Reglstered number: 08056115 Charity number: 1149x0 Derby Musèums Trvsleeg Report and Flnanciol Statements Forthe Year Ended 31 Murch 2025 AUDIT Derby Museums (A Compcny Llmited by Guarantee) Contents Page Refèrenee and Admlnlstrotive Detoils of the Cornpgnw, Its Trustees ond Advisers Trustèes. Report 3-15 Trv$tees' Responsiblllties Stotement 16 Independent Audltorsp Report on the Ftnanclal Statements 17-21 Consolidgted Statement of Finanelal ActlvitEes 22 Consolldated Bglanc¢ Sheet 23 Company Balance Sheet 24-25 Consolldated Statement of Cash Flows 26 Notes to the Flnondal Stotements 27-52 Derby Mvseums (A Company Limlted by Guarunteej Reference ond Administrctlvè Oetalls of the Company. Èt$ Trustees und Advisers For the Year Ended 51 Morch 2025 Trv$tees Ellzabeth Fothergill. CBE, Cholr Linda Sullivan Professor Keith McLoy Dr Kiron Grlffin Charlotte Holmes Andrew Jomes Findlay Amendo Ellse Puul Hilsdon Emlly Lonsdale Clore Foyle on Llndsey Anisho Parmar Andrew Taylor (oppointed 28 February 2025) Koihryn Kozlowski (appolnted 9 August 2024) .Compony reglstered number 08036115 CharSt¥ regist¢rod number 1149710 Aeglstered offlce Museum ond Art Gallery The Strond Derbu Derbyshi DE118S Potron Lord Cavendish, 121h Dvke of Devonshire Independent oudltors Dains Audft Llmited Statvtory Audltor Suite 2. Albion House 2 Etrurta Office Vllloge Forge Lone Stoke tsn Trent Stoffordshire ST15RQ Poge 1 Derby Museums (A Company Llmtted by Guarontee) Reference ond Adminlstrotlve Detolls of the Companu. Its Trvstees and Advlser5 (continued) For the Year Ended 31 March 2025 Bonker$ The Co-operative Bonk 31 Ecst street Derby Derbyshlre DEI 2AL Sontonder UK PIC 151 Floor 5 Market Place Derby DE13PY Page 2 Derby Musevms (A Compony Llmitèd by GuarL7ntèÉ) Trustees, Report For the Yeor Ended 51 Mofch 2025 The Trustees present their annual report together wÉth the audtted flnoncial statements of ihe Compony for the uear I April 2024 to 31 March 2025. The Annvol Report Serves the purpose5 of both o Trvstees, report ond a directors, report vnder componu low. The Trustees conflrm thot the Annual Report ond financiol statements of ihe tharitoble company comply with the current 5totutory requlrements. the reqL*lremeniS of the chorltoble compony's govemlng document and the provisions of the Stotement of Rerommended Prattlce (SORP) applicable to Chorlties preporing thelr occovnts In accordonce with the Financial R¢portlng Stondord applic¢ble sn the UK and Republlc of Ireland (FRS102) (effective 1 Janvary 2019). Abovt Derby Muséums Derby Museumg wos established as un Independent choritoble trust In 2012. sin￿ then, It has transformed the woy cvllvrol heritoge Is presented ond oppreclated in the clty. Derby hos unlqve cultural 055ets. It hcks the finest colledion of work by Joseph Wright of Derby. the 18th Century ortist of the Enli9htenment. and is 'De51gnated' by Arts Coundl England 05 o co11ettion of notlonol slgnificonce. Its three museums the Museum of Noklng (port of the UNESCQ inscribed Derwent Vollet Mills World Herltage slte), Derby Museum and Art Gallery ond Plckford's House -welcome neorly o quorter of a million people o year. In recent yeors Derby Museums ha5 been recogn15ed for Its Innovatfve porticlpotory proctlte wilh a slew of owords includlng belng Finolisl in 2022 Museum of the Year ond Speciol commendotlon ot 2024 Evropeon Museum of the Year aworés. Derbu's Idenlitu was 300 ueors In the moking, ond the Enlightenment spirit of creotivity and invention resonate5 today. The hertraoe of the city IS Used to frame ombFtrlons for the fvture both os one of the UK'S top high-tech cities ond o prlncipol centre for monufocturlng cnd sustainable engineerlng. Derby Museums. pG7rtnership5 wbth Industry are integrol to providing young people wllh the insplrallon ond expertence to pursue o career in IndLtstru. Our commitment to STEAM (Science Technolo9u Englneerlng Arts ond Maths) Is underpinned by support from mojor componles such as Ro115 Rouco IMI ond Volllont. Since the end of Covld. Derby Mv5eums financiol positlon hos been frogile ond the flnonclol yeor 2024-25 Is no exception. Flnanciol pressures ore being brought to beor by o combination of heovlly decreosed publlc revenue funding ond Increased costs beuond our control such high inflotion. a large Increase In the mlnlmum wage ond high energy cost5. Publlc revenue investment (vits Derby Clty Council and Arts Councll Englond) occovnts for 40% of Income. the lowest proporlion slnce the Trust wos formed in 2012. Over the Icst few yeors flnonciol resllience hos been mointoineé by use of cash reserves and this year o lorge oword bu Garfield Weston Foundatton. This has brought the museum to o neor breok-even posltlon. Poge 3 Derby Museums (A Company Llmlted by Gvarantee) Trvsiees, Report (continved) For ihe Yeor Ended 31 March 2025 Despite these chollenges, Derby Museums contlnves to pr￿ent innovollve and meanlngfvl wr)rk for its oudiences, both local and further ofield. The museums remo5n Derby's prlnclpol ottrattions In rhe locol vls5tor economy contrlbuting nearly £10m to the locol ecor*omy eoch ueor. Through its evenis ond exhlbilion5. the museums help people look ot the world dFfrFerently, leorn more obout their city and feel pride In the place they live. Derby Musevms Choritable Aims Derby Museums. Memorondum ond Arlicles were first incorporoled on 18 April 2012 and were then omended by ertiflcote of Incorporatlon on chornge of name on 7 Augugt 2012. The Memorandum ond Artlcles were amended by speclol resolution on 24 January 2017 and ag(sin on 29 September 2020, 1) To odvonce the educotlon of the publlc ot lorge by the estoblishmenl and/or mointenonce of o museum ond/or art gallery. 2) To advonce the educotion of the publlc ot ltsrge by the preservotlon tsf bulldings of historic ond/or architectural importonce. 3) Wlthovt prejudice lo the generallty of the obove. to odvonce the edu¢atlon of the public ai lar9e of Derby's englneering ond creotlve herllo9e. 4) To provide or osstst In the prc•vlslon of focllitles in the interests of sodol welfare lor recreution or other leisure tlme occupotion for Inclivlduols who hove need of svch by reoson of their youth, age. infirmity or dlsablllty. finonciol hordship. or social and economlc clrcumstonces wlth the object of Improvlng thelr conditions of Ilfe. 5) Pursue such other choritoble purposes conslster*t wEth the obove os the trustees in their obsolute dlscreiion shall determine. Poge 4 Derby Museums (A Company Llmtted by Guarontee) Trvstees, Report lcontlnued) For the Year Ended 31 March 2025 Derby Musevms Busln¢$s Aims 2024.25 Our purpose Derby Museums Is for the Thlnker and Moker in All of U5 Our Valves Belng Independent Foster a splrit of experlmentatlon Pursue Mutual Relotic>nships Cre¢te the Conditions for Well-Being Prove that we ore dolng It Our Airns Oerby Museums is midway through 0 4-yeai plan 2025-27, All museum octivities contribute to one or more of these olms Alm 1 Moke Extroordinary ond Exciting Work. Alm 2 Be Entrepreneuriol ond Inventlve. Aim 3 Be Relevont to our Citlzens. Alm 4 8e Good Stewords Aim 5 Svpport the Ambltlons for our City, These oims ore the bosls for a comprehensive series of octivities whlch are revlewed ol quortefly boord meetlngs by Trustees. They contrlbute to the delivery our Derby Museums chorltable objectlves and are Informed by the investment prlnciples of Arts Council England (ACE)- Derby Museums Is on ACE Notional Portfolio Organisotion and its buslness plon dellvery Is reviewed on o yeorly bosis by the museLtms' execL*tive and ACE officers. Derby Muswms Actlvlty Revlew 2024-25 Publlc Programme - Exhibitio￿ and Displays DU￿ng 2024-25 Derby Museums welcorned over 210.000 visltors. Highlights of Its Exhibhlons and Events programme Include: Dlsploced from the Nlle to the Derwent - Derby Museum ond Art Gollery. Thls exhibllion combined new reseofch ond the development of mL*5evm proctice In considerotlon of colonial collection5 and hurn¢n remolns. It explored how ond whu Egypiion orlefotts ond the remolns of two norned mummified people made thelr way to Derby5hife. It featured loaned Items from the ChatSWOrth collection ond the Brltlsh and Moncheslef Nuseums. The exhibition acted 05 0 stepping Stone towards the permanent di5ploy and Interpretotlon tsf the collectlons from oncient Egypt In the care of Derby Musevms. New leornlng resovrces for schools were developed from on exchonge between Bemrose school In Derby ond the Internotlonal school In Egypt. Page 5 Derby Museum$ (A Comp(Jny Limlted by Guarantee) Trvstees, Report (contlnved) For the Yeor Ended 31 Mar¢h 2025 Prolect Yagda¢n - Musevm of Moklng Thi5 project ond exhlbftlon. funded by The Notionol Lottery Herrtage Fund. focused on peopllng our collections through collectlng the stories of Derbu's sovth Asion diosporlc eommunltles. These histories of the City are obsent In the Derby Museums and city Archlve collectlons, bvt Derby museums is rich in objects that relote to these communities. Mony of the storles relate lo objects held in ovr mt)r)ulocturlng collections and we oim to use ihem to enrlch the interprelollon ocross the Museum of Making. The exhlbition feotured o photogrophic archlve of portrolts by WW Winter of people who migrated from South Asia to Derbu ofter 1945. Thlnk Human- Museum of Making Think Humon, wos o colloborotion belMeen the Chortered Institute of Ergonomlcs and Human Fottors, und Ltsuyhborough Univefsity. Ergonom1￿. or Humon Foctors. Is a deslgn approach exploring how we