Règistered nufflber: 1948578 Charity numbèr: 292758 EUREKA! THE NATIONAL CHILDREN'S MUSEUM (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
EUREKAI THE NATIONAL CHILDREN'S MUSEUM IA company limited by guarantee) CONTENTS Page Reference and administrative details of the Company. its Trustees and advisers Chaimian's statemènt Trusteès. report Trustees. respon$ibilities statsmont Independent audiloe5 report on thg financial statements Consolidated statement of financial acti¥iti8s 10 15 Consolidatsd balance sheet 16 Company balanc¢ sheet Consolidated statement of cash flots 17 18 Notes to financial statements 19-39
EUREKAI THE NATIONAL CHILDREN'S MUSEUM IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Mr A J Aubrey (resigned 28 June 20241 Mrs A M Hope (resigned 23 February 20241 Mrs L A Stradeski Ms J Rice-Bowen Mrs S J Higginson MrsKELWard Mr J T Sutclrffe Mr J H Kelly (resigned 4 March 2025) Mrs F M Best Mr S K A Aziz Irestgned 29 November 2024} MT5 S Sharif Company registered number 1948578 Charfty registered number 292758 Registered offl¢e Discovery Road Halifax West Yorkshire HX1 2NE Company secretary Mr A Forbes Chief exe¢utiv• officer MTS L A Stradeskn Indapèndgnt auditor Amistrong Watson Audlt Limrted Chartered Accountants and StsILrtNy Auditors Third Floor 10 South Parade Leeds West Yorkshi LS1 5QS Bankers Barclays Bank PLC 10 Market Street Bradford West Yorkshi BD1 1EG Solicitors Wrigleys LLP 19 Cookridge Street Leeds West Yorkshire LS2 3AG Page 1
EUREKA! THE NATIONAL CHILDREN'S MUSEUM (A company limited by guaranteè) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 The chair presents their statement for the year. In June 2024, EuTrkalbs founder and Lrfe President. Dame VNien Duffiehl, celebrated the 601h anniversary of the Clore Duffield Foundation. Eureka's Chief Execub"ve, Leigh-Anne Slradeski, and l joined hundreds of the most influential people from the UK Arts and Creative sectors to celebTale the story of the extraordinary contribub'on that Dame Vivien has made to the cultural life of our nats"on. Central to that story was her wsion and cornmilment to the founding of Eurekal as the UK'S first dedicated Children's Museum. It wa5 gratifying lo see Eurekal featured so prominently in this celebration and to hear of Dame Vivien's ongoing affecb.on for and pride in this unique achievemer5t. Later in the year it vrds our great pleasure to y1CoMe Dame Vivien to the Wirral lo show her round Eurekal Science + Discovery Nthich is a place that would never have existed if she had not first conceived of Eureka! in Halifax. Dame VIMen was Eka1$ first Chair and I wesent this rewrt 3$ I reach the end of my temi as the latest Chair of the Eurekal Board of Trustees. It has been a privilege to steward thi5 organisation for the last three years and lo work alongside my fellow trustees,. our ou15tsnding Chiel Executive and exemplary Senior Leadership Team. l aayS use the word privilege when I speak of my inv(4vement Eurekal but l am concerned that the word privilege is slarb.ng lo creep into our discourse in a diffent context as we begin to woffy that a visit to Eurekal is in grave danger of becoming the preserve of the privileged few. We know from both visitor feedback and from the accolades and awards that we have won in 2024 that our offer continues lo be of the highest quality. We also know that the impact a vistt to Eurekal ha5 on a child has the potential to reach far into the future. We gUla hear from adutts tell us about a long-remernbered s¢hool visit to Eurekal that vrd5 a formatsve or pivotal moment in their young lives. They speak of captivating days out that inspired a love of leaming and even inforyned later career ChCes. However, in the last year we have seen the ongoing impact of global polth'cal and economic turmoil lrickle down lo our local context and put those critical eady experiences in jeopardy. We have walthed as the continued squee2e on household finance5 has had a delrimenlal irnpact on our wsitor numbers and day5 Out that were once affordable and roub.ne are now an out of reach luxury for rnany tsmilies. In addrtion. a recent poll from the Sutton Trust reported that 530A of schools a reducing their spending on trips and outings. Anecdotally. hear that Parent Teacher Association funds once used to SLFPPOrt added extras are being diverted to pay for essentials such as uts.lity bills. We are detemined that the Eurekal experience should not only be available lo those children whose parents IOT in¢asinglY grandparents) can afford to prioritise the fundamental and legally protÈded right for Ghildren lo play. To this end we have spent much of 2024 reviewtng our bu5ine5s model and developing a ftjndraising strategy that we hope will enable us to invofve more people and ensure the widest possible access to the enriching experiences that Eurekal offers. Having operated for enty years as an entirety 5eff-funded organisation without stalulory subsidy or regular ¢tsntributed income from trusts and foundab'ons this represents a significant shift but it is one that we musl Fnake if we