on endowment funds was a surplus of £4,093,536 primarily from the receipt of a £4.5m endowment from the National Heritage Memorial Fund (NHMF) the income from which must be used to fund conservation of the heritage assets in the Trust's estate (2022.. £3,950,085 surplus). b. Review of 2023 Perfonnance As an independent museum a key priority is to be financially resilient and to generate operating surpluses on a consistent basis. This is becoming increasingly difficult: the Trust Is heavlly reliant on visitors with the majority of its income from visitors through admission charges and secondary spend in its retail and catering outlets and visitor numbers have not returned to pre-covid levels. Visitors in 2023 were 338,000 (2022: 285,000) which was a significant increase on 2022 but still short of the c.450,000 visitors per year pre-covid meaning visitor income does not cover the running costs of the 10 museums. Whilst the Trust is fortunate enough to receive ACE NPO funding this grant has not increased with inflation and does not cover the shortfall in trading revenue. The Twst has been successful in fundraising in recerrt year5 but the majority of this income is restricted to capital or conservation schemes and generally does not support the day to day running of the museums. The Trust has significantly increased visitor income per head over re￿nt years with focus on pricing, gift aid conversion and the introduction of the premium annual ticket the PASS PLUS but this improvement has not been sufficient to offset the reduction in visitors since the covid pandemic or the increase in the cost base. The Trust has also taken action to diversify income streams and fitted out domestic flats at Dale House but this is rdatively small scal8. The Trust's costs relate to the running of its 10 museums and the Maintenan￿ of the 35 scheduled monuments and listed buildings in its care. This cost base continues to be under pressure with record levels of inflation across its whole cost base. Employment cost represent over 50% of annual running ￿sts and wage inflation driven by increases in the National Living Wage {"NLW") is particularly significant with a furth8r increas8 in NLW of 9.70kn in 2023. Maintenance, insurance and energy cost inflation have also impacted the Trust in 2023. Page 10

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company Ilmlted by guarnntee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Whilst there is an unrestricted surplus of £158.469 for the year, this includes a transfer of funds of £1,226,040 being primarily a loan from the HF endthvment fund (see note 22). Exduding this transfer the Trust made an unrestricted deficit of £1,067.571. The ban of £1,014,662 was 25QA of the value of the Heritage Foundation {°HF°) Endowment as permitted under section 284A of the Charities Act 2011. c. Outlook for 2024 Operating activities It is expectsd that the continuing record cost of living increases will conb'nue to impact discretionary spend and that this will continue to impact both visitor numbers and visitor spend during 2024. Continuing inflationary pressures are already impading on IGMTS cost base with a further 9.8% rise in NLW effective from 1 April 2024. Whilst constwction inflation has eased, this still represents a significant cost for the Trust. Fortunately the Trust had a number of fixed rate contracts in place for utility costs which has insulated the Trust from price increases in 2023 but these contracts are starting to come to an end and replacement contracts will be at higher unit rates. The Trust continu88 to focus on providing a strong and attractiv8 offer across all our museums and focusing on the value of an annual PASS or PASS PLUS. A strong programme of a¢tivities has been planned for 2024 to provide value for money for pass holders and 8ncourag8 r8P8at visits. In addition, there is a programme of commercial events primarily focused on events which have been successful in previous years to reduce risk. Direct debit capability was introduced in 2023 with the first renewal due in summer 2024 and it is anticipated that his will improve retention of annual pass holders. Heritage ConseNation Whilst the Trustees aim to generate an operating surplus each financial year, the Trust is operating in an increasingly competitive leisure market and it is unr88listic to assumè that admissions charges can be set high enough to generate sufftcient income to fund both operating costs and signif￿ant heritage conseNation or repair. The Trust was extremely fortunate to secure two signifrcant grants towards heritage conservation in 2022 (ACE MEND project and NHMF CAF project) with a significant amount of work carried out in 2023. Work will continue into 2024 and beyond. Donations will continue to be sought to fund other essential maintenance and conservation projects and the focus for 2024 will be on raising funds to reinstate a full steam offer at Blists Hill and fundraising to develop the Museum of the Gorge into a high quality visitor centre. Page11

IRONBRIDGE GORGE MUSEUM TRUST LIMITED {A company limitsd by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 d. Reserves policy The Reserves policy of the Trust is to hold reserves to provide for the fLrture conservation and restoration of the buildings and monuments in its care and to ensure the on going provision of inspirational learning for all. Trustees feel that reserve8 equivalent to 6 months of core expenditure or £3m is desirable. The Trust has consistently failed to achieve this target and reserves have declined as a result of deficits incurred. Recent events have highlighted the importance of building the Trust's reserves. The Trustees consider a long- temi target of £3m remains appropriate although it is unlikely that there will be any significant movement against this aspiration in the short term given the current visitor numbers and it will take 10-20 years of consistent surpluses to achieve this level of reserves. At ltr￿ year end the total funds are £46.380,198 (2022: £41,750.231) of which.. £35,207,957 {2022'. £34,829,995) are restricted funds consisting primarily of r￿ed assets and cash, £1,960,941 (2022.. £1,802,472) relate to unre8tricted reserves and £9,211,300 (2022.. £5.117,764) are an Endowment fund. Free reserves excluding the pension balance amounted to £2.685,601 deficit (2022.. £2,776,728 deficit) and highlight the Trust's reliance on its current overdraft and other loan facilities, This will be replaced by utilislng the HF endowment {see Going Concern and Sources of Funding below) . The winter period is also the period of lowest trading with lower free ￿serveS than the more profitable summer p8riod and th8 Trust also relies on negative working capital during this pariod. e. Golng concern and sources of fundlng The Trustees have prepared a three-year financial forecast for both income and expenditure and cash flow and actual cash flow is monitored on a regular basis. During the year, the Trust borrowed £1m from the HF Endowment as permitted under section 284A of the Charities Act 2011 to fund the 2023 deficit. This will be repaid over a 20-year period with payments commencing in 2027. In early 2024. the Trust received permission from the Charity Commission to liquidate a further £1.15m from the HF Endovnnent in order to repay borrowing from Barclays Bank. It is anticipated that proceeds from propety sales will offset this reduction in the value of the endowment and a number of non-core properties have been identified for sale in 2024 none of which impact the visitor offer. The Trust will transfer its banking operations from Barclays to Lloyds during 2024 and following the transfer will no longer have a¢￿$5 to an overdraft facility. The Trust has continued to make loan repayments during the year and has reduced the level of exiernal borrowing in the year. This will reduce further on the repayment of the Barclays overdraft and the Trust anticipates extemal borrowing to have reduced to less than £0,5m by the end of 2024. Despite the continuing challenges faced by the or9anisation. the three-year plan shows that the Trust remains within its facilities over the plan period. The Trustees have therefore concluded that it is appropriate to continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. Page 12

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company Ilmlted by guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 f. Prlnclpal rlsks and uncertainlies The Trustees have assessed the major risks to vthich the Trust is exposed, in particular those relating to the operations and finances of the Trust, and are satisfEd that. where possible, systems and procedures are in pla￿ to manage the exposure to the major risks. The principal risks associated with the organisational activities are as follows: A reduction in visitors and subsequent loss of income mitigated by implementing strong and targeted marketing and fund raising strategies including discussions with funding agencies in the event of visitor numbers failing to retum to pre-covid levels; Financial fraud and error mitigated by rc4)ust processes and Procedu￿ which incorporate active segregation of duties., Lack of fijnd raising abilty mitigated with a dedicated fund raising team to deliver a targeted fund raising str*gy, Risk of adverse publicity mitigated with a good maintenance plan and a strong health & safety ICT failure mitigated by the implementstion and delivery of a forward thinking IT plan and computer and cyber insurance,. Breach of health and safety mitigated with an adive health & safety plan. and Business interruption mitigated with a robust business continuty plan. Whilst the risk of a natural disaster including pandemic was included in the Trusl's risk register prior to outbreak of covid 19, the scale of the crisis experienced over recent years was not anticipated. g. Investment pollcy and performance Investments are included at their market value at 31 December 2023. The investment powers of the Trustees are limited to those available under Charity legislation. The Trust manages its investment in line with its Investment Policy Statement which is approved by the Board and reviewed annualty. The Trust seeks to produce the best financial return within an acceptable level of risk and the investment and the investment objective is to achieve a balanced return from both income and capital growth over the medium to long term. The Trust has appointed a professional investment manager, Quilter Cheviot, to support the management of ts investments. h. Fundraising actlvltles and Income generatlon The Trust reviews its fundraising activities on a regular basis in line wtth the Fundraising Regulatols Fundr8ising Code. Page 13

IRONBRIDGE GORGE MUSEUM TRUST LIMITED IA ¢ompany1Smited by guarantse TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Structurej gov•rnanco and management a. Constitution The Trust is a charitable company limfced by guarantee and was set up on 18 October 1967. It is governed by the Memorandum and Articles of Association last amended on 27 Juty 2022. There is also a trading subsidiary. Ironbridge Gorge Trading Company Limited (registered number. 01343616) which carries out trade on behalf of the charity including retail, catering and conference & banqueting. The Articles of Association provide the registration of members of the ¢ompany and there are currently 56 members. Membership is awarded through resolution of the Trustees from people who have shown a commitment to the Trust. The company and the group is constitLrted under a Trust deed and the company's registered charity number is 503717. b. Methods of appolntment or electlon of Trustees Trustees are approved at the Annual General Meeting as set out in the Articles of Association. There are currently 11 Trustees. The Board met 5 times during 2023. Th8 Trustees are empowered to appoint a Chief Executive who is ￿Sponsible for the Management of the business from the policy set OLrt by the Board. c. Organlsatlonal structure and decision4naking policios There are a number of sub committees of the Board. Trustees who served on committees during the year and up to the date of signing the financial Statements are shown bek)w. Audk Governanco HR, W91far8 & CollBdionts Dat￿lopM9￿ Flnanco Hgalth a M•rkodng Dfver41ty, Envlronm8ntsl Rèmunorailon & L•arnlng Sofety & Sokg Equlty & IDclu•lvlty SuMaSnobllliy E AFWetty D Brammer B FDSter J Francis R Konyon-slaney J Kid50n M Kirk K Msekanzie E Nicholson CM PembÉrton HThom C Walker Audit Committee Governance Committee K Mackenzie C Walker D Brammer R Kenyon-slaney K Mackenzie CM Pemberton Page 14

