2025-12-31-accounts

Charity R8glStration No. 504481 Company Registration No. 01226321 (England &Wal8sI 81LNcK COUNrt LIVING MUSEUM The Black Country Living Museum Trust Annual Report & Accounts for the year ended 31 December 2025 www.bclm.com

The Black Country Living Museum Trust Contents Reference & Administrative Information Chair's Review of the Year 5-11 Trustees. Report 12-20 Strategic Report 21-27 Statement of Trustees, Responsibilities 28 Independent Auditors, Report 29-32 Consolidated Statement of FinancialActivities (SOFA) 33 Balance Sheets 34-35 Consolidated Cash Flow Statement 36 Notés to th8 Accounts 37-59

The Black Country Living Museum Trust Trustees. Report for the Year Ended 31 Decemb8r 2025 Reference & Administrative Information The Trustees present their Annual Report & Accounts for the year ended 31 December 2025, in accordance with the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013. The A¢¢ounts have been prepared in accordance with the accounting policies set out in Note 1 of the Accounts and comply with the Charity's governing document, applicable law, and the Statement of Recommended Practice,'Accounting and Reporting by Charities ISORPI,, 2015, notwithstanding the introduction of a revised SORP taking effect for accounting periods starting on or 2fter 1 January 2026. Throughout this Annual Report, the Company is referred to as'the Museum, Museum Trust or the Charity,. Museum Trust Established: 15 September 1975 Honorary Royal Patron: HRH The Duke ofGloucester KG, GCVO Current Trustees/ Directors l& Members): Hasan Afzal Jonathan Badyal IDeputy Chairl K8ty Baker Duncan Bedhall (Chairl Sally Bourner Janet Chapman Dr Nicola Guy Louise Jones Ruth Levesley Tarlok Singh Mander Dileep Singh Marway Emma Norris Caroline Southall IDeputy Chairl Chiel Executive: Andrew Lovett OBE Charlty Reglstratlon Number: 504481 (England & W81esl Museum Accreditation Reference Numbers: 761 (Museum) and 829 (Locksmith's House) Company Registration Number: 01226321 VAT Registration Number (Group): 765321138 PrincipalAddress & Registered Office: The Black Country Living Museum Trust Tipton Road Dudley West Midlands DY14SQ

The Black Country Living Museum Trust Trustees. Report for the Year Ended 31 December 2025 Independent Auditors: Crowe UK LLP Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Principal Bankers: Barclays Bank PLC (Barclays Corporatel Queen Square Wolverhampton West Midlands V1 1DS Principal Solicitors: GowlingWLG IUKI LLP Two Snowhill Birmingham B4 6WR Other Advisors: Anthony Collins Solicitors LLP 134 Edmund Street Birmingham B3 2ES Company Secretary: Diane Harvey FCCA Telephone: [phone] Email: [e-mail] Website: www.bclm.com Facebook: facebook.comlbclivingmuseum Inslagram: inst8gram.comlbclivingmuseum Linkedln: linkedin.com/companylb12ck-country- living-museum TikTok: tiktok.coml@blackcountrylivingmuseum YouTubo: youtube.comlBClivingmuseum x.comlbclivingmuseum

The Black Country Living Museum Trust Trustees. Report for the Year Ended 31 Decemb8r 2025 Chair's Review ofthe Year l always feel we are restless at the Museum to make things better. So, whilst it is important, valuable and enjoyable to report on the prior year. as I write this review of 2025 it is difficult for our attention not to be firmly focussed on how we are doing now, mid-way through 2026, as we see visitors streaming in for the February, Easter and May school holidays. For the Board of Trustees, we are anxious to deploy our strengths and value to the leadership of the Museum as benefici811y as possible, and that means looking ahead, sometimes years ahead, and fixing a restless gaze on progress, impact and growth. That said, we are very conscious of damaging world events, the awful impact on the lives of people in the countries directly affected, and close to horne, the additional pressure this is putting on the economy, cost-of-living and driving changing visitor behaviours. In this respect the current headwinds cannot be ignored. In this situation, are we seeing the st8rt of staycation in the United Kingdom? Award-winning Storytelling In last year's Christmas message, filmed at the Museum, to Patrons, Members, Stakeholders and Corporate Partners, we welcomed these supporters to No.112 Brewery Fields Estate, Dudley. The house was all decorated for Christmas. The ye8r,1968, and uniquely it's a house built of cast iron. Yes, that's right. cast iron. Semi-detached council houses originally built in 1925 as an experiment between the wars when building materials were at a premium. But at £1,000 it proved an expensive experiment, costing double what a brick-built house would have cost at the time. And we imagined jolly cold in the winter and perhaps 8 bit warm in the summer? In this house we explained that we tell the story of the Aston family. While next door, at No.114, it's the 1940s story of the Vernon's. Beatrice and her Police Sergeant husband, Sidney Vernon. And whilst it may have been tempting, in that lovely Christmassy setting, to believe we are a museum of buildings and objects (hugely important as they arel, the real stars of our show are the people, the characters of the Black Country. It is through these characters that we do the thing which is a byword for our approach. Storytelling. So next time you're at the Museum seek out Harold Emile Doo in his Chemist Shop from 1929, or Harry Morrall in his Menswear Shop from 1935, or Cynthia Burgin in her Newsagents from 1959, or Cicilyn Miller, a midwife from Jamaica going about her duties in 1961. And many more besides. Walk our streets. smell the coal fires, hear hot metal being forged, touch the beautiful tiles of the Elephant & Castle Public House, see the unexpected, and of course, taste our famous fish and chips. We ask people not to be shy- to say yes to a visit the next time they think about the Museum. To become part of our storytelling and see howwe have reimagined what it means to be a museum. We believe that our approach engages people in history with warmth, entertainment and meaning, to create lasting memories. I would like to think our reimagining had an influence on the judges at this year's Visit England Awards for Excellence, when, on behalf of the Museum, Andrew Lovett, our Chief Executive, travelled to Brighton to collect the national award for Large Visitor Attraction of the Year for 2025. It was a proud moment and reflected our compelling vision, fabulous customer service, fuelled by pride in this amazing place, and how our storytelling connects so powerfully with visitors of all ages and backgrounds.

The Black Country Living Museum Trust Trustees. Report for the Year Ended 31 Decemb8r 2025 During 2025. the Museum continued to receive exceptionally strong visitor feedback across public review platforms and independent sector benchmarking. The Museum maintained an average Google rating of approximately 4.7 out of 5 from more than 13,000 reviews, alongside a Tripadvisor score of 4.5 out of 5 from over 6.500 reviews. Internal visitor research through the Association of Leading Visitor Attractions IALVAI benchmarking programme also showed very high satisfaction levels, with overall enjoyment rated at 9.22 out of 1012024.. 9.091 and a Net Promoter Score of +8012024.. +791, significantly above the all-ALVA average of +70. Visitors particularly valued the friendliness and knowledge of staff, which scored 9.53 and 9.55 respectively, while "overall atmosphere" achieved 9.46 and "bringing the subject matter to life- scored 9.35, again all above the all-ALVA benchmarks. Public comments consistently praised the immersive experience, with visitors describing the Museum as "a superb day out.with "superfriendly8nd veryinformative" staff and highlighting the site's unique atmosphere and authenticity. Our Strategic Choices Under the banners of ourvision, We are the Black Country, and our mission, To champion the Black Countryby celebratingpeople and communities and sharing their historyand heritage to create pride in place and desire for8 better future, this past year our teams have been developing areas of focus: 111 Deliver excellence in every experience'121 Diversify for growth,. and131 Be resilient and future ready. These three areas of focus mean we continue to be restless to make things better, including these highlights.. setting the benchmark for living interpretation. excellence in every moment, where unforgettable memories are made. growth by diversifying audiences, from regional to national and international, and from many more communities- strengthen partnerships and community connections, so more people find their place in our story,. and secure sustainability through significant financial surpluses, more data-driven decisions and digital innovation. build a working culture of experimentation, and empower teams united by a shared purpose. We recognise that success in our business- for any undertaking for that matter-will always be based on positive relationships. And that in a disrupted world we have an opportunity to support a more cohesive society by building trust in a public institution. The Museum. OurTrading Results Success for the Museum is measured in two ways. Firstly, the achievements of our charitable objects, and secondly by our long-term sustainability without recourse to high levels of public sector funding to meet our everyday costs. Notwithstanding the enormously important annual investment from Arts Council England of £760,000, as part of ACE'S National Portfolio. The Museum is proud to be an independent heritage business. In this context, our most significant business risk is maint8ining a strong and resilient trading performance. We continue to adopt a triple helix approach, with the simultaneous and mutually dependent aim of being an outstanding museum, charity and visitor attraction.

The Black Country Living Museum Trust Trustees. Report for the Year Ended 31 Decemb8r 2025 The financial review set out elsewhere in this report reconciles our net operating surplus of £191.815 12024.. Deficit £91,563) with net income before taxation of £158,00112024.. Deficit £723,675), shown in the Statement of Financial Activities. We also saw a positive net cash flow from operating activities of £580.27812024'.1£452.25311. This represents a significant and welcome shift in the financial results of the Museum. It has come about because of the staff cost savings amounting to c.£600k implemented during the first quarter of 2025, tight control of all other costs, strong results from our varied 20+ trading outlets on-site, including higher levels of spending per visitor compared to 20241£9.13 vs. £8.61), maintaining gross margins, and the solid performance of venue hire, hospit21ity and business sponsorship-partners. A more detailed breakdown of the results of the Museum's subsidiary trading company is set out as part of the notes to the accounts. These financial results are despite visitor attendance being 2.8% lower than the prior year, at 366,840 12024.. 377,0241. This was the second year (outside the p8ndemicl that attendance has shrunk since 2013, with attendance in 2023 reaching 385,140. Admission yields were helped by an increase of 3% in paying visitors to 265,88612024: 257,5561, or 72Wo of all attendance, with the majority of the remaining 28% taking advantage of the Museum's Annual Unchained Pass, which provides unlimited f ree repeat access to the Museum, linked to Gift Aid dec12rations. Within total attendance we saw some ups and downs in visitor categories.. over 65yrs increased by 8%, as did adults, but attendance at18ter-night opening during the summer holidays fell by 150/0. and family visits were static. However, we were pleased to see school attendance- always an important audience for museums-grow by 6%to 58,88112024.. 55,3421. Trading at the Museum is subject to significant seasonalvariations, with the summer school holidays being especially important to the annual results. In this context, the mixed and unreliable weather of the summer impacted the financial performance of the Museum. In this regard we continued to see the entirely reasonable behaviour of visitors choosing to book later ahead of a visit. This is now commonly seen across hospitality, theatres and other performance venues. We also implore weather forecasters not to be so slapd8sh with their use of rain icons which all too often indicate widespread poor conditions, when in fact it is highly localisedl Talking of the weather, I can't exclude from this report the significant negative impact which extreme heatwaves are having on 2026 visitor attendance., conditions that are becoming more frequent across the spring and summer months because of climate change. The Museum continues to keep its marketing strategies under review and is introducing a new ticketing system and website during the first quarter of 2026, thanks to significant investment from Bloomberg Philanthropies and administered by Arts Council England. This is designed to ease the online buying experience. increase advance bookings. and provide greater and more useful d8t8. We remain confident that the fundamental purpose and business model of the Museum is strong. However, short-term issues will always challenge us. Welcoming Special Guests As ever it was another busy year welcoming political and other important public figures to the Museum. This is something we always like to do, to show off the impact we are having on those that visit, helping to change perceptions of the Black Country and the region- putting it in a better light, and supportingthetourism economy.

The Black Country Living Museum Trust Trustees. Report for the Year Ended 31 Decemb8r 2025 In January we were delighted to welcome Alistair Carns MP. at the time, Minister for Veterans & People, alongside local MP Sonia Kumar. Alistair and Sonia spent time with local ex-service personnel, hearing first-hand the challenges they face. In February we welcomed the Right Honourable Heidi Alexander. Secretary of State for Transport, Mayor of the West Midlands. Richard Parker, and again our local MP, Sonia Kumar, as part of a visit to Dudley to see the progress being made to bring the Midland Metro into more areas of the Black Country. It's a very welcome development, not least for the Museum, by providing a public transport alternative for visitors rbever previously available. A game changer you could say. Roll-on the autumn of 2026, when services will begin to Dudley, from Wolverhampton and Birmingham, via Wednesbury. In August, from the Philippines, we welcomed Mariam Leonor Torres Mastura, as part of her humanitarian work across the globe. Making quite an impression with our visitors and staff. In Septemberwe welcomed Andrew B2iley, GovernorofThe Bank of England to hear about a type of business perhaps not readily on the Governor's radar, and after he had chaired a roundtable of local business leaders at his beloved West Bromwich Albion Football Club, organised by Sarah Moorhouse, Chief Executive atthe Black Countrychamber of Commerce. The Governorwas keen to hear about the Museum's business challenges. In September it was great to welcome Nick de Bois CBE. Chair of the British Tourist Authority 8nd Patricia Yates, Chief Executive and Andrew Stokes OBE, England Director of Visit Britain-visit England first time visits to the Museum for Nick and Patricia. It was a timely opportunity to thank Nick for his expert stewardship of the British Tourist Authority as he prepared to step down as Chair. Nick described tourism as the best business sector in the country, and who would disagree with that. And finally, in October, we welcomed Mark Smith, at the time. High Sheriff of the West Midlands. Mark was especially interested to hear how we work with volunteers,. 190+ at the last count and drawn from all walks of life, supporting the Museum in every possible way, and of course offering a boost to the volunteers as well, both professionally and with their mental health 8nd feeling 8 valued p8rt of the community. And what a thrill to welcome Tipton's very own Robert Plant, as he prepared to release his 12, studio album, Saving Grace. We hope to see more of Robert atthe Museum in 2026. Hostingwonderful Events & ScreenTourism Events are an important part of the Museum's calendar, with 45,000 people immersed in the unique evening atmosphere of the Museum and often dressing the part. Highlights included Red by Night, 1960$ evening, getting spooky at Halloween, the growing popularity of our Festival of Light. Christmas. and of course Peaky Blinders. All offer something very special. Speaking of Peaky Blinders. were you as excited as we were about the release of The Immortal Man- Steven Knight's epic crime drama, staring Oscar-winning actor Cillian Murphy and continuing the story of the infamous, Thomas Shelby. We celebrated the release early in 2026 with these kind words from Cillian Murphy during an interview on 4 March on BBC Radio 6 Music with Lauren Laverne. when he was asked about his favourite filming location, "fo be honest with you, we spent most of our time at the Black Country Living Museum. That's where we shot the majority of the shows and film, because it's like this living museum. And it's become kind of one ofthe ch8r8Cters in the film 8nd Tvshows, so I guess I've a great fondness for the Black Countrymuseum". And for fans of Peaky Blinders, the good

