Registered numbor.. 1948578 Charity number: 292758 EUREKA! THE NATIONAL CHILDREN'S MUSEUM (A ¢ompany limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
EUREKAI THE NATIONAL CHILDREN'S MUSEUM IA¢ompany limited by guarantee) CONTENTS Page Rofèfynce and administrative detai]$ of the Company. its Trustee5 and advisers Chaiman's statemont Trustees. report Trustees. responsibilities $laternenl Independent auditorfs report on the financial statements Consolidated sement of financial a¢tivrties Consolidated balance sheet Company balance sheet Consolldated statement of cash Ilows Notes to the financial statwnents 10 15 16 17 18 19-42
EUREKW THE NATIONAL CHILDREN'S MUSEUM IA company lirnited by guaranteel REFERENCE AND ADMINISTRATIVE DETLs OF THE COMPANY, IT5 TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Tru$t8e5 Mr A J Aubrey Mrs J T Craven IresJrd 17 March 20231 Ms F J HeId Ireswn8d 8 Decemi¥ 20231 Mrs A M H)pe I$Jrd 23 February20241 Mrs L A Str&Jeski Ms J RK&Bowen Mrs S J HKJJins( MrsKELWard Mr J T Suldrfle MrJHKdly MtsFMBest MrSKAA2iZ Mrs S Shartr Company registered nUMr 1948578 Charity registered number 292758 Registered offe Discov*y Ro•Y Halifax West Yorkshire HX12NE Company secretary MrA Fwbes Chielex¢eutive officer Mrs L A Strade>ki Independent auditor kn5trorKJ watsC Audit Limiled Chartered AcCnIants aNJ StatulwAuditors Third Fk(Jr 10 South Parade West Yukshi LS15QS Bankers Bardays Bank PLC 10 Market Street Bradford Wesl Ycwkshi BDI 1EG Solicitors WrvJleys LLP 19 Cookrkyge Streel Leed$ West YIMtshire LS2 3AG Page 1
EUREKA! ThE NATIONAL CHILDREN'S MUSEUM IA compariy limited by 9uaranteel cHRMAN's STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 The chair presents Ihwr staternent for the year. If 2022 was a yw of celebratil as we launched Eurekal Suence and D¢5covery IESDI and marted our 30th year of Eureka! The Natsoftal Chikyren s Museurn IECMI Tll Halifax. then 2023 was a year of consolKlation when we got to grps with what rt Is to be a sw3nif&8nUy expanded organisatn operatitvJ across multiple &tes. It kvas an intense and challenging year for oui growry staff tearn as they worked inCrj1b1Y hard in testing orcuMstaeS to ensure Ihal realdy ofour diearns was $ustsinable in every way. The ambrth)n for Euokat io a new srte Iw heky, lh8 Origin plans that we devised for Eurekal scien + Discovery were coAved of in a b.me betse Brexit." COVID.. war in Ukraine." th8 energy c$1$. fapid rises in inftation and Ihe subs4LEnt impact oll the (x)st of liwtyj. Opening a new visitof atLraction in this contexl has not been easy to say the leasL At b.mes %4E have fdt a sti of dFsappointment that visitcK numbets have not yet reached Ihe lofty predicti($ that we set all It years ago. These external factcKs also had an impxl on our exstsf¥J rrf)era1ic in Halrfax. putting pressure on both vBrtor numtrErs and secry ynd. However. three de¢Jes of experiertt swng thildren and their families I West Yorkshire and bey( enabd us lo hc4d our nerve arn1 remember thai our prÈmary objective to Increase child aWalleSs, curiosty. undefstarLdir¥J and ery)yThent of the worfd in which we lsve is surely ev8r rnore vrtal in these unTrrtain b"mes. In Ihts regard have made a W irnpact and in aJ23 wele£JmgJ over 365.(M)O p80ple to play across botN of OUF Eurekal sites. VTSitor feedback is overwhelmiThJty positive and as a trustee it is alay$ inspiring to ¥d user review5 in the re)rtS provKled by our Senior Tearn, nothirvJ gives you a greater understanding of the importance of our [ts than seeing Eukar Ihrough the eyes of a ng visitor for whorn the experier)ce is spe¢ifically designed Now that my own chiK1reft afe allegedlylw old- for Eweka! they have comrnissioned their five-year-old cousin to be their exojse for Vi&lrng. Tr wondw and py that Spad across hey face as she enier8d The Burrow. our ctpative play space for under 7s. at ESD for the first time was infectious. She encouraged her etTiourage of &(x)tnpanwng adults to put down our bags and coats and to play. This was a mple b(rt libèrating act that was inevilatrty shared in snapstr{ forni on our family WhalsApp group. Mor8 importanuy though, as we bJilt towers of bricks. chased d1131 fjsh and waiched our own colobrfLsI butteffly whiu down a slide. we coltaborated." we sofved probrns.. we cetnented ¢onn8Ctions anij made memore5. This is the radical power of play thal Eurekal harnesses and shafes vath children. families and schools every day. At Eutekal we are seriws ab)ut play and bdieve in tts fundamental irnportance. As trustees we know that il we are to preserve this as a rKJhl lor fulure generatitw we musl also be seritsus about risk 3nd strategy. Working closely with Ihe Chief Execubve and the Senior Leadership Team. the trustees have focused, rightly, this year on understsndkng why rwr finanual perforniw falkn shyt of lar9ets and have knked again at oJr business moyjel. Eka1 15 a rafty in the UKS charilable ojldjral sector as we are entilY sdf-funding and do not lY on any regular subsioy fTW Stary $jrces or contHbuied In)me from trusts foundatKJns lo deliver our charitable objecltves. In rn8ny way5 this ha$ iEen an enVIae posib.on bJt during 2023 we began to exPre the potential value in (Jevelopt a fur¥Jraisiro strategy that )U1 able us Its broaden WF regular inrne base, a measure that may spread risk aw¥J reduce our exp¥)5Ufe lo unpr8d¢aatAe econom events SL4ch as the cost-of- IDiing crisi5. This Irk. suprted by fundraising consultants Cause 4. dovetaib wth our 2024-2026 Strategic Framework, the fo(yJs of whKth )¥oJ." firstly, estaNishing ESD as a 8uGTrssfvl and sustainable visitor aiiraction and se¢DrKIty resoknng the tssues Ihe heritage buikjings on our Halrfax site. As 8 Board of Trustees. we are clear that it ts lY bvhert both of these objectives a met that we Can realisli¢ally begin io pursue furtt)er growth and expansion of our offer. We have contiTrued to develop our approach 10 governance. keen to ensure that our 8oard operates in line with the Charity Governan Code. As well as ensr that a cornplk8nt with law and rdevant regulations we have worked hard thi% lo foregn)uThJ strategic thinkw in Jr meeiings %%ich focuses us squarely on achieving Eurekal's vis*)n the fulure. Our 2022 cohort of tyuste8s a n(w hjlly embedded vthn Organisatn and using Iheir Skllls to 5UPPOrt the Senior TearTT in a variety of wayE. We are grateful for their enthusiasm. commitment and wse counsel. This has ma¢Ye it traSr for our rrore Wstandifi9 trustees to ts" as part of an agreed succession plan. We said farewell lo Fiona Hesselden ai the eThY of Oe¢eTvber 2Q23 after fourteeft years of service during which time she Page 2
EUREKAI THE NATTONAL CHILDRENE MUSEUM IA company limbted by guarantsel CHAIRMAN'S STATEMENT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2Q23 was Chair of our Heath & Safety arky HR Cc¥nrnrtee as a5 our Safgguardry Lead aThJ worked diligenuy lo ensure the safety of o(rr users staff. In FetKuary 2024, Ajison Hope stood down after fifteen years th Eurek81 Alison was a much resw¢ted Chair of the FInae & GerEral Purp)5es Committee and then took on th8 role of Interim Chair duriro the patVjem wbw) h8r and steadfast fX)mmitsnent io Eurekal'5 vIn gave 51r8ngth to all of those who rJrted tw. We pbn lo rtcruii a new cohort of trust in 2024 to enswe Ilwt the skills that we have lost through recent r8ts'remeftts are replenished. When pewe walk thrch the (knrs of ore of our visrtcy attwtlts tw a met by wami. attentive and knoe{I9eab1e staff who Make evertryme feel wdo)me and induded. They a the embodifnent of the ¢ygan15ation's culbJre, a ¢ullure thal has L8n cfU L¥eated by our Chf Exetive. Leigh-Anne Stracleski and her Senior Leadership T8am. GWn. Liz Penisthn. mhee Ernerson. Andy Forbes and Andy Grirn5haw whose krge unthrstanding of Children's Museums is peerfess in the UK. l thank Ihern not ju$1 for thr experb.se and dedKatK)n bui also fLY trir goo¥J humwr and th"n9ness to go above and beyond. It has again been a gr88t prwilege lo act Chair t"5 year aThJ to with the trustees. staff, funders and stakeholders to provxle (Kjr Visit$ vfilh Ihe (ppornty to play, the Im)rtanCe ol must nev8f be ¢mderestimated. Jane RKe-8owen Chair of Trusiees Page 3
