R•gl•ternd numb•r. 080311IJ Charlty fbumber. 1149710 Dorby Mu•own8 Trustoe4' Roport Flnandal Stat•mnl8 Forth8 Year Endod 31 March 2021 rfIDAINS CCOUNTANTS DER8Y MUSEUMS (A Compary Lhnlt•d by Gu•rnnt••) Cont•nt• Page R•I•V•n￿ •nd Admlnlotratlv• D•tall• ofth• CompAny. 5t• Tru•t••B and ￿¥18•￿ TN•tM•' Roport Trust••s' R•sponslbllltl•s 8tat•m•nt Indop•nd•nt Audltov¥' Report on tho Flnanrthl 8tat•m¢nt¥ Con•olldat•d Stat•m•nt of Fln•ThclAI Actlvltl•J 2-11 12 13-18 17 Con•olldated B*lIn￿ Shwt 18 Comp•Thy Bo1onc• ShA•t CoMolldatsd Stat•m•nt of Ca¥h Flow• 19 Nots• to th• FIrwi¢l￿ St•tom•nt• 21-45 OERBY MUSEUMS (A CompAny Lhnlt•d by Guar*rkt••) R•f•r•nc• and ￿MIllI*traI￿0 D•t•ll• of th• Cgmpllny. Its Tru*tw• and Ad￿s•r& Forth• Ymr Ended 31 2021 Truit•O• Elizabeth Fothèrgdl, CBE, Chlr Patrlda Col8m•n. OBE Ma￿￿ Cravon, MBE David Ung Roger Merchant Carollng Mccomb, Vlc4 Ch•lr H8&th8r Broughton Dal8y GILtlk9no Unda SulNvan counc111￿ Lucy Care, nomlnatgd momboT from Dety Clty Coundl Profe880T Kellh McLay Councllor Joanna Wo$t, nominal¢d member from Dèrby City CO￿ Councillor Robin w￿d. nomlnated mèmberfrom Derby Clty Councll Dr Klren Grfffln Chwlotto Holm￿ (oppolnted 29 Soptsmbw 20201 C¢xnpany ropltstsr•d numb 08038113 Charfty r•gl•t•r•d nurnb•r 1149710 R*t•Md offl MuseLwn and Art Gallory Th• Strand Dorby Derbyshire DEI 1BS Lord C￿dIsh, 12th Dukn of Devonjhire Ind•p•nd•nt *udltorn D•kn$ LLP Stat¢rtoryAudttor Charterad A¢¢ounlants Sulle 2, Ajbion Hou$8 2 Elwrta Office Vllage For90 Lano Stoko on Trent St&fford$hlro ST1 SRQ B￿k•Y¥ The CfyOperallv• 8wk 31 Ea8t Street Dortjy DerbyshiTO DE12AL Santand•r UK PIC 18t Floor S Market Place Derby DE13PY Pag• 1 DERBY MUSEUMS IA Company Llmlt•d by Guarnntso) Trth•fy' Rgport Forth• Y•ov End•d 31 MAr¢h 2021 The truslge$ l¥tho 8r8 alw dlr•clors of th• ¢harKy for the purposes of the CofflpanleB Act) pTa$ont Ihelr annual report tog9th•rwlth tho audlted flnanclal 8tatsmènts of Derby Mu8eum8 {tht Group) for tho yyar 8nd8d 31 Marth 2021. Tho tw8l¢o8 confirm that tho Annud report and financlal statements ol tho r￿MpanY CoM￿Y wlth the ourmnt 8latutory requlrem•nts. the rtquiremenl8 of the compAn*s gov8mlng do¢um•nt and tho provs•ion8 oflho Acwjnlkng and Rtportlng by Chaiit5e8'. Stotement of Recommended Pra¢tlc• apF4kabl• to ¢harilles preparlng their account8 ifb accordance wllh the Flnandal Rgporllng Stsndard ￿p￿￿￿ble in the UK and Republlc of Irdand 18sued In Octobgr 2019. th¢ Fln4nd•l R•porflng Standard appllcable in the United Kingdom and Republic of Irdand (FRS 1021. th• cha￿￿8 A¢1 2011, thg CompanlB8 AL* 2006 and UK Goneraltry A￿Ptsd ALYountlng Praclke. ObJ•etlv•• •nd •ctl¥ Pollcl•• and obJKtIv•• In Belting obJectSv￿ and Flannlng for 4dfvNlo6. th• TrL¢8tses havt given due Con￿deratIon to genero1 guidan pubI8hed by th¢ Ch•rfty Commlsslon rnlallnq to put4lc bonefi( Induding the g￿danc8,PUbAC bonofft.. rvMlrwJ a charlty IPB2)'. Tho vlBk)n Is that Derby Mu8eums18 lor the thlnker and m•kw In oll of us. Together make mU￿Um0 for the h•ad. heart and h*nd$. We do thi8 ty. 88lng Independonl Fo8l•dng a of 8XP8rfmontalk>n Pursukng mutual relatlonshlp6 Cr4allng the ¢(￿dItIOnS for well belng Proylng Ihatwè are dolng11 Pap2 DERBY MU8EUM8 IA Company Llmlt•d by G￿￿nto0) TN•t••8' R•port {conllnu•dl Forth• Year End•d 31 fvl•rch 2021 ObhctSv•• and o¢tMtl•• (contlnu•d) Doty Mu8eum8 has been 88tab16hed al a company Ilmltod ty gUWant￿ vAlh oxc4u$lvely G￿table obleds. It• ot4•Gts •nd slratsglo8 okn 1. We want to make Ifxyh gf the colletdo Avalabk th'gitAlly by 2022. 2. R￿se aiivent55 of bis Hvrks 3Mollgttt people of Detby throuyh tjktee siilttfftast e¥bhJ durlng2018-22. 3. Explore the nablre attd f¢aJhility of an illtetLatic￿￿J(Wh WrighttOUTsng exhL'bitiL¥J. 4. Become Rcogni3ed glDb3lly as 3 wctyiier iwlilvligD tsth¢ sbjty 2LdulldentAlldiJg ofthe life ofJ05ephWtiBht by 2022. Dehy NIuseums haiTe the largest and ILOII Crrtnprehetr￿l￿t collectioll of iTrotk by Joiryh ￿lright of Duby In its comection of oils. ii'*ercolours and on pw IV￿ degigna¢ed a ¢oll¢won of Arts Council EwJ8th Be re1￿￿tstto Lwr£itiztns'. The herstase of ow £ity L5 explKrfty ed to fr¥De Its klmre *llbitio￿. We'll help people ill Derby to thew city ￿ oue of the U cetiiie& of inttovalion and advanced l. Co.produte the Museutu of to publk and irydvstry acday 2. Rea￿ peDpIE ty diverBifyin8 ow actiiryhej arvj ￿Ik￿g thrtll reicwtt aLd to itscrease Th8itornumbEn ty IOQ%by 2022. 3. continue the phased reh￿b]ill￿Oftt of the litw spaee. 4. Ikv¢lop a scllewt to redevelop the eDlire Museum and AJt Galltty eomplex with Uine scbetue ty 2023 full HLF subDU"ssion by 2025. S. Incit￿t diirrsity of iirjys I￿ ivthitts pecyle palttcipate throuRh I*l￿teerI08 alld co- 6. Create the Dttty story ￿ ats adsvcacy alld I. EB&bts'Bh a ratio of 4S:55 0£ earned income lo pul)Ji¢ Iniei¢ttt•it Its Dety Myiwms Djrnowr b), 2022. 2. R*"5e £2m ￿ tht Duty dOI￿￿￿entbY 2022. . Imwffi'e the qwjity of impact reiearth 2nd Derby Ndu$eumg is a Bocial enterprtse wrtb 2 wofoutsd 8ell￿ of Krial Jxw$e. 4. Eabutt tbat by the end Qf 2Q22. tht Defvy MuieuM8 board is represerO2tive ofour cit),. 5. Produce a itttegy and implttneotation plan for the long.teLTll Storage neeth of tht muaeums. awts ¥ttd eOllettio￿ by 2023. Pap3 DERBY MU8EUMS IA CompAny Umlt•d by Gu•rnnte•) Tvu¥ts••' R•purt Iconthiu•d} For th• Y￿r Endod 31 M•rch 2D21 Ob￿CtiV•1 Ind •ctlvbtl•• (¢onUnu•d) Ob ectlv Aln*ys lu kntti.. Derby Muswnjs ptNKi*d well above its weielit ivithw the J)M18eui ￿e¢t￿. Ii bns beell ttco8llIs￿ fw its iDveotivetw¥¥ illuovqtiou Jjttisthi￿s arthwd tjku W￿ld. Dthty museu1￿5 is t￿)￿￿￿tted to eJJlJan¢iLg its rqxttBlion for iLwa*iou 8ud parti¢l￿riOu. Str•t l. For DeLty Musthittis fv be Keeogolwj ès kftditig Otyw*)tiO￿ expltsrittg The role of civie Jlwseiil￿1lltI￿1i1IY At re8ioMI iwel. 2. Develop itrnJJaiioJTr81 coUabor8ibW ivith IIW5¢1MDSI Kp¢¢ially those ill the US aud 3. To be a O￿a￿l#ll0￿ w]Lich Supp￿15 people lo risks olld r¢aits¢ their OWL aiijbiliollts. 4. Deyelop ll ¢ollsultiD8 of D¢rby Mv59VU ILthllethinlyry)pctty durillg 2021-22 Ewryehiid rt th. Uiitii irttjjity. Deiby'z s¢hoob Imd of ikne woKsi r¢¢ords tor ott•iLMiieJJt ill the ¢owitty. ttt 2017. Derby was desigllaied 80venJu*tht 'OppoLftlfJkry A￿, 10 be Ptovided iyiib tThr8cled SUPPDlt t eiieoura8¢ $oci*I ￿￿bIlIty. hispired iry the Ans Council's Cwl¢ural Le￿111￿1 Cknlléugè, we bèlkève every child itt De1￿Y Sh￿1￿ lthve Lt ie*st oi ilmiyl l¢arnits¥ Cxpetiellce a ye8t. l. De￿ will ewge children iii every srliool illDerby by 2022. 2. Dei'elop h De￿ STEAM ¢urri¢iiknM wilh local edii¢filioJJ provideLE early to fvrtjkn. aDd higknei educntioll by2022. 3. CreAie llew Phrtttti￿IlPs ivith I￿$￿ to ddlv three tllrgeted vocDliollal for J#er8ble ¢J)ildreo al￿ people by 2022. 