interact with the systems. products, ond envlrtsnments arovnd us lo enhonce performonce. safely. and comfort. Feoturing exhiblts donoted fram industry, unlversitles as well os the Museum's own extensive collection, Thlnk Htjmon olrned to deepen our vnder5tcnding of how this cross-cutting design opproach underplrns $0 mony Qspetts ctt the worlé we live In, Exomples Of Loughborough Unlverslty's world.le¢ding research ond Innovation were translated into Inier¢ctive exhibits vsing touchscreens. manneqvlns, ond octuol products. Impro¥ements to the dlsploys and interpreiation ct Pickf ord's House Wlth funding from DCMS Wolfson mojor improvements were made to the presentallon and interpretotion ol dlsploys ot Plckford's House, Acce55 hos been Improved to the displays on the grovnd floor wlth slgnlflcanl physical barrlers removed ond more objects on show. New research to feoture Ihe stortes of women, and communilles whose stories hove been previously neglected hove enrlched ihe interpretotion of the building and broodened the vlsltor experiEnce. Page 6 Derby Musevms (A Componu Llmlted by Guorantee) Trustees, Report (continLted> For the Year Ended 31 Morch 2025 Public Prngromme - Events A wide progromme of events take place ot our museum slteg aimed at ottroctino ovdiences linking with the musevms. tollectlon and exhlbltions. Assemble Derby tylusetsms. flogshlp moking evenl took ploce in October 2024, with o new sponsor Volllant UK. Thls interoctive event brought together 80 makers showcoslng actlvlty from troditlonal croft skllls to tech and electronics in a twts-doy festivol. Over 1.600 people attended the Assembk. Page 7 Qerby Mvsevms (A Compony Llmlted by Guarantee) Trustees• Report (eontlnufrd) For the Year Ended 31 Mareh 2025 Flrst Frf These are o serles of events seeklng to broaden audience reach rjnd reveal new perspectives on the city's cultL%rol herlloge_ Thls yeor they Included.. Emplre ¢nd the Moklno of Modern Derby. wlth Or Coth Feely. The Summer Clothes Swop. a trons-inclusive clothes swop event encouroglng 5v5toinobiiity. co-produced wlth Trons Support Hub Monche5ter. Ancient bodle& contemporory chollenges.. The ethlcs of Egyptlon Mummified bodie5 in museums wlth Dr Angela Slienne The 6th annuol Derby Poetry Festlvol Perforrnonce Poetry Slom. Derby Women HiJoru Mokers Poetry Wolk Project wlth creolive wrlllng workshops from former Derbyshlre Poet Laureote Helen Mort and co-founder of the project Sophie Sporhom. Other events Across our venues a brood ronge of 'everyday' culturol artlvlly occurs. Life Drawing 5esslons In The Wardwick slte of the Museum aftd Art Gallery regulorlu sold ovt. We welcomed the rttum of The Ethlcol Atel¢er wlth Abi Wostle. In May, held Threoded's (a Derbyshlre bosed folk trlo) olbum lounch c* The Wordwick and On￿ ogoln worked wllh the City of Sonctuory Network to co-produced 'Hello Derby, frt the Museum of Moklng os port of Refugee Week, We supported locol orts orgonisotion Furthest From The Seo Mu51c, Comedy atKI Art5 Wtth their onnvol Plrote themed festlvol on Cathedral Green. Artist tolks have included presentotions from Or Peter Collinge. locol Author Donlelle Burton. und Dr Allan Chopmon. co- produced with the Derby and District Astrologlcol Soelety. who also co-produced on evenlng of stor gozlng ot the Museum of Making os part of thelr Soth annlversory celebrotlons. The Museums a150 host general events in partnership with other orgon150tions, they hove included Heritage Beer Festival wtth CAMRA, the Toosted Ceromics foir and Wedding trode show&. Page 8 Derby Musevms (A Compony Llmlted by Guorant¢e) Trustees, Report (continved) For the Ytor End¢d 31 March 2025 Stewardship of Herttoge Derby Museum's keu purpose is to core for more thon 350.000 obSects In its collection. In the post foL¢r years more of the museums, collections ore on display thon ever before. Most of the collectSon5 remoln In store ot fcsur Sites. Much of thls storage is substtsndord. In the museum's main store there is wldespread movld infestation ond The roof leoks frequently. The museum teom is working closely wllh Derby aty council to identlly o slte whlch will consDlidote all the musevm¥ collections ond improve the envlronment ond access. Thanks io 0 gronl from the DCMS Wolfson foundotion. Improvements belng mode to the Interpretotlon on access at Plckford's House. Extenslve co-produttlon sessions wbth communlty groups. young people, stuff and volunteers hove dentifled new and more coherent narratives. Thls Involves foreorounding the experlences of women (Jnd children In the life of the building. It olso Invofves the removol of borriers ond the Instollotion. The aftermoth of the di505trous floodlng of the Nv5eum of Moking In Oeiobef 2023 Is stlll being felt. New Interventions ond protréLtres have beeri put in ploce ot the mL¢seum to enoble swrfter recovery should a slmilar event occur agoln. This hos been funded through on insvronce claim ond flood recovery gront from Arts Council England. Buslness Development The finonciol resilience of Derby Museum remains o great concern. Publlc revenue support has declined ropldly in the lost 5 yeorg and Increased costs brought ubovt bu high Inflation ond energy are now exceedlng uvoiloble budgets. Efficlencles htrve been mode with 9 stofl posts deleted in the last 24 months ond thi8 Is reflected with un overoll reducllon In octivity. There ore fewer temporaru exhibitions ond event4 ond morketlng has been streomlined to focus upon digltol output. Whilst Derby Museum5 remalns ombltlous. Its aclivltks must be tempered with economic reolism. Fewer but higher profile Èxhibitions ore more costly but can provlde grettter Income return through Increosed vlsltor numbers. secondory spend ond re￿iptS from Museums and Gollerie5 Exhibition Ttsx Rellef. 60¥* of Derby Museums income comes from fundraislng ond commerciol octivity. This Is o much higher proportlon thon mJny dvlc mu5eLfm& borne out of the necessity of the impact of funding cuts, and olso the S￿11 of De￿Y Museums development teom. Fundrolsing comes in o variety Df guises, from project funding from estoblished trusts. foundotion5 oné major gront giving bodies such 05 the Heritage Fund, to Ind￿4￿Val glvers. on slte donotlon5 and hoblluol glvino scheme5 such os '8uy o Bird.. Unfortvnately. thls rellance on fundrolslng which is by its nature uneven and nol gijoronteed makes the current buslness model precarious Prollts from Derby Nvseum Enterprlses reduced on the previous yeor os visitor foottoll to the clty centre hos declined. Whilst venue hlre ocross the museum siles hos grown yeor on year, reduced footfull hos Impocted on the prof ilablllly of coterlng through ovr two coles. An Insuronce clolm bosed on1055 of business Continulty followln9 the flood of 2023 ond subsequent three-month closure of the Museum of Makng 50ftened the impocl of decllne Income In Ihls areo. Income from retail dropped durlng 2024-25 on the bock of decreosed footfoll to the Museum ond Art Gollery. Bvt desplte thls, It remoins profitoble. Noreover, the retoll offer stlmulotes c3 communlty of locol moker& whose product can be found for sale ot btsih Museum of Maklng and Musevm ond Art Gollery. Initiotives such os Let's Make Chrlstmos fvrther gclmvlate growth os visitors search for o unlque glft for special occosi¢ns. Derby Musevms sltes remoin hi9hlu desirable venues for weddings. Conferences, portles ond commerdol exhibitron Income targets for venue hlre were surpossed in 2024-25. Po9e 9 Derby Mvseums (A Company Llmlted by Guarontee) Trvst¢e$' R•pon {contlnued> FOT the Year Ended 31 Mareh 2025 The Derby Musevms endowment contlnves to grow steodily ond this year o lump sum of £118.000 representing copltol orowth on the £2m core figvre wus tronsferred to unrestrlcted funding The income from the invested copilul sum of £2m conirfbvtes to the organlsollon's unre51rided income. Derby Museums h05 mointoined high stondords in it5 9overnonce. The Boord is bolanced ond more representotlve lft the areas of oge, ethnicity. gender ond disobility. Leamlng andportidpalion It is through 5ts learning progrommes portnership wrth schools and buslness that Derby Mvsevms creates the most signlflcant impact on the lives of young people In the clty. Rolls-Royce have continued their support ol the Institute of STEAM (Science. Technologu. EngInee￿ng, Art and Moths>. Derby Musevms overorching leorning frcmework. This Is on interdi5clplinory approoch. through which young people leom and understoné the world and other people. It encouroges creotive, enquiry-bosed ond crlllcol thlnking. enobling people to develop the copccitles necessory to thrlve In the future.. to be curlou4 empothsse ond Innovote - think, feel cnd do. Local employers off porticvlorly interested in proorommes whlch con encouro9e o 'tolenl pipeline, which glves young people that first experience of teomwork ond crltlcol thinking required for the workploce. Rolls-Royce hold on ¢Jnnual STEAM workshop. Includlng non-destructive testing, led by graduote trainees ond opprentices during Brltish Science Week. Poge 10 Dorby Mvsevms For the Year Ended 31 March 2025 2024 UK Creative Cornmvnity Fellows The workshop ¢1 the Museum of Moklng hcjs been further enhonced with new identity. interprettttlon ortd morketing matericfls with the oim of entting new members to create o communlty of mokers. Membershlp has increased and a greater number of actlvltles ond programmes ore now ovolloble to the public inclvding introduction io cobinet maklng. tSnsmithlng ond wood