IRONBRIDGE GORGE MUSEUM TRUST LIMITED {A Gompany limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and management (continuad) HFI Welfare & Remuneration Committee Collections and Learning Committeè B Foster R Kenyon-slaney K Mackenzie CM Pemberton C Walker E Nicholson CM Pemberton Development Commlttee Flnance Commlttee R Kenyon Slaney C M Pemberton R Kenyon Slaney J Kidson M Kirk K Mackenzie CM Pemberton H Thome C W8lker Health and Safety Commlttee Marketlng & Sales Commlttee D Brammer M Kirk E Nicholson E Appleby J Francis Dfverslty. Equlty & Inclu8ivty Committee Envlronmental & Sustalnablllty Commlttee D Brammer B Foster E Nicholson M Kirk d. Policies adopted for the Inductlon and tralnlng of Trustees The composition of the Trustee Board 18 regularly assessed. Members of the Trust are recruited by a number of methods including external advertisement and interview, personal referral, or recommendation but eaGh appointment is subject to a strict interview process carrled out by the Governance Committee. Members are provided with an information pack containing details of Ihe constitution and history of the organisation, ts structure. activities and objectives, roles and expectations of Trustees, plus other supporting infom)ation. Persons nominated during the year are appointed by the Trustee Board and confimied by a vote of members at the Annual General Meeting. The induction process for Trustees includes meetings with the Chainnan and Chief Executive. Trustees are provided with a reference folder containing infomiation on the activities and financing of the Trust, management structures, meeting schedules and Charity Commission guidance, and codes of conduct related to the roles and responsibilities of Trustees. Trustees are given the opportunty to attend relevant training courses throughout the year. Events held during the year also provide opportunities for Trustees to meet with other members and managers within the organisation, a direct source of views on the relevance of the Twst's adivities and services. Page 15

IRON8RIDGE GORGE MUSEUM TRUST LIMITED (A company Ilmlted by guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and managemenl (continued) e. Remuneration policy for key management personnel Senior Management Team who served during the year (key management personnel) Nick Ralls- Chief Executive Officer Nick Booth - Collections & Leaming Director Karen Davies - Museum Development Director Rory Hunter- Eststes, Facilities and Special Projects Director Abbie King - Chief Operating Officer (until 31 December 2023) Kirsty Vlemmiks- Chief Financial Officer David Wright- Marketing and Sales Director The remuneration of the Senior Management Team is set by the HR, Welfare & Remuneration Committee using industry standard indices. f. Related party relationships The Trust W0￿ed closely with The Friends of the Ironbridge Gorge Museum, Rosehill Trust and the Ironbridge Gorge Trading Company Limited (a Subsidiary company) throughout 2023. g. Financlal rfsk manag•m•nt The Trustees have assessed the major risks to which the Group and the Company are exposed, in particular those related to the operations and finances of the Group and the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Plans for future perlods Future developments Increasing visitor numbers and the yield per visitor remains fundamental to the long temi sustainabilty of the Trust, and the Trust will seek to grow visitor numbers and to develop new income streams and exploit existing opportunities through the use of its collections, exhibition programme and the creative use of its historic assets. Specifically, the Trust will focus on attracting new visitors and increasing repeat visits by having a consistentty strong core offer and a programme of events with a focus in 2024 on events which have been popular in previous years including the retum of Ghostly Gaslight at Blists Hill. There will be continued focus on explaining the benefits of the PASS PLUS to visitors and the direct debit capability launched in the summer of 2023 will see its first renewals in 2024. Further work paid for from the ACE MEND and NHMF Covid Response Fund grants will be carried OLrt in 2024 including major works to the Library and Archives and Museum of Iron Roofs in Coalbrookdale. The grants are funding significant conservation works and this investment will ensure the survival of our most vulnerable assets. The Trust's Trading Company will seek to improve profrtabilty and the Trust will continue to strive to achieve operational excellence, in particular customer servits excellence. and long term business sustainability. Page 16

IRONBRIDGE GORGE MUSEUM TRUST UMITED {A company limited by guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Plans for future periods (continued} The Trust will continue lo pursue an active development programme which meets the Trust's charitable aims, especially that of the preservation and interpretstion of the monuments and historic buildings of the Ironbridge Gorge Worfd Heritage Site and will seek extemal funding to achieve this objective. Focus in 2024 will be on raising funds to develop the Museum of the Gorge into a high class visitor centre and continue to raise funds to reinstste Blists Hill steam exhibts. The Trust was delighted to leam in May 2024 that His Majesty King Char18s 111 will continue as patron of the Trust. Follthying the successful retention of ACE National Portfolio Organisation ("NPO") status in 2022 work will continue to support the ACE objectives of . Crealive people- everyone can develop and express creativty throughout their life Cuttural communities- villages, towns and cities thrive through a collaborative apprO￿h to cutture A creative and culiural Country- England's cultural sector is innovative. collaborative and intemational. Work will commence on the new Museum Development programme in partnership with the Leicestershire Local Authority. The Trust will continue to focus on the provision of inspirational learning experiences with a tsrget to return to pre pandemic educattonal visitor numb￿5 Within the next three years. Volunteers will remain vital to the ongoing success of the Trust with increased focus on growing volunteer numbers and improving the volunteer experience. As the birthplace of the modern age, we have a responsibilrty to improve our environmental credentials and respond to the challenges of climate change and the Trust will continue to focus on implementing the recommendations of the 2020 environmentsl audit subject to funding. Page 17

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company Ilmfted by guarant•6) TRUSTEES, REPORT ICONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2023 ststement of Trustees, responsibilities The Twstees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees, report including the Strategic report and the financial statements in accordan￿ with applicable law and United Kingdom Accounting Standards (United ￿'ngdoM Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial staternents for each financial . Under company law. the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resour￿$ and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: Select suitable accounting policies and then apply them consistently: observe the methods and principles of the Charities SORP (FRS 102); make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards {FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare th8 financial statements on the going concem basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequale accounting records that are sufficient to show and explain the Group and the Company's transactions and disdose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of infomiation to auditors Each of the persons who are Trustees at the time when this Trustees, ￿pOrt is approved has confirmed thaL' so far as that Trustee is aware. there is no relevant audit information of which the charitable group's auditors are unaware,. and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that infomiation. Page 18

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limitsd by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Audltors The auditors. WR Partners, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their beha￿ by: C hl Pemiierton Chainnan Date.. 24 July 2024 Page 19

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company Ilmlted by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF IRONBRIDGE GORGE MUSEUM TRUST LIMITED Opinion We have audited the financial statements of Ironbridge Gorge Museum Trust Limited (the 'parent charitable company.) and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet. the Consolidated statement of cash flows and the related notes, including a summary of signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdtxn Generally Acce ted AcLountinq ￿alICe). In our opinion the financial statements: give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 December 2023 and of the Group's Incomlng resources and applicatlon of resources, including ts income and expenditure for the year then ended. have been properly prepared in accordance ￿1th United Kingdom Generally Accepted Accountlng Practice: and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our re5pon5ibilities under those standards are further described in the Auditor5, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'5 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 8V8nts or conditions that, individually or collectivety, may cast significant doubt on the Group's or the paient charitable companls abilty to conlinue as a going concem for a period of at least ￿1Ve 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. Page 20

IRONBRIDGE GORGE MUSEUM TRUST LIMITED {A company limit￿ by guardntee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF IRONBRIDGE GORGE MUSEUM TRUST LIMITED (CONTINUED) Other information The other infonrk2tion comprises the information included in the Annual ra￿•rt other than the financial statements and our Auditors. report thereon. The Trustees are responsible for the other infonnation contained within the Annual report. Our opinion on the financial ststements does not cover the other infonnation and. except to the extent othepwise explicitly stated in our report, we do not express any form of assuran￿ conclusion thereon. Our responsibilty is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial ststements or our knowledg8 oblained in the course of the audit, or othe￿Vise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themsefves. If, based on the work vrfe have performed. VR conclude that there ig a material misstatement of this other infomiation, we are required to report that fad. We hav8 nothing to report in this regard. Opinion on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the woTr* undertaken in the course of the audit: the information given in the Trustees, Report induding the Strategic Report for the financial year for which the financial statements are prepared is consistsnt with the financial ststements. the Trustees, Report and the Strategic Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to roport by exception In the light of our 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. Report including the Strategic Report. We have nothing to report in respect of the following matter8 in relation to which Companies Act 2006 requires us to report to you rf, in our opinion: the parent charitable company has not kept adequate and sufficient accounting records. or retums adequate for our audit have not been recelved from branches not visited by us; or the parent charitable company financial statements are not In agreement w6th the accounting records and returns. or certain disclosures of Trustees, remuneration specified by law are not made., or W8 have not received all the infonnation and explanations we require for our audit. Page 21