EUREK1 THE NATIONAL CHILDREN'S MUSEUM IA company Ilmited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 tnthes present their reKxt ts the ypar statements for the ar erKJèd 31 Decembèr 2023. STRUCTURE, GOVERNANCE AND IAANAGEMENT GOVERNING DOCUMENT: Eurekal The NatK)nal C.jren.s Museum s a cC¥npY limited by guarantee govemed by its Memorandum and Arircles of A&%ouation dat£d 18 December 1985. h is registered as a chawity with the Charity Commissknn. PPOINTMENT OF TRUSTEES Trustees are appointed by the rn8mbets ai the Amual Gereral Meeting of the charty. after nomination by one metnber, as required by the driS tiCleS of Assttiakn. The Board has wwer, at b"rne, to appoint any person to be a mernber of Ihe BO& fin a ca5Lbal vacancy or as an &Jition lo the existing members of the Board. Trustee5 are u£d to rebre by rotsts" on an annual basis. TRUSTEES INDUCTION AhlD TRAJNING Utx)n appoinlmenl Eurekal trlee$ a gwen an iThJUCtiL pack whth consists of the chanty's Mernoranclurn and ArtiCS of Assock3tk)n. the bugness &4an, the teSt Statutory acwunts. and other levant strategic arNJ operatronal d(tuments. Through a rneetiThJ Ihe Cth1 Executive at)d other senior staff. tnjstees are briefed on their responsibilities and obloatS 8$ trustees. promded ¥th appropriate Chanty C(xnmissv)n documents and referred lo Ihe website for further inf(ma. RekvanE informab.on and training opportunrties aye roulinety circulaied and tntstees are encouraged ensure their kno¢ 15 kept up lo date. tharrtable Law or wuirernents are aklressed at Iru5tee me8bry$. Key alterations to ORGANISATrON The Board of Trustees adtnints¢efS the thanty. The 8oard meets quartedy and sutKomrnittees covering finan. human SOUrceS and heath and safety meet r&Jutarly. A Chf Exeurtive is apwinted by the truste8S to prowde strategt¢ leadership and manage the chafws day-ifrday operalKJns. RELATED PARTIES The charity has a substhlwy. 1855 SlatNJn BL4hYThJ Lirnited, whith property in Ihe 1855 Station Buildir#J at Eurekal The Na150nal Chrtlren's Museum in Haktax, a1 (4)erates Ihe cafes. shops and car park5 across both Eurekal attractions in Halifax and Wirral. 08JECTIVES AND ACTMTIES The chatrtls otlects are to FYomc4e. mantsin * athfance eduCaOn by the promoiion, establishment Maintenare of a museum. Of rnuseums. fcf children. ti opÈrales chi&lrÈn's museums proV1n9 Interactive educati¢)nal exhibrts and wcsrarnmed I1)p5 desfjned io in¢aSe Chi awaren85s, cunc6ity, under51andiNvJ and enjoyment of the workl in which we INe. The Trustees C([ that Ihey have referred lo the guidance claIned in ts Chartty Commission's gerra1 guIdar£ on publ benefit when revipwng the ¢hathYs aims and obltIveS arn1 in planning fvture activthe$. Page 4
EUREKAf THE NAnoNAL CHILDREN'S MUSEUM IA company limited by 9uaranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 STRATEGIC REPORT ACHIEVEMENTS. PERFORMANCE AND FUTURE pL4s Strategic Pallle5 Each al, the strat8gic framthvort Eurekal is rem&51. stratwc pr•)rils are agreed, and (x)rporate obieetives are set. 2023 was an excibry chJing year as embarked on (¥Jr joumey operating as a Iwo-site entity. The primary frJS [£ the w was makry lhis transition smcthty across all areas of management. staffing and OperatiS. mantain1r our success at Eurekal The National Children's Museutn IECMI in Halfax arKJ beginniry the proces5 of estsblishing Eureka! scien + Discovery IESDI in Wirral as a successful aThY integral part of our Eurekat group, serving the cornrnunty. Liver[1 City Region and gre818r Northwest area of the c(NJnlry. The deky in openirNJ fully at EuTekal fiCe + Dxscovery due to water ingress issues with the Terminal Building meant thal r Under 75 area and café did r¥)t open unbl June 2023. This affe¢ted our abdity to implement some of the p4ans and pro3ramn we had Tr)tendl, and had an impact on Visitor nurnbers arKI inrA)me. and uma1Y Outcne in 2023. Key Highllghts of 2023 At ESD. the fLw Yras on ¢lNering an wtstaFKfFrMJ visitLY 8XFerleCe. buikJitNJ our Profi and planning for Ihe growth and stabilisaboft of wsbtor number5 through a range of public progratnming. markets'ng and partnershipl)ased approac+. Thi8 has sh(rn t[nIs1ng results in a slow bErt steady growth of vistor nurnbers in public holw thrcwgh the summer and half_ternns of lale 2023 and early 2024 At ECM. a renew1 focus Early YeaFS pryammè res in the introluclK)n of a raryJa of new programmes and inthatives a revamFd Creatiwty Spa. crèatwe gallery-b¥sJ expenenc$ and the Little Exp&)rers ptograrnrne whth has rMw4 been intrcnlucwj at ESD a5 well. $0 at ECM. Ecostt was c(Thplet8d wened earty in in 2024 ith supp(wt frcffi thg Cumrnins Foundation and the Hedley FoJndats"(x) Our continued emphas on reachit¥J harder to reach au¢J"ences IFe(l lh8 fojlowng". ' The kunch of"Relaxed SEN¢ty- at both srtes fy dLsabled vi8itus and their families ° Campa4ns for heavrfy discounted or tsee entry targeted to draw audiencè5 frc disadvantaged rx)mmunrts to ESD ° Our 3(Mh annNerwy ts"(et gNeaway ened vists kn ECM by 15k fam$lS and groups most need. induding a$uM seekers. f(M>lbank (xkstcxners. and those receivi additional SUPFKJrt frorn Icrèl agencies ° ECM wa5 dosed Io Ihe pubk for Taker Days. . one by The A World. an NPO whth supwrts the aub.stic commurNty, rx)e for East LarKashire Swjts." on these days each group had excbjsive use of Eurekat fcy thf eVt Horne Educator days at th sites For the fi1 tsme ever. a tsweek ckssuie was Lertaken at both sites in the first two weeks of Septernber to tie up some Iw5e ends rdated lo exhibitK)ns and servi$ ai ESD and to do some of Ihe e55ential but more dispjpb.ve ar¥J time intensive upjrades. mainlenanL¥ and repair works at ECM. As part of this. all new fjLW)rir w05 instalkd I the publ¢ areas at ECM and the ststion steps wh ovide access to our site trn the Halrfax Stats)n tifidge were real. This ts¥frweek pefio1 of dosure wa5 also used f(x essential training deveknpfflent of our staff in aws including health and safety. fir aMI. safeguarding. accessibility and indugon. intEf5ive training program across a S-Month perirxy for our midd18 management team was also undertaken in 2023 arvj we have seen Ihe rI(S of th coming thr¢MJgh in ernployment pracbce and teamwork. A teaM.Ilding day for evewe vés he wl*h enabled 51aff who ar8 geogratA)icalty separate kn come together. get to krx)w each othw and share practice and ideas. We were delighted lo be of a handful of cefit of exknce for early 8£$ play and aMIng sewed to featu tn a intematK)nal fikn on the IMPJrtan of play to children's learning aftd Page S
EUREK1 THE NATIONAL CHILDREN'S MUSEUM IA cornpany limtted by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 develwnenL This inthatNe is slill in deVek)prnent slages. but are very mh fon¥ard to seeing the finished prLMjt at some wnt in 2ty26. We were sdected atKJ annnce(l as the 2025 hosts of Ihe tx-annual Conferen of Hands-onl Internatial, Ihe associatw)n dedicated to profeSSalS w(Kking in Ihe fields of ¢hiPJren's museurns and iklren's proms1( in tradits"al musJrn$ arKJ gallerEs. The conlerence will be hekj in November 2025 th ESD in Wirral akng&de LiverpD)l as Ihe host cty, 7th an ex¢ursiJn to ECM arml H8lrfax 8 hvJhlKJht of the conferefKe. This wll draw up lo dekgates and anning is wdl under way. In addition to the highlwjhts of 2023. some key chalkeS arose drNen prirnarily by the extemal (x)ntext. The aftenmath of CovK119 has had a kyotracled effect on the ¥tt altractic. hL%StMtsIty and leisure secltsr. affecling both our ability to recruit and retain ¢we staff and VLgtor betrwvh)ur. The ry)st-of-living crisis affected familos gnrficantly during 2023 when they were faced drffJ¢utt tlecisions about how and where to sperKI their money. At th8 same trme, rxjr overheads at Eurekal have beeft rising to escaLgting energy costs and the requtrern8nt lo inuease wages in kne wilh ln11atr. Cafes at both of our sles. txjt parti(JJtarly at ESD presented a ChaInge and aceng o)nsistent profit margins. which ar8 ifttegral to sustainitYJ our sew-funded business mthl was rKJt a¢hievatAe. We dpvek)ped a number of plans and measures to Male ihis. and we are seeirvJ improvernents in the earty part of 2024. and we ar8 confident this will continue in the cxynif¥J montr6 in spit8 of a enr0nrnent. FINANCtAL REVIEel SUMMARY 2023 Saw our first full year of trading acmss attrxiions, Eurekal The NalK)nal Chiklren's Museum IECMI in Halifax and Eu31 SCn * Discovery IESDI on the Wirral. ECM lcOMed 262,906 acr05S the year. a f1 of 3% on the previws year wA)ile ESD saw 102,806 visrtors in its first full year of owNNJ. Overall irorne for the year was E5,352.688 a de¢rea5e from £7.852,854 in 2022. This fall 15 primarily as a result of th8 grant ¢&ts assocoted th8 ne attraction cm)ir¥J to an end in earty 2023. The nel rnovernent in funds for the year feti to a defol of £1.042.955 in 2023. frL¥f a surplus of £4,177.251 in 2022. Wiihin this. $tricted funds lell by £732.693 Whi unrestrKied funds fell by £310,262. INCOME AND EXPENDtTURE Inme for Ihe year was £5.352.688 12022.. £7.852.8541 i[Alg UTrrestred ¢(Me of £2,749.796 fmm charitabk actiwties. £1.747.282 from trad¢ThJ ac¢iwiies and £559.467 frorn gtfts and donatsons. Restricted I[oMe of £211,632 wras reeeNed from grants ¢)nations. 811 reknJ to ESD, and any funds remainifig at the y8ar end wll be spent in fu ars. Trading a¢w5. after intercompany fecharge5. generated a 5uWu5 of £139.622 and thg tr*Jing sub5i(liary wll. thefore. make a paymeftt under grft aid to Ihe charity in 2023. The chanty rewed a further £373,473 by way of rental and mBnagement char9es from the tradiry subsKYiary12021". £276.3031. Charitatle eXpendrtu to £5,263,54712022". £3.162.2111 a5 a rasLdl of nnIThJ tM)th attrdctions knrtsjghout Ihe >ear. Page 6
