2025-03-31-accounts

HORNIMAN MUSEUM & GARDENS The Horniman Public Museum and Public Park Trust Annual Report and Consolidated Financial Statements For the year ended 31 March 2025 *AEIZOPJV' 2411W2025 ¢CWPANIES HOUSE Company Registration Number: 02456393

Charity Registration Number: 802725 CONTENTS Page Reference arKI Administralive details Truslees, Annual Report 2-27 Remuneration Report 28 Statement of Twstees. and Chief Executive's Responsibilities 29-30 Governan￿ Statement 31-34 Auditors. Report to the Members 35-39 ConsOl￿ated Ststement of Financial Activilies 40 Balance Sheets 41 Consolidated Cash Flow Statement 42 Notes to the Accounts 4&57 Appendix l.. DCMS Perfomiance Indicators 58 'It's not just another museum,. it's an adventure that blends nature, history, and the arts.. Prepare for a day filled with fvn. learning, and family memories that will last a lifetime.. Parents News UK

Reference and Administrative Details of the Charity Registered Office: 100 London Road Forest Hill London SE23 3PQ Company Registration No". 02456393 Charity Registration No: 802725 Directors and Trustees Michael Salter-church. Chai Eva Appelbaum Roma Dibua Simon Hesketh Nico lacuzzi" (to 06102125) Rod Taylor (from 06102125) Edmund Neubergert (from 24104125) Diana Maine Mayowa Ochere Yesomi Umolu, VI￿-Chair Nicholas Wyver Naila Yousuf (from 24104125} Patrick Barker" (from 24104125) Nominated by the Secrelary of State for DCMS and approved by the Board Audit & Risk Committee Roma Dibua, Chair Mayowa Ochere Nigel Prout Patrick Barker (from 24104125) Remuneration Committee Michael Salter-church, Chair Mayowa Ochere Eva Appelbaum Capitsl Projects Board Simon Hesketh, Chair Nicholas Wyver Naila Yousuf (from 24104125) Restitution & Repatriation Commlttee Roma Dibua Edmund Neuberger (from 24104125) Chief Executive Gordon Seabright Secretary Michelle Edward Bankers: Clydesdale Bank, 35 Regent Street. London, SW1 Y 4ND Solicitors: Bates Wells. 10 Queen Street Place. London. EC4R 1 BE Internal Auditors: BDO, 55 Baker Street, LorKlon. W1 U 7EU External Auditors: Moore Kingston Smith LLP. 6th Floor. 9 Appold Street. London EC2A 2AP

DE F￿AP￿lmAN MUC MUSEUM ANO PWC PARK AEPORT&CON501ThTEOACCOUNTS201$25 The Homiman Museum and Gardens Trustees, Annual Report 2024125 Introduction The Horniman Museum and Gardens began wtth a gift from Frederick John Homiman in 1901 to the people in perpetuity comprising the founding collections. the historic building and the Gardens. They were dedicated to the public forever 'for their recreation, instwction and enjoyment, and were registered as a charity from the outset (The Homiman Museum and Public Park Foundation). This generous gift has grown in Lmjth quality and quantity over the last 100 years. Our collections are nationally and intemationally important, large and diverse. Our Anthropology collection is amongst the most important in the UK." our Musical Instrument collection is the most diverse in the UK. These Designated collections. combined with our spectacular Nalural History specimens. our popularAquarium. our Animal Walk and Butterfly House alongside our 16.5 acres of award-winning Gardens, create a unique opportunity to understand the world around us. We aim to share the collections and the estate both onsite and online to deliver our founding aims of'recreation. instruction and enjoyment, for a broad public now and into the future. Our primary activities are developing, conserving and interpreting the collections and estate. and providing diverse, inspirational ways for the public lo engage with. leam from and interact with them. Mission. Values, Behaviours and Priorities Our mission is ￿ntral to everything we do, whilst our values shape our V￿rk and give the Horniman its unique character as the only museum in London in which nature and culture can be seen side by side, allowng us to engage with interconnected issues such as climate change and migration, in a wsitive way. Our Mission The Homiman connects us all with global cultures and the natural environment, encouraging us lo shape a positive future for the world we all share. Our Values We are inclusive and welcoming to everyone We are caring and respectful lowards each other, our visitors and all our stakeholders We are friendly, open and positive, embracing collaboration and fresh v￿yS of thinking. 'Ifyou've never been to the Homiman you really should. It's a gem of a museum., Jumoké Fashola. BBC Radio London

THÉ HOKMPIAN WAUC HLISEUM AND Vtwc PMK TRL15rANWl￿ REPOATI Cc￿￿TE0AeCt)UNTS 202425 Our Behaviours Amplifying diverse voices,-hislories. and perspectives Being environmentally sustainable and encouraging biodiversty Communicating cleady and wth warmth Encouraging creativity and enterprise. Our Priorities Priorities for 2025126 a￿ outlined in our Corporate Plan 2025-28 which can be found on our website at www.horniman.ac.uk Empowering teams: enabling staff at all levels to influence decision making and fostering a culture of cross-team collaboration that can move at pace with new ideas and address challenges supwrtively. The significance of this. and the effort that will be required, should not be underestimated. But through a refreshed approach we can make our other priorities more attainable.. Diversity.. engaging and listening to diverse audien￿5, indigenous source and diaspora communities. staff, volunteers and partners. taking active steps towards decolonisation. equity and inclusion. Environmental and social impact: makirKJ a positive dtfference to people and the planet through our activity and projects, particularly the Nature + Love capital project. Digital transfomiation." invesling in staff s digital trainiThJ, development and literacy alongside digital infrastructure to enable greater ambition. efficiency and security. Income generation: building creative and profitable activrties to enable all our work, greater relevan￿ and business resilien￿. Public Benefit The Twstees confirm that they comply with their dutyto have regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties as outlined further in this report. 'The Horniman is a rite of passage for south- London families. It's a lovely, manageable size, has a wildly diverse collection and its setting is beautiful., Time Out

THE HORMNAN PUWC fW5EVM AND P*JiK TRlW￿P￿AvoAT & CCW)uDAT￿￿Cc￿1NTs 101$25 Strategic Report Both at the Museum site in Forest Hill and Ihe Study Collection Centre (SCC) in Greenwich, the Nature + Love project dominated work plans for many staff. We continued to work with a team of extemal designers and consultants on this transformational re-development project, which will make the Homiman more inclusive and accessible. To prioritise the climate and biodiversity emergency. the project will create three exciting new attractions: A nature-themed play area and children's café. A Sustainable Gardening Zone with new plant nursery, A redisplayed Nature Gallery. During 2024-25 we progressed from project development to delivery. with the three main delivery contracts tendered during the year. Two of these tenders came in significantly over budget, so several months were spent working on value engineering and sourcing an uplift of an additional £982k in support from the National Lottery Heritage Fund (NLHF), for which we are extremely grateful. Construction work started at the beginning of 2025 and the gallery refurbishment and the landscape I new build projects are now well underway. Alongside Nature + Love, many other capital projects continued. We were pleased to welcome a new Trustee.. Rod Taylor to the Homiman Board in February 2025 and three new Trustees: Naila Yousuf. Edmund Neuberger and Patrick Barker to the Homiman Board in April 2025. We also welcomed our new 2025 Boardroom Apprentice. Meanwhile there were significant changes to the Executive Team. with the arrival of a new Chief Executive and three new Directors to the Senior Managemenl Team. We had another busy and successful year of fundraising. with generous grants being gratefully received for Nature + Love and other important projects. plus the launch of a legacy scheme. Despite the closure of our Natural History Gallery. the team V￿rked hard to ensure that visitors had plenty to enjoy. Two new displays were added to the Wodd Gallery All Eyes on Her!, about the lives of Egyptian women, and 'Great Kingdom of Benin.. a product of our restitution and repatriation work with partners in Nigeria and the Nigerian community in London. Another repatriation that was a highlight of the year was the retum of a number of treasures to the Warumungu community of the Northem Territory. Australia. On site we secured a loan of David Shrigley's sculpture The Mantis Muse. A programme of public engagement events was built around its stay in the Conservatory. The Mantis Muse provided a wonderful opportunity for storytelling and helped to attract visitors during the important Easter season. A new catering partner was appointed to improve the visitor experien￿. Colicci was appointed and closed the café for six and a half weeks for refurt)ishment during the springlsummer period. It reopened in July 2025 to positive reviews with a new and exciting full menu offerfng. The Estates team with support from across the organisation. delivered several capital projects, including the upgrade of staff wetfare areas across the site, the refurbishment of our Compost area, the repair of site drainage at our Study Collections Centre. and critical firestopping work at our Forest Hill stte, using much needed capital funding from the Department for Culture, Media and Sport (DCMS).

THE HORNITr￿N PUT￿￿ MLGWM ANO HAUC PARK TRUST AN￿ RWRT• CONs￿lDATED ACCCYJNTS 202&15 We were delighted to receive several awards and nOMinat￿n$ during the year. London in Bloom 2024 awarded the Homiman Gardens 'The Best Heritage Park and Garden.. winning Gold and being the category winner for the fourth year running. Our Secondary School Programme won Learning Programme of the Year 2024 and was shortlisted for Temporary or Touring Exhibition of the Year- budget less than £80k in the Museums + Heritage Awards. We were also shortlisted for the Best Family Experience in London in the Muddy Stilettos Awards. At a lime when online security is extremely important, we achieved Cyber Essentials Accreditation, which has strengthened the Museum's cyber secunty infrastructure. We achieved full Arts Council Accreditats'on status after a 10-year gap since the last review. We recognise that many staff continue to deliver excellence while carying heavy workloads. and we thank them for their commitment and contribution. All these achievements were made possible by the grant-in-aid funding and continued support from DCMS. A full list of the perfomance indicators reported to DCMS can be found at the end of this report in Appendix 1.0 Access Aim: We will use the collections and Gardens to stimulate curiosty and worNJer, promoting opportunities for people of all ages. abilities and backgrounds to participate in and enjoy exhibitions. educational programmes, activities and events- bolh face-to-face and online. PerfOMan￿ against Access aim aThl objectives as outlined in the Corporate Plan: a. We welcomed 820,454 visitors to the Museum and Gardens over the past year. just exceeding our target of 820,000. and attracted 820,202 website visits. b. 21 Q/0 of general visitors to the Museum were from ethnically diverse groups (up from 17 % ). and 5 /0 from disadvantaged soci¢>economic groups (NS-SEC 5-8, down from 60/0). As with last year, 90A of wsrtors were idenlified as being disabled, which was above our target of 70A. c. Our digital CL)mmunities continue to grow driven by our short-fom video strategy. Instagram remains our largest active platfom wtth 69,000 followers. We had our first viral Suc￿sS on TikTok. resulting in our videos viewed about 11.5M times over the year. Our YouTube subscribers have grown by 11 % as a result of starting to post Shorts. and our participation in the YouTube Accelerator Programme. Our other social channels have grown to 14.400 on Linkedln and 34,200 on Facebook. d. We engaged children and young people in h￿h-qUalIty, object-based arid r)iJtdnnr hands-on activities that supported their leaming, enjoyment and engagement wrth world cultures, music and the natural world. We reached leaming audiences (schools. nursery. home education and university leamers) of 21,497 taught onsite participants" (16.000 target). self-led audience of 10,799. (5,000 target). 2,605" virtual workshop participants (2.500 target>, 1,588 through outreach workshops to secondary and specialist schools. and 384 through Handling Collection loans. Over 900/0 of facilitated groups were from non-fee-paying schools (880/0 target), with 330/0 of these leamers receiving a Pupil Premium Grant (PPG} {250/0 target). 'Numbers include leamers and accompanying adults. Our Art Fund Museum of the Year IMOTY) prize money continued to enable two key strands. We appointed our second cohort of Musicians in Residence, and School

THE HORNIN￿ PUPUC IWSWMAND PUBUC PARK TAU5T*NNUALREPORT & CoP•SOL￿AT￿l ACCOUPlfS 2W&IS Holiday Clubs reached 197 participanls from tsvo local partner schools with between 49°/o and 66 % of pupils eligible for free school rneals in term time. 1.1 Audience Museum visitor numbers were down 140/0 on the previous financial year, an anticipated drop as a direct result of the temporary closure of the Natural History Gallery, as part of the major capital project, Nature + Love. Gardens visitors however were up 1.90/0 on the previous financial year. 41 Yo of visitor5 were on Iheir first visit to the Museum. and a further 400￿ V￿re on a retum visit within the past year. The average number of visits by ￿turnIng visitors was 7.7 (down from 8.3 in 2023124). Lapsed visitors decreased by 70/0, equaling to around 72,000 visits. 63C/+o of visitors were in family groups (doNvn from 70% in 2023124). This is the equivalent of around 117,000 fewer visits by families. Visitors from London were down from 77°/o to 71 Vo. We saw an increase in overseas visitors from 5 % to 9Yo. This analysis of our visitor data shows us that the decline in Museum visitors came from a slight drop in visit frequency from our very loyal aUdien￿S, and a drop in visits from London-based 'lapsed' family visitors who last visited over a year ago. This is to be expected. as lapsed visitors may be more likely to retum after Nature + Love completes. The increase in visttors from ethnically diverse groups. from 170/0 to 21 Yo equates to a volume increase of 4.600. In addition, specific programming resulted in more success at attracting ethnically diverse visitors. accounting for 790/0 of visitors to Music. Jerk 'n Tings, 380/0 to Family Craft Saturdays, and 28 % to the Cha. Chai Tea exhibition throughout its run. There was a small decrease in the number of general visitors from disadvantaged socio- economic groups (NS-SEC 5-8). down from 6Yo to 5°/o. Using the Social Mobility Commission grading, we saw a decrease from 10°/0 to 74/0. However. following the introduction of a Universal Credit ticket scheme in February 2024 (extended online in December 2024), there were higher percentages of visitors from disadvantaged socio-economic groups going to our paid attractions. Both the Aquarium and 8utterfiy House had 80/0 of visitors from NS-SEC groups 5-8. The total number of Universal Credit tickets sold in 2024125 was 28,654. In 2024125, our website received 820,202 website visits. which was below our target of 936,000 and a decrease of 20.￿ against 2023124. Website visits are predominantly for visit planning. Some of the decrease can be explained by the anticipated drop in visitor numbers because of the temporary closure of the Natural History Gallery and other closures early in the year. Pages viewed on the site were down by 240/0 to 2.3 million (3 million in 2023124). The number of records online stands at 137,031 at the end of the year (up 40/0 on last year). Our social media presence increased in followers by 1 Yo. With a community of 643,000. Most of our social audience came via Pinterest, but our biggest growth has come from TikTok with 3230/0 growth to 4,900 followers. Linkedln audiences have grown by 18 % to 14,400, YouTube grew by 110/0 to 4.200. and Instagram aUdIen￿S grew 80/0 to 69.000 followers. Our Facebook followers had a small increase to 34,400 (0.5 % growth). 1.2 Visitor experience and evaluation The visitor survey was conducted by interviewers face-to-face throughout 2024125. Resufts were available monthly via an online portal setup by our research provider. DJS Research. with results benchmarked against the other organisations in our consortium. Following a full

HORNIMAPI ML15BJY AND PLWUC PhRKTrUST ANMMwfxT • CONSOUDATH) ACCOUNTS 2ts1&25 procurement process for our visitor research. DJS were reappoinled from April 2024 onwards. The visitor research gave a visit experience of 98 % positive, and a likelihood to recommend of 930/0. Our rating at the annual Visit England assessment achieved an excellent quality score of 880/0. Evaluations for all our major outdoor events and regular programming activity are managed in-house. This has resulted in More comparable. timely and actionable data. The Audience Champions Group have continued to meet every two months to discuss the implementation of the Audience Development Plan. Audience diverstty was the subject of an internal audit in January 2025 and recommendations are being actioned by the Group. 1.3Public programme 1.3.1 Exhibitions Throughout the year we provided a varied and stimulating range of high-quality temporary exhibitions to engage our regular. diverse visitors and attract new aUdien￿S. Our family-friendly temporary exhibition for 2024. Dinosaur rEvolution. which ran from February to October, attracted 95k visitors over its duration, a conversion rate of 20 % . This exhibition explored the relationship between dinosaurs and birds in a colourful and fascinating exhibition, including five large animatronic models. many accurate cast fossil skeletons and skulls, as well as detailed graphics by the acclaimed artist Luis V Rey. The exhibition provides the OPF()rtunity to touch model fossils, dress up, play games, and more. Robot Zoo. our family-friendly show for 2025, opened during February half-term and features the larger than life size animals that have been recreated using a variety of familiar machine parts and gadgets (such as shock absorbers and pumps) to reveal how their real-life counterparts see, eat. hunt and hide. Visitors leam how a chameleon changes colour, how bats see at n￿ht and what makes a grasshopper leap so high. In the Studio. %, ￿. Tea {Cha, Chai. Tea), an in-house exhibition, ran until July 2024. The show was seen by 179.600 visitors during its run (380kn of all Museum visitors overthat time). 280/0 of visitors were from ethnically diverse groups, and 20 % identtfied as belonging to any of the communities who are featured within the exhibition. The exhibition was shortlisted for Temporary Exhibition of Ihe Year in the Mu*ums + Heritage Awards 2025. To November, the Balcony showcased the work of artist Naomi Hobson. with a show entitled Adolescent Wonderland. The photographs explored the inherent energy of young people in Naomi's home community of Coen, Cape York, Queensland. expressing their individuality, inner beauty, strength and love. Naomi empowered the young people to lead their own narratives and confront misconceplions ab)ut how they are represented. In December, we opened a new display in the World Gallery on the Great Kingdom of Benin, co-developed with partners. creatives and young people in LorKJon and Nigeria to explore the past. present and future of Benin City. This was accompanied by Out of Context, a Balcony exhibition in partnership with Yellowzine. that challenged the perception of West African cultural practices.