IRONBRIDGE GORGE MUSEUM TRUST LIMITED IA company Ilmtted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF IRONBRIDGE GORGE MUSEUM TRUST LIMITED (CONTINUED) Responsibilities of trustegs As explained more fully in the Trustees, responsibilities statement, 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, 8nd for such intemal control as the Trustees detemine is necessary to enable the p￿paratIon of financial statement¥ that are free from material misstatement, whether due to fraud or error. In preparlng the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable COMpan￿S ability to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the Trust8es either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditorn, responsibilities for th8 audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, report that includ8s our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audlt conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements arise from fraud or error and 8re considered material rf, indtvidu8lly or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are Instan￿ of non-compliance with laws and regu18tion8. We design procedures in line with our responsibilities, outlined above, to detect material misststements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and detemined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the Group Is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded InStan￿S of irregularity or non cornpliance that might have a material impact on the financial statements. We 8ssessed the susceptibility of the Group's financial statements to material misstatement, including how fraud mlght occur by meeting with key management to understand vthere they are considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal lesting. cashbook reviews for large and unusu81 items and the challenge of significant estimates used in preparing fin8nclal statements. Because of the inherent limitations of an audit, there is a risk that we I￿11 not detect all irregularities, induding those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk 18 also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misr8pr8sentation. Page 22

IRONBRIDGE GORGE MUSEUM TRUST UMITED (A company limited by guarantee) INDEPENDEKf AUDITORS. REPORT TO THE MEMBERS OF IRONBRIDGE GORGE MUSEUM TRUST LIMITED (CONTINUED) A further description of our responsibilities for the audit of the financral stalements is located on the Financial Reporting Council's website at: wvNI.frc.or .uldauditorsres onsibilities. This description fomis part of our Auditors, report. Use of our report This report is made solely to the charitable companls members. as a body. in accordance wilh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the charitable CoMpan￿S members those matters we are required to state to them in an Auditors, report and for no other purpose. To th8 fullest extent permitted by law, we do not accept or assume responsibilty to anyone other than the charitable company and its members, as 8 body, for our audit work. for this report, or for the opinions we have formed. Andrew Malpass FCA (Senior ststutory auditor) for and on behalf of WR Partners Chartered Accountants statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Date: 2" Ilrt 2-. Page 23

IRONBRIDGE GORGE MUSEUM TRUST UMITED (A company Ilmlted by guarantse) CONSOLIDATED STATEMENT OF FINANCIAL ACTNMES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Endowment funds 2023 Restrlcted Unrestrfcted funds funds 2023 2023 Total funds 2023 Tot funds 2022 Note Income and endowments from: Donations and legacies Charitable activities other trading ￿1vItieS. Rent receivable & fundraising Trading adivities Investments 4.500.000 1.477,402 1,905.001 2.938.662 7,882,403 2,938.862 9,307,363 2.425, 755 142,401 2,168,248 591 142,401 2,168,248 243,377 162,242 1,884, 791 101.360 95,777 147,009 Totsl income and endowments 4,595,777 1,624,411 7,154,903 13,375,091 13,881,511 Expgnditure on: Raising funds.. Fundraising & publicity costs Trading costs Charitable activities 225.190 1,T16.718 6,229,633 225,190 1,776,718 7,348,013 313,265 1,564,984 11,624,717 1,118,380 Total expendlture 1.118.380 8.230.54.1 9,348,921 13,502,966 Not Incomel(expendlture) Transfers between fvnds Net movement In funds b8fore other recognised galnsl{losses) 4,596,777 506,031 (1,076,638) 4,026,170 378,545 21 (1,094,653) {131,387) 1,226,040 3.501,124 374.644 150,402 4,026,170 378,545 Other rgcognised gainsl(losses>: Derecognition of pension surplus Actuarial gains on defined benefit pension schemes Other gainsl(losses) Net movement in funds (126,0001 (126,000) (579,000) 27 125,000 8.067 125,000 603.797 936.000 (100, 126) 592.412 3.318 4093.636 377.962 158,469 4,629,967 635,419 Page 24

IRONBRIDGE GORGE MUSEUM TRUST LIMITED IA company limit•d by guaranto0) CONSOUDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCou￿r) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Endowment funds 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Noto Reconclllatlon of funds: Total funds brought fO￿ard Net movement in funds 5.117.764 4,093.536 34.829,995 377,962 1,802,472 158,469 41,750.231 4,629.967 41,114.812 635.419 Total funds carried forward 9,211,300 35,207.957 1,960,941 46,380,198 41,750.231 The Consolidated Statemenl of Financial Activities includes all gains and losses recognised in the year. The notes on pages 31 to 69 form part of these financial statements. Page 25

IRON8RIDGE GORGE MUSEUM TRUST LIMrrED (A company limited by guarantee) REGISTERED NUMBER: 00918560 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Flxed assets Tangible 8&8ets Heritage assets Investments 13 14 15 37,407,369 1,803,440 9,211,300 37,458,415 1, 801, 640 5, 117,764 48.422,109 44,377,819 Current assets Stocks Debtors Investments Cash at bank and in hand 16 17 18 160.996 593,926 975,323 51,916 132,358 137, 157 199,276 54, 029 1,782,161 522.820 Creditors: amounts falling due within one year 19 (3,364,225) (2, 588.510) Not current Ilabllltle8 (1,582,064) (2,065,690) Total assets less current liabilities 46,840,045 42.312,129 Creditors.. amounts falling due after more than one year Net assets excludlng penslon asset I (liability) 20 1459,8471 (561,898) 46,380,198 41.750.231 Totsl net assets 46,380,198 41, 750.231 Page 26

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00918560 CONSOLIDATED BALANCE SHEET {CONTINUEDI AS AT 31 DECEMBER 2023 2023 2022 Note Charlty funds Endowment funds Restricted fijnds.. 21 9,211,300 &117.764 Restricted funds - cash & current investments Restricted funds - fixed as4ets 21 21 643,690 34,564,267 149, 140 34, 680, 855 Total restricted funds Unrestricted funds 21 21 35,207,957 1,960,941 34,829.995 1.802.472 Total funds 46,380,198 41.750.231 The Trustees acknowledge their responsibilities for complying with the requirements of the Ad with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for i&8ue by th8 Trustees and sign8d on their behalf by. OA*knla. C M Pemberton (Chairnian of Trustees) Date: 24 July 2024 The notes on pages 31 to 69 form part of these financial statements. Page 27

IRONBRIDGE GORGE MUSEUM TRUST UMITED (A company limited by guarantee) REGISTERED NUMBER: 00918560 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Nots Fixed assets Tangible assets Heritage assets Investments 13 14 15 37,407,369 1,803,440 9.417,999 37,458,415 1,801,640 5,324.463 48.628,808 44,584,518 Current assets Stocks Debtors Investments Cash at bank and in hand 16 17 18 2.058 593,726 975,323 6.814 2.058 135,841 199.276 14.815 1,S77,921 351.990 Creditors.. amounts falling due within one year 19 (3,500,889) (2.687, 153) Net current liabillties (1.922,968) (2,335. 163) Total assets less curr•nt liabilities 46.705,840 '42,249.355 Creditors: amounts falling due after more than one year Not assets excluding pension asset I 20 {459,847) (561,898) 46.24S,993 41.687.457 Total net asséts 46,245,993 41,687,457 Page 28

IRONBRIDGE GORGE MUSEUM TRUST UMITED (A company limited by guarantee) REGISTERED NUMBER: 00918560 COMPANY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023 2023 2022 Note Charlty funds End¢)wment funds Restricted funds: 21 9,211,300 &117,764 Restricted funds- cash & Current Investments Restricted funds - fixed assets 21 21 643,690 34,684,267 149. 140 34,680,855 Total restricted funds Unrestricted funds". Unrestricted funds 21 35,207,957 34, 829,995 21 1.826.736 1, 739. 698 Total unrestricted funds 21 1.826,736 1, 739.698 Total funds 46,245.993 41, 687,457 The Company's net movement in funds for the year £4,558,536 {2022 '. £586,061). The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial slatements. The financial statements were approved and authorised for Issue by the Trustees and signed on their behalf by. C M Pemberton (ChaiTman of Trustees) Dale: 24 Juty 2024 The notes on pages 31 to 69 fomi part of these financial statements. Page 29

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Noto Cash flows from operatlng actlvltles Net cash inflowl(ouffiow} from operating activities 24 4,428,894 (895,574) Cash flows from investing actlvltles Dividends. interests and rents from investments Purchase of heritage assets PU￿haSe of tangible fixed assets Purchase of investments Sale of investments 243,377 (1,800) (621,656) (208, 717) (7,977,B44) (56,895) 3,512,068 263,427 Net cash ugod in investing activities (4,745,866) {2,185) Cash flows from financing actlvltles Repayments of borrowing New finance leases Repayments of finance leases Drawdown of endowment loan (174,516) 102,495 140,318) 200,000 (98.905) (30,681) Net cash provlded byl(used In) financing actlvltles 87.662 (129,586) Change In cash and cash equivalents In the year Cash and cash equivalents at the beginning of the year {229,309I {1.027,345) (722,21?) 05.113 Cash and cash equlvalents at th• end of the year 25 (951,641) (722,232) The notes on pages 31 to 69 form part of these financial statements Page 30