The Black Country Living Museum Trust Trustees. Report for the Year Ended 31 Decemb8r 2025 news keeps on coming. with two new series of the TV show slated for production. And in the words of writer and producer, Steven Knight, "The Black CountryLivingMuseum will continue to be the home of Peaky Blinders" We can't wait to continue to have a leading role in this global phenomenon. In this context, the Museum is very much a part of screen tourism. At the Set-jet conference, held in Birmingham in November 2025, it was pointed out that in these days of vast social media influence, it's great to see cinema and TV still playing a huge part in our lives. The conference went on to say* "The factis, what we see on Tvand n7ovies is a huge motivator for where we travel on holidayand the locations we choose to spend our days out.- The f¥1useum will continue to capitalise on this plot twist, with new Peaky Blinder tours and a guide to its locations. Attracting film and high-end TV productions has been a deliberate strategy to show the Museum in a different light. attract non- traditional museum audiences, help diversify income, and show the positive symbiotic relationship between the creative industries and herit8ge. The West Midlands is a powerhouse of film and TV locations, and recently given additional support by our Mayor, Rich2rd Parker, with funding for Production Central, a one-stop shop to remove barriers and make this region the easiest place in the UK to produce content. The Museum is set to benefit f rom this focus on supporting production companies and individuals. And whilst there have been many highlights, it has been a tough year to be an independent museum. We have had to work ever more smartly to attract visitors. absorb substantially higher costs of employing people, and yet remain relevant and valued. I pay tribute to those members of staff who lost their jobs at the Museum, during an essential restructuring in the early part of 2025. Continuing Value of Volunteering In 2025. our volunteers contributed 17,000 hours or over 2,300 days of support for the Museum. That is an extraordinary and wonderful statistic. The range of help from our 190+ volunteers is equally impressive, across collections, gardening, engineering, supervisi ng events, maintenance, research and making costume. We also recognise that volunteering is two-way- providing opportunities to learn new skills, socialise, develop person81 confidence, 8nd support people back into paid work. My heartfelt thanks to all our volunteers- you are amazing. Arts Council England & The Hodge Review The Museum has been a recipient of investment from Arts Council England since April 2015, first as part of a partnership with Culture Coventrywithin ACE'S Major Partner Museums programme, and then from April 2018 in our own right, when museums became part of ACE'S National Portfolio Organisations INPOI. Currently ACE supports 82 museums. of all sizes and types and in all regions of England, representing a significant strategic choice for ACE. Although not seeking to replace funding, this has been especially important as local authorities have reduced and, in some cases, withdrawn altogether theirfunding for museums. After an increase in April 2026, the Museum now receives annual investment of £798,126, a level expected to remain in place until 31 March 2028. when the current lextendedl investment round concludes. This amount of investment is clearly important to the Museum, accounting for 70/0 of our total budgeted revenue in 2026. Being part of the portfolio also gave access to £1.175m emergency investment during the pandemic, and the Museum was able to utilise part of its annual NPO funding to support the Activity Plan linked to our ForgingAhead project. Additionally, for six years, the Museum

The Black Country Living Museum Trust Trustees. Report for the Year Ended 31 Decemb8r 2025 was able to run its acclaimed Museums & Resilient Leadership Programme. supporting 65 emerging leaders f rom across England, only because of the investment it received from Arts Council England. So. for many reasons and for over a decade. ACE investment has been significant for the Museum, and whilstwe welcome much ofwhat is recommended in the Hodge Review, published in December 2025, and ACE'S response to it, including a new Strategic Framework, taking a step beyond ACE'S Let's Create strategy, we do not take for granted continued investment, at any level, and will continue to be the best, independent heritage business we possibly can be. Wlth GratefulThanks &Admlratlon I want to finish by acknowledging the support of all our many donors, volunteers and funders and to express my very grateful thanks for their commitment and generosity to the Museum. Without them the Museum could not reach as many people as it does or achieve all the things that it wants to achieve. Our local authority, Dudley Council, continues to be very supportive, recognising the importance of the Museum to the Borough. Special thanks go to public-sector investors, National Lottery Heritage Fund, Arts Council England, Black Country Local Enterprise Partnership Iclosed in 20231, The Mayor & West Midlands Combined Authority, and the Department of Culture, Media & Sport. But also, to our Business Partners. A special shout out for their support to Black Country Ales. Quanex. Higgs Solicitors. Thomas Dudley Ltd,. West Bromwich Building Society. Walsall Football Club. and Central Co-op. And frankly a wonderful register which is too long for me to list here. But I thank you all. I would also like to thank and acknowledge legacies received during the year from Ronald Davies and Pauline Wheeler. Both tremendously generous and unexpected. And here's a first. We ourselves entered into a bit of sponsorship. With support for Wednesfield Football Club, a proud community club founded in 1961, and made possible by Jonathan Badyal, a former player atthe club between the ages of 8 and 16, and now a Trustee at the Museum. l am extremely grateful to my fellow Trustees on the Board, and the independent members of our subsidiary trading comp8ny and Audit Committee, and including new Museum Trustees in 2025.. Hasan Afz81, Janet Chapman, Dr Nicola Guy, Dileep Singh Marway, Emma Norris, and Caroline Southall, who at our first meeting in January 2026 was appointed as our second Deputy Chair. Very sadly there were staff and volunteers who died during 2025. Amongst these were long-standing and wonderful volunteers Les Millington Imay 20251 and Alan Allcock (November 20251. former volunteer Margaret Carrington IFebrLJary 20251, and former members of staff, Linda Larner (December 20251, and Pam Ryan (December 20251. My condolences to their families and friends, and deep thanks for everything they did in support of the Museum they loved so dearly. l am proud of our achievements at the Museum and inspired by the thoughts of what we can yet achieve, including the final phase of ForgingAhead and new storytelling this will reveal in 2026. A particular focus, with our major expansion project, ForgingAhead, concluding, will be to Master Plan the site to confirm which new stories we want to tell, which new objects we should collect, what new features should be shown, how the historic landscape developed and how we can improve our b8ck- of-house resources. 10

The Black Country Living Museum Trust Trustees. Report for the Year Ended 31 Decemb8r 2025 Finally. as I write this review. we received news of the death of Sir Neil Cossons OBE at the age of 87. Neil was a highly influential figure in the world of museums and heritage leadership and known across these islands and the globe for his pioneering work, historian, writer and the founding director of Ironbridge Gorge Museums in Shropshire, from 1971. Neil went on to lead the National Maritime Museum, Greenwich, the Science Museum in London and chaired English Heritage between 2000 and 2007. Neil was also one of the founders ot the Association of Independent Museums, which, as it approaches its 50 anniversary* remains an influential and much valued organisation. I conclude my review of 2025, with the final two lines from Sonnet2022, byjohn Homer, member of staff here at the Museum, and in his own description, a Black Country bloke, having been asked to write about the Black Country and love. "In wh&twe h8d to do to live andbreathe Isee no dark disgrace But the pride I take from the struggles of ourpast is why I love this woundedplace." Duncan Bedhall Chair

The Black Country Living Museum Trust Trustees. Report for the Year Ended 31 Decemb8r 2025 Governing Document The Black Country Living Museum Trust is a company limited by guarantee Ireg. no. 012263211, without share capital and governed by its Nemorandum and Articles of Association dated 1 S September 1975 as amended by spe¢ial resolutions dated 15 December 1983, 21 july 2005, 24 September 2009, 30 May 2013 and 29 May 2014. None ofthe model articles in the Companies Imodel Articles) Regulations 2008 applies to the Company. The Company was registered as a Charity with the Charity Commission on 10 October 1975. The Objects of the Charity are set out in this report. Throughout this Annual Report the Company is referred to as'the Museum, Museum Trust or the Charity,. Trustees l Directors (& Members) The Trustees of the Museum for the purposes of charity law are also its directors for the purposes of company law, and throughout this report are collectively referred to as'the Trustees.. The Trustees are also the only Members of the charitable company. Those Trustees who served during the period of this review were: Hasan Afzal Jonathan Badyal Katy Baker Duncan Bedhall Dr Paul Bedford Sally Bourner Janet Chapman Cllr Matthew Follows Dr Nicola Guy Victoria Jessop Louise Jones Ruth Levesley Martin Levermore Tarlok Singh Mander Dileep Singh Marway Catherine Murphy Emma Norris Caroline Southall (appointed 26 June 20251 (retired 24 April 20251 (appointed 30 October 20251 (retired 30 April 20261 (appointed 28 August 20251 (retired 18 December 20251 (appointed 28 August 2025, resigned 22 December 20251 (appointed 26 June 20251 (retired 26 February 20261 (appointed 30 October 20251 (appointed 26 June 20251 Recruitment &Appointment ofTruste8s The governing document allows for two'classes, of Trustees.. ordinary and nominated. All Trustees are appointed because of their experience, skills and empathy with the Museum's vision. The appointment of ordinary Trustees is undertaken following an open search. Prospective Trustees are interviewed by panel of existingTrustees, with support from the Museum's Leadership Team, who make recommendations to the Board. The Association of Black Country Authorities nominates one person to serve as a Trustee on the Board. albeit in a personal. rather than a representative capacity. The Board recognises and accepts the need to refresh, diversify and develop the Board on a regular basis as an integral part of good governance and maintaining objectivity, utility and succession planning. Trustees c8n serve two terms of three years, unless the Bo8rd 8grees a further and final term of three years. The Board 81s0 liaises with Arts Council England when making Trustee appointments. 12

The Black Country Living Museum Trust Trustees. Report for the Year Ended 31 Decemb8r 2025 The Museum takes account ofthe recommendations ofthe report. Taken on Trust. published in January 2017 by the Office for Civil Society and the Charity Commission, which seeks to broaden the diversity of Trustees and improve levels of understanding about the role. The Museum is proud of the work it has done over the last 14 years to diversify membership of the Board. to create a mix of minds. Trustee Induction & Training New Trustees are provided with a wide range of information, including the Charity Commission's publication The Essential Trustee, our own Code of Conduct and Dignity at Work Policy, and have induction meetings with the Chair, Museum's Chief Executive, and members of the Leadership Team. New and prospective Trustees are also provided with a copy of the Museum's application pack, which sets out the duties and responsibilities of being a Trustee and the contribution they are expected to make during their term of office. They are also invited to meet with Museum staff for a toui of the site and a look behind the scenes and are encouraged to attend Museum events. The Museum has established a Trustee development progiamme to enhance understanding of the Museum 2nd the environment in which it operates. Trustees are kept up to date with bi-monthly reports, through social media channels, briefings and sector newsletters, best practice and developments impacting the museum and cultural sectors, as well as changes to charity andlor company regulation. The Board uses an annual self-assessment questionnaire to gauge its effectiveness as the Museum's governing body, to support and inform individual d iscussions between each Trustee and the Chair of the Board. The Board has also endorsed best practice guidance from the Association of Independent Museums IAIMI. including their Hallmarks of Prospering Museums, published in June 2015, and Golden Rules of Good Governance, as well as the latest Charity Governance Code for Larger Charities. The Board of Trustees ensures compliance with its legal duties to.. Act in the interests of the Charity and its beneficiaries. Protect and safeguard the assets of the Charity. Act with reasonable care and skill. Ensure the Charity is accountable. iv. Governance Structure & Subsidiarigs The Museum is governed bya Board Iwith a maximum of 16 members 2nd a minimum of 51, which has powers to conduct all the affairs of the Charity. The Board, as usual, met six times lon a bi-monthly timetable) during the year to consider strategic issues, long-term planning, monitor the progress and performance of the Museum against budget and prior year, consider policy and significant developments and monitor strategic risks. The Board held two additional meetings in January 2025 specifically to consider and approve a restructuring of the Museum's staff. Following a decision at its meeting on 25 August 2022, the Board, acting as the only Members of the Company, dispensed with Annual General Meetings. The Museum has in place committee structures to effectively govern and regulate the affairs of the Museum, including an Audit Committee with two independent members, ChairAndy Comyn and Mani K8ur Roberts, and a Fin8nce Committee. 13

