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← Derby Quad Limited

2024-03-31-accounts

Registered number: 05465412 Charity number: 1115546

DERBY QUAD LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

DERBY QUAD LIMITED

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 9
Independent auditors' report on the financial statements 10 - 12
Consolidated statement of financial activities 13
Consolidated balance sheet 14 - 15
Charity balance sheet 16 - 17
Consolidated statement of cash flows 18
Notes to the financial statements 19 - 39

DERBY QUAD LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees M Gregory, Trustee
R Jones, Trustee
C Sexton, Trustee
H N St Cyr, Trustee (resigned 26 March 2024)
P Gomes, Trustee (resigned 26 March 2024)
R Goldsmith, Trustee
L Earle, Trustee
A Venkatesh, Trustee
G Singleton, Trustee (resigned 1 May 2023)
K McLay, Trustee
J Luke, Trustee (resigned 26 March 2024)
E Flint, Trustee (appointed 26 March 2024)
N Powlson, Trustee (appointed 26 March 2024)
A Parker, Trustee (appointed 8 May 2024)
N Peatfield, Trustee (appointed 8 May 2024)
Company registered
number
05465412
Charity registered
number
1115546
Registered office
Quad Market Place
Cathedral Quarter
Derby
DE1 3AS
Chief executive officer
E Thornley (appointed 22 July 2024)
Independent auditors
Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ
Bankers
Barclays Bank UK PLC
Leicester
LE87 2BB

Page 1

DERBY QUAD LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the audited financial statements of the Company and Group for the year 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees' report and a director’s report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Group and the Company qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

The trustees report refers to the activities of both the Company and Derby Quad Enterprises Limited.

Objectives and activities

a. Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)'. The Trustees believe that the Charity's aims, together with the activities outlined in this report, are demonstrably to the public benefit.

The principal activity of the charity is the promotion of, education in, development of, and appreciation of the arts. This is in accordance with the objects contained in the Memorandum and Articles of Association, the Charity's governing document.

There has been no material change in the objects of the charity which are:

b. Strategies for achieving objectives

QUAD reviews its strategic approach to its objectives annually and believes in an inclusive approach to developing these solutions which improve all staff, Directors, and key stakeholders.

Page 2

DERBY QUAD LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

c. Activities undertaken to achieve objectives

Hybrid and flexible working was maintained to encourage staff to feel confident in returning to the workplace and to maintain flexibility that enhances work-life balance.

Following the restructuring in 2023, the senior management team and the board of trustees worked closely to assess and adapt to continuing challenges. Frequent engagement took place between the Trustees and staff to ensure the 'living and breathing' of the company’s values and behaviours.

Despite necessary adaptation of our programme, we continued to build on our increased profile as a leader in the exploration of digital media in the Midlands. An underlying focus of this was to improve the lives of our audiences through art, film and digital media in a variety of ways with a particular emphasis on deepening the experience that users have with us. Inspired by the world around us, our seasons and vision for our programme look at community, people and the environment. QUAD's 2024 – 2025 activities are informed by a world still emerging from the COVID19 pandemic and other societal events. We are seeking to interrogate a 'new normal', providing platforms for audiences, artists, creatives, technologists, and educators to share inclusive ways to experience culture. The core of our programme through to March 2026 will focus on education and wellbeing, world-class exhibitions and events programme, with environmental responsibility at the core.

d. Volunteers

The use of volunteers enhances the charity's ability to deliver high quality services to participants and audiences by expanding its work in a cost-effective manner and by bringing new skills, enthusiasm, and a fresh perspective to the organisation. Volunteers are accepted from:

New volunteers must be able to demonstrate a commitment to the aims and objectives of the charity and will be always expected to discharge their duties in accordance with the charity's procedures and policies.

Achievements and Performance

a. Review of activities

QUAD, like all organisations, continued to suffer significant challenges and slow return of audiences post Covid19 and the continuing cost of living crisis. As an organisation that generates a significant proportion of its income from earned sources, QUAD is exponentially affected compared to other charities by a drop off in visitor numbers, including a drop off in local nighttime economy.

The levels of public investment have remained steady, and these are crucial to QUAD's long-term success. QUAD recognises the challenges all public bodies face and will continue to work in partnership to find the best value and high impact solutions possible with stakeholders and partners in meeting these challenges and providing public benefit through programmes and activities.