EUREKKf THE NAnONAL CHILDREN'S MUSEUM IA company limited by 9uaranieel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 FIVRE PLANS In 2023, a Growm Strategy and Strategic Framewrjrk 2024 10 2026 vas devd(wJ. This builds on the B08rd Strategy Day hekj al the end of 2022 lvhth wjentikd the requirement to bok ¢0 the future now that Ihe major strategic laate to deveknp aThJ lauvKh Eval + Dtscovery had been achIed. The Grobvth Strategy artialeS a Ihree-stage approach to the future gro arvj development of Eurekal The primary driver5 for grthvth that unden aprKoa¢h are'.- Increasing audCe line thariws SLKyal p(KF¢)5e Buik1ing finarla1 l&ence StrengthenirrtJ brand and rerKJta Tf three-stsge aPh is".- 1- COMMUNITY OUTREACH Anchored in existirg venues,. deggned to broaden reach arKJ dri¥e new f(¥)tfaU into these venues. maximising swal imp8Ct in each klty 2- SATELLITE GALLERIES H05ted bycuttural partners within the Lyoad catchmant aa of eXttng venu2s.' des•Jned to Strengthen the Eureka! braThJ amorJ new aLKlIen and encourage folknw-on wits 3- NEW, STAND-ALONE EUREKKS VENUES Servin9 new aa¥ of Ihe UK, extetmjiry the dtsirnthe Eurekal experien¢e to audiences and ntinUIr0 lo buikl brand and recojnthn. A subsequent rtsse ofdevek)prnent for thestr vgnues 11 see each in tum Serve as an anthr fty tEW ¢4mUnIty oulreach and saiellile galleries. The strateg Frarnework 2024 to 2026 artKyJlates four key Strateg pnoribes: Outstsnding aYful l¢arnin9 experiew for childr, n9 people and famil*s Diversty and inclusion across our alklier and %4rJrk learn Strategic and stsstsInab approach io futu devek)weni and 9rowth Bustness mLvJel supp)rts c#Jrreftt yratKJB anS UnderlwNJ this strategy a integral area5 Ihat will be a key foojs for Ihe t¥Jard and senwar team to delNer in this time p8ftod: Eslablish ESD as a suc¢ess(ul and SLtslainat4e vBitor attraction through gro1 of vi&tor nurnbers and inCe Resolve the ongoing issues wlh the bJFkJiryJs and other elernents that are part of the ECM leasehold thrwh a prLWS ol tUrn1r0 Ihem to CakJe1da Metrowitsn Borough Council A comprehensive ary ha5 teen PLrt first of thes? with a nurnber of strategies. including an ernphasis on buiiling our au¢lience of fitsi-time pawng vi&tors and enhanung schod group attendance an(J other weekday ierm-tirne visitors. We wfil cOntUe to make improvemenis to the vtsitor experience including teading on the initiative lo improve the ar¥i¥al experien of tyjr ViSLlors and olher users of the site through hard and 50ft landscaping improvements to the front of the Terminal aThJ Eur8kal main buikling. This is being funded by the Town De31 grani programme. ahn9 se¥eral Lther projeds to support regenerati of the B1[kenad and the East Wirral WdterfronL We a underway wilh the 8Th to resofve our Sile Bsues at ECM and a taksro kgal and property advi to better defrne our approach and next steps. Resng this is essents'al to Eurek81's longer term pLannin9 an developrnent of the Vlior at$racti and tyJidcx)r play space tine %rfi (wJriy•Yn aspirations and tharitabte remrt. Pa9e T
EUREKAI THE NATIONAL CHILDREN'S MUSEUM {A company lirnited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 One other ar88 fty fuS over the twO-ar peryY wll be Ihe development and imptementation of a strategic approach to fundraiwrvJ b suprx)rt core costs. rew aUde devek)pmenl aThJ projects to SUPPDrt our charitable remil. Work Oe9an on this wth tx)ard 5essM)ns bein9 hekj ta in 2024 and Ihe strategy wall be finalised by the end of the year. Orte Implemen. rt is ho this become imFfJrtant element of our business mottel going fowd¥d. PRJNCIPAL RISKS AND UNCERTAINTIES Eurekal adopt5 the pri]xiples ol risk managemenl iwt order to protect ts heatth, safety and %%tIfa of its empknyees and ts visitL)r5, to protect assets and othw rescxjrces and to mwnlain its reputstn and good standirKJ. The Board of TrLLStees reviews the Maj ri5k5 lo the charity is éxposed cffj an annual basis, parb"cularty those rekt8d lo operation5 and finarK8. The trustees have giv6Ys ¢(lerv)n to the appropriate poIr. prtKedures ar4(1 systems to mrtigate Ihe exwjsure lo the ffla1 risks and a risk register exists, which 15 gularly reviewwj. The key risks ldentrf within Ihe regisier a¥e". the rising coEt of Iwing ar operating $ts arKJ FKJtential impact on ¥ttOr numbers, the health and salety ol visrtors and staff, bu<lgetary contrd and financial repo"ng and compli?e legdaltt)n and regulats"(x)s. INVEsTmEP POWERS Eureka! is a public benefrt ents"ty. The MemandU Artths of of the tharity permit the trustees to invest the MleS of the charty mt onm1lefy reqwred for ILS pu¥F¥Jses in CK such investrnents, seoJriknes or propety as may be thoughl fil RESERVES ANO RESERVES POLICY Eurekal The NatK)na chIren'5 Museum recLvJntses free reserves as that part of th8 Charitys un[estrted funds that are freely 8vailaUe to spend on any of the Chantys purr)ses. It is Ihe VEW of the trustees. taknrvj into acrA)unt Otgani5abonal risks, that a target for free reserves of apvoxlmate £1.000.OOQ E ideal. This figure fepresents awroxmately IW months of core operati9 costs ross both $rfie5 and alknw the at1raCti to miew ts acti¥ths M th? event of a &gnificant reduction in trading revenues. The ¢Jevelopmenl, refuthShmI aThl maintanCe of Ihe museum's rna trMJilding. gaIrIeS, grouncts and heiitage assets require snEfiCant funding. unrest funds in excess of the wuired tree eeS will be designated for these purposes each year. At the erA1 of 2023 Eurekal had free reserves of £982.424 12022.. £W.9081 as defined by the Charity CL¥nrnission. The TrLStees wll continue lo review ¥ari0ts5 options. ind1) Ihe disposal of rtain caprtal assets. and establsshrnent of an endowment fund. in order to furthw secure the charitys futu. Additional trading Opportunit are also betr@ expbred which DukJ faolitste a tr8r6ler of any net surplus generatecl into reserves. Eurekat operates as a goiry C<m. DISCLOSURE OF INFORMATION TO AUt)ITORS In so far as eath of the trltstees is awart". there 15 no relevant audit informalion of wfud) the charrtable companys auditor ts unaware,. and the trustees have taken all steps that tw (MJghl to have taken to make Ihemsefves aware of any rethnt athlit inftsrrnal)n and to estabtsh ihal tre ali10r awwe of that inf(mtK)n. Page 8
EURÈKAt THE NAnoNAL CHILDREN'S MUSÈU IA company limiled by gtsaranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 AUOITORS The auditors. Amistrong watsC Lwniied have indicated llingneSS to Contin in office. T designated Trustees bMII PfOP05e a molM)n apFoinb"ThJ audilors at a rneets'ng of the Trustees. Approved by ¢yder ofthe members ofthe LThrd of TnJstees on 12aJ4 on thèir behalf ty. Ms J Rice-8owen Chair ol Trustees MrJ T Sutcliff• Tnjstee Page 9
EUREKLT THE NATIONAL CHILDREWS MUSEUM IA company limitetl by guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Th8 Trustees Iwh) a alw the (fltOrS of the comp for Ihe pwpJse5 of compry lawl are responsitrAe for prepariThJ the Tw5tees' re1 IndJing the Stsategic re[t and the fin8rKtal ststernents in accordan wrth applKable law and United Ktngthn Ac£(KJnkng Slandarts (United Generally A(xepled Accounting Practice). Cornpany law QUI the Trustees to fIr8t stalements for exh financsal . Under cunpany W. Ihe Trustees must not approve trÈ finaTraI stateMts unless they are satisfd thai they give a true and fair vwv of the state of affairs of Ihe Grwp arKI the Charitsble CpY and of thr 1Cn resources and appli¢abon of reswrce5. induding Iheir ino)me aThJ expenditu cl the tharitst4e group, for that WKMI. In weparing these ststements. Ihe T¥ustee5 are required to". sethi suits@ auntIr and Ihen apFtyth8m CLN)sisnty. observe rnethoxjs ar prin0eS ofthe Chafitses SORP IFRS 1021", mak8 judgments and ac(x)unliry estimales Ihat are reasonable and prudèni," state whether appltsble UK A¢countiNJ siandards IFRS 1021 have been lolkved. sut¥ect to any m8rial departures di8ck6ed and exird in the financial stslements. prepare the finanoaj ststements on Ihe going concem basi5 urkn it 15 inapprcpriat8 to presume that the Group mntinue The Trusiees are responsthle for keepiry thiuate a(xA)untuYJ records that are sufficient to show and eXaIn e Group and the COmpanS transa¢ti(ns and tJiYh)se 7th reasonab atracY at any time the finanaal PXJSttion of the Group and Ihe Company and enaNÈ them lo ensure that the finanrAal stst8ments cofflply with the Cotnpanies Act 2006. They a also spOne r( safeguarding Ihe assets of the Gr(yJp and th8 Comp8Ay and hence for taking reasonab Steps for the wevenbon detects.on of fraJ army other irregularities. The Trusteès ar8 ¥espons)6e Ihe maintenawtce awKI integrity of the corpwxate aThJ financial Information included cm the charitats group's **bsite. Legislation in the Unrted Kingdom go¥eming Ihe preparation and disseminat of financkal statements may drffer trom I0JLati in otherjuris(Jictions. P8g8 10