The Black Country Living Museum Trust Trustees. Report for the Year Ended 31 Decemb8r 2025 The Chief Executive manages and develops the Museum with colleagues and is accountable and reports to the Board, in accordance with a Scheme of Delegation approved by the Board. The Museum's Chief Executive is supported by two Deputy Chief Executives: Content & Operations, and Business Development. These three staff comprise the Leadership Team and is supported by the Executive Assistant. The Charity has in place a Colleague Consultative Forum, including elected representatives, which meets on a bi-monthly basis in accordance with its Terms of Reference. The Museum recognises the Cornmunity Trade Union Iregion81 off ice. Northamptonl, for the purposes of collective bargaining for certain defined matters for its Historic Char2Cters, a team of 150+ colleagues. The Museum is owned and operated by the charitable company (including the Locksmith's House. a small museum IA¢creditation ref. no. 8291 in Willenhall, seven miles from the main site) including the employment of all staff. Non-charitable activities, including retail, catering, car parking, location filming, hire & hospitality. and business sponsorship, 8re undertaken on behalf of the Museum Trust by Black Country Living Museum Enterprises Limited (company reg. no. 030267311. The Enterprises Company is a wholly-owned subsidiary of the Black Country Living Museum Trust- its immediate and ultimate parent undertaking and controlling party. A licence agreement sets out the terms of the relationship between the Museum Trust and Enterprises Company. The Enterprises Company was incorporated on 27 February 1995 to shield the charitable status of the Museum Trust and to have in place the most tax-eff icient company arrangements. while allowing the Museum to benefit from the proceeds of commercial enterprise through an annual donation of profits from the Enterprises Company to the Museum. The Directors of the Enterprises Company, who met four times during the year. are drawn from the Museum Trust and from outside the Nuseum. There are currently four Directors of the Board of the Enterprises Company, including one independent Director.. Natasha Grice. It is expected that the appointment of a second independent director will be made during 2026. The Board of the Enterprises Company dispensed with Annual General Meetings. Remuneration Policyg Gender Pay Gap Information, Employment & Casualworkers The Museum has a well-established median pay policy, informed by Museum-wide job evaluation and market data. At the end of 2019, the Museum undertook a job evaluation of all its roles and as a result introduced a revised grading structure to ensure continued competitive, equitable and transparent pay rates. The median pay policy applies to all staff at the Museum, including Key Management Personnel, although the Board considers the remuneration of the Chief Executive outside this protocol. No remuneration benef its, other th8n those provided to all staff, 8re provided to Key Nanagement Personnel. The Board of the Museum considers issues of pay on 2n annual basis as part of approving its annual revenue budget. The pay award for the 2025 year was made in February. The Museum had 8 headcount of less than 250 employees as of April 2026 and so did not fall within the requirements of the Equality Act 2010 (Gender Pay Gap Information) regulations 2017. However, the Museum has voluntarily reported the organisation's gender pay information based on the designated 'snapshot date, of 5 April 2026. At the snapshot date, the mean difference between the average hourly rate for men and women working at the Museum is 2.796. In other words, when comparing mean hourly rates, men earn 102.7p forevery 1 Oop that women earn. Whereas the median (middle number) hourly rate for men was 3.2¥0 lower than the median hourly rate for women. There has been a small increase in the differential of the mean hourly rates for men and women compared to the last reported figure in 2024. The Museum remains committed to continue to develop its workforce strategy, which includes maintaining a culture of representation and inclusion to ensure equality of opportunity for all. 14

The Black Country Living Museum Trust Trustees. Report for the Year Ended 31 Decemb8r 2025 The Museum regularly reviews the need for casual workers. taking account of the needs of the business. The Museum also utilises a very small number of annualised Contracts, which provides employees with the certainty of a guaranteed number of hours, while offering the flexibility to the Museum and the individual. Trustee Indemnity Professional liability insurance of £1 m is in place through AXA Insurance UK plc at a cost of £2.800 12024.. £2,496). TrusteesAttendanGe at Meetings ofthe Museum Board The table below sets out the record of attendance for Trustees and the Chief Executive at Board meetings during 2025. Date of Board Meetlngs No. of Meetlngs Hasan Afzal 414 100% Jonsthan Badyal 718 88Qh Katy 8aker 618 75% Duncan Bedhall 818 100% Dr Psul Belford 314 75Qh Sally Bourner 818 1 Oooh Janetchapman 112 50% Cllr Matthèw Follows 618 75Qh Dr Nicola Guy 213 67% Vlctoria Jessop 718 88 Louisè Jonos 818 10096 Martin Levermore 212 1000/0 Ruth Levesley 718 88 Tarlok Singh M&nd•r 618 75Qh Dileep Singh Marway 314 75% Catherlne Murphy 718 88% Emma Norris 212 100 Caroline SouthaLL 414 1 OOOh Andrew Lovett Ichief Executivel 718 88% 15

The Black Country Living Museum Trust Trustees. Report for the Year Ended 31 Decemb8r 2025 Partnerships & Stakeholders The Museum works with several partners and stakeholders to achieve its objectives. including local universities. colleges and some volunteer groups. The Museum maintains membership of several organisations, the major ones being.. Association of Independent Museums.. Association of European Open-air Museums- Association of Living History* Farm & Agricultural Museums- Newcomen Society- Inland Waterways Association- Association of Industrial Archaeology., the Society of Folk Life Studies; International Council of Museums., Museums Association lindividu81 memberships),. Association of Cultural Enterprises- and The Black Country Society. The Museum is a member ofthe West Midlands Growth Company (with the Museum's Chief Executive being a non-executive director of the company), and the Chambers of Commerce of the Black Country and Greater Birmingham. In addition, the Museum is a member of the National Museums Directors, Council, a group of the UKS leading national 2nd regional museums. The Museum has particularly close ties with Beamish Open-air Museum in County Durham,. Den Gamle By in Aarhus, Denmark,. lamtli Museum in Ostersund, northern Sweden- and Skansen Museum in Stockholm, Sweden. Our local authority. Dudley Metropolitan Borough Council is one of seven Constituent Authorities of the West Midlands Combined Authority IWMCAI, led and chaired by its elected Mayor, Richard Parker. This means that the Museum has a strategic relationship with WMCA. The relationship has been strengthened with the Museum's Deputy Chief Executive, Carol King seNing as Deputy Chair of the WNCA'S Cultural Leadership Board, and the Museum's Chief Executive as Chair of the West Midlands (Combined Authority) Tourism & Hospitality Advisory Board. The Museum's Chief Executive is also Chair of the West Midlands Arts Trust (charity reg. no. 5179161, the owner of freehold property in central Birmingham and let to Arts Council England IACEI and sub- let to Historic England, although a transfer of this property and a small sum of cash assets to ACE was agreed on 14 May 2024, and therefore. this Trust is in the process of being wound-up. The Museum has an important relationship with Arts Council England IACEI, from April 2015 as a Major Partner Museum and from 1 April 2018 as p8rt of their National Portfolio. This was successfully renewed from 1 April 2023. for an initial investrnent period ending 31 March 2026, later extended Inationallyl by ACE until 31 March 2027, with a further one-year extension to 31 March 2028. ACE'S annu81 investment is signific8nt. at £760,000 in 2025. In November 2024, the Museum's Chief Executive was appointed by the Government to serve as a member of the National Council of Arts Council England, and as ACE'S representative to the Government's Acceptance in Lieu Panel in September 2025. The Chief Executive's declaration of interests are reviewed annually and published byACE. The Museum maintains an important relationship with Dudley Metropolitan Borough Council. The Council provided a small arnount of grant funding to the Museum until 2012. but now provides alternative financial support, including 1 OOWO discretionary non-domesti¢ rate relief. The Council owns the majority126.7 acres) of the freehold of the Museum site, leased until 2075, with the Museum owning a further 4.7 acres, meaning the totality of the site is 31.4 acres, or 12.7 hectares. A small parcel of land and access road remains in the ownership of Severn Trent Water, concerned with water treatment facilities on the Museum site. 16

The Black Country Living Museum Trust Trustees. Report for the Year Ended 31 Decemb8r 2025 Environmental Impact &Commitments The Museum works with Julie's Bicycle, an organisation specialising in environmental sustainability within the arts and cultural sector, to report on its environmental impact each year (from April to the following Marchl in line with Arts Council England IACEI requirements. Following an initial environmental review by Julie's Bicycle in 2015, more in-depth, informed and regular monitoring and measurement of energy, water, waste, fuel and business travel was established, and the Museum has reported on its carbon emissions IC02el annually since April 2017. Year Ended Original Calculation Criteria Itonnes CO2el Audience Travel Itonnes CO2el Total Emissions Itonnes CO2el 31 March 2018 503 31 March 2019 761 31 March 2020 728 735 1.463 31 March 2021 ICOVIDI 31 March 2022 351 171 522 619 486 1,105 31 March 2023 776 645 1.421 31 March 2024 794 413 1,207 31 March 2025 771 516 1.287 From April 2019, the Museum started to include the impact of visitors travelling to the Museum (Audience Travell in its assessment using default data for museums provided by Julie's Bicycle. The table above reports the Museum's C02 emissions, using the original criteri8 and including Audience Travel. In 2022. the Museum began to capture Audience Travel data itself. providing more accurate figures. In 2024-25 the Museum continued to mitigate impact using a 1 OOOh renewable electricity contract. This has been renewed during the calendar year 2025, taking the arrangement through to autumn 2028. The Museum remains committed to reducing its environmental impact, an objective driven internally through the Environmental Impact Group, with members undertaking carbon literacy training. This group ensures the Museum has a realistic and impactful strategy, policy and action plan- something that will address not only the Museums direct emissions, but better inform colleagues, volunteers 8nd visitors on the environmental impact of the region, alongside ways in which they can contribute to reducing their personal carbon footprint. The arrival of new tram seNices by West Midlands Metro in the autumn of 2026 will provide a very significant upgrade to the availability of climate-friendly public transport for visitors to the Museum, reducing the impact of Audience Travel. Fundralslng The Museum undertakes fundraising to support revenue and capital needs and does so through an in- house DevelopmentTeam employed bythe Museum. The largest proportion offunds are soughtfrom grant-making bodies (public and privatel- However, donations from individuals and business support are pursued with those who have a strong relationship or an obvious connection with the Museum. 17

The Black Country Living Museum Trust Trustees. Report for the Year Ended 31 Decemb8r 2025 The Museum is registered with the Fundraising Regulator and pays the voluntary annual levy. as recommended for organisations with fundraising expenditure of over £100,000. As such, the Museum demonstrates its compliance with the Fundraising Regulator's Code of Fundraising Practice 2025 and commitment to The Fundraising Promise that its fundraising is legal. open, honest and respectful- both can be viewed at www.fundraisingregulator.org.uk. Active fundraisers in the team are members of the Chartered Institute of Fundraising and adhere to its Code of Conduct, which includes carrying out their duties in line with the Code of Fundraising Practice. Monitoring of team members and fundraising activities undertaken is carried out via regular one-to- one meetings, and updates on fundraising activity are regularly provided to the Board of Trustees. No complaints regarding fundraising activity were received during the year. Whilst most fundr8ised income Consists of grants from trusts and foundations, individual support is sought through the Museums P2tron Scheme, 2s well as optional donations as part of an online transaction and onsite donation points. The Museum does not undertake regular direct mail I telephone I face-to-face campaigns- in making a direct specific ask, it fully considers the recipients recent relationship with the Museum Isuch as attendance and past donation activity), their contact preferences and that they have opted in to receiving fundraising information to ensure relevant and timely communications. In recent years, personal legacies have started to emerge from those with previous longstanding relationships with the early development of the Museum. Significant Grants & Donations The Museum wishes to acknowledge and thank all the organisations and individuals who have given generous financial and in-kind support during the period of this report, in particular: Arts Council England National Lottery Heritage Fund John Sutton, USA Iformerly Bl8ckheathl Black Country Living Museum Transport Group Braunston Marina. Daventry Sue Russell lin memory of John"Jack" Russell) Bloomberg Philanthropies, London The late Pauline Wheeler, Tividale, Oldbury The late Ron81d Davies. Halesowen The late Mike Hessey, West Midlands Reserves Policy The Museum recognises that its reserves are the part of the Charity's unrestricted funds that are freely available to spend on any of the Charity's purposes, and that this excludes tangible fixed assets. When cor)sidering what would be an adequate level of these reserves, the Board, taking account of organisational risks, considers the level of unrestricted free cash that would be required to allow the Museum to review its activities in the event of a significant and sudden reduction in trading revenues, or other m8jor occurrence, so as to avoid the cessation of the Museum and the resultant loss of the public benefit it provides to its beneficiaries. As a result of COVID-19, the Board's consideration now also includes the risk of the Museum having to close its doors because of a non-insured event. Taking account of these criteri8, the Bo8rd has set the recommended minimum level of unrestricted free cash balances to be £1.30m. The Board will continue to keep under review the appropriate level of reserves including the circumstances when it might be appropriate to use these reserves to protect the purpose and beneficiaries of the Museum. 18

The Black Country Living Museum Trust Trustees. Report for the Year Ended 31 Decemb8r 2025 At the Balance Sheet date, the Group had a General Fund balance of £2.93m12024.' £2.11 ml, which equated to a non-committed free unrestricted cash balance of £1,344k12024: £922kl. The Museum is a business with significant seasonal variances, and whereas the Museum aims to keep the balance at a level to ensure that the Museum's unrestricted free cash balance remains above £1.30m throughout the financial year, even at a time when the cash position is at its lowest, it is not always possible due to timing differences and the seasonal trading variances. It does recognise that it needs to increase the level of unrestricted cash balances going forward through the generation of higher operating surpluses. GoingConGern The Museum generated 8 net operating surplus for the year of £191,81512024- deficit £91,563) and a positive net cash inflow from operating activities of £580,27812024.' outflow £452,2531- This represents a significant improvement in the financial performance and cash position of the Museum during the year, followingthe organisational restructure implemented during the first quarter of 2025 and continued tight control of operating expenditure. The benefits of the restructuring programme have now been fully realised and, alongside strong trading performance across the Museum's commercial operations, have materially strengthened the Museum's financial resilience. The non-committed free unrestricted cash balance at 31 December 2025 is forecast to be approximately £1.52m. Cash flow forecasts prepared by management and reviewed by the Trustees demonstrate that. throughout the going concern Sssessment period. cash bslances are expected to remain materially above the levels forecast in previous years, with projected low points not falling below approximately £793k. This compares favoumbly to prior forecasts which included periods of significantly lower cash headroom. Based on these forecasts, the Museum does not anticipate the need to secure external financial facilities to support normal operations. The approved budget for 2026 forecasts a further operating surplus of approximately £229k. This budget h8s been prepared on prudent assumptions, including visitor attend8nce levels Consistent with those achieved during 2025. Whilst most of the Museum's unrestricted operating income continues to be derived from visitor-driven sources and therefore, remains subject to broader economic conditions 2nd consumer spending p2tterns, the Trustees are satisfied that the attendance assumptions underpinning the forecast are achievable and appropriate. Trading performance during the first half of 2026 has exceeded forecast expectations. The ForgingAhead project has now concluded, and all associated f inancial obligations have been met. The Trustees are satisfied that there are no remaining material liabilities or residual financial uncertainties associated with the project. 19