IRONBRIDGE GORGE MUSEUM TRUST UMITED (A company Ilmltsd by guarantee) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2023 General inforniation The Museum Trust. also referred to as the Charity. (established 18 October 1967} is a company limited by guarantee. wthout share capitsl, incorporated in England & Wales. It is also a registered charity {reg no 50371 n. The Museum Trust is govemed by its Memorandurn and Articles of Association, amended on 28 July 2021. There is also a trading subsidiary company incorporated in England & Wales, Ironbridge Gorge Trading Company Limited (registration number 1343616). The registered office of both entities is listed on page 1. The members of the company include the Trustees named on page 1. In the event of the company being wound up, the liabilty in respect of the guarantee is limited to £1 per member of the company. Accounting pollcles 2.1 Basis of preparation of financlal statements The financial statements have been prepared in accordance wFth the Charities SORP (FRS 102) - Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the second edttion Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (October 2019). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Ironbridge Garge Museurn Trust Limited meets the definttion of a public benefrt entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The consolidated Slatement of Financial Adivities (SOFA) and consolidated balance sheet consolidate the financial statements of the Chaiity and ts subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Charity has taken advantage of the exemption alk)wed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. 2.2 Going concern After making enquiries, the Trustees have a reasonable expectation that the Trust has adequate resourc88 to continue in operational existence for the foreseeable future. The Trust therefore continues to adopt the going concern basis in preparing its financial statements. Further detslls are in the Tnjstees report, Financial Review, Going concern and sources of funding on page 12. Page 31

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limit￿ by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting polici88 Icontinued) 2.3 Income All income is recognised once the Trust has entitlement to the income, it is probable that the income will be re¢eived and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the abilty to estimate with sufficient accuracy the amount receivable. Evidence of entit18ment to a legacy exists when the Trust has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied thal the propety in question will not be required to satisfy claims in the estate. Receipt of legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generalty be the expected cash amount to be distributed to the Trust. can be reliably measured. Grants are included in the consolidated Statement of Financial Activities on a receivable basis. The balance of income received for speclfic purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Donations & Grants where related to perfomianc8 and specific deliverables are accounted for as the Trust earns the rlght to consideration by its performance. Where income is received in advance of its recognition it is deferred and included in creditors. Where entitlement occurs before income being received the income is accrued. Gifts in Kind are included at estimated market value. Income from single tiGket sales to any of the museums (including the associated gift aid) is recognised on the day the ticket is sold, except for special events when the income is recognised on the date the event tskes pla￿, Annual Pass income which entitles the holder to unlimited trips to the museums for a year is deferred and released over the year in proportion to total visitor numbers each month. Investment income is credited to income when it is receivable and the amount can be measured reliably by th8 Tru8t- this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dNidend has been declared and notification ha8 been received of the dividend due. Page 32

IRONBRIDGE GORGE MUSEUM TRUST UMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles (continued) 2A Expenditure Expenditur8 is recognised once there is a legal or constructive obligation to transfer economic benefft to a third party, It is probable that a transfer of 8conomic benefrts will be required in $8tt1em8nt and the amount of the obllgation can be measured reliably. Expenditure is classified by actwty. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in urKJert8king each activity. Direct costs attributsble to a single activity are allocated directly lo that activty. Shared costs Nthich contribute to more than one activity and support costs which are not attributsble to a single activity are apportioned be￿een those activities on a basi3 consistent with the usè of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Trust to raise funds for its charitable purposes and includes costs of fundraising and non-charitable trading. Expenditure on charitable activities is incurred on directty undertaking the activities which further the Trusfs objectrves, as well as any associated support costs. 2.5 Interest rec•ivable Interest on funds held on deposit is included when receivable and th8 amount can b8 measured reliabty by the Trust; thls is nomially upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Tangible f￿ad assets and depreclatlon Tangible fixed assets costing £500 or more are capitalised and recognised when future economic beneffts are probable and the cost or value of thé ssset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets a￿ measured at cost less accumulated depreciation and any accumulated impaitment losses. All costs incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost. Page 33

IRONBRIDGE GORGE MUSEUM TRUST UMITED (A company 11m1t￿ by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontlnued) 2.6 Tangible fixed assets and depreclatlon (continued) Depreciation is charged so as to allocate the cost of tsngible fixed assets less their residual value over their estimated useful lives, using the straight4ine method. Depreciation is provided on the following bases.. Plant and Equipment Fixtures Fittings and Offi Equipment Exhibits Development Non heritage Propety -3-15ye8rs -3-25years - o- 100years - 100 years No depreciation is provided on freehold land, heritage assets and some development and restoration of exhibits where it is the Group's policy to carry out regular restoration and maintenance work. the cost of which is written off as it is incurred. The TNst's Finance Director monitors assets for indications of impairment on an annual basis. Development and Restoration of Exhibits All expenditure on the dev8lopment and restoration of the exhibits, which are considered to be both historic and Inalienable assets, is capitalised in the year incurred. Page 34

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company Ilmlted by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles {contlnued) 2.7 Heritage assets The Trust holds a diverse collection of heritage assets which are held in support of its primary objectives to excel in researching, preserving and interpreting, for the widest audience. the monuments, collections and social history of the early industry in the Ironbridge Gorge,. to enrich the visitor experience with live demonstrations. hands-on activities and innovative educational programmes. In accordance with section 34 of FRS102. some of the Trusl's Heritsge Assets are recognised on the Balance Sheet. In each case items have been recorded at cost or an estimate of value at the tirne of acquisition. The majority of the Trust's heritage assets are not caprtalised because it is not considered that the relevant cost or valuation information can be obtained at a cost commensurate with the benefrt to readers of the financial statements. Heritage Assets are not depreciated due to their indefinite lives and high residual value. One of the objectives of the Trust is the presenoation and conservation of assets therefore it is the responsibility to ensure that the condition of the heritage assets does not deteriorate over tim8. Regular impaitment reviews of heritage assets are undertaken. The collections are broadly categorised a8 follows and further information on the collections is gNen in Note 14 to the accounts.. Buildings and Monuments The Trust is responsible for 35 scheduled monuments and listed Buildings wtthin the World Heritage Site. Monuments of particular cunural significance include The Old Furnace and Bedlam Furnaces both of which are recognised as being of international importance in the development of the Industrial Revolution. In 2022 a number of freehold properties were transferred to the Trust from the Ironbridge Heritage Foundation. Four of these are treated as Heritage Assets and are included on the Balance Sheet at market value at the date of acquisbtion. Ceramics The Museum holds collections of architectural, decorative and domestic ceramic materials the majority of which were produced at the various manufactories in the Severn Gorge. The architectural ceramics of Maw and Co and Craven Dunnill are of particular note as are the decorative ceramics prodU￿d at Coalport. Coalbrookdale IMnWo￿ and Industrial Material The Museum has a significant collaction of 18th and 19th century ironwork produced by the Coalbrookdale Company. These include decorative pieces and domestic items. In addition to this there is a large collection of related industrial material including steam engines and machlnery. Much of the industrial material 18 in an un-restored condition. Page 35

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A ¢ompany limitad by guardntèa) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {contlnued) 2.7 Heritage assets (Gontinued) Darby Family Material l Llbrary and archlves The Museum's library and archives hold around 30.000 volumes related to the Industrial Revolution and associated topics. In addition to this there are archive holdings that relate to the corporate histories of specific families and businesses that operated within the Sevem Gorge. There 18 significant material relating to the Darby famity, their family history and business activities. Social History The Museum has a large collection of social history material. This includes costume. fumiture and fumishings along wf(h sundry olher apparel and equipment. This material ranges in date from c1850 to c1900 and, in general, covers mainly domestic and semivrural activities. 2.8 Investments Fixed asset investments are a form of financial instrument and are initialty recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cosl less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the consolidated Ststement of Financial Activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.9 Stocks Stocks represent un-issued stores and goods held for resale and are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost indudes all direct costs and an appropriate proportion of fixed and variable overheads. 2.10 Debtors Trad8 and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.11 Cash at bank and In hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short maturty of three months or less from the date of acquisition or opening of the deposit or similar account. Page 36

IRONBRIDGE GORGE MUSEUM TRUST LIMrrED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles (contlnued) 2.12 Liabiliti•$ and provisions Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is mat8rial. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the consolidated Ststement of Financial Adivities as a finan￿ cost. 2.13 Flnanclal Instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequent measured at their settlement value with the exception of bank loans which are sub8eqU8ntly measured at amortised cost using the effective interest method. 2.14 Flnance leases and hlre purchase Assets obtained under hire purchase contracts and finance leases are capitalised as tangibje fixed a55ets. Assets acquired by finance Jease are depreciated over the shorter of the lease temi and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefrts and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charg8 allocated to future periods. The finance element of Ihe rental payment is charged to the consolidated Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. 2.16 0￿ratIng1•aS•S Rentals paid under operating leases are charged to Ihe consolidated Statement of Financial Activities on a straight line basis over the lease term. Page 37