QUAD continues to deliver an excellent programme of exhibitions, cinema, education, and digital media activities and is grateful to its highly committed and dedicated staff, advocates, partners, and Board members for their work and support.

b. Key performance indicators

Page 3

DERBY QUAD LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

19 years as part of ‘Learning and Participation Programmes’: 29

c. Programme highlights

Throughout the financial year 2023-24 QUAD continued a mature and developed programme of contemporary arts focused activities — including exhibitions, commissions and residencies. We continued our partnership working across the gallery and education sectors, and delivered a wide range of creative wellbeing, education & learning and participation activities. The Programme Team continued to work with and support artists, creatives and people of all ages, with a specific focus on those from underrepresented backgrounds. There was also a continued high level of engagement and development in digital and creative new media outputs, as well as lensbased media projects and related activities (such as FORMAT International Photography Festival off year and on year programmes).

Page 4

DERBY QUAD LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

students attended the talk. Lingfei also delivered a workshop with the GoldsQUAD group on 8 November to 16 participants.

As an organisation that generates a significant proportion of its income from earned sources, QUAD continued to be exponentially affected compared to other charities by the changing visitor patters post-Covid and the growing cost-of-living crisis.

Throughout this year, QUAD recognised this and worked closely with our funding partners and other stakeholders to maintain progress towards our strategic outcomes. We continue to deliver an excellent programme of exhibitions, cinema, education and digital media activities and are very grateful to our highly committed and dedicated staff, advocates, partners and Board members for their work and support.

d. Fundraising activities and income generation

QUAD raises funds through donations, sponsorship, room hire and events. This also incorporates:

This work is undertaken and overseen by the Senior Management Team at QUAD and direct delivery of activities is managed by QUAD staff. Currently, individual giving activity is focused through online donations via our ticketing website (additional donations can be made as one-off payments as well) and in person in the building.

We monitor progress of funding applications and campaigns through regular meetings that review the status and success/failure of current funding applications.

QUAD has an overarching data protection policy which ensures all activity is compliant with current legislation including GDPR regulations. All fundraising activity is compliant with this policy.

The Café Bar slightly underperformed throughout the year, but coffee and cinema sweets sales were strong. We did see a level of income within the hire of rooms, cinemas and other spaces in the building.

Page 5

DERBY QUAD LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Donations and event income was limited.

e. Investment policy and performance

The Trustee' investment powers are governed by the Memorandum and Articles of Association, which permits the charity's funds to be invested in or on such investments, securities, or property, as may be thought fit.

Financial review

a. Going concern

In preparing the financial statements the Trustees are required to assess the Company's and Group's ability to adopt the going concern basis of accounting.

We are facing ongoing challenges against the cost-of-living crisis which is so keenly felt by Quad, our people and our customers. We are continuing to work diligently through these challenging times thanks to our incredible team of people who are all so passionate about QUADs vision, and to our primary partners.

On top of continued funding from Arts Council England and British Film Institute, we also received an advance of our 2024/25 funding from Derby City Council in March 2024, along with a deferral in the repayment of our interest free loan to help mitigate cash flow risks.

Later in 2024, we agreed a rephasing of our 2025/2026 funding from Arts Council England and received an additional support grant from Derby City Council. On top of this, the team has executed a significant restructuring of the organisation and driven material cost efficiencies whilst maintaining our commitment to the programme.

The Finance Manager has prepared monthly cash flow forecasts through to March 2026, a period covering twelve months from the date of signing the financial statements, which have been approved by the Trustees. These forecasts balance risk and opportunities, take account of the current economic conditions and factor in inflationary cost increases and assume funding levels consistent with those achieved historically, with sensitivity applied to the trading income considering the cost-of-living pressures.

The forecasts show that the Group has sufficient funds to discharge its liabilities when they fall due throughout the forecast period. However, as is common in the charitable sector, the reserves and cash headroom are not of a level that could withstand significant downside sensitivity. Plans and discussions with key stakeholders are continuing in place to minimalize the cash flow risk in 2024/25 and to build further resilience beyond the action taken during 2024. Whilst those discussions continue, further resilience is not guaranteed, and the Trustees have therefore concluded that there are matters that indicate the existence of material uncertainties which may cast significant doubt about the Company’s and/or Group’s ability to continue as a going concern.