The Black Country Living Museum Trust Trustees. Report for the Year Ended 31 Decemb8r 2025 The Trustees have considered all the above when reviewing the Museum's ability to continue as a going concern and have concluded that it remains appropriate to prepare the Financial Statements on the going concern basis. The Trustees have further concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the Museum's ability to continue as a going concern. On behalf of the Trustees Duncan Bedhall Chair Date.. 25 June 2026 20

The Black Country Living Museum Trust Strategic Report forthe Year Ended 21 December 2025 Charitable Objects As a registered lincorporatedl charity, the legal Objects of the Museum Trust are: the advancement of education for all by increasing and inspiring the public's understanding and appreciation of the significance and impact of the Black Country since the 18, Century on the industrialisation of the world as well as increasing the sum of knowledge of the region during this period of its history- and the provision, safeguarding and development of a museum and collections in the Black Country as a means of recording and exernplifying the contribution of the region since the 18" Century to the development of the modern industrialised world for the benefit and enjoyment of the public. Vision & Mission With a vision of'we are the Black Country", the Museum's mission is to"champion the Black Country by celebratingpeople and communities and sharingtheirhistory and heritage to create pride in place and desire for a better future" Strategic Directions The Museum developed six strategic themes. as part of its latest Strategic Directions 2024-28'.111 History,121 Community,131 Learning,141 Stage,151 Business, and161 Future. There are complex inter- relationships between these themes. They support each other, and success in one supports success in the others. We have also developed what we have called "Our Thinking. It amounts to a guiding philosophy.. We are lively and hands-on, powering your curiosity to create memorable and happy times. bl We are welcoming and reflect the diversity of life in the Black Country so that everyone knows this is 2 place for them. We celebrate the Black Country's industrial might while reducing our own impact on the environrnent. dl We are cooperative and value people, their thoughts, ideas and experiences to make strong emotional hum8n connections. We are an oEanisation ofthe long-term and of consequence. We are forward looking and ingenious, shaping and challenging the way museums are imagined. gl We create common cause. The Museum's staffing restructure undertaken during the first quarter of 2025, amounted to 8 first shift of resources in response to the new Strategic Directions. 21

The Black Country Living Museum Trust Strategic Report forthe Year Ended 21 December 2025 The Origin ofthe Museum The Museum grew out of community pressure and the foresight of Dudley Council, as early as 1950 and more substantially in the late 1960s (with the first land purchased in 1973 by Dudley Council) to ensure that the culture and traditions of the Black Country might be preserved. Over forty years on, it has accumulated a wide range of material-from entire buildings and transport infrastructure, down to pots and pans- which records and exemplifies the particular contribution of the Black Country to the origins of the Industrial Revolution and also the impact of industrialisation on the regional landscape and society. The Black Country Society (founded in 19671 was an early and effective campaigner for establishing the Museum. In the very early days, Keith Hodgkins drew the original sketches of the site in c.1972, and Richard Traves, latterly Keeper of Science & Industrial Archaeology 8t the Borough Council of Dudley from 1972, was an influential figure, before lan Walden OBE was appointed as the Museum's Founding Director in 1975. The late Desmond Halahan was the first Chair of the Board for a crucial period of 13 years, between 1975 and 1988. The first structures were brought to the site in 1976, with Broad Street Bridge, relocated from Wolverhampton and Darby Hand Chapel, from near Netherton, two ofthe earliest to be completed. There are only three original features on the site.. c.48 coal shafts, Limekilns, built in 1842, and the canal arm and basin, dating from 1839. The Museum now extends to almost 32 acres and is one of the largest and most-visited open-8ir museums in the UK. having welcomed almost 12million people since it opened,. comparable with the UK'S other largest open-air museum sites of Beamish in Country Durham119701,' Blists Hill, Ironbridge, Shropshire119731', St Fagans, South Wales 119481- and Weald & Downl8nd. West Sussex119671.' and indeed amongstthe many European open-air museums. The Museum opened on a permanent basis in 1978. broadly within the same era as the UK'S other large open-air museums, but almost 90 years after Skansen, Stockholm in Sweden opened in 1891 the world's first- by museum pioneer, Arthur Hazelius. So was born the translocation of whole buildings 8nd structures to form a new and very distinct type of museum.. often as much about expressing national identity, as saving heritage at risk. Today, even a cursory look at the map of Europe shows some 60 major open-air museums, stretching from Suzdal in Russia in the east, to the Ulster Folk Museum, north of Belf8St, to the west, and as f8r north as lamtli, Sweden, and Etar, Bulgaria in the south. Not to mention the central and eastern states of America, including Colonial Williamsburg and Jamestown, Virginia, and Sovereign Hill in Ballarat, Victoria. Australia. The Museum still takes inspiration from Elihu Burritt's farnous description of the area, when, as the American Consulto Birmingham in 1868, he said, -rhe Black Country, blackbydayand redbynight. cannot be m&tched for vast &nd variedproduction, by any other space of equal radius on the surface of the globe" It is the story of a turning point in Britain's national story that we continue to tell and celebrate at the Museum, while all the time striving to articulate its relevance today. We exploit the fact that people visit museums- particularly open-air museums- precisely because we aren't a classroom but nevertheless offering hugely valuable opportunities for learning. Open-air museums have redefined what it means to be a museum - endeavouring to create real places with strong place- based identities. Over time the Museum has placed more emphasis on lively storytelling with Historic Characters las opposed to staff who wear a costume), using the landscape and streets as a stage upon which stories are told, r8ther than regarding it as a museum of buildings. In short, the Museum is about 22

The Black Country Living Museum Trust Strategic Report forthe Year Ended 21 December 2025 understanding. connections. community and place. We seek to join-up the dots of history and help people make sense of the world and their place in it. Designated Collections The Museum's entire collections Ic.100,000 items) were Designated by Arts Council England in February 2012, recognising their quality and national significance. The Museum now holds a resource of considerable social value, for authenticating the sense of regional identity and for placing the full historical and cultural significance of the Black Country in a national context. Buildings, machines, tools, household objects, written records and other'things, hold stories which attest to the national and international significance of the Black Country, chiefly spanning the period 1800-1968. The recent expansion of the Museum sees this extend into the 1960s and living memory once more. It is through the completeness and coherence of the reconstructed site, therefore, that the Museum has established itself as the'last word. on the Black Country, a reference point for anyone today needing confirmation of- or searching for- Black Country identity. In some histories, the role of the Black Country has been subsumed in the concept of 'Birmingham and the Midlands Hardware District, 8 term coined in the mid-nineteenth century. Today, outside the Midlands, there are manywho see the entire region as a'Greater Birmingham, and so, the true significance of the Black Country to national life as a distinct region with its distinctive character. culture and traditions is sometimes eclipsed. Here the Museum has played a prominent role in helping to place it on the map as a place apart from Birmingham and the rest of the West Midlands, albeit with close ties. Achievement of Public Benefit As a charity, the Trustees recognise their legal duty to report on the Museum's public benefit in their Annual Report, as part of a requirement- given particular emphasis by the Charities Act 2011 - to clearly demonstrate that the Objects of the Charity are for the public benefit. In this context, the Trustees accept that being a registered charity is a privilege, not a right. In setting out in this Annual Report how the Charity currently meets this requirement and is reflected in its ptans, the Trustees assert that the Charity is compliant with the requirements of the Charities Acts of 2011 and 2022. having due regard for the public benefit guidance published by the Charity Commission. The Trustees acknowledge and accept that there exists a kind of covenant between charities and society.. charities bring public benefit and. in their turn, are accorded high levels of trust and confidence, as well as the benefits of charitable status. The Museum Trust continues to welcome an explicit reporting of public benefit and how it is aligned with the Objects of the Charity and believe that this will help maintain and grow public trust in the activities of the charitable sector, not le8St the ch8rit8ble activities of the 818ck Country Living Museum. The Museum gives expression to the accomplishment of public benefit throughout this Annual Report and especially when reporting below on its performance against objectives and other achievements. The Museum identifies the most significant benefits to the public that arise from its Objects, as: providing opportunities for enjoyable and stimulating learning for the general public lover 365k people each yearl about the special significance of the Black Country- its people and its landscape and the major part it played in the development of an industrialised world. in a unique and authentic environment. 23

The Black Country Living Museum Trust Strategic Report forthe Year Ended 21 December 2025 providing formal learning programmes and resources for pupils and students in full-time education including overseas pupils and students, now totalling 58,000 annually. caring for and developing its accessioned and Designated collections of approximately 100,000 objects, including 100+ significant buildings, features and other structures of historic interest and significance, and making them physically and intellectually accessible to the greatest feasible extent, to the general public. In recent times, the Museum has added more than 15,000 objects to its collection to support ForgingAhead' making accessible to researchers and students, its important collections of c.23,000 books, photographs and other important items of archive ephemera. and in so doing, adding to the collective knowledge, understanding and appreciation of the Black Country. publishing and widely disseminating to the public, information about the Black Country, including from the Museum's website, publications, talks and podcasts, published articles, media interviews, contributing to TV and radio, conferences and debates, and a range of social media channels., responding to public enquiries to our collection enquiry service. maintaining all-year-round public access to its facilities and services- providing diverse opportunities for volunteering. currently for at least 190 people- supporting and strengthening the Black Country's identify, social cohesion and sense of place,. providing access to the Locksmith's House, 54 New Road, Willenhall, and its collections, numbering some 6.000 items, for booked schools. as well as the gener81 public on open days and special events,. and in providing these public benefits, the Museum supports the five widely accepted generic learning outcomes, which show the positive impact of the public's interaction with museums, on their knowledge and understanding, skills, attitudes and values, enjoyment, inspiration and creativity, and action, behaviour and progression. The Museum continues to demonstrate success in reducing perceived barriers to eng8Eement and attracting audiences from a broad range of socio-economic backgrounds. Findings from the 2025 Association of Leading Visitor Attractions IALVAI Ipsos Visitor Experience Benchmarking survey indicate that the Museum continues to outperform both the wider ALVA benchmark and the Museums and Galleries sector in attracting visitors from more economically challenged social grades. In particular, the proportion of visitors from C2 and DE social grades remains notably higher than the average for comparable attractions, including other paid-for visitor destinations. These findings reinforce the Museum's role as an accessible and inclusive cultural attraction, particularly at a time when wider economic pressures continue to affect household spending on leisure and cultural activity. The data suggests that the Museum's offer, pricing approach and visitor experience continue to resonate strongly with audiences who are traditionally underrepresented within the cultural sector. 24

The Black Country Living Museum Trust Strategic Report forthe Year Ended 21 December 2025 Although the Museum has created the conditions of the 19" and 20" centuries. using original buildings and other features and often reflecting their original streetscape, with changes in level and uneven surfaces, great attention has been paid to ensuring good physical access. To this end, many adjustments have been made to provide level access and Adapted transport, and freely available wheelchairs are provided to serve visitors with restricted mobility, in addition to offering British Sign Language tours and dedicated access information. As part of the Museum's recent development, many more accessible toilets have also been provided, and 8 new Changing Places facility built with the support of a grant from Dudley Council. The Museum charges for 8dmission and undertakes regular benchmarking to remain competitive 8nd to retain its reputation for value. as well as offering a range of discounted rates and concessions in order that these charges do not reasonably prevent wide public access to the Museum. In 2025, the Museum charged a price for adults of £26.9512024.. £25.95). Discounted rates were provided for people over the age of 65, students, families, young people and unwaged visitors. Children under the age of three and essential carers are admitted free. All groups lof 15+1 received discounted rates. Since 2015, the Museum has operated an annual pass scheme, Unchained. This provides unlimited access to the Museum (subject to certain conditions and in line with Gift Aid regulations) and for the price of a standard day ticket, offers extraordinary value, especially for visitors living within easy reach. The Museum also offers membership for 8 range of priced categories. linked to 8 package of benefits. including discounts and priority booking for special events. Providing loans of objects to other accredited museums and other related organis8tions continued to be an important part of our public benefit, although this was not possible during the pandemic, or the Museum's focus on ForgingAhead. It is hoped and expected that the loaning of collection items will resume in 2027. Financial Review The finan¢i81 performance of the Museum for the year under review and the fin8n¢ial position at the Balance Sheet date are set out in this report. In particular, the Statement of Financial Activities ISOFAI, which includes both unrestricted and restricted funds, shows the performance of the Group during the year. Visitor attendance for the year was 366,840, slightly lower than the previous year and lower than forecast, which was set as part of the annual budget. The Group net worth 8t 31 December 2025 stands as £36.2m12024: £36.61 ml,. the decrease being due to the continued contribution to the completion of the ForgingAhead capital project and the significant depreciation associated with the new buildings relating to ForgingAhead. Restricted Funds stand at £31.63m12024.. £32.17ml and Unrestricted Funds at £4.57rn12024.. £4.44ml comprised of Designated Funds of £1.6012024: £2.33ml, General Funds of £2.9712024: £2.11 ml and Pension Reserve of £nil12024'. £nill. 25