THE HORMMAN ￿￿cHuSEL ANO PJiK c(￿5¢xl￿AlKY ACC￿Nf$10l&2s While the Natural History Gallery is closed for redevelopment, a Natural History Pop-up display in The Studio gives visitors a fresh look at a few familiar and unique specimens from the Homiman's much-loved natural hislory collection. I1+￿ upli & All Eyes on Her! a new display in the Wodd Gallery, opened in March. The display examines how Egyptian women are reclaiming their heritage, position in public, and role in revolutions. past and present. For our first dual language display, Egyptian Arabic translations were produced by community partners in Cairo. We also installed new interventions arourKI Egyptian collections on display in Homiman's Vision, including new comic strips and interpretation. 1.3.2 Events and activities To complement %, ￿1, Tea (Cha, Cha6, Tea), we ran a series of events including tea tastings, language tours of the exhibition in Cantonese and Mandarin, and free family craft activities linked to tea for Lunar New Year, Diwali and Eid. This strand has also allowed us to work with new event partners including Khao Supper Club and London Tea Friends. each of whom have brought their own audiences. many new to the Horniman. Tea tastings were attended by 1,128 visitors. 230/0 of attendees identify as belonging to any of the communities who are featured within the exhibition. and 410/0 were making their first visit to the Homiman. We also programmed a festival event with Daytimers, the total attendance was 1,475. 649/0 of attendees were from ethnically diverse groups. with 460/0 identifying as Asianl British Asian - includiThJ 73Yo of first time visttors. The annual Music, Jerk 'n Tings event ￿lebrating Caribbean culture took pla￿ on 10 August 2024. A total of 2.307 tickets were sold. including $29 discounted for over-60s. 790/0 of visitors were from ethnically diverse groups, wtth 650A of Black. African. Black British or Caribbean heritage. 640/0 were makn'ng their first visit to events on this theme. We continued our Hey Jukebox! series. a monthly playlist for the Music Gallery inspired by seasonal celebrations, special exhibitions. performers or objects from the collection. This yeafs themes have encompassed music on a Ground Bass, Fusion, Black Hair Day, storytelling. and Sounds of Benin. Hear it Live! continued to introduce visitors to different instruments featured in our collections. from the tromba marina to African drums, and the sitar to the conch. 11 performances took place wtth 1,081 visitors. Three quarters of visitors had previously visited the Homiman in the past year. but despite the programme running for many years most attendees (52°/0) had not previously been to a Hear it Live! perfomance. We ran a total of 41 free Family Craft Saturday sessions with 2.725 attendees. 380/0 of attendees were from ethnically diverse groups. There was a small increase in the number of first time visitors to the Homiman (from 110/0 to 15Yo), and for 410/0 of these visitors the session was the main reason. or part of the reason. for visiting. Additionally, we ran nine Homiman Late openings with 2,973 atterKlees. During February Half Tem, we ran a programme inspired by the exhibition called the Robot Zoo, which included 'meet the insects. sessions with Wild Fangs and animal-inspired storytelling. with a total of 650 tickets sold.

THE HORNIrtANFtryUC MU5gJM 14Nfi piwc PARK TRIMhNWIAi WOKT• cO￿DATED AcC￿NTs1o142S 1.4 Learning and engagement 1.4.1 Fornial leamlng During the year we engaged children and young people in high-quality, object-based and outdoor hands-on activities that supported their leaming. enjoyment and engagement wtth world cultures, music and the natural world. We reached leaming aUdIen￿S (schools, nursery. home education and university leamers) of 21,497 tsught onsite participants" (16.000 target), self-led audience of 10.799" (5.000 target), 2,605" virtual workshop participants (2.500 target), 1.588 through outreach workshops to secondary and specialist schools, and 384 through Handling Collection loans. Over 900/0 of facilitated groups were from non-fee-paying schools (88°/o target), with 330/0 of these learners receiving a Pupil Premium Grant (PPG) (25 % target). "numbers include leamers and accompanying adults. Our School Holiday Club. supported byfunding from the Art Furid Museum of the Year award and run over school breaks, reached 197 participants from Iwo local partner schools with be￿een 66 % and 49 % of pupils eligible for free school meals in tem time. and participated in the 'Early Curators, coproduction project. creats'ng a label for the new Natural History Gallery. Work to build upon our success engaging secorKlary schools through further workshop, partnership and coproduction projects has continued. with 15.4 % of our in-person sessions facilitated for secondary school leamers (15¥0 target), along with 150/0 of our self-led audience. This is a further increase in audience share on last year. Activity has included the latest iteration of the co-produced 'Art in the Gardens. project, a Big Green Careers event delivered in partnership with Goldsmiths. University of London. and an event for World Ocean's Day for local Sixth Fomi students. We continued ourwork forthe growing number of leamers who are home educated, reaching 217 home-educated students through facilitated sessions wrth a reduced programme (due to staffing changes), but also refocusing on relationship building with the community through a new home education panel, and partnering with a group for 'Early Curators.. We have established a new home education advisory panel - a sector first - who are guiding the development and expansion of our home education offer and have cofounded a cross- organisation home education network. Work to improve the accessibility of our programmes through new resources and team training has resulted in brilliant feedback from schools: "My son is deaf and during one of your workshops the lady who was running it was making such a great efft)rt in signing. He Came home so happy and could not stop speaking about her and really felt in¢lu.ded on his trip. l just really want to thank you all for being such amazing people." We completed our Explore: Urban Nature partnership with the Natural History Museum, which enabled free outdoor leaming workshops for Key Stage 2 children from mainstream schools, and tailored outreach for pupils in partner Specialist schools. We are now exploring the legacy of Ihis proj￿1, to ensure strong relationships built with partner SEND schools are nurtured over the coming years. A backdrop designed by students at a secondary school in Benin, and developed in partnership with our team, MOWAA'S Leaming Team and Nigerian artist 12th the Creator. was created for the redisplayed Great Kirodom of Benin case. We also reviewed the appropriate use of Egyptian archaeological material in the Handling Collection and leaming

THE HORNlTriaN WVBUC rtUSEIMI AND PARK TRu5rAN￿￿i REPORT • C(IN5OuDAT￿IACcC￿￿Ts 10215 sessions. informed by work with Universty College London (UCL) and the Egypt's Dispersed Heritage project. We delivered 6 coproduction projects for Nature + Love, Early Curators, and the Positive Action for Nature, in partnership with mainstream and specialist leamers and colleagues across the Museum and SCC. logging a total of 1.268 interaclions across both projects. 5 of these projects saw leamers visit the SCC. with primary school, home educated, and specialist school educated leamers visiting the site for Ihe first lime ever. We continue to share our practice with the wider sector. presenting at the Group for Education in Museums (GEM) conference about the co-development of a new learning session, African Kingdoms, in partnership with Edo community members, and welcoming Museum Leaming teams from across the country. We hosted 4 student placements (including a 'Diversity of Thought, placement studenl in partnership with UEL), and 8 work experience students across the year. 1.4.2 Community. youth and family engagement Nature + Love Activity Plan work was a major focus for the team this year. We completed a project to Co-produ￿ wellbeing labels for the Sustainable Gardening Zone. vffitten with a group of adults who joined a social prescription project to combat social isolation and mental health issues. We developed the gallery text for the Action Zone, based on the feedback from our under-5s coproducers. and tested it for understanding and relevance with families from groups who co-curated the space. Twelve community partners have written labels about animals they love forthe Favourite Nature case at the entrance to the Natural History Gallery. Many of our groups have been involved in consultation and testing for the new gallery. including early ideas for interactives. a new AR trail in the gardens. Nature + Love outreach, through our Environmental Champions Community, focused on young people. including partnering with Bamardo's to pilot a mindfulness and photography project in the Homiman Gardens. We partnered with Goldfinch Fumiture to create 16 beautiful birdboxes with young people at Deptford Adventure Playground for black redstarts, song thrushes and house sparrows. This is to be installed at adventure playgrounds across Lewisham, and start an exciting project with local youth centre.. Young Lewisham Project, to transform their garden space into an edible haven, using approaches that regenerate soil health and benefrt biodiversity. We recruited our second cohort of Musicians in Residence, wtr￿ created and performed new music in response to our collections". Gabriel Makamanzi. a Zimbabwean rnbira player, Anti.net, a young punk-rap and DIY art collective, and Daniel Tsz-shing Lei, a Chinese dizi flautist. Our Welcome to the Homiman sessions enabled us to train 7 new community partners from Refugee Council. Croydon Refugee Day Centre, Refuge. Branching Out at the Telegraph Hill Centre, Lewisham Healthy Walks, and irmjependent groups to lead visits with their groups to the Horniman as a start to potential project work together In addition to our targeted, closed-group offer. we delivered public-facing activities and events including.. our annual Crossing Borders event with 22 facilitators who have recent lived experience of migration. supported by 7 partner organisations and attractiry 420/0 first time visitors, all of whom felt welcome and keen to visit again" perfomances by our Resident 10

THE HORNIMANW8UC MLISEW AND WC P￿Tr￿AN￿lL REPORT CWOUDArnACCtsJF4TS M2&15 Musicians at Novemberfs Hear it Live! piloting our Communty Thursdays o)ntinuing into Late events" a public object handling session with neurodiverse students from Southwark College; and supporting one of the Communty Action Researchers to deliver a Community Thursday session about Caribbean objects. We also piloted our first ever in-house art therapy session for socially prescribed participants. exploring the potential of the handling collection as a therapeutic resource. ArKI we created 2 interactive murals for the Robot Zoo for families with under 5s. based on a picture with lots of hiding chameleons made by a local Polish children's singing group during an engagement session. We ran our second Twili ht relaxed o enin of the Museum forfamilies less able to visit when the Museum is crowded. Our Access Advisory Group are helping us develop a new Event Access Staff role and social story to make large events more accessible. 1.5 Public Relations {PR) Over the course of the year. the Homiman secured 783 items of print and online coverage, and 88 broadcast items, with a total Advertising Value Equivalence (AVE) of £28.299,444 and Potential Audience Reach of 4.3 billion. In addition to proactive activity, the Press Office reswnded to 163 media enquiries and 33 editorial filming and photography enquiries. Since 1 January 2025, the press office has been using a new plaffomi- Meltwater-forrnedia monitonng. contact database and media distribution, a move driven by dissatisfaction wilh the previous provider and foll0v￿ng a service arKI price review of competitors. Early indications are that mel￿ater is reporting more coverage than the previous provider and that some metrics are measured differently, making rt hard to precisely compare with previous years. The new platfomi also provides additional functionality in monitoring and reporting and the Press Office is working with other teams to explore potential wider use of the platform across digital and fundraising. Media interest in repatriation across the sector remained high, resulting in continued interest in, and mentions of. the Benin transfer of ownership, with references to the Horniman in broader pieces at()ut ￿paInatiOn including The Sunday Telegraph, The Observer, The Art Newspaper. The Daily Mail and LBC Radh). Preparation of the Warumungu retum announcement and ￿remonY was urKlertaken by the Press offi￿ in Q2. Subsequent coverage included an article in Australian Associated Press which was syndicated in The Daily Mail Online plus numerous regional Australian publications. with news stories also in ML5seums Joumal. M + H Advisor and Arts Professional. Coverage had a potential audience reach of 278.857.190 and an AVE of £802,212. Key coverage and activity: The appointmenl of Gordon Seabright as Chief Executive was reported by Museums Journal, Arts Professional, Civil Society. Civil Seprfice World. Blooloop, Third Sector arKI Fundraising UK. who also reported on the appointment of Michelle Edward as Director of Finance and Corporate SeNices. The appointments of Annie Duffield as Director of 11

Audiences and Income. and Peronel Craddock as Director of Content were reported by Museums Joumal. The groundbreaking work of Project Coral conlinued to be recognised in the media: A four-page profile inteTview in the Telegraph Magazine in January saw Principal Curator Aquarium and Living Collections Jamie Craggs talk aLM)ut the groundbreaking work of Project Coral alongside photos of coral spawning onsite in November 2024. Interviewer Martin Fletcher wrote.. 'If there is any hope of saving the wodd's beleaguered Coral reefs it emanates - to a surprisingly large extent - from the pioneering work being carried out here in the unlikely confines of a tiny basement aquarium in the Homiman Museum,. Project Coral's first UK ex-situ ￿prodUCtion of Pink Sea Fan corals was reported in First News, Diver Magazine. Fish Focus, phys.org, msn.com. Mirage News and on the University of Exeter website- Jamie Craggs, co-authorship of a research paper on selective breeding of corals for heat toleran￿ was covered by Nature.com, The Microbiologist and Technology Networks The Homiman's continued WOTk around its collections was reported widely Vogue said ofthe Homiman: -it hosts thoughtful, fOr￿ard-thInking exhibitions (one [Out of Context] currently on, for example. explores contemporary West African art and the legacy of colonialism, taking inspiration from the looted Benin Bronzes which were displayed in this museum for decades before their recent retum to their homeland),. Senior Curator of Anthropology. Korantema Anyimadu contributed an article for Art Quarterly magazine on the Benin redisplay. focusing on the collaboration with artist Osaru Obaseki, funded by Art Fund. A Museums Journal feature on music in museums included an intetview with Principal Curator of Musical Collections and Cultures, Mirni Waitzman covering the Music Gallery and collection, and visitor engagement programming. Coverage of the Gardens remained high with numerous recommendations to visit. In addition, Head of Horticulture Errol Femandes talked lo: o House and Garden magazine about his advocacy of access, diversity and sustainabilty Toast magazine on future plans for the Gardens and the Plant Fair The Guardian on gardening advice for those in rental property The Evening Standard on getting started in the garden The Garden Magazine on water plants Coverage was further boosted by Errol Femandes joining as a presenter on Alan Titchmarsh's Gardening Club on ITV; and the Daily Express and others reporting on his Instagram posl about squirrel-proofing tips. In its first weeks of opening The Robot Zoo achieved coverage across multiple media with AVE of £3.09m and an audien￿ reach of 334m. Coverage included Metro (London and other regional editions). Stylist, Time Out. Londonist. The Telegraph and Country and Town House. Reporting of plans and progress of the Nature + Love project was ongoing. with coverage including Head of Content Peronel Craddock was quoted speaking about public consultation and planning for a Museums Joumal feature on outdoor play. A photograph of the Walrus completing pest eradication treatment in the Natural History Gallery was the lead image in The Times, News in Pictures pages. The Horniman continues to be cited as a great day out across a wide variely of media outlets including BBC Radio London. BA'S High Life Magazine, Parents News UK and Time Out. Free entry to the Butterfly House for National Lottery Open Week was reported in an article syndicated to almost 80 local and regional titles online. 12

ThE HORNIrt4N WJBUC FVAiml AND AJ￿c P*AK TALtsT ￿P￿LlEPoliT & CON5OuDA￿ ACCOiANT5 701&15 And the Homiman's shortlisting and win of Best Family AttTactN)n in the London Muddy Stiletto Awards picked up multiple media mentions. 2.0 Collections Aim.. We will safeguard and develop the collections so that they can be made as accessible as possible now and into the future. Performance against Collections aim and objectives as outlined in the Corporate Plan: a) We have suc￿ssfulLY researched and reinterpreted our Natural History collection as part of the Nature + Love project. decanting the existing displays, developing content and interpretation for the new gallery and worl(ing on objects layouts. conseniation and mount-making. b) Working with AIATSIS (the Australian Institute of Aboriginal and Torres Strait Islander Studies) we successfully transferred ownership of 10 objects to the Warumungu communty. of Northem Territory. Australia. We also continued to collaborate with partners in Nigeria on the redisplay and ongoing loan of the Benin material. c) We were pleased to host a Clore Fellow, Klm Sykes. to cary out a review of our music programming and develop a strategic approach and recommendations Ihat will inform programming in 2025126 onwards. 2.1 Anthropology A major focus for this year was the c￿deVelOpMent of new exhibitions and displays. The Great Kingdom of Benin display in Ihe World Gallery was codeveloped with partners, creatives and young people in LorKlon and Nigeria, including a new artist residency and commission. It was accompanied by Out of Context. an associated Balcony exhibition co- curated with Yellowzine in response to the Benin retums. All Eyes on Herl developed with Egyptian women and women-led initiatives in London, Cairo. the Egyptian Delta and Luxor, working in partnership with the Homiman Sin￿ 2021. examines how Egyptian women are reclaiming their heritage. position in public, and role in revolutions. past and present. Community partners in Cairo provided Egyptian Arabic translations. enabling our first dual- language display. Working wrth AIATSIS. we successfully transferred ownership of 10 objects to the Warumungu community, of Northem Territory, Australia. A retum event took place in October. after which the objects retumed to Australia. We also continued to collaborate with partners in Nigeria on the redisplay and ongoing loan of the Benin material. We have continued to engage our community rp.searchers with regular gatheringJ and opportunities for further research. Community Threads, an exhibition of family history research created by the researchers. and supported by the Homiman, opened in November. Taking over a local café, the exhibilion explored Ihemes of family, migration and home, and made links to objects in the Homiman's collection. The exhibition is also available online, on the Homiman website. With both senior curators now alumni of the MuseumsLab programme, we were delighted to be successful in our application to be a European ￿SidencY host for MuseumsLab 2025, and will be joined by two Fellows in June. 13