a to realise our u?sion of bnnging extraordinary opportunth.es for creative play and learning lo all childwn, no matter what their background or economic ciicumstsn¢e5_ Despite the challenges that we are facÉng, not just as an organisation but 35 a sector and a nation, we remain confident that we are making a difference lo the children who walk lor more often run) through our doors. In 2025 we will take Making a Difference as the theme of the conference that we wll host on behalf of the Hands On1 International Association of Children in Museums. Thi5 event wll see us welcome over three hundred delegates from acioss the world lo Livefpool where. th sector colleagues. we will showcase best pra¢li¢e", share expert knowledge and reassert our commitment to this vital wo¥k. Comrnilmenl is a defininq characteristic of the Eureka? Board of Trustees who are dedicated lo en5unng the ongoing success of Eureka1 and to meeting our charitable obiects and delivering publ+c benefrt. This year we have recruited six new trustees who wll take up their places during the course 012025 bringing new skills, experience and energy to the Board. They are part of an ongoing board development programme that aims to ensure gold standard governance. This year we saw the reb"remenl from the Board of Alan Aubrey after thirteen years of insightful and inspirational contributions. Alan was twly the best kn.nd of critical friend. Shahban Azrz stepped down from the board after one Page 2
EUREKA! THE NATIONAL CHILDREN'S MUSEUM IA company limited by guarantee) CHAIRMAN'S STATEMENT {CONTINUEOI FOR THE YEAR ENDED 31 DECEMBER 2024 term during %thich b.me we were gratelul for all of his work on the HR & HS committee. Thanks also go lo Jot)n Kelly who leaves EukaT h8n9 sat on the Finance Committee for three years ere his clarty and rigour served us well. We also reported on the sad death of Peter Smart who served as Eurekal's Chair for nearfy a decade before he resigned in 2021. As I hand over the role of Chair to my successor Kirsty Ward. I recognise that there are many challenge5 ahead, not least the re501ution of long-stsnding issues *ith the unused heritage buildings on our srte in Halrfax. We are working closely wth the Leader and Chief Execuiive of Caldefdale Counal to ensure that the Eurekal site is fit for purpose and wll continue to support our pioneering work in the heart of Halrfax vthere have made our happy home for the last thirty-three year5. Alongside the challenges there are also many opportunrties for Eurekal to support and nurture new generations of children and young people as they develop their crrtiGal thinking skills, curiosty and crealiffity. Working lilesSlY to this end, our Senior Team of Tudor Gwynn. Liz Peniston, Michelle Emerson, Andy Forbes and Andy Grimshaw led by CEO Leigh-Anne Stradeski continue to go above and beyond lo lead and inspire a fanta5b"c team of staff. Together, on a daily basis. they make Dame Viwen's original vision a living, breathing, giggling, squealing. running, lumping, laughing and leaming reality whith is afvAys an absolute joy lo behold. Jane Rice-Bowen Chair of Trustees Date.. 27 202) Page 3
EUREKA! THE NATIONAL CHILDREN'S MUSEUM IA company limited by guarantè•l TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees Psent their report for the year and finan(ial statements for the year ended 31 DecembeT 2024. STRUCTURE. GOVERNANCE ANO MANAGEMENT GOVERNING DOCUMENT". Eurekal The Nab"onal Children's Museum is a company limited by guarantee govemed by fis Memorandum and Articles of Assoriats"on dated 18 December 1985. It is registered as a ¢harity wth the Chanty Commission. APPOINTMENT OF TRUSTEES Trustees are appointed by the members at the Annual General Meeting of the charity, after nomination by one member, as required by the chartys Artides of Association. The 8oard has power, at any lime, lo appoint any person to be a member of the Board lo fill a casual vacancy or a5 an addition to the existing rnembers of the Board. Trustee5 are required to retire by Totalion on an annual basis. TRUSTEES INDUCTION AND TRAINING Upon appointment Eurekal trustees are given an induGb"on pack vthich consists of the charity's Memorandum and Articles of Association. the business plan. the latest stslutory accounts, and other relevant strategic and operational documents. Through a meeting wth the Chief Exe¢utsve and other senior staff. tnJ$tees are briefed on their Sponsibl1tieS and obligatsons a5 trustees. provided vAth appropriate Charity Commission documents and referred to the websrte for further info¥mab"on. Relevant infomiats'on and training opportunities are routinely circulated and trustee5 are encouraged to ensure their knovAedge is kept up to date. Key alierab'ons to charitable law or requirements are addressed at trustee rneeb"ngs. ORGANISATION The Board of Trustee5 administers the chartty. The Board meets quarterty and subcommittees covering finance, human resources and health and safety meet regularfy. A Chief Exeujtive is appointed by the trustees to provide 51ralegic leadership and manage the chantys daY-t[daY operations. RELATED PARTIES The charity has a subsidiary, 1855 Station Building Limrted, lch lets propety rn the 1855 Station Building at Eurekal The National Children's Museum in Halifax. and operates the cafes. shgp5 and car parks across both Eurekal attractions in Halifax and Wirral. OBJECTIVES AND ACTIVITIES The charity's objects are to Promote, maintain and advance public education by the promotion. estsblishment and maintenance of a museum, or museums. for children. 