The Black Country Living Museum Trust Strategic Report forthe Year Ended 21 December 2025 N8t Op8r8ting Surplus / ID8ficitl Accountlng Adjustments and Non-re¢urrlng Costs Included In Expendlture- Movemenl in the accounting accrual for holiday pay Additional accruals Slow moving stock adjustment Reversal of S8vern Trent Water accrual 191.815 3,087 11,8751 11.5301 3.250 19.2611 169.5641 55,000 138,9211 26,000 158,001 One-oft investments Depreciation charge on Unrestricted Funds Accrued legacy income Contribution to ForgingAhe8d (capital development) Actuarial adjustment Ipensionsl N8t Incom81lExp8nditurel before taxation las shown in SOFA) Risk Management The Museum acknowledges the risks inherent in its business and is committed to managing risks that pose a significant threat to the achievement of its business aims and financial strength. The Board h8S adopted a Register of Key Risks, which is supported by operational and project risk registers. The Register of Key Risks is a standing item on the agenda for meetings of the Leadership Team and Management Strategy meetings. The Register is provided to Trustees at all Board meetings as part of the Compliance Update report. As part of its duties, the Museum's Audit Committee has oversight of the process of the management of key risks. In 2026 the Board adopted a revised risk register, focussed on risks which undermine the Museum's strategic objectives. Primary Risks & Uncertainties The Museum operates in 8 market 8nd charges admission with over 93Vo of the Museum's unrestricted income derived from visitor-driven sources. In this context, there will 21ways be a risk to the Museum of not achieving forecast visitor attendance and associated sales revenue. This is an issue which the Museum monitors on a daily and active basis, and is managed by cost control and seeking alternative, more diverse income sources. The Museum's Register of Key Risks not only lists risks but also indic8tes the differing appetite for, tolerance of and assurance provided for each line. The risks detailed gre those which might prevent the Museum achieving its strategic objectives. More detailed compliance, safeguarding and technical risks are man8Eed closely by risk registers controlled at team or project level. Investment Policy The Museum, when ableto do so, takes advantage of short-term cash flow surpluses by placingfunds with regulated financi21 institutions approved by the Board, which will primarily be in deposit accounts with mainstream banks. It is not the policy of the Museum to delegate investment management to an agent of the Charity. In making any investment decisions, the Board has due reg8rd to Charity Commission guidance. 26

The Black Country Living Museum Trust Strategic Report forthe Year Ended 21 Decemb8r 2025 Future Plans Key areas of focus include undertaking a Master Plan for the entire site to inform future developments and their timescale, consolidating the capital development, ForgingAhead, being the best place for living interpretation, continuing to increase the scale, breadth and profitability of our commercial activity, fundraising for major developments, continuing to respond to our Equity. Diversity & Inclusion IEDII ambitions and commitments. retaining current levels of investment from Arts Council England, providing a deeper level of support for all staff and Trustees, and building stronger community connections. Additionally, the Museum has 8mbitions to develop its national presence and impact. On behalf of the Trustees Duncan Bedhall Chair Date.. 25 June 2026 27

The Black Country Living Museum Trust Statement of Trustees. Responsibilities The Trustees. who are also Directors of the Black Country Living Nuseum Trust for the purposes of company law, are responsible for preparing the Trustees, Annual Report, including the Strategic Report and the financial statements, in accordance with applicable law and UK Accounting Standards IUK Generally Accepted Accounting Practicel- Company law requires the Trustees to prepare financial statements for each financial year. Under that law, the Trustees have elected to prepare the financial statements in 8ccordance with UK Generally Accepted Accounting Practice IUK Accounting Standards and applicable lawl. 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 Charity and the profit or loss of the Charity 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 set out in the Statement of Recommended Practice ISORPI, 'Accounting and Reporting by Charities make judgenients and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that these fin8ncial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware: there is no relevant audit information of which the Charity's auditors are unaware. and the Trustees have taken all necessary steps that they ought to have taken to make themselves aware of any relevant audit infoimatiori and to establish that the Charity's auditors are aware of that information. The Trustees 81e responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. On behalf of the Trustees Duncan Bedhall Chair Date.. 25 June 2026 28

The Black Country Living Museum Trust Independent Auditors, Report to the Members of The Black Country Living Museum Trust for the Year Ended 31 December 2025 Opinion We have audited the financial statements of The Black Country Living Museum Trust Ithe'charitable company") and its subsidiary Ithe'group") for the year ended 31 December 2025 which comprise the statement of financial activities, the group and charity balance sheets, the consolidated cash flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Gener8lly Accepted Accounting Practice). In our opinion the financial statements- give a true 8nd fair view of the state of the group's and the charit8ble company's affairs as at 31 December 2025 and of the group's incoming resources 2nd application of resources, including its income and expenditure for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethic81 requirements that 8re relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions Relatingto Going Concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or Conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 29

The Black Country Living Museum Trust Independent Auditors, Report to the Members of The Black Country Living Museum Trust for the Year Ended 31 December 2025 Other Information The trustees are responsible for the other information contained within the annual report. The other information comprises the information inclLJded in the annu21 report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to 8 material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrlbed bythe Companles Act 2006 In our opinion based on the work undertaken in the course of our audit: the information given in the trustees. report, which includes the directors. report and the strategic report prepared for the purposes of company law. for the f inancial year for which the financial statements are prepared is consistent with the financial statements., and the strategic report and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors, report and the strategic report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. the parent company has not kept 8dequate accounting records- or the parent company financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. 30

The Black Country Living Museum Trust Independent Auditors, Report to the Members of The Black Country Living Museum Trust for the Year Ended 31 December 2025 Responsibilities of Trustees As explained more fully in the trustees, responsibilities statement set out on page 28. the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council's website at.. www.frc.or -uk/auditorsres onsibilities. This description forms part of our auditor's report. Extent to which the audit was considered capable ol detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates. focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including financial reporting legislation and the Charities SORP IFRS 1021, and tax regulations. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be necessary to the charitable group's 31

The Black Country Living Museum Trust Independent Auditors, Report to the Members of The Black Country Living Museum Trust for the Year Ended 31 December 2025 ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We also considered the opportunities and incentives that may exist within the charitable group for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of grant and legacy income. and the management override of controls. Our audit procedures to respond to these risks included enquiries of management and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, design of audit procedures over grant and legacy income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing st8nd8rds. For example, the further removed non-compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing st8ndards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery. intention81 omissions, misrepresentations. or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our Report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 ofthe CompaniesAct 2006. Our auditwork has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Helen Blundell LLB FCA FCIE DChA Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor Blackcountry House Rounds Green Road Oldbury B69 2DG Date.. 12August 2026 32

The Black Country Living Museum Trust Consolidated Statement of Financial Activities including Income and Expenditure Account for the Year Ended 31 December 2025 Unrestricted Funds Restricted Funds Total 2025 Total 2024 Notas In¢ome Donatlons and L8gac168: Charitable don8tions 93,551 230,665 324,216 452,913 CharitableActivilies'. Admission to the Museum 5,643,208 5,643,208 5,385,238 Grants (Arts Council England) OtherTradingActivities'. Retail incom8 IsLJbsidi8rytr8dingcompanyl Ancillsryenterprises Investment Income 758.799 758,799 760,120 3,352.918 672.280 3.352.918 672,280 9,410 3,251,043 727,256 25.199 9,410 Oth0r Incomo 3,587 3,587 57,453 Total Incom& 10,533,753 230,665 10,764,418 10,659,222 Raising Funds: Retail lsubsidiarytrÈding companyl Development and fundr2isingcosts CharitableActivitl8S'. 3,191,308 3.191.308 3,382.236 106.515 106.515 147.531 Opening and opeoting the Museum Developing the Museum 7,038,785 715,349 7.754.134 7,697,957 39,144 53,460 92,604 417,839 Total Exp8ndiiurè 10,375,752 768,808 11,144,561 11,645,563 N8t IncomellExpandltur81 b8for8 taxatlon Tax receivable 158.001 1538,1441 1380,1431 1986,3411 N8t IncomellExpenditur81 aft8r taxation Transf8r8 158.001 1538,1441 1380,1431 1986,3411 Net IncomellE%penditurel after transter5 158,001 1538,1441 1380,1431 1986,3411 Othar Recognls8d Galns and Losse8: Actusrial gain/llossl on defined benefit pension N6t Mov•mtni In Funds 126,0001 126,0001 122,0001 132,001 1538,1441 1406,1431 11,008,341) Reconciliation of Funds: Total Fund5 brouKht forward 1 January 2025 4,439,225 32,168,514 36,607,739 37,616.080 Total Funds carried forward at 31 December 2025 4,571,226 31,630,370 36,201,596 36,607.739 The Statement of Financi81 Activities ISOFAI also complies with the requirements for an income and expenditure account under the Companies Act 2006. All income and expenditure derive from continuing activities. 33

The Black Country Living Museum Trust Group (Consolidated) Balance Sheet as at 31 December 2025 2025 2024 Notes Fixed Assets: T8nEible assets Heritage a8set8 Total Fixed A55ets 28,325,385 6,622,652 34,948,037 28,267,571 6,779,286 35,046,857 Current Assets: Stock of goods for res818 Debtors 133,714 149,503 20 651,331 721.659 Cash at bank and in hand 28 1,834,418 1,881,018 Total Currant Ass•ts 2,618,463 2,752.180 Credittsrs.. amount fallingdue within 1 year 21 11,365,904) 11.191,2981 Net Current Assets 1,253,559 1,560,882 Total Assets le$s Currant Llabllltl$$ 36,201,596 36,607,739 Creditors.. amount fallingdue after 1 year Net A$set$ lexcluding pension iiabilityl Defined benefit pension a5seVliability Total NetA5$ets 36,201,596 36,607,739 29 36,201,596 36,607,739 The Fund$ of the Charity: Restricted funds 24 31,630,370 32,168,516 Unrestricted funds.. Designated funds Gener81 funds 25 1,600.925 2,328.990 2,110,233 2,970,301 Pension resep 29 4,571.226 36,201.596 4,439.223 36,607.739 The Annual Report & Accounts were approved and authorised for issue by the Board of Trustees of the Museum on 25 June 2026 and signed on behalf of the Board of Trustees.. Duncan Bedhall Chair Date.. 25 June 2026 34

The Black Country Living Museum Trust Parent (Museum) Balance Sheet as at 31 December 2025 2025 2024 Notes Fixed Assets: T8nEible assets Heritage a8set8 Investrnents 28,325.385 6,622,652 1,000 28,267.571 6,779,286 1,000 Total Fixed As8et8 34,949.037 25,047.857 Currèni Ass818: Debtors 20 586,318 696,338 Cash at bank and in hand 28 1,429,691 1,502,779 Total Currant Ass•ts 2,016,009 2,199.117 Creditors.. amount fallingdue within 1 year 21 11,578,406) 11.151,8411 Net Current Assets 437,603 1,047,275 Total Assets le$s Currant Llabllltl$$ 35,386,640 36,095,132 Creditors.. amount fallingdue after 1 year Net A$set$ lexcluding pension iiabilityl Defined benefit pension a5seVliability Total NetA5$ets 35,386,640 36,095,132 29 35,386,640 36,095,132 The Fund$ of the Charity: Restricted funds 24 31,630,370 32,168,516 Unrestricted funds.. Designated funds Gener81 funds 25 1,600.925 2,328.990 1,597,626 2,155,345 Pension resep 29 3,756.270 35,386.640 3,926.616 36,095.132 The net result reported in the Statement of Financial Activities of the p8rent charity for the year was £1,216,790 deficit12024: £980,974 deficit). The Annu81 Report & Accounts were approved and authorised for issue by the Board of Trustees of the Museum on 25 June 2026 and signed on behalf of the Board of Trustees.. Duncan Bedhall Chair Date.. 25 June 2026 35

The Black Country Living Museum Trust Consolidated Cash Flow Statement for the Year Ended 31 December 2025 2025 2024 Notes Cash Flow from Operating AGtivitie5: Net cash flowfrom oper8ting activities 27 590,278 1452,2531 Cash Flowsfrom InvestingActivitie8: Inter8St from Inv88tments 9,410 25,199 Proce8d8 from th& sale of tangible fixed assets Purchase of tangible tIX8d 88S8t8 N8t Cash Us8d In Inv•siingActlvft18S 1646,2881 1651,3801 1836,8781 1826,1811 Ca$h Flowsfrom Financing Activities= RÈpayment of borrowing Net Cash Used in Finan¢ingArtivitie$ 154,2311 154,2311 Change in Cash and Cash Equivalent5 in the year Cash and cash equivalents at start of the ye3r Cash and Cash Equivalents at end ofthe year 146.6001 1,881,018 11,132.6671 3,013,683 1,834,418 1,881,018 36