4. D¢velop alld iuipl¢Jneni a sts•kgy foi eAdy aLJ ledrllitts ltt out by the èthd of 2020. J. Enetease ikn w8ya iti whirh childLEJJ Bnd yow people ¢all pani¢ipote ou fitt 'eveLWay' basis In ourJ)wseums. Chadty regithation help6 the charty #thieve h obled8. most 8ignificantty in relation to fLmdraising and gi confidence to thlrd portle8. parttcul8rfy lundlng partners. that thg Olg￿lsatIOn op8ral8B to th• hlghest 6landotd6 of good g¢wamanc• and Is 0￿r$•an by an Ind8p8nd•nl ragulalor. FundTrl•lng practlca• Th¢ approoch takon by Derby ￿￿￿Um6 1$ to [d￿lfy th& neod$ of Ihts organlsallon St tho start of the ￿*r and to researc* trusts and foundations that would be Inlere8t&d In fundlng the8è. Where no funding 18 found, tmn the proj¥¢twould be postponed untll funding IB found. Generally, all fiJndral8lng1s don8 kn house by tralned mernber8 of staff. however for the Tedevelopmenl of the Museum of Maklng a profes8lonal organ5sallon cafrled out Bome work to oblakn fijnding from other Ir118ts ond foundatlon8. Appli￿tiOnS 8ubmitted lo trusts and foundotlons were reviwed by Dorby Musoum$ to ￿$L1rn thoy waro a￿ulat0 and m¥1 ￿th 9ulddln8s of Ihg fundral$lng ro9Llator, vthlch thDU9h th8 organl8athn18 not fomalty slgnod up to, It do•s follow Infom8llyto •n8uro pr8calco8 am thlcal and Iran8p8r•nt. Derby Mu8eums do nirt apprrmch vulneratrAe peoF48 In Its fundralstng acllvMle8. No cold calllrvJ or street colecting IB done and th8refor6 donallons are totally vc4untary. Dertjy Museum8 dld not recetva any comptalnts regarding bt8 fundra￿￿ng pradice8. Pag• 4 DERBY MUSÉUMS IA com￿ry Umlt•d by Guar•nt••) TN•tM•' R•port Iconllnu•d) For tho Y•ar Endod 31 M•r¢h 2021 ObJ•¢tlv•B Ind •ctlvltlM {¢ontlnu•dl Achl•v•m•nts and porf(xm•nc• R•vl•w of •ctlvlll•• 2020 was to be a ￿ar of mamls for O•rt>y Mu8eum8. Thè Derby Ram Tram would have attrad8d thou8and8. wkh ￿&mor8 8eeking lh￿ wondorfully decoTatsd Icon8 around tho crty. In S&plomb8r aftar years In developmenl, th9 Musoum of Makkng at Dth SilE Mlll would ha￿ flnalty opon its doorn, c•l•brat6NJ 300 ygarn of Making sn Derby. Tho yoar bogen opllrnlsllcally, Jap&n889 Ghosts and D8mons knlrigued vithor8, ￿ we loek•d towards the Tokyo Olymplca kn Juty. Our next exh*bUon was a r8tro$pecNv¢ of century Devby 8CLAptor Ronald Po￿, wNch Indudod a brIl￿onI yzeto•r of N$ woth In publc 8pac8v In th• rnglon. In March 2020, Jery Barrett'8 f8mou¥ palnllng of Florenco Nlgmngalo Miuion of Mercy on loan frorn tho Natlonal Portralt Gall¢ry wa6 d18playod at th¥ Muwgm and Art Galery. Nkahtlngalo. wlth h•r strong famlty ¢onn•ctlon$ In Dorbyshlre. w88 to be thè s￿)1•¢1 of a ma￿T pTograrnme of event8 a8 wo Ixmmemoraled h8r Fatofuly th• v•ry week we were duo to open an exhlbmlon of h8r sludes on P*alih at home at PlcMor¢fs H￿Se. the flrsl loc*d¢)wn ￿u50d by the Cov1&19 pandemi¢ was ann¢wnc8d. Derby MuJtum8 wore dosgd for nearfy four month•. The leam responded magnificenltyto enfor¢•d dosure. creBling a Slew of on-Iln• eiJnt•nt. We joined in with BBC Art8. *Mu$8umFromHome pub118hlng V21'8 vIrtU81 realty lour of tho prevlous yegr8' Leonardo da Vlnd exhSbitlon,' we Lveated a now mlcroslle #De￿WuS?uM$atH0mo, vthlth foalured virtual IOUTS of r￿n1 9xh￿10n& (Indudkng that Floren￿ NlghUngg1• showl): we pre8entsd ac11v￿￿ and games for fafnlUe8 such a8 Waekend Mak88, Make Your Monday, and Drwkng for Rel8xallon. We've made podca61s with gxperts and academi￿, who havo 8hon¥ now Ilght on our I￿10U￿. Wo*0 broadca81 bivo •ven18 88 thè Darby Mu8eum# qulz and an evonlnq with anUque8 expert and Mu￿uM amb9$88dor CharfeB Hanson. Zoom and vldoo conferenclng has bo¢om9 gn •s5ential part of our I￿ IV$ ba•n • vltgl way of rnanaglng our wovk and a mean8 lo ke8p In touth wlih supporters ond volunteers, who play 8uch On Importont part of the Ilfe of tho muleum. Some Vo￿nI08[8 have been able to ¢om• bad( knto the museum, and other¥ havo ¢athod out vltal work remotefy. Textlle arllsl Toni Buckby dalfvered a laco maklng mostsrda8B onllne to ¢xJntribule lo hgr Irffjtslguon for the Museum olmaklng. Dtty Mu88um and Art Gfjl￿ry reopened kn earty J$j￿2020 ond were one oftr* flrnt rnglonal mu$oLwns to do 60. Re4>penlng made us am f881 hopeful: Ihat we were playSng our part in the recovery of Deth￿8 ¢My c•nlr•. We weTe able lo run 8 summer MldlondB Maker Challenge and In September we were thrlled to open an exhlbmlon of work ￿t￿led Dandwon by Ed Bwkos tho ￿nner ofthli Jonathsn Vk*ors 8ward. ThiB ￿erY¢ll¢ and onf¢dont ¥xhlbitlon put Derby peoph al Its h•art. Th• pandomlo h88 CaU8ed many to look dihronlly aboul tho world and ene￿1￿98d u8 to •xplor8 r*ew Pgrspectiv•s our ￿Ne¢t1¢n8. In th8 world Collectlons galery 810rytgl￿T AJl¥on SokJmon8 ueated tho Human Progromme whlch looks at the way rgclsl attllud8B have been •mbeddad in 8odety through representalions of ¢￿t￿Tal h$ril899. Benjamln W88fs painting of'Ggn•ral JohnBon Saving a Wound¥d Fren¢h OfficoT from a North morfcan Indlan. was re-hung alongdde A180n'a work to QJnlexbJall8e the hlstoric vorsbn 0118th Qgntury BrftbBh cdonlamsm. Work6hop8 wlth communty fflembers w•r• held to oxplore dlfferent way8 10 int•rprnt tho hnpr•sslve paknllng The Comm4mlty K4tth•n for All (Free Communlty by Gwbux Slngh Thtrathl. Pago 5 DER8Y MU8EUM8 IA Compny Llmltsd by Gu•Trnts•) TnMt•••' R•port l¢ontlnu•d) Farth• Yo•r End•d 31 March 2021 A¢hl•v•rn•nt• and porformancg Iconllnuod) There were vdu•￿e and InnOva￿Ve aAtural and community laamlng wogramme8. We announrAgd tha Ilrst 25 Creative Community FellowB, who'll loln our N8llon81 programme to Creato a new generallon of culturallgadgrn ¢ommltted to dvlc odion. With oth&r cultur810ryonlsaUon4, w• are tsa(*ing English as g S•¢ond Language to now arrSvalB who are maklng Darby th8lr homo. The second lockdown from November 2020 w#8 disappointing. lust as vl$ltors had begun lo reacquaint themgglvgB with the MuBeum and Art Gallory. From January lo March 2021 Derby Museum8 focussed on dollv8r(ng the Mu8eum of Maknng. Most of tho t•am w•r• Mmobili8ed over the wlnl•r •rKI th• fabulou$ n•w museum was opened to the pubuc In May 2021. b. K•y p•rfomiance Indlcatorn Sourc•• of Income: 2020121 Consolldated YTD In¢ome by ￿tegOry lexc HLF) 2% PulilkSe(toi(MCI cDDlibJlodi￿(o￿￿ 3J% l￿bIk5t(1￿lCQV[d The parcenlape of rn¢xme frorn Derby Clty Coundl r¢du¢ed fmm 31% la8t yearto 30% thls year. Howa￿T cO￿d 8UPPOrt waB new thlB year accountlng for 18% of all lumover. The Art8 Coundl fundlng Incr8488d from 15% to 19% 88 a re8uII of add￿ana1 C¢)vld grants. This means Ihal the percentage of In￿rn9 from the publlc purse IB now S5% up from 4 then r¢¢ord low lasl year of 46%. Contributed income, whlch Is mon$y m8lnty from trusts and foundationfj redu￿￿ from 42% 10 33% . As expected CommerdBI Income took th& brunt of thè h6t as11 fell from 12% 10 2% Oerby Museums have also received capll81 fut)dlng for th8 redov•lopment of The Museum of Maklng al Dorfoy Sllk Mlll whlch has not b88n Indudod above. Pagè 8 DERBY MUSEUMS (A Compl￿ Umlt•d ty Guarnnt••l Tru•t••B' R•port Icontlnuodl Forthg Y•ar End•d 31 March 2021 A¢hlwom•nts and p•rfomianc• (¢onllnuod) Vl•ltor nwiborn.. V551tor Numbers- all 3 museurns IfthXYJ 140rxh) 130LV Vl8knr number8 fdl dTa8tkaly In 2020121 a8 thg gov•mment Implementod national lo¢kdthvn. Flnoncl•l r•vl•w Ilolng concem Aftgr moknn9 appropriate enqulrle$, the Trust•88 hav• a reasonab￿ expectdon the Company ha8 adeq￿le r080urce$ to contSnue In o￿Tational eX58ten￿ for the f0rn6e8alJe future. For th18 rea8on, they cuntinue to adopt the golng ¢oncorn basls In preparing the financÉal 8tatem•nl8. Further d¢taS18 r•garding the adoption of tho golng concern ba818 can b6 found in th• acwinllng