Notwithstanding this material uncertainty, having assessed all scenarios and the options available to the Group, the Trustees have formed the judgement that it is appropriate to prepare the financial statements on a going concern basis.

b. Reserves policy

The reserves policy of the charity is to maintain three months net operating costs in unrestricted reserves. Based on the reported results three months operating costs based on staffing, premises and other overhead costs amount to approximately £300,000. The current unrestricted undesignated reserves balance is £56,399 (2023: £93,065). Please refer to the above paragraph for further detail on the going concern status of the Charity.

c. Principal risks and uncertainties

A risk assessment continues to be carried out and monitored during the year by the Board of Trustees who

Page 6

DERBY QUAD LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

receive a risk matrix at every meeting, and it is anticipated that this process will continue in the future. Key risks are discussed at Board meetings.

The charity will continue to develop systems to monitor and control risks to mitigate any impact they may have on the charity. The Trustees will examine the major risks that the charity faces each financial year when preparing the strategic plan.

d. Principal funding

The directors are satisfied that the charitable company's assets attributable to each of its individual funds are available and adequate to fulfil its obligations in relation to those funds. All funding sourced is managed according to the requirements of the grant application and regulations of the funding body.

Structure, governance and management

a. Constitution

Derby Quad Limited is based at Quad Market Place, Cathedral Quarter, Derby, DEI 3AS. This is also the company's registered office. Derby Quad Limited is a company limited by guarantee (Company Registration No 05465412) and Registered Charity (No 1115546). The Charity was originally incorporated on 27 May 2005 as Derby Visual Arts and Media Centre Limited and changed its name to Derby Quad Limited on 22 November 2005. The Charity's governing document is the Memorandum and Articles of Association as amended by special resolutions dated 27 February 2006 and 13 April 2006. The company registered as a charity on 24 July 2006.

The principal activity of the group was that of running a charity with the aim to promote the education, development, and appreciation of the Arts.

b. Methods of appointment or election of Trustees

The management of the Group and the Company is the responsibility of the Trustees who are elected and coopted under the terms of the Memorandum and Articles of Association.

c. Organisational structure and decision-making policies

The business of the Group is managed by a Board of Trustees consisting of a minimum of six members including not more than one member nominated by Derby City Council. Board Members are elected at the Annual General Meeting and the Board has powers to appoint Board Members at any time. Board Members so appointed hold office until the following AGM, when they become eligible for re-election as follows:

At the time of the third AGM, and at each subsequent AGM, one third of the Directors must retire and are eligible for re-election. However, a director may not serve for more than 9 years in succession nor be reappointed within 1 year thereafter. Trustees who served in the Board of Trustees during the financial period are listed on page 1.

d. Policies adopted for the induction and training of Trustees

Whenever new Trustees are required, QUAD seeks persons who demonstrate a commitment to the aims and objectives of the charity and who have the specific skills and experience already identified. Following widespread publicising of the posts and receipt of written applications, an informal, first stage selection process is conducted. After a short list procedure, forma) interviews will be held.

If the person is then invited to become a trustee and accepts the invitation, they will receive an introduction pack which will include a description of the organisation and its management structure, a description of the duties and responsibilities of Trustees, copies of all the charity's policies and relevant procedures. Trustees will also be offered access to relevant training opportunities both within and outside of the organisation.

Page 7

DERBY QUAD LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

e. Pay policy for key management personnel

The Trustees consider the Board of Directors, who are QUAD's trustees, and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running, and operating the QUAD on a day-to-day basis.

All Directors give of their time freely and no Director received remuneration in the year. Details of Directors' expenses and related party transactions are disclosed in the accounts.

The pay of the senior staff is reviewed annually through the appraisal system and any increases, although not regularly made, will be based on significant change to job rotes. In view of the nature of the charity, the Directors benchmark against pay levels in other multi artform venues of a similar size with similar income levels.

f. Financial risk management

The Trustees have assessed the major risks to which the Group and the Company are exposed, in particular those related to the operations and finances of the Group and the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Plans for future periods

During these challenging economic times the impact of art and culture on the wellbeing of the population cannot be underestimated. QUAD's strategic importance to Derby's cultural offer and the role it plays in the wider cultural life of the UK is highly regarded.