The Black Country Living Museum Trust Notes to the Accounts for the Year Ended 31 December 2025 Accounting Policies Basis of Preparation The financial statements have been prepared in accordance with the Statement of Recommended Practice, 'Accounting and Reporting by Charities,, issued in 2015 and Financial Reporting Standard 102 IFRS1021 and the Companies Act 2006. The financial statements have been prepared to give a'true and fair, view and have departed from the Charities IAccounts and Reportsl Regulations 2008 only to the extent required to give a 'true and fair, view. This departure has involved following the SORP rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn. The Museum meets the definition of public benefit under FRS102. Assets and liabilities are initially recognised at historic81 cost or trans8Ction value unless otherwise stated in the relevant accounting policy notelsl- The Statements of Financial Activities ISOFAI 2nd Ba12nce Sheet consolidate the financial statements of the Museum and its wholly-owned subsidiary undertaking. The results of the subsidiary are consolidated on a line-by-line basis. A sepamte SOFA and Income and Expenditure Account for the Charity has not been presented as permitted by Section 408 of the Companies Act 2006. Going Concern The Trustees have reviewed the Museum's financial position, cash flow forecasts and approved budgets when assessing the appropriateness of adopting the going concern basis of accounting. During 2025, the Museum generated a net operating surplus of £191,81512024'. deficit £91,5631 and positive net cash inflow from operating activities of £580,27812024: outtlow £452,253), reflecting a significant improvement in financial performance and liquidity. Cash flow forecasts indicate th8t adequate cash resources will be m81ntained throughout the assessment period, with no anticipated requirement for external borrowing or other financial facilities. The approved 2026 budget forecasts a further operating surplus based on prudent assumptions, and trading performance during the early part of the year has exceeded forecast expectations. The ForgingAhead project has concluded and 211 associated financial obligations have been met. Having considered these factors, the Trustees are satisfied that the Museum has adequate resources to continue in operational existence for the foreseeable future and have therefore prep2red the financial statements on a going concern basis. The Trustees have concluded that there are no material uncertainties related to events or conditions that may cast Slgnificant doubt on the Museum's ability to continue as a going concern. KeySour¢es of Estimation Uncertainly The key source of estirnation uncertainty with a signific8nt effect on the amounts recognised in the financial statements is summarised below.. Defined Pension Position The Charity recognises its financial position (asset or liabilityl in relation to the defined benefit scheme involves a number of estimations as disclosed in Note 29. 37

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 Income Income from admission to the Museum (including the associated Gift Aid) is recognised on the date the ticket is purchased, except for special events when the income is recognised on the date the event takes place. Income from legacies, donations and charitable grants, both of a capital and revenue nature, are recognised when the Charity has entitlement to the funds and it is probable that the income will be received. They 8re accounted for gross when receivable, including gifts in kind at estimated valu8tion. Legacies, donations and grants with conditions attached to them are credited to restricted funds and any unspent amounts are shown on the balance sheet as restricted funds. Where the restricted income is to fund capital expenditure the restricted fund balance matches capital value and the restricted funds are released in the Statement of Financial Activities over the expected useful lives of their relevant assets. Income from commercial trading activities is recognised as earned. Trading income represents income from a variety of retail activities on the Museum site, exclusive of VAT. Income from parking, location filming and concessions, and investment income is recognised on a receivable basis. Donated Services The Museum aims to involve volunteers across the organisation from costumed engagement with visitors and collections care to retail and finance. With one exception, people now volunteer as individuals, as opposed to as part of a volunteer group. Volunteer activity for the year was recorded to be 16.716 hours12024.. 17,345 hours). The Museum uses the standard National Lottery Heritage Fund multiplier of £50 per day for unskilled, £150 per day for skilled and £350 per day for professional volunteer roles. This equates to a value of £308,81712024: £322,999). Expenditure All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of resources. Costs relating to 2 particular 2Ctivity comprise both costs that can be allocated directly to such activities and support costs,. being those costs of an indirect nature necessary to support them. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Direct charitable expenditure includes the direct costs and depreciation related to activities undertaken bythe Museum. Support costs are shared across more than one activity undertaken bythe Museum and include governance costs, payroll administration, human resources and information technology. The basis on which these costs have been allocated is set out in Note 11. 38

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 Flxed Assets Capitalisation Limits Furniture and fittings installed as part of a major buildir)g construction, rebuild or renewal and exceeding £50,000 in total is capitalised as part of the building project. Otherwise, furniture and fittings expenditure are expensed. IT equipment, including Pcs, laptops, retail tills, servers, network infrastructure, where individual items are above £25,000 is capitalised. Groups of items that individually are below £25,000, even if in aggregate they exceed £25,000, is expensed in the year of purchase except for where it is part of the construction or refurbishment of a building, and the equipment is an integral part of the building. All office and other equipment with a single item value above £20,000 is capitalised at cost. Office and other equipment costing less than £20,000 per individual item or group of related items is expensed in the year of purchase. Software is capitalised if more than £25,000 as long as it is used in a live environment. This relates to purchased or developed software, not cloud-based and licensed software, which will be expensed in the year of purch8se. bl OperationalAssels Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, using the straight-lin8 method. Type Freehold land Freehold buildingsldevelopment Expenditure on long leasehold property Fixtures, fittings, plant and equipment Motor vehicles Expected useful life not depreciated 50 years 40 to 60 years 4t0 10years 6years Intangible Assets Intangible assets are stated at cost less amortisation. Amortisation is charged to allocate the cost of intangible assets less their residual values over their estimated useful lives, using the straight-line method. Type Computer software Expected useful life 4t0 10years dl Heritage Assets Whilst regarding its Heritage Assets lin other words, with a few exceptions. its accessioned collections) as inalienable, held in perpetuity and mostly irreplaceable, in 2009 the Museum Trust chose to capitalise the few such assets for which original cost valuations were known. The reality of this is that the financial statements only include a very small number of the Museum's 100.000 items 39

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 in its collection, as further reported in Note 17. Establishing valuations for the entirety of the Museum's collection is considered unrealistic. prohibitively expensive and contrary to the Museum's duty of care to the public for the long-term stewardship of culturally significant material. In some instances, Heritage Assets have been purchased with restricted or conditional grants, and the Museum is not free to dispose of them without incurring significant penalty. For the identif led items, further capital expenditure on these assets Imaintained principally for their Contribution to the knowledge and culture), along with capital expenditure associated with any new translocated buildings reconstructed on the Museum site, is c8Pltalised as incurred. Where Heritage Assets have a finite'economic life,, depreciation will be provided at rates calculated to write-off the cost less the estimated residual value of each asset over its expected 'economic life,. Heritage Assets where they are buildings, the depreciation is over the remaining period of the lease of the Museum site. The Designated Collections constitute a comprehensive record of industrial activity and society in the Black Country, chiefly spanning the period 1800-1950. They include three original industrial features on site, including two mine shafts, limekilns and a canal arm representing a microcosm of the classic Black Country industrial tandscape. To this core, 100+ buildings, as well as engineering structures and items of street and canal furniture, all with regional provenance, have been relocated to the Museum. The Museum has extensive collections of equipment, tools and manufactured 8rticles relating to a wide range of the region's industries. Particularly strong are the holdings relating to the production of hardware, edge tools and domestic goods of cast-iron and br8ss. The collection of locks is the largest in Britain and is centred on the Hodson family business. now the Locksmith's House Museum at Willenhall. Other important industries represented include electrical engineering, brick making and fireclay goods, food and drink processing and chemical industries. The Museum holds the largest collection of road vehicles of Black Country manufacture in the country, including trolley buses. motor cars and over 30 motorcycles of pre-1939 vintage. It also holds a number of canal boats of local provenance together with a fully equipped reconstructed boat dock. Representing everyday life are large collections of domestic furnishings, retail businesses and community life. The object collections are supported by an extensive archive including business records, trade catalogues, photographs, prints, drawings, oral history recordings and family papers much of which relates to the structures and equipment on the two sites. The Museum library includes the collection of books, photographs and papers of the noted industrial historian, Keith G21e. As part of being an Accredited Museum las granted by Arts Council England) the Museum manages its collections in accordance with a suite of policies, submitted to ACE and approved by the Board of the Museum. These policies cover all aspects of collections management including care and conservation, acquisitions, disposals, access, documentation, professional stand8rds of curation, and environmental sustainability- The Board of Trustees will keep its policy on the financial treatment of Heritage Assets under review, to reflect changing views orb such matters in the museums sector. 40

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 Remuneratlon Pollcy The Museum has a well-established pay and grading structure and median pay policy. The Key Management Personnel received no additional remuneration benefits to those provided to all other staff. The Board determines the remuneration of the Chief Executive outside this protocol. Stock Stock is valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first-in-first-out basis. At each reporting date, stocks are assessed for impairment and impairment losses are recognised immediately. 1.10 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Creditors Creditors 8nd provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to 8 third party and the amount due to settle the obligation can be measured or estimated reliably. Creditor and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 1.12 Financial Instruments Other than financial investments, the Museum Trust has only financial assets and financial liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value except for bank loans, which are subsequently measured 8t amortised cost using the effective interest method. 1.13 Pensions The Museum is an admitted bodyas part ofthe West Midlands Pension Fund IWMPFI- The WMPF was set up under the Superannuation Act 1972 for UK-wide government employees. The permanent staff of the Museum lalthough not local government employeesl became eligible for membership, under the auspices of Dudley Metropolitan Borough Council (who act as guarantor) when the Museum was first established in September 1975. This means that if the Museum is wound-up, Dudley Council will be liable for any continuing defined pension liabilities. and as such, this represents a significant level of support from the local authority. The WMPF provides a pension scheme for certain ernployees of the Museum, currently providing benefits based on career average revalued salary and length of seNice on retirement. It is constituted as a trust fund whose assets are held and managed separately from those of the Museum. Contributions are set every three years as a result of the actuarial valuation of the Fund, the last one being as at 31 March 2025 which set Contributions for the period 1 April 2026 to 31 March 2029. The value of employer's 8ssetslliabilities have been assessed by rolling forward the value of the liabilities calculated at the last full funding valuation using financial assumptions that comply with Financial Reporting Standard 102. The asset share has been calculated by rolling forward the assets 41

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 allocated to the employer at the last full funding valu8tion allowing for investment returns (estimated where necessary). contributions paid into. and estim8ted benefits paid from the fund by and in respect of the employer and its employees. As required under FRS102, the projected unit method of valuation has been used to calculate the service ¢ost. Actuarial gains and losses are recognised in full in the Statement of Financial Activities in the period in which they occur. The defined benefit pension position in the Balance Sheet comprises the tot81 of the present Value of the defined benefit obligation lusing a discount rate based on high quality 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 information and in the case of quoted securities is the published mid-market value. The value of a net pension benef it is restricted to the sum of any unrecognised past service costs and the present value of any amount the Museum expected to recover by ways of refunds from the plan or reductions in future contributions. In line with the requirements of Financial Reporting standard 102, the Museum's defined benef it pension scheme liability and related costs are included in these financial statements. Further information is contained in Note 29. After 31 March 2011, the Museum closed the defined pension scheme to newentrants and made available 8 separate defined contribution pension scheme provided by Friends Life and Aegon for existing staff who do not have other pension provision, as well as for new employees. Contributions are charged to the Statement of Financial Activities in the period in which they are payable. There is no liability under the scheme other than the payment of those contributions. 1.14 Funds and Re$ervesAccounting The Museum maintains four types of funds and reserves as follows: Restricted funds include donations where the donor has specified the funds be set aside for a particular purpose. In addition, restricted funds also include grants from local authorities and similar bodies in connection with the cost of the Museum's original operational fixed assets and its heritage assets, which have been credited to this reserve. The depreciation of the related assets is recovered from this reserve. Unrestricted funds represent funds that are expendable at the discretion of the Trustees in the furtherance of the objects of the Museum. Such funds may be held to finance both working capital and capital investment. Designated funds represent funds that have been set aside by the Trustees for particular purposes. The aim and use of such funds is set out in the Notes to the financial statements. iv. Pension reserve, associated with the obligation associated with the Nuseum's defined benefit pension scheme Iref. Note 291. 1.15 Related PartyTran$a¢tion$ Black Country Living Museum Trust is the'Parent Company, within a group that prepares consolidated financial statements. Details of related party transactions between the Parent Company and its subsidiary are shown in Note 30. 42

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 Legalstatus ofthe Museum Trust (The Black Country Llvlng MuseumTrust) The Museum Trust (established 15 September 19751 is a Company limited by guarantee Ireg. no. 012263211 registered in England & Wales, without share c8Pltal and governed by its Memorandum and Articles of Association, last amended on 29 May 20141. It is also 8 registered charity Ireg. no. 5044811. Summary of Charitablo Donalions Unr8strlct8 Funds 2025 R•sirlct•d Funds 2025 Unrestricted Funds 2024 R&stricted Funds 2024 Grgnts 174,845 259,727 Don8tions 38,551 55,820 22,481 160,204 Legacies 55,000 10,500 93.551 230,665 32,981 419.931 The Museum thanks all the organisations and individuals who have given generously during the year and the details of the major contributors are acknowledged on page 18 of the Annual Report. Details on how the restricted income has been applied can be found in Note 24. VisitorAdmissionto the Museum 2025 2024 Admission 4,318,990 4,115.615 Gift from donated admi88ion charges" 431,216 423,392 4,750,206 4,539,007 Ev8nts Programm8 M&mbership Learning Programmes & Courses 730,191 692,280 134,252 129.057 28,559 24,894 5.643,208 5,385,238 Visitor Attendan¢e Inumberl 366,840 377,024 *Gift Aid is a well-established scheme run by the UK Government which allows charities like the Museum to benefit from tax already paid by visitors. Upon making a prescribed declaration the Museum receives 25p from the Government for every pound donated in support of the Museum, in lieu of normal admission charges. Arts Council England (National Portlolio Organisation Funding) 2025 2024 Arts Council Englsnd 758.799 760,120 43

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 The Museum has an important relationship with Arts Council England IACEI, from April 2015 as a Major Partner Museum and from 1 April 2018 as part of their National Portfolio. This was successfully renewed from 1 April 2023, for an initial investment period ending 31 March 2026, later extended Inationallyl by ACE until 31 March 2027 with a further extension to 31 March 2028 (subject to confirmation). ACE'S annual investment is significant, at £760.120 in 2025. Results ofthe Museum's SubsidiaryTradingCompany The Museum IP8rentl wholly owns a trading subsidiary which is incorporated in the UK and has the same registered office as the Museum. The subsidiary undertaking, Black Country Living Museum Enterprises Limited Icompany Registration No. 030267311 operates the ancillary commercial activities connected to the activities of the Black Country Living Museum. The trading Company donates its taxable profit to the Museum as unrestricted funds. A summary of the results is set out below. Separate audited accounts have been filed with the Registrar of Companies, with the same accounting reference date as the Museum Trust. 2025 2024 Profil & Loss Acctsunl Income 3.931,401 3,731.680 Cost of sa18s, including staffing 12,779,149) 12,898,440) Gross profit 1.152.252 833,240 Admini8trative expenses linc. Group charg881 1394,0191 1465,3641 Oper8ting profit Net other operatlng Income Profit foryear before and aftertaxation 758,233 367.876 52,413 140,421 810,646 508,297 Ancillary Enterprises 2025 2024 Parking charges Bu5ine5S Sponsorship 242,055 211,116 58,354 44,108 Hire & Hospitality Dudley Canal Trips commission Licensed on-site conce5sion5 339,882 269,521 13,246 17,061 10,000 10,897 Filming rights and charges 8,743 174,553 672,280 727,256 44