EUREK[ THE NATIONAL CHILDREN'S MUSEUM IA company limited by guarante¢l INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUREKAI THE NATIONAL CHILDREN'S MUSEUM Opinion We have ae Ihe rThnci statemenls of Eurekaf The National Children's Museum (the trat charitable cornpanWI and its subswJiaiEs Ilogelher the'grwp'l for the year ended 31 Decernber 2023 which comprise th8 Constsli(ated ststement of finallcial activils. Ihe Consdhlated balance sheet. the Cornpany fJak2nce sheet, the Consolidated staternent of cash flows and the rel8tl f¥Jtes, includng a summary of signifant ac¢ounting potles. The financpl rer¥ytirpJ framework thal has been applied in Iheir preparatic is applicable18w and United Kingdom Accounting Stsndards. induding Financial Rewjrting Siandard 102 'The Financial Reporbng Stsndard aW¢able in the UK aThJ Republr of IreL (Unrted King)m Genera Accepw Accojnting practi). In our wnK)n Ihe fv)anGwl statetnents.. give a true and fair eW of state of tr Grwp'5 and ol the parent cknarilable o)mpanls affairs as at 31 December 2023 arKJ of the Gup'S irruniThJ arKI appWIK)n of re$(wr, 1[lI1d1ng its irrne and expenditure for the year then etM18d", f%ave been prop8dy k¥epared in a¢c¢xdance lIh Uniw lQ"ThJcknm Genefalty Accept8d Practice,. and have been prepared in COFance wih Ihe rewrements of the CTrnpanies Act 20(. 8asis for opinion We conducte(l our audit in aecordarKe with IntematM)nal starards AUdj IUKI IISAS IUKII and appl¥cable Law. Our reswnsibilities uDd8r thc6e Stsndards are further desuib8d in the Audilorfs WPDnsibilthes for the audil of the financial statements section of our r8Fth. We are indeperKJent of the Group in accordance with the ethical requirements Ihat are relevant to our audrt of the fin¥K4al ststements in the Uniled Kingdom. the Finanryal Repong Council's E.Cal Slarnlard. and ILave fuffilled our other ethical ponsIbIlitieS in accordan with these iequirements. We tEleve tt)at ¢he au¢S1 evKIee we have obtained is sufficient and appropriate its provle a basis for our wnion. Condusions Telating lo going con¢ern In auditing the financial slatefflents, we have concluded Ihal the Trusiees. use of the wng conrn basis tsf 8ccwntifJg in preparaticffi of the finan¢¢l statements 15 approprote. Based on the have rfCrned. we have not #Jentified any rnateri un(xrtainties relating to events or condits'ons that. indivalty or c(4lectNety. may cast signthcant doubt on the GrP,$ ts¥ the parent ch8rilable companls ability to continue as a g(Mro fry a [d of at 1 h¥efve months frn wh8ll th8 financial statements are authorised for issue. Our rèsPXssibilities and Ihe r8sFlb1rrt1es of the TntsÉees wilh re5F*Ct lo nCeM are described in the levant sections of thts rerwyL Page11
EUREK&I THE NAnoNAL CHILDREN'S MUSEUM IAcompany limited by guarantee) INDEPENDENT AUDITORE REPORT TO THE MEhl8ERS OF EUREKA! THE NATIONAL CHILDREN MUSEUM ICONTINUEDI Other informatlon The Trustees a ¥esponsible for the other thation. Th8 other infLvmatioft wmprises Ihe Informati included in th8 AnfiU report. other than Ihe financi?1 slatwnents and ou¥ Audiiots re4X)rt thewn. Our i)pinion on the financial stat8ments does not cove¥ the other infwmation and. excepl to the extent othease expli¢rtly stated in our report, %4E do Th)t express any form ofaSSuran cOU$l( thewn. In coonection with oui audit of the finanoal ststements. ressIb to read lJ)e other informth.on and, in (knTVJ so, consthr whether the other informakn is maierially inconsistent with the finanoal stalements or our knowledge obtsird in the audit or otheMse appears to be mai8rialty missta. If we identify such rnaterial in)nSIStencES or apparent matwial fflisslaternents. a requireLI to detemiine vrtlher there is a rnaterial misstaternent in Ihe firtancbal stslemefits ( a material misstatemenl of the other infLYmatKJn. If. based Ihe work we have perfomed. we CO>e Ihat Ijre is a mafial missratement of this 0th8r infomiation. are reqUid to rewrt that fact. We have nolhing b retmyt th this regard. Opinion on other matters prescribed by the Companies kt 2006 In wr opinK)n. based on the uThJerten in the wrse ofthe audit the fOrnia11( gNen in the Trustees. rerAyi including the Group Strategic fep(xt for the financial year for vthich the financial Statements are ryepared 15 ¢(lstent V1h the financial staiem8nts. the Trustees. report and the GuP Slralegc rerth l%tyve been prepared in accLYdare with appIable legal reQrernents. Matter5 on which we are required to r•port by exception In the light of our kredge and mIerStandl9 of Group and Ihe charilabè company and its environment btained in the course of the audtt. we have Trjt idents"fd material misstatem8nts in Ihe Trustees, port including the Group Straiegic report. W8 have Th)thing to rewi in of ts fo) matters in rekb.on to t¥ch Companies Act 2006 requires us to report lo rf, in our LynKx7". parent cforitable c(xns)3ny has not kept adwuate and sufficiefit aco)untin9 records, or umS adequale for our audit have Trx beert recaved from tKand)e5 r by us". the parent charitable rA)mpany firtaal stAtements are not in agreement th the ax)tI records and tums." or certain discbsur8s of Tru5tees' remurwatrm by W are Th)t mth,. CY we hav8 retsived all the infornithn arnl explanations requKe for tyjr audit. Page 12
EUREK1 TrIE NATIONAL CHILDREN'S MUSEUM {A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUREK1 THE NATiONAL CHILDREN'S MUSEUM ICONTINUEDI Responslbllittes ot trustees As explained rn(Ye futy in Ihe Tru5tees' reS[A1)i stslement on rwJe 10. Trustèès Ivtho are also the directors of the chantable Ly)mpany fcK the purrw)ses tsf ¢cpanY kw) are re¥)nsitk for the preparation of the rinancial statefflents arKI for bein9 satsfied thal they give a true and Fair view. and fw th inte¢nal control as the Trustees determine is ne$sary to enatAe the yeparatk)n of fina41 staternents Ihal are fr88 from maierial m45slatemenl. vthelher ¢kn to frwd or 8rr¢x. In preparing Ihe financial statements. Ihe Tru5te8s are resrK)nsible for assessing the Group's and the parent Charitable companls ability lo (b"nue a¥ a £rn, discbwJ. as appltsble. rnatters related to going concem and using the going ccrtern basis of aco)unb"ng the TDtsStees ther tntend io Ik]uidaie the Group or the parent charilable company or to ase operakns. or have no realistic altematsve but to {) so. Auditorfs responsibilities for the audii of the financial statem Our objectwes a to obtaifi reasonab assur3 abLXJt lbthether the finanual statements as a whole are free from rpalenal mi5Statern8nt. whets due to fraud or errN, and to ISSUE an Audrtorfs rewri th8t indudes our opinlon. Reasonable assurance is a high 1 of assuran. not a guarantee that an audrt CL)nducled in cordance wth ISAS IUKI will ahvays detect a matwrdl rni5Statemenl when it exists. Misstatements can a¥i5e from fraud or error and are conshjered Fnaterial Éf. indNidually or in the aggregate. Ihey (x)uld reasonably tse expected to influence the e¢(orn deckwons of wrs tak on the "5 of these financkql statemeots. Irregularit18s, including fraud. are instances of ntjwprn wilh laws and wulation$. We design procedur8S in lin8 with our responsibilES. ouUin&l atthe. to deted merrdl mstatements in pect tsf irregularities. inclL¥Jing tra. Th8 exi•rt to ¢JJr wccdures are capable of detectirwJ irregularities. Includi fraud is detailed bek)w". Our approach to Klentifyng and asse the ri8k5 of materBI misstatem1 in re5FCt of irregularities. ¥n¢luding fraud and non cornplkgnce wilh L¥•ts and regulatms. as frAkn¥s." . the engagement partner ensured thal the engagemeni tearn collethvely had the appropriate competenc8. capabilities and ski115 to Kjentify or rec(8nise tK)n Com[4nce appIae la%%s and regulations.. we KlenD"fied Ihe laws and regublKX)5 appfKable io Ihe Group and parent char(t8ble company through dis¢ussions wrth tru51ees, and Olher fflanagement and ofapprowi418 industry knoedge." . we assessed the extent of cc¥nF4k4nce the and regulatJns tikntffied above thrwh making enquiries of manag8ment" arK1 . "dentffied tws and regulatiotss we c(hmrnunicated %%ilhin atKlfl t1 regularly the team Temained alert to instsriGe5 of rK)n complianc& thr(uglK)ut the audiL We assessed the suswitib.lty of Ihe Gr¢xJp a the par& charitabl8 (x)rnpany financi81 statements to rn8terial mi5Statement, inckjthng obtaining an understandivJ of lThf fraud mght occur. by.. ' making erNuiries of managemeni as to where ty ¢onsI trr8 was su$ptsl1ity to Iraud, th8ir knowWe of tual. $u5pected and aled fraud". and . con$Klerir¥J the ternal ccfitrols in ie to mtyie risks offra4KJ and nr r&Jmlanee th laws and regulatn$. Page 13
EVREKAI THE NATIONAL CHILDREN'S MUSEUM
IAGornpany limited by guarantee?
INDEPENDENT AUDITOR'S REPORT TO THE MEM8ERS OF EUREKA! THE NATIONAL CHILDREN'S
MUSEUM ICONTINUEDI
Audltorf$ responsitJilities for the audit of the finan¢ial statements Icontinuedl
Tts address risk rA fratvj thrcwh manwi•rt bias ar¥J ov8fTKle of (xmtrols. '.
' Pgrformed aTraMic as a risk a&%essmenl tcKJl lo wjentify any unusual or unexpected rekts.CShIPs'
test1 journ81 entries to thntify unusual transactic$..
. Assessed whetheT judgements assumpt made ift detemiintyj the accwntiThJ estimates set out in
Note 2.18 were indicatNe of potenlid bos.
In reSnse to the risk of irrè3ulaJthes aNJ coMplnce wth aftd re9ubts)ns. we designed proc8dures
which irUded. but were not limitwj to..
' agree4w finanoal staiemeni disCh)su$ to UndwITra SUprth. Luments"(ffj". and
' enqu of rnanagem&M as to acth81 aThJ poteniial titigab aTrJ ¢Ja$.