pollde8. b. RH•r￿ pollcy T￿ chaFityB PDIicy 18 to hold rn80rva8 to cover six months of unr08tr1c18d 8xpondllure. AS al 31 March 2021, the unr•stsioted re8eNe8 lexdudlng deslgnated fund8) Blood at £1.830,864 whlth represents 14 mcrfth8 of ex￿ndItUTe. Due lo the ojrrent uncertaln11•8 In fvndSng, tha Iruslees have deemed M nrt•S8ary lo In¢r•ose the lov61 olrw•rvoJ ab￿ the th•rity8 policy, ￿￿1 there l• mor• darlty In Ihe fundlng 81bJatlon. M*l•rfal InvMbn•nts pollGy requyod In Mfjmorandum, in furthernn￿ of118 obl8¢1s, and for rto other purpo888. thè Company h88 th• ptswer lo Inv•81 Ihts mon198 of the Company not Immadlately requlr8d for 116 pufpoBe In or upon $u¢h Inve61ments, 8ecuTitie$ or propgrty as may be thought fil, subjed n8v•rth•lws to such conditlorb8 and $u¢h cons8nt8 aB may forthe timo bolng ba ImpoJ•d or required by law. Paoe 7 DERBY MUSEUIA3 {A Umlt•d by Gwrant••l Tru•t•••' R•port Icontlnu•dl For th• Y•ar End•d 31 March 2021 d. Prln¢lpal fundlno The maln 8ourco of Income 18 grant Income from Art8 Coundl England and D•rby Cliy Cound. Total income during the year amounted to £7.151,039 P020.' £8,639,948} indudod unTe8tslcted Income of £2,030.887 (2020.. £1.717.6031. of whl¢h. £1,100,090 (2020.. £1,092,870) wa8 from Art8 Counal England arKI Darby Clty Cound to bo appllfjd for the ¢harity8 work. Dots11$ of the ro8lrktod funds totamlng £17,337,831 {2020.' £13.130.6791 and Ihg 8nd0￿ment fLmd• of £993.628 (2020: £819,419) arKI Ihwr purpoBe can ba found In Noto 2110 tha flnondal statsmonts. struc￿r•I gov•mane• and manaqwn•nt . Cgn•Utullon Tho ￿MPanY and gmup 18 roq48tered 88 a thsrfttt￿ ￿MpanY Ilmltad by gvarantga (¢h8rfty nLunb8r 114971018nd w8$ $01 up by a Momorandum ol A85ofAalion on 18 April 2012 as &m8ndeil 18 D•￿mber 2012. The company wa8 reg181eTed as a thartty on 12 November 2012. Oeiby Mu8èum started tradfflg on 1 Octob8r 2012 a8 #n Ind•pondent Tru8L It hos a wbsidiary c4lled Derby Mu8eL*ms Erktgrprf80s Llmltgd wN¢h st8rt&d tradlng on 1 Aprti 2014. Pagg 8 DERBY MUSEUM8 {A Company Umltsd by Gu•Mnt•• Tru•tM•' R•port Icontlnu•dl Forth• Yur End•d 31 March 2021 Struthrg, gov•man¢• •nd maMg•mont {¢ortlNod) Mothod• ol apP￿ntrn•nt or d•cllon of TnMt•o1 The Manag￿0nt of th• vJmpany18 the rn8pon81blky of tho Tru8to08 who are gI￿ad and under thè tsmi8 oftho Artlde8 ofA8•odatlm. Patron Lord Covendlth, 12th DL*o of 08¥onehkg AmbaB8ador Ch8rf•8 Hanson B(wryl mom1￿￿ during tho ye4rare •8 foll El￿#beth Fotherglll, CBE {Chdr) PatrI￿a Coleman, OBE Mknvell Craven, MBE Davld Llng Rogw Merchant Carollno Mccomb ell￿ Ch810 Heathw Broughlon Dal8y Glullgno Llnda Sullfvon Coundlor Luw C8T8 (nornlrbAted meNthr from Dwby Clty Cwndl) Profv89or Kollh McLay Coundllor Joanna WeBI (nominlaod memberfrom Clty Coundl Coundllor Rok4n Wood Inominaled m8mb•r from Oarby Cty Councl) Dr Klron Griffin Charkntte HoknoB. appuinted 29 S•pt•mb•r 2020 Durtng tho year, the followtng Ifuots9$ wgFg reappolnted for Enoth•rllY•$ y•or t•m) Ellzabeth Fother9lU, CBE Boord members represent a range ofthlle and Includkng: Eth¢atlon Community En￿9#mont Arts and herita90 Technology & englnoerlng A(xountan¢y & g¢n•ral finwc• Commerd81 So¢181 & e¢onomlc regenernuon strnt•gl¢ man•gement & bu8kn88B dtsvelopm*tt Tourf¥m Health 8nd wellbolng Member8 ofth• ￿nIOr m•nagement leam are: Mohammgd Subgman- DlfOCtor of Resourc•s Hannah Fox- Dlrsyth of Projects and Programmlng Su• J•d(Iln- As6odat8 Direct￿ of Dèv•lopment and Communlcallon8 Pago 9 DERBY MUSEUMS (A ComMry Llrnlt•d by Quarnnt••l Tru•t•rf Roport Icontlnu•dl For tho Yw End•d 31 March 2021 Stru￿4r•i oovomanc• and ma￿9•Mont (contlnu•dl ¢. Poll¢lM •dopt•d lar th• Indu¢Oon and tralnlng of Tru•tM• Tru81oe8 undèrgo a briefing on Ih•lr l•gal obNgaUon8 under ¢harity law, the contsnt of th• M•morandum Artlcl8s of A860¢[a￿on, thg board of tru8leas COTnmlttee and decision-moklng proc0￿$$, the bu¥ln988 plan and reconl finandal pwfomanco of the tharity. Now trustees al80 mg•t kgy employ998 and othgr trustees. TrustsoB ar• encouraged lo attend approprfale external training ￿ents whwg th08e will faolitste the ￿derta￿ng of IhdT rol•, d. Organl•Atlonal •truetuv• •nd d•clslon m•kkn9 The MomorarKlum and Artldè8 of AB8oclatlon for the orgonlfjatlon provlde tlwt board 8hall eonelbt of at lea81 3 and not mor• than 18 indlvithJa18 Corn￿80d 0$ fdlw8'. Up to three Tru8te88 nomln8t•d by Dertjy Clty Ct)undl Up to fourtfjgn CommunltyTru8tOe8 •. FInalb￿•1 rf•k manaBwn•nt Thè Tru8tee8 hav• •$88¥8od th• m*r ￿Ik8 1¢ whlch the eompony 18 •xpos8d. kn p4rt1¢￿Ir tho80 rolat•d lo tho op8raUon$ 8nd ￿nanCe$ ofthe company, and can be Ilst•d balow.. Rl$k Tbe Cojiipauy Arceives 4511h of its fU1￿l￿g fiDLll the loca eiithoi'ity, The Irrellt PLopoyal8 siisgesl the saille level of fiilldillg for 2021122 lioivever diseiis8jons re iiuderway. llie i'isk is thnt lalks faAI, g fiii*bei ¢ut is Lenieiited. Tlie ai'gaiii5atioii opeiied Tlie Museuju of Makillg at D￿'bY Silk Mill post year elld. Tlkei'e is a Lisk thftt diie ro C.'ovAd, tbe COn￿ne1￿1￿1 iiicoiile 15 Alot as fls expected exposi118 tlie or aiiisatlolk'g easll flow. PlaDS & Strato Tlie sellior illai￿geMellt lehju have beell ivwkiu8 closely with the local aiTrthority woi'killg Oll a plall to give the Compally Inore tiwe to fit)d alieruative sources of fiind3. A strfttegy I￿S beets dev¢loped iThtvlviug settiug iTP nll elldowu￿I1t fiiiid to help maintaill ltse museilm. s]￿lId a It￿9[ ciit be iiiiplelliellted thell a Jiiajoi. restrLlCtLITe Ivoiild be iittdeitAkeii lo eiisiire ilTr orgnnisatioll i'etnaAI)s a goillg collceA'AL Tliel'e 2 iilliiiber of fuiids Available VIR J)..yiun.be.i.of i￿e[S to apply additio1￿1 costs iu¢un'ed Ms a resiili of C.ovid19. We will Look to apply foi tiiese to ensure tbe fwallCLal iittpttct is ittiThilliised. We knave also gel piudellt budgets alld have ayted stralegy of ￿slI Lpseiv¢s built over the lfist fmv yeaLS, for the llext couple of yearg by wbich tiiiie, the collmne￿laI opei'alion will l]nve stDbiLised Jnor¢ ffivouiable eiiviroiuiiellt. Plan• forfutuY• porlod• The Trust ha$ a doar 80t of alm$ and oblo¢llvo8 ($eo above). The chaNenge8 fadng Ihls nsw organ18allon ar6 to evIden￿ a gtr•n9th&nod ￿MMerCiall$M 8fKI re￿Ilence plus an Improved ￿$toMOr offer in order lo attra0* L¥Jntknuod flnanclal support fmm Ils tsvo maln funders. Thls vlll Indude, but not ba reBlricted to. inrJea8lr l￿ding from other Sources, both donollw• I fundraising comrnerdal Income. Page 10 DERBY MUSEUMS IA Compny Llmlt•d ty Gu￿•￿t••) Tru•to9•' R•port {¢oTrllnu•d) Forth• Y¢w End•d $1 M•r¢h 2021 Momb•r•' Ilablllty The K4amber8 01 the Compony gu8rort09 to eontslbute an wnount not •xc*llng £1 to tho au•t6 of th• Company ￿ tho evonl ofwindlng up. Dlsclosur• of Informatlon to audltorn Each Of1￿ per8on8 who are Twsteo8 at tho tkn• wh8n thlB Tw8t•88' R•port IB ar4>mvod hA# confimied thaL' far a8 ttAt Tru8tse 16 aww9. thero kg no rglgvart oudA Info￿￿On of whith the thrilabfe gfOUP'8 Audknrs are unaware. and th81 TN8te¢ has taken all th• sty that ought to havo begn takon as a TnJ8lM kn othr to b• lwarfj of t￿Y ralevant audlt Informatton and to •*b￿sh that thè chaiii•t4e ortyJp$ audltors ar• •w•r• of that Apwov•d byord8r olth• m•mbarn ofthe board