turning. Portlclpants can work with o voriety of moierlals Including gloss. metol. ceramic& wood. texllles, The museums workshop leom hos canlinued to develop relotionshlps wiih Herltoge Crafts ossociation and leornlng provlders suth os the Unlverstty ol Derby and Derby C)Ilege. Volunteering There ore Close to 200 ottive volunteers. ond volunteerlno has long been centrol to the participotive opproach of Derby Museurffls. Volunteers partlclpate In a ronge of activities from research ttnd care of collectlDns. to supporting gallery- bosed learning uctivily, from odministrotlon to leoding on the development of the model rallwoy. We use the volunteerino plolform Better Impact lo motch up volunteers wlth opportunitles ond meosvre the effect of volvnteering. It ulsg provides on improved meons for volunteers to olr their vi&ws and suggest new ¢Jcti¥ities. Durlng 2024-25 Derby Museums received close lo 14,000 volunteer hovrs Poge12 Derby Mv$eums {A Companu Llmited by Gvarontee) Trustees, Report (continved) Forthe Year Endèd 51 Morch 2025 Finonciol Revlew Going Concern After moklng oppropriate erlqulrles. the Trvstees hove o retjsonoble expectotion that the Company hos odequate resources to continue In operotlonal exlstence for the foreseeable futvre, For th15 réoson. Ihey continve to odopt the golng Concern bosls in preporln9 the flnonciol stotements. Further detolls regarding the odoptlon of the golng concern basls con be found In the occixjnting policies. Reserves policy The chorlty's policy is to hold reserves to cover four month5 Of unrestrscted expenditvre. A5 el March 2025. the unre5tritted reserves Stood al £983,509. which represents four months of expendlture. Page 13 Derby Museums (A Company Lirnlted by Gvaraniee> Trvstees, Report Icontlnved) Ftsr the Year Ended 51 March 202S Moterlol In¥estment$ poli¢y As requlred in its Memorandum, In furtheronce of Its objects, ond for no other purposes. the Company h05 the Power to Invest ihe monles of the Company not Immediately required for it5 purpose in or upon such investments, secudlies or pr¢perty os mcy be thovght fit. svblect nevertheless to such conditions ond such consents os moy for the t5me being be Imp05ed or required bu law. Pr5n¢lpol Fundlng The chority's moln 50urce of income Is grant Income frDm Arts Counril England ond Derby Clty Councll. Totol Income durlng the yeor amounted to £4.201.865 (2024: £3.285.105) whlch Included unrestrltted income 01 £3.149,618 (2024.. £2.761,921). of which. £1,241,779 <2024.. £1.241,779) wos from Arts Council En9lond ond Derbu City Ccxjncll to be opplied for the chorlty s work. Detoils ¢>1 the restricted fL*nds totalllng £14.094.636 (2024.. £14,683.798) ond the endowment funds of £1.956.245 (2024.. £2,159,222) and their purFJOSe con be fovné in Note 17 of the finoncicl stotements. Structure. governance ond manogement Constltvllon The compony and the group Is reglstered os a choritoble compony limFtÈd by ovorontee (chorlty nvmber 1149710) ond wos set vp by a Memorandum of As50CiOtion on 18 April 2012 os aniended 18 December 2012. The company wos reglstered as o chorlty on 12 November 2012, Derby Museum storted tradir,g on l October 2012 u5 on indepeftdent Trust. It hos o subsldtoru called Derbu Museums Enterprlses Limited which started trading on 1 April 2014. Methods of cppolntment or election of Trustees The mono9emeni of the Group ond the Company is the responsibllitu of Ihe Trustees who ore elected and co-opted under tht terms of the Memorondum of A55(XSalion. Organlsational structure and decision-making pollclés The Memorondum ond Articles of Associotion for the orgonlsotton provide thal the board sholl consist of ot leasi 3 ond not more than 18 Indivldvols compr5sed as follows.. Up to three Trustees nominated by Derby City Covncil Up to Fifteen Community Trustees Policies adopted for the induetlon and tralning of Trvste¢$ Trustees vndergo o brleftng on thelr legol obllgodons vnder chority low, the content of the Memorondum ond Articles of Assoclotlon, the board of trustees committee ond decision-moking processes. the busine55 plon and recer)t ftnonclal performonce of the chority. NÈW trustees olso meet key employee5 and olher trustees. Trustees ore encouraged to attend appropriate external tralning events where these wlll focilitate the undertoklng of their role. Fln4Mdol risk managèment The Trustees have ossessed the major r15ks to which the Group ond the Compony are exposed. in portlculor those reloted to the operotion5 ond finonces of the Group and the Compony, and ore 5at15fEed ihat systems ond procedure5 are In ploce to mitlgote exposure lo the major risks. Poge 74 D¥rby Mvseum5 (A Compony LimÉtèd by Guarantee) Trustèes, Report {¢ontinued) For the Year Ended 31 March 2025 Plans for future periods The Trust h05 0 cleor set of aims and objective5 (See above). The challenges foclng thls new organi50tion are Its evldeftce a strengthened comrnerclolism ond resilience plus an irnproved customer offer in order to ottroct contlnued fSnondol 5VPPOrt from lis moin f unders. This will Include, but noi be restrlcted to Increaslng funding from other sources, boih donations / fundraising ond commerdal income. Member$, Ilabllltu The Members of the Company guarantee to contribute an amount not exceedin9 £? to the 05sets of the Company in the event of winding up. Dls¢losure of Information to ouditors Each of the persong who rjre Trustees Ot the tlme when Ihls Trustees. Report Is opproved has confirmed that. so far os thot Trustee 15 awore. there is no relevant oudlt informotlon of whlch the charltoble group's auditors ore unowore, and thot Trustee hos token all the steps thot ought to huve been token os o Trustee in order to be oware of any relevant audlt informotion and to estobllsh thol the charitoble group'5 tsudltors are owore of that Informotitsn. ed by order of the member5 of the board of Twstees oné 51gned n their behalf by-. E Fotherolll. CBE Trustee - Cholr of Boord A Ellse Trustee - Cholr of Flnance. Risk ond Audit Dote. It. %. 2( Page 15 Derby Mvseums (A Company Limited by Guarantee) Stotement of Trustèes, responslblllties For the Yeor Endod 51 March 2025 The Trustees (who ore olso the dlrettors of the Company for the purposes of compony luw) are responslble for preporing the Trustees, Repon ond Ihe finanaal statements in accordonce with upplicable low ond United Kingdom Accovnting Stondards (Unlted Klngdom Generolly Accepted Accountlng Practice). Compony low requires the Trustees io prepore financial statements for each ftnanciol . Under compony low. the Trustees must not approve the financial stotements unless they ore sotlsfled thot they glve o true ond falr VFew Of the stote of ofluirs of the Group and the Comporiy ond ot their incoming resources ond opplicotion of resource% Includlng thelr Income ond expenditure. for thot perlod, In preporlng these finondol 5totements, the Trustee5 ore requlred to.. selett surtoble occountlng policie5 ond then apply ihem consistently.. observe the methods ond princlples of the Chorlties SORP (FRS 102).. make jvdgments ond accountlng estlmotes thot are rea50n¢Jble ond prudent., 51ote whether applicable UK Accountlng Slondards (FRS 102) hove been followed. sublett to any moterfal departures disclosed ond explolned In the financial statements- prepore the fir>oncial stotemenis on the golng concern basls unles5 It Is inoppropriote to presume that the Group wlll contlnue In bugnes& The Trustees ore responsible for keeping adeqvoie accountlng recDrdg that ore svfflclent lo show and exploin the Group ond the Company's tron50rtions and disclose wlth recjsonoble accvracu at ony time the ftnonool posltlon of the Group and the Compony and enobEe them to ensvre Ihot the flnonclol stotements comply wlth the Componies Aci 2006. They are also responsible for sofeguording the ossets of the Group ond the Compon¥ and hente for taking reosonoble steps for the preventlon and detection of fraud and other ir￿gUI￿rItIe5. The Trustees are responsible for the moinienonce ond integrfrty of the corporate and financiol informorion Included on the Group's webslte. Legiglotion in the Unlted Kingdom governlng the preporotlon ond dlssemination of financiol statements may differ frorn legislation in other jurlsdictions Approved by order of the members of the boord of Trustees ond signed on it5 behoSf by.. E Fothergill. C8E TrusteÈ- Choir of Boord Oote,, A Ellse Trustee - Cholr of Flnonce. Risk ond Audlt Po9e 16 Derby Museums (A Company Lifftlted by Guttruntee) Independent Audltorg Rèport to the Members of Derby Mvsevms Opinicn We hove ovdlted the finoricial stotements of Derby Museum5 (Iht 'porent choriEoble compony,) ond Its subsldlorie5 (the 'groupl for the yeor ended 31 Morch 2025 which comprise the Cor)solldoted Siotement ol Flnonclol ActivitEes. the Con501idoted Balonce Sheet. Ihe Compony 8olonce Sheet, the Consolidoted Siatenient of Cosh Flows ond the rel(Jted notes, inclvding a summory of significant uccounting policies. The finor)cial reporting fromework thot hos been applied In thelr preporotlon is tspplicoble low ond United Kingdom Accounting Stondords. includiao Finonciol Repoiling Stondord 102 'The Flnunclol Reporting St(sndaro' opplicoble In the UK oncf Republlc of Ireland, (United Kingdom Generolly Accepted Accountln9 Practice). In our opinion the finoriclol stoiements.. give o true ond foir view of the stote ol the Group's tsnd of the porent choritoble compony's offulrs os 0131 Morch 2025 ond of the Group's incoming resources and opplicotion of