Due to the inhereni lirnitations of an alIt. th8re is an I}dab r6k that we may not have detected some
materi81 misstatements in the finanaal ststements. even thuoh we have prOty anned and performed our
audit in accordance wth auditing stan¢Jards. F
EUREK&I THE NATIONAL CHILDREN'S MUSEUM IA company limrtwl by guaranteel CONSOLIDATED STATEMENT OF FINANCIAL ACTMTIES {INCORPOIiAfNG INCOME AND EXPENDITURE CoUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Total fvnds 2022 Note Income from". Donats"ons ènd legaci Charitse activities Income frorn other tradiro a1lIes.. C(¥rner1 trading actbvils Inveslrnents Olher incomq 211.632 559,467 2,749,796 TT1.099 2,749,796 4,429,6f4 2.018.594 1,747.282 84,511 1.747,282 84.511 1,272,728 26,633 105,285 Total in¢c•me Expenditure on: Commercial Iradiry activtiies Charrtable actnithes 211.632 5.141.056 5.352.688 1,652.854 1.234.188 4.319,222 1.234.1B 5.263.547 705.316 3.162,211 944,325 TO expenditure 914.325 &S53A10 6.497,735 3.867.527 Net l¢xpendbtureVln¢ome before taxati*)n r131693) {4113541 11.145.04n 3.985,327 Taxation- Kluseum & Gal ExhibilKJns Tax lEf 102.092 102.092 191,924 Net movement in fvnds 1732.6931 1310.2621 11.042.955) 4.777.251 Reconciliation L)f fvnd5'. Totsl fun(ts brought forward Net rnovernent in funds 12.958.295 17316931 4.583,805 {310.2621 17.M2,100 {1.042,9551 13.364,849 4. 177.?51 Total funds carried fonward 12.225.602 4.273.543 16A99.145 17,542, 100 The Consdklated stat8ment of fmancial adiwlies irKJud85 all gains and ké8es recogni5ed in thè year. The notes on pages 19 to 42 form part oflhese finanual Slatements. Page 15
EUREK4 THE NATIONAL CHILDREN'S MUSEUM IA cofflpany limited by guaranteel REGISTERED NUMBER.. 1948578 CONSOLIDATED BALANCE SHE AS AT 31 DECEMBER 2023 2023 2022 Fixed assets T8ngible assets 12 13.986.126 74,36CI,276 13.9126 14.360,276 Current a55ets Stocks Debtors Cash at ba)k and ift hand 14 36.853 684.610 3,333.005 15 428.951 2.596.958 3.OW293 4,054,468 Creditors.. aM(MIts faS1ing due " L year 16 15752741 f872.644? Net Cuttent assets 1513.019 3, 181.824 Total assets less current 11obilili8s 16.499.145 17,542, 1(X) Total net assets 16,499,145 17,542. 1(Kl Charlty lund5 ReStrted funds Unrestricted funds 19 12.225.602 4273.543 12,958.295 4.583,805 19 Total funds 16.499.14S 17,542. 1(k) The Trustees ackfxiledge th&r reswJnsOilitie5 frx c¥mptyMg the requIents of the Act with reSpt to a¢0nI1j ¥8&xds a1 weparation offinancial statemwsts. The financial statements apprwl and authoriwj f(K issue by ts Trustees on ned their behalf by.. Ms J Rice-Bowen Ttustee Mr J T Sutcre Trusiee The noles on pages 19 to 42 frm part of trwe $talents. Page 16
EUREKAJ THE NATIONAL CHILDREN'S MUSEUM IA company lirnited by guarantee) REGISTERED NUMBER: 1948578 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Fed assets Tan9itle assets Investments 12 13.986,126 14,360,2T6 13 13,986,128 14,360.278 ¢L¢rr¢nt assets Debtors Cash at bank artd haTr 15 646.415 1228,437 705.039 2.989,605 1874.852 3.694.644 Credtts. amounts faIj due wilhin r star 16 {484,6111 rK86,261) Net current assets 1390,241 2,908,383 Total assets less ¢urrent liabilities 16,376.369 17,268,661 Totsl net assets 16.376.369 17.268,661 Charity funds Restrtted funds Unrestricted funds 19 1222S.602 4.150.767 72,958,295 4.310,366 19 Total fvnds 16.376.369 17.268.661 Trustees thr Sp(91bi&kn.es cornpfvj wth the requirnents of the Act wrth iespect to accc4tIng records aftd preparatth of financaal slalernenLs. The fin¢1 slaternents akVj aull¥Jfised for Is$ by the Trus9 on arml styJn8d on their behalf by". LL s J Rice.BovKn Trustee MrJ T Su¢¢liffe Twstee notes on pages 19 to 42 fomi part of these finan(xal slalemenLs. Page 17
EUREK1 THE NATIONAL CHILDREN'S MUSEUM IA ¢ompany limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEIABER 2023 2023 2022 Cash flows from operating actrvities Net cash piowded in 0ratirj actNibes {le 221 {224.29SI 5,428,983 Cash flows froffl investing activlties Dmdends. interests and frrmn investsments Purrthase of tsngible fixed assels 84,511 26,633 15962631 (5, 170,290) Net cash used in investing a¢tbviti8S 1511.7521 15,143.6571 Change In Cash and ¢ash equivalents in the year Cash alld cash equivalents at twiming of Ihe (736.0471 3,333.005 285,326 3,041.679 Cash and cash equNalents ai the end of the year {note 231 2,596.958 3,333,Q05 The notes m pw 19 to 42 form of finarKAal statements Pagè 18
EUREKAI THE NATJONAL CHILDRENE MUSEUM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General infonnafion Eurekal The NatK>nal childn'S Musety7) a rknritable company lirnited by guarafrtee and registered in England and Wales. The registered a¢Jdr8ss i% Eur8kal The Nalional Children's Museum, Discovery Road. Halifax, West Yorkshi, HX12NE. The functionirMJ ¢wrrw is SterfTrNJ (£1. ¢ounting poli¢ie5 2.1 Basis of preparation of financial staternents The finafwl statements have been prepared in acc(xdance wlh the Charibes SORP IFRS 1021 _ Accounts'ng aryj Reporting by Charitses.. Ststern8nt ol RecomrneThJed Practi applicable to charities preparirvj their acctsunts in wilh the Finanual Repowting Standard applicable in the UK and Republ of IreL3rKI IFRS 1021 leffective 1 Jaftuary 20191, the Financial Reporknng Standar aWicaNe in Ihe UK and Repubk of Ireland IFRS 1021 arJ ts CL¥npan Aci 2tMI6. Eureka! The NatK)nal Chitdren's MuwJrn meets the definitK)n of a benefit entity under FRS 102. Assets and liabiffties a ¥tsa recogfjised at historral cc61 or trantIOn value unless Othe7$e slated in rdevant accounting wlw. The s01ated statement of financial actie$ ISOFAI Consolidated balae sheel n501idate the finarthql StateMts of the CpanY aThJ its subsKliary undertakM¥J. Th8 results of the subsidiary ate <xw4KJated on a line by line basis. The Company has tsken advairtage ol the exemptFon under tion 408 tsf the Companse$ Act 2CWJ6 and has not presented its ¢) Stffj8nt of fiftancial actiwties in these financial statetnents. No separate SOFA has been Presen for the Caparry a&Me as FEmirtte(g by section 408 of the Compan*s Act 20C6. Th8 funcbonal and [entsonal currerwof Ihe chwitable sterfiw¥J (£1. 12 Cornparty Status The CrpanY a cornpany firnited by guarantee. Tr mmberS of tre compary a Ihe Trtsstees named on page 1 In Ihe event of Ihe company LIng wound up. the liatslity in respect of the guarantee is limited to £3 per rn8mt of the company. The trustees a directors for the purposes of the cpanieS 20(. At 31 t}KeM 2022 the were Ihirteen memtEr5 12021." seven meinbersl. Page 19
EUREK1 THE NATIOtrIAL CHILDREN'S MUSEUM IA cornpany limited by guarantee) NOTes TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng polithes l¢ontinuedl 13 Golng ¢oneern The prinop81 finan¢l risk fa¢iru the chanty is ts abilty to generate suffKAent #icome frorn wsitor numbers 8ThY external fundirwJ to cover exknditure intsjrred in fu111ng the ot)jectives of the charity. Trustees have rewewed the cash pw)siticffi of the charity and cash forecasts at the date of signing the accwnts and a sat55r that the charity will be aNe to rneel atl the finanoial commitments for the foreseeabk ftstu artrj for a PKMI of at knt 12 months from the date of svJnirrfJ. In reaCh1r their concWV. the Trustees We CC¥7SKSe cash fkth% coverir#J a peri¢yJ of 12 months fr(xn the date of svJn oft. and Ihe avaikbilrty of funding both extemally arKI internally. They have also consKlered fuiure strategic and 0rational objectives fty the ensuing 12 month5 and have CsIderEd armj appkd senSitsanatysl$ on the lorecasts as approK¥iats. As a cons8quen¢e, Ihe Trustee5 bVe that Ihe tharty is well pL8c8d to manage its financial risks $LcesSfUllY despite the current urwtain ecOr¥ wllwk. After makiry enquiries. the Trustees have a reasonable expectatKJn Ihat th8 charity has alequate reseNe5 to continue in operational 8XiStence for the fores8eable fubJ8. Accordi[. the Truste85 conts"Thue to a¢)pt the goiThJ concem basis in prepariTrJ tr accoun1 2.4 In¢ome AJI in¢ixne is recognised the Compary has entiuement to the in(yJme. it is prObae that th8 inujme be weived aTrY the arnrt of1L¥[l9 recwable bè Measu reli8bly. Where the donated go1 is a fved asse¢ Èt s mÈasured at fa%r value. vnless it Is impradical to measure this lbty. in the cost of the item to Ihe donor shoukl be used. The gain is re¢ognised as itKoKne frcm (lonatiws and a rxyreswnding amount i8 inclu(Sed in the appropriate fixed asset e2tegc¥y and deweciated over the useful economi¢ life In a¢cO[dan with the academy trysi'5 accnting Donated or facilth.es are rwn8d vthen Ihe rnpanY has Contr over the item. any ClI"0S asKr8ied with the donated item have been met, the receipt of econom benefit from the use of the company of Ihe rtèm is prObae aTh1 that economic benefit can b8 measured reliably. In accordance wth the Chanlies SORP IFFiS 1021. general VL4unteer ts.me is not recognised In the a(xounts. Gr are indw1&1 wln the ¢ty ¢ gaI errtjw to Ihe w)Me the amounl can be The job retenti( 5chemÈ irKome amwnts are recognised when there is reasonable as$uranc8 Ihat the entty will compty%*ith the coThJit1 attaching to g¥ant and the grant 711 be received. Other 4yx¥rt8 is recLwJniwl in rmy is teceivable and to Ihe extent the gocmys have Page 20
EUREKAJ THE NATIONAL CHILDREN3 MUSEUM
IA company limited by 9uarnntee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
counting poli¢i¢s Icontinuedl
2.5 Chariiabk expenditure
Direct charitable expenditure ¥K4udes al expeThYthI dir• ted lo the objects of the ¢hafity and
comprises the fc41(wng.'