ofTm8ts•8 #nd on tholr ty. E Fothofglll, CBE T￿￿te8- Chair of Board 143Gi/ •nt T￿￿1•e- Ch8lr of FIne￿ce, R880urc88 and Audlt Date.. 21 SqlLNJu Pago11 DERBY MU8EUMS IA Compariy Umlt•d by Guarant••) St•tom•nt of TruBt•M' Tr•ponBlblllU•• Forth• Y•ar End•d 31 March 2021 Tho TrustO08 (who aro 8180 the dlT¢¢kn of the Company for the PUTP08es of company law) are re$pon$lbl8 for prepaiing Ihe Tfu8leeB' Report and tho Ilnanda stat￿￿nts kn ac¢¢rdfjn¢8 wlth appllcabl• I￿ and UnH•d Kkngthjrn AccO￿￿1￿g Standard$ IUnrt¢d lQngdom Generalty A￿ptsd Acc¢untlng Practlce). Company law requkes the Tru81ee8 to PTep•rg fjn8n¢tal $talem•nts for •ach ffin•nclal ygar. Undw company law. the Tru81008 mufjt not approvg the fmanclol gtal8mgnts unle88 Ihw are 8ati8fi•d that thoy gfve a INa and falr view of th• 9tate of affmlrs of thè Group and th8 Company and of thwr incoming resource8 arKI applcation of ro$our¢e$, Indudlng thelr Income and experKlliuro, for that parfod. In preparfng Ihe8a fjnand818tgtem8ntB. th Trust868 requir¢d lo.. Select Bubtablg accountlng poNd98 and thon £p￿Y thom cijn8lstenlly.' ob$8N• tho mtrthod8 and piinthples of the Charitie6 SORP {FRS 1021., make judgments and a¢counting eslimat¥B that are roaionthle and prudent,. st8t• wh•th8r appllcablo UK A¢¢ounllng Standard8 IFRS 102) have been folkwmd. Bubloct to any materbal dapartures dlsclo88d and expl8ln8d In lh• fln8nd81 sl8t•m•nts; prepare the financAal Statements on the going c￿nCern basls unlo88 tt18 kn4pproprfats ID pn8￿￿0 Ih•t th• Group wll continue in busin85& The TN8tees are Te8pon8ible for keeping ad•quat• aCCA￿n￿n9 r•eords th8t •r• to Show and ￿rA•In the Group and tho Compans18 transactlons and dlsdow wth rea$on8bl& 4¢¢ura¢y al any Ilma the finandal po$lllon of th• Group and thg Company and onak40 them lo ensure that the financial Blatements comply wllh tho CompBnle# Act 21)06. are al80 reBpon8lble for safeguarding the a88ets of the Group and the Company and henc¥ for tthing r•a$onabl• 8i•p¥ fortho prevenllon and deteLkn of fraud and othgr IrTog￿0rIth9¥. The Trusl¢e8 aro re8ponslble for tho malntenance and Integrfty of the Co￿Orate and finandal Informatlon Indud•d on the GTOUP'8 webskn. LegiBlalion in the Urmled lQngdom govornin9 tha praparatlon and dlss8mination of financJal 8tstements may drffpA from leg181atlon In otherluri8dictionB. Apwo by order of the memb8r8 ofthe board of Trustees and Bigne n itB behalf by.. 2d£e/& Ellzab•th Foth•rylll Tru818¢- Chalr of Bow Dalo. a% 20>1 Rogor Mo TN81•a- hant alr of Flnanc8. Re8OUTGe8 ond Aud Pogo 12 DERBY MUSEUIAS (A Company Llmlt•d by GU•rnnt￿l In*•nd•nt Audltor•' R•port to th• Memb•rn ol Dorby mul•￿1* Opln14)n We havè audfftéd thè fin￿de1 8tatemort8 of Derby ￿￿￿UM8 01￿ 'pw0nt ch8thabl8 comp8nJl) and NI eubsldlarleB (th9 '9roup? for Ihe yoar ended 31 March 2021 which ¢ompri8e the Consolklatfjd Statement of Finanaal A¢UvlU¢s, th¢ Consofidated Balance Shee( the Cornpafty Balance Sheet. tho Con8oKdot•d Stat•m•nt of Ca8h Fl¢)w8 and the related nots8, Sncludlng 0 8￿m8ry of $19nlficanl accI￿nting peJkl•8. Tho Itnanc4al rop0￿￿9 framework that hes been applied In Ih84r prOp8ra￿On 1$ gppIl￿blo and Unll•d Kingth>m Account Standards, induding FinAncABI Reporting Standard 102 'Th8 Flnanclal Roportlng Standard app￿￿tle In Ihe UK and Republ1¢ of Ireland, {Unltod KI￿d0M Gen8rallyAcceptod A￿oUnting Piaclica). In ow O￿nIon Ihg finandal 8tolemarbts: glve a true 8nd falr vknv of tho •tat¢ of the Grouty8 ond ot the parent charttablB company$ affalrs a8 al 31 March 2021 and of th• Group'$ Inwnlng te9ourc￿ and appH¢&tlon of re80urco8, Includlng Incomo aNJ èxpendhure for the yw thon ended; have bean propgty prapaT8d kn 8ccordanc• wlh Unltod K4wdom G￿￿lly Awted ALYOWrtlng Practlcg; and hfjvg begn Fyyrod In al￿rd￿ce vAth the rwuIrnm￿ts oftho Cony)onl•$ Act 2008. BA•1• for oplnlon We condtthd our audll In aeeordonce vAth Internauonal Standard8 on Audhlng IUK) (ISAS {UKII 8nd ￿P￿1(abl law. Our r86ponslbMllle8 undor th08¥ ¥tondard8 arg fvrthor doscrlbed In th8 Audltor8' respon8ibilili¢s for the aud of t￿ financAal 8tatsments 8ècllon of our rwrt. Wo org Ind•p•nd•nt of tha Group in aCC￿dEnCe with the elhlcBI roqulr¢m¢nl8 thot ere Televant to our audll of the tlnand418tatsment8 In thg Uni1811 Kln9dom. InrAudlng the Finanoal Rgportlng Councll'8 Ethlcal Slandafd, and YM hav8 fU￿11¥d our olh•r •thl¢al rn8ponslblllle8 accordance the80 req￿reMonI$. We believ? thBt the audlt evldenc* ￿ have obtalned 58 8ufficlonl and approprfote to providè 8 ba￿& for our opknlon. Condu•lon• r•lRtlng to golng Concom In 8uthng Iln8nthl Statements, we have conthdod that the dlreclo¢s u$9 of the Wng concam ba818 01 accounllng In thg propafatlon of the ffinancial statements 1$ •pprowlat•. Ba8ed on th8 work we have porfom)wJ. ￿ h8Vo not Id•nlNled any materfal uncortaintle8 relaurwj to o￿t& or o)ndlllonB that, indiwdualty or ¢olle*Xlvdy. may cast slgnfficant doubt on the companls #bllKy to conllnuo al going concem for a perlod of at least twdvo months from vthen the flngndal 8tatements am aulhodsed for188ue. Our regpon8iblitle$ And th• r•sponBlbIlltl￿ of the threctorn with re8pect lo wlng cOn￿M ar• dea¢rfb•d kn th• Fdevanl 8edlon8 01th18 repth. Pag•13 DERBY MUSEUIIIS IA Comp•ny Umlted by Guarnnt••) Indgp•nd•nt Audltorn. R•port to th• M•mb•rs of D•vby ￿￿•￿￿￿(¢•nIln￿?dj Oth•r Infomiatlon Thè Tw8tee8 are re8poMible for th¢ athor Infomiatlon. Th• oth¥ Inf0m)￿On ¢omprf8e8 Inftymadon Induded In Ihg Annual Report, other than Ihe flnandal 8tatoments and our Audltorn, Report thereon. Our oplnlon on tho Ilnan¢lal statements does not ¢over the other information And, exc•pt to tho Oxtonl otheiwl39 •xplldtly slat•d In our report, wo do not expre88 airyform of a88urnrTh ccmdu8bon Ihereon. In ccmnoctlon ￿th our audli of the flnandal 81atsments, our reupomibilty 18 to rned tho oth8r infomiation and. In dulng 80, conBlder whether the other knformation 18 m8lerfslty Incon816t8nl ￿th tho 17n￿¢1￿1 staleman18 Lv our knovAedge obtained ￿ the audit or Othe￿1$0 aFp•ars to bo maI￿allY mI8$lat￿. If we Ident￿ Such mat8rlal In￿nSIB￿nd@8 OT apparant moterfal mls8tat8mgnt8, w? arg requlrgd to dstsmlne wlth•r thero18 a matedal mlsstalamant In th• flnan¢lol $tal&mnls or a material fflisstatement of the other informalion. If, based on the WOTk wg havo p8rfoMi￿, w• condud• thal there 18 8 m8twl81 m188tatsm•nt of th18 Other Infomalion, we are regulrod to roport that fqd. Wo hqvo nothlng to rep¢xt In th18 ropard. Oplnlon on oth•rmattorn pr••¢rfb•d by th• Companbo• kt 2006 In wr oplnlm. baB•d on thg work und8rt8ken In th• cow88 oftho aLKIIt.' the InfomJJon glvM In th• Tru¥l•89' Report for the Ilnanclal yoar for financlal at8temanl8 8 epared 18 con8iStentwNh the fin4ndal 8t8t¢ments. tho TnMlte8' Report ha8 been prepared kn accordan￿ wllh 8Fpltsblg kgal Yequknent8. M•tt•r• on whleh we am r•qulrnd to report by •x¢•ptlon In the Ilght of our knovltdlle #nd underst8nd￿g of the charttable company and its •nvironm•nt oblain•d in th• cour80 of thè audll. w• havè not Id•nlfiod mat8rlAI ml8Bt4tgmorts In tho Tru81008' Report. We havg nothlng lo rep¢xi In re8ped ol th8 followlng fflatter8 In relatton to whlth Compfjnle8 Act 2008 r8qulro6 U8 to report to you if, in our