11 operates children'5 museums providing intera¢tive educational exhibits and programmed workshops designe¢J to increase child awareness, curiosity, understanding and cnjoyment of the wodd in vthich w8 livo. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefll when reVIe%ng the charity's aims and Ub1¥Lve diiJ Iri yloiiiiiii4 future activities. Page 4
EUREKA! THE NATIONAL CHILDREN'S MUSEUM (A company lifflited by guarant) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 STRATEGIC REPORT ACHIEVEMENTS, PERFORMANCE AMD FUTURE PLANS strategic Priorities Each year, the strategic framework for Eurekal is rewthved. stralegic Or[lIeS are agreed. and corporate objectives are set. In setting the corporate objectives for 2024, we were aware that the eytemal context wa5 becoming increasingly challenging due to the continuing cosl-of-living crisis, rising Gosts of staffing and operation5, and the increased finan¢ial pressures on OUT key audtences of young families and schools. We believed that maintaining our audience base at Eurekal The National Children's Myseum IECMI in Halifax would be achievable, however, giveft that we were sb"Il in the eady stages of trying to build a solid found*ion of public and school visits to Eurekal Suence + Discovery IESDI V antiapated another incredibly challenging year. A5 8 consequence, we chose to tske a realistic approach to the obJ'eth"ves set for the year. while continuing to work towards the fulfilmenl of the four slrategic priorib.es arts"culated in the 2024 to 2026 Strategic Framework.. Outstanding playful leaming experiences for children. young people and families Diversity and inclusion across our audience and Work team Strategic and sustsinable approa¢h tr) future development and gffjvth Business model supports current operations and fvture plans. Strategic Priorities 1 and 2 fomi the foundab.on of ¢xJr abilty to deliver on our charitable remrt a5 an educational charity and for the re¢wth)ent and retenb.on of a committed staff team. These tsvo priorrties are therefore the fundamentals which undedy OUT programme and staff resource planning year on year. Strategic Prioritie5 3 and 4 are essental to the long-term sustainabilty of the charrty and in the current context their significance cannot be understated as we tackle current finanual challenge5 our eyes dearfy focu55ed on the future. Progress was made in all areas. and some key high1hts and challenges folk)w. Key Highlights and Challenges At ESD, our weekend and public hdiday events pfogramme was expanded with an emphasis on partnerships and the use of exiemal providers. The number of school workshops available at ESD ¥rdS expanded, and now have a totsl of 9 school programme$ available from Eady Yeafs through to Key Stage 3 A renewed focus on Eady Years resulted in the introduction of the Litue EXplorS at both ECM and ESD. This irnmensely popular programrne drives visitor foottall during weekdays and reinforces our core belief that leaming through play begin5 Wth the earfiest learners. Following on from the development of Ecostreet and the Post office in 2024, we launthed a new Shop in the Living and Working Together gallery at ECM. This was 5UPPOrted in part by ¢ontributions made in memory of David Celino, who loved to play at Eurekal throughoLrt his childhood. Our continued emphasis on reaching harder to ach audiences induded the followng.. "Relaxed SENdays" at both sites for disabled ¥isrtor5 and their familie5 intrOdUd in 2023 continue to grow in popularity. The A World, an NPO vknich supports the aulislic communty. held their second 'Takeover Eurekal. day at ECM in 2024. The first one at ESD will be held in 2025 as well as a third event at ECM. A comrnunty engagement project invoM"ng Mersey Forest and Foxfield Sthool involved a team from ESD going to a field behind the school lo plant trees alongside the students. Foxfield is a school for Special Needs age 11 to 14 in Woodchurch Estate. nearlo ESD. The Sun shone, and an enjoyable day was had by Our secoAd team-building day for everyone vrds held al ECM this year and proved to be an enomou$ success. This enable5 stsff vtho are geographicalty separate to come together. get to know each other and share practice and ideas. On the environmental su5tsinabi5ty front. a PV array installed in summer 2024, the help of a grant from the West Yortshire Combined Authorrty. This has resuhed in sawngs an average reduction in Page 5