Now substantially through the second year of our three-year funding from Arts Council England, we continue to grow on our profile as a leader in the exploration of digital media in the Midlands. In spite of the challenges we describe elsewhere in this Report, we have been able to maintain our key objectives for the Charity, consistent with those set out last year. These include:

  1. Increase diversity amongst our audiences and enhance our cultural offer;

  2. Continue to increase visitors and audience numbers;

  3. Increase and focus on depth of experience through the programme;

  4. Continue to grow national and international reputation;

  5. Utilise our strengths relating to wellbeing activities to fit in line with City principles and maintain an engaged, motivated and skilled team; and

  6. Evolve the business model to respond to the challenges of the current economic environment.

Whilst 2024 challenges forced a shorter-term perspective on our activities, the Board has been able to redefine our long-term strategy and put QUAD in the position to accelerate progress on these objectives over the next 12 months. We continue to measure and monitor agreed KPI's year on year. We stay in close contact with all of QUADs stakeholders to ensure we comply with our funding commitments; and we continue to meet more regularly to monitor risks to delivery of the objectives.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Page 8

DERBY QUAD LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Auditors

The auditors, Bates Weston, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

M Gregory

(Chair of Trustees) Date: 30 January 2025

Page 9

DERBY QUAD LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DERBY QUAD LIMITED

Opinion

We have audited the financial statements of Derby Quad Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to Note 2.2 in the financial statements, which indicates that the group continues to face a challenging operating environment against the cost-of-living crisis and wider economic conditions. As stated in Note 2.2, these events or conditions, along with other matters as set forth in Note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is

Page 10

(A company limited by guarantee)

DERBY QUAD LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DERBY QUAD LIMITED (CONTINUED)

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 required to determine whether this gives rise to 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, 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 that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our

Page 11

(A company limited by guarantee)

DERBY QUAD LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DERBY QUAD LIMITED (CONTINUED)

opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and sector in which it operates, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. Audit procedures performed by the engagement team included:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Sean Douglass FCA (Senior statutory auditor) for and on behalf of Bates Weston Audit Ltd Statutory Auditors Chartered Accountants The Mills Canal Street Derby DE1 2RJ

31 January 2025

Page 12

DERBY QUAD LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
7
Investments
8
Total income
Expenditure on:
Raising funds
9
Charitable activities
10
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
39,138
1,624,226
643,205
1,109
2,307,678
621,331
1,723,013
2,344,344
(36,666)
93,065
(36,666)
56,399		 Restricted
funds
2024
£
-
224,422
-
-
224,422
-
158,572
158,572
65,850
79,735
65,850
145,585		 Total
funds
2024
£
39,138
1,848,648
643,205
1,109
2,532,100
621,331
1,881,585
2,502,916
29,184
172,800
29,184
201,984		 Total
funds
2023
£
7,273
1,732,844
634,879
51
2,375,047
611,325
2,110,400
2,721,725
(346,678)
519,478
(346,678)
172,800

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 19 to 39 form part of these financial statements.

Page 13

DERBY QUAD LIMITED (A company limited by guarantee) REGISTERED NUMBER: 05465412

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Intangible assets
15
Tangible assets
16
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
Net current assets / liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
21
Provisions for liabilities
22
Total net assets		 11,124
284,494
315,632
611,250
(482,843)		 2024
£
22,274
253,230
275,504
128,407
403,911
(187,902)
(14,025)
201,984		 11,125
244,598
152,107
407,830
(499,377)		 2023
£
13,391
250,956
264,347
(91,547)
172,800
-
-
172,800

Page 14

DERBY QUAD LIMITED (A company limited by guarantee) REGISTERED NUMBER: 05465412

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024

Note
Charity funds
Restricted funds
23
Unrestricted funds
23
Total funds		 2024
£
145,585
56,399
201,984		 2023
£
79,735
93,065
172,800

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

M Gregory (Chair of Trustees) Date: 30 January 2025

The notes on pages 19 to 39 form part of these financial statements.

Page 15

DERBY QUAD LIMITED (A company limited by guarantee) REGISTERED NUMBER: 05465412

CHARITY BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Intangible assets
15
Tangible assets
16
Investments
17
Current assets
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
Net current assets / liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
21
Provisions for liabilities
22
Total net assets		 313,915
221,633
535,548
(426,023)		 2024
£
22,274
245,097
1
267,372
109,525
376,897
(187,902)
(14,025)
174,970		 277,089
81,621
358,710
(448,933)		 2023
£
13,391
244,601
1
257,993
(90,223)
167,770
-
-
167,770

Page 16

DERBY QUAD LIMITED (A company limited by guarantee) REGISTERED NUMBER: 05465412

CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024

Note
Charity funds
Restricted funds
23
Unrestricted funds
23
Total funds		 2024
£
162,655
12,315
174,970		 2023
£
79,735
88,035
167,770

The Charity's net movement in funds for the year was £ 7,200 (2023 - £(344,339)) .