opknlon.. the parent chafftabl8 company has not k•pt adoquatg and sufficlenl a¢￿n11n9 record8, or r•lum8 adequate for our au¢*l havo not been recepied from brancheB not vlsll8d ty u$: OT lh• par•nl tharItab￿ company finanoal slatafflerbts we nat in agreement with the accounting records and r•lums', or c8rtAin disdosur•s ofTwstg0$' r•mun8rallon epedfied by law are not made. or we have rnc•lv•d al the Infomiallon and ￿p1•natkM1 w• for our aLKIIL R••ponslbllltlM of tru•t A6 oxplalnod more fulty In tha Trust•8s' R￿POns￿lI111￿ Stat•m•nL tho Tru#le￿ (Ytho are al80 tho direclor¥ of the th•rftsbl¢ ¢¢ympany for th• purpos•8 of company law> are re8pon81ble for th8 prapar811on of thè fffiand81 $1gtemfjnts and for ￿Ing 881i8fied that th&y ¥ true and falT vlaw, and for Such Inlemal control a8 the Truate•$ detsmkne 18 n8¢888ary to tnablts tho preparnlion of finan¢xal statements that Are free from material mlsstatsm6n( whdher duo to fraud or error. In prop8rfng the flnanclal 8181oment8, the Tru818e8 are r88ponslble for 888e881ng the Group's and th8 parent ¢h8ritable compangB abAity to continug a8 a going concem, di5cIo8lng, a8 appllcabla, mgtlors related to gokng concern and u8ing the golng concem basis of accounling unless the Trust888 •lth•r Intend to Ilquldat• th• Group orthe parent charftable ￿n￿nY or lo opf4aUons, or hov¢ no dt•math lo do 80. Page 14 DER8Y MU8EUM8 IA Cornpry Umlt•d by Gu•rnnts•) Ind•p•nd•nt Audltorn. R•portto tho ￿eMbe￿ of D•rby Mu••um• l¢onllnu•d) Audltorn. mpon•lbllltlo• forth• audlt of th• IInAn¢1￿ •tat•m•nt• Our obj8ctive8 are to oltsln rea80nablo auurfjn¢• about whather the (In￿dI1 8tat8montB a8 a whde 4r0 fr from matgrf91 ml8St81emonl. whother dug lo fraud or •rror, and to 18su• on audllorf5 report that indud•$ our oiinion. R•g¥onoblg gssurance k8 A high level of a88urance, bul18 not A gugr8nteo Ih81 an oudlt conducted accordance wNh ISA8 (UK) wlll always dote¢a 8 matsvfj81 mbB6tatèment vthen h oxi8ts. Ml88ts1gm8nts can orEso from fraud or error and are consid•r•d material W. ￿d￿iduallY or in the aggr8gats, they could re￿Onably b8 •xp8d•d to infiuencè the economk ded8lons ol u8•f8 taken on the b4818 of theBe flnant4al 8l*wnent8. IrregLl•rtlio$, Ind￿lI￿a fraud, are in8tanceB of non4ompNance wlth law8 and r•gulatlon& W? de8itsm procedur68 in lkne wllh our re8pon81bllWe8, Lmrtllned above. to datsct matsrlal ml8Statements In respgct of Irwul8rfI06. Indudlng fraud. The 8pecific wo¢odure8 for Ihl$ gnga9wnenl and the extent tts which th80 ar¢ ¢apgbl8 of det•dng Irr•gulaiitl•s, indLKling fraud18 d8t8ll•d below: EnqL￿ry of managfjmgnt around actual and Ihlgauon and dalm$' Enq(ary of management lo Identify any Inslar￿9$ of no1￿0MplI￿n￿ vAlh law8 and regulEIioM; R8vlavhng mlnule8 of ￿etingS of thou• ¢harg8d wllh go¥￿anC8. Rovlawlng financial statement disdosures and tsstkng to SUPPOFlirvJ documenta￿an to a88088 oxnpllgno wllh appli1￿ble lawB and Tegulalion8. Porfomiing audit work 0￿r the rfsk of man•gem8nt OV8Frkle of contrd8. ￿clUdIng 188llng ofjoumal and other adju8lments for approprfatan888. avalualing the bJ8in888 ratlonde of algnllk4nt tran88do outside the normal ¢ourno of bu$lness and revte¥Jing acts)unUng a8tlmat88 for bla8. 8ocau60 of the Inhorgnl Nmllalkins of an audlt. there is a Tisk that ￿ TWIN not d•t•¢t all Srwularf1108. NKludirnJ those leading to a material ml$gtatem•nl bn the fln8nclal 8tatemenls or norpcomFAlan¢e wlth rggulallon. Th58 rf6k In(Yoa8e8 fh8 mijre that ￿MplIance vAth a law or rogulallon 18 removed from the event8 and tr¥nsgdlon8 roll¥¢tod In tho statsments, as w8 wil b•188$1Sk•ty to bacomo aw&re of inBtdn¢o8 of nonvld•d by Ilmnelng actlvltle• Ch•ng• In ￿*h and ca•h •wlv•l•nts In th• year Cash and ca4h equlvalent• at the boglnnlng of lh• y 11.018.821) {113,186) 1929,221 3,042,406 Cuh and ¢a•h •qul¥al•nts atth• ond of tho ymr 1,910,400 2,929,221 Th6 notb8 on p8968 211045 form part of theBe finandal otgt•m•nt• Page 20 DERBY MUSEUMS (A Compw Umlt•d by Gu•rnnt••} Nots• to th• Fkn&nC1￿ 3tAt•m•nt• Forth• Yoar End•d 31 Mar¢h 2021 G•n•rnl Infomiatlon Darby Mu8eum8 is a Charitable Company, lknlted bygu8r*rtee Incorpornl•d In Englarrfl and wa￿8. The Group's r•glstsr•d offlco18 M￿￿Um and Art G81knry, Th• Strand, Derby. DE1 18S. The prlndpal athtty oftha Gmp wa$ of g rnu8eum and art g*Mory. P*¢ountlng pollcl•• 2.1 B••l• of pr•pir•llon olfln•ncl•l •lat•m•nl¥ Derby Mu8eum8 i¥ • ¢horftth• cOMp￿Y ragi8tered In England I Wal08 . In the ￿onI of the chBrlty bolng wound up. the IL4blllty kn ra8peLX of the 9LbOranlw Is Imltod to £1 per m¢mb•r of tho Gharfty. Tho add￿$ of tha r89lster8d office IB gI￿n In tho ch￿ty Infomiation ¢)n pagg 1 of the80 fflnanclal statements. Th• natur• of11￿ ch8rfW8 oparalons and prlrKlpal o¢llvll￿s w88 Ihat of 8 muieum and wi gallery. The ¢hadty con8dtthe8 a publlc bon8fft a8 defined by FRS 1U2. The Ilnandal 8tatements hove been pr¢pared In a￿[dance with A￿untIng and Rgportlng by Charilie8'. Statement of ReComM￿d•d Pradlce appllcabl& io charilbes Pre￿￿n9 th￿r arxounts In ac(￿8nCe wtth the Flnandal Reportlng Stsndard appmcablg In th• UK and RepuLIK of IT¢l4nd IMu•d In October 2019, th• Flnfjndal Repo￿n9 Stondard appll¢able In th• Unlled Kingdom and RepLA)Il¢ of Ir•lond {FRS 1021, the Chartl85 Act 2011. the Compan168 Act 2TrJ6 and UK Gongrauy Acceptsd Attounlkng Pradce. Z2 B•81• of coMolld•tlon The finandal stat•m8nts ￿nSoldate the accounts of Derby IAu8eum8 and al of h SLthldlary undwtaklngB C¥ubvldlarlo•'1. The CompAny ha$1oken advantsgo oftho oxempllon contalngd seollon 408 ollho Comp4nb•s Act 2006 not to prwont Its Incorn8 and ExP￿d￿￿r¢ Account. Thg not Bu￿luS In thg In())me and ￿￿ndItUre account for th? yew d￿￿1 wlth In th• accounts of the Companywas £5,216.922 (2020- £6,653,358) 13 Golng conc•rn Th888 acojunts propared on 8 golng cone8ffl ba8iB, the Ch#rhabl8 company 18 confident of roma4nlng a golng concem for th8 for088oablo futur•. Pag6 21 DERBY MUSEUIIS IA Ccmpony Llmlt•d by Gu•r•nto0) Not•J to Fln•n¢W Ststom•nts FIX tho Y￿r End•d 31 March 2021 countlng pollcl•J (¢ontlnu•d) 2.4 Fund •¢¢ountln# Genornl lunds arn uNgsbl¢t•d futvJ• whith are availablo for usg •t th• dl8U•tlcn of Tru8tee$ in furthoranc8 of the g¢neral obl8dlv88 of the Gmup and whlth hav• not been de81gnated lor other p(wpos•s. Deslgnaled fundl c¥mprfB8 unr8strfct8d fvnd$ that have beon e81 allde bythe T￿￿088 for partlculaT purpose8. The aim and of d•$lgn4tad fund IB Bot oui In tha nots$ to th• fingnclal R¢striL#ed fund8 aro fund8 whlch are lo be u8ed in aCCord￿ce wtth $pe¢ln¢ r•8tri¢tion8 inP08ad by donorn or wh1(* have been ralsod by Iho Group for parucular purp￿8. The co8ts of ralsln9 and achnlnlslerlng 8uch frJndB are charged agalnst th• $peufi¢ fund. The aim and uso of oath Tostrfcted nd18 8et tho n￿0$ to tho flnandal 8latemonts. Endowmonl fund• rnpre8ont th080 888ets held tythe tha￿t0 Its obJ•th•8 and aro p•man•nt In nature. 