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company Ilmlted by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles (contlnued 2.16 Penslon8 Multi em lo r scheme The Trust is one of several participating employers in the Shrop$hire Council Pension Fund, a contracted out defined benefit scheme (a multi employer scheme). Contributions are set every three years as a result of the actuarial valuation of the Fund. the last on8 being 31 March 2022. The value of the pension liabilities for the group have been assessed by rolling fop•vard the value of the liabilities calculated at the last full funding valuation using th8 financial assumptions that comply with FRS102. The asset sh8re has been calculated by rolling forward the assets allocated at the last full funding valuation allowing for investment returns (estimaled where necessary). contributions paid into and estimated benefits paid from the fund. As required under FRS102 the projected unit method of valuation has been used to calculate the service cost. Actuarial gains and losses are recognised in full in the SOFA in the period in which they occur. The defingd pension assetlliability in the Balance sheet comprises the total of the present value of the defin8d benefit obligation (using a discount rate based on high qualty corporate bonds), less any past service cost not yet recognised and less the fair value of plan assets of which the obligations are to be settled directly. Fair value is based on market price infomiation and in the case of quoted securities in the published mid-matk8t value. In line with the requirements of FRS102 the Trust's defined benefit pension scheme assevliabilty and related costs are included in these financial statements. Further infomation is contained in Note 27. efined contribution For most employees the Trust contributes to other defined contribution schemes and operates a Stakeholder Pension Scheme. Payments to defined contribution schemes are charged to the SOFA as incurred. 2.17 Fund accountlng General funds are unrestricted funds which are available for use at the discretlon of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specrfic restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. 2.18 Tok•n Coinago The Trading Company exchanges customers, cash for token coinage to be used in the shops at the Blists Hill site. The point of sale on this coinage is not recognised until the coinage is exchanged for goods. A provision is made to cover coins that may be returned in the future. Page 38

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limited by guarant•e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {continued) 2.19 Crltlcal accountlng estlmates and areas of Judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including exFectations of future events that are believed to be reasonable under the circumstances. The Charity makes estimates and assumptions concerning the future. The ￿ulling accounting estimates and assumptions will, by definition, seldom equal the related actual results. In the opinion of the trustees there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Income from donations and legacies R88tricted funds - cash Restricted Endowment & current funds - Unrestricted funds Investmnts fixed assets funds 2023 2023 2023 2023 Total funds 2023 Total fvnds 2022 TelFord Heritage Foundation National Lottery Heritage Fund National Heritage Memorial Fund Other Grants (see below) Donations Gift Aid Arts Council Funding Revenue Grants 7,309, 784 337.608 230,153 567.761 202,967 4,500.000 582,942 5.082,942 552,275 4.577 552,275 237.831 219,293 324,368 273,4(X) 167, 125 233.254 219.293 1,199,008 23,293 1,199.008 23,293 1,029. 719 Total 2023 4.500.000 1,477,402 1.905.001 7.882.403 9,307.363 Total 2022 3. 745. 784 772,615 3.314,000 1,474,964 9.307,363 Page 39

IRONBRIDGE GORGE MUSEUM TRUST UMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Other Grants 2023 2022 other Grants Arts Council England Museum Estste & Development Fund {MEND) Grant 32,850 171.368 519,425 153.000 552.275 324, 368 Following a resolution of the board of the Ironbridge Heritage Foundation Limited to transfer its assets to the Tru51. the Charity Commission granted its permission on 20 June 2022 and the assets and liabilities were transferred to the Trust in June 2022. The significant assets transferred are an endowment and properties in the Ironbridge Gorge. Income from charltable actlvltles Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Admissions Other income 2,371,427 567,235 2,371,427 567,235 1,959,046 466, 709 Total 2023 2.938,662 2,938,662 2,425, 755 Total 2022 2.425, 755 2,425. 755 Page 40

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from other tradlng act5vltles Restrlcted Unrestrlcted funds funds 2023 2023 Total funds 2023 Total funds 2022 Rents receivable Fundraising events 142,401 142,401 118,047 44, 195 Total 2023 142.401 142,401 162, 242 Tot812022 44, 195 118,047 162.242 Income from non charltable tradlng activities Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Trading income - The Ironbridge Gorge Trading Company Limited 2,168,248 2,168,248 1,884, 791 Total 2023 2,168,248 2.168,248 1,884, 791 Total 2022 1, 884, 791 1.884, 791 Page 41

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment Incom• Endowment Restrlcted Unrestrlct8d funds funds funds 2023 2023 2023 Total funds 2023 Total funds 2022 Investment income - dividends Investment income- interest 95,777 147,009 242.786 591 101, 183 177 591 Total 2023 95,777 147,009 591 243,377 101.360 Tot812022 56.895 44,288 177 101,360 Expendlture on ralslng funds Costs of ralslng voluntary income Unrestrlcted funds 2023 Total fund¥ 2023 Total funds 2022 Direct Costs Support Costs 172,471 52,719 172.471 52,719 245.250 68,015 Total 2023 225,190 225,190 313.265 Total 2022 313.265 313.265 Page 42

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limtted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure on raising funds (continued) Trading expenses Unrestrlcted funds 2023 Total funds 2023 Tot81 funds 2022 Ironbridge Gorge Trading Company Llmited - Expenditure Ironbridge Gorge Trading Company Limited - Staff Costs 1.051,864 723,854 1,051,864 723,854 887,636 677,348 Total 2023 1,775,718 1,775,718 1,564,984 Total 2022 1,564, 984 1,564, 984 All staff are employed by the Trust and c08ts are recharged to Ironbridge Gorge Trading Company Ltd in proportion to lime spent on Trading company activities. Anatysis of expenditure on charitable activities Summary by fund type Reslrlcted Unrestrlcted funds funds 2023 2023 Total 2023 Total 2022 Charitable Activities - Museum & Visitor Operations Charitable Activities - Fixed Asset impairment 1,118,380 8.229,633 7,348.013 6.414,444 5,210,273 Total 2023 1,118.380 6,229,633 7,348,013 11,624.717 Total 2022 6,527,691 5,097,026 11.624.717 Page 43

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limited by guaranté•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by activities A¢tiviti•s undertaken directly 2023 Support costs 2023 Total funds 2023 Total funds 2022 Charitable Activities - Museum & Visitor Operations Charitable Activities- Flxed Asset impalrment 5,059.121 2,288,892 7,348,013 6,414,444 5,210,273 Total 2023 5,059,121 2,288,892 7,348.013 11,624,717 Total 2022 9.453,637 2. 171,080 11,624, 717 Page 44

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by activitiés (continued) Analysis of direct costs Total funds 2023 Total funds 2022 Staff costs Depreciation Museum and Visitor Operations Education costs Loss on disposal of fixed assets Fixed Asset Impairment 2,632,519 572.703 1,844.303 9.596 2.347,242 497,566 1.251,070 11.614 135.872 5,210,273 Total 2023 5,059,121 9.453.637 Anatysis of support costs Totsl funds 2023 Total funds 2022 Trust 2023 FRS102 pènsion Cost Staff costs Motor and travel Office expenses Professional. insurance & bad debts Governance costs Finance Sundry 1,167,804 83,000 259.842 417.841 23.700 114.409 222,296 1,167.804 83.000 259,842 417,841 23.700 114N09 222,296 994,318 35,424 309.972 448.026 23, 150 60.406 292. 784 Total 2023 2.288,892 2,288,892 2, 171,080 Total 2022 2. 171,080 2, 171,080 Page 45

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Audltors, remuneratlon 2023 2022 Fees payable to the Trust's auditor for the audit of the Group's annual accounts 20,700 19,8C 11. Staff costs Group Company Group As restatgd Company As ￿stated 2023 2022 2023 2022 Wages and salaries Socral security costs Pension costs 4.139.381 299.047 85,749 3,636,334 288.239 94.335 3,467,179 258,322 74,822 3.046,484 244,490 50,586 4,524,177 4.018.908 3.800,323 3.341.560 The average number of persons employed by the Company during the year was as follows: Group 2023 No. Group 2022 No. Employees 226 The number of employees whose empbyee benefrts {excluding employer pension costs} exceeded £60,000 was: Group 2023 Group 2022 No. In the band £70,001- £80,000 In the band £80,001- £90,000 Included within staff costs, total staff benefits pard to key management personnel in the year were £443,892 {2022. £451,890). Page 46

IRONBRIDGE GORGE MUSEUM TRUST LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Tru8tses' remuneration and expenses During the year, no Trustees re￿iVed any remuneration or other beneflts (2022 - £NIL). During the year ended 31 December 2023, expenses totalling fJ,986 were reimbursed or paid direcuy to 3 Trustees (2022 - £6,550 to 3 Trustees). The expenses in the year were for reimbursement of travel costs. 13. Tanglble flxed assets Group Development & restoratlon of historlc exhiblts Fixtures, flttlngs, plant and equipment Freehold property Total Cost or valuatlon At 1 January 2023 Additions 1,738,714 43,028,195 3,440,396 48,207,305 621,656 521,656 At 31 December 2023 1.738,714 43,028,195 3,962,062 48,728,961 Depreciation At 1 January 2023 Charge forthe year 8.212,185 391,642 2,536,705 10.748.890 181,060 572,702 At 31 December 2023 8,603,827 2,717,765 11,321,592 Net book value At 31 December 2023 1,738,714 34.424.368 1,244,287 37,407.389 At 31 December 2022 1.738,714 34,816,010 903, 691 37.458,415 There is a legal ch8rge in favour of the National Heritage Memorial Fund over the Jackfield Tile Museum of £2m which expires in 2029. Therè is a legal charge dated 13 January 2023 in favour of The National Herltage Memorial Fund over Bllsts Hlll, tha Museum of Iron and the Coalport China Museum. Th8r8 is a legal charge dated 12 October 2022 in favour of Arts Council England over Blists Hill. Page 47