Research highlights include progressing the second phase of Rethinking Relationships, a multi-museum collaboration led by the Pitt Rivers to develop and adapt museum practice to build trustwith communities and improve a￿$StO collections from Kenya, Tanzania, Ghana, Nigeria and Uganda. Our joint Egypt review project wtth University College London (UCL) is ongoing, with outputs informing many areas of our practi￿. including Collections, school sessions, and new inten/entions in Horniman's Vision. A new collaborative doctoral award PhD on west African masks and perfonnance commenced in partnership with University of Arts (Wimbledon School of Arts). Knowledge shared with us by Indigenous and community partners is being fed back into our own practice - informing our approach to the care and use of objects in our Accessioned and Handling Collections, and updates to our Human Remains Policy. 2.2 Natural World The Nature + Love project remained a priority for rnany tearns during 2024125. This multi- million-pound project is designed to connect wider audien￿$ with the environment and nature and will transfom the Natural Hislory Gallery and two neglected areas of the Gardens. Our project team, made up of intemal staff and a range of extemal architects. designers, consuttants and suppliers, have continued to work hard on the project. Our curatorial and collections teams successfully decanted the Gallery by September 2024 and then moved on to the development of case layouts, text. graphics. AV l interactives and interpretation for the new areas,. finalising object selections; object conservation arKI mount-rnaking,. and supporting the co-development and delivery of several areas of the new gallery with schools and communities. In addition. the curatorial team delivered contenl and interpretation for the new Natural History pop-up in the Studio and are involved in the development of a MAGNET (Museums and Galleries Ne￿Ork for Touring Exhibitions) exhibition. Human Natures, which will tour to the Homiman in 2027. We have made good progress on the Nature + Love Activity Plan, including new volunteer- led nature themed activities indoors and OLrtdoors. outreach focused on young people and families, co-producing content with primary and secondary schools for the new gallery, and ongoing consultation with communities. subject matter experts and critical friends, to support the development of the new spaces and activities. The Living Collections team continued to manage the Aquarium. Animal Walk and Butterfy House venues and behind-the-scenes coordinated multiple successful coral and sea urchin spawning events, embryo rearing and coral grow out in 2024. The matenal from these have been used to support the following exlemal research projects: collecting video data of the coral laNae to observe their movements during settlement periods. the use of larvae to explore questions about the evolution of the nervous system; the use of time-lapse imagery to investigate methods for stimulating enhanced larval settlement, and pink sea fan research, examining the impacts of temperatu￿ on lanrfal duralK)n. In addition, a new collaboralion with Tullis Matson. Founder and Chair of wildlife biobanking charity Nature's SAFE saw us cryopreserve coral spem from iwo Australian species. A subset of these were successfully thawed and Europe's first cryo coral juveniles have been crealed. 14

The Gardens tearn continued to manage our 16 acres of gardens. focusing this year on preparation for Nature + Love construction work on site. decanting their existing nursery to a temporary poly tunnel and worked closely with contractors to ensure the new glasshouse designs meet their needs. They also developed new planting around the Sunken Gardens. removing the Buxus hedge to make way for a new planting of stew)ver apple trees. The Gardens also received a London in Bloom gold award and overall winner in the Heritage Parkl Garden category. the fourth consecutive time that we have won gold and best in category since we first entered the competition in 2021. 2.3 Musical Instruments Our work on music programming included SUp￿)rt for the final live events for the first cohort of Musicians in Residence, and recruiting and supporting the second cohort's residencies. Hear it Livel drop in perf0mlan￿S presented a wide range of live music - from work in progress from our Resident Musicians to 181h Century Latin American music and an acoustic performance of Afrobeats and Amapiano. Instruments featured included virginals, harpsichord. sitar, tabla. guzheng, conch. steel pans. and the rarely-heard Iromba marina. Hey juket￿xI our monthly Spotify plaWist and blog. encompassed themes linked to programming. annual events and Ihe music collections, including Indo-Jazz with public programme partner Da￿1rnerS. Pride, Brass Bands, Fusion; Sounds of Benin curated with WNDRLST. anger management, Black Hair Day in partnership with FACE, and staff-picked guitar music. We opened a pop-up display in the Music Gallery to complemenl the new Natural History pop-up in the Studio, and developed new interpretation for the Benin objects on display in the Music Gallery, which was unveiled in December alongside Ihe new Wodd Gallery displays. In September, 'Mouth of the Gods. a partnership with Border Crossings exploring 18th- century Latin American musical instruments and music. included an SCC visit exploring Andean objects with the Indigenous partners. a filmed tour of the Music Gallery and recorded Q&A for participating schools. and a Hear it Live! performan￿. Hear it Live! musicians are now taking part in Community Thursdays in the Hands-on Base after each performance. The team also supported GCSE Music day, which included a full day of schools. workshops, a Hear it Live! performance and a co-production session with Bantu Arts, participated in a careers, day for schools. arKI presented on museum careers to young people at a local job centre. We were pleased to host a Clore Fellow. Kim Sykes. to cary out a review of our music programming and develop a strategic approach and recommendations that will inform programming in 2025126 onwards 2.4 Handling Collection We added c.140 new acquisitions to the Handling Collection this year, including a range of objects acquired in partnership with critical friends from Benin City as part of the development of a new 'African Kingdorns. V￿rkshOp. and a large donation of fossils received in late 2024. We also engaged 328 leamers through object loans. 2.5 Soclal Practice 15

THE HOANIPlhNPUBUC w￿UmAN0 PARK IRU5T ANWL REPORT& CONSOLDAIEOACCOUNrs ioi47s The %, ￿, Tea exhibition was shortlisted for the Museums + Heritage Awards exhibition of the year in the under £80k category. The extemal exhibition evaluation was incredibly positive. Co-curators felt the project was delivered with care and awareness of their wants and needs. Visitors felt that the exhibition was infomative. appreciated seeing a multitude of perspectives and cited that our approach was 'brave'. The legacy of this exhibition, which is so central to the founding story of the Homiman. has included language tours in Mandarin and Cantonese which will ensure the exhibition content continues to be accessible to the Sour￿ and diaspora communities that played a role in its development, ongoing programming including talks and tea tastings. a publication and symposium with the University of the Arts., research and translation to improve our knowledge and use of the Homiman's Chinese collections., acquisrtions include the Accessioned Collection. and plans for a redevelopment of the Homiman's Vision display. A piloi project on Community-led Collecting, intended to inform our future approach to collections development, commenced with a focus on Caribbean collections in the new Natural History Gallery. A new work has been commissioned from British Bajan artist Christina Peake, and two community co-curators are creating a permanent display for the gallery relating to Caribbean diasporic experiences of living with nature. A second display is being co-curated with members of the London-based Tibetan community, exploring ecology, Buddhism and decolonisation. The Decolonisation Working Group identtfied a priority list of actions. which are being implemented, including updated interpretation for the Blue Earth and Fante Flag displays in the Wodd Gallery and a strand of work focusing on the deconsecration or respectful treatment of spiritual material. We continue to share our practi￿ in this area widety. including interviews with Museums Association and Leicester University. conference presentstions. and visits from many sector peers. 3.0 Shaping the future We will effectively manage our resources and become more financially resilient so that we can continue to develop arKI share our collections. estate and expertise for the widest possible public benefrt. a. Fundamental to our plans to make the Homiman accessible to all audiences is our work to diversify our own staff and volunteers. This issue is the foremost one being addressed by our Equity, Diversty and Inclusion Working Group. which has specific annual targets. We will support the People of Colour staff neiwork, the LGBTQ+ network, and the Staff Wellbeing group and initiatives, and recognise and celebrate the contribution of our volunteers. We will nurture the next generation of museum professionals through careers days, work experience and student pla￿mentS. as well as our joint MA in Anthropology and Museum Practice with Goldsmiths. University of London. b. During this plan period we aim lo achieve a signfficant Inc￿aSe in eamed income across our commercial and fundraising wot*streams. We will revitalise our membership and benefactor programmes, building an increased philanthropic revenue stream alongside our current work with trusts, foundations and other instttutional funders. This will include the launch of a legacy scheme and the introduction of commercial partnerships. During 16

THE HORMNAN PLMLK MUSWMAND PUWC PAPXYRi8fANNUAL AVOKT ACON50UDATED ACcI￿NTS 102415 early 2026 we will launch a children's café as part of the Nature + Love project, while growing our event delivery and hire businesses. c. Our staff are involved with many networks supporting the sector and the local community as trustees, govemors and mentors. The past few years have seen the Homiman speaking authoritatively as a local, global and sector leader on environmental activity. Ironically, though. our environmental performance requires improvemenl. particularly regarding carbon reduction. so we will place a new focus on action lowards achieving net zero. We will implement practical steps across the organisation to reduce our carbon emissions and pollution and increase the biodiversty of our site. sharing our successes and failures in line with our resp)nsibility to give a sense of agency to our visitors and local communty. d. During 2024125 the Homirnan Museum successfully achieved Cyber Essentials accreditation. due to the hard work and efforts of the IT Team. led by the Head of Infomiation Technology.. Thomas Dakin. We will continue to implement our infomation technology and digital transformation strategy by ensuring that staff across the organisation are equipped with the right systems and security for them to function in the most efficient and secure way. The continued development of upgrading our systems network and software will further strengthening the organisation's general IT infrastructure. 3.1 Income generation 3.1.1 Commercial Activity managed through the Homiman Museum and Enterprises {HME) and comprising retail. catering and venue hire generated a gross tumover of c. £571,454 and a net profit of c. £164.021. The retail offer achieved £295,651 in net sales and visitor catering delivered £161.429. Net profit was down on the prewous year for several reasons. the most impactful being lower visitor numbers and therefore lower secondary spend across café and retail spaces. The new caféoperator. Colicci. who was appointed and began trading in March 2024. undertook extensive improvements to the café space, which included a six and a half week closure for the fit out. The café is now a much-improved Spa￿ for visitors. Towards the end of the financial year, we have seen a strong performan￿. Addttionally, an unsuccessful round of recruitment fora Head of Commercial resulted in the post being vacant for 9 months, which impacted the team's resourts lo deliver additional commercial opportunities. This tM)St has now been filled. Venue hire significantly exceed targets which were set low, anticipating that primary qpaces torweddings would not be in use due to Nature + Love capital works. However, project delays freed these spaces up and although longer lead bookings such as weddings could not be secured in the timeframe, new income slreams were developed including the introduction of funerals, alongside wakes. Contracts were signed with two additional new caterers to the Horniman, to offer greater choice and variety. The Homirnan Market continued throughout the year and provided a robust, year-round baseline income. and our mini golf partnership with Urbancrazy resulted in a modest profrt. 3.1.2 Charitable activity Charitable activities generated income of £1.4M, which was slight below target and last year. This was as a direct result of lower visitor numbers due to the Nalure + Love construction project. Of this total Admissions and Gift Aid income was £800K. 17

By the end of March 2025. we had a total of 6,041 members. T.his was a 20/0 increase against last year and, a considerable achievement, given the decrease in visitors to the Horniman overall. 2,363 new members were registered over the year. and the retention rate was 620/0 (up from 560/0). In January 2025 we introduced papedess Direct Debits. The total income generated through memberships was £436K. Income generated from Schools programmes was £66K and Events programmes generated c. £92K in addition to encouraging sKJnificant secondary spend on event days. 3.1.3 Fundraising The primary focus of fundraising aclivity during 2024125 was on raising funds for the Nature + Love capital project, which is due for completion in 2027. With the lead grant award from the National Lottery Heritage Fund" capital support from DCMS. support from generous individuals and several major funders and donors. the total received by the end of 2024125 was £2.6M. Nature + Love grants and awards received during the year with thanks from Bloomberg Philanthropies. Finnis Scott Foundation. Foyle Foundation.. Garfield Weston foundation, National Heritage Mernorial Fund. The 29th May 1961 Charitable Trust, and Veolia Environmental Trust. The initial tsrget for the fundraising campaign was to raise £1.6M in addition to the Lottery and DCMS funding. This has been exceeded as the team have stepped up to keep pace with the rising project costs which have increased by over £3M since the outset. The largest income stream has again been the grants income, and we are very grateful to the many trusts who have supported our projects in the year. Cash income from multi-year grants to the value of circa £200K has continued lo be received and accrued. while the value of new grants secured during the year had dropped to £62K. A Digttal Accelerator grant of £150K from Bloomberg Philanthropies thal had been ant￿Ipated for the annual budget has been allocated with their agreement to Nature + Love. We have received no legacy gifts during the financial year, but in March 2025 we soft launched a legacy giving campaign and have partnered with Octopus Legacy to provide a f￿e will writing service, which encouraged those using the service to leave a gift to the Horniman. While no legacies were received in 2024125. pledges were confimied by eight supporters ahead of an official launch event of Ihe Legacy Giving Carnpa￿n in April 2025, hosted by Trustee.. Diana Maine. 3.2Climate and Ecology Action We continued to deliver on our Climate and Ecology Action Plan to support the delivery of our Climate and Ecology Manifesto. HighlTrghts this year have included a successful application to the Public Sector Decarbonisation Scherne Phase 4, to decarbonise our Butterfiy House and the CUE building over the nexi three years. A new Climate Resilience Officer was appointed in March 2025, and Ihey have already carried out an overview of our energy usage across the site, developed a focused set of actions to reduce energy consumption and a set of strategy documents lo infom areas of our operations such as procurement, travel and clirnate adaptation. We continued to deliver to our Environment ChampTrons Communty a quarterly newsletter. to over 3.674 subscribers. We organised ￿0 Climate and Ecology outreach projects on council estates, in partnership with the National Trust, and delivered outdoor nature activities 18

to increase awareness of local biodiversty and link up with food growing activities in the Lewisham Refugee and Migrant Nefv40rk (LRMN) garden. In addition, photography and bird box building projects were delivered at a youth club on the eslate in the winter. We continued to deliver cathn literacy training to our staff and volunteers and have now trained over 200 people. 2024125 2023124 2022123 2021122 Electricity Kwh 1.193.195 1.304,201 1,219,102 1.187,472 Gas Kwh 1,303.468 1.224,275 1.297,378 1,080,059 Water• (cubic meters) Total waste Tonnes 9.622 8,305 9.418 6.373 67.9 80.0 73.0 100.2 Recycled waste Tonnes 31.9 33.0 23.3 33.0 Avera£e 0/0 recycled waste 42/ 32.6/ 27.5 / Green waste tonn¢s of which Fcrt)d waste Green waste dats not availabl¢. Focwj waste. 3.8 ionnes. 12.55 3.87 12.55 2.42 Food waste stopped being collected in October 2023 as the compost area needed repair and has reduced capacity. From February 2024. the Café food waste was collecled by 8waters. an extemal supplier, and this is reflected in the total. "Water is now measured accurately. The meter was changed at the SCC. 3.3Digitsl Transfonnalion The scope of our digital transfomation ambitions covers technology and infrastructure, systems, data, content, audience development and collections. We have prioritised cybersecurity and have successfully achieved Cyber Essentials accreditation. A new recruitment tool has been developed to enhan￿ and automate the candidate recruitment process. This aLrtomated advancement to the HR system has not only improved the recruitment administration process. but has also improved the candidates, experience of applying for jobs through the Homiman website. We will continue the development of our intranet and websrte. We will be seeking to upgrade our CRM and Box Office system. to further improve the efficiency and effectiveness of the user experience. E-Learning courses are being developed on our digital training platform. to improve digital literacy. skills arKI knowledge across the organisation. 3.4Sector support and collaboration- national and international Our support for the sector has included loaning objects. providing advice and organising seminars and conferences. 19