2.0 Incom• All Snojme Is recognlwl On￿ th• Gro￿ ha8 entluement to the incom8. It Is prnbabl• th•1 th• hKom• YAII be recglvad and thg amount of Income r¢¢dvablè can be moasured rollab￿. On rec•lpt, dorAted pr0fe881on818e￿tCes and facllA108 ar• r•coonli•d on tho b8818 af thè value of tho grfl to tho Group vthii* is the amount It would havo beon wdlinB lo pay lo obtaln servlces or f8dlttle8 of eqU￿alent econom1¢ b•n•fft on the op•n market.. a coThe8pondlng amount Is th recognl8ed In expendmwo kn the poriod of re¢4lpL Other IrKomo 18 re￿gnISed In t￿ perlod In wNch 1118 ro¢trlvable &rKI to the axtent the good8 have b••n provid•d or on completion ofthe 8ervlce. 2.1 Expgndllur• Expendllur818 rocognl8fjd onc* thwe18 a legal or con81rudlve obllgauon to Iran8f•r wJnoml¢ to a thlrd party, 11 Is prob•bl• that a transfer of economlc benefft8 v/ll b8 roquirod in ￿ttl¥m￿rt and the am0￿1 of the obmoallon can bo mtsa8ured rellably. Ewenditure 18 dwkfiod by actlvky. costs In￿tred directty in BUPPOrt of wi•ndltur• on of tho Group and Ind￿18 proje(* managemenl cairfed out 8t Heodquartern. Char4table a¢tlvWe8 and Gov6mance CLK818 are incurred on the Group'g op8ration$, Indudlng Support costs and costs rglaling lo the Bovemance of th8 Group apportlonod to chAritgbl8 actlvlllei. 2.7 G*yMmm•nt grants Govemment grant8 are CT8dMed lo lh& Conlolldated Statement of FinancAal Acflvths 88 the rolat•d expendllure18 Inclwrod. Page 22 DERBY MUSEUMS (A Comp•ny Llmlt•d by Gu•rnrbt••) NotsB to th• Fln•n¢lo181At•rn•nta For th• Yur End•d 31 March 2021 A¢¢ountlng poll¢l•• (contlnuod) 2.B Intanglbl• a•8•t• Ind am¢)rtl•￿0n Intangible a$￿ts ¢￿￿n0 £NIL or mor• arn ¢xpWali¥ed and recognknd fLrtuT• ewnomk benefits ore wobBtle and the o)8t or value oflhg 08eat can bo M￿Sur*j fellably. Intanglble ￿$•ts are irmlidty Tecognl88d at cosL Aft•r recognlllon, under thg C08t modol, Intanglble 488et8 ara mea8iKed at CO8t l•$$ any accullwJlat•d aM￿tisatiOn and any •C￿m￿at•d knpalvrnent 108588. AmcfU8atlon15 wovldod on IntanglblB aiiots at ral•s Ca￿lat•d to wdto off the co¥t of ¢)n a strolthtslln• bo818 0￿r b •xper*ed usthil Ift. Th8 a6tlmth u8eful Ive$ are as foll I￿1$a￿OnI6 provldgd on Ihw fdlrywlng bas￿.. Computer 80ftwarn 33% 19 Tanglbl• fix•d a•￿4 •Thd d•pr•clntlon Tan￿ble ffixed 4880ts ￿$t￿n9 £1.000 or more are capli81588d and r•cognts•d Wh￿ fu1U￿ eCOn￿1C benofft8 Ore prob8blè and tha co81 or valuo of lh8 8888t can b• Moa￿r0d rgllably. T•ngtblo lthad a¥••ts 8re iiilioly rècognknd at C08t. Aft•r r80)gnlllon. undor the colt model, tanglb xed atsots are measured at cost1gBS acCuM￿aled depr￿alOn and any o¢Gumulated Impainnent loMg$. Al costs Incurred to bring a twg*Jlg flx•d asset 118 intended worklng condNlon should Ind￿led bn the rnea8urThnt ofco8t. At each reportlng dats th• Corhyany 858eBse8 whèther there Is any Sndlcotlon of ImpalrmenL If 8uch Indlcatlon exlsts, tho I¢￿Vereb1* arnounl of the 8sset18 d8termln8d to b• th• hlgh•r of Its Iglr vatue 198$ costs to sel and its valuo in u88. An knpalmient lo88 18 recogni8ed vthere the txnyng amourt exceed• the r•covet•ble ornount. OeproLyalion i# tharg¢d so ￿ to thè of tsn4bl6 r￿ed a80•ts1•$o thdr rgolduol vqlue over the* 68tlmated u8èful llv￿. Dwedallon Is wovId￿ ¢>n the foIc￿￿9 b8808'. Fr•ehold property 2% slralght line short-TO￿ leaBehold property - Not dgprgclatad Plant and machlnwy 20% slralght Iln• Flxiuro8 and ffttSn 20% stTalBht Imie Computer equlpmenl - 33.33% stralght line 2.10 In¥o•lm•Thts Inve8tm•nt8 In 8ubgkllart88 are v8lued at CO8t l•M for knpobmiont Investm￿18 held $8 Ilxod 48s•ts arn rnvalued At mld-markot value at the balan￿ thfjel date and the galn or lo•¥ tsken to the SlatèmBnl of FIn9nd￿ Adlvltlg8. Paga 23 DERBY MU8EUMS (A Cofflpany Umlt•d by Gu•rants•) Not•* to th• Fln•nthl StAt•mont• Forth• Year Endod 31 March 2021 A¢¢ountlng pollel•• {eontlnu•d) 2.118lo¢k• Stock• aro valu8d 81 lh• lry•Mr of cost and nei nal￿bI? valup aftor makkng due aMDwanc8 for obsolete and 8Iow-movlng $tock& Cost Indude8 all dlrect Costs And an approwiale proportion of ffixed and varlablo ovoth•ail8. 2.12 O•btorn Trade and other debtOT8 are recowl8¥d at tha s•ttl¥m•nt 8mounl after any lrndè dL8(*unt off•rtsJ. Prgpawnenl$ aro v81uad 41 thg amount prepald net of any trado dl8counts duè. 2.13 C••h at bank and In hand Cash al bank and Sn hand includes fjnd short-lwm hlgNy fiqLld hwe8lments wllh a short maturity ofthree months or18s6 from the dale of acgulsltlon or openkng ol tho dep081t or Slmllar account. 114 U•blllUM •nd prnvl8lon• Ll8bllldo8 aro recowlued vthen ther8 18 8n obligatM>n at the Bal4nc• Sh•* dat• a8 a rwdl of a past even( it 18 probabl8 that a transfer ofeconoml¢ bgn•fitwlll be fequlrod In 8ettlomonl, and the amount ofthe 8ettlement can be e81imated rnNably. Llabililies are recog￿Se￿ 01 lh• amount that th• Company anlicipate8 it will pay to 8ettle the debt or the amount tt hA$ rocelvod a8 advanced payments lor the good8 Of 8ervice8 it mu8t provide. Z1S0p•r￿ln9 I￿8# Rentals pald under op8rallng I•1￿5 ar• ¢h4rg¢d to the Con801idatsd Statem•nt of Fln4ncial Crfl 8 Blrolghl Ilne bw18 ovor the19880 tsmi. 2.16 Intoro¥t r•￿1¥•￿0 Inter•8t on fvnd8 held on d•posit kn Indudod wh8n rwfvabl• tynd th• amount t•n bo meaiwfjd rellably bythe Group.. Ihls18 normalty upon nollfi¢allon of tho Inlrnt pald or pay8bl& bylh& Inslmutlon with whom tho funds ara dopo$llod. Pago 24 DERBY MUSEUMS (A Company Umlt•d by Gu•r•nt•o) N¢)t•• to th• FIn•nCl￿ 81at•rn•nt• For th• Y•ar End•d 31 Al•￿tt 2021 ¢ounllng pollcloB (contlnuod) 2.17 pOn￿oft• Th• Grcup opw8t•¥ a d8fin•d curtr1bu1i￿ pen8ion athemè and th• pen8lon ¢hwg• rfjpr•sentJ the nounts payabfe tythe Group to thg fvnd In r8Bpoct of Iho year. Tho compony 8180 p￿deS rotkement to employ￿5 of th• chadty ar8 wovld8d by tho DerbysNrg County CoLmdl Local Govevment Pen8lon Sthem¢ fLGPS'I. ThFs 1$ a defined benefft 8o*em•, l• contractod out of the State Eaming&Relaled P￿slon Sch8m¢ fsERPS'I, and lh• 888•ts •re held 8eparalely from th080 of Charlty kn 0 8op8Tats Tru8108 admknlstered fund. Penslon ethemo OS&t$ oro measured at fair value and Ilablllll•s arg m•gsurgd on an actuarial baBis uilng th• prol$cl•d unlt method and discounted at a rats equlveAent to th• ¢Ufr8nt rats of retLKn on a h qu￿ty corporato bond of oqulvdont term and currency to th8 liabllthes. Detyghtre County Coundl has agreed lo fvnd tho Ilabllftlg8 of the LGPS 8ch8m8 for rel8vant staff prlty to 1 SO￿9mbar 2012 Clhe transfer datel upon signing th• Bu$ln•$$ Transfer Agreement. Thg dI￿lty h&$ b¢•n cr8(Il•d by the Derbyshire Counejl YAth a nO￿onal fund wlthln the LGPS at the tran8fef dale of levd requlrod to magt tha cost of PTovSd5ng one hundred pgrcent (1W) of Ihg ben81ft8 accrued and in re$p8¢t of lh8 E￿9Ible Employoes prfor to the transfer dat• (the 'Nollonal Fund). The value of the ndonal lund ha8 be•n d8twrraned by an actuary &ppolntsd by tho Derfc*y8hlre Country Coundl uslng the ongoing actuarial mèthods 4nd assumplons us•d In the la8t aduaiial valuatlon of the County Couniil Pen8bon FurKI. In 4ddltlon lo Ihe above. D•rb￿h1ro County Coundl ha$ issued a Risk Share to the tharFty Io cov any accrued defiats on exlt by 8d)eme membefs or th& th8rfty. Nl C￿nIrtIM￿IoTr& are detern￿￿ed by Oerby8hlre County Coundl ijn the basls of trfennW valuationsu6ing a prospgetfv• b8no1ft method. A8 tho charity 18 indemnthed a98kn8t prtor and fuluro Ilablmies of the Bthèmè. the LGPS hu been treat•d as a dofined conts1bu￿0n 8¢hom? and the contr61xthon$ r•M9n1s￿ a8 thoy are pald each yaar. 118 Fln•ndil