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Tangible fixed assets (continued) Company Development & restoratlon of hlstorfc Flxtures and exhibits fftllngs Freehold property Total Cost or valuation At 1 January 2023 Additions 1,738,714 43,028.195 3,353,877 48,120,786 521,656 521,656 At 31 December 2023 1,738,714 43.028,196 3.875.533 48.642A42 Depreciation At 1 January 2023 Charge for the year 8.212.185 391.642 2,450,186 181,060 10,662,371 572,702 At 31 December 2023 8,603.827 2.631,246 11,235,073 Net book value At 31 December 2023 1,738,714 34,424,368 1,244,287 37,407,369 At 31 December 2022 1, 738, 714 34.816,010 903,691 37,458,415 There is a legal charge in favour of the Natlonal Heritage Memorial Fund over the Jackfield Tile Museum of £2m which expires in 2029. There is a legal charge dated 13 January 2023 in favour of The National Heritage Memorial Fund over Blists Hill. the Museum of Iron and the Coalport China Museum. There is a legal charge dated 12 October 2022 in favour of Arts Council England over Blists Hill. Page 48

IRONBRIDGE GORGE MUSEUM TRUST LIMITED {A company Ilmfted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. H•ritag• assets Group and Company Assets recognlsed at cost Freehold property Artefacts 2023 2023 Total 2023 Carrying value at 1 January 2023 Additions 1,738.532 63,108 1,800 1,801,640 1,800 1.738,532 64.908 1,803.440 The Museum continues to acquire additional heritage as88ts in accordance with its acquisitions policy. In the last five years acquisitions have been as follows: 2023 2022 2021 2020 2019 Ceramic8 Property 1,800 2,953 1.655,000 Total 1,81)0 1,655,000 2,953 The Museum holds a large and diverse Collection of heritage assets of significant Importan￿ in telling the story of Shropshire's role in the Industrial Revolution. The story of the Darby family, the buildings, the historic sites and the collections of objects in the care of the Museum form an important part of our industrial heritage. The Museum aims to maintain the condition of all buildings and monuments in its care and has a rolling programme of Maintenan￿ and restoration subject to funding to ensure the condition of such assets does not become degraded. Collections are under the control of an experienced Curatorial team who work with Trustees specifically assigned to the Collections and Leaming Committe8 based upon their knowledge and expertise. The Collections are managed in accordance wth policies approved by this Committee and work is ongoing to comprehenslvely review and c8talogue the Museums. collections in greater detsil. Assets from any of the Museum's collection are only disposed of where. in the opinion of the Trustees. an item does not contribute to the interest or diversity of the Museum's collection. The Museum occasionally makes available on loan itéms from the collection to other Museums and also accepts objects on loan. The Museum carries out periodic reviews and audits material that is on display. Items on display are rotst8d according to their conservalion needs and the thematic requirements of exhibitions. Around 50% of the items in the Museum's collections are on display at any one time. The remaining material is kept in store and de8ign8t6d as a reseNe collection. This collection is still made accessible to researchers and members of the public as required. Page 49

IRONBRIDGE GORGE MUSEUM TRUST LIMITED {A company limit￿ by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Fix•d asset inv•stm•nts Usted investments Group Cost or valuation At 1 January 2023 Additions Disposals Revaluations Transfers 5.117,764 7,977,844 {3,382,058) 592,412 (1,094.662) At 31 December 2023 9,211,300 Investments in subsidiary Listed companles Investments Total Company Cost or valuation At 1 January 2023 Additions Disposals Revaluations Transfers 206,699 5,117,764 5,324,463 7,977,844 7,977,844 (3,382,058) (3,382.058) 592,412 592,412 (1,094,662) {1,094,6621 At 31 December 2023 206,699 9,211,300 9,417,999 The investment principle of total return was fomially adopted by written resolution of the Board of Trustees in 2019 in relation to the Clothworkers Co. Education and Heritage endowment funds. The remaining endowments are accounted for using standard rule5. At the time the power was granted. the Trustees identified the value of the gifts of permanent endowment of £167,000. This set the baseline value of the gift component of the endowment to which any subsequent gifts of endowment are added. The power of total return pemiits the trustees to invest pemianently endowed funds to maximise total return and to apply an appropriate portion of the unapplied total return to income each year. Until the power is exercised to transfer a portion of unapplied total return to income. the unapplied lotal return remains invested as part of the pennanent endowment. The power allows the Trustees to deGide in each year how much of the unapplied total return is transferred to income funds and so available for expenditure. In deciding on the amount to tTansfer to income funds, the Trustees considered the information provided by their investment advisor, as to the likely investment trends and the sustsinability of the investment fund after considering various levels of transfer to income. The original permanent endowment balance, as at 31 December 2023 amounted to £171,877 {2022.' £175,015), of which the unapplied income balance was £4,877 (2022: £8.015). None of the unappli8d total return was transferred to income. Page 50

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company Ilmltsd by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Flxed asset investm•nts (continued) Princlpal subsldlarles The following is a subsidiary undertaking of the Charity. Name Company number Principal activity Holding Included In consolldatlon The Ironbridge Gorge Trading Company Limited 01343616 The retailing of Museum giftware and souvenirs, the provision of catering services and Conference & Banqueting Services The financial results of the subsidiaries for the year were.. Namos Income Expenditure Profitl{Loss) for the year Not assets The Ironbridge Gorge Trading Company Limrted 2,168,813 2,033,762 135,051 341,650 Investments - Endowment 2023 2022 National Memorial Fund Endowment Heritage Foundation Endowment Clothworf(ers' Company- Costume Endowment Lady Labouchere - Rosehill Endowment National Lottery Heritsge Fund (NLHF) Lady Elton Education Fund Heritage Conservation Fund 4,830.518 3,129,225 51,375 53,296 1,020,909 5.476 35,127 85,374 3,921.566 52.330 64.250 951.873 5.060 35, 702 86,983 9,211,300 5,117,764 Page 51

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Stocks Group 2023 Group 2022 Company 2023 Company 2022 Consumable stores Finished goods for resale 2,058 158,938 2,058 130,300 2,058 2,058 160,996 132,358 2,058 2,058 17. Debtors Group 2023 Group 2022 Company 2023 Company 2022 Due within one year Trade debtors Other debtors PrepaJThents and accrued income 4,515 312,902 276,509 18,292 78.524 40.341 4,319 312,898 276.509 16,980 78.520 40.341 593,926 137, 157 693,726 135.841 18. Current asset Investments Group 2023 Group 2022 Company 2023 Company 2022 Listed investments (UK) 975.323 199,276 975,323 199,276 Page 52

IRONBRIDGE GORGE MUSEUM TRUST UMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Creditors: Amounts falllng due wlthln one year Group 2023 Gmup 2022 Company 2023 Company 2022 Bank overdrafts Bank loans Other loans Trade creditors Amounts owed to group undertakings other taxation and social security Obligations under finan¢e lease and hire purchase contracts Other creditors AcLruals Deferred income 1,1I03N57 150,502 18.884 824,085 776, 261 179,661 1,003,457 150,502 18,884 750.482 290.145 73,069 776,261 179,661 410,251 360, 019 220,031 66,118 73.069 66.118 35,093 42,457 630,188 586A90 35, 105 46,172 439.278 635, 664 35,093 22,457 670.310 586A90 35.105 26,172 388, 122 635,664 3,364.225 2,588,510 3,500,889 2, 687, 153 Group 2023 Group 2022 Company 2023 Company 2022 Deferred income at 1 January 2023 Re8ources deferred during the year Amounts released from previous periods 635.664 611,78Q 635,664 611.780 586,490 635. 664 586,490 635.664 (635,664) (611. 780) (635,664) (611, 780) 586.490 635, 664 586,490 635. 664 Page 53

IRONBRIDGE GORGE MUSEUM TRUST UMITED IA company limitsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIIIBER 2023 20. Croditors: Amounts falling due after more than one year Group 2023 Group 2022 Company 2023 Company 2022 Bank loans Other loans Net obligations under finance lease and hire purchase contracts 235,370 155,794 385,333 170,071 235,370 155,794 385,333 170,071 68,683 6,494 68,683 6.494 459,847 561,898 459,847 561.898 Bank loans A £572,000 Resilience & Recovery Loan Fund (RRLF) loan from Social Inv8Stment Business was advanced in June 2021 as part of the Govemment Corona￿￿ruS Business Interruption Loan Scheme (°CBILS')- Loan interest is charged at 9% for the first 12 months. which is paid for by HM government, and 7% thereafter. The loan is secured over the Trust assets and is repayable by instalments over 5 years. No amounts are due after more than 5 years. The other bank loan is secured over Trust property and is repayab18 by instalments over 5 years to February 2024. Interest is charged at Bank of England Base rate plus 3.5Q/o. No amounts are due after more than 5 years. Other loans The other loan is repayable by instalments from January 2024 to January 2033. Interest is charged at 2.85°A. Page 54

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Statement of funds Statement of funds - current year Balance at 31 Galnsl Dec•mb•r (Losses} 2023 Balance at 1 January 2023 Transfers Inlout Income Expendlture Unrestricted funds General Funds - all funds 1,802,472 7,154,903 (8.230,541) 1,226,040 8,067 1.960.941 Endowment funds Other endowments 5,117,764 {1,094,653) 357.671 4380.782 NHMF endowment 4,595,777 234,741 4,830.518 5,117.764 4,595,777 (1,094,653) 592,412 9,211.300 Page 55

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company Ilmlted by guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Statement of funds (continued) Balance at 31 Galnsl December (Losses) 2023 Balance at 1 January 2023 Transfers inlout Income Expenditure Restricted funds - Current asset investments Heritage Lottery Fund for the Future MOG Roof Flood appeal Other funds 50,662 65,812 70,088 12,714 (50.000) 662 67,281 71.853 12,998 1,469 1,565 284 Rèstricted funds - Cash Herltage Conservation Fund Education fund Clothing the Working Man Rosehill Fund M&JDarby Fund Heritage Lottery Fund for the Future MOG Roof Flood Appeal Museum Estate & Development Fund (MEND) National Heritage Memorial Fund {NHMF) Other funds (14,183) 1,870 2,667 1,088 7,SOO 3.000 (4,026) 958 (5,000) 5,919 (14,672> 1,601 3,788 (12,000} 500 1S,000 20 4,216 5,700 5,700 (298,791) 209 5,690 335,793 2,126 2,270 (30,000) (1,417) (7,01S) {5,753 1,249 918 220,873 619,425 (241,734) 498,564 {2.632) 39,781 S82,942 172,721 (580,793) (123.833) {105,634) (16,965) 149,140 1,624,411 (760,058) 1373,121) 3,318 643,690 Page 56