We are leading the second phase of the Museums and Galleries Network for Exhibition Touring (MAGNET 2.0), which is running for th￿e years with funding from ACE'S Touring fund and Art Fund. A 12-member network of museums and galleries are woling resources, developing their curatorial expertise and sharing their collections with diverse national audiences through 3 new co-curated touring exhibitions.. Gender Stories, Colour and Human Nature. The programme is supported by a partnership with TEG (Touring Exhibitions Group) to deliver training for partners and build skills across the sector. Throughout the year we managed and maintained loans out to 5 organisations including the British Library. Wilberforce House. Hull., Histonc Royal Palaces. London; HBOS Museum on the Mound, Scolland and the National Portrart Gallery. Due to the Nature + Love project. the number of loans out that could be accommodated during the year had to be reduced. Homiman staff provided advice to a wide Tange of sector-based organisations acros5 the UK, acting as chairs, trustees. members and leaders of Subject Specialisl Networks (SSN) and providing resources for these groups to hold workshops and best practice seminars. Our staff provided advi￿ in a￿a$ such as youth and volunteering programmes. environmental education, aquarium and zoo management, marketing, commercial, digital and curatorial development. Our leadership role in the fflusic sector continued with our support for the Musical Instrument Resources Network; a group co-fouThJed by our staff in 2016 with more than 200 UK and intemational members. 3.5 Key supporters The Homiman received CO￿ funding from DCMS. In 2024125 the Homiman received £5.087M fundiThJ from DCMS including £964K replacement ACE National Portfolio Organisation funding. We also received an additional £1.852M of funding from DCMS for Public Bodies Infrastructure Funding (PBIF) for significant building repairs and maintenance. The Board of Trustees are most grateful to DCMS for the continued support. Voluntary donations Voluntary donations. grants arKI the support of our community play a vital part in supporting the care of our collections and gardens as well as providing services, activities and enabling future projects. The Chair and Trustees are especially graleful to the following individuals and organisations across the Homiman community fortheir support overthe past 12 months: Gifts rants and s Art Fund Arts Council England Basecamp Research Bloomberg Philanthropies Department for Culture, Media and Sport nsorshi Eversley Charitable Trust Esmee Fairbaim Foundation Goldsmiths University of London Hamish Parker Charitable Trust National Heritsge Memorial Fund We are grateful to the following funders vtho have given or pledged support for our Nalure + Love project: Bloomberg Philanlhropies Fidelity UK Foundation Finnis Scott Foundation National Lottery Herilage Fund Oak Foundation The 29th May 1961 Charitable Trust 20

Foyle Foundation Garfield Weston Foundation Kusuma Trust Veolia Environmental Trust Wolfson Foundation We are particularly grateful to the following individuals who have supported our work over the past year: Alyson and David Elliman Andrew Rutherford Anjte Erhlich Anna Harford Brian O'sullivan Calum Wyatt Carole Souter Charles Wynn-Evans Charlotte Rooney Daniel and Anja Bailey David Hewitt Edward Hales Eric Roper Erica Perry Fiona Clemenls Frances Carey Gareth Price Gavin English George Loudon Hamish Parker Charttable Trust lan Tollett and Jessica Matthews Isabel Hodson Jo Porter Joanna Kay John Coulthard John Firmin Joseph Mccaig Kate Stevens Marqret Carey Mary Kempson Mayowa Ochere Nicholas Merriman Paul Brand Penelope Jarrett and Oliver Kerr Peter Baldwin Peter Head Peter Micklethwait Philippa and Mai-Ling Bosman-savage Rachel Coldicutt Richard Blurton Richard Davies Rob Salter-church Rosie Jackson Sally and Michael BridgelarKJ Sally Babi Samantha Riches Sandra Pepperell Sara and David Hanna-Grindall Sarah Homiman Sarah Mahomed Ross Scott Keir Simon Edwards Simon Granleese Simon Hesketh Stephen Dimon Stephen Whittle Thomas and Rumana Bennett Victoria Appleby Virginia and David Heam We are particularly grateful to the following individuals who have supported our Natur8 + Love campaign over the past year. Adam Hills Adam Maddison Alyson and David Elliman Andrew Parkinson Carole Souter David Cousins Diana Maine Edwna Sassoon Helen Ganiaris lan Morgan Marianne Rasmussen Martin Stott Maura Maclntosh Paul Hanley Paula Thornas Pauline Johnson Robert Crawford Rosamund Sykes Sara Hanna-Grindall Sarah Mahomed Ross 21

James Foreman Janet Vitmayer Jean Wyld John Piper Linda Sandino Lynne Pacanovtski Sophie F￿ernan Terence Buxton Timothy Simons Usman Hussain William Parker Charles Wynn-Evans We are also grateful to the following for the support in kind they have shown the Homiman.. Aperture Pet Google Niwaki We would also like to thank the many other supporters who gave to the Homiman Museum and Gardens, including those who gave commemorative grfts and those donors who wish to remain anonymous. 3.6 Staff and volunteers 3.6.1 Human resources policies We are committed to following good employer praclice in relation to our staff. Our employment px)licies and practices are developed to enable us to deliver against our objectives. comply with relevant employment legislation and public sector standards as well as valuing arKJ recognising the needs and contributions made by ouremployees. OUrAc￿sS Advisory Group advised the Human ReSoU￿S team on their new plans for inclusive recruitment. The diversity of our workforce is central to our values and the delivery of our objectives. We believe that maintaining a diverse workforce plays an important part in ensuring the diversity of our audiences. We aim to ensure that the diversity of our workforce reflects the diversity of the job markets from which we recruit. In 2024125 our workforce included 250/0 Staff from ethnic minorities aThJ 120/0 of the workforce disclosing a disabilty. We give great importance to supporting our slaff both to help Ihem develop and to achieve improvement in their performance. We aim to treat all our employees in a fair and consistent manner, promoting good working relationships and encouraging high standards of conduct and work perfomance. We aim to provide a healthy workplace where risks are effectively managed, together with fair rewards and conditions of employment. The average number of days of sickness per employee during the year was 7.9 (7.7 in 2023124). This compares with 7.8 days nationally in 2024. The Homiman recognises the GMB Union for collective bargainirKJ and there are regular meetings be￿een management and trade union ￿presentatives. The Health and Safety Committee meets quarterly and provides a forum for consultation, discussion, review. dissemination and escalation of health and safety issues and includes management and union represenlation as well as staff representatives nominated on behalf of their workgroups. 22

THE ￿>AmmAN rtJèUC MU5EiM ANO Pl￿￿c PARXTRLOT ANWUALREI¥)RT& CCW5tXDATÈDACtOUNTS102415 The Wellbeing Group continued to meet during the year with the aim of operating as a constructive participative group. sharing responsibility for ensuring the health and wellbeing of our staff is fully discussed and actions taken. The three key general areas are as follows: Workload and working conditions and environment Mental Health First Aid Activities, events, social opportunities and training Any staff member can atterKI the Wellbeing Group meetirvJ, however there should be at least two representatives for each of the three key areas agreed to facilitate the discussion, agree actions and take forward. 3.6.2 Volunteering, work experience and apprenticeships 2024-25 has seen us maintain last yearfs increase in volunteering hours. Overall, 209 volunteers supported activity across the Museum, Gardens and SCC (210 last year), with a total contribution of 12.839 hours (up from 12.596 the previous year). We are well on track to exceed ourambitious Nature + Love targets forvolunteering by March 2027. To support volunteers engaging with visitors on the themes of Nature + Love. we developed and rolled out training on 'Confident Conversations about Climate Change,, with the development and facilitalion support of Iwo volunteers. both with teaching experience and an avid interest in climate change and its irnpact. Conversations about the climate are increasing as the Nature + Love programme becomes more visible to visitors and volunteers have appreciated the opportunty to develop their confidence. knowledge and understanding. The contribution of our inaugural communications volunteer in the volunteering team was recognised by her university. London School of Economics, when she won their prestigious Volunteer of the Year award. In June, we celebrated and thanked all our volunteers with various activities, including a garden-themed tea party. Surveys with volunteers and supervisors, and with consultation with Section Leads in October and November gave insight into the volunteer experience. We were particularly pleased to hear that volunteers reported a high level of satisfaction with Iheir volunteering experience, and 100°/o felt proud to volunteer atthe Horniman. Findings from the survey, intemal consultation and data gathering have informed new strategic objectives for volunteering for 2025-2027. 3.6.3 Whistleblowing arrangements The Horniman Museum is committed to conducting its business in a responsible way and to ensuring that the public interest is safeguarded. Arrangements for whistleblowing are set out in the staff handbook. which is available to all stsff. The Museum encourages its employees to raise legitimate concerns in a responsible way. where they believe that there has been some fomi of malpractice and recognize that employees are protected by law from detrimental treatment arising from making such disclosures. Concems should nomally be raised in the first instance with line management, bul if not appropriate or satisfactorily dealt with, may reach out to the Director of Finance and Corporate SeNices, the Chair of the Audit & Risk Committee or in exireme cases, to the Head of Museums al DCMS. No such disclosures were made during the year. 3.6.4 Personal data There was no known or reported loss of personal dats during the year. 23

3.6.5 Fundraising regulation During 2024125 the Trust's fundraising staff undertook activities to raise money from trusts and foundations, businesses, and individual SUPF)Orters. These included writing bids and applications, cash and contactless collections on-site and the delivery of annual regular giving and In-memoriam schemes. We dKI not receive any complaints about fundraising activity this year. The fundraising department has signed up to the Fundraising Regulatorfs Code of Fundraising Practice, regularly reviews its Fundraising Ethics Policy and all our fundraising guidance and workirKJ practices have been updated so that they are compliant. All direct marketing is undertaken by the fundraising and communications teams to ensure that it is not unreasonably intrusive or persistent. All Trust marketing material contains clear instructions on how a person can be removed from mailing lists. 4.0 Investment Policy The organisation's MemoraThJum of Association gives the Trustees the power to 'invest the monies of the organisation nol immediately required for the furtherance of its objects in or upon such investments. securities or property as may be thought fit, but so that the organisation shall have no power to grant loans by way of investment otherwise than a commercial rate of interest and upon security bearing at ￿ast the full value of the loan,. Due to the dependence upon extemal funding, which frequenlly cannot be claimed until after the expenditure has been incurred. the Museum needs to maintain a hoh level of liquidity. The Museum also wishes to invest ethically within the constraint of the requirement for liquidity. The investment policy is therefore to invest surplus funds, above the amount needed for monthly working capitsl purposes. in instant access deposit accounts, tem deposits or other low risk investments with at least two responsible institutions. The objectives of the investment policy are to baEance: Meeting ethical standards High level of liquidity Maximum rate of retum at acceptable level of risk. 4.1 Reserves Policy The Trustees have considered the scale, complexity and risk profile of the Horniman Museum. and taken account of the fvnding base which consists of grant-in-aid from DCMS and self-generated income. The fomier has historically been reasonably foreseeable and a Frameworl< Agreement for 2025-2028 has been finalised with DCMS. Grant-in-aid funding for 2025126 was confimied in March 2025. Self-generated income is always liable to fluctuation depending on economic circUmstan￿S and visitor activity. The balance on Free Reserves (General Fund) is £2.6M. The Trustees have reviewed the level of Free Reserves and consider £700K lo be a minimum level to consider the annual operational experKliture, to deal with fluctuations in income, to provide adequate working capital, to underpin budgetary risks arising from capital expenditure projects, and uncertainties over the level of future fvnding. The surplus of £1.9M over the minimum is available to meet any potential deficits arising in 2025126 due to inflationary and cost increases above our public funding. This policy is reviewed on an annual basis by the Trustees as part of the corporate planning and budget process. 24

THE HOAMN￿ P￿LIc MU5EL4Y AND PWC PANX TRLSfmp￿L REPORT& c￿￿TED ACCOUP4fS 202*25 The FRS102 valuation of the pension fund as of 31 March 2025 showed a surplus of £3.122K compared to a surplus of £1,044K at 31 March 2024. This surplus has not been recognised in the Balan￿ Sheet in accordance with FRS102 as there is no unconditional right to recovery under the terms of the scheme. This improvement from the previous year is largely due to the significant increase in the discount rate and a decrease in the future inflation assumption. The FRS102 valuation is based on the triennial valuation at 31 March 2022, which showed an improvement in the level of funding of the scheme such that it is now fully funded. As a result, the Trust is no longer required to make any additional lump sum payments, but the future service rale has reduced to 14.40/0 (from 15.70/0). The next valuation is due as at 31 March 2026. The cate ones of Reserves can be summarised as follows: £'ooo 7,426 Capital projects fund: representing income invested in fixed assets. adjusted for de ciation Revaluation reserve.. cumulative revaluation surpluses and deficits Donated assets reserve.. representing fixed assets purchased from grants and donations restricted by virtue of specific conditions or legal restrictions, usted for revalualion and de reciation Other restricted funds: unspent funds restricted by virtue of specific condttions orle al restrictions Pensions reseNe'. representing the current FRS102 value of the pension fund deficit Desi nated funds for Museum Develo Free Reserves Unrestricted reserves over which there are no restrictions or specific future endin intentions 12.866 31,011 627 ment 1.546 2,604 Full details of these funds and their purpose are given in Note 25 of the accounts. 4.2 Prompt Payment Policy The Horniman Museum has adopted the Better Payment Practice Code and accordingly all contracts have complied with the Act. No interest payments have been made underthe temis of the Act. The Museum undertakes to pay bills, except for those under dispute. in accordance with the contract terms orotherwise within 30 days. During the year 760/0 (820/0 in 2023124) of invoices not in dispute were paid within 30 days or supplier tems (target 95C/40). 5.0 Principal risks and uncertaintles A risk management policy and framework are in place for managing business risks. which are identified and monitored for each area of operation. as well as for major projects and significant new activities. The Senior Management Team review these risks regularly during the year. Trustees review the major risks to which the Museum is exposed, and the measures taken to mitigate them. The principal risks are presently the impactof inflationary changes, UK govemment changes. consequences of war and political instability in other countries. as well as other global events. 25

THE HORhHMAN PUBLIC MU5É1M ANts PLlaUC PAAX TA￿TANNu1 REPOATI CON50LIDATEOACC4XINTS 20225 A further risk is around the capacity of ourworkforce to deliver the scope of projects outlined, particularfy in the area of capital works. The Nature + Love project will add a substantial workload to rnany teams across the organisation over Ihe next few years. This will need to be managed carefully to ensure other projects and day-tfrday activities do not suffer as a consequen￿. and that the v￿lIbeing of staff continues to be priorttised. The Pension Scheme continues to be an item of continued risk despite the fund now being in surplus, as the annual position is susceptible to significant changes in several factors, in particular the discount rate. which is dependent on the wider economic position. This is considered to be low risk as it is highly unlikely that any liability would crystallise in the foreseeable future and as current contributions are affordable and have been built into current plans. This risk ￿ll11 continue to be monitored by the Board on an annual basis. Structure, Governance and Management Governlng Document The Trust was incorporated on 29 De￿rnber 1989 as a company limited by guarantee and is governed by its Memorandum and Articles of Association. On 1 April 1992, following ihe abolition of the Inner London Education Authority, the Trustees. functions relating to The Homiman Museum and Public Park Foundation 1.the Foundation") were transferred to the new charity (The Homiman Public Museum and Public Park Trust) and the Irust property of the Foundation was vested in the new charity. to be held on existing trusts. under the terms of Statutory Instrument No. 437. In addition, the Statutory Instrurnenl transferred certain former local authority property to The Homiman Public Museum and Public Park Trust free of trusts. The Charity Commissioners have agreed that the Foundation may be treated as a subsidiary charity of the charilable company that administers the property of both charities. Forni of Accounts The Foundation has no income or expenditure of tts own. tts initial assets being the original endowment by Frederick Homiman. The Company administers the property of both charities on a combined basis, and the Trustees of the Charity consider it impractical to segregate the results of the two. Consequently, the Foundation has been treated as a subsidiary of the Charity and the results have been consolidated to represent their combined activities (described as 'Museum' in the accounts and notes). The colle￿lOn of exhibits given in the original indenture is considered inalienable. In additTron, the original property given under the endowment has been so fundamentally altered since 1901 that only an immaterial part of its carrying value relates to the original indenture property. The Trustees consider that the costs of establishing a separate value for this property would be onerous compared to the additional benefits. This entire property is therefore, included in the value of the Museum's freehold properties and is held as part of Designated Funds (Capital Projects Account). Homiman Museum Enterprises Limited, a wholly owned subsidiary. began trading on 1 April 2005 and its results have been consolidated from thal date. Corporate Governance The Board of Trustees, which meets at least quarterty. is responsible for the charity. There are up to 12 Trustees, four of whom. including the Chair, are nominated by the Secretsry of State for DCMS. They serve for a four-year term. after which they may be re-elected for a further four years at the Annual General Meeting of the Trust. In addition. during the year a Board Apprentice was apFrf)inted under the UK Boardroom Apprentice Programme 2025 for a period of one year. 26