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 Investment Income 2025 2024 Interest rèt&ived 9,410 25,199 9,410 25,199 Other Income 2025 2024 Rentfrom l&ased freehold prop&rty Other 42.486 3,587 14,967 3,587 57,453 10 Analysis of Expenditure Staff Costs Other Costs Support Costs Total 2025 Raising Funds Subsidi8rytr3dingcompany 1,285.960 1,584,256 320.615 3,190.831 FLJndraising costs 76,588 10,804 19,095 106,487 Total Cost 1.362,548 1,595,060 339,710 S,297,218 Charitable A¢tivitie$ Op8ning and op8r8ting th8 Mus8um Developingthe Museurn Total Cosi 4.403,637 2,250.949 1.097,913 7,754.134 9,475 82,907 2,362 94,744 4,413,112 2,333,856 1,100,275 7.847,243 TotalAiI Costs 5,775,660 3,928,916 1,439,985 11,144,561 11 Analysls ofsupport Costs Support costs are allocated on the basis of direct staffing expenditure. Staff C05ts Other Cost5 Total 2025 Total 2024 Gov8rnanc8 19.453 19,453 10.817 Chief Executive's office, Finance HR 657,436 476.625 1,134,061 1,166,659 Information Technology 98,926 187,545 286,471 350,907 756,362 683,623 1,439,985 1,528,383 45

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 12 Analysls of Governance Costs 2025 2024 Trustèes, exp&nses Legal and profe8sionalfees Audit and 8ccountancy charge5 729 567 18,724 10.250 19,453 10,817 13 Net IncomelExpenditurefortheYear 2025 2024 This 18 Stated after charging-. Operating le8ses Depreciation Bank loan interest 17,024 17,024 745,106 741,646 872 Auditor's remuneration: Audit fee 16,850 15,750 Accountancy and lax services 1,874 2,990 14 Trustees {Dire¢tor and Members) None of the Trustees lor any persons connected with them) received any remuneration or benefits during the year12024= £nill- Three Trustees were reimbursed out-of-pocket expenses totalling £729 12024.. four totalling £5671. Employees The average monthly headcount of contracted employees during the year was 20812024: 2091 and the average full-time equivalent IFTEI number of employees and casual workers during the year were as follows.. 2025 2024 FTE FtE Dir8Ct Ifront-lin81 charit8bl8 activities M8n8gement, Specialists and administration 152 164 42 43 207 Ofwhi¢h-. Contracted employees Casual workers 154 167 40 40 207 46

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 Employment Costs: 2025 2024 Wages and salaries National Insurance cost8 5.779,521 5,828,167 549,202 427.358 Pen510n COSt5 203,299 206.040 6.532,022 6,461,564 Employment costs include payments and payments in lieu of notice in relation to redundancy amounting to £67,391 12024: £10,014) paid to five individuals12024: six) including five ex-gratia payments totalling £61,41012024: £2,000). The number of employeeswith annual emoluments of£60,000 or more: 2025 2024 Inumb8rl Inumberl £60,000- £70,000 £70,000- £80,000 £80,000- £90,000 £110,000- £120,000 During the year there were four posts considered as paid executive Key Management Personnel of the Museum las defined by FRS1021, comprising the Chief Executive, Deputy Chief Executive (Content & Operations), Deputy Chief Executive (Business Developrnentl and Director of Finance. The employee benefits of Key Management Personnel amounted to £351,05512024.' £382,4681- 16 Tangible and Intangible Fixed Assets IntanKibLe Fixed Assets Tangible Fixed As$et$ Group and Company Land and buildings freehold Land and buildings le8sehold Fixtures, fitting5 and equipment Under constructio Motor vehicle Total Cosi At 1 Janu8ry2025 Additions 3,385,720 26.908.510 1,032,377 100,966 1,184,558 32,612,131 646,288 646.288 Dispos8ls Transfers At 31 DÈcèmbtsr 2025 3,385.720 26,908,510 1,032,377 100,966 1,830,846 33,258.419 Depreciation At 1 Janusry2025 Charge for th& period On di5PO881 At 31 December 2025 330,720 2.954,674 972,159 87.008 4.344.561 59,040 513,182 11,602 4,649 588.473 389.760 3,467,856 983,761 91,657 4,933,034 47

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 Net book value At 31 December 2025 2,995,960 23,440,654 48,616 9,309 1,830,846 28,325,385 At 31 Oecember 2024 3,055.001 23,953,836 60,217 13.958 1,184,558 28,267.571 Freehold land and buildings of the Group and Parent includes land (being the Museum's new car parkl with a net book value of £495,000 which is not depreciated. 17 Heritage Assets Group and Company Cost At 1 January 2025 8,464,373 Additions Transfers At31 D•cemb8r 2025 8,464.373 Depreciation At 1 January 2025 ChargÉTr for the period At 31 December2025 1,685,088 156,633 1,841,721 Net bookv8Lua At31 December 2025 6,622,652 At 31 Dec8mber2024 6,779,286 Heritage Assets include land at the Locksmith's House at Willenh211, with a net book value of £50,000 is not depreciated. 2025 2024 2023 2022 2021 Pre- 2021 Total Pur¢hases and Addition$ Marston Collection 341,865 150,000 103,812 341,865 150,000 103,612 Lock8rn1th's House President Narrow Bo* Workets, Institute 2,459,592 1,051,715 1,155,115 2,459,592 1.051,715 1,155,115 Oldbury Buildings Hobbs Fish & Chip Shop Birchill's Narrow Boat 68,468 34,795 96,312 68,468 34,795 96,312 Kild8re N8rrow Boat Tom5 Tramway Racecourse Colliery Anchor ForEelSteam Harnmer Patrick Collection Vehicles 73,646 73,646 136,722 136,722 47,307 47,307 96,000 96.000 Hut14 148,063 148,063 Cast Iron Houses 1,234,288 1,194,300 1.234,288 1,194,300 J. H. L8vender's Foundry Dudleyweighbridge Office I Trolleybu5 Shelter 72,874 72,874 48

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 72.874 2,428,588 148,063 5,814,849 8,4,64,374 Depreciation Marston Co118Ction 5.698 1,454 1,757 5,698 1,454 1.757 5,698 1.454 5,698 1,454 1,757 5,698 1,454 1,757 72,649 31,678 20,719 101,139 38,948 29,504 Locksmith's House President N8rrow Boat 1,757 Workers, Institute 42,394 17,750 19,252 42,394 17.750 42,393 17.750 42,395 17,750 19,252 42,395 17,750 19,252 540,319 213.036 752,290 301,788 341,723 Oldbury Buildings Hobbs Fish & Chip Shop Birchill's Narrow Boat 19,252 19,252 245,463 1,264 653 1.264 653 1,264 653 1,264 653 1,264 653 9,036 4.103 15,356 7,368 16,940 Kildare Narrow Boat Tram 5 1,086 1,086 1,836 1,836 1,836 10,010 Tramw2y Racecourse Colliery Anchor Forgelsteam Harnmer Patrick Collection Vehicles 1,387 1.387 1,387 1,387 1,387 8,130 15,065 2,465 2.465 2.465 2,730 2,730 7,718 20,573 947 947 947 947 947 2,525 19,200 5,366 67,200 9,600 9.600 9,600 9,600 9,600 Hut14 2,794 2,794 2,794 8,382 Cast Iron Hous8s 23,736 22,967 23,736 22.967 11.868 59,340 57,418 J. H. Lavender's Foundry Dudleyweighbridge Office I Trolleybus Shelter 11,484 1,429 1,429 156,633 155.204 131,852 106,723 106,723 1,184,586 1,841,721 18 Fixed Asset Investments Corrpany Market value at 1 January 2024 and at 31 December 2025 Historical cost at 31 D8c8mb8r 2022 and at 31 D&cemb&r 2024 1,000 The Museum holds 1000/0 of the issued Ordinary Shares of Black Country Living Museum Enterprises Ltd. This wholly owned subsidiary undertakes on-site trading to support the charitable activities of the Museum. At 31 December 2025 its net assets and shareholder's funds amounted to £815,95612024= £513,607). 19 Stock Group Par•ni 2025 2024 2025 2024 Stock 133,714 149,503 20 Debtors Group Parent 2025 2024 2025 2024 49

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 Trade debtors 96,075 73,997 59,570 41.436 Owed by subsidiaryTradingCompany Other debtor5 119.259 33.952 119,259 63.169 Prepayments and accrued income 435,997 613,710 407,489 591.733 651,331 721,659 586,318 696,338 Accrued incorne includes £115.12512024= £230,250) of grant income due from National Lottery Heritage Fund and £180,00012024.' £225,000) legacy income. 21 Creditors: Amounts Falling Due Within One Year Group Par&ni 2025 2024 2025 2024 Owed to subsidiaryToding Company Trade creditors 562,041 176,200 432,564 512,737 331,888 452,931 T8xes and social security c05ts 209.866 130,223 104,693 85.358 Othér creditors 59,062 40,109 59,018 40,109 Accruals 664,410 508,229 520,766 397,243 1,365,902 1.191,298 1.578.406 1,151,841 Obligatlons Under Leases and Hlre Purchase Contracts Future minimum rentals of the consolidated Group payable under non-cancellable operating leases are as follows: 2025 2024 Less than 1 year 17,024 17,024 B&twe8n 2 and 5 years Over 5 years 68,096 68,096 406,448 416.328 491,568 501,448 23 Financial Instruments 2025 2024 Financial as5etSth3t are debt instrurnents rnea5ured at arnortised cost 2.373,531 2,480,048 Financial liabilitie8 measured at amortised c08t 1,156,036 1,061,074 Financial assets measured at amortised cost comprise cash at bank. trade debtors. other debtors 8nd accrued income. Financial liabilities measured at amortised cost comprise bank loan, trade creditors, other creditors and accruals. 50

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 Restricted Funds (Movement in Funds) The restricted funds set out in these 8ccounts represent, in the main, funds allocated to develop the Museum over several years. including a number of Heritage Assets. In these cases. the fund is transferred to the appropriate asset heading to match the carrying value of the asset. As the carrying value of the asset depreciates a matching amount is released Itransferredl to general reserves. In more recent times, restricted funds have also included funds received to deliver programmes and for the procurement of services. Group and Company Balance at 1 Janu8ry 2025 In¢oming Funds RFsour¢Es Expended Balance at 31 December 2025 Transfers Tanglbla As88ts Operational Fixed A85ets Freehol PropertylDevelopments Rolfe Street Developtnent Movingth& Black Country Brook Entrance & Facilities 662,790 125,5501 637,240 1,950,626 141,8931 1.908,643 3,061.374 177,5481 114,7251 18.6741 2,983,826 634,580 619,855 354,788 346,114 Newcom*n Engine Folkes Park Play Equipment Elephant & Castle Pub 57.099 11,3221 16,7441 129,5071 55,777 469 6,275 1,482,706 1.453,199 Visitor Centre 6,881,481 1136,9451 1146,0541 165.3721 6,744,536 1950s160sTown 7,375,709 7.229,655 Indu5tri81 Quarter 3,301,308 3.235,936 As$otS Ljnder Constru¢tion 1,047.929 1.047,929 26,810,859 1554,4231 26,256,436 Harliage Assat8 The Workers, Institute 1,298.915 131,4781 1,267,437 The Locksmith's House 112.506 11.4541 111,052 Old Birmingham Road Hobb5 Fish & Chip Shop 351.981 18,1391 343,842 368,859 18,5291 360,330 President Norrow Boat 75.865 11,7571 74,108 Marston Notorcyc18S Birchill's Narrow Boat 246,424 15,6981 11,0741 240,726 46,229 45,155 Kildare Narrow Boat 25.466 15921 24,874 Tram 5 30,822 17171 19471 30,105 Anchor Forgelsteam Hammer RaGe¢ourse Colliery 40,995 40,048 108.626 12,4651 104,161 Hut14 142,476 12,7941 123,7361 139,682 Cast Iron Houses 1,198,684 1,174,948 JH Lavenders Foundry 1,159.849 122,9671 1,136,882 51

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 Dudley Weighbridge Office I Trolleyt)us Shelter 72,874 11,4291 71,445 5,278,570 1113,7761 5,164,795 B81ance at 1 January 2025 Incoming Funds Resources Expended Balance at 31 Decernber Group and Company Transfe 2025 Oth0r ii¥m$ Racecour8e Colliery The Locksmith's House 21,176 17.5751 18281 13,601 9,015 8,187 Folkes Park Development 11.072 11,072 Improving Acc8ssibility Le8rning Projects Stour Iboatl Restoration 1000 1,000 3,667 3,667 President Iboatl Restoration Collections Project5 18,314 30,757 119,0711 30,000 12,605 12,605 PeoplE Development 25,000 25,000 St J8rne8's School 1,537 1,537 Visitor Benche5 699 62 1521 709 79,085 230,664 1100.6091 1768,8081 209,140 32,168.515 230,664 31,630,370 25 Designated Funds (Movement in Funds) Balanca at 31 D8c&mb8r 2025 Group 8nd Company B21ance 2t 1 January 2025 New Design2tions funds Transfers FLJture d8v8lopments- FA FLJndraisedll8gacy income designat&d to ForgingAhe8rl H8ritag8 as88t r8seN& LearninglPeople development 818.274 1685,2081 133,066 1,500,716 142.8571 1,457,859 10,000 10,000 2,328,990 1728,0651 1,600,925 Designated funds are unrestricted funds but nevertheless designated by the Trustees for the purposes of a Heritage Asset capital reserve and funding of the final elements of the ForgingAhead capital project and learning and people development in the coming year. 26 Analysis of NetAssets betwe8n Funds Unrestricted funds Restricted funds Total Group Fund baLance$ at 31 December2025 are repre$ented by= T8nÉibl8 fixed ass8ts 3,526,807 34,421,230 34,948.037 52

