​ACCOUNTING VALUATIONS OF THE SCIENCE MUSEUM GROUP'S ESTATE (5-YEAR CYCLE)

The Science Museum Group (SMG) is a group of five museums and one storage site:

Science Museum, London

National Railway Museum, York

National Science and Media Museum, Bradford

Science and Industry Museum, Manchester

Science and Innovation Park, Wroughton

Locomotion, Shildon

The five museums are a key national resource. With an unparalleled collection in the fields of science, technology, engineering, mathematics and medicine, SMG is uniquely placed to draw people of all ages to engage with science in an inspirational and informal way. It is the most significant group of science museums in the world, with over 7 million items in the collection, and received nearly 6 million visits a year.

SMG is a non-departmental public body (NDPB) operating within the public sector but at arm's length from its sponsoring department, the Department for Culture, Media and Sport (DCMS). The group is an exempt charity under Schedule 3 of the Charities Act 2011, with DCMS acting as its principal regulator for charity law purposes; it is recognised as charitable by HM Revenue & Customs.

SMG has one of the largest, most complex and iconic science-based estates in the world, spanning a total of almost 600 acres, with 83 buildings and a gross internal footprint of over 200,000 m2.

SMG produces an Annual Report & Accounts that follows the requirements of the Charities SORP and FRS 102. DCMS also issues accounts directions to SMG that require the accounts to 'have regard to the requirements of the Government Financial Reporting Manual' (the FReM). The SMG estate comprises a number of historic and specialised buildings. At the last valuation date of March 2023, the value of the combined estate was c. £450 million.

In December 2023, HM Treasury (HMT) published Non-investment asset valuation - exposure draft 23(01) which states that 'a periodic reset of valuations plus annual indexation represents the best balance between high-quality financial reporting and ease of implementation for accounts preparers.' HMT are proposing from 2025/26 to reduce the number of processes for the revaluation of assets, being for property assets (a) a quinquennial revaluation supplemented by annual indexation in intervening years or (b) a rolling programme of revaluations over a 5-year cycle, with annual indexation applied to assets during the four intervening years.

Additional information: You can view our tender documents and apply for the opportunity here: https://in-tendhost.co.uk/sciencemuseumgroup/aspx/Home

Is a Recurrent Procurement Type? : No