Induction programmes are arranged for all newly appointed Trustees covering the work and governance of the Homiman and their restK)nsibilities as Trustees. In addition. regular briefings on the work of the Homiman and the challenges tt faces are scheduled to coincide wrth quarterly Trustee meetings. None of the Trustees has any material interest in the chanty or any company directorships or other significant interests that may cause conflict with their duties as Trustees. A notice of where the Register of Trustees, Interests can be viewed can be found on the Trust's website at w￿.hOM1man.ac.Uk. Trustees re￿1ve no payment but may claim travel and subsistence expenses for attending meetings. The Board of Trustees has established an Audit & Risk Committee to support them in their responsibilities relating to risk control and govemance; including the review of the comprehensiveness. reliability and integrity of assurances required by the Board and Accounting Officer. This includes the detailed perusal of the Annual Accounts and consideration of Intemal Audtt Reports. The Remuneration Committee constdered matters relating to the remuneration of the Chief Executive and make recommendations to the Board thereon. The Capital Projects Board considers matters relating to the execution and monitoring of capital projects and reports progress to the Board. The Restitution and Repatriation Sub-committee considers requests made by third parties for the restitution or repatriation of any obiect(s) in the Homiman's collections. The Chief Executive is appointed by the Board and has delegated authority, within the terms of delegation approved by the Trustees, for operational matters. The Chief Executive is also the appointed Accounting Officer and as such is responsible for the proper use of the grant- n-aid given by DCMS. Homiman Museum Enterprises (HME) Limtted is govemed by its Board of Directors, which meets quartedy. The￿ are currently four Directors, one of whom. including the Chair, is appointed by the Board of Trustees. The Chair has the casting vote. The Directors serve a four-year tenn. after which they may be re-elected for a further four years. The company has taken advantage of the exemption available to small companies not to have an AGM. AII profits of the trading subsidiary a￿ gift aided annually to the Trust through a deed of covenant. The Trustees, Report has been approved by the Board of Trustees and signed on their behalf: Michael Salter-church Chair Date: 24 July 2025 Gordon Seabright Accounting Officer Date.. 24 July 2025 27

Remuneration Report The remuneration of all staff employed by the Homiman, except the Chief Executive, is reviewed on an annual basis within the terms of an annual pay remit agreed with DCMS which tskes account of business needs. pressures and affordability. The Remuneration Committee is a subcommittee of the Board and is responsible for considering matters relating to the ￿muneratIon of the Chief Executive and making commendations to the Board thereon. Details of membership of the Remuneration Committee are included on page 1 of the Report. The Remuneration Committee may also consider matters ￿la11r￿j to remuneration of other senior staff if requesled to do so by the Board. as well as considering and advising the Board on the general ternis of any pay settlement proposed for staff as appropriate. The Chief Executive's performance is assessed on an annual basis against objectives agreed with the Chair of the Board of Trustees and a bonus is calculated on the basis of the performance achieved. The Chief Executive is a member of the London Pensions Fund Authority Scheme on the same terms as other employees. A new Chief Executive was appointed on 17 June 2024, so the rernuneration of the new Chief Executive is not included in the March 2024 prior year figures. The salary and pension entitlements of the Chief Executive were as follows: 31 March 31 March 2025 2024 Salary Non-consolidaled bonus £120.(M)0-£130,000 £110.000-£120.000 £11,781 £120.000-£130.000 Total rernuneration £120.000-£130.000 £24.655 Median total remuneration £26,902 Ratio to Median remuneration The remuneration of the other members of the Senior Management Team is detennined as part of the annual Pay Settlement to all staff which is negotiated with the GMB Union. They are also members of the defined benefit pension scheme on the same tem)s as other staff. Michael Salter-church Chair Date: 24 July 2025 Gordon Seabright Accounting Officer Date.. 24 July 2025 28

WORMMAN PUBUC MLSEL*IAND PARK TRlsTU4￿ P￿￿T • COWUDAT8)ACCOUNTS 102&15 Statement of Trustees. and Chief Executive's Responsibilities The Trustees are res￿nsIble for preparing the Annual Retx)rt and the financial statements in accordance with the Companies Act 2006 and the Accounts Direction issued by the Secretary of State for DCMS, with the approval of the Treasury, and for being satisfied that the financial statements give a true and fair view. The Trustees are also responsible for preparing the financial statements in accordance with United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounts'ng Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the income and expenditure of the group for that period. In preparing these financial statements, the Trustees are required to: observe the Accounts Direction issued by the Secretary of Stale. including relevant accounting arKJ disclosure requirements. and apply suitable accounting policies on a consistent basis make judgments and estimates on a reasonable basis state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slatements prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that show and explain the charity's transactions. disclose with reasonable accuracy at any time the financial position of the charity, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and deteclion of fraud and other irregularities. The DCMS Accounting OffI￿r has designated the Chief Executive of the Horniman Public Museum and Public Park Trust as the Accounting Officer. The relevant duties. including responsibility for the propriety and regularity of the public finances for which the Accounting Officer is answerable and for the keeping of proper records. are set out in the Non- Departmental Public Bodies, Accounting Officer Memorandum, issued by the Treasury and published in Managing Public Money. Financial statements are published on the chariWs website in accordan￿ with legislation in the United Kingdom goveming the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the group's website is the responsibility of the Trustees. The Trustees, responsibility also extends lo the ongoing integrity of the financial statements contsined therein. 29

Audit informatlon In so far as the Trustees and Accounting Offi￿r a￿ aware: there is no relevant audit infonnation of which the charitable company's auditor is unaware" and the Trustees have taken all steps Ihat Ihey ought to have taken to make themselves aware of any relevant audit infomiation and to establish that the auditor is aware of that information. Michael Salter-church Chair Date.. 24 July 2025 Gordon Seabright Accounting Officer Date: 24 July 2025 30

Governance Statement Scope of responsibility As Accounting Officer and Trustees of the Homiman Museum and Gardens. we have responsibility for putting in place and maintaining proper a￿angernentS for the govemance of the Homiman's affairs together with a sound system of intemal rA)ntrol that supports the achievement of the Homiman's policies, aims and objectives, whilst safeguarding the public funds and assets for which the Accounting Offi￿r is personally responsible, in accordance with the responsibilities assigned in Managing Public Money and ensuring compliance with the requirements of the Management Statement and Financial Memorandum. The purpose of the governance framework The govemance framework comprises the systems and pro￿sseS by which the Homiman is directed and controlled. It enables the Board to monitor achievement of its strategic objectives. The system of intemal control is a significant part of that framework and is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives" it can therefore only provide reasonable and not absolute assurance of effectiveness. The system of intemal control is based on an ongoing process designed to identify and prioritise the risks to the achievement of the Horniman's policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently. effectively and economically. The governance framework has been in place throughout the year ended 31 March 2025. The govemance framework The Corporate Governance Code is approved by the Boa￿ and outlines the way in which the Trust directs and controls the Museum and Gardens. The Truslees, Code of Practice outlines Trustee responsibilities. The key elements of the systems and processes Ihat comprise the Homiman's goveman arrangements are as follows: A Board of Trustees, which meets at least quarterly to focus on the strategy. policy and direction of the Trust. This includes agreeing a corporate plan which is updated annually, setting key performance indicators and reviewing the major risks. 31

ThE 140RhMM4N AJOLt MUSEiTrI AND11J￿e PMThU5TAWJAL RWOKT• CQNSOUDATK•AttCXJNTS 102*2S An Audit & Risk Committee, vthich meets three times a year to support the Board in their responsibilities relating to risk control and govemance, including detailed perusal of the Annual Accounts and consideration of Intemal Audit Reports. A Remuneration Committee. which makes recommendations to the Board on matters relating to the Chief Executive and other senior management remuneration and remuneration policy as required. The Chief Executive. who has responsibility to the Board for the overall organisation. management and staffing of the Trust and for its procedures in financial and other matters. The Chief Executive is also designated Ihe Accounting Officerf. by DCMS. The Accounting Officer is responsible for managing risk and ensuring that an effective system of internal control is maintained and operated within the Homiman The Senior Management Team supports the Chief Executive and is also responsible for the management of respective a￿a$ of ￿SponsIbl111Y within the Trust and thus for the delivery of programmes and policies in those areas. The line management structure flows through to the Heads of Department, who are responsible for budgets and staff in their areas of work as well as for delivering their agreed outputs. The Board adheres to risk management principles and practices, including the five principles defined in the Orange Book- The Senior Management Team maintains a key risk register which is reviewed and updated at least quarterly, with key changes reported to the Board. The Senior Management Team normally meets weekly and will discuss any changes to the risk profile. making changes to the register when deemed appropriate. A business risk management framework through which Heads of Department and project managers are also responsible for managing risks and maintaining key risk lists for their areas of responsibility, which are u￿jated at leasl quarterly, reviewed by the Senior Management Team. Periodic risk awareness training is given lo senior managers and departmental managers Risk is also integral to managing projects. and when making changes to existing processes and ways of working. and where decisions are made. The Audit & Risk Committee review the risks and provide an independent view on the Museum's risk profile. and make recommendations to improve the mechanisms for identifying, assessing, managing and recording risks. Management and the Board consider the risks when they evaluate organisational performance, when they make deciS￿ns. including who (and how) they work with other organisations. The Museum has a broad set of data and information sources which help lo calibrate the risk profile and provide an objective assessment of risk. Risks are framed in tems of the risk of not achieving organisational objectives, and the protection of collections and other assets. people. academic or institutional standing, visitor experience and financial resilience. A system of delegation accountability. which includes comprehensive systems for budgeting and control of expenditure and income which flow frofn the corporate plan which is agreed by the Senior Management Team. and reviewed and approved by Trustees. 32

A Health and Safety Committee which meets quarterly to consuft with employees. review health and safety practices and procedures, and address health and safety concems. A Safeguarding Committee which meets quarterly to ￿VIeW safeguarding practices and procedures and address safeguarding concems. The Chair is the Board lead for safeguarding. Policies and procedures for protecting the Homiman Museum. including an anti-fraud policy. anti-bribery policy, anti-tax evasion policy and vthistleblowing policy. Monthly reviews by the Senior Management Team and quarterly reviews by Trustees of financial reports which indicate financial perfonnance against budgets and longer-term forecasts. An Intemal ALKlit function whose primary role is to give the Accounting Officer and Trustees an indeperKJent and objective opinion on the Museum's risk management, internal control and govemance. The Homiman uses an extemally provided intemal audit service, which operates to standards defined in the Public Sector Intemal Audit Standards. The work of the intemal auditors is infomied by the analysis of risk to which the Homiman is exposed, and annual intemal audit plans are based on this analysis. The analysis of risk and the internal audit plans are drawn up in consultation wtth the Audit & Risk Committee and approved by the Board. In addition. risks, including infonnation risks. have been assessed under the Govemment's security policy framework. and proportionate controls have been put in place given our view of the assessed risks. The Homiman does not maintain any accounts or hold any funds. investments, donations or economic resour￿$ from the personslorganisations lisled in the latest HM Treasury Notice on Financial Sanctions, Russia. Review of effecliveness As Accounting OffI￿r and Trustees. we are responsible for reviewing the effectiveness of the Homiman's govemance framework. including the Corporate Governance Code and system of internal control. The Board periodically reviews its effectiveness and monitors Board attendance. The Board met five times during the year ended 31 March 2025 via video conferencing or in person. The Audit & Risk Committee is responsible for reviewing the effectiveness of both intemal and extemal audits. Both contracls are put out to tender every five years. The extemal audit contract was re-tendered during 2020121 and Moore Kingston Smith were reappointed. The internal audit contract was reviewed in December 2017 and BDO (formedy Moore Stephens) were reappointed to carry OLrt the work. The Cornmittee also carries out an annual ￿VIeW of its own effectiveness and reports annually to the Board. Our review of the effectiveness of audits is also informed by the work of the intemal audrtors. the Senior Management Team and departmental managers, who have responsibility for the development and maintenance of intemal control systems, as well as comments made by the 33

THE H￿NIllAN HJIUC MUSWM PARK YRu5rANP￿X RfPQAT&CON50UOArnACCOJNT5102*1S extemal auditors in their management letter and other reports. During the year, the following intemal audit reviews were undertaken: Estates Management. Audience Diversity. Core Financial Controls and Data Protection, as well as the regular annual report of assurance to the Accounting Officer on the systems of intemal controls. Recommendations made by the auditors to strengthen intemal controls in the 2024125 year have been implemented or are in the prO￿sS of being implemented by management. This year. Intemal Audit made recommendations to review and uOate supporting policies and documentation. Action is beirKJ taken to implement the recommendatbons. Annually, the Head of Intemal A￿lt provides an irKlependent opinion on the adequacy and effectiveness of the Homiman's system of intemal control together with recommendations for improvement: this is reviewed by the Audit & Risk Committee and reported on to the Board of Trustees. This year, the intemal audit opinion was Limited, stating that 'There is considerable risk that the system of intemal control. govemance and risk management will fail to meet management's objectives. Significant improvements are required to improve the adequacy arMJ l or effectiveness of govemance. risk management and intemal control." We have processes in Pla￿ to address any weaknesses identified through the review of our effectiveness and to ensure continuous improvement of the govemance framework. All of the infomiation indicates that the govemance framework has operated satisfactorily during the financial year. Michael Salter-church Chair Date.. 24 July 2025 Gordon Seabright Accounting Officer Date: 24 July 2025

HQRNIMAN MUC MU5ELW AND IIJ8UC PAPXTALsf ANMJAL REPORT & co￿[)A1￿￿￿C£￿J￿￿7SIOI￿?s Independent Auditorfs report to the members of the Homiman Public Museum and Public Park Trust Opinlon We have audited the financial ststements of the Homiman Public Museum and Public Park Trust (the 'parent charitable company,) and its subsidiaries (Ihe group.) for the year ended 31 March 2025 which comprise the Group Slatement of Financial Activities. the Group Summary Income and Expenditure Account. the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Untted Kingdom Accounting Standards. including Financial Reporting Slandard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclice). In our opinion the financial statements- give a true and fairview ofthe state of the group's and the parent charitable company's affairs as at 31 March 2025 and of the group's incoming ￿sOurceS and application of resources, including its income and expenditu￿. for the year that ended; have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice" and have been prepared in accordan￿ with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAs(UKI) and applicable law. Our resFK)nsibilities urKler 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 charitable company in accordance with the ethical requirements that are relevant to our audtt 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 eV￿ence we have obtained is sufficient and appropriate to provide a basis for our opinion. 35

Conclusions relating to going concern In auditing the financial statements, we have conduded that Ihe Tntstees. 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 rK)t identified any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the group's and parent charitable company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities atKI the responsibilities of the Trustees with respect to going con￿rn are described in the relevant sectrons of this rep)rt. Other inforniation The other infonnation comprises the information included in the Annual Report. olher than the financial statements and our auditorfs report thereon. The Trustees are responsible for the other infomation contained in Ihe Annual Report. Ouropinion on the financial statements does not cover the other infomation 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 arKI. in doing so, consider whether the other infomation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are ￿qUired to determine whether there is a 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. Opinlons on other matters prescribed by the Companies Aet 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Strategic ReFM)rt and the Trustees, Annual Report for the financial year for which the financial slatements are prepared is consistent with the financial statements- and the Strategic Report and the Trustees. Annual Report have been prepared in accordance wth applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understandirKJ of the group and parent charitable company and their environment obtained in the course of the audit. we have not identified material misstaternents in the Strategic Report or the Trustees. Annual Rep)rt.

THE HORwifuN PWC MU5EiAY TRUST￿4￿jALI1￿OlT& CON50UDATEDAccfJJNTS ￿241$ We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you rf. in our opinion: the parent charitable company has not kept adequate and sufficient accounting records, or retums adequate for our audit have not been received from branches not visited by us- or the parent charitable company's financial statements are not in agreement with the accounting records and retums" or certain disclosures of Trustees. remuneration specified by law are not made; or we have not received all the infomiation and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Trustees. responsibiltties statement set out on pages 30 and 31, the Trustees {who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied Ihat they give a true and fair view. and for such intemal control as the Trustees determine is netsssary to enable the p￿paratIOn of financial statements that are free from malerial misstatement. whether due to fraud or error. In preparing the financial stalements. the Truslees are responsible for assessing the group and parent charitable companls ability to continue as a going concem, disclosing, as applicable, matters related to going COn￿M and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or parent charitable company or to ease operations. or have no realistic altemative but to do so. Auditorfs 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. arKI to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit corNJucted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aqgregate. they could reasonably be expftr.tfid tn influence the ecorKJmic decisions of users tsken on the basis of these financial statements. As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintsin professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial ststements, whether due to fraud or error, design and perfonn audit procedures responsive to those risks, and obtain audit ewdence thal is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higherthan forone resu￿Ing from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations. or the override of intemal control. 37

THE HORNlPt4NIiffjUC PIiOEiIMAND PARK TALST￿￿11 AEFOKT& CONSCMJMTEDACC¢JJNTS 201*25 Obtain an understanding of intemal control relevant to the audit in orderto design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable company's intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. Conclude on the appropriateness of the Trustees. use of the going cOn￿M basis of accounting arid, based on the audit eviden￿ obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent charitable company's ability to continue as a going concem. Ifwe conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions a￿ based on the audit evidence obtained up to the date of our auditorfs ￿pOrt. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concem. Evaluate the overall presentation. structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit eviden￿ regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We a￿ responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report. We communicate with those charged with govemance regarding. among other matters, the planned scope and timing of the audit and significant audit findings. including any significant def￿lenCieS in intemal control that we identrfy during our audit. Explanation as to what extent the audit was considered capable of detecting irregularities. including fraud Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design prO￿dureS in line with our resFonsibilities, oullined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our prO￿dureS are capable of detecting irregularities, induding fraud is detailed below. The objectives of our audit in respect of fraud, a￿. to identify and assess the risks of material misslatement of the financial statements due to fraud: to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud. through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud Kjentified during the audit. However, the primary ￿SponsIbl111Y for the prevention and detection of fraud rests with both management and those charged wrth govemance of the charitable company. Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011. the Charity SORP. and UK financial reporting standards as issued by the Financial Reporting Council.