resDurces, includlng its income ond expenditure for the year then ended., hove beeft propèrly prepored in occordunce with Un ted Kingdom Generally Aeeepted Accounting Proctlce., ond hove been pi-epored in occoroonce with Ihe requiremenls of the Companies Act 20Qd Bosis for L)pinion We conductred our audit in occordonce with InternatSor)ol Standord5 on Auditing (UK) (ISAS (UK)) ond opplicoble low. Our I'espDn&ibiilties under those siandards ore furtler described In the Audltor5' responsibilitSes for the audit of the finoryciol slotements seetloft of our report. We ore independent of the Group In tsccordonce wbth the elhiccsl requirements thol ore Felevont to OLJr oudit of the finonciol Statements in thÈ United Kingdom. including the Flnonciul Reporting Council's Ethlcol Stondord. ond we hove fulfilled our other ethical respon51bilities in accordance with these requirements. We believe. thot the audlt evidence we have obtoined Is sufflcient ond oppropriote to provide o b05',s for our Dpinion. Concluslons relotlng to golng Concern In ouditlng the financiol stotements. we hove concluded thot the Trustees, use of the goiiig concern basis of occounllno In the preporotion of the finoncitsl 51otements is oppropriote. Bosed on the work we have performed, we have not Identified any moterlol uncek10inties reloting to evenis or condltions thot. individually or collectivelu, moy cost significont doubt on the Group's or the porent choriTDble compony's obility to continue os a ijoing concern for o period of at leost twelve months from when the flnonciol statemen'is ore outho¥ised for issue. Our iesponsibiliTies ond the responsibilities of the Trustees with respect to going concern ore described in the relevonl sectlon5 of thi5 report. Poge 17 Derby Mvseums (A Compon¥ Limited by Guarantee) Independent Auditors, Réport to thé Membèrs èf Derby 14ugeum$ (coniinued) Other informatlon The other Infom)otlon comprtses the information included In the Annval Report ¢iher thon the flnanciol Statements ond ovr Auditors, Report thereon. The Trustees are responsible for the other Infomation contalned within the Annual Report. Our oplnion on the flnonciol slolements does not cover the other inlormatlon and, excepl to the extent otherwise explicitly stated in our report, we do not express ony form of ossuronce conclv%on thereon. Our responsibillty is to read the other Information ond, In doing so, consider whether the other Informatlon Is moterlolly Inconsistent with the finoncial statements or our knowledge obtained In the eourse of the oudit, or otherwise appears to be mote￿oI1Y misstated. If we Identlfy svch motericl Inconslstencles or apparent moteriol misstoternents, we ore requlred to determine whether this glves rlse lo o moterlol mtsstaiement In the flnunclol srotements them5elve5. If, bosed on the work we hove performed, we conclude thut there is u moterial mi55totemenl of th15 other Informoiion. we ore requlred to report that fact. We have nothin9 to report in this regLird. Oplnion on other metters prèscrSbed by the Companies Acl 2006 Ir* our opinlon. bosed on the work vndertoken in the course of the ovdit.. the informLltlon glven In the Trvstee¥ Report for the finonclol yeor for whlch the flnancial stotements tsre prepared is cc>nsistent wf(h the flnanclal stotements. the Trustees, Report has been prepared in accordance with opplicoble legol requirement& Matters on which we ore reqvired to report by exceptlon In the light of our knowledge and understondlng of the chorftable compony and its environment obtulned In the course of the oucfrt, we have not identified molerial misstotements in the Trustees, Report. We have nothing to report in respect of the followlng matters In relotlon to which Componles Act 2006 reqvlres us to report to you if, In our opinlon,. the parent choritoble company hos not kept odequote ond SL*fficient occountlng record5. or returns odeqvote for our oudll hove not been recelved trorn brgnches not v￿rted by us,. or the parent choriioble compony flnanclal slatements ore not ogreement ¥vtth the occountlng records und returns,. or CErlain disclosures of Trustees, remunerotlon specrfied by law ore not mode.. or we hove not recelved oll the Information ond explonotion5 we require tor our oudtt. Poge 18 Derby Museums (A Componu Llmited bu Guorantee> Independent Audltors, Rèport to th6 Members of Derby Musevms (continved) Responsibilitles of trvstees As explalned more fvlly in the Trustees, Re5ponsibilitles Slatement, the Trustees (who ore also the director5 of the choritoble company for the purposes of company low) are responsible for the preporotion of the financial statements ond for being sotlsfled thol they give o trve ond fair view. and for such internol control as the Trvslees delermine is necessary to enoble the preptsration of flnanclcil stotements ihal are free from moterlol mlsslotemenL whether due lo fraud or error. In preporing the flnondol stotement5. the Trustee5 are responsible for a55e55ing the Group's and ihe porent charttoble company's obility to continue os c golng CDncern. dSsc105ing. as opplicable. niotters related to going concern and uslng the golng concern bosls of accountlng unless the Tru51ees either Intend to fiquidate the Group or ihe porent choritable componu or to cease operotlDns. or have no reolistic alternative bvt to do $0. Audltors, respO￿lb{lIfleS for thè audlt of the financlol stqtements Our objectives are io obtoln reosonable ossuronce about wheiher the financial 5tol¢ments as o whole ore free from moterlol mlsslotement, whether due to fruud or error. ond to issue on Audrtors, Repart thot includes our oplnlo Reasonable assuronce is o high level Df os5vronce. bvt is not o gvarontee that an avdit conducted In occordonce with IS4$ (UK) wlll always detect a malerlal m1s51¢rtement when It exlst5. Misstotements can urlse from froud or error ond ure consldered materiol if. Indlvlduolly or In the uggregate. they could reosonobly be expected to influence the economlc declslons of users token on the bo5is of these finonclol stotements. Irregulorltles. Includlng froud. are instonces of non-compliance wrth Iow5 ond regulotlon& We design procedvres In Ilne with our re5pon5ibilttles. outlined obove. to detect molerial rnisstotements in respect of irregvloritles. Inclkjdlng fraud. The extent to which our procedures are capoble of detectlno Irreovlorities, In¢ludlng fraud Is detolled belov. Our approach to Identlfying ond ossessing the ￿Sk5 of moteriol misstatement in resped of irregu5arilies. Includlng froud and non-compliance with Iow5 ond regulolions. wos os follow the senior stotutory oudltor ensured thut the engo9ement teom tollectivelu hod the approprlote eompetence. copobllltles and skllls to identify or recognlse nun-complionce with opplicoble lows ond regulatlons: we Sdentitied the laws und regvlatlons opplicoble to the chtsritablé compor)u through dlscussions wlth directors und other menogement. csnd from our commerclol knowledge ond experlence of the sector,, we focvsed on specific laws ond regulotlons which we consldered moy hove o direct moteriol eflect on the flnonclul stotements or the operotlons of the chorltable compony. Includlng the finonclol reportlng 12glsloiion, Chorities Act 2011. Componie5 Act 2006. toxotion led reviewlng Corresponden￿ woh HMRC, relevont regultstors tsnd the choritoble company's legol advlsors. Because Df the Inherent Ilmttatlons of ¢Jn al￿1t. there is ¢ rlsk ihot we wlll not detect oll Irregularities, Including those legding to ts material misstaiemeni hi the financlol stotements or non-compliance with regL*latlon. This rlsk Increases the more thot compllance wsth o low or regulation is removed from the events ond tronsoctlons reflected in the finonclol Statements. as we will be less likely to become aworè of Instonces of non-compliance. The riskls olso greotef regording IrregularltiÈs occurrlng dve to frovd rother thon error. 0$ frovd Involves Intentional conceolment. forgery. ¢olluslon. tsmission or misrepresentotlon. A fvrther descrlption of our responslbllitles tor the ovdit of the financial statement5 Is located on Ihe FIn(5￿cIal Reporilng Council's website ot". g. Thls descriptlott forms port of our Avditors, Reporl. Poge 20 Derby Museums (A Company Limltèd by Gvarantee) Independent Avditorg Report to the Members gf Derby Museums (continued) Use of our repcrt Thls report is mode solely lo the choritoble company's members. os o bodu. In occordonce wlth Chopter 3 of Parl 16 of the Companies Act 2006. Our audlt work has been undertoken so thol we mighi stote to the choriloble comF>ony's members those rnotters we ore required to stote to them In an Avaitors, Report ond for no other pvrpose. To the fullest extent permitted by law. we do ncst accept or ossume re5ponsibllity to anyone other thon the choritable company and its members. as o body. for our audit worl forthls report, or for the oplnlons we h¢ve formed. Simon Hawkins {Senlor Statutory Aud￿0￿) for ond on beha5f of Dolns Audlt Llmtted Statutory Audllor Chartered Accountonts Suite 2. Alblon House 2 Etrurla Off￿e Villoge Forge Lune Stoke t)n Trenl stoffordshlre ST15RQ Date: Poge 21 Oerby Museums {A Company Limited by Guafontee) Consolidated Statement of flnonclal actlvitles Qncorporatlng income and expendlture account) For the Yeor Ended 31 March 2Q25 Unrestricted fund$ 2025 Restrirted funds 2025 Endowment funds 2025 Total funds 2025 Total lunds 2024 Note Income and gndowments frcm: Donotlons ond legocles Choritoble octivities 83.901 60Q 4.516 