Establishrnent costs
Establishmenl costs all ts costs reLating to the rnaIntenar an¢1 runnir& of the museutn
buikyirg.
Exhibitioft$ and seT¥tce delivery
EX".1)n$ and service delrvw all c£ts r81al8d io math)tenance of the museum 8xhibits
and th8 delTrvery of ttE prc#Juct to Ihe w1b1.
Other expenditure
Other experKliiure B anal1 4wwJèr Ihe tt4rJ sub-headrys..
Publi¢ity ¢05ts
Publiaty reweswt eyndthre in relation to staff memb8r5 who are threctly engaged ni fund
ralThJ. and ts related ¢LÉts of Ihe fijnd raing thpaTtrTth.
Gvvemance costs
Govemance costs are those Incur in conn8CtI th t ajminthti of Ihe compwry and
Complian wrth consb"tutM)nal and attttory regulrnents.
Allocation of sts
The chartys operaliro o)sts IUde$ slaff rxjsts. depreciatth and other related Ix)sts. Such costs
are allocated between other charilable expenditu. funt>rat5iTrJ and publi¢ity and managemenl and
8dministraiKJn. Siaff costs are albrated according to rhe costs of slaff wo¥king directly in the relevant
department5 atKJ property costs are alkKzted alrdir9 ¢0 the Spa used by each department.
Where costs are rK)t directy attribu1ate to any departmeni they have been apportion8d accorthng to
Ihe iolal of all othw costs rd8tirwJ io each 4Yepatlmeni.
SupyJrt Costs those inryjrred directy in JpF of exrendthre on the objects of the
cornpany and project management ¢arrEd at Hea¢uartets.
Costs of gerat1j funds are costs incurraa in atlr&ting vokmtsry incom8, and those incurred in
trading activtbe5 that raise fwJ5.
Charttat4e 8cbMIE$ atyj GovemarKe (wts afe costs irKwrTed CcYnpanS edurational
operations. induding supwrt costs and costs relating lo the g0Veman of the company apportioned
io charitabk actes.
Expendtture on raising funds irtludes all expenditure incurre(5 by the Grwp io raise funds lor its
Cttaritable purpeS and indudes costs of all fufidrwsiThJ a¢iivitEs 8vents non
EUREKAI THE NATIONAL CHILDREN'S MUSEUM IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies l¢ontinwll 16 Basts of consolidation The financial sts(ements consdKtate the accounts of Eurekal The Natsonal c.jn$ Museum and its substhry Un(JertarJ. 1855 Statton BuqdirwJ Lrynited. The company has takeTr afvantag8 of Ihe exempts") LY)ntained vitthin sectiw 408 of Cotnp8nie5 Act 20(b not to pres• ds Statemenl of Finarrial Acbwts. induding income and expenditure ac£ounls. net income and expendiiure acetht Ic( the yEar deali %¥ilh in the acUnts of (he company was £3,964,821 12021 - £6,136.9991. 2.7 Tangible fryed ass•ts and deprlatI1)n A review for impainnenl of a ed a&set is canBJ out rf $ts or charoes in c•rCumstaeS indicate that the ¢anyng value of any fixed asset may not be recoverab. ShortFalls beiween the carrying value of fix8d assets aThJ thr re[X)verab amounts a ¥crfwised as Impairmefits. Impaimient sses a recoJntsed in Ihe Staternen¢ of ffinaal actimtses. Assets in Ihe course of constructhon are at CA)Sts irKurryJ to date. Depre¢lathl on thesè assets is nol charged until they are Ought into use. Al each reporting date Cornpany assesses whether there 15 any indicatN)n of irnpaim)eftL If such indication exiqts. recoverable am(yJnl of the asset 15 determsned to be the higher of ils fail value less cosls to sell and its ¥u in use. kn mpmnI k)ss is recogni1 wher8 caffwng arnount exceeds the lecoverab amtyJnt. Tangible fixed assets a caffEd at cost. net of deprec¢atirm and any F¥OVSk)n for irnpairment. There is no deprectatK>n charged on other fixed assets whicti are assets under cnnstruction. D8precialion is prOVe al rates calculated to vrrite off the cost of fixed as58ts, less their estimated resKJual valu8, over their expected useful llves on the fdkThing bases.. Long-term leasehokl wrerty - Yk straKJht liie and car park deveknpment Motor vehicle5 Fixtu and fithros ExhibitK)n uIpMEnt 25% strawJht lir 25% StraHJht line - 10% slwht lir The a55ets' idual values. usefvl INes and deprecration methods are r8viewed. and adjusted Prospe1ve if appropriate, or rf lhe is an ThJ?11n of a &gnificartt thange Sir the lasi repDrtirvJ 2.8 Investmenls Fixed asset investments are a form of finaryaal instrumenl an¢J are inibally recognised at th&r transaction cost and subseouently measured ai fair ¥ralue ai 8alan sheet dète, unless the fair value cAnnot be rneasured reliably in which case it is measured al rx)Si les5 impairrnent. Invesirnent gal5 and bsses. whèther realksed or uniealised. are cbed aTrJ prewted as'GainsllLo$8e51 on investments. in the c$(ated satemeni of finarKial ac*vitie5. Subsidiary undertakiros Inveslm8nts in 5ubshli8ries a valu&J al cost provisK)n for impairrnenl. Pag8 22
EUReKAI THE NATIONAL CHILDRENE MUSEUM IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ountlng policies l¢ontinu8d) 2.9 Inte$¢ receivable Intel on [dS hehj deposrt is then receivab and th8 amount can be ffleasurad lu8bty by the c(xnpany.' Ihi8 6 rthnally UP nolification of the interest paKY ( payable by the aank. 2.10 Stocks and work in progre StsKks and rk in progress a valued at the of cost and net ariSable v81ue after makiro due allowan for obsdete and 5Jw-rnoYir4 stLKks. Cosl incjudes dl dir8Ct costs aThJ an appropriate proporticfft of re0 a1 ¥ariabte overtats. 2.11 Dtbtor5 T¥8de and oth debt(Ks are IniSed at setUem8nl arnOLt after any traL discujnt i)ffrad. Prepayrnents are valued at the amCnt wepavj net of any trade dkscounts due. 2.12 Cash at bank and in hand and cash Èoui¥aleni8 Cash at bank in hand Incl ¢ash and instant bank accwnts. The cash equivalents ifeS shcrt.ierm hèghty inveslments wilh a SW mabJity three months or18SS. 113 Liabilities and provision$ abilities are recr4nised when Iher8 is an obWvM at the 8aknce sheet date as a rèsult ol a past event. il ks probab that a transfer of e¢(L1C benefrt TrMII be required in setuernent, and the amout)t ol the settlem8Trt can be estirnatsd reliably. Lialy"ltrs are recognised at the arnt thai the coynpany anticipates rt wll pay to seiiie debl or the aOunt it ha$ recetvgj as advan0 payments for the go 0¢ Services it must wowde. Provi8K)ns are measLwed at Ihe best estsmate of Ihe amounts required to setue Ihe obloabon. Where the ettect of ihe ts'me valle of mon8y Is materpl. the provision 15 b8sed on Ihe pre5enl vue of Ih05e amcwnts, discounteij at the p-tsx disccunl rate that reflects the risks specffic to Ihe liai¥lity. The urwAJKh"r¥J of the dis¢ouni is recognised w1n interest payable and similar charge5. 114 Fjnancial instruments The Group lY has financial assets and fin8CIal Ik4bilibes of a kind thal qualify as basic financial instrumenis. Basic fina101 instruments are lallY recognise(l at transaction value and subsequ8ntly measured at thew sewemwrt value Writh the 8XL¥PtKJn of bank k)8n$ knthich are sub5equendy measu at arnortksed Cosi using Ihe Èffective interest mellJ. 2.15Taxatlon The comnY is (xJnsKyer1 to pass the tests Set in Pafagrapth I ScdU 6 of Ihe Fnan¢e Act 2010 and therefore il meets the defénil#y) of a charilatAe c(Mnpany for UK cxjwation t8x purposes. Accordingty. the company is p)lentk8lly exempt from taxatk)n in r8spe¢l of income or Ca1 gains rece¢ved 1th1n categories covered by Chaplef 3 Part 11 of Ihe Corporatk)n Tax Act 2010 or Section 256 of the TaxalH)n of Chargeae Gaills Aci 1992. to extent that such InMe or gains are applied exdLssivety lo charitsble purposes. 2.16 Pensions The c(xnpany a fined Xthbutson rnsion scheme arnl Ihe penspJn tharoe repieseftts the arncxjnts paydble by Ihe companyto the respect of thè year P8ge 23
