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:
+44101121 557 9643
Email:
info@bclm.com
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%
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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: +44101121557 9643
www.bclm.com | info@bclm.com
Privat8 CompanyLimitéd byGuarant8é R8gist8réd In EnglandCompanyNo. 1226321 and Registér8das3 CharityNo 504481