EUREKA! THE NATIONAL CHILDREN'S MUSEUM {A company14mited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEIIIBER 2024 electri¢ty use of 22% per month. Progress was made al ESD to improve café performance and margins through a reduced offer and workforce. This was require(1 lo align the café vth lower levels of visitors than originally fore¢a5t. In a similar vein, the opening hours at ESD during temi time were reduce(I to Wednesday to Friday. opening 7 days per week only during school holidays. A three-year fvndraising strategy Wd5 completed and delivery of Year 1 bwth a larget of £1 OOK towards core costs wll commence in Q12025. The Play it FoThvard campaign was launched just prior to Chrislmas at both sites, lo enGourage familie5 who book free repeat visits to make a contribution which will wjpport familie5 and children from disadvantaged bad(grounds to visit. So far £2127.25 ha5 been donated. A greater emphasis on venue hire and corporate events to contribute to eamed income is underway. A strategy to work th Calderdale to resofve the long-standing concem of Eurekal's responsibilty for redundant heritsge assets on its leasehold 511e was developed and initial steps have been undertaken. At ESD, the Eurekal Public Realm project was on hold for most of the year pending the signing of a Grant Funding Agreement IGFAI. The project was re-initialed earfy in 2025 upon finalising the GFA and the Eurekal claim for outstsnding funding vrns approved. Discussions around the implementsb.on of this project a ongoing. We wll be hosb.ng the 2025 HandsQnl Intemational conference from our base in Liverpool City Region. In 2024 we idents'fied the conference theme as Making a Dtfference Raising Aspiration, Exceeding Expectations and began the process of marketing and PTomolion and programme planning. Eurekal is very proud to have received 3 Gold award for accessibility and inclusivene55 and a Silver award for New Tourism Business in the Wisit England Awards for Excellence in June 2025. This followed tsking the top prize in both of these categories at the 2024 Liverpool Cty Region Tourism Awards earfier in the year. FINANCIAL REVIEW SUMMARY ECM welcomed 259.910 wsitors acr055 the year, a fall of 1% on the previous year. vthile ESD saw 102.452 visitors in its second full year of operab"ng. Overall income for the year was £5,149.842 a decrease from £5.352,688 in 2023. This fall is primarily as a result of the end of grant receipts associated with the new attracts"on. The nel movement in funds for the year fell to a deficit of £1,613,153 in 2024, from a deficit of £1.042,955 in 2023. Within this. restricted funds fell by £801.004 %thile unrestricted fvnds fell by £812,149. INCOME AND EXPENDITURE Income for the year was £5.149,842 12023.. £5.352,6881 induding unrestricted income of £2,623,766 from charitable activrties, £1,885:858 from trading activitses and £516,128 from gifts and donations. Restricted income of £43,523 was received from grants and donations and was all spent wthin the year. Trading activities. after intercompany chargeS. generated a suqAus of £265,262 and the trading subsidiary wll, therefore, make a payment under gift aid to the chaTty in 2024. The tharity received a further £361,611 by way of rental and management charges from the trading subsidiary12023.' £373.4731. Cliaritable EAyriiaiiuig Iv>¥ Iv £J,J IT,834 j20i3'. i>,21)J.I)- Page 6
EUREKA! THE NATIONAL CHILDREN'S MUSEUM IA company limit•d by guarantse) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 FUTURE PLANS The Growth Strategy developed in 2023 lasd OLrt a three-5tage approach to extend our offer, reaching a broader audience and strengthening our financial fesilience. However, in light of cufrent challenges the 8oard of Trustee5 agree that this should be put on hc4d while the tsvo key future critical issue5 are addressed. These indude.. Establish ESD as a successful and sustainable visitor attraction through growth of visitor numbers and income. It has become clear that the currenl business model that has proven successfvl at ECM since opening, 15 riot going to resutt in sustainability at ESD, al least in the short term. With wsitor numbers not achiewng the levels anticipated in eady feasibilty studies. a dependence on earned income and secondary spend wll not result in the income required to support operats"ons. As a consequence, there is a focu5 On the followng key areas to support future planning.. Achieving a better understsnding of internal and extemal reasons for lob%er footfall to drive programmes and markeb.ng - a non-visitor survey was conduded and 2025 V•ill tsrget and fttus on converting non-visilors to annual pass holder5. Diversifying income for the 2025 year al ESD - notabty adding revenue fvndraising and commercial income to the model in addits.on to ann1fty for continued audien growth A ¢ommerc4al review wÈll be commissioned. Identifyng opportunrties to achieve cost sawngs across all aaS Review of staffing structure to ensure that existing roles and responsibiltties are aligned vAth business goals. Enhanced stakeholder engagement and development of partnerships to 5UPPOrt achievernenl of income targets and delivery outcomes. Resolv8 the ongoing issues with the htritage building5 and