ThE HQRMM*￿ PUBUC MU5EiW AND PWC PAPX TRLsf ANNLIALRWRT Ik CoNK)U0AT￿ ACCCLWTS 202ts25 We obtained an understarKling of how the chaiitable company complies with these requirements by discussions with management and those charged with g0veman￿. We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur. by holding discussions with management and those charged with govemance. We inquired of management and those charged with govemance as to any known instances of non-compliance or suspected r￿n-COMpliance vlith laws and regulations. Based on this understanding, we designed specific appropriate audit prO￿dureS to identify instances of non-compliance with lav￿ and regulations. This included making enquiries of management and those charged with govemance and obtaining additional corroborats've evidence as required. There are inherent limitations in the audtt procedures described above. We are less likely to become aware of instances of non-compliance wtth laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Use of our report This report is made solely to the tharitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters which we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's rnembers as a body. for our audit work, forthis report, or for the opinions we have fomied. J-A LL• Date.. 22 December 2025 Neil Finlayson (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP. Statutory Audttor 6th Floor 9 Appold Street London EC2A 2AP 39

CONSOLIDATED STATEMENT OF FINphlcI￿ XTMTIES Incorporating an incomtt and èxpenditure account Ye¥ ended 31 2025 rKAe Umistricted Restrictèd Total Umèstrlcted Restrlcted Funds Funds Funds FurKIs Funds 2025 202S 2025 2024 2024 Totsl Funds 2024 roc¥J INCOME P14D EXPEN0￿uRE Inti￿ from Oonations and ach•s Grant in Ad NPO grxnt Other grants and ¢knabons Tdal Donations and legacEs Other Iradww actMbe5 6,939 1.291 1.334 1.291 8,273 1.549 1.549 6,126 7.675 619 619 tr)come fr(xn investmerts 117 10 118 Income from ctiafiiabfe actmbes 1.402 1.616 14 Total incon 9.118 1,294 10,412 8.557 1.573 10.130 Expendlture on Raising fvnds 1.015 19 1.034 1,137 1.173 Chanlat4e acb¥tss 7&S 8,497 7.191 750 7.941 T¢)tsl •Apenditur• 754 9,531 8,328 9.114 Net ineome 341 229 787 1,016 Tax8￿ credit 165 165 178 178 Net Inco $40 1.1)46 407 787 1,194 Net gwns m roval￿￿on offixed assets 17.18 {653) 976 17111 tuarial gains cr def￿￿ LEneft pensth scheme 367 367 N•t nwJvennt in fvnds 1.765 11141 1.651 1,750 76 F￿d baLances tYowJht foMd 31,751 54.434 1,926 31,682 52,608 Fur1 tfdnsfers 171 Fund balances carr￿￿ fonwd 25 24.448 31.637 %.085 22.683 31.751 CPèfatths cl th8 ¢￿￿￿ed 1hroL￿￿ tth 8ThY M operaticTh were 8cquirèd or di8e0ntinL￿d in either pe￿J. There are no futhr recoani5ed gaiis or k)sse5 current yew ¢x W￿l'r￿j yew a5 5tsted the statement of finar￿1￿ actThitw. The infomiation presented wrthin thè Statement ol Fin￿￿ knbes i8 eqLwalgM to that wouk1 to te discl)sed in an kncome and Ey4)en(liture P£ccxJnl aThJ ac¢c￿dIroty a separate hcome and E￿￿￿"tUre Ptcount is not wesented, as Fermrtted by Saetion 394 CompaThes kt 21Th. ￿ separate Ststemerrt of FinancAI ALtiwbes has bea) esente(J for the parent chanty as permW by seclDI 408 Ccnpanies ￿t 2LK6. amount ol the net income dealt with in the financi slatvnwts of the pawt clwity i5 £71￿(2024.. net £1.194KI. Th8 not8s cfi Pa￿ 43 to $7 form part of th858 1knar￿1￿ stalwn*rt5.

BPLPNCE SHEETS Company Regbstration NunJ?r: 2456393 31 March 2025 note Group 2025 Museum 2025 Group 2024 Museum 2024 rooo FLXED ￿sSETs Heritage assets Other tangible fwed assets htangible fixed assets v&strm$nt in subsidkary 16 17 18 13 576 51.937 63 576 51.937 63 576 49,915 75 576 49.915 75 52.577 52.577 50, CURRE￿ ASSETS st￿ks Debtors Current asset inNwtrments {￿e deF)sits) Cash 49 1.373 1.087 2,498 5,007 19 1.511 1.087 2.301 977 1,597 3.282 5.924 1,224 1,597 3,065 5,886 CREDffORS.' amounts fallmig due within ￿#r 21 1.499 1.397 2,056 2.024 NET CURRE￿ fvSSETS 3.￿13 3,862 cRED￿oRs.. amounts falliThJ due in more Ihan one year NET ASSETS ex¢lu(thng pensth liabihty 56,079 54,434 54.428 Pension liability 27 NET ASSETS including p8nsicn liability 56.085 ,079 54,434 54,428 REPRESEMtED BY.. RestriGted incofflg funds Unrestricted funds Revaluation reserve Pension reswè Total funds 31.637 11.581 12.866 31,637 11,576 12,8&8 31,751 10,53S 12,147 31,696 10,$85 12.147 25 56.085 56.079 54,434 54,428 These financia statements wwe approNpd arKJ authcyised for issue by Ihe Trustees on 24 July ￿25 Signed on aw of the Trustees chael SaItw-Chu￿h Chair cojnting Officer The note$ page$ 43 to 57 fomi part of these fmanck?I statements. 41

CONSOLIDATED CASH FLOWSTATEMENT Y•¥ ended 31 M•r¢h 2025 (￿P ￿seUM 2025 2025 rcK)o CCA)O C(Jp ￿S&￿￿M 2024 2024 £'coo Cash flow from operatlng xtlvltl•s: Nel cash prowde(I by C￿rating actswbès 1.367 19481 {1.048) Cash flow from investing aCti¥iti•s: kntèrest from inbwtrnwts 117 117 118 Pufchase of propwty, plant ￿1prnent 12.2481 12.2481 11,6011 {1.601) N•1 ¢￿h used In investlng acllvlties {2.1321 {2.1321 11,483) 1.483} I￿re•s¢ In ¢ash and eash ewlvalents In the Jtar (784) {7641 12,431) (2.5311 Cash and cash equ￿a￿ts at ts twrThig ofthe YEW 3.282 5.713 5.596 Cash and cash equ•valents at the end of the year 2.498 2.301 3282 3.065 ' Thè notes on p￿e$ 43 to 57 fum part of Ihese fmwcial stat￿n￿. 42

1. Accounting policies Basis of Accountin The financial slalemenls have been prePa￿d in accordance the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021. The Charitable group is a public benefit group for the purposes of FRS 102 and the￿fore il has also wepared its financial slalemenls in accordance with the Statement of Recommended pract￿ applicable lo charittes preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republ￿ of Ireland (The FRS 102 Charrties SORP} and the Charities Act 2011. The financial statements are prepared in steding. which is the functional currency of the group. Monetary amounts in these financial statements are rounded to Ihe nearest th(xJsarKI pounds. The Trustees have assessed whether the use of ihe going concern basis is appropriate and have considered possible events or conditions that might cast $1gnrf￿nl doubl on the abilty of the group to continue as a going concern. The Trustees have made this assessment for a penod of al least one year from the dale of approval of the financial statements. In partieularthe Trustees have considered the group's forecasts and projections and have tsken ?￿Ount of pressures on fundraising income. After making enquirEs the Trustees have concluded that there is a reasonable expectation that the group has adequate resources lo continue in operalional existence for the fofeseeable future. The group therefore conts.nues lo adopt the goin9 ¢on¢ern basis in preparing its financial stalemenls. Basis of consolidatK)n As explained in the Trustees. rewt the company administers the property of both the Foundation and the company on a combined basis and the Trustees consider il impractical lo segregate the results of the two. Consequently. consdidated accounts have been prepared for the Museum which includes the Foundation as well a5 the granl-in- aid account and restricted funds administered by the Museum. The accounts also consolidate the results of the wholly owned subsidiary, Horniman Museum Enterprises Limited IHME). The sulls of HME are consolidaled on a line-by-line basis. Income All income is accounted for on a feeeivable basis. Granl-in-aid from the Department for Culture, Media & Sport alloealed lo general purposes is taken to the income and expenditure accounl in the year it is reeeived. Other grant income is recognised as income when Ihe conditions for ils receipt have been mel. Legacies are credited lo income when Ihe Museum becomes entiued to income arKI there is certainty of receipt. enditur Expenditure is classrfied under the principal categories of cost of generating funds. charitable activities and govemance costs on the basis sel out below. Expenditure on raising lunds includes the direct costs and support costs of all aclivilies included in generating income. Charitable activities comprise drect expenditure and SUp￿t costs irtluding staff costs attributable lo all activities in furtherance of the charity'5 objeels. Direct costs have been all¢)caled lo an activity eost category where appropriate_ Items of expenditure which contribute lo more than one cost category have been app(Kiioned on a reasonable. Juslrfiable and consistent basis. Support costs represent governance costs and the staffing and asst￿lated costs of human resources. finance. eslales management, IT and general administrat￿n in supporting the operat￿nal programmes for which the charity is responsilAe. These have been all¢)cated to the relevant cosl area on the basis considered most appropriate lo the cost Involved, as shown in note 8. Depreciation, impairment losses and losses on Ihe disposal of r￿ed assels have been attributed in accordance wth the same prinCip￿e$. Fund accounlin General funds are available for use at the discretion of the Trustees in furtheranee of the general objectives of the Museum. Designated fvnds are funds which have been set aside at the discretion of the Trustees for speerfic purposes. Restr￿ted funds we funds subject lo restrielh?n imposed by donors or by the purpose of the appeal. Crilul accountin e51imale5 and areas of ud rnent In the view of the Trustees in applying the accounting policies adopted. no judgements were required that have a signrficanl effect on the amounls recognised in the financial statements nor do any estimates or assumptions made carry a signifitanl risk of material adiustmenl in the next finanei81 year. 43

Herila e assets Heritage assets acquired wnce April 2(KJ1 are reported in the balance sheet al cost or. in the case of donated assels, an internally generateLI valuation. For the Collections that existed al March 2001 the Tru51 has demonstrated that reliable cost or valuation information cannot be obtai￿d at a cost commensurate with the benefits lo users of the financial statements and so the Trust has adopted a non-recognition approach as permitted by FRS102. Although insurance valuations are available for some items which have been loaned, these are r#)t reliable for the purposes of recognition in the accounts as the valualions have been specifically obtained for the loan purposes, taking into account of specrfiG circumstances. An overview of the scope of the Homiman's Collections is Set out at r￿e 16. Heritage assets which are stated al ￿st are not subject lo depreciation. Heritage assets staled al valuation are adiusled each year for the change in RPI. Impairment5 in the carryiThJ value of heritage assets are recognised if they have suffered phys￿1 deterioration w rf new doubts arise as to their identity. authenticity or provenance. Expenditure which IS required to preserve or p￿vent further deterioration of individual collection items is recognised in the Slalemenl of Financ￿1 Activities when rt is incurred. Tan ible fixed assets Assets comwising the freehold land and main museum tsJildings al 11yJ London Road. Forest Hill. London SE23 3PQ are used lo provide museum and garden services and together with certain museum artrfacts and fixed assets fom the permanent endowrnent of the Foundation. In accordance with "Executive NDPB Annual Reports and Accounts GU￿anCe. the value of land surrounding the Museum's freehold propertie5 Iprincipalty the Gardens) is now capitalised. A revaluation of all the Museum's freehold land and buildings was carried out al 31 March 2023 by external valuers from Wilks, Head and Eve. CharteTed Surveyors, in accordance wilh the Statement of Assets Valualion Practice and GuHlance Notes of the Royal Inslilulion of Chartere(I Surveyors. The cornbined gain on the ievalualion of all the land and buildings has been taken directly to the Revaluation Reserve. The valuations and the Ireatment of the resulting surpluses are in accordance wlh FRS102. Improvements lo all buildings ale capitalised Whe￿ il is considered that future eeonomic benefits in excess of the originally assessed standard of perfomiance wll flow as a result of that expenditure. The capilalisalDn threshold is £10.000 for heiitage assets and £5,0(Xl for all other assels1£2.000 before 1 April 20101 Other tangible fixed assets are slated al modthed historical cost as pemiitted under FRS102. The ￿SuItIng gains and losses have been taken directly lo the Revaluation Reserve. in accordance with FRS102. Donated asseis, qualifying as fixed assets. are revalued. deweciated and subpct lo impairment reviews in the same way as other fixed assels. recialion i Depreciation is provided on all tangible fixed assets at rates calculated lo write off th8 cost or valuation of each asset evenly over ils expected lrfe, as follows- Equipmenl and fixlures 3 - 20 years ExhibilK)ns 5- 20 years Freehold buildings 20- 50 years The main museum building atwj Study ColleCt￿n Centre we considered to have an existing lrfe greater than SO years and are subject lo an annual impairnienl review and hence no depreciation is provKled as permilled by FRS102. Inlan ible fixed as ets Intangible assets wilh an economic lrfe of more than one year and value greater ttian £5.000 are capitalised. All intangible assets are measured al cost. Amortisation Is PTo¥ided on all ir)tangible assets, al rates calculated to write off the value of each asset evenly over ils expected useful lrfe with no ￿idUal value assumed. A full year of amortisalion is charged in the year when the asset is ready for use and no amortisation is charged in the year of disposal. ImpaiTment reviews are carried out al the of each reporting period in accordance with FRS102 lo ensure that the carrying values of the assets do not exceed their recoverable amounts. Other financial instruments il Cash and cash equivalents.. Cash and cash equrvalents include cash at banks and in hand and short-tem) deposits wlh a maturity date of three months or less.