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

M Gregory

Date: 30 January 2025

The notes on pages 19 to 39 form part of these financial statements.

Page 17

DERBY QUAD LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of intangible assets
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 19 to 39 form part of these financial statements		 2024
£
92,360
(17,712)
(61,123)
(78,835)
150,000
150,000
163,525
152,107
315,632		 2023
£
(97,663)
-
(96,214)
(96,214)
-
-
(193,877)
345,984
152,107

Page 18

(A company limited by guarantee)

DERBY QUAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. General information

Derby Quad Limited is based at Quad Market Place, Cathedral Quarter, Derby, DE1 3AS. This is also the company's registered office. Derby Quad Limited is a company limited by guarantee. Company Registration No 05465412 and Registered Charity No 1115546.

The principle activity of the group was that of running a charity with the aim to promote the education, development and appreciation of the Arts.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Derby Quad Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.2 Going concern

In preparing the financial statements the Trustees are required to assess the Company's and Group's ability to adopt the going concern basis of accounting.

We are facing ongoing challenges against the cost-of-living crisis which is so keenly felt by Quad, our people and our customers. We are continuing to work diligently through these challenging times thanks to our incredible team of people who are all so passionate about QUADs vision, and to our primary partners.

On top of continued funding from Arts Council England and British Film Institute, we also received an advance of our 2024/25 funding from Derby City Council in March 2024, along with a deferral in the repayment of our interest free loan to help mitigate cash flow risks.

Later in 2024, we agreed a rephasing of our 2025/2026 funding from Arts Council England and received an additional grant from Derby City Council. On top of this, the team has executed a significant restructuring of the organisation and driven material cost efficiencies whilst maintaining our commitment to the programme.

The Finance Manager has prepared monthly cash flow forecasts through to March 2026, a period covering twelve months from the date of signing the financial statements, which have been approved by the Trustees. These forecasts balance risk and opportunities, take account of the current economic conditions and factor in inflationary cost increases and assume funding levels consistent

Page 19

(A company limited by guarantee)

DERBY QUAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

with those achieved historically, with sensitivity applied to the trading income considering the cost-ofliving pressures.

The forecasts show that the Group has sufficient funds to discharge its liabilities when they fall due throughout the forecast period. However, as is common in the charitable sector, the reserves and cash headroom are not of a level that could withstand significant downside sensitivity. Plans and discussions with key stakeholders are continuing in place to minimalize the cash flow risk in 2024/25 and to build further resilience beyond the action taken during 2024. Whilst those discussions continue, further resilience is not guaranteed, and the Trustees have therefore concluded that there are matters that indicate the existence of material uncertainties which may cast significant doubt about the Company’s and/or Group’s ability to continue as a going concern.

Notwithstanding this material uncertainty, having assessed all scenarios and the options available to the Group, the Trustees have formed the judgement that it is appropriate to prepare the financial statements on a going concern basis.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Page 20

(A company limited by guarantee)

DERBY QUAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.5 Intangible assets and amortisation

Intangible assets costing £NIL or more are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

Website - 5 years

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Long-term leasehold property - Over the life of the lease - Fixtures and fittings 10 - 20% straight line - Office equipment 20% straight line

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 21

(A company limited by guarantee)

DERBY QUAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.12 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term.

2.14 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Page 22

(A company limited by guarantee)

DERBY QUAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.15 Fund accounting (continued)

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions used by the Group are not deemed to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4. Income from donations and legacies

Unrestricted
funds
2024
£
Donations
39,138
Total 2023
7,273		 Total
funds
2024
£
39,138
7,273		 Total
funds
2023
£
7,273

Page 23

(A company limited by guarantee)

DERBY QUAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5. Income from charitable activities

Unrestricted
funds
2024
£
Derby City Council
200,000
Derby City Council (rent in kind)
260,000
Projects grants
-
Arts Council England
466,176
Other charitable activities (note 6)
698,050
1,624,226
Total 2023
1,502,848		 Restricted
funds
2024
£
-
-
176,155
-
48,267
224,422
229,996		 Total
funds
2024
£
200,000
260,000
176,155
466,176
746,317
1,848,648
1,732,844		 Total
funds
2023
£
100,000
260,000
336,165
466,176
570,503
1,732,844