other elements that are part of the ECM leasèhold through a proce55 of rètuming them to Calderdale Metropolitan Borough Coun¢il At the boaTd meeting of 23 February 2024, the board approved the Srte Development Committee to progress discussions wlh CMBC to find a resolution this long-standing issue. Subsequendy, the board has taken legal and property advice, had a meeting wth CMBC leadership and agreed lo jointy undertake and fund a dilapidations survey lo understand the state of the buildings and costs associated vmth their ongoing repair and mainlenan¢e. The Survey wll commence in May 2025 and once the report is received, further Iliscussion v¢ilh CMBC VAII ensue. Resolving these Iwo critical issues is essential lo Eurekal's longer term planning and development of its sf(es and ftjture aspiration5. Planning to develop a Strategic Framework for 2027 and beyond will Commence early in 2026. Page 7
EUREKA! THE NATIONAL CHILDREN'S MUSEUM IA company limitèd by guaranteel TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 PRINCIPAL RISKS AND UNCERTAINTIES Eurekal a¢Jopts the pnnaples of risk management in tyder to protect the heath, Safety and welfare of ils ernployees and its sItorS. to protect its property, assets and other Tesources and to maintsin its reputstion and good standing. The Board of Trustees rewew5 the major risk5 to vthich the charity 15 exposed on an annual basis, particulady those related to operations and finance. The trustees have given ¢onsiderats"on to the appropriate policies. procedures and systems to Mgate the chariws exposure to the major risks and a risk register exists. bvhich is regulady reviewed. The key risks identified wthin the register are maintaining demand for the attiactions for w511ors, the health and safety of visitors and staff, budgetary control and financial reporkn.ng and compliance with legislation and regulations. INVESTMENT POWERS Eurekal is a public benefft entty. The Memorandum and Artides of Association of the chanty pemiit the trustees lo invest the monies of the charity not immedialety requireil for its purposes in or upon such investments, securities or Propety as rnay be thought fit RESERVES AND RESERVES POUCY Eureka1 The National Children's Museum recognises free reserves as that part of the Charity's unrestn.cted funds that are freely available lo spend on any of the charis purposes. It is the wew of the trustees. taking into account organisational risks. that a taTget for free reserves of apprtsximalely £1,000,000 is ideal. This figure represents approximately three months of core operating costs across both sites and YUld allow the attractnS to remew rts actiwti.es in the event of a significant redu¢tion in trading revenues. The development, refU1$hment and maintenance of the museum'5 rnain building. galleries, grounds and heritage assets require signrficanl funding. unrestn.cted funds in excess of the required free reseNe5 will be designated foT these purposes each year. Al the end of 2024 Eurekal had free reserves of £411.579 12023.. £982,424) as defined by the Charity Commission. The Trustees wll continue to revFew various options, tnduding the disposal of certain capital assets, and establishment of an endowment fund, in order to fijrther secure the charity's future. Additional trading opportunrties are also being exored whth would farjlrtate a transfer of any net surplus generated into rese*ves. Eurekal operates as a going concem. DISCLOSURE OF INFORMATION TO AUDITORS In 50 far as each of the trustees is aware.. there is no relevant audit informab.on of which the tharitsble company's auditor is unaware,. and the trustees have taken all steps that they ought to have tsken to make themselve5 aware of any relevant audit informakn.on and to establish that the auditor is aware of that infomiation. Page 8
EUREKA! THE NATIONAL CHILDREN'S MUSEUM (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 AUDITORS The auditors. Armstrong Watson Audit Limrted have indicated their willingness to continue in office. The designated Trustees 11 propose a motion appointing the auditor5 at a meeting of the Trustees. Approved by order of the members of the board of Trustees on 2Jl) and signed on their behalf by.. Ms J Rl¢e4owèn Chair of Trustees Mr J T Sutcliffe Trustee Page 9
EUREKA! THE NATIONAL CHILDREN'S MUSEUM IA company limitsd by guarantèè) STATEMENT OF TRUSTEES. RESPONSIBIUTIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees (who are also the dtrectors of the Company for the purposes of company lawl are responsible for preparing the Trustees. report induding the Strategic report and the finanual stslements in accordance with applicable law and Unrted Kingdom A(tountsng Stsndards (Untted Kingdom Genetally Accepted Accounting PraGb"cel. Company law requires the Trnstees to prepare finanaal ststements for each finanrial . Under company law. the Trustees musl not approve the financial 5ts1ements Ltnless they are satlsfied that they gtve a true and fair view of the slate of affairs of the Group and the Charrtable Company and of their incoming resources and