89.017 129.475 1.843.226 1.118.188 1.047.131 2.890.357 2.025.786 Other troding ottlvltles InvesfrY)ents 1.118,188 1.018.073 104,305 104.305 111.681 Total Income and endowments 3.149.618 1.047.751 4.516 4.201.865 3.285,015 Expendlture on.. Aoi5ing funds Chorltoble octlvllies 961729 962.729 873.356 2.35&165 1.596.853 3.93S,018 3.897.544 Toiol exper*diture 3.300.894 1.596.853 4.897.747 4.770.900 Nel (losses)/golns on Investments (89.068> (89.068) 202.490 Net {expendlture) /income Tronsfers between fund5 17 (151.276) 158.465 {549,122) £B4.552) (118,425) {784.950) (1,283,395) {40.040) Net movement in funds 7.189 (589.162> (201977) {784.9SO) (1.283.395) Recondllotlon of funds: Total funds brovght forword 97CJ20 7.189 14,683.798 2.159.222 17.819.340 (784.950) 19.102,735 Net movement In funds (589,162) (20197n {1283,395) Totol funds corrled forward 983.509 14.094.656 1.956.245 17.034.390 17.819.340 The Consolidoted Stotemenl of Flncnclol Actlvtties Includes oll golns oné losses recognised in the yeor. The notes on pages 27 to 52 form part of these finonclol statem￿t& Page 22 Derby Muséums (A Compony Llmited by Guarontee) Registered number: 08056113 Consoltdoled Bolance Sheet As ot 51 Morth 2025 2025 2024 Nole Flxed assets Tanglble ossets Investmenls 12 13.893.364 2.325.227 14,650.623 2,832.720 13 1&218.591 17.483,343 Current US5ets Stocks 14 4&526 41.174 Debtors 15 953,696 429,Q61 Cash ot bank and kn hond 550.122 581.038 1.330,144 851.273 Creditor5.' omounts folling due withln one yeor 16 (514.34S) (515.276) Nèt current assets 815.799 335,997 Total net 05Set$ 17.Q34.390 17.819.540 Chority fund5 Endowment *vn&s 17 t956.245 14.094.656 985.S09 2,159.222 Re5tritted funds 17 14.685.798 976,520 Unrestrleted funds 17 Total funds 17.034,390 17.819,540 The Trustees ockwwledoe their responslbilitie5 for complyin9 With the requirements of the Aci wbth respect to occovntlng records and preporallon of financlol 5tatement& The financial 51tstements were opproved and ovthcrlsed for Issue by the T ustees and slgned on their behalf by- Elizabeth Fothergill Choir of Trustees Amondo Ellse Trustee - Cholr of Flftonce. Rlsk und Audit Dale: The notes on pagtrs 27 to $2 form port of these finontlol stotements, Poge 25 Derby Museums (A Compony Llmlted by Guorantee) Registered number: 0803611J Compony statement of finon¢lol posltlon As at 51 Morch 2025 2025 2024 Note Flxed auets Tonglble ossets Investments 72 15,893.364 14,650.623 13 2.525.228 2.832.721 16.218.592 17.483,344 Current assets Debtor5 15 1.061.915 654.468 Cosh at bcnk and In hand 200.996 128,969 1.262.911 785.437 Creditor¥. amovnts folling due within one yeor 16 (447.113) (H7.441) et currènt a$$ets 815.798 335.996 Total assets less current Ilabllftles 17.034.590 17,819,540 Total net assets 17.034.59D 17.819.340 Charity fund$ Endowment funds 17 l956.245 2.159.222 Restricted f unds 17 14.094.636 983.509 14,683,798 Unrestritted funds 17 976.320 Toiol Ivnds 17.034.390 17.819,340 The Compony's nei movement In funds for the yeor wos cj deticlt1£784,950) (2024 - £1.283,395). Page 24 Derby Mvseums (A Compony Llmited by Guarantee) Règlstered nvmber.. 08036113 Compony Statement ot flnunclal posltlon (contlnued) As ot 31 Morch 2025 The Trustees ocknowledge their responsibllities for compluing with the requirements of the Act with respect to occounllng records ond preporotion of flnonclol statements. The flnanclal stotemenls were approved ond ovthorised for issve by the Trustees and slgned on thelr behalf by.. Elizabeth Fothèryill Choir of Trustees Dote.. Amanda Ellse Trustee - Choir of Finonce. Rlsk ond Audll If.8.3C The rsotes on poges 27 to 52 form part of these flncnaal statements. Poge 25 Derby Mvseums (A Company Llmlted by Guarantee) Consolldated Statement of Co$h Flows Forthe Yeor End¢d 51 Morch 2025 2025 2024 Cash flows from operatlng actlvliles Nel cosh used In operating odivities (570.345) (635.347) Cosh flows from invésting activities Dividends ond interest from Investments 104.503 (5.299) 768,425 111,681 Purchose of tonglble fixed ossels Proceed5 from sale of Investments 135,496) 750.000 Purch05e of investments IY50,000) (316.636) Net eash provided by Investlng actlvltles 519.429 509.549 Net cosh provldèd by flnanelng actlvltlès Chongé In eosh and cash equlvalent5 Ill the yeor {50.916) 025.798) Ccsh ond ctssh equlvolents ot the beginnlng ef the year 381.038 506.836 Q5h ond cush equivolents at the end of the year 330.122 381.038 The notes on poges 27 to 52 form port of these finonclol stotements Poge 26 Derby Musevms (A Company Llmlted by Guarantee) Notes to the Finoncial Stotement$ For the Year Ertded 31 March 2025 Gefterol information Derby Museums is o Chariioble Company, Ilmited by gLJorontee Incorporoted in Englond tsnd Woles. The Group'5 registered office Is museum ond Art Gollery. The Strond. Derby. DE11BS. The principal odivity of the Grovp wos thot of a museum ond ort gallery. Accounting policie$ 2.1 Basls of preparatlon of flnaftdol statements Derby Museums Is a charrtoble compony reglstered Sn Englond / Wole5 . In thè event of the charity belng wound up. the Ilobilrty in respect of the guoronleels limited to £1 per member of the charfty. The address of the reglstered office is glven in the chority informotion on page l of these flnonclol statements. The nolure of the chorlly'5 9peralion5 and prlnclpol actlvities was that of o musevm ond art gollery. The charity con51ilutes o public benefit entlty as defined by FRS 102. The *lnanciol statements hove been prepored in OCCOfdance with Accounting and Reportlng by Chorllles., Slolemeni of Recommended Prottice opplleoble lo chorifie5 p￿Paring thelr occounts in occordonce wlth the Flnanci(Jl Reportlng Stondord applicoble in the UK ond Republic of Irelond issued In Oclober 2019. the Finonciol Reportlng Standard applicoble In the Unlted KSngdom ond Republlc ol Ireland (FRS 102), the Chorlties Act 2011. the Companies Act 2006 ond UK Generally Accepted Accounting Proctic 2.2 Basls of coftsolldatlon The financiol statements consolidote the accounrs of C)erby Nvsevms ond oll of Its subsidlory undertaking5 ('subsldlarles'). The Company has token advontoge of the exemp15on contolned wlthln settlon 408 of the Componles Act 20Q6 not to present Its own Income ond Expendltvre Account. 2.5 Going cancerrt These occoijntg ore prepored on a going contern bosls. After revSewing group fcrecosts and projectlon5. the Irustees hove o reosonoble expectotion thot the Group has odequote resource5 to continue its operotionol extsience for the foreseeob5e future. Poge 27 Dèrby Museums CA Company Llmlted by Guaranteè) Notes to the Flnanclal St(rtements For the Year Ended 31 March 2025 Accovntlng policles (Continved) 2.4 Fund occountlng General furnds are vnrestricted funds which ore ovoilable for Use ot the dlscretion of the Trvstees In furtherance of the generol ¢bjectlves of the Group and whlch have not been deslgnaled for other purpose5. De5igncrteé funds comprlse unrestrlcted funds thot hove been set oslde by the TrusÈes for particulor purposes. The oirn and use of eoch deslgnaled fund is set out in the notes to the finonciol stotements. Regtrlcted funds ore funds whlch are to be v*d in accordance wPth speclllc restrlctlons imposed by donors or which hove been roised by the Group for pcsrtlculor purposes, The costs of roi5ing ond odministering such funds ore chorged ooolnst the speufic fund. The aim and use of eoch re5trieted fund Is set out in the notes to the finonciol stotements. Endowment funds represent th05e ossets held by the charity to fulfil its objective5 und ore permanent In noture. 2.5 Income All Income Is recagnlsed r)nce the Compony hos entitlemeni to the Income.11 Is probable that the income will be received ond the omount of Income receivable cctn be measured reliably. On recelpt, donoted profesgionol services ond focslities o7re recognised on the bosis of the value of the glfl to the Group which is the amount it would hove been wllling to pay to obtoln services or focllities of equivalent economlc benefft on the open market., o cgrrespollding amount is rhen recognised in expenditure in the period of receipt. Other income is recognised in the period in which it is recelvoble and to the extent the goods hove been provided or on completlon of the service. 2.6 Expendlture Expendlture Is recognlsed once there Is a legal or ¢onstructlve obligation 10 tronsfer economic benefit lo a third porty, It Is probable thol o transfer of economlc benefits wlll be reqvlred in settlement and the omount of the obligotion cor) be meosured reliobly. Expenditure is classlfied by activity. Those costs incurred dlreclly In support of expenditure on the obletts of the Group ond include project monagement corrled out 01 Heodquorters. Charttoble octivities and Governcnce costs are Incvrred on the Grovp's operotlons. including 5LfPPOrt costs ond costs relotirng to ihe governonce of the Grovp opportioned to eharit¢ble actlvltles, Page 2B Derby Museums (A Compony Llmked by Guaronto¢) Notes to the Financial Statements for the Year Ended 31 March 2025 Accounting policie$ (eontinued) 2.7 Government grunts Government gronts ore credlted to the Con501idoted Stotemer)t of Finonckjl Actlvltles os the related expenditure 15 Incurred. 