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 Net current a55etS 1.044,419 209,140 1,253,559 Creditor8'. amounts falling dLJe after mor8 than on8 year Defined benefit pension liability 4.571,226 34.630,370 36,201.596 Unr88trict8d funds Restricted funds Total Company Fund baLanco$ at 31 Doeember2025 ar¥ r&pr¥$&nted by: Tangible fixed assets Net current a55etS 3,527,807 34,421,230 34,949,037 228.463 209,140 437.603 Creditors.. amounts falling due after mor8 th8n on8 year Defined benefit pension liability 3,756,270 34,630,370 35,386,640 27 Reconclllatlon of Net Incomel(Expendlturel to Net Cash Flow f rom Operatlng Actlvltles 2025 2024 Net incomellexpenditurel forthe year la5 per the Statement of Fin8nci81 Activities) Adjustments for.. Depreciation charg88 Interest received 1380,1421 1986,3411 745,106 741,645 19,4101 125,1991 (Gain) on disposal of a55ets D8cr8as8lllncreasel in stocks Decrease in debtors 15,789 16,5581 205,247 70,328 In¢reasellDe¢re8sel in Creditors Pension 8ch8m& non-cash movements 174,608 1359.0471 122,0001 126,0001 590,278 1452,2531 28 Analy$l$ of Cash and Cash Equlvalents 2025 2024 C85h in hand 18,716 18.540 Current account 1,815,702 1,862,478 Total Cash and Cash Equivalents 1.834,418 1,881,018 29 Pension Scheme and Other Post-Retirement Benefit Commitments The Museum is an admitted bodyas part ofthe West Midlands Pension Fund IWMPFI providing benefits based on pensionable pay to certain members of Museum staff. TheWMPF has more than 850 partlClP8ting employers and c.380.000 scheme members. The permanent staff of the Museum 53

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 (although not local government employees) became eligible for membership, under the auspices of Dudley Metropolitan Borough Council Iwho act as guarantor), when the Museum was first established in September 1975. Nine members of staff remained as active members at the year end. This statutory scheme is administered locally by Wolverhampton City Council, on beh81f of the participating organisations, in accordance with the Local Government Pension Scheme Regulations 2013, most recently amended on 1 April 2026, and is part of the national pension scheme for Certain public service employees. The assets of the fund are held and managed separately from those of the Museum. Further information about theWMPF can befound at www.wmpfonline.coni. After 31 March 2011, the Museum closed the defined pension scheme to new entrants and made available a separate defined contribution pension scheme provided by Friends Life and Aegon to new employees and for existing staff who did not have other pension provision. From 1 June 2014, this was supplemented by an auto-enrolment scheme provided by Aegon which is available for all eligible staff. Defined Contribution Pension Scheme 2025 2024 Defined Contribution Pension Scheme Contributions pay8ble by the Museu 139,986 139,082 Defined Benefit Pension Schome An actuari21 valuation of the WMPF was carried out in accordance with the Regulations as at 31 March 2022 and set contribution rates until 31 March 2026. The key Financial Reporting Standard 102 assumptions used for the WMPF are set out below, along with the fair value of assets, the present value of the FRS102 liabilities and the deficit of assets below the FRS102 liabilities (which equate the gross pension liability). The asset at the period end was £1,523,00012024'. £1,162,000). However, the judgment is that there is insufficient entitlement for it to be 8ppropriate to recognise this as 8n asset on the Balance Sheet. It is important to note that the position represented by this value Ibeing based on actuarial assumptions) will alter in response to changes to the future funding and structure of the pension scheme las well as to economic and investment market conditions) and does not crystallise in the short or medium-term. 2025 2024 Fairvglue of pl8n assets 6,852.000 6,494.000 Present value of funded obligations 15,329,000) 15,332,000) Defined Benefit Pension As8etlLiability 1,523,000 1,162,000 2025 2024 Included in Staff costs within tot81 expenditure.. Service costs 101,000 66,000 Net inter8St cost 163,0001 121,0001 Administrative expenses Total Penslon Cost$ 38,000 45,000 54

The Black Country Living Museum Trust Notes to the Accounts for the Year Ended 31 December 2025 Actual return on plan 95set5 313,000 241,000 Actual return less expected return on pension scheme 8sset8 Other actu8rial losses on assets 236,000 22,000 Ch2ng8 of financial assumption8 Ch8nge of demographics assumptions Experience Ios5 on defined benefit obligation 72,000 844,000 122,0001 11,000 49,000 1194.0001 335,000 693,000 Changes in the present value of the defined benefit obligation are as follows: 2025 2024 Openingdefined benefit obligation 5.332,000 5,930,000 Current sÈrvic8 cost 48,000 66,000 Past service cost (including curtailments) Interest Go$t 53.000 288,000 265,000 Contributions by 8ch8me p8rticipants Ch8nge in demographic assumptions 14,000 15,000 22,000 111,0001 Change in other experiences Change in financial assumptions Benefits psid 149,0001 172,0001 1307,0001 194.000 1844,0001 1283,0001 5,329,000 5,332,000 Changes in fair value of plan assets are as follows= 2025 2024 Openingf8ir value of plan assets Interest on assets 6,494,000 6,377.000 351,000 286,000 R8turn on 88sets188s interest 236,000 32,000 Change in other experiences Contributions by 8mployer Contributions from scheme participants Benefits paid 64,000 67,000 14,000 15,000 1307.0001 1283.0001 6,852,000 6,494,000 Asset allocation- 2025 2025 2024 2024 Equities 3.837.000 56% 3,182,000 4986 55

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 Bond5 2,604,000 38% 2.403,000 3796 Prop&rty Cash 411,000 454,500 454,500 7Vo 6,852,000 100 6.494,000 100% Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages1= 2025 2024 2023 2022 2021 CPI increases 2.75 2.75% 2.85% 3.05 2.95 Dis¢ount rate at 31 De¢ember 5.60% 5.50% 4.55% 4.75 1.85% Future salary increases 3.75% 3.75% 3.85% 4.05 3.95% Assumed average future life expectations from age 65.. 2025 2024 2023 2022 2021 Retiringtoday- M81e Retiringtod8y- Fernale R8tiring in 20 years- Mal8 Retiring in 20 years- Female 21.4 21.2 21.9 21.2 21.7 24.2 24.2 24.8 23.6 24.0 21.3 21.1 22.3 22.9 23.5 24.6 24.6 25.6 25.4 25.9 *Adjusted for Continuous Mortality Investigation's Model, CNI_2021. Guaranteed Minimum Pension (GMPI Equalisation The valuation assumption for GMP is that the Fund will pay limited increases for members that have reached Statutory Pension Age by 6 April 2016, with the Government providing the remainder of the inflationary increase. For members that reach SPA after this date, it has been assumed that the Fund will be required to Pay the entire inflationary increase. Therefore, the assumption is consistent with the consultation outcome and so the Fund does not believe it needs to make any adjustments to the value placed on the liabilities because of the Government's Guaranteed Minimum Pension Indexation consultation. 30 Related Party Dlsclosures The Museum owns the whole of the issued share capital of Black Country Living Museum Enterprises Limited. During the ye8r, the Museum charged the Company £331,09012024- £401,753) for rents and services and the Company donated its profits, through Gift Aid, of £508,29712024.. £535,664). At the year end, the Museum owed to the Enterprises Company £562,041 12024: £176,2011. These were the only related party transactions during the year. Jonathan Bady81, a Trustee of the Museum, is a Senior Adviser to the Arts and Creative Industries Practice for Saxton Bampfylde Hever Limited and during the year transactions between the organisations totalled £20.500. Jonathan is also 8 sponsor of a local amateui football team. Wednesfield FC and he has gifted this sponsorship to the Museum. 56

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 Caroline Southall, a Tiustee of the Museum, is a director of British Telecom plc and during the year trans8ctions between the organisations totalled £636. Andrew Lovett, Chief Executive of the Museum, is 8 member Itrusteel of the Nation81 Council of Arts Council England IACEI and, since September 2025, a member of UK Government's Acceptance in Lieu Panel, administered by ACE. The Museum is a National Portfolio Organisation and received funding amounting to £772,358 during the year. Andrew is also a non-executive director of the West Midlands Growth Company and during the year transactions between the organisations totalled £750. 31 Comparative Funds Notes Restricted Funds Bèlance èt 1 January 2024 Incoming Funds Flesources Expended Balance at 31 Decambar Group and Company Transfers 2024 Tangible Assets Operational Fixed A55ets Freehold PropertylDevelopments Rolfe Str8&t D8V8lopment Movingth8 Black Country Brook Entrance & F8cilities 688.340 125,5501 662,790 1,992,609 141,9831 1.950,626 3,138.922 177,5481 114,7251 18.6741 3,061,374 649,308 634,580 363,462 354,788 Newcom&n Engine 58.421 11,3221 57,099 Folkes Park Play Equipment Elephant & Castle Pub 7,213 16,7441 129,5071 469 1,512.212 1.482,705 Visitor Gentre 7,018.426 1136,9451 6,881,481 1950sl808Town Area 7.521.763 1146,0541 165,3721 7.375,709 Industrial Quarter 3,366,680 3.301,308 Assets undÈr Construction 654.809 393,120 1,047,929 26,972,162 1554,4241 393,120 26,810,858 H8rit8ge As88ts The Workers, Institute 1,330,393 131,4781 1,298,915 The LoGk5mith's House 113.960 11,4541 112,506 Old Birmingham Road Hobb5 Fish & Chip Shop 360,120 18,1391 18.5291 351,981 377,388 368,859 President Narrow Boat 77.622 11,7571 15,6981 11,0741 15921 17171 19471 75,865 M8rston Nororcycl8S Birchill's Narrow Boat 252,122 246,424 47,303 46,229 Kild2re Narrow Boat 26,058 25,466 Tram S 31,539 30,822 Anchor ForgelSte8tn Hatnmer Racecours& Colliery Hut14 41.942 40,995 109,091 12,4651 12,7941 123,7361 106,626 145,269 142,475 Cast Iron House5 1,222.420 1,198,684 57

The Black Country Living Museum Trust Notes to the Accounts forthe Year Ended 31 December 2025 JH Lavenders Foundry Dudleyweighbridgo Off Itétrrollèybus Shelter 1.182.816 122,9671 1,159,849 72,874 72,874 5,318,043 1112,3471 72,874 5.278,570 Balance at 31 December 2024 Group and Company BÈlance Èt 1 January 2024 Intoming Funds Resource Expended Transfers Other Items Racecourse Colliery 22.296 11,1201 21,176 The Locksmith's Housè 9,015 9,015 Folke8 P8rk Development Improving Accessibility Léarning Projects Stour Ib08tl Restoration President Iboatl Restoration Collections Proieets Staff Award Itrainingl St Jarnes's School 11,072 11,072 1.000 1,000 6,802 13,1351 3,667 24.362 4,793 110,8371 18.318 12.605 12,605 313 13131 1.537 1,537 Vi8ltor B8nch8s 637 14221 698 M8intainingthe Collection UnpackingthÈ Past Adventures Through Time ForgingAhe8d Capital Development Project 51.651 414.343 1465.9941 140,977 32,431,182 419,932 419,932 115.8271 1682,5981 1465,9941 79,088 32.168,516 Group and Company Balance at 1 New January 2024 Designations Utilised funds Balance at 31 Dec8mbar 2024 Transfers Future developments- FA Fundrai8edllegacy income design8t&d to ForgingAhe8rl H8ritag8 as88t r888rv8 Le8rninglPeople development 748.347 23,685 772,032 493.457 1447.2151 46,242 1,543,573 142.8571 1,500,716 10,000 10,000 2,785.377 10,000 1490,0721 23,685 2,328,990 Unr8Strict8d funds Restricted funds Total Group Fund baLan¢o$ at 31 Do¢ember2024ar¥ r¥pro$¥nted by- T8nÉibl8 fix8d ass8ts Net current assets 2,957,429 32,089,428 35,046,857 1,481,794 79,088 1,560,882 Creditors.. amountsfalling due after rnore th3n one year 58

The Black Country Living Museum Trust Notes to the Accounts for the Year Ended 31 December 2025 Defined benefit pen5i0n liability 4,439,223 32,168,519 36,607,739 Unrestricted funds Restricted funds Total Company Fund baLanc8s at 31 D8cember 20248re represented by: Tangible fixed assets Net current assets 2.957,429 32,089,428 35,046,857 968,187 79,088 1,047,275 Creditors.. 8mountsfalling due after rnore th£n one year Defined benefit pension liability 3,925,616 32,168,516 36,095,132 32 Capitalcommitments At 31 December 2025, the Museum had capital commitments of£O.03m12024: £0.47ml. 59

MUSEUM BLACK COUNTRY LIVING MUSEUM TRUST TIPTON ROAD, DUDLEY, WEST MIDLANDS. DY14SQ, UK | TEL: [phone] www.bclm.com | [e-mail] Privat8 CompanyLimitéd byGuarant8é R8gist8réd In EnglandCompanyNo. 1226321 and Registér8das3 CharityNo 504481