6. Income from other charitable activities

Unrestricted
funds
2024
£
Cinema takings
394,575
Other fees and commissions
260,105
Advertising income
19,541
Membership
23,829
698,050		 Restricted
funds
2024
£
-
48,267
-
-
48,267		 Total
funds
2024
£
394,575
308,372
19,541
23,829
746,317		 Total
funds
2023
£
298,598
213,516
19,869
38,520
570,503

Page 24

(A company limited by guarantee)

DERBY QUAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

7. Income from other trading activities

Income from non charitable trading activities

Unrestricted
funds
2024
£
Cafe bar income
484,209
Room hire
48,563
Tech squad and game time
68,869
Sponsorship
1,188
Workshop / training
40,477
Shop income
(101)
643,205		 Total
funds
2024
£
484,209
48,563
68,869
1,188
40,477
(101)
643,205		 Total
funds
2023
£
442,808
44,639
79,991
12,394
44,678
10,369
634,879

8. Investment income

Unrestricted Total Total
funds funds funds
2024 2024 2023
£ £ £
Interest receivable 1,109 1,109 51

Page 25

(A company limited by guarantee)

DERBY QUAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. Expenditure on raising funds

Fundraising trading expenses

Unrestricted
funds
2024
£
Marketing costs
312
Premises costs
1,280
Other trading costs
282,114
Professional fees and board expenses
1,566
Interest payable
505
Wages and salaries
310,098
National insurance
17,411
Pension costs
5,593
Depreciation
2,452
621,331		 Total
funds
2024
£
312
1,280
282,114
1,566
505
310,098
17,411
5,593
2,452
621,331		 Total
funds
2023
£
145
913
269,166
621
336
310,676
20,293
6,537
2,638
611,325

10. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Direct costs
1,723,013
Total 2023
2,093,518		 Restricted
funds
2024
£
158,572
16,882		 Total
2024
£
1,881,585
2,110,400		 Total
2023
£
2,110,400

Page 26

DERBY QUAD LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

11. Analysis of expenditure by activities

Direct costs
Total 2023		 Activities
undertaken
directly
2024
£
474,614
630,879		 Support
costs
2024
£
1,406,971
1,479,521		 Total
funds
2024
£
1,881,585
2,110,400		 Total
funds
2023
£
2,110,400

Analysis of support costs

Staff costs
Depreciation
Other costs
Premises costs and insurance
Professional fees and board expenses
12.
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts		 Total
funds
2024
£
611,916
65,224
89,764
619,569
20,498
1,406,971
2024
£
7,500		 Total
funds
2023
£
745,295
71,518
91,989
548,114
22,605
1,479,521
2023
£
7,875

Page 27

(A company limited by guarantee)

DERBY QUAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. Staff costs

Group
Group
2024
2023
£
£
Wages and salaries
922,014
1,153,816
Social security costs
53,164
72,234
Contribution to defined contribution pension
schemes
27,300
34,109
1,002,478
1,260,159
The average number of persons employed by the Charity during the year was
Group
Group
2024
2023
No.
No.
Charitable activities
55
69
Management and administration
8
8
63
77		 Charity
2024
£
611,916
35,753
21,707
669,376
as follows:
Charity
2024
No.
32
8
40		 Charity
2023
£
843,140
51,941
27,572
922,653
Charity
2023
No.
44
8
52

No employee received remuneration amounting to more than £60,000 in either year.

The key management personnel of Derby Quad Limited comprise of the CEO, Artistic Director, Marketing Manager, Accounts Manager, Technical Services Manager, Format Director, Programme Manager, HR Manager and two Visitor Services Managers. The total amount of employee benefits received by key management personnel was £224,652 (2023: £183,115).

14. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .

Page 28

DERBY QUAD LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15.
Intangible assets
Group and Charity
Cost
At 1 April 2023
Additions
At 31 March 2024
Amortisation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Website
£
35,200
17,712
52,912
21,809
8,829
30,638
22,274
13,391

Page 29

DERBY QUAD LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16. Tangible fixed assets

Group

Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Long-term
leasehold
property
improvements
£
266,434
-
266,434
204,294
3,106
207,400
59,034
62,140		 Cinema and
other
equipment
£
418,134
680
418,814
387,280
10,399
397,679
21,135
30,854		 Fixtures and
fittings
£
279,588
45,618
325,206
200,758
18,036
218,794
106,412
78,830		 Office
equipment
£
501,442
14,825
516,267
422,310
27,308
449,618
66,649
79,132		 Total
£
1,465,598
61,123
1,526,721
1,214,642
58,849
1,273,491
253,230
250,956

Page 30

DERBY QUAD LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16. Tangible fixed assets (continued)

Charity

Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Long-term
leasehold
property
improvements
£
266,434
-
266,434
204,294
3,106
207,400
59,034
62,140		 Plant and
machinery
£
394,407
680
395,087
369,029
8,365
377,394
17,693
25,378		 Fixtures and
fittings
£
262,765
41,388
304,153
184,814
17,618
202,432
101,721
77,951		 Office
equipment
£
501,442
14,825
516,267
422,310
27,308
449,618
66,649
79,132		 Total
£
1,425,048
56,893
1,481,941
1,180,447
56,397
1,236,844
245,097
244,601

Page 31

DERBY QUAD LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. Fixed asset investments

Charity
Cost
At 1 April 2023
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
Principal subsidiaries
The following was a subsidiary undertaking of the Charity:
Name
Company
number
Registered office or principal
place of business
Class of
shares
Derby Quad Enterprises
Limited
06643908
Quad Market Place, Cathedral
Quarter, Derby, DE1 3AS
Ordinary
Included in
consolidation
Yes		 Investments
in
subsidiary
companies
£
1
1
1
1
Holding
100%

The financial results of the subsidiary for the year were:

Name Income Expenditure Profit Net assets
£ £ £ £
Derby Quad Enterprises Limited 643,314 (621,328) 21,986 27,013

Page 32

(A company limited by guarantee)

DERBY QUAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18. Stocks

Shop and cafe stock
19.
Debtors
Group
2024
£
Due after more than one year
Other debtors
126,370
126,370
Due within one year
Trade debtors
35,399
Amounts owed by group undertakings
-
Other debtors
9,502
Prepayments and accrued income
16,382
Grants receivable
96,841
284,494
20.
Creditors: Amounts falling due within one year		 Group
2023
£
133,504
133,504
5,149
-
9,155
32,283
64,507
244,598		 Group
2024
£
11,124
Charity
2024
£
126,370
126,370
28,256
38,223
7,843
16,382
96,841
313,915		 Group
2023
£
11,125
Charity
2023
£
133,504
133,504
1,245
41,402
9,151
27,280
64,507
277,089
Other loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2024
£
50,000
115,932
38,081
12,582
266,248
482,843		 Group
2023
£
-
190,445
33,219
9,358
266,355
499,377		 Charity
2024
£
50,000
108,126
6,790
9,859
251,248
426,023		 Charity
2023
£
-
164,273
13,557
6,356
264,747
448,933

Page 33

DERBY QUAD LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Creditors: Amounts falling due within one year (continued)

Deferred income at 1 April 2023
Resources deferred during the year
Amounts released from previous periods		 Group
2024
£
79,513
168,457
(79,513)
168,457		 Group
2023
£
11,858
79,513
(11,858)
79,513		 Charity
2024
£
78,513
155,065
(79,513)
154,065		 Charity
2023
£
11,858
78,513
(11,858)
78,513

21. Creditors: Amounts falling due after more than one year

Other loans
Accruals		 Group
2024
£
100,000
87,902
187,902		 Group
2023
£
-
-
-		 Charity
2024
£
100,000
87,902
187,902		 Charity
2023
£
-
-
-

22. Provisions

Group and Charity

Additions Other
provision
£
14,025
14,025

Page 34

(A company limited by guarantee)