IRONBRIDGE GORGE MUSEUM TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Statement of funds (Gontinued) Balance at 31 Gainsl Docember (Losses) 2023 Balance at 1 January 2023 Transfers Inlout Income Expendlture Restricted funds - Fixed Blists Hill Pr¢¥ect - post 2009 Coalbrookdale Projects Blists Hill development of exhibits - pre 2009 Jackfield Project Bedlam Furnaces Sidaway Legacy Other Fixed Assels Ironbridge Heritage Foundation Properties Museum Estate & Development Fund (MEND) 4,884.429 194.706) 4.789,723 8,635.274 (92A27) 8,542,847 8,674.765 7.413,568 143.749) 157,287) 8,631,016 7,356.281 974.646 621,465 (21A801 {14.578) 953.166 606,887 125,$42 134,09S} 91A47 3,314,000 3,314,000 37,166 241.734 278,900 34,680,855 1358,322) 241,734 34,564.267 Total Restrlcted funds 34,829.995 1.624,411 (1.118.380) (131.387) 3,318 36,207,957 Total of funds 41.750.231 13.375.091 (9.348,921) 603.797 46.380,198 Page 57

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limited by guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Statement of funds (contlnued) Statement of funds - prior year Balance at 31 December 2022 Bal8nce at 1 January 2022 Tr8nsfers in/out Gain (Losses) Income Expenditu Designated funds Designated Funds- all funds 30, 000 (30.000) General funds General Funds - all funds Pension reserve 2,857,013 (340, 000) 5.903. 734 (6.958, 275) (17,000) 1,802.472 357,000 2,517,013 5,903, 734 (6.975,275) 357,000 1,802,472 Total Unrestricted funds 2,547,013 5,903, 734 (6,975,275) (30,000) 357,000 1,802,472 Endowment funds NHMF endowrnent 1, 16T,699 3,802,679 223. 156 (75, 770) 5, 117, 764 Page 58

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2023 21. Statement of funds (¢ontlnued) Restrlcted funds - Current asset investments Heritage Lottery Fund for the Future MOG Roof Flood appeal Other funds 275,091 76, 034 80,974 14, 689 (223. 156) (1,273) (10,222) (10.886) (1,975) 50. 662 64812 70,088 12, 714 Restrlcted fund8- Cash Herltage Conservation Fund Education fund Clothing the Worf(ing Man Rosehill Fund M&JDarby Fund Heritage Lottery Fund for the Future MOG Roof Flood Appeal Museum Estate & Development Fund (MEND) National Heritage Memorial Fund {NHMF) Other fund8 2.801 1, 147 (442) (25,619) (16,542) (1, 952) (14, 183) 1.870 28,294 16.276 (18,453) 1, 688 3,881 (12.045) 5.919 (14,572) 5, 700 5, 700 (88.057) (14, 189) 3,349 588, 772 20,179 2.341 (799.506) (5. 781) (298. 791) 209 5, 690 201,950 18,923 220,873 (2,632) (64,352) (2.632) 39.781 73, 389 38,339 17,595) 453,097 861.098 (910.377) (230, 322) (24, 356) 149, 140 Page 59

IRONBRIDGE GORGE MUSEUM TRUST LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Statement of funds (contlnued) Restrlcted funds - Flxed Assets Blists Hill Project - post 2009 Coalbrookdale Projects Blists Hill development of exhibits - pre 2009 Jackfield Project Bedlam Furnaces Sidaway Legacy Other Fixed Assets Ironbrfdge Heritage FoundatK)n Properties Museum Estate & Development Fund (MEND) 10,362,678 (5.478.249) 4.884,429 8,716.768 (81.494) 8,635, 274 8,674. 765 7,413,568 8, 674, 765 7,413,568 996, 126 636,043 (21,480) (14,578) 974, 646 621,465 147,055 (21,513) 125,542 3,314,000 3.314.000 37,166 37,166 36.947.003 3.314,000 (5,617.314) 37.166 34.680,855 Total Restrlcted funds 37,400. 100 4, 175,098 (6,527. 691) (193, 156) (24, 356) 34.829,995 Totsl of funds 41, 114,812 13,881,511 (13,502,966) 256, 874 41, 750,231 Page 60

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limitsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Funds Deslgnated Funds These funds were originally designatsd to be used for the preserrfaion and redevelopment of the Old Fumace. The Trustees resolved to allocate these funds to the ACE Museum Estate and Development {MEND) fund as match funding shoubl IGMT be successful in its application. In February 2022 IGMT was notrfied that it had been awarded the grant and the funds have been utilised as match funding in 2022. Unrestricted Funds This represents the fre8 funds of the Trust which are not designated for particular purposes and resep4e8 accumulated from the Trading Subsidiary of the Trust. Endowment Funds Gains and losses attributed agalnst Endowment Funds relates to the realised and unrealised gains on revaluation of investments. Some of the restricted property assets reside on endowed land. Permanent Endowment Loan In December 2023 Trustees agreed to borrow the sum of £1,014,662 from the Ironbridge Heritage Foundation Permanenl Endowment by virtue of 8284A of the Charities Act 2011. This represents 25¢7A of £4.058,648 which is the total value of the Permanent Endowment on 14 December 2023. The Loan will be repaid over a period of twenty {20) years from the date on which the borrowing is drawn down on the following temis". . Loan to be fully repaFd by 14 Dacambar 2043 {withln 20 years) Repayments to be made monthly on 8 Straight line basis commencing 13 January 2027 (over 17 year period) The Trustees agreed that the Loan will not carry interest. Restrlcted Funds Blists Hill Pro'ect- ost 2009 Funds received from Advantage West Midlands and the European Regional Development Fund t(>J8ther with Renaissance in the Regions and a number of private individuals and Trusts to deliver a transformational development of the Blists Hill Victorian Town site and launch a new offer for visitors lo the World Heritage Site. In 2021 funds were received from Social Investment Business towards the construction of a bespoke outdoor adventure play experience The Madeley Wood Outdoor Adventure" which opened in July 2021. Blists Hill - develo ment of exhibits re 2009 The restricted reserves reflect and comprise the money spent on developing. building and restoring the buildings and historic assets at Blists Hill Victorian Town prior to the major redevelopment of 2009. Coalbrookdale Pro. - Coalbrookdale Youth Hostel With the support of European structural funding and the Heritage Lottery Fund, this fund was for renovalion work to the Coalbrookd81è Lilérary and Scientlfic Inst61utè. This project, in partnership with the Youth Hostel Association, created a mcwjem, 21st Century Youth Hostel. - Coalbrookdale Pro Principally funded by the Heritage Lottery Fund and the European Regional Development Fund to refutbi8h and bring back into use buildings on the Coalbrookdale site including the opening of Enginuty. Page 61

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company Ilmlted by guardntse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Coalbrookdal 3 OOldF rna Funds recerved from the George Cadbury Charitable Trust (Inc) and the Heritage Lottery Fund for the reinterpretation of the Old Furnace Completed in 21)09. - Coalbrookdale Develo ment Pro'ect Funds for a series of development projects centred on the Coalbrookd81e site including Museum of Iron redevelopment and the Darby Houses and the creation of a new visitor Café on the Coalbrookdale site "Furnace Kitchen" ackfield Pro. Funds received that were used in the refurbishment of the Jackf*ld site and the Fusion building. idawa ac Legacy fund from the estate of the late Irene Sidaway used for the construction of the Spry building at Blists Hill Victorian Town. Bedlam Furnaces With the support of Historic England as well as through funding from the Ironbridge Heritage Foundation the Trust put a canopy roof over Bedlam Furnaces. This project was completed in April 2018 and also includes lighting to improve interpretation of the monument. Ironbrid Herita e Foundation The Ironbridge Heritage Foundation Limited transferred ts assets to the Trust in June 2022. The significant assets transferred are an endowment and freehold propert188 in the Ironbridge Gorge. Clothin The Workin Man Fund relating to the Costume Endowment 8Stablished to support the development of costume related projects within the Museum specifically at Blists Hill Victorian Town as part of the Clothing the Working Man prqect. This project developed into what is now the wardrobe department and covers the clothing that is integral to the first person interpretation on site. Rosehill Fund Fund relating to the Lady Labouchere Rosehill Endowment established by Lady Labouchere for the preservation, restoration, improvement, enhancement and maintenance of the Darby Houses and for the purchase and interpretation of artefacts relating to the properties and Darby family. Hertta e Conservation Fund Purpose of fund 'to secure the presepiation restoration irnprovement enhancement and maintenance of features and objects of historical and industrial interesf,. Education Fund Purpose of fund °the provision of an industrial museum and the organisation of meetings exhibitions lectures publications and other fonns of instruction relevant to historical and indu8tri81 developmenr. M & J Darb Fund Fund set up by M&J Darby and to be used for items they see frt. NLHF Fund for the Future Fund to provide an endowment for the long-tem conservation of the heritage assets in the Trusf s care which includes a match element of £500,000 from the National Lottery Heritage Fund. The negatNe cash balance on Heritage Lottery Fund for the Future at 31 December 2022 was cleared in March 2023 by a match funding receipt from the Heritage Lottery Fund. Page 62