application of resources, including their income and expendilure of the chantable group. for that perEod. In preparing these finanrjal statements, the Trustees are required to". select suitable accounting polioes and then appty them ¢onsi5tentty', observe the methods and principles of the Chartb"e5 SORP IFRS 1021". make judgments and accounting estimates that are reasonable and pnjdenl", state vh)ether applicable UK Accotjnting Stsndards IFRS 1021 have been followed, subject to any material departures disdosed and explained in the financi¥ 51atements', prepare the financial ststement5 on the going concern ba515 unless it is inappropriate lo presume that the Group wll continue in business. The Trustees are responsible for keeng adequale acc(MJnb"ng records that are sufficient to show and explain the Group and the Company's transacb"on5 and disdose wth reasonable accuracy al any tirne the financial position of the Group and the Company and enable thern to ensure that the financial statements comply wth the Companies Act 2006. They are also Tesponsible for safeguarding the a55ets of the Group and the Company and hen¢e for taking reasonable Steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the tharitable group's websrte. LegÈslation in the Unrted Kingdom goveming the preparation and dissemination tsf financial statements may drffer from legislats'on in other jurisdith'ons. Page 10
EUREI(A! THE NATIONAL CHILDREN'S MUSEUM IA company limited by guardntee) INDEPENDENT AUDrfoR'S REPORT TO THE MEMBERS OF EUREKAI THE NATIONAL CHILDREN'S PJJUSEUM Opinion We have audited the financial ststements of Eurekal The Natsonal Children's Museum (the 'Pant charitable company'l and ils subsidiaries (together the 'gfOLlP'I for the year ended 31 December 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated ststement of cash flow5 and the related notes. induding a summary of significant accounting policies. The financial reporting framework that has been applied in Iheir PparatiOn is applicable law and United Kingdom Accounting Stsndards. induding Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United ngdorn Generally Accepted Accounting Practice). In our Opini the financial statements.. give a true and fair view of the state of the Group's and of the parent charitable company5 affairs as at 31 December 2024 and of the Group's incoming resources and application of SoUrCes, induding (ts income and expendrture for the year then ended", have been propedy ppad in accordance Unrted lfjngdom Generally Accepted Accounting Practice". and have been prepared in accordan¢e the requirements of the Companies Act 2006. Basis for oplnion We conducted our audit in accordance vmth Intemational Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are fvrther described in the Auditorfs responsibilitie5 for the audit of the financial statements section of our report. We are independent of the Group in accordance wlh the ethical requirements that are relevant to our audrt of the finanaal statements in the United Kingdom. including the Financial Reporting Council's Elhitxl Stsndard. and we have fvlfilled our other ethical responsibilities in accordance wlh these requirements. We believe that the audit evidence V•E have obtained is sufficient and appropiiate lo provide a basis tw our opinion. Con¢lusions relating to golng ¢on¢èm In audits.ng the financial statements. we have conduded that the Tru5tees' use of the going con¢em basis of accounting in the preparation of the finanaal statements is appropriate. Based on the work we have perfornied. we have not idenbfied any material uncertainties relating to events or conditions that. indiwdually or collectively, may cast signffi¢ant doubt on the Group's or the parent charitable cornpany's ability to continue as a going concern for a period of at least twelve months from en the financial slaternents are authorised for Issue. Our respon5ibilitie$ and the resbIlIeS of the Trustees with respect to going concem are described in the relevant sections of this report Page 11
EUREKAT THE NATIONAL CHILDREN'S MUSEUM IA company limit•d by guaranteel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUREKA! THE NATIONAL CHILDREN'S MUSEUM (CONTINUED) Othèr infomiati¢)n The Trustees are responsible for the other inf0mtrOn. The other infc¥mation comprises the infomialion induded in the Annual report. other than the financial statements and our Audrtorfs report thereon. Our opinion on the financial statements does not cover the other inforn)abon and, except lo the extent otheTwse expli¢illy slated in our POrt, we do not express any fom7 of assurance condusion theOn. In connection vthh our audit of the financial statements, our responsibility is to read the other infomation and, in doing so. consider %thether the other information is m*erially inconsistent with the financial statements or our kno%edge obtained in the audit or othewse appears lo be rnaterially rnisstated. If we identfy such material inconsistencies or apparent material mis51alements, a required lo determine whether there is a material misstslemenl