Tender

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

SCIENCE MUSEUM GROUP

This public procurement record has 2 releases in its history.

TenderAmendment

29 Aug 2024 at 14:58

Tender Notice
Tender

13 Aug 2024 at 15:12

Tender Notice
Summary of the contracting process

The Science Museum Group (SMG) is inviting tenders for accounting valuations of its estate over a five-year cycle. SMG, a non-departmental public body under the Department for Culture, Media and Sport, operates several museums across the UK, including the Science Museum in London and the National Railway Museum in York. The procurement falls under the category of "Property management services of real estate on a fee or contract basis" (CPV code 70330000). This open procedure below the threshold requires submissions by 6th September 2024 and specifies a contract period starting from 30th September 2024 to 31st March 2029. The project's scope is national and international, encompassing regions such as British Overseas Territories, Channel Islands, Isle of Man, Europe, and the rest of the world.

This tender presents a significant growth opportunity for businesses specialising in property management and financial services, particularly those able to address the valuation needs of complex estates. SMEs are encouraged to apply, as the procurement process is open and suitable for smaller enterprises. Successful bidders will have the opportunity to engage with one of the largest science-focused estates globally, enhancing their portfolio with high-profile, complex valuations and contributing to the essential maintenance and financial reporting of historic and specialized buildings. The contract’s five-year span allows for sustained engagement and potential for future collaborations with the Science Museum Group.

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Notice Information

Notice Title

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

Notice Description

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. PS450 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

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-e6ad4dcb-e6f3-40a7-a679-9b42f371cb63
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/3a98615b-7f59-46c1-adaf-0a473b5e6554
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (below threshold)
Tender Suitability
SME
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

70 - Real estate services

CPV Codes

70330000 - Property management services of real estate on a fee or contract basis

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
29 Aug 20241 years ago
Submission Deadline
6 Sep 2024Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
30 Sep 2024 - 31 Mar 2029 4-5 years
Recurrence
Not specified

Notice Status

Tender Status
Active
Lots Status
Not Specified
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
SCIENCE MUSEUM GROUP
Contact Name
Rahul Rajendran
Contact Email
rahul.rajendran@sciencemuseum.ac.uk
Contact Phone
02079424171

Buyer Location

Locality
LONDON
Postcode
SW7 2DD
Post Town
South West London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI33 Kensington & Chelsea and Hammersmith & Fulham
Delivery Location
Not specified
Local Authority
Kensington and Chelsea
Electoral Ward
Brompton & Hans Town
Westminster Constituency
Kensington and Bayswater

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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