IRONBRIDGE GORGE MUSEUM TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 MOG Roof Fundraising appeal to raise money in order to cary out major conseNation Y￿>[k to the roof of the Severn Warehouse. Some work VRS carried out in 2022 with further cOnse￿ation vrt)rk to be completed in 2023. Historic England along with a number of other trusts and foundations provided the funding. Flcxxl A Following the River Severn flooding in February 2020 a fundraising appeal was launched to raise funds to aid recovery from the impact of the flooding to the Museum of the Gorge and the Coalport China museurn. Museum Estates & Develo ment Fund MEND The Trust has been awarded £1.1m from Arts Council England from the Museum Estate and Development {MEND) fund which was estsblish8d to safeguard the nation's cultural heritsge. This grant enables the Trust to carry out vital capital infrastructure work at Blists Hill Vidorian Town and will be paid lo the Trust in instalments over a further two years. National Herita e Memorial Fund NHMF The Trust has been awarded a £9.9 million grant from the Cultural Asset Fund. £4.5m has been received as an end0￿ment to pay for ongoing conservation works and the remainder will be received as work is completed on urgent conservation and repair WO￿ to 49 historic buildings and structures across the UNESCO World Heritaga Slte over a three ye8r period. 23. Analysis of net assets between funds Anatysls of net assets between funds - currnnt year Restricted Restricted funds- cash funds - Endowment & current Flxed Unrestricted funds investments Assets funds 2023 2023 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Heritage assets Current assets Creditors due within one year Creditors due in more than one year 32.760.827 4.646,542 37A07.369 9.211.300 1,803A40 1,138,471 1,782.161 <3,364,225) {3,364,225) 9,211,300 1,803,440 643,690 {459.847) (459,84n Total 9,211,300 643,690 34,564.267 1,960,941 46,380,198 Page 63

IRONBRIDGE GORGE MUSEUM TRUST UMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 23. Anatysls of net assets between funds (continued) Analysls of not assets between funds - prior year Resti7Cted funds - cash Restricted Endowment & cunpnt funds - Fixed Unrestrict8d funds investments Assets funds 2022 2022 2022 2022 Total runds 2022 Tangible fixed assets Fixed asset investments Heritage assets Current assets Creditors due within one year Creditors due in more than one 32.879,215 4. 579.200 37.458.415 5,117.764 1,801.640 373, 680 522,820 (2, 588,510) (2.588,510) 5,117.764 1,801, 640 149, 140 (561, 898) (561,898) Total 5,117,764 149, 140 34, 680.855 1,802,472 41,75Q,231 Reconciliation of net movement in funds to net cash flow from operating activities Group 2023 Gr(iup 2022 Net income for the year (as per Statement of Financial Activities) 4,026,170 378, 545 Adjustments for: Depreciation charges Dividends, interests and rents from investments Loss on the disposal of fixed assets Increase in Stocks Decreasel(increase) in debtors Increasel(decrease) in creditors Defined benefit pension scheme costs less contributions payable Assets transferred in Fixed Asset irnpaimient 672,702 (243.377) 497, 566 (263,427) 135,874 (11,871) 596,230 (395,980) 17,000 (7.059, 784) 5,210,273 (28.638) (456.769) 558.806 Net cash provided byl(used In) operating activiti•s 4,428,894 (895,574) Page 64

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limited by guarants•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Anatysis of cash and cash equivalents Group 2023 Group 2022 Cash in hand Overdraft facility repayable on demand 61,916 54,029 (1,003,457) (776,261) Total cash and cash equivalents (951.541) (722,232) 26. Analysis of changes in net debt At1 January 2023 Cash flows At31 December 2023 Cash at bank and in hand Bank overdrafts repayable on demand Debt due within 1 y88r Debt due after 1 year Finance leases Liquid investments $4,029 <2,113) 51,916 (776,261) {227,196) 11,003,457) (179.661) 10,275 1169,386) {656,404) 164,240 1391,164) (41,599) (62,177) 1103,776) 199,276 776,047 975,323 (1,299,620) 669,076 {640,544) Page 65

IRONBRIDGE GORGE MUSEUM TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Penslon commitments The Charity makes contributions to a defined contribution scheme in respect of the majorty of staff. During the year ended 31 December 2023 contributions from the Trust were £78,794 (2022: £71.788). There are no outstanding amounts at the year end and the Trust has no further commFtment beyond the regular payments. The Trust is one of several participating in the Shropshire Council Pension Fund, a contracted-out defined benef5t pension scheme (a multi-employer scheme). The assets of the scheme are held separately from the Charity and its subsidiary. The scheme is funded by wntributions from the employer and participating employees in accordance with the recommendations of independent qualif18d actuaries on the basis of triennial valuations. The most recent comprehensive actuarial valuation was carried out as at 31 March 2022. At 31 D￿ember 2023, 1 (2022: 1) of the Group's emptoyees VRS a member of the scheme. During Ihe year ended 31 December 2023 contributions from the Group were £6,954 including £Nil of deficit reduction payThents {2022.' £12,547).The Group has obtained from the actuary the following infomiation. vAiich is disclosed. The information disclosed is at 31 December 2023. Principal actuarial assumptions at the balants sheet date {expressed as weighted averages): At31 Docomber 2023 At31 December 2022 Discount rate Future salary increases Future pension increases Rate of CPI inflation 4.80 3.85 2.70 2.60 5.10 3.95 2.80 2.70 At31 December 2023 At31 December 2022 Yea Years Mortalty rate5 (in years) - for a male aged 65 now - at 65 for a male aged 45 now - for a female aged 65 now - at 65 for a fema18 aged 45 now 21.7 23.0 24.1 25.9 22.1 23.4 24.4 26.2 Page 66

IRONBRIDGE GORGE MUSEUM TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ponslon commltments (contlnued) Sensitivty analysis At31 Dacamb•r 2023 A131 December 2022 Discount rate +0.50/0 Mortalty assumption - 1 year increase CPI rate +0.25% (906,0001 (769, 000) (645,000) (508,000) {fA4,000) (481.000) The Group's share of the assets in the scheme was.. At31 December 2023 At31 Dec8mbar 2022 Equities other Bonds Property Cash and other liquid assets Other Assets 2,280,000 617,000 156,000 34,000 1,112,000 2.013,000 758,000 144.000 12,000 1,061,LlOO Total falr value of assets 4,198,000 3,988,000 The actual return on scheme as88ts was £402.000 (2022- £348, tXJOJ. The amounts recognised in the Consolidated Statement of Financial Activities are as follows: 2023 2022 Current seNi¢e cost Interest income Interest cost Total amount recognised in the Consolidated Statement of Financial Actlvltles {7,000} 199,000 (169,000) (22,000) 78,000 (85000) 23,000 (29.000) Page 67

IRONBRIDGE GORGE MUSEUM TRUST LIMITED (A company limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ponsion commltments (contlnued) Movements in the present value of the defined benefft obligation were as ft>llows'. 2023 Opening defined benefit obligation Contributions by scheme participants Benefits paid Current service cost Interest cost Actuarial gains 3.409,000 2,000 {200,(MKI) 169,000 Closing defined benefit obligation 3A64,000 Movements in the fair value of the Group's share of scheme assets were as follows: 2023 Opening fair value of Scheme assets Interest income Contributions by scheme p8rticipants Benefits paid Actuarial gains Contributions by 8mployer 3,988.000 199,000 2,000 {200,000 202.000 7.000 Closlng falr value of scheme assets 4,198,000 Summary 2023 2022 Present value of the defined benefit obligation Fair value of scheme assets 13.464.000} (3,409,000) 4,198,000 3,988,000 Defined benefit pen8ion as8etl(liabilty) 734,000 579,000 The Group has the above sutplus of £734,000 (2022: £579.000) in respect of its defined benefrt pension sch8me. This surplus is unrecognised as at th8 balance sheet date there was no plan in plac8 to recov8r the surplus either through reduced contributions in the futu￿ or through a refund. Page 68

IRONBRIDGE GORGE MUSEUM TRUST UMITED (A company limited by guardntee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2023 28. Operating l•ase commitments At 31 December 2023 the Group and the Company had commitments to make future minimum lease payments under non<ancellable operating leases as follows: Group 2023 Gmup 2022 Company 2023 Company 2022 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 5,725 17.105 7.480 22.431 399 5,725 17.105 7,480 22,431 399 22.830 30,310 22,830 30,310 Related party transactlons The Friends of the Ironbridge Gorge Museum is a separate registered charty with a connection to the Ironbridge Gorge Museum Trust whose stated object to provide financial assistance to the Ironbridge Gorge Museum Trust Limited to secure the preservation, restoration, improvement, enhancement and maintena￿8 of features of historic and industrial importance. The Friends of the Ironbridge Gorge Museum have provided funds for the year of £16.330 {2022: £21,536). The amount outstanding at year end was £Nil (2022: £1,300). The Ironbridge Heritage Foundation Limited is a connected charity. During the prior year the charty transferred freehold property to Ihe Trust of £3,314,000 and transferred investm8nt endowment of £3,745,784. It also allowed the Ironbridge Gorge Museum trust Limited to retain rents which it collected. 30. Post balance sheet events On 31 January 2024 the last active member of the Shropshire County Council Pension Fund ceased employment with the Trust and this event triggered an actuarial valuation of the scheme. The results of the valuation resulted in a temiination surplus of £669,000 which was received by the Trust in May 2024. Page 69