in the financial statements or a material misstatement of the other information. If, based on the work we have perfofmed. we condude that there is a material misstalemenl of this other inforniation, we are required to report that fact. We have nothing to report in this regard. Opinion on othe¥ matters prescribed by thè Companies Act 2006 In our opinion, based on the yrk undertaken in the course of the audit the infornialion given in the Twstees. report induding the Group Strategic report for the finanaal year for which the financial ststements are prepared is ¢onsi5tent the financial statements_ the Tru5tees' report and the Group Strategic report have been prepared in accordance with applicable legal requirements. Matters on thIch we are r•qulTrd to pOrt by exceptlon In the light of our knovAe(Ige and understanding of the Group and the charrtae company and ils enwronment obtained in the course of the audiL have not identsfied Material misstatements in the Trustees, report including the Group Strategic POrt. We have nothing to report in respect of the foll0vrtg matters in relation to vthi¢h Companie5 Act 2006 requires us to report to you if, in our opinion- the pant chantable company has not kept adequate and sufficient 3¢counting records. OT retums adequate for our audit have not been received from branthe5 not vssited by us., or the parent charrtable company financial ststements are not in agreement the accounting records and retums., or Certain disc105ures of Trustees, remuneration spe¢ified by law are not made., or %%e have not received all the information and explanab.ons we require for our audit. Page 12
EUREKAI THE NATIONAL CHILDREN'S MUSEUM IA company limited by guarants•) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUREKA! THE NATIONAL CHILDREN'S MUSEUM ICONTINUEDI Responsibililitrs of trustees As explained more fully in the Trustees. responsibilthes statement on page 10, the Trustees (who are also the directors of the ¢haritable company for the purposes of company lawl a responsible for the preparation of the financial ststements and for being satisfied that they give a true and lair view, and for such intemal control as the Trustees determine is necessary to enable the preparation of finanaal statements that are free from material misstatement, ether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the Group's and the parent charitable companys ability to continue as a going con¢em. disclosing, as applicable. matters related to going concern and using the going Concern basis of account'ng unless the Trustees either intend to liquidate the Group or the parent charitsble company or to cease operations, or have no realistic altemative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonab assurance aboLrt whether the finanaal ststements a$ a whole are free from material misstatement, whether due to fraud or error. and to issue an Audrf(ols report that indudes OUT opinion. Reasonable a55uran¢e is a high level of assurance. but is not a guarantee that an audrt conducted in accordance with ISAS IUKI wll ahvay5 detect 3 material misslaternent vthen f( exists. Mi5stslements can arise from frBud or error and are considered material if, indiwdually or in the aggregate, they could reasonably be expected to influence the economiG deusions of user5 taken on the basis of these finanryal statements. Irregularities. including fraud, are instsnce5 of non-compliance with laws and regulations. We design procedures in line with our responsI.11t1es. outlined above, to detect material misstatements in re5ped of irregularities, including fraud. The extent lo whith our procedure5 a ¢apable of deteth.ng irregularities, induding fraud is detailed below.. Our approach lo identrfwng and assessing the risks of material mt55tstement in respect of irregularities, including fraud and non ¢ompliance vAth law5 and regulatsons, was a5 folSows." . the engagement partner ensured th* the engagement team collectNely had the appropriate competence, Capabilrties and skills to idenb.fy or recognise non Complian applicable lavts and gUlatiOnS.. we identified the laws and regulations applicable to the Group an¢J parent charitable company through discussions wth trustees, directors and other management and review of appropriate industy knoedge,. ' we assessed the extent of compliance wth the laws and wulations identrfied above through making enquiries of management,. and identified laws and regulations were communited within the audit team regularly and the team remained alert to instances of non ¢ompliance throughout the audit. We assessed the susceptibility of the Group and the parent charitable company finanrial Statements to material misststement, induding obtaining an understanding of howfraud might occur. by." making enquiries of management as lo where they considered there vras susCepti.1Ity to fraud, their knoedge of actual, suspected and alleged fraud.. and ' considering the intemal contro15 in place to mitigate risks of fraud and non compliance wth laws and gulations. Page 13
EUREKA! THE NATIONAL CHILDREN'S MUSEUM {A companylsmited by guarants¢) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUREKA! THE NATIONAL CHILDREN'S MUSEUM ICONTINUEDI Auditorfs responsibiliti0$ for the audit of the financial $tstements (continued) To address the risk of fraud thrwgh management bias and override of corrtrols. we.. ' perfomied analyb'f21 procedures as a risk a55e5sment tool to identsfy any unusual or unexpected relationship3,' • tested journal entries to identify unusual transactions- . Assessed vthether judgements and assumpbons made in determining the a¢¢ounting estimates set out in Note 2.18 were indicative of potential bias. In response to the risk of iTTegulartb"es and non compliance laws and regulations, we designed procedures which induded, but were not limited lo.. ' agreeing financial statement disdosures to underlyng SUppting documentsb"on', and ' enquiring of management as lo actual and potential litigation and daims. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the finanaal statements. even though we have properfy planned and perfomed our audit in accordance wth auditing stsndaids. For example, as wth any audiL there remained a higher risk of ntsn dete¢bon of iegUlarities. a5 these may invoEve collusion. forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not iesponsible for preventing fraud or non compliance laws and Tegulations and Gannot be expected to detect all fraud and non compliance with laws and regulations. A further description of our responsibilities for the audrt of the financial statements is located on the Financial Reporty'n9 Council's websrte at". vhvw.frc.o .uklauditorsres on5ibiliiies. This description forms part of our Auditorfs repo Use of our report This report is Tnade solely lo the charitable companys mernbeTS, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been vndertaken $0 that we might state to the charitable company's members those matters y are required to stste to them in an Auditor's report and for no other purp(>se. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitsble company and its mernber5. as a body. for our audrt Yrk. for this report, or for the opinions we have formed. Karen Rae Isenior ststutory auditor} Amistrong Watson Audit Limited Chartered Accountants and Statutory Auditors Leeds nAtp' i .T Page 14
EUREKA! THE NATIONAL CHILDREN'S MUSEUM IA ClKnpany limited by guarantsel CONSOUDATED STATEMENT OF FINANCIAL ACTMTIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEM8ER 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Income from other trading acb"wb"es". Commercial trading activibes Investments 43.523 516,605 2,623.766 560,128 2,623,766 771,099 2, 749, 796 1.885.858 80.090 1.885.858 80.090 1,747,282 84,511 Total income 43.S23 5.106,319 5.149.842 5.352,688 Exptnditure on: Commeraal trading activthes Charitable a¢tivities 1.503.147 4.473,307 1.503,147 5,317.834 1,234, 188 5,263,5d7 844.5ZI Total expnditure 844,527 5,976,454 6.820,981 6,497, 735 Net expendllurn fOre taxation Taxation- Museum & Gallery Exhibitions Tax relief 1801,0041 1870.135) 11.671.139) (1, 145,047) 57,986 57,986 102,092 1801,0041 1812.1491 11.613,1531 (1,042,955) Not movement in funds Reconcillation of funds: Total funds brought fOrard Net movement in funds 12.225.602 (801.0041 4.273.S43 16,499,145 17,542, 100 (812,1491 11,613.153) (1,042,955J 11,424.S98 3.461.394 14,885.992 16,499. 145 Totsl funds carried forward The Consolidated statement of finanriBI activrties indudes all gains and105ses CogniSed in the year. The notes on pages 19 to 39 fomi part of these financial statement5. Page 15
EUREKAI THE NATIONAL CHILDREN'S MUSEUM IA company limited by guarantÈÈl REGISTERED NUMBER: 1948578 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets 13,S11.036 13,986, 126 13.511,036 13,986, 126 Current assets Slo¢ks Debtors Cash al bank and in hand 13 67.769 418.108 1,S18.638 62,382 428,951 2,596,958 14 2.0114.515 3.088,291 Creditors.. amounts falling due vthin one year 15 1629,5591 (575,272) Net current assets 1,374.9S6 2,513,019 Total assets l•$$ ¢urrent liabilities 14.885.992 16,499, 145 Totsl net assets 14,885.992 16,499, 145 Charityfunds Restricted funds 18 18 11.424.598 3.461.394 12.225,602 4,273,543 Unrestricted fvnds Total fund$ 14,885.992 16,499, 145 The Trustees acknowjedge their responsibil"eS for complwng vth the requirements of the Act wth respect lo accounting records and preparation of financial slatemenls. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by". on Ms J Ri¢È£owen Trustee Mr J T Sutcliffe Trustee Thp nntps on pages 19 to 39 form part of these financi81 statements. Page 16
EUREKAI THE NATIONAL CHILDREN'S MUSEUM IA Gompany limitsd by guarantee) REGISTERED NUMBER: 1948S78 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Investment5 13,S11.036 13,986, 126 12 13.511,038 13,986, 128 Currènt assets Debtors 14 407.786 1.264.658 646,415 2.228,437 Cash al bank and in hand 1.672,444 2,874.852 Creditots.. amounts falling due Ythin one year 15 1546.4411 (484,612) Net current assèts 1.126,003 2,390,240 Total assets less current Ilabiliti8s 14,637.041 16,376,368