EUREKAI THE NATIONAL CHILDREN'S MUSEUM IA company limiteil by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ac¢ounting policies l¢ontinuedl 2.17 Fun(1 accounting General funds are w)strted hjnds are awaiL4trAe lor use * th8 dis¢reb'on of the Trusle88 in furtherance of the general obJtiveS of the Group a1 whth have not en designated for other tle5ignated fmjs Cornp ntricted tund$ thal have set asN1e by the Trusiees paitcular puwe5. The aim arrfl use of èath desvjnated furxl sel (Kjt in lh8 rM)tes to ts financial 5tstements. Restri¢W fvnds are wtwch arè to te uwj in accL¥dance WU) sp8tsf 1CtIO8 imFosed by donors or whith havè LEen ratsed by the Group lor partKutar purr)ses. costs of raising and administer#YJ such funts a charged against the $pecrf fuThJ. The aim and use of each restricted fund Ès set out in the notes to Ihe fThncel statements. 2.18 Judgement In applyln9 accounting pL)Ikies and key sour¢es of estirnauon uncertainty The Fyeparation of these finanoal statements Ul2 rnanagement lo make judgEments, estimates and assumptio that affect th8 aPpIatiOn of and rerwxted arnwnts of assets and liabilities. income and exrenses. Ju¢Jg8rnertt and estimates a waluated a based on historral experiertes and other f8rknrs. includiThJ expedal¥5 of futu ets thai a befvj to te reasonable und8r the orcUm#anS. The Gfwp and the makes esiimes and 8&8umplK¥KS concem14 thè fulure. The resutb" ac(x)unlbry estimates wll, bydefinrt•)n, sdd(xn equal the lated actua results. Critical a¢¢ounting estimates and 35sumMions: Usefvl econornic lives of tsngible assets Th8 annltal dewetrialKJn charge for tangib assets ts senstbve to thanges in the estirnaled useful en0m¢ lives and resKJual values of the assets. The useful eoMiC lives and Tesidu81 Values are re-assessed annually. They are arnen¢Jed when necessary to reneot Cutrent estimates. based on technol(yJical &Yvallcement. futu investments. e¢(oMiC utilisation and the phys[ COrOn of the assets. See rh)te 12 for Ihe carrying arnotsnt of the pr(p8rty. plant and equipment and note 2.7 for the useful e¢(rnmic lives fN eh tlass of assets. Bad debt provision The Group Ihe charitable ¢(wnpany makes ats estirnate of the recoverab valye of trade and other ¢Jeblors. When assessi imptiirment of trade and other deblors. management considers factors inciudirYJ the current ¢redrt ralry of debttr. the ageing profile of debtors and historical experEnce. See Tr)te 15 for It nel Irrn9 amoufit of the debtors and assoEiated imp81rment Page 24
EUREKAI THE NATIONAL CHILDREN'S MUSEUM IA company limited by guafanteel NOTES TO THE FINANCiAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donatio1 and le9a¢igs Total funds 2023 lund$ 2023 funds 2023 Donatsons 211,632 559.467 1.099 R8St&S Unre8tn¢ted fvrtds nds 2022 2022 Total funds 2Q22 4.021.326 408,288 4,429.614 2023 2022 UntrIcted Gift aid Cultural Recovery Fur¥J Calderdala MBC Spark Fund- Sp(x)ner Trusl Spark Fund- Others Spark Fund- Dawd Cdino Other 554,622 393,584 2.000 833 593 1.14fj 559,467 408,288 2023 2Q22 Restricted Slraiegic Inveslmenl Fur*Y Medicash Tovm Deal The Johjwn Foundalir 3,842.076 5.000 74,250 loo.() 111.632 100.000 211.632 4,021.326 Page 25
EUREKAI THE NATIONAL CHILDREN'S MUSEUII {A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 Ineome frorn ¢haritable acti¥stio5 Unrestricted funds 2023 Total fund5 2023 Totsl ine from werat*Jn of museum 2.749.796 2.749,796 Unreslri¢led funds 2022 funds 2022 Totsl in¢LNne from op8r8lM)n of museurn 2,018.594 2.01&594 Jnvestmont income Unrestricted funds 2023 Totsl funds 2023 Bank deposil interest eable 84.511 84.511 Total fvnds 2022 funds 2022 Bank deposr( interest receivable 26.633 26,633 Page 26
EUREKAI THE NAMONAL CHILDREN'S MUSEUM {A company limited by yuarantsel NOTES TO THE FINANCL4L STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Other InMe Total fvnd$ 2023 UnstrIcted lunds 2022 Tolal funds 2022 Other incx)miryJ reswrces 105.285 105.285 Page 27
EUR1 THE NATIONAL CHILDREN'S MUSEUM (AMpanY limiie¢l by guarantee) NOTES TO THE FINAN¢tAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Trading •lctivities Totsl funds fur¥Js funds 2023 2022 ctwty Trading Incon Turrth Fundralskng trJin9 expenses Cctsi ol ss Adrrinistrab"%e ew6es Wages and sakrtes Erryjbyers Nl PenSIc costs 5T3.716 S41.654 470,554 17,455 4,281 13.716 $41.654 470.554 17.455 4281 352,497 403.217 213.002 9.572 3,331 1.607.660 981,619 Iort ti"teS tefore taTri"c 139.622 291.109 Tumover of £1.747.282 12022.. £1.272.7281 has teen reccwis8d in fv ctsn801idated slatement of rinarKial al)eS in relath)n ¢0 the tradi sut6i(liary. In addrtion. intef-cc¥npary recharg8s of £373.473(22: £276,303) hgve bean eliminated consolidalton. Page 28
EUREK&I THE NATIONAL CHILDREN'S MUSEUM IA ¢ompany limÉied by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Anatysls of expenditu by e¥pendituTr type Staff Costs [jreatIOn Other Costs 2023 2023 2023 Total 2023 Total Cc£ts IrtCr by Tr•Jire S&fydiaries 289 741.899 Eslabhshrnent 711040 1.291113 244168 483,454 1,294213 2.489.707 486.958 266,849 2,047,920 423,406 668,574 1,488.197 1.3(K),570 344,906 Charitable 6vtties 970 412 1.984468 5 206 201 3.1&3.673 Expenditure on governa 970 412 2.783.713 6.497.735 3.867 527 T¢Ya 2022 1,3.687 1,813,318 3,867.527 Support costs 2023 2022 Governance AudiWs remuneratso Legal and professional 28.482 28.884 16.445 72,093 57,366 28,538 Page 29
EURE THE 14ATIONAL CHILDREN'S MUSÉUM IA ¢ornpany limited by guatanteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Net IncomellE¥pertditurel This is stated after ¢hargr¥J". 2023 2022 Fees Payab to the aj110¥ forthe atyyrt ofthe Companvs annual acL)Junts Fees payable lo the audrtor in r8SF¢d of fees 41 relation io: Corporation tsx Depreaation of taw.ble awts by group 24,000 16,445 4.882 970.413 4,250 390.522 11. Staff $ts Group 2023 Gmup 2022 Company 2023 Company 2022 Wages 8nd sakries Sock21 security costs Contribution to defined cffitrbulK)n Fens schemes 2,497.700 171.496 1,493.083 113.573 2.027,146 154.041 1.280.087 104.001 74A14 57,032 70.133 53.701 2.743.610 1.663,688 2,251,320 1.437,783 The avwage number of lSOnS empw by the Group and Ccfflwy during the year was as folk>ws". Group 2023 Gft)up Company 2022 2023 Comp8ny 2022 No. Museu 78 22 110 78 150 100 78 The average hetyJnt expressed as a fvll time equdlent was 80 in the wrenl 57 the PreVu5 Page 30
EURE THE NATIONAL CHILDRENE MUSEUM IA ¢ompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Staff costs Icontinuedl Ms L-A Slradeski. a Tnt5tee. reNed reMneratiC of £122.695 in the Seaf 120t2 £115,474) in h8¥ apaty as Chief Executive. Pensw ¢onlribLrtv)ns of 10% of salary paid 12022.. 10%). None of the other Trustees r1ve reme[alKIn dJrry Five other employees received rernuneration amwntirvJ to more than £fjO.o in the current accounting year. These 3 ernplosees recewl rernuneration betsn £EA).I)00 aad £70.000 and 2 employees re¢eivEd behs*en £70.OIXI and £80,(KKJ •ThY Ihey a4 receive penn ¢¢Mthbuts"ons of 5% of salary. . Costs incurred in relation to key mardgemenl personnel were £130,762 in lotrl12022." £124,7141 and this as in rdaticn b one person the currenl and prevx)us year. The charity purchased E1.564 {2022: £1.0941 to woteca wJanst loss arisH from neglect or defaurt of rts trustees and offws. No exFens8$12022.' £Nill were Teimbursed to any trusieès. Page 31
7J
EURE THE NAnONAL CHILDRE14'S MUSEUM IA company lirniled by guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 20rJ 13. Fixed asset investments Investment5 in subsidiary ¢ompani*s Company ost or Valuation At 1 January 2023 At 31 Decernber 2023 Net book valut At 31 December 21fJ Al J1 Dec8mbsr 2022 14. Stock5 Group 2023 Group 2022 Shop gc%)ds for resale Catering gcxxjs for re5a5e 51.033 11,351 33.2(K) 3,653 62,384 36,853 15. tjebtors Group 2023 Gn)up Company Company 2022 2023 2022 Due withln one year Trade deblNs Other debtors Prepayments and awued incCe 9.706 28.638 4.367 22S.526 416.522 23.914 34.849 647, 176 419.24$ 655.972 428,951 684.610 646,415 705,039 Page 34
EUREKAI THE NATIONAL CHILDREN'S MUSEUM (Acompany limited by guaTrntsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Cre(litors: Amounts falling du• wrthtn one year Gmup 2023 Gw Company 2022 2023 Company 2022 Trade ¢ditOrS Other tsxalion and sorAal slty other uedilo Accruals and delerrJ income f72J30 91,968 16.473 294.503 326.747 31,287 11.192 3,418 146.18S 72.694 16,473 249.2S9 289,621 13,974 11.192 477,474 575374 872.6U 484.611 T86,261 17. Deferred incory Group 2023 Group Company 2022 2023 Company 2022 Deferred income Deferred income al 1 Januay 2023 Resources deferred duriTrJ Ihe >ear 54.932 73.958 IS4,9321 4&667 64.860 {45,6671 37.324 45,667 137.324J 54.932 (XJ,860) Deferred income at 31 De¢mlKr 2023 73.958 54.932 64.860 45,667 This balane£ is indu(le(I wilhin accru81s and (Jefeffed creditus flue 1th1n one year Page 35