HORMHAN PLBUC MV5ELW PARX TRiM ft￿AT & co￿U0ATED ACCIXNTS 102$2S ill Debtors and credil¢Jrs'. Debtors and creditors receivable or payable withfft one year of the reporting dale are carried at their transact￿n price. Debtors arKI creditors that are receivable or payable in more than one year and nol subject lo a market rale of interest are measured at the present value of the expected future re¢¢ipts or paymenl discounled al a market rale of interest. Pension costs and an nsioft asset or liabrf. The Horniman is a fflember of the London Pension Funds Aulhorty superannuabon scheme which provides benefits based on final pensionatle pay. The nel pension liability and resulting ￿serve have been recognised in the Balance Sheet and movemenls in Ihe liability are charged to the Statement of Financial Activities in accordanee with FRS102. Stock Stock is slated at the lower of cost and net wlisable value and comprises for resale and shop stock. Taxation As a charity the Homiman is exempl from cwporakn'on tsx under Sections 46￿93 Ctrwration T8xe$ Act 2010. Leases The Horniman has no finance leases. Costs in relation to operating ￿aSeS are charged lo the Statement of Financial Activities over the lrfe of the lease. Forward liabilit￿S are disclosed in note 14. Z. GrWrt-In￿d Th8 Trust is a M)n•Departmental B(Kty INDPB) $Frffisued ty the DC1￿. Grant4Tra•S a¥aab￿ for funnin9 Costs, capital impro¥ernents C￿￿IK)n purchase5. The resutt5 agairBt Ihe key perform¥￿e iThhcatrxs ft)r 2024125 we set in L 3. Natlonal Portldio Organisafion Grant Th8 Trust was allocat￿ NPO staus by P£E $e¢wgJ fwKlw¥J for the ￿1￿23. Dc1￿ took ovw kndiTrJ for 2023124 and 2024125. 4. Other grants and donallom Lknrestrrbj Restr￿ted 2025 2025 Total Urrt5tricted Restricted 2025 2024 2024 Total 2024 rooo 417 49 24 NLHF Project grants Donatsons in LwJacies Il Fun(J WTY Prize m¢y Other giants arvj donffiS 417 19 19 24 19 527 1.291 1.132 1.549 1.202 1.692 S. Other trading acti¥•ti$ Unrestricted irKome ContriLMJtiw frorn Tr&YiThJ $thi(thary V&nue h're 21Y25 £Tr)o 2024 rooo 79 144 324 193 131 1S Café reven Olher trading ￿tIvIt￿$ *r￿C￿e . 192 37 17 619 45

THE HORNINN IUBUC hND FUBLIC PARK TAwr￿Nl1AL￿￿0￿TcoNSouvATKIACc0WTS 101¢25 6. Incon frtxn charltable a¢tfvlti Unrestricled irKome Admissions a￿1 memtrrshp wKome S¢h(x)Is sessi(x)$ irK(xne Events and f￿llY activities Mscellaneou5 incfflie Reslrscted irt¢ome Spe¢tfi¢ 9rarts. 1￿c￿e 2025 2024 £'ooo 1,361 59 81 15 1,516 14 1.208 101 1,393 Direct Costs £Tr)o 229 Total 2025 Costs 7. Expondlture on Raislng funds 202S Costs ofgenerats'ty voluntary ir￿C¥Me C051s ofdher aCtIwt￿ for generatry Charkyt+>tal Trajing sLknsKJK8ry c￿ts Group total 315 316 631 403 1,034 270 356 275 403 678 356 Dyect Costs ro(K) 291 113 Supp)rt Costs 2024 £tQO 353 319 672 9)1 1.173 Expendiiure on Ralsiro fvnd$ 2024 Cost5 ofgeneratir#J vc4untary ￿￿OMe Costs ofother a¢b"vits for frrts Charltytotal Trading subsidi¥y¢osts Group total 206 11 905 The cost ofgwating Vdurtsry ificome 0 irtJdes the cost ofg8￿￿TrJ c(we fimth"TrJ. O. Charil•blo klivitie$ 2025 Direct Costs Support Costs Total 2025 £'ooo 4.204 1.372 5,576 Ac¢gss PrwdTrYJ pubhc access LeamirvJ. publ¢ pr(wJmimes ar¥J 2.373 3.219 Colect￿n$ Object purchase and donath Cc41ectrons devdopnent. care a￿1 1.239 1,239 2,237 ShafNng the firture Business develwent De¥eloFhxent k¥oiect revenue costs VdunteerirvJ and secty support 110 403 142 82 $49 135 4,765 3.732 8,497 46

Charitable ktivitles 2024 Dect Costs Supp Costs Totsi 2024 AGcess ProvNliro Wb1￿ access Learning. programmes aThJ &tMtss 2.738 1.326 402 1.728 1,396 3.732 C￿￿tIonS Object purchase and 14 1.022 1,036 14 1.955 Shapng Ihe fulwe Busirss develo￿￿nt Devek)rThent prr4ect reVerN￿ costs Volunteerirg and SUPKK)rt 23 162 242 213 72 S12 7,941 Support •114xatlon 2025 g•nera¢k>n the fvture rooo ¢es$ Coll•ctions Total Basls ot allocation Vo5 head count work stats'ons fltKX area Su Finance & admin. Human Resources 20 102 118 179 1.577 31 170 221 3S8 2,706 23 28 112 Facilthes m Governance Total 182 75 119 1.248 135 Support cost allocatknn 2024 Shapiry th• future g•Mration £'ooo Collections £'ooo 37 Total £'ty)o 218 214 370 Basis of alloca¢lon end head count woth stations floor area ènd ort cost Finance & admin. HLunan Resources 16 19 133 126 185 1.223 61 1,728 116 734 17 933 Facil￿'e5 m Governance Tdal 141 15 72 3,LX)1 Remunerati(￿ paKJ to the auditors in 2025 to £26K (2￿14 £26K). th ￿tional amwnl of£5K was paid to thè s￿¢ firm ￿ ts$￿¢t of tax81￿)rt S￿￿¢$ (￿24 £7K). 9. Ta￿tIon The Homiman P￿￿1C thtseum Publ¢ Park TnLSt is a reqislergj chth i4 thprpfrfe p¥pmpt frcrn on in¢om¢ and gains falliThJ wrthin part 11 of the Taxes 2010 ￿ s256 of TaxatKffl of Chargeat Gains kt 1992. the extent that thesè appl￿d to ris eharilat4è obpctNes. ￿ tax char¢Jes aris￿ in Ihe charity in gther 2024 OT 2tr23. subs1th"￿ PlcrfThman Mjseum Ertwwses Limtsj has ro wofts in 2025 N 2024 85 its taxa￿9 profft has iwn d(￿atej to the Homiman Mjseum L•itsr grft Wd. The Ftornim put￿1¢ ￿$$[￿￿ arN1 Public Trust was eligti Ie io cla¥n Tax relief in restect of 2025. The fin3nck41 statements Ir￿lude £165K ￿ w)come other debt￿s. 47

1. Staff costs 2025 £&)0 4.576 451 2024 £￿0 Wages and salark8S Social securty costs Olhw costs 437 453 5,458 5.491 110 5.601 Contirg8nt latswr costs Exit packages totaniNJ £nil were pad to O emF44Ees 12024 - fJ'l}. ￿ emF4w5 receNed any laxable beneffts in knnd. Employment cixrtracts ofall staff may b8 terminated ty the r¥Jth gfrntice as specffi¢(l in the contract and the￿ are no iermnaticm p0￿Ments al￿18￿. ¢￿s￿lan￿ staff were used YWT a￿1 thwetse ng tsx a5$Urtrw were r￿Ul￿d.
2. Renwneratkjn ot k•y ff•nagennt personnel Key marojement PW50nrl i￿lU¢￿e5 Ihe Tnjstees. the CEO repyb.rg to ts CEO as frkns.. D¢re¢t(x of COl￿tiC￿lS ca￿ arKI Eslates DiTectL¥ of Financtr ￿ CorF¢)ratt s￿ Directr ofAKI￿e$ and kK(me Ovectty ofcontert Total ￿M￿neratiOn paKJ to twe irJi54duaL5 am(wmted ￿ £9)7K12024.. £467KI. Therewere four Vanagement Te8m members in previous years, tr#Jt (Iwry ts 2024r25 year. Ihe rnmber of s￿ Memr￿S were ¥KTeasJ to five. The salary and per￿￿ errtitwnents (rf the Cfmef Executwe are out th tt reyKI of ti)e Remuwion Comfnitt IXI page 29. TTrMs falls into the brackel £I￿1￿K. kn ac1drtK￿ three membws of key rn￿agement [ws￿ne1 lis¢ed ￿e1Ve￿ emol(Jment$ in the raTr3e £71>£80k12024- 21 aThJ one in the raThJe £￿￿{2024 - 11. ￿ other members of staff received emoluments at¥)ve £70K. These emptyees are members of ts defined benefit pensKxi scheme on the same ternis as staff. The Trustees r*ithw receive(I waNeLI arry ¢kniNJ thè ￿l2024- r¥ll. Expenses rA£6K were rÈirnlMs to TnJstees thjrry the current yEar12024- £18KI.

3. Stsff Nun¥ers The averJe ￿t￿OI rwmtyer of empbws year. 15 temrtsary was 143 12024 . 147). The numter of fvl time eqiuvaent ￿1pk)yeeS a 31 2025 was 129.81202129.51 anaty5a1 into thefollcwiryJ eategcffjs.' 202S 2024 Exkn'bitw￿5 COlkcti￿ Vonwaement awKI Care quarium and ￿lMa1 W4k Leamiro and Vo￿nIe•￿r Curatorial sitor ser¥rces Gardens Estates Finance, ￿, HR aThJ kn)ir#str Communicats'ons Gentrr nagem8nt 11.1 11.4 11.2 22.0 13.2 18.6 19.1 10.1 268 17.8 129.8 14.1 115.7 129.5 Less." tempy*y contracts 122.9 48

4. Trading Subsidiary a) Investmenl in Irathng subsKIwy Th8 Trust (y•4ns 10001. of the isswd share cawtal of Entert￿1￿ Lwnrted lcornpww regi8tratK)n nUm￿r..

5. The aggrsyjate (rf assels. liat4rties aNI ftnds d F&ynYn •knseum EnterL¥ises Limited at 31 ￿r¢h 2025 were £5k {2024- £5kl. 2025 £'ooo 571 142 429 266 163 163 2024 wo 792 169 623 bj Re5(rts of fr8dirrg sub5idory TLnDver Cost of sales Cknss profit Optraiing administratNe ew6es Opwatiro profft Grft aid io Trusi Surplus retained ￿ c•i)p 279 279
6. Operatlng leases The group has entered into an yatiro fc¢ Ihe use ofewnert in ts timtion. The minwnum pa￿￿entS ￿e u these contr&ts wthin e￿h ofthe P¥Kxts are." Noi later than ￿e Later than one year bvl INX later than fve ys 1 S. Capitsl Commitm•nts The￿ were no capital commitments at 31 March 202512024 - £97kl. 10 10 16 Heritage Assets 16.1 On-8alan¢frSheet Heritage Assets Acquisibons at historic cost Assets al valuation Total £ (K)0 576 At 1 April 2024 Additions Revalualion Al 31 March 2025 336 No capitalised collection objects were disposed of during Ihe year. 240 240 576 16.2 Threfryear financial summary of heritag• asset transactions 2024-2025 2023-2024 2022-2023 £'ooo Number of items £'ooo Number of items £'OCK) Number of items Additions.. Purchases Donations Total additsons Only purchases which cost £10,C(K) or more are caprtalised. Only those donations where the allributed value was £10.000 or more are capitalised. All valuations are carried out by the Horniman's curatorial staff_ In Trustees. view obtaining a current valuation would involve disproportionate cost. 49

TrE FKXNIIIAN PUBLIC MUSELIY PUBUC PANX TA￿A￿￿lAEp0rtT & CON￿oL￿T￿SACc0U￿rs Io2&2S 16.3 Acquisitions and disposals policy Acquisitions afe made in accordan￿ wth Ihe Collecting PoI￿leS ageed by the Board of Tnjstees and may be by purchase or donation. The Homiman occasionally disposes of obiecls from the collection where the Trustees determine this does r￿t delracl from Ihe integrity of Ihe collection. There is a strong presumptton against the diswsal of any accessioned ilems in the Horniman's cdleclion ex￿pt for scmjnd (xjratorial andlor cdleclions management reasons or in line with the Reslilulion and Repalrialion policy. Further details of pol￿•eS can be found on our website al www.homiman.ac.uWabouVmuseum- olicies. 16.4 Collections management Two of the Horniman's three long term objectives rele lo the collections." °We will use the collections and Gardens lo stimulate curiosity and wonder. promoting opportunities for people of all ages. abililEs and backgrounds lo participate in and enjoy exhibitions, educational programmes, activities and events- bolh face to faee and on-line" 'We will safeguard and develop the colleclions so thal they can be made as accessible as possible now and in the future.. These objectives are delivered Ihrou programmes of dIsp￿Y$. events. publTrcations websites. fieldwork. research, acquisition. dcKumenlalion 8nd collect￿n5 care. Objects from the eollection are either displayed in the museum and on our website, or made availa￿e via loans lo third parties. or else they are held at our Study Colleclions Centre for research and future use. Storage and Care The colleclion is displayed and stored according to Homiman's standards for the pmention of rnalerial delenoralion: these are based on international standards and currenl research. Library and archive slorage facililres and exhibitions are based upon and informed by the requirements ol BS 5454 and The National Archives Standard for Record ReF*)Sitories. Collections management and care are iegularly by the Horniman to ensure ad￿rence lo these standards. The Horniman will.. keep all objects in conditions in which they do not deter￿)rate. undertake conservation so that objects may be made accessible lo audiences., manage hazards in Ihe collection with dear and effective systems lo ensu￿ public, slaff and object safety. Documen1at￿n Ob￿Cts in the colle￿10Th are dotumenled in accordance wlh Arts Cwncil En9land requirements and SPECTRUM. The Horniman will.. have secure lille to all object5 in the collection- hold bastc dala on every object so that It can be uniquely identified and the collection audited regularly.. ensure records relating lo objects in the collection are enhanced and made availat￿e lo audiences where appropriate. 16.5 An overview of the Collections The delinilion of numbers in a colledion is fairty arbtrary as single items accessioned may comprise a wide range of artefacts. cornponenls or supporting papws. Fk)we¥er. this list reflects how they ale accessioned in museum records. 50

Estimated number of ilems as at 31103125 Numb•r capitalised at cost as at 31103125 Number capitalis•d at valuation as at 31103125 Category Musical Instruments Anlhropology Natural Hislory Education Handling Collecbon 19 18 103 95 250,11(X) 3,OCIJ TOTAL 341.OCII 37 198 The Horniman Museum aMI Gardens was founded by Frederick John Horniman. son of the wealthy lea merchant, John Horniman. Bom in 1835, Frederick was an avid collector from childhood. He is thought lo have started collecting seriously in about 1860. The Homiman Museum's cdlections are organised wilhin three disciplines. Anthropology. Natural History and Musical Instruments. each of which is derived from a key elemenl of Frederick Homiman's original c(Aleth"on. These collect￿n$. well-curaled and developed over the past 100 years, have enabled the Horniman lo become one of the few museums in the country capable of illustrating the breadth of the world's nalural and cultural diver5rty. The Horniman possesses one of the mosl signrfKanl ethnographic ¢dI￿tiOnS in the United Kingdom. after the British Museum, the Pitt-Rivers Museum. Oxford and the Museum of Archaeology and Anthropology. Cambridge. The collection provides a path into the understanding of the everyday and ceremonial life of people from all over the world. including oursdves. The quality, diversity and beauty of the objects in the collection are a teslamenl lo the technical, aesthet￿ and practical skills of people throughout the world. Music making around the world is represented by the Homiman's cdlection ol musical instrumenls, one of the most comprehensive in the UK. The oldest instrument is a pa￿ of bone dappers in the form of human hands made in Egypt around 1.500 BC. Electfic guitsrs and synthesizers dating from the 19905 are among the m05t recent acquisitions. The Horniman aims lo acquire sound and video recordings with the documentation for each new inslrumenl. Recent eolleclions include instruments commissioned from makers associated with Iradilional music in India and instruments and archNes from Ihe Boosey & Hawkes factory. The Horniman also holds other swJnrficanl archives associated with the C￿e cdleCt￿n of wind instruments and the Wayne collection of concertinas. The Natural History colleCt￿n is varied and contains a range of biolollical and geological material and its associated data. This indudes taxidem)y mounts. study skins. articulated skelelons and bones, dried pressed plants, mollusc shells, birds. eggs, pinned insects, freeze dried specimens, hisldogical slide5, models, fluid preserved material, lossils, minerals and rocks. Some parts of the collection contain related field notebooks. photographs and other a￿￿1Val Information. 16.6 Non-inclusion of Heritage Assets in the Balanu Sheet In the opinion of the Trustees. reliable inf0m￿lI0n on cosl or ¥￿￿e is not available for Ihe Horniman's collections acquired prior lo April 2001. This is O￿n9 lo the lack of reliable information on purchase ¢05t'. the la¢k of comparable market values,. the diverse nature of the obJect5-. and the volume of items held. In the Trustees. opinion, conventional valuab'on approaches lack SUff￿￿ent reliability, and any valualitin is likely lo incur signrficanl cost and a lime commitment that is likely to be onerous. Even if valuatKJns could be obtained the cost would not be commensurate wlh any benefi15 to the Horniman management, cuiatorial staff. the public. or users of the financial statements. For this reason the Colleclions assembled up lo the end of the ￿entleth century, large proportions of which were grfied to the Horniman at nil cost. and are In￿mparable in nature, are not recognised as assets in Ihe Horniman's Balance Sheet except where cosl (Y valuatKJn is already available. 51

Capital commiiments ai 31 2025 amounted tr) £97k in respect of the main lift replacam8nt{2024- nil). 17. TarVJ1￿ fu?d assets Fr•ehgkl Assets In the H8rtta9e Equi[￿ert Land & course of Assets & fixtures ExhiiM)ts ￿lIding& construction r¢stated £'ooo 1.591 1,830 14641 Total Cost or valuation £'ooo 576 £'ooo 7.941 882 £'ooo 10.197 £'ooo 43,193 £'ooo 63,498 2,712 (4841 480 66.226 1 ￿ri12024 ditions Disposalsltransfèr5 Re￿lua1J.0n Al 31 Vorch 2025 576 8.822 10.197 43.673 2,957 Dep￿clat1.0n 1 April 2024 Pro￿¢ye￿ in sear Disposals R8Ydluation At 31 Vard) 2025 5.558 377 7.449 328 13.007 944 239 12391 (2391 13.712 5,936 7.777 Nelbook valug A131 2024 At 31 Vorch 2025 576 576 2.383 2.887 2.749 2.421 43,193 43.673 1.591 2.957 50.491 52.513 Note.. AJI Ihe fid assels are used for charitsble purposes. A re%oluation of all the Homiman's freehold land and buildings was carried outat 31 ￿arch 2025 by e)lemal 4oluers from Wilks. Head and E, Chartered SuThe>ors. in accord8nce with the Statements of Assets valuab.on Pracb"ce and Guidance Noles of the Royal Institution of Chartered SU￿￿r)r. Olher tangible fi)£d a$5ets are stated at hislorsral. 18. Intaryible flx•d assets Intangible fiyAd assets ￿presents the cosl olde￿lopMent0fthe Homtman websi* which was launched on 16 Arch 2020. Webs £'ooo 119 Costor v•luation At 1 ￿ri12024 dditions Oisposalsltransfèrs Re%eluab"on At 31 ￿1¢h 2025 119 Dep￿CIa￿.0n 1 ￿ri12024 Promded in sear Disposals Revaluation 31 Varth 2025 12 56 Not book value At 31 Varch 2024 131 Vorch 2025 75 63 52