DERBY QUAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

23. Statement of funds

Statement of funds - current year

Unrestricted funds
Reserves
Restricted funds
Capital Grants
Other projects and grants
FORMAT Festival
Total of funds
Statement of funds - prior year
Balance at
1 April 2022
£
Unrestricted funds
Reserves
353,340
Restricted funds
Other projects and grants
84,844
FORMAT Festival
-
Capital grants
81,294
166,138
Total of funds
519,478		 Balance at 1
April 2023
£
93,065
79,735
-
-
79,735
172,800
Income
£
2,123,934
150,228
79,768
21,117
251,113
2,375,047		 Income
£
2,307,678
-
176,155
48,267
224,422
2,532,100
Expenditure
£
(2,479,343)
(111,276)
(108,430)
(22,676)
(242,382)
(2,721,725)		 Expenditure
£
(2,344,344)
(17,070)
(83,685)
(57,817)
(158,572)
(2,502,916)
Transfers
in/out
£
95,134
(123,796)
28,662
-
(95,134)
-		 Balance at
31 March
2024
£
56,399
62,665
92,470
(9,550)
145,585
201,984
Balance at
31 March
2023
£
93,065
-
-
79,735
79,735
172,800
Unrestricted funds
Reserves
Restricted funds
Other projects and grants
FORMAT Festival
Capital grants
Total of funds

Page 35

DERBY QUAD LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

24. Summary of funds

Summary of funds - current year

General funds
Restricted funds		 Balance at
1 April 2022
£
353,340
166,138
519,478		 Balance at 1
April 2023
£
93,065
79,735
172,800
Income
£
2,123,934
251,113
2,375,047		 Income
£
2,307,678
224,422
2,532,100
Expenditure
£
(2,479,343)
(242,382)
(2,721,725)		 Expenditure
£
(2,344,344)
(158,572)
(2,502,916)
Transfers
in/out
£
95,134
(95,134)
-		 Balance at
31 March
2024
£
56,399
145,585
201,984
Balance at
31 March
2023
£
93,065
79,735
Summary of funds - prior year
General funds
Restricted funds
172,800

25. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
190,565
Intangible fixed assets
22,274
Debtors due after more than one year
126,370
Current assets
259,140
Creditors due within one year
(340,023)
Creditors due in more than one year
(187,902)
Provisions for liabilities and charges
(14,025)
Total
56,399		 Restricted
funds
2024
£
62,665
-
-
225,740
(142,820)
-
-
145,585		 Total
funds
2024
£
253,230
22,274
126,370
484,880
(482,843)
(187,902)
(14,025)
201,984

Page 36

(A company limited by guarantee)

DERBY QUAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

25. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Intangible fixed assets
Debtors due after more than one year
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2023
£
171,221
13,391
133,504
274,326
(499,377)
93,065		 Restricted
funds
2023
£
79,735
-
-
-
-
79,735		 Total
funds
2023
£
250,956
13,391
133,504
274,326
(499,377)
172,800

26. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the period (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase in creditors
Increase in provisions
Net cash provided by/(used in) operating activities		 Group
2024
£
29,184
58,849
8,829
-
(24,440)
33,963
(14,025)
92,360		 Group
2023
£
(346,678)
65,953
5,564
(854)
70,018
108,334
-
(97,663)

Page 37

(A company limited by guarantee)

DERBY QUAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

27. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2024
£
315,632
315,632		 Group
2023
£
152,107
152,107

28. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1 April
2023
£
152,107
-
-
152,107		 Cash flows
£
163,525
(50,000)
(100,000)
13,525		 At 31 March
2024
£
315,632
(50,000)
(100,000)
165,632

29. Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £23,668 (2023: £34,109). Contributions totalling £8,705 (2023: £6,356) were payable to the fund at the balance sheet date and are included in creditors.

30. Operating lease commitments

At 31 March 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2024
£
6,900
27,600
34,500		 Group
2023
£
3,168
-
3,168		 Charity
2024
£
6,900
27,600
34,500		 Charity
2023
£
3,168
-
3,168

Page 38

(A company limited by guarantee)

DERBY QUAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

31. Company limited by guarantee

Derby Quad Limited is a company limited by guarantee and accordingly does not have share capital.

Every member of the Company undertakes to contribute such an amount as may be required not exceeding £10 to the assets of the charitable company in the event of it being wound up while he or she is a member, or within one year after he or she ceases to be a member.

32. Related party transactions

K McLay is a director of University of Derby Theatre Limited, Derby Museums and Derby Book Festival and a Trustee of Derby Quad Limited. During the year the charity incurred expenses to the value of £7,464 (2023: £9,095) and received income to the value of £Nil (2023: £1,200). The charity had creditors due of £1,086 (2023: £5,632)

S Loates is a director of Loates Business Solutions Limited and was a Trustee of Derby Quad Limited in 2023. During the year the charity incurred expenditure of £Nil (2023: £4,422) and had creditors due of £Nil (2023: £1,692).

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