EUREK• THE NATIONAL CHILDREN'S MUSEU IA¢ornpany limited by guarantee} MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Finandal Instrumonts Group 2023 Gmup 2022 Company 2023 Company 2022 Financial assets Financial asset5 ffle8sured al fa vah through itwne army expenditu 2.606.664 3.361,642 2,228,437 2,989,6Q5 Gmup 2023 Gmup 2022 Company 2023 Company 2022 Financlal Thabllities Finatoal lvabilbtses mvaswed ai amThtised 295.397 710.637 218.879 303,594 Financial a5S81s measured at la"r vth thrOh irwng 8ThJ e¥penditure comprise5 tr8de debtors, other debtLYS and cash in haft¢J. Financtal liabilths measured al aMl*j cost compnses Iraje credilors. taxth.on sockil security, nJats. Page 36
EUREK1 THE IIATIONAL CHILDREN'S MUSEUM IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 19. siatemont of funds Statement of funds. currènt year Balance al Balance at 1 January 2023 31 Transfer5 inlout D8c8mb8r In¢ome Expenditu Taxation 2023 Unrestrictsd funds Designated funds Spark Ftsnd Fixe(l asset fund Maintenance & developrnent 3,512 130,1781 164,743 2.026.887 1152.472) 2,039.158 1.539,344 152.8181 1234.56SI 1.251.961 3.592.897 3.512 1205,2901 1100,0001 3.291,119 General fvnds General Funds- all funds 990.908 5.137.$44 {5.348.1201 102,092 11)0.000 982.424 Totsl Unrestrl¢ted funds 4.583.805 5.141.056 15.553.410) 102,092 4.273.543 Restricted funds I ALK)ut Me 1855 Ststh Building Project Gift n kind for exhibitsons Other restricted lunds Eurekal Suence Discovery 226.625 16051 1226,0201 1.911.765 170,7631 1.841,002 Iooo 2.500 74183 114,7631 59,420 Centre Town Deal Gallery Devekjpmenl 10.727.968 14,754 100.IYNI 111.632 1731.3081 1126.3861 66.$44 10,163,204 159.476 159.476 12.958,295 211.632 1944.3251 12.22S.602 Totsl of funds 17.542,1110 S352.688 16A97.7351 102.092 16N99.145 Page 37
EUREK1 THE NATIONAL CHILDREN'S MUSEUM IA company Ilmltsd by guarantee) NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Statement of funds IntInU) The fixed asset fund has teen set up lo a55iSt in ¥Jentifyng those tunds that are not free funds and it represents the nel Lxxjk valu8 of tangib fixed assets fUndj frc¥n uniesitthd fun(ts. Yath the exception of frxed asseis h81d in SLthidHry eompani88. The Mantenan & devdoKwnent fund has been desvJnateil by Ihe Iruslees for refuthshment and repairs to the ffluseum assets. The strategic future funds has been desTrJftaW ty the tntstees to en$ that in the unlikely event that the (ryanisaK)n de¢Kled to cease tr•JiNJ an ordwtywinding ¢em of opeiatim5 could be facilitate¢l. The Eureka! Mersey re5tFKled ILwxls baLn represents grants aTrJ dOnatiS recewed for the Pufpose of devebping Eurekal S8e + OisL>)very at Seacombe. The baLances on the AJI AIMYJt Me. 1855 stat Buildiry Project, Yorkshire Forward and gifts in kind for exhibilion fijnds are represenled by the purchase of taTh3ible fixed assets, less associated depClatn thar99s. ststement of fvnd5- prbor year Balance at 37 Balance at l January 2022 Translers D8C8mber Irthne ExPeIUre T8X8ti 2022 Unreslri¢tsd funds Designated fvnds Spark Fu¥ Fixed asset fund MainteTranc8 & developmenl fund strateg funds 17.962 1.879.258 &704 26,666 2.062.949 (116,343) 300.034 1.052.5L (24.184) 474,966 (400,0(X)) 1.503,282 3,349.720 8.704 1140.52n 375,0 3,592.897 General funds G8nefal Funds- 811 hJn(ts 655.657 3.622.826 (3.304,499) 197.924 (375,0(Xl) 990,908 Tolal Unrestricted funds 4,005.377 3,831.530 13.445.(1261 191.924 4,583,8Q5 Page 38
EUREK1 THE NATIONAL CHILDREN'S MUSEUM IAcompany limited by guaranieel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Stst*ment of funds Icontinu•d) Re$trl¢ted fund$- prior year I AtX)Lrt Me Iformerty Me 1855 StatK)n Buikling Project Gift in kind ft èxhibth.oris Other $1cted lunds Eurekal Mersey Town D8al 423.264 (196,638) 226,626 1.982,528 170,7&3) 1.911,765 (s() 81.962 6.86a217 (T.778) (87.326) (59.496J 74, 184 to,727,966 14.754 3.947.075 74.250 9.359.471 4.021.325 1422.5011 12,958.295 Total of funds 13,364.848 7.852.855 .867.521) 191.924 IT.542.700 Summary of ftmds Sumrnary of fund$- currenl year Balance at 31 BalanGe al 1 Janijary 2023 Transfers Lnlout Decamber come ExndItU Taxation 2023 Designated funds 3.$92.897 General funds 990,908 Reslricled fund5 12.958.295 3.512 5.137.544 211.632 1205.2901 15.348.120) 1944.3251 1100,01101 100.0ty) 3291.119 982,424 12,225,602 101092 17.$42.1LM) 5.352.68 16.497.735) 102,092 16,499.145 Page 39
EUREIW THE NATIONAL CHILDREN'S MUSEUAI (A company limited by guarantsel NOTES TO THE FINANCIAL STATEMEps FOR THE YEAR ENDED 31 DECEMBER 2023 Summary of funds l¢ontinuedl Sumrnary of funds- prior year Balae al 31 Transfers eMbe 2022 Balance at l January 2022 ExperKliture Taxatic¥> t}eSna funds General fu15 Restricted funds 3.349.720 655.657 9.359.471 8.704 (140.527) 3.822.826 (3,304,499) 4.021,325 (422.5Ql) 375.000 (375,0(Kl) 3.592,897 990,908 12.958.295 191,924 13.364.848 7,852.855 (1867.527) 191.924 17.542, IC 21. Analysis of net assets between furlds AnaS of net assets belween fvnds- ¢Ult year Restricted untricted funds fund5 2023 2023 Total fvjnds 2023 Tangle fixed assets Current asseis Credit5 due wthin 11.998.127 227.475 1,987.999 13,986,126 2,860.819 3,088,294 1575.2751 IS712751 TJtal 12.225,502 4.273,543 16,499,145 Analysis of net assets b•tsM•n funds- prioryear Restr¢ted un51cte(l funds funds 2022 2022 Total funds 2022 TangitAe fixed assets CUrt assets Creditors LJe wilhin one 12.333.391 894,878 1269,9731 2.026.885 14.360.276 3,159.589 4.054,467 1602.6711 {872.6441 Total 12.958,2S6 4,583,803 77,542,099 Page 40
EUREK1 THE NATIONAL CHILDREN'S MUSEUM IA MpanY limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ÉNDED 31 DECEMBER 2Q23 22. Reeoncdiation of net mov¢ment in fund$ to net ush flowfrom operating activities Group 2023 Group 2022 Net ino)melexpenditurè foF ts year las rw Ststement d Financial 11,042.9551 4.177,251 Adlusknents for. Depreciat#)n charges Dmdends. intets an¢J rents from irniestrnents Ilncreaseydeuease in $S Ilncreaseydeuease in debto Incyeaselldecreasel in rxeditNs 970.413 390,523 184.5111 {26,633) 125.5311 (128J 255.655 1, 199.502 1297,366} {311.532J Net Gash provided byllused inl operaling activitie5 1224,295} 4428,985 23. Analy515 of cash and cash equivalents Group 2023 2022 Cash in hand Notice deposts Ikss than 3 months) 2.088,35f 508,607 2,089.643 7,243,362 Totsl ¢a5h and cash equtvalents 2.596.958 3,333,005 Analysls of change5 in net debt At31 December January 2023 Cash fl¢)ws 2023 Cash aTrJ cash equNalew 1333,005 1736.0471 2.5,958 3,333,005 1736.0471 2.596,958 25. Penslon Commitments The group tnake cOntributK to Ihe personal pen&on gL2ns of lOUS employees. These schernes are of the defined contribution type. The total cost the gr(w dunng the year was £74,41412022.. £57,032). At the year end. tstsnthn9 ¢thJ)n5 kn the pkns OUnted to £16.47312022'. £11.1921. Page 41
EUREKAt THE NAnoNAL CHILDREN'S MUSEUM IA company limited by guawantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Operating lease wnrnhtments At 31 Dembar 2023 the fknip and the Crffipany haj cc*nrnitrnents to make futur8 minirnurn 18asè payments under non-cancdlatAe orwairy kases as frAtry4VS.' Group 2023 Group Company 2022 2023 comnY 2Q22 Not later than 1 year La¢ef than 1 yeaf aThJ not Lthrthan 5 Jtars Later than 5 years 31.942 156.056 1207.500 5,641 4,762 31,942 156.0S6 1.2Q7.500 5,647 4,762 1 J9S498 10.403 1.395,498 10.403 The grovp vo rts subsvjvary cornpany, 1855 stat Bu11j Limtled is abo a lessor and had the following lease payrnents under rson.G3nceliqbk orErats"ng leases as folkm." Al 31 December 2023. the cornpany was due £4.61712022.. £Nill and £Nil120Z2.. £Nill of these balances are due within cffle year. 27. Related party transactions Eurekal The National chIJn.5 murn has one subsidmiry, 1855 stati Buikjing Litnited. The trading results of this subsvjiary are surnmarwj sn note 28 to the accounts. At 31 DecemiEr 2023. Eurekal The National chJrt,$ Museum wa8 £225,526 by 1855 Staboll 8uiWing Limited 12022. £34.8491. Eurekal The Natioftal ChiW¥en's Museum has made rnanagement r&tharges of £373.473 12022.. £276,303) to 18&5 sl)n 8uiklirvJ Limite(J. 28. Principal subsidiaries The following wa9 a Wjb5Kli uThlerlakry of the Ccmnpany. Name Company number Holdlng Included In consolidation 1855 Slati¢)n Bu11ng Limited 03613193 100% Yes The financk4 UTrts of Ihe wb5idHry for Ihe yearwere.. Name Income EXpditure ProfftllLossl Net assets I surplu Illiabilitiesl (Deficit) for the year 1855 static BuikliNJ Lirnite(I 1.747.282 1,607.660 139.622 122,779 Page 42