In•trum•nts Th8 Group only has finandal o¥8•t• lIna￿l01 Ilabllltl88 of o kind that qualfy as baak thandal In8truments. Baslc flnancial In8truments are Inmlally re￿gnISed al tronsacllon value 8nd sub8equenlly measured at thelr $ottlemenl vdu8 wlth the exceplion of b•nk loans whlth aro Bubsequ me88ured at amortls8d cost U8ing the effe¢tiv8 Irrternst methfyj. ¢rftl￿1 •c¢ountlng •btlm•ts• and •vM• ofludgm•nt Esllm8te8 and judomonis •Y• ¢onllnualty evaluated and are b88ed on h18torlcol •xperlen¢e and ¢)th f&ctor3. Indudlng expoCtatlon8 of future evgnts thot arg bfjllevgd lo bo reasrjnaljle under th¢ dr￿M614n¢0$. Crfllcal accountlThJ •8Umato$ ond a8$w￿On8'. The e811rn8te8 ind und*tylThJ a8eumptlorA arg Tovlvwgd on an ￿￿OIng ba848. Re￿**n5 to ac(¥)unlln9 estlmgtg$ are recognl88d in thg peiiod In whkh th• ¥sllmata 18 To￿88d, rf Ihe revision affe¢kn onty th8t rfod, or In thfj period of the rev18k)n and fijlure perfods N the r8vl8lon affect8 boih ￿rrent and fulurn porfods. Th• Tru•tse8 bellov• that aro no materfal areas Imp8ct•d byludgoment (K 08lmailon uncortainty. Pag8 25 DERBY MUSEUMS IA Company Llmlt•d by Gvarant••l Not•9 to th• Flnarbclal 8t•t•ffl•nts Forth• Y•ar End•d 31 Mar¢h 2021 Incom• from donatlon• and I09￿1•* Unr••trlct•d R••tslctsd £ndowm•nt lunds lund• fund• 2021 2021 2021 fund• 2021 D￿atIOnS Govommgnt granta 124,980 88,329 213,309 282.162 282,162 124,980 282.182 88,329 49SA71 Y••t4t•d A• rfj•tat•d A• r••tat•d AB r••t*t•d Unro•trl¢t•d R•8trld•d Endowment Totsl fundB funds nd* fvn 2020 2020 2020 2020 Donalicms 200,1)82 1.652 430,519 832.253 The group has been eligitle to claim addrftonal fundin9 ￿ ytsr from th8 gov•rnm•nl In rnlallon lo th8 ronavlrus lob retenlon schwng. fundlng recolvod SB 8hovm 8bova under'Gov•mm8nt granl8'. Incom• Irom ¢h•rlt*bl• *¢tlvltl• Unrn•trf¢tsd R8¥trf¢tsd Endowmont fund• fund• fund• 2021 2021 2021 Total fund¥ 2021 Arti Counryl England- Slratgglc fund Dorby Clty Counc41- Support Derby Clty Courbdl- Servl¢es Arts Councjl EThJland- D881gnatlon fund Income from charflable acthMos- P8rtner8hipJ arKI grants Ino)mo from relall, ¢aterlng snd IPR Advllb8. evgnts, d1$￿0￿3 & ￿h￿StIOns Leamlng pro9ramm•s and rns•aTch Other income 4QO.099 700.0110 81,680 117,000 12,834 4,72t,171 7O),000 81,680 117,000 12.834 199.103 2.480 1.333 {120> 4.482,595 39.473 22,522 065,066 1.858,273 4,681,275 81.995 6,601.643 Pogo 26 DERBY AIUSEUMS (A Company Llmlt•d by Guarnnt••l Notsg to th• Fln•ncSal Statsm•nt4 Forth• Y•v End•d 31 M•rch 2021 In¢offl• from ¢harltabl• actlvltl•• (¢ontlnu•d) fund• 2020 funds 2020 fund8 2020 fund• 2020 Art8 col￿¢1 England- Stratfjgk fund Do￿Y Clty Coundl- Support D•thy Clty Coundl- Seryl¢•8 p￿rt￿r$h[ps and grants In￿m$ ffom rgtg11, cat8rlng and IPR ActhrtU88, 8venrf display8 & exh&￿tionS LeamlrvJ progr8mmèB and ro8earch Cther kKomg 392,870 700.000 392,870 700.000 81.880 8,434.388 81,680 98,642 8,336,748 14,127 20,809 78,888 14.127 22,650 90,643 2.041 13,757 1,308.114 8.419,487 13,757 7,739,338 Invo•tsn•nt In¢orn• Unr•Btrlct•d Endowm•nt fund• fvnd# 2021 2021 Total fund• 2021 Inve8tsnent incorne Interest receivable Bank Intere8t r•cdv•d 6,391 6.391 30 7,061 7,061 7,091 6.391 13W2 Totsl fund• 2020 lund• 2020 Inter6et roc46vable Bank Interoet r￿￿V•d 53 13,032 13,032 13.085 13,085 Pago 27 DERBY MU8EUIAS C¢Xn￿nY Llmlt•d by Gu•rnnte• Not•• to th• FlnRncl•l Stat•m•nts Forth• Y••r End•d 31 Ma￿h 2021 yill of •xp•ndlture ty *dvltl•# A¢tlvltl•• und•rtaknn dlrnctly 2021 Support ¢o•t8 2021 fund• 2021 Operation of rnu8eum 1.714.638 184.224 1,878,862 AcllvlU•* undort&kan dlv•ctly 2020 8upport ¢04ts 2020 Total fund• 2020 OpeT•lion of mu8eurns 1.853.318 225.334 1.878.852 AnAty•l• of dlv•ct Oporatlon of mu•¢um¥ 2021 Total fund• 2021 Staff costs Depre(Yati￿ & al￿￿ti$atiOn Pr•M18￿ •nd tran8Wt 893.200 45,888 128,252 993.208 128,262 Y li Suppl1¢$ and 8ervl¢•6 Support 6•Th1c Marketing and PR Devdopment ExhlbWon8 Profe$slonal f908 Laamlng Colbcllonj 64.698 81,880 57,629 5,292 271,343 31,050 27,309 8,011 698 81,880 57.829 5.292 271.343 31,050 27,309 8,511 1.714,838 1.714,830 Paga 28 DERBY PaU5EUMS IA Comp*ny Umlt•d by a￿Van￿O) Ngtw to th• Fln•n¢ld St•tsm•nts Forth• Y••r End•d 31 March 2021 An4ty•l• ol•xp•ndliur• by actlvlll•• {contlnu•d) An•ly•l• of dlr•ct¢o•t• (¢ontlnu•dl Op•ratlon of mu••um• 2020 Totsl fund• 2020 934,401 80,320 147.967 6S.279 81,880 35,898 1,712 201,631 934,401 80.320 147,987 85.279 81,680 36,898 1,712 201,831 DepTedBtlon Premb¥es and tran8POrt SupplieB and seNi¢e$ Support 8eNIco8 Markotlng and PR Dovdopmorrt Exhlbillon$ Profo28lono1 f• Lg4mlng Collo¢t￿n5 li 25,500 73,208 5,872 25,550 73208 1.653.318 1.653.318 fysl* ol •upport ￿•1¥ Op•rntlon of Mu••um• 2021 fund• 2021 staff rJ)$18 EmployTnent expen8eB Bank charges Govgmanc¢ costs Audll feaB 162,790 2,711 2.570 1,553 4.800 102,790 2,711 2,570 1e4.224 164.224 Pago 29 DERBY MUSEUMS IA Company Llmtt•d by G￿￿ntI¢l Not•• to tho Flnanclal St•t•m•nts For th• Y•ar End•d 31 March 2021 AnAfy•h of •xp•ndltur• by adlvltS•• l¢ontlnuod) An*sl8 ol¥upport coBts (contlnuodl Op•ratlon of mu••um• 2020 Tot•1 fund• 2020 180.962 18,162 2,745 17,325 6,150 180,962 18,152 2.745 17.325 8.150 Employm•nt expen8 Bank Charg Gov•mancg co*4 Audltfee8 225,334 225,334 Anily•h ol•xp•ndltur• on Gh4rft•bh •¢tlvlti Summwy by fund typ• Tot•1 fundB 2021 lunds 2021 funds 2021 Operallon of musoLm8 1,404,839 474,023 1,8n,B62 rn•tatsd As rn8tat•d A8 r•stat•d Unrn8trlct•d ￿atrIci•d Total fund• fund• 2020 2020 2020 Op•rath?n of musaums 1,829,847 248,805 1,878,652 Audltorn. rwnunoratlon 2021 2020 Few p•y8bl• to Comp•nV8 audltorforlh• •u¢X irfth• Compan*8 annual a¢￿unt6 4,000 4.350 Page 30 OER8Y MUSEUM8 (A Company Llmlt•d by Gu•ranl••l Not•• to th• Fln•ncl*l Stat•rn•nt• For th• Y••r End•d 31 ￿1¢￿ 2021 11X 3t&ff eo•l• Group 2021 Group 2020 coM￿nY Cornwry 2021 2020 wa￿ and ￿larf Sodal 8ecJJrfty ¢08t8 Conlrlbutlon to d8finod contrfbtrtlon p•nsk $¢hemes 951,910 76,167 984.080 896,657 89,839 75,167 888.298 89,839 170,272 157,228 175,272 157,228 1,202,34• 1,191,147 1,146,996 1.115,303 The avwage number of p8r40n• *ryloy•d byth• Conyny durfn9 th• Jwr YMS •8 101b￿.. Group 2021 Nth Oroup CthMpAny Company 2020 2021 2020 No. Av•r8g• numb8r ofemplo￿# 71 81 71 81 Th• numb8r rf gmploy888 who8e ern￿Oyee ben￿tI (exduding employer penwon coth) exeaedod £eo,000 was.. Group 2021 No. Group 2020 No. In tho b8nd £eo,001- £70,000 l(•y Man•g•iii•nt R•munorntlon The total omount of 0mpkn￿ b8ngflts lkndudlng employer pension conlributionil rgceived by koy managemonl personnel for th8ir 8grvices £261,594 (2020.. £257244). 11. Tfu•tM•' r¢munèrntlon *nd •xp•n• Durfng the Y￿r, noTrust••8 r￿l￿ad any r•mun8rntion or other benerrtB (21Y20- £NIL). DLNing the year ended 31 March 2021, no TW81￿ w&ns•• bo￿ IncuTr•d (2020- £NIL). Pagg 31 DERBY MUSEUMS (A Compny Umltsd by Gu*r•nts•) Not0• to th• FIn•n￿lI Stat•m•nt• For th• Ymr End•d 31 March 2021 11 Intsnlllblo *•••ts Group and Comp•ny Comput•r *oft￿l• At 1 Awl 2020 78,771 At 31 Marth 2021 78,778 nortl¥itlon At 1 Aprfl 21)20 79.778 At 31 MA￿ 2021 70,718 Ng1 bookvalu• Al 31 Marth 2021 At 31 March 2020 Page 32 }1" 11" 9 DERBY MUSEUMS IA C(xnpAny Llrnlted ty Guarnnt¢•} Plot•• to th• FlnanclAI 8t•t•rn•nts Forlho Yur Endod 31 M•rch 2021 1& Flxed M•et InvMlm•nts Invo•tsn•nt8 In •ub•ldlary companl•s In￿lmont# Total Compary C￿1 orvaluatlon At 1 Apfil 2020 AddNlon8 Revaluation• 800.000 17.394 600,000 17.394 At 31 March 2021 017.394 617,J96 N•t book valu• At 31 Mor¢h 2021 017,394 617,395 At 31 March 2020 10. Prfn¢lp•l •ub•ldl•rlo• The followlng wa8 a $ub8ldlary und•rtaklkvJ ofthe Comp9ny: N•m• Company Cl￿# of Holdlng numbor •harOB Dert)y Mu8eum$ Enleiprf8e8 Urnlied 08119695 0th0ry 11K)% finandal r08uIt8 ofth• 8ub8ldlarylorth• N•m• In¢ome Expondltur• N•t a••ots D* Mu8eumo Enlerptseo Llmlted 140,5431 16. 8to¢k• Group 2021 Group 2020 Fini8hBd goods and good8 for rwa 12,149 28,331 Pag• 34 DERBY MUSEUMS (Acomwny Umltod by G￿m￿￿oI Nots• to th• FlnAncl•l St*t•rn•nta FOT th• Y••r End•d 31 M•rch 2021 1& Stock• {wntlnu•d) Compmy The ￿MPanY hold no Btock (2020- £nll) al th• y•ar •nd. 17. D•l)tor• Group 2021 Group Company 2020 2021 Company 2020 Du• T￿lh1n on• ymr Trade debtOT8 Amoun18 owèd by&Youp undertakin98 othor debtor8 Pr•paymonl$ and accrued Ineom 017,811 83,W28 88,418 179,578 251,288 243,027 17a.602 89,762 1.103,321 270.387 243.027 1,070,144 1,710,694 597,342 1,836A96 740,304 l& Cr•thtix•: Am•unt• lalllng duo wlthln ono y• Group 2021 Group Company 2020 2021 Comp•ny 2020 Trade ¢redltor8 othortsxatlon and Sodal •9￿￿tY Pension ￿nd loan payatAo Other ¢redMor¥ arwj defmd Incomo 88,194 31,197 818.203 48,982 81,500 X417 803.019 24.024 12N27 141,134 12,320 1J3A07 8A99 510,578 272.902 1,204,628 251.644 1,148.812 Group 2021 Group 2020 Comyny 2021 Company 2020 Dofgrrgd Ino)mg at 1 Aprti Resour￿ defeTrod durkng Ihe yoar Amounts released from prevlous wlods 414,780 1,n9 414,788 (1,729) 1397,ts48) 1.729 397.648 (1,7291 1414,788) 414,788 397,548 D•ferr•d r•l•tss larg•ly to grants and donatlorY4 I￿?1¥•d In advance of it8 intondod purposo along revenue ￿¢?1¥8￿ In othnc• ofevents t8klng r￿a￿. Pag8 35 DERBY MUSELIMS (A Cofflpany Umltsd by Guarnnt••l to tho Fln*nGknI StAt*n•nts Forth• Y•ar Ended 31 March 2021 19. Flnanclal In•trum•nl• Group Company Company 2020 2021 2020 2021 FInallc1￿ a•••ts Finanaej assets mea•urnd at amortl88d co8t 1,806.331 585,806 1,767,604 529.190 Group 2021 Group Company 2020 2021 Company 2020 FIMnel*l Ilablllil Flnandal IlabMNlo8 moa8urg al gnMxV$od cast 241.m 789,841 232,447 732,025 F￿An(￿lI as$•ts al 4mortl¥•d cost comprise trade dobtors, othw d•blorn aCCn￿d Incc*ne. Flnanclal IIthMU¢8 m￿sUred at anKffUg•d ¢ost t￿m￿s• trade Ix•ditor8. PBn$ton fund, othw cr•dltoTs and ccruals. 20. Pvlor y••r adJu•lm•nts In the pmvlou8 ￿#r £56.948 of InL7Mne and £42.055 of expendttur• had b&8n Induded wlthln tho endownmentfund. In ord$r to a¢curat8ly raftgct the nabjre ofthls fundlng, am ollh• ir+com• and £38.214 of the 8xp8ndlluTO has been reda88ified to the do$1gnot•d fund. A remainlng expenditure of£3,841 ho$ b•en foc4a¥slfied lo unTe8trfoted èxpèndllura. In 8ddlllon th• not book Val￿ of the tangltle Ilxed a88ets, 1888 8hort-tomi lea8ehold property. h&B baen daB81fied to de819n8t8d fvnds at 1 ApTII 2019 and 31 Marth 2020 to 8c¢uratsty refflgcl thelr nature. In the prlor pwlod the fiAl¢hvlng ha8 0¢￿￿￿d. The batance of Dosignat•d fvnds hava been inuea8ed by£132,053 al 31 Marth 2020. The balance of Endownm•nt lunds hav8 boen reduced by £14,B93 at 31 M•r¢h 2020 Tho balan¢• of Urffttrfctad fund8 have been reducod by £117,159 al 31 m8￿h 2020, Tho o¥•ral net off8Ct on thg lu￿lu8 In th• prfor ygar18 £nN, Page 36 c• VJ ID kl I 113 li ia 111151 DERBY MUSEUMS IA Company Limlt•d by G￿Trnt••} Not•• to th• FlnindAI 8tat•m•r Forth• Y•v End•d 31 ￿T¢tt 2021 22. ¥kn•ly•l• of n•t •u•t• b•tvn•n fund• l• ol n•t amots b•lw••n funds. Currnnt y•v Unrytrlct•d R•Btrf¢t•d End•)wmont fund• fund• fund• 2021 2021 Total fund 2021 Tanglble ￿0d gssots Flxed ass8t irwestmants Current a88ets CredMor8 dua whhSn ona ya 67.852 16,328.089 1V95,741 617.396 J,833.143 1272.952} 817,396 376,133 2,247,288 C272,952) 1.iMJ9.742 TotAI 2,041,988 17,337.831 993,528 20.373.327 *JMty•l• ol n•t •wt• b•t*wn fund•- prlor y•Ar (R••t•t•d) Unro•trfctsd R••trlct•d Endo￿nont fund* lun lund• 2020 2020 2020 Totsl fund• 2020 Tanglblg r￿ed a88èts Curfant a880ts Crndltors due vhlhin one 113,310 12,894.820 1.900,168 833,307 (807,080) (397,5481 12.80B,139 3,552,894 11204.628) 819.419 1206.407 13,130,579 819.419 15.156.405 Pago 43 DERBY MUSEUMS IA Compary Llrnlt￿ by Guarnnt••l Not•• to th• Flnllncl•l stat￿4ntfj Forth• Y•v End•d 31 March 2021 23. R•con¢lllatlon of n•t moyomont In lunds to n•t flow from op•ratlng •ctlvlti Group 2021 Group 2020 Not Incw fortho year lu per Stat•m•nt of FlnAndal Adbvrtie8) 8,216,922 8,553.358 AdJu•lm•nt* for. Deproclation tharges Amorti¥alion ¢hary8s GOIn￿(￿se6) on invè&tment8 Dlvldend8. Interests and rents from Imioolmgnts DecTaaBel(Incf8aBe) in 8tock• Ilncrea8elldecr¢a$& In d•btorn ID8rna86)nncm88 In ¢redltor8 81,347 18.972 (17,394) (13N821 14,181 (1,113,262) 1931.6yi} {6, 869,650 288,580 N•t CA•h providod by op•rntlng •ctlvlti 3.21KI,986 7,784,541 An•ly•l* of ￿•h •nd ¢Mh •qulval•nt8 GTOUP 2021 Group 2020 Cash In hand 1,810,400 2.929,221 Totsl ¢ll•h and ¢a•h •(wlval•nt• I,MoNoo 2,929,221 20. Anaty•lB ol eh•ngM In n•t d•bt 31 March 2021 2020 C••h Ilowg Ca8h at bank In hand Debt thjo wllhkn l year 2,920,221 11,018.8211 1,910,400 16941 2,928.527 11.018.127) 1,910,400 Pogo 44 DERBY MUSEUMS (A Company Llmlt•d by Guarnnts•l Not•• to th• Fln•n¢l•l 8tatsm•nts Forth• Year End•d 31 MAr¢h 2021 16. Capltal ¢ommllm•nts Grwp 2021 Group 2020 Company Comyny 2021 2020 Contract•d for but not provld•d In thw• fln•n¢lal •tatwnent• Acqul$ltl¢x) of tanglblo fix•d a88ets 402,111 4.085,380 452,111 4,085,380 27. ￿nI10n commllJn•nts The Ch81ity Is an employer th• purpose of tho Dtyhlro Courrty Coundl Local Gmmvn•nt Scheme. A8 notsd In the accounllng pollde8. the chorliy18 Indemnified agaln8t prior and fulurfj IlabHiti05 of the schema. The LGPS ha8 Ihereforg been tr£aled as a dofined (¥nlribullon Scheme for a(￿unting purpo808 along wllh Ihe 8oparato defined contrfbullon penBlon sch•ms whi(* th8 Company al80 wrate, Durlng the y•ar 31 Mar¢h 2021 tha Chwky made cothbuUon8 totalllng £175.272 (2020- £157,228) 10 th18 4themg. AS at 31 March 2021 I￿re was a balan(* oth8￿dIng of£8.782 P020- £8,407). Op•rntlng l••M ¢ommlbx•nts At 31 March 2tr21 Ihe Group and the Company had ¢omrnilm•nts lo make fvlwe mknlmum lea8• paym•nl8 under noTrcanc¢llablè operating1oa888 a8 foNow8'. Gmup Company Compvry 2020 2021 2020 2021 Not lal6rthan 1 ￿&r Latsr IFMn 1 yaar gnd not latorthan 5 yga 20,817 2,687 20.017 2.687 1,570 1,S70 2.687 23,304 1087 23,304 Relatsd p•rty tranMctlon• The Company ha8 taken athntrge of th8 exomp16M under Financlal R¥por￿n0 Standard 102 {S&ctlon 33), not lo di6d06ur• tr8nsadlon6 bthMen gnUlltO8 whlch form p8rt of th8 Group head8d by De Mu8•umB. JI transacllon8wNh TruBt•o5 wer• tran8a¢tod at a v)mmerc￿l rats. M•mlMv¥' Ilnblllty Eath member of th• dmritable ¢>Jmpony undartakes lo contr4but8 to the a8sets of Iho ¢ompany in the event of h belng wound up whlle hel$h• 1$ a member, or within one yaar aftgr ho1th• c8a8es to be membor, suth amount as MAY bo requlrod, not excgedlng £1 for debts Nablliila8 conlractsd bthr• Wshe cowo8 to bè a memb•r. Pag8 46