ThE HORNII4AN MUC IW5ELM AND PUBU¢ PAPxThl￿￿KIIL REPORT & COWUDArnACCOUNT$201&25 Group 2025 £Doo 505 K•Jseum 2025 £Doo 480 163 333 335 200 1.511 Group 2024 £tJoo 423 seum 2024 £Doo 407 264 168 181 204 1,224 19. Oèbtors Trade and sundry debbr5 Intercompany debtor Current tsx reCo￿rable VAT debtof Prepayments 333 335 200 1.373 168 181 205 977 with the e>replron of Prepasfnenls all DebtOf5 are frnancial instrum8nts measured at preseni walua. As at 31 VArch 2023 Ihe Group had no intra-Gornmenl balan￿S abo £1 million. 20. Cash Shortl8m? dep￿ts COIF Dep051t Fund - Dolmètseh Funtl COIF Deposit Fund - Development Fund CISTlesdalg Igrm d8posits 40 1.209 220 1.470 1.028 2.498 40 1.209 220 1.470 832 2.301 30 1.152 213 1.395 1.887 3.282 30 1,152 213 1.395 1,670 3.065 Cash at bank and in hand 21. Creditors: amourts falling whin one Trade & sundry¢￿￿ltOrS Ta>3tson and S￿la1 security £cNals 1.284 107 107 1.499 1,183 107 107 1,397 1.680 98 278 2,056 1.654 98 272 2.024 Within trade and sundrycreditors Ihere is an amount owng ftjr pension scheme liabilrties of£61.8K12024- £57kl. Tfade and sundry creditors also indudes deferred income as follows.. Deferred income brou9ht forward 1,171 Released to income in year (1.1711 Deferred income in sear 336 Deferred income carried foThvard 336 1.171 11.171) 336 336 1.205 11.2051 1.188 1.188 1.176 (1.1761 1.171 1.171 Deferred income carried forward is principally in respect of advanced grant in aid ffijnding, annual mem bgrship iftcome which has been apporb.oned acxoss Ihe ￿ar to match benefits and deposits received for %enue hirg. With Ihe exepb.on of£cruals all Creditors a￿ finanryal instruments measured at pièsènt ￿lUe. No balances fall due after more than one Jear. A5 8131 Wrch 2025 the Group had no intra-Go*mment balances abo¥e £1 million. 22. Cr•ditors: amounts falllng In mor• than ¢)ne Deferred incJ)me 23. Contlngerrt Liabrfities There were no rA)ntingent liabilitiès ai 31 VArch 2025. 53

THE HORNIAN PW5WM PfvAK TIlL15Y￿￿￿1LREpoKTA CflSOUDArnACCCiINTS 101&25 24. ofgroup not a8s•ls b•t•en fvnd5 Tctal 2024 £'OCx) 52.578 4,842 11.5541 lunts Fund balwK•$ at 31 M¥ch 202S ar? ¥epr•s•nl•d ty. Fixed assets Currerrt assets Current hats"lrfies Creditors." rn￿8 swr Pensicm liakn.lrty Total n•1 a$88ts 19,540 4.842 11.554) 33.038 22.829 33.038 55,867 25. Stst•Trnt of Fund$ 2025 31 Vorch 2025 2024 & tr￿$ SLYr4LK51 {der￿￿) Restrtcted Incom? fv•xls Dolmetsch fiJnd )stle Ck¢k Natu￿ + Love project GNET pro1￿t 13 12 13 12 296 134 172 31.011 31.637 134 11671 1811 253 31,011 31.751 Tot81 donated asset$ reserve TtAal r•stri¢ted funds 134 12481 Unrestricted lunds Deswnat8d lunds.. Captsl yopcis fur¥J Development fLn eum ofts Year prcswts 7.426 1.4 7.426 1.469 78 8.973 78 8.973 General ftM¥ds.' I￿orne 8ThJ exFerthre 10.169 10.169 9.1Z3 9.123 10.536 11.582 RevaluatSon rèserve 12.147 719 12,866 Penslon r•¥erve Totsl funds 4434 10.303 719 9.371 $6,085 The captsl projects lunLI fekxesents wl¥ch tt Trustees h&e desityiated fry ar%1 have invested in fixe￿ asset5. The donated ès5ets reserye rewesents fixed assets thated ty thrd parts. eiiher ty grft ofthe asset or byway oflunds fu the asset. Al fiAs (1)r￿ted ts Ihrs PLwe wwe ubhsed ¢Jiir¥J ￿ ￿. ￿￿￿01 thesa are available for SP￿n9. The Trustees have ¢cxffirm8(J use of the fry futwe devek¥xnort ofthe Fk)miman. Ttrws will t used to devel(4) arKJ undenwrite cw funty￿s￿ lor matchFNJ fLwKliThJ tc tr Natwe + LONE arKI <Jev8kpnent woiects over next fi¥e yes. ' The Dolmetsch [￿1 rewesgnts maied for of ￿ Dcdmetsch cOlkCt￿ ofmus¢al ir6truments. Th• Ppjsttg Clock tund we5ents d￿ath￿S m ty Ihe mawrt￿e of the ¢th Ot￿r resthctsd are rn￿$ ty 9ifts-Vl-W by tFYd parbe5 ts the 5Fecffjc pU￿oSe$ described. Balar￿eS are outstsTrthr@ at 31 Vwch 2025 whwe Ih)se PLrr#Jses were Th)t frjlty ccffjpkted al that date. 11 exFected that rn05t of these fLwJs will be utifi$ed OJrry Ihe ccffiiryJ yew. The rest bg Spent at the earfiest apwopriate [￿rtUnity in ￿c￿d¥n¢e wilh the iThxs' wis￿. 54

THE HQAMMAN PUOUC MU5EUMAND WPIIC PAPXTRitsT AbkYLWL PEPORT A CON50UDAT&J ACCOUNT5 701415 Statement of Funds 2024 1 Ppril In￿rne 2023 & transfefs restatèd £￿00 Re￿luab"On E¥pent11￿ surplusl (deficit) £Doo 31 ￿rQh 2024 R•strict•d incorn• funds Dolmetsth fvnd posye Clock Gardens De￿lopment Nature + Lobe project Olher grants and donations Total donated assets resenp Total restricted fur¥ls £YJoo £voo £Doo 16 141 12011 149} 1189} 1343} {786} 488 208 328 542 1.566 296 166 253 31,011 31,751 114 31.523 31.682 17111 17111 lthr•strkted funds Dewgnated fvnds.. Capital projects fun De￿lOpMent￿Trd Museum oflhe Year projects 6,940 1.479 100 8.519 1.059 1573} 1101 1221 16051 7.426 1.469 78 8.973 1.059 General fvnds.. Income and e￿endItU Unrestri¢fed fvnds exduding pengon reserve 1.513 10.032 7.683 8.742 17.6331 18.2381 1.563 10.536 Revaluation r•sThp 11.171 976 12.147 Pensknn reser% [phone] Total funds 52.608 10J08 632 19.1141 54.434 26. Recor￿1￿1at10n of n•t K¢mel lexpendilure I to net cash Ikx from ryeratwry acti￿1￿8 Group J5eum 2025 t￿00 1.046 Group 2024 £￿00 1.194 hjseum 2025 £￿00 883 2024 £Doo 1.194 8) Net incomelgxpenditure)thcome lor the repwdry pericrfl fas per the st8tementof finan￿81 a(wtsesJ Adjustment for . DepreCiationlamorbsa￿.0n charges Loss on dlsposal offiyfjd assets Dimdends. interest and rents from l￿￿5trnents Pension finan￿ cost Exess pension seThic8 Cost conkn"butions Ilncreaseydecreastr in stock {InC￿aseydecrea5e in debtors {Inc￿a$eYdeC￿as$ in currènt asset in￿sts1)ents Increaselldecreasel in creditors Net cash providedby operadngacllvitses 956 956 912 912 {117) {1171 11181 1118} (113) 19 {396) 510 (557) 1,348 86 86 {2871 510 {6271 1.367 11201 11,1541 11,7451 19481 1241} 11,1541 11,7351 11,0481- bl Anatysls ol cash and cash ewi¥lents and cha￿$ in net d•bi Cash in hand 1.028 Notsce depositsl less Ihan 3 monih$l 1.470 erdraft faolity repa5pble on demand Totsi cash and cash equs%plents 832 1.470 1,888 1,394 1,671 1,394 2,498 2,301 3.282 3.065 55

1. Penslon S¢heffl• Per6ion con1nb￿￿￿S made ￿rir0 Ihe yew were £464K {W24- £453KI. Cornpany is a in the Loth FLrtJ Sctrvne. Th5 is a 51atulcry mutti-employer. dgffined beneft pension scheme vth05e assets kab￿th$ are fkJ Separatety from the Trust. ri is avaiL8ble to all qUalI￿"r￿￿ ernpl¢)yees. Emptyees to iov) the ScI￿e are #￿enT0￿ in lh8 Nat(￿1 Empl¢)yer5 Sawn9s Trust scheme INESn. A new kjth Govemmerrt Per%1¢￿ Sc￿}e was ffcxm I 2014. A key featwe cl the $¢h8me i8 that are based ￿ career avw revaw eamiThJs at a rate d 1149th of salary ts each year of pensionable service. and trEre 1$ a kn't4e ¢pl￿ to ccrnmLrte to a ILMP UP to a rnayirnwn. Fc¥ active members on 31 rch 2014 based rnwnbersfvp 2014 ¢cffitinug to te cakulated. based on finl 5aL8ry al 31 Orch 2014. Under the na¥ scheme membws can ¢lwse to Wire frc¥m of 55 Iwith tse￿) ￿th fvll beneffts a¥aAable from rKmal re11rwn￿rt date wtrYh 15 luknj lo ￿ Slate Retirem•rt Pge. Valuat￿ used foy FRS102 (sckiswe5 has b8en based rm ts most acttrarial valuation as at 31 Verch 2022 and UP￿at￿l to take a￿ClInI of lh8 requirements of FRS102 in c¢er to assess ttE lobl￿e5 of the scheme at 31 ￿r¢h 2￿25. S¢lne assets aro stated 8t Iher market #t 31 Pknrch 3)25. Scheme h"ats'htE5 were c8kLAateJ usirvJ ts,pr0J￿t￿￿ uTht' rnethlyj. The ex￿1￿1 rate of return co assets s￿P￿rn in fv FRS102 rwjrt s basal ￿ the h￿J.terM firture eype¢¢ed investment retum for each asset class ot the beg￿rir￿￿ of year xl the actuarw. rkn assumptit%B. The ietum ￿ gilts arKI otr)er bcn<J$ are 8ssum&J to be Ihe gitt ydd and ¢orpwate txx¥J W (with an a(li￿lM￿￿ to refiect delautt ￿k) respectively at lh8 rdevant ijate. rdum on eouth5 3r¥J ass￿8￿ lo be a rna￿n abm th8 sllt ywlds. unwtions The a5sumptm use¢J in thB FRS102 are Ih)5e dthe scheme xbJary. wtrich have tJ8en for th8 scherne as a whole. Th￿ Trustees have acceW•J Ih8se assumptirTh. The p￿Par ¥luaria assumpt￿$ at the bnce $heet ¢Yato were as fdkn¥s'. 2025 % p.a. 3.90% 2.90% 5.80% 2024 °Ap. 3.95Y. 2.95¥. 4.90¥0 FinancA Salary InE￿ase5 rate Pension incr&a58 DBcount rate Mtrt•lty {based on retremertatap 65) Current Pensioners Voles Femae$ 19 24 22 25 19.1 23.8 Flrture PensK￿er5 Females 25.0 2025 £rJc 2024 £'o Tho recognised Sn th• balance sheet ar• as follo￿. Fair value of Emptyer A5sets- Less.. unrecc¥Jrw5ed asset 19.519 -3.122 16,397 -16,397 19.072 18,028 -18.028 PreS￿t value of Funded Liablrfies Net ILiablllty) . FRS102 valuatil￿ £19.519K of as58ts res￿ n £3.122K SLWFkn t5 on the tr￿a￿e sheet. The •Thwnts re¢owlsed in the of Fhw•al P¢iivili•s •r* as I011tr￿. Semce cost W Interest on the defi￿1 benefft lithkty l{a5set) AdmIThstratic￿ expenses Totsl Loss -61 4¥2 56

THE WJkNlPtAN AJèUC MUSWM AFK) AAIC PAAKTALIST ANTr•JAL ftBORT CO1￿uDATujAcct￿NTS 1024.IS 2025 2024 Reeonciliation of d•fin•d b•n•fit obligalioii Opening Oefin8d B8n8fft Obhgab'L) Current SeNce Cost Interesl Cosl CharYJès in Financia ChaThJes in demojraphr assumplKKL EXperi￿￿e k)5sUgainsl COrrtnb￿IonS by ￿berS Estimated Wefits PaKI ret oftranskn in Closing Dofined Berfrt OblYJatK eooD 17,391 18,028 877 12.639) 144) {1) 165 1435} 16.397 827 {1551 {2071 163 4831 18,028 Reconciliation of ff￿"r value of env10￿1 assets Openiro Fair Vakn d EmrtyAssets Inte￿st on Assets RetLm on asseis 19$5 Interest Oiher actuarial losses ContribLrtths by ￿MberS ContributK)ns by the EmrA ministraticn e¥penses Bénefits Pai¢Y CbsiThJ F•r Value of Ernpkw ksets 19.072 938 16301 17.114 823 1.058 165 415 161 14351 19.519 163 14831 19,072 I4￿Unts for the current and wevl•)us accounting periods: 31-￿-2{Y￿S )1-￿-2(r24 31-Mar-2023 31-Mar-2Wd2 31&4ar-2021 roLYJ 14.604 26,532 111.9281 Value of assets Pre$￿t value of liabililies SurplusllD•ficrtl 19,519 16,397 35.916 19.072 18,028 17.114 17,391 1277} 17.026 26.593 19.5671 Employerfs C(￿tribl¥tiOnS for tre year to 31 lknh 2026 are e51¥nd to be ¥pF￿0XTratefy £382K12024..403KI. 28. R•lat•d PartyTfa)sa¢tions The Dc￿ is regar1￿ as a rdatd paty. Cknrg ts year. Tn￿1 has had Var￿ trdnS8ctKY￿ With 0lh8r Èntiti8s f( which the Dc￿ is warded as parent Departrment. matwial transacticKB were wth hrts COU￿11 Engknd Iwhrh adrniristers the Nat#Thl P¢ytfc) organisat￿ grarrts) vJ the ￿￿7t￿Je Lcltw Fur#Y. Detsis of these transacticns and (yjtstandiig balances a￿ gwen wi notes 3 and 4 respecli¥dy. kn athjit￿, ts Trust has had a number of transactions wrth other ￿vernrnerrt SFTh50red LKJies. ￿￿￿ver in many cases rt i8 practKatAe to quW ￿se as in many cases t￿Y invdve the h)an ofobpcts. for which rK) values have attritKrt8d. Dumg year donatiorts towliry £1k were to Ihe Twst by Ib￿ Tnsstees 12024 £8k. seven Tnjsteesl. ￿)ne of the Tnjstees. key managwal staff or clher rted pari*s has urKJertaken arby th material tran5aclwJn wrth the Trust or ils subsidiary dwir¥J the ￿T. 57

THE PUaUC PLISWM ADL) Piwc PARK TRUST ANW REPoRT*CON50UDAT￿ACcoUNTs￿&I5 endix I Additional inforniation This information has been prepared from the accounting and other records of the group. While it does not form part of the statutory financial statements. it should be read in conjunction with them and the auditors. report thereon. DCMS Perfomiance IndicatorsAnnualOutturn 2024-25 Actuals £ 2023-24 Actuals £ Key Performance Indicators No. of visitors to the museum excludingvirtual visits Charitable giwng Ilundraisingi 669.6K £1.015K 776K £1.843K Other.Performance Indicators Access No. ol unique webslte visi15 Audience proflle No. of visits by children under 16 No. ol overseas visits Learnlng No. ol lacilitateij & selt-direcled visits to the museumlgallery of children under 18 in formef education Vlsltor satlslacllon % of visitors who would recommend a visit Self-generated Income Admissions income Igrossl Tra(Jing Incoffle Inet profit) Re&onal enga.gement No. of UK loan venues 509K 627K 194K SIK 256K 37K 25.8K 32K 93% 92% £782K £164K £807k £280K io