2.8 Intongible o5￿tS ond omortisotlon Intonolble a55ets costlng £1.000 or more are copltollsed and recognised when future econornic benefits ore proboble und the cost or volue of the asset can be me05vred reliably. Intangible ossets ore Inftlolly recognlsed ot cost. After recognttlon, under the cost model. Intonglble ossets are meosured ot cost less ony accumulated omortisation and any accumuloted ImF)oirment losses. Amortlsatlon Is prov￿ed on Intonglble ossets ot rotes calcvloted to write off th¢ cost Lif each osset on a stralght-llne basis over Its expected useful life. Am0rtlSQtion is provided on the following basi& Computer sofrwore 33V 2.9 TangSble r￿ed assets and depreciation Tongible fixed ossets costlng £1.000 or more are copltollsed ond recognised when future economic benefits are probable and ihe cost or volue Of the osset cari be meosured rellobly. Tanglble fixed assets ore Inttlolly recogn15ed at Cost After recognitlon. under the cost model. tongible fixed assets ore metssufed ol cost less accumuloted depreclotion and ony occumulated Impairment1055es. All costs Incurred to bring a tanglble fixed asset inlo its intended working condition should be included In the measurernent of cost. At euch reportlng dolte the Compuny assesses whether there Is ony indlcation of Impoirmenl, If such Indication exists. the recoveroble omount of the asset is cletermlned to be the hlgher of It5 folr volue less C051$ to sell ond Ils volue Iri use. An impoirment loss is recognsed where the corruing amount exceeds the recoveroble omount. Depreclallon Is chor9ed so os to allocate the cost of tangible fixed assets less thetr reS￿Val volue over their estlmoted useful lives. Depreclarfon 15 provided on the following bases.. Ffeehold property Short-Term leosehold property Plant oné mochinery Flxtures ond Iittings Computer equipment 2% stral9hi line Over the life of the leose 20% stroight line 20% strtslght line 33.33% slraight line Page 29 Derby Mvseums (A Company Limited by GL•oronteÈ) Notes to the ￿Tranc101 Statements For the Year Ended 31 March 2025 Accounting polities <¢ontinu¢d> 2.10 Investments Invesiments in subwdiorles ore valued oi cost I￿S provlsEon for impoirmenL Investments held as fixed ossets ore revolu@d ot mld-rnorket volve at the bolonce sheet date and the gain or Ios5 laken to the Stotement of Financiol Actlvllies. 2.11 Stocks Stocks ore volued ct the lower of cost and net reollsoble value ofter moking due allowcnce for obsolete ond slow-moving stocks Cost Includes all dlrect costs and on gppropriate proportion of flxed and variable overheud& 2.12 Debtors Trode and other debtors ere recognlsed ot the settlement amount after any trode discouni offered. Prepoymenis ore valued at the amount prepoid llel of any trode discounts due. 2.13 Cosh at bank and In hand Cash at bank and In hond indudes cash ond shon-ierm hlghly liquid investments wlth o short maturlty of three month5 or less from the dute of ocquisitlon or opening of the dep051t or slmilor occovnt. 2.14 Llobllltles ond provisitsns Llobilltle5 ore rÉcognlsed when there Is oi obligotion ot the Bolonce Sheet dote as a rÈsult of o past evenl. it is probable thot o tronsfer of economlc beneflt will be required In settlement. ond the umount of the s&ttlement can be estlmated reliobly, Llabilitles ore recognlsed ot the omount Ihal the Compony ontlclpot* 11 wlll pay to settle The debt or the omount Il hos f eceived os odvornced poyfftents for the goods or Se￿iCe5 it must provid& 2.15 Operating leoses Rentols pold under operotlng leoses ore chorged to the Consolidoled Statement of FlneD.dol Attlvities on a strolght-line basis over the lease term. 2.16 Interest receivoblg Interest On funds held orn deposlt is included when recelvoble ond the amount can be measured rellobly by the Group- this is normo51u upon noliflcolion of the Inte￿St paid or poyoble by the Institvtlon with whom the fvnd5 are deposited. Poge 30 Derby Mvseums (A Company Limited by Guarantee) Notes to the finanaol Statements For the Year Ended 51 Mor¢h 2025 AccountlTrg pollcles (continued) 2.17 P•nslon5 The Group operates o deflned contr[b￿lOn penslon scheme and the penslon chorge represents ihe amounts poyable by the Group lo the fund In respect of the year. The compony olso provldes retirement to employees of the chorlty which a￿ provided by the Derbyshire County Councll Local Government Penslon Scheme ("LGPS"). This is a deflned benefit scheme. is contracted out of the Stote Eornlngs-Reloted Pen&on Stheme ("SERPS'?. ond the ossets are held separately from those of Chorlty In o seporate Trustee odministered fund. Penslon scheme assets cre meosured ot fair volue and IlabilitEs ore measured on on actsjorlal bosi5 using the proleaed tinli melhod ond discounted ot o rote eq￿1Valent to the current rote of return tsn o high quolily corporate bond of equlvalent term and currency to Ihe Ilabilitie& Derbyshire County Council hos ogreed to fund Ihe licjbilities of ihe LGPS scheme for relevont stuff prlor 10 1 September 2012 ("the tronsfer datel upon signing ihe Buslness TrO￿fer Agreement. The thority has been credlt&d the Derbyshire Council wlth o notionol fund within the LGPS at the transfer dote of level requlred to meet the cost of providlng one hundred percent OOO%) of the benefiis occrued and In respect of the Ellgible Employees prior to the transfer date (the "Notionol Fund"), The volue of the notionol fund hos been determined by on acluory eppolnted by the Derbyshire Country Council using ihe Lingoltig octuarlol methods and ossvmptlons used in the lost actuarlol voluotion of the Derbyshlre County Council Pensson Fund. In cdditlon lo the above. Derbyshlre County Council hos issued o Rlsk Share to the churltu to cover any accrved deflcitrs on exit bu scheme members or the chorltu. All conlrlbution5 ore determined by Derbyshire County Council on the bosls of trlennlal valuotions using o prospettlve beneflt method. As the chority Is indemnified ogDlnst prior ond future liobililies of the schemq the LGPS hos been treated os o defined contribution scheme ond the contributions recognised os they ore pold eoch yeor, 2.18 Financlol instruments The Group only has finantlol ossets and finoncial Ilabiiiiies of a klnd that qualify os bosic finanuol Instrument& Basic finonclal Instruments ore inirlallu recognlsed ot tran50Ctlon value ond subsequenily rneosvred ol thelr settlement volve with the exception of bonk loons which ore subsequently measured ol omortlsed cost uslng the effective interest method. Po9e 31 Derby Museums (A Company Llrnlted by Guarantee) Note$ to the Financial Statements For the Yèor Ended 31 March 2025 Critlcal accpuntlng estlmaies ond oreos of judgment Estimote5 and judgments ore eontinvolly evolwted and are bcE5eé on hlstorlcal experlence ond other foctor4 including expectollons of future events thot ore believ￿ to be reasonable under the clrcumstonce& Crltlcal occovntlng estlmates ond assvmptlons.. The Compony make5 estimates and 05sumptlons concernlng the future. The re5ultlng occountlng estlmotes and assumptions wlll. by definltlon. Seldom equal the related oetual result5. rhe estlmotes and ossumptions that hove o slgnificant risk of cousing o mgteriol odjustrnent to the corrylng omounts o105se15 and liobilities wtthin the next flnonciol yeor are discussed below. Aental cosls The Group occuples a number of buildings prov'rded by the councll ot ct peppercorn rent. The Trustees under51and that they ore custodion5 of these premises. whlch are occupied for the purposes of operatlllg a Museum under the terms of thelr cgreement w(th the coundl. The noture and pvrpose of the building5 ig such that ony donoted volve connot be meosured rellobly and it is not appropriole to record ony value in the finanaol stolements for donotfons In klnd. Therefore. no dc)nation and rental expense hos been re¢ognlsed wlthin the finonclal stotements. Income from donotions ond legocles Unrestricted fvnds 2025 Restrlcted Endowment fvnds funds 2025 2025 Total funds 2025 Oonotlons 83.901 100 4.516 88.517 Governmenl grants 500 500 83.901 600 4.516 89.017 Unrestrlcted funds 2024 Aestrlcted Endowment funds funds 2024 2024 Totol funds 2024 Don¢tiens 109,417 5,436 500 14.122 128,975 Government grants 500 109.417 5,936 14.122 129.475 Po9e 32 Derby Museums (A Company Limited by GuarÉnteè) Not¢s to the FIna￿la1 Stotements For the Yeor Ended 31 March 2025 Income from charitable attivities Vnr¢strl¢ted funds 2025 Restricted funds 2025 Total fvnds 2025 Art5 Council England Member5hlp Income D15ploys ond exhibTtioris Derby Clty Councll - Support Derbu aty CDuncll - Services Purtnerships ond grants Income from retail. coterfng ond IPR Activitles. events, disploys & exhiblllon5 Leorning programmes ond research Other income 550,099 550,099 21.383 21.383 12221 12.221 610.000 610.000 81.680 É1.680 299297 965.451 1.264,748 2.480 1480 32.801 52.801 37.952 37.952 276.993 276.993 1.843.226 1.047.131 2.890.357 Unrestrfcted funds 2024 Fiestricled funds 2024 Total funds 2024 Arts Council England - Strateglc lund Membershlp Income Derby fjty Council . Support Derbu City Councll . Servlces Partnerships ond gronts Income from retoll. cotering and IPR Actfvilies. events, display5 & exhibltlons Ltarnlng progrGmmes ¢rKI research Other income 550,099 11.377 550.099 11.377 610.000 610.000 81.680 81.680 127.165 421.356 548.521 2480 2.480 32.893 31695 29.391 29.391 159345 159.345 1,522,750 503.036 2,025,786 Poge 33 Derby Mvsevms (A Company Llmltéd by Guarantee> Notes to the Flnancial Statements For the Yeor Ended 51 March 202S Inveslment Income Unrestrlcted fvnd$ 2025 Tolol funds 2025 Investment Income 96.767 96.767 Bonk Interest recelved 7536 7.536 104.303 104.305 Unrestricted funds 2024 Total funds 2024 Investment income 96,226 96.226 Bonk interest recelved 15,455 15.455 111.681 111.6B1 Analysis of expenditure by actl¥ltl•s Actlvltles vndertoken directly 2025 Support costs 2025 Totol f unds 2Q25 Operatlon of mvseums 3.495.652 439.366 3.935.018 Page 34 Derby Museum5 (A Company Limlted by Gvarantee) N¢)tès to the Financlal Statements For the Year Ended 51 March 2025 Analysls of expenditvre by actlvltE¢s (eontlnved) Acllvifies undertaken dlrettly Support costs 2024 2024 Total funds 2024 Operotion of museums 3,525.810 371,734 5.897.544 Analysis of direct costs Total funds 2025 Totol funds 2024 Stoff costs 1.617.767 7611558 591899 153.032 81.680 79.908 1.683.339 DepreciotlDn Premlses and transport Supplies and services Support seNices Norketlng and PR Development ExhlbStlons 755.908 405.102 126,769 81.680 42.407 7.938 351.646 17.308 51084 1.832 10.678 354,732 Professlonol fees 4,632 Leomlng Collettions 53.825 6,738 5.495.652 3.525.870 Poo¢ 35 Derby Mvseums (A Company Llmlted by Guorontee) Notes to thé Flnanclal Statements For the Yeor Ended 31 March 2025 Analysis af expenditure by a£tivities (continued) Anoly$ls of support costs Tottyl fvnd$ 2025 Totol funds 2024 Stoff costs 396.865 320,369 Employment expenses Bank chorges 23.065 29.921 4.814 5,096 Governonce costs 622 2.848 Audit fee5 14.000 15.500 439,366 571,734 Anoly$is of expendlture on chorltoble octivities Summaru by fund type Unrestrlcted funds 2025 Restrlcted funds 2025 Total 2025 Operotlon of museums 2338,765 1.596.855 3.935,018 Unrestrlcted funds 2024 Re5trtcted funds 2024 Totol 2024 Operotion of museums 2,550.349 1.347,195 3.897,544 Page 36 Derby Museums (A Company Limlted by Guarantee> Note5 to the Flnonclal Statèments For the Yeor Ended 31 Morch 2025 Avditors, rernuneratlon 2025 2024 Fees poyoble tD the Compony's auditor for the audit ol the Company's onnur>l o¢counts .000 13.500 10. Stoff costs Group 2025 Group 2024 Company 2025 ComFxJny 2024 Weges and solories Sodol securlty costs Contrlbution to defined contribution pÈrnslon schemes 2.067.837 1.958.320 1.562.367 119.879 1.547.512 150.024 144.384 117.855 593.628 390.782 332.386 338.341 2.611.469 2.493.486 2.014.632 2.003.708 The overoge number of persons employed by the Compony during the year wos as follows.. Grovp 2025 No. Group 2024 Company 2025 No. Company 2024 No. No. Average number of emplouees 145 124 94 86 The number of employeès whose employee benefits (excltsding employer penslon ond natlonol Insurance contributions) exceeded £60.000 wos.. Group 2025 Nc. GrDVP 2024 No. In the bond £60,001- £70,000 In the bond £70.001- £80,000 The totol omounl of employee benefit5 (Including employer penslon ond nutlonol Insuronce contribvtlons) received by key manogement personnel for their seNlces w¢s £564.463 (2024- U75.538). Page 57 Oerby Museums (A Compony Llmmed by Guarantee) Notès to the Financial Statements For the Year Ended 31 Marth 2025 11. Trustèés, remunerction and èxpensès During the yeor. no Trustees recelved any remunerotion or other beneflts (2024 - £NIL). During the yeor. no Trustee expen5e5 hove been incurred (2024 - £NIL). 12. Tangible fixed assets Group and Componu Short-term leosehold property Fixlures and Cornputer ffttlngs •qvlpment Freehold property Plant and machlnery Totel Cost or voluotion At 1 April 2024 Addrtions 15.879 16.696.938 102.483 291,760 71.698 17.178.758 2,399 900 3.299 At 31 March 2025 15.879 16.696.938 104,8e2 292.669 71.698 17.182.OS7 D8pr8clotlon At l Aprll 2024 Chorge for the yeor 5.189 2.105.781 69.407 276.845 70.913 1528.135 835 747,737 7,824 5.820 336 760.558 At 31 Morch 2025 6.024 2.853.518 77.231 280.671 n.249 3.288.693 Net book value At 31 March 2025 9.855 13.843,420 27.651 11.989 449 13.893.364 Al 31 Morch 2024 10.690 14.591.157 55,076 14.915 785 14.650,623 Page 38 Derby Mvsevms (A Company LimÈted by Guorontee) Notes to the Flnontial Statements For the Year Ended 31 March 2025 13. Fixed uss¢t Investments Llsted vestments Group Cost or valuotion At 1 April 2024 Add￿lOn5 2,832,no 550.000 Disp05ols Revtsluotions (768.425) {89.06È) At 31 Moreh 2025 2.525.227 Net book volue At 31 Morch 2025 2.525.227 At 31 Morch 2024 2.832.720 Investments In subsldt (89.069} At 31 Morch 2025 2.525.227 2.325.228 Net book value At 31 Horch 2025 2.325.227 2,325.228 At 31 Morrh 2024 1832.720 2.832,721 Poge 39 Derby Musèums (A Compony Llmtted by Guarantee) Notes to the Financial Statements For the Year Ended 31 March 2025 Flxed asset investments (continued) Principal subsidiarles The following wos o subsldlory undertoking of the Company: Name Company nvmber aasg of shares Holding Inelud*d In c¢n$olldqtlon Derby Mvseums Enterprlses Llmlled 08179695 Ordinory 100% Yes The flnanciol fesult5 of the 5ub5idlory for the yeor were.. Nome Income Expéndhvre Proflt/(Loss) / Surplus/ (Deflclt) for the uear Net assets Oerbu Musevms Enterprises Limited 1.118.188 (962.729) 155.459 14. Stocks Group 2Q25 Grovp 2024 Flnlshed goods and goods for resole 46,326 41.174 The company held no stock (2024 - £Nif) ot thè yeor end. 15. Debtors Group 2025 Group 2024 Comp(Jny 2025 Cempony 2024 DUÈ wlthift one year Trode debtors 115.148 117,104 72.993 85,766 Amounts owed by group und2rtaklngs Other debtors 150.374 382 322.353 J82 Prepoyments ond occweé income 838.166 311.957 838.166 246,349 953.696 429.061 1,061.915 654.468 Poge 40 Derby 14us?vms (A Company Ltmlted by Guarantee) Notes to the Finon¢iol Statemènts For the Yèur Ended 31 March 2025 16. Credltors; Amounts folllng due wlthln one year Grovp 2025 Group 2024 Company 2025 Compony 2024 Trade credltors 529.051 320,010 304.517 305.127 other taxatlon ond soclal securfty Other credttors 54.347 32.128 54.347 32,128 38,970 91.977 37388 38,970 37,386 Accruols ond deferred income 125,750 49.279 72,798 514.545 515,276 447.113 H7,441 Deferred Income relates largely to grants ond donotlons recelved in advonce of Its IrLter)ded purpose glong wilh revenue received in odvance of evenrs taklng plac Page 41 Derby Museums (A Company Limlted by Guarontee) Notes to the Ftnonclal Statement$ For the Year Ended 51 March 2025 17. Statement of funds Statement of fvnds - cvrrent year Balonce ot 1 April 2024 Tronsfer$ in/out Galns/ B¢lance ot 31 {Lossos) March 2025 Income Expendltvre Unrestricted funds Oesigncrtèd funds Punjobi Derby Fixed osset 15.600 13.600 resep/e 160.829 (12.822) 3.299 151.306 174.429 02.822) 3.299 164.906 General fund5 Generol Funds 801.891 3.149,618 (3.286.072) 1SS.166 818.603 Total Unrestrlcted fvnds 976,320 3.149.618 (5,500.894) 158.465 985.509 Endowmeni funds Endowment Fvnds 2.159.222 4,516 018,425) 89,068) 1.956.245 Poge 42 Derby Museums (A Ctsmpany Linfted by Guarantee) Notes tc the Finanool Stotements For the Year Ended 31 Mareh 2025 17. Statement of funds (Contlnued) Balance at 1 Aprll 2024 Trunsfers In/out Goins/ Balance at 31 {Losses) Morch 2025 Income Expendltvre Restricted funds Arts Councll En9land- Joseph Wright Collecllon 2,569 2,569 The Silk Mllk Museum of Making Project General Improvements of collections ond bulldings Derbu Qty Councll- Support Services 14.489.794 (747.736) 15.742.05e B5.406 85.406 81.080 (81.680) Vaillont 38,798 47.240 (47.586) 38.452 Other restricted fvnds 154426 001.666) 15.906 70,666 The Foyle Foundotlon 32.500 U&201) 14.299 Poul Mellon Centre for Studies In Brltish Art 6.411 2.341 8,752 Rolls-Royce InsYtule of STEAM 50.000 (52,171> 59.257 57.086 Mldlonds Moker Chollenge Joseph Wright Acquislfjon Headley Fellowshlp 13.274 BO.QQO 01.190> (82.084) 2.624 2,624 4,710 4.710 24.961 Anonymous 74.045 (49.084) Page 43 Derby Mugeumg (A Cornpany Limited by Guarante•) Notes to the Finondol Statements For the Year Ended 31 March 2025 17. Stotemeni of funds (continued) Stctemènt of funds - current uear (contlnu¢d> Balonce at I Aprll 2024 Tronsfers In/out Galns/ 8glance at 31 (Losse$} Morch 2025 Income Expenditure Arts Councll England - Svpport in Exceptlonal Circumstances 15&507 {128.205) {1.500) I.OOD 9.102 Hogorth Dunomlc Colleetlons 1.500 (6.458) 57.051 (45.624) (75.499> 027.736) 6.949 Egypt Exhibition Resllience 96.236 (10.38n 10.350 45,170 85.670 1.104 AEternotive Archives 150,596 (113.516) (21.732} 15.548 14,683,798 1.047.751 0.596.855) <40.040} 14.094.636 Total of funds 17.819,540 4,201865 {4.897.747) (B9,068) 17.034.390 Paoe 44 Derby Musèums (A Company Llmlted by Guarantee} Notes to thè Financial Stotemènts For the Year Ended 51 March 2025 17. Statement of tvnds {contlnued) Descriptlon of funds Designoted funds Inclvdlng Punlabl Derby Is o donotion to help Increase Derby Museum5 engagement wlth local global mojotlty oudlences with o particular focus on Increasing representotlon for Sikh audiences. Fixed Asset Reserve This represents the arnoynt of funds whlch ore tied up in tan9lble flxed assets ond therefore not necesscrily cvolloble for use In doy to day operot£ons, Arts Covncll England - Joseph Wrlght Collection To dèvelop o study oreij to promote under￿anding ond enjoyment of our natlonully Deslgnuted Joseph Wrlghi collection. The silk Mill Museum ot Making Project To meet the costs for development work towcjrds the creatlon of the Derby Sllk Mill Museum of Makino. Expenditure has been posted to Assets under construction on the bolance sheet. All Income recelved wlll be resirlcted. Ntsw in use the osset will be omortfsed over the Ilfe of the lease ond matched ogain5t restrided Income. General Improvements of ¢olleetlon$ and bulldings Accumvlated donotions and bequests d¢signoted for the generol Improvement of collections ond bulldlngs. Derby Cily Councll - Support Servlces This controct with Derby City Councll provldes continuatlon ot svpport servlces ot on agreed onnvol rate. This is o rolling 12 month contrott. Transforming Leadershlp A grant to establish. In partnership wlth a number of other organisotions, the Creative Commvnlty Fellow Progromme (CCF) to the UK. Other restricted funds These relate to other smoll restricted fvnd bolonces which further the aims ond objectives of the museum. The Foyl* Fovndotlon A gront to improve ond relmoglne the Museum on the Wordwick's ortlstlc venue spoce. Increasing both flnonclL)I ond envlronmentol sustoinobllily. Paul Mellon Centre for Studies in Britlsh Art This is o gront lo develop on engoglng ond occe&lble online c¢yrologue of our collection of the work of ortlst Joseph Wrlght of Derby. Roll-Royce . Institute of STEAM Funding, support and expertise to help Derby Museums to develop ond dellver on exiensive STEAM leornlno progromme ocross all three slte& Pooe 45 Derby Museums (A C¢>mpony Limited by Guarantee) Notes to the Flnoneiol Staternenis For Ihe Year Ended 31 March 2025 17. Statement of funds (continyed) Mldlands Moker Chollenge A programme frx young people ocross the mldlonds. thtst challenges them to create solutlon5 to some of the key Issues foclng the world. Joseph Wrlght aequlsltlon Fundlng to acqulre a Joseph Wrlght self portrcit polntlng. Headley Fellowship Funding to increase curctorlcil resource io reseorch the Egyptian collectlor). Anonymou$ Funding trom on anonumous fvnder to 5UPPOrt ond scole our fomol leornlng programme, helping to add￿$5 low educalionol ottelnment and sociol moblltty In our city. Art5 Covncil England - Support In Exceptlonal ClrcLvnstance$ A grant from Arts Councll England to svpport the rebuildlng of ovr audiences followlng the flooding al the Hvsevm of Moking c¢vsed bu Storni Bobet. olongslde copltol Investment to help mitigate the Impott of fLrture flooding. .Hogorth exhibition drtjwing in mojor loons from prest￿louS venues across the UK, ond moking publlc new research tsn Hogarth. one el the most Importont 0rt15ts of the 18th century. Voillant Funding from Vaillont svpporting Derby Museums. ombitlons ta grow. develop ond Inspire a community of mokers in the orea. Wolfson PH Funding from Wolfson for the redevelopment of Pltkford's House to creote The Reimcgineé Home. ref lectlng chonging views of home, work and fomily for an inclusive. dlgitol oge. Dunamic ¢olle¢ilons NLHF fEJnding for ihe re-disploy and re-interpretatien of the Nature Golleru ond the Archaeology Gallery at Derby Museum aftd Art Gollery. Ey9Pt Exhlbtlions A gront io reinterpret our Egypt collection, resulting in o temporary exh5bitlon ond permanent re-display of the collettlon. Reslllence NLHF fvndlng for resilience and relevonce. Induding a wide runging full bvsine5s revlew: Increosing fundralslng copocity. ond the lovnching of an income-genproting tourfng progromme of Joseph Wrlght.. A Life on Poper. Alternatlve orchives Fundlng from the Notlonol Lottery Heritage Fund to co-develop ond mointoin o dlgltol orchlve wlth Derby's South Asian commvnities. enriching the city's orchives ond deepefting understondlng ocr05s communities Of the historles of migrollon and the clty's hlstorlc ond Industrlol development Poge 46 Dèrby Museums (A Company Llmited by Guorantee) Notes to the Financial Stotement$ For the Year Ended 31 March 2025 17. Statement of funds (continued) Statement of funds - prlor year Bolonce ot 31 March 2024 Balonce ot l April 2023 Transfers In/oul GaSns/ (Losse5) Income Expenditure Unrestrlcted funds Deslgnoted funds Deslgnated Funds Punlabi Derby 13.600 13.600 132.220 (7.35n 35.946 160.B29 145.820 (7.337) 35.946 174,429 General funds Generol Funds 1.489,219 2,761.921 (3.416.368) (54.879) 21.998 807.891 Totol Unre$tricted funds 1,635.039 2,761.921 (3.423.705) (18.933) 21.998 97&320 Endowment funds Endowment Fvnds 1,964.608 14.122 180.492 2.159,222 Page 47 Derby Mv5eums (A Company Llmitéd by Guarantee) Notes 10 the Flnanclol Stotements For ihe Yeor Ended 31 March 2025 17. Statement of funds (continued) Bolunce ot 31 March 2024 8ttlonce at l Aprll 2023 Trensters Inlovt Goin$/ (Losses) Income Expendlture Restrlrted funds Arts Council Englond - Joseph Wrtght Collectlon 2.569 2569 The Silk Milk Museum of Moking Project General Improvements of colleeions and buildings Derby City Cosjncil - Support Servlces 15.238,565 (748.5n) 14.489.794 85.406 85.406 81,681 (81.681) 05.202) Valllant 54.000 38.798 Other restrlcled fvnés 54.8n 83.865 U56.518) 17.782 The Foyle Foundatlon 465 (465) Paul Nellon Centre for Stvdles In British Art 16.536 00,125) 6,411 The Esmee Folrburn Collections Fund delivered by the Museums Associotlon- Co-produclng the sustoinab1e futvre of Derby Museums 70,449 (70.690) 241 Po9e 48 Derby Museums (A Company Limitod by Guarontee) Notes to the Financial Stotemenls For the Yeor Ended 31 March 2025 17. Statement of funds (contlnu¢d) Stotement of funds - prior year (¢¢ntlnuèd> Bolonce ot 31 Morch 2024 Bolance at 1 April 2023 Transfers in/¢vi Galn5/ (Losses) Incomè Expendiivre Aolls-Aoyce Institvte of STEAM 5.865 7.704 (15,567) Midlands Moker Chollenge Joseph Wrlght Acqulsition Headley Fellowship Flood Fund 62.457 20.000 (69.183) 13.274 2.624 2.624 4.710 4.no 4&322 (49.232) (34.315) 910 Hogarth Dynoml Collections 29.222 6.593 1.500 22,351 (28.809> {68.837) (6.458) 45.170 Reslllence 114.007 15.503.088 508.972 (1.347,195) 18.933 14.683.798 Total of funds 19,102.735 3,285.015 (4.770.900) 202.490 17.$19,540 Poge 49 Derby Museum$ (A Company Limited by Guarantee) Notes to the Finonclal Statements For thè Yèar Ended 31 March 2Q25 18. Anolysis of net gssets between funds Anolysls Of net ossets between funds- eurrent year Unrestrlcted funds 2025 Restrlcted Endowment fvnds fvnd$ 2025 202S Totol funds 2025 rongible flxed ossets FPAed osset Investments 151.306 13.742.058 15.893.364 368.982 1.956,245 2.325.227 Current 055ets 977.S66 352.578 1.350.144 Creditors due within one year (514,345) (514.545) Total 983,509 14.094,636 1,956,245 17.034.590 Anclysls of net assets between funds Unrestrlcted lund5 2024 Regtrlcted Endowment fvnd5 funds 2024 2024 Total funds 2024 Tongible flxed assets FLKed 055et investments 160.829 14.489.794 14.650,023 687.62Q 2.145.100 2.832,720 CLtrrent ossets 643,147 194,004 14.122 851.275 Creditors due within one yeor (515.276) (515.276) Total 976.320 14.683.798 2.159,222 17.819.340 Page 50 Derby Museum$ (A Company Llmlted by Guorontee) Notes to the Financigl Statements For the Year Ended Jl Morch 2025 19. Re¢¢nclllotlon of net mov¢m¢nt in funds to net Cash flow from operatlng activitles Group 2025 Group 2024 Net expenditure for the yeor (os per Stotement of Flnonclol Activities) (784.950> (1,283.395) Adjustments for., Depreclotlon charge5 Loss / (Gains) on Inve*ments Dlvldends. interests ond rents from investments (Incre05e)/Decrease In stocks Decreose/(Increose) In debtor5 Increase/(Decreosel in creditors 760.558 755.908 89.068 (202.490) (104.303) (5.152> {111.681) 2.959 (524.635) (951) 52.683 150.669 Net rosh used In operatlng octivlties (570.545> (635,34 20. Anolysls of co$h cnd cash equlvalents Grovp 2025 Group 2024 Cash in hancl 530.122 381.038 Total ca$h and ¢osh equfvolents 330.122 381.038 21. Anolysls of change$ in net d¢bi At l April 2024 At 31 Marth 2025 Cash flow$ C05h ol bonk and in hand 38tOs8 (50.916> 550.122 Page 51 erby Mvseums (A Company Llmlted by Guorantee) Noies to the Flnandal Statement$ For the Year Ended 51 March 2025 22. P•n$ion commitment$ The Choritu Is on employer for the purpose of the Derbyshlre Covnty Council Local Government Penslon Scheme. As noted in the occouniing policles, Ihe chOr￿Y Is indemnified agoinsl prior ond future IlobilFties ot the scheme. The LGPS hos therefore been trecrted os o defined contributlon scheme for occounting purposes olong wilh the separate defined contribution penslon scheme whlch the Group also operote, The Charlty Is an employer for the purpose of the Oerby Museum5 Group Personol Penslon Scheme. As wted In the accovniing polldes. the churity 15 Indemnified agoirnst prior ond future Ilobllltles of the 5ch¢me. The Derby Museums Group Personcl Penslon Scheme hos theretore been Ireoted as o defined conlrlbullon scheme for occounting purposes along wllh the seporote defined contrlbutlon pension scheme which the Group also operole. During the year 31 Morch 2024 the Group made lotol penslon conlrlbution5 totalling £393.628 (2024 - £390.7B2) to this schemè. As ot 31 Morch 2024 there was a bolonce outstonding of £33,013 (2024 - £36.974). 25. Operating leose commltments At 31 Morch 2025 the Group ond the Compony had commitments lo make future rninlmum lease poyments under non-cancellcble operating leose5 tts follows,. Group 2025 Group 2024 C¢ynpony 2025 Company 2024 Not later than l yeor Later thon 1 yeor ond not loter thon 5 yeors 1647 2,647 2.647 2.647 3.479 6.126 3.479 6,126 6.126 8.773 6.126 8.773 24. Membersl Ilobillty Eoch member of the charitoble corripony undertokes to contrlbute to the ossets of the company In the event of It belng wound vp whlle he/she is o member. or wlthln one yeor ofter he/she ceases to be o member, such omounl os mou be required, not exceeding £7 for the debts ond liobilltles conlrotted befo￿ he/she cÈoses to be a member. 25. Rel(rted porty transactlons The Company hos token odvontoge of the exernptlon under Flnonclol Reportlng Stondord 102 {Settlon 33). not lo disclosure transottions between entlties which form part of the Group heoded by Derby Museums. All tronsoctions wlth Trustees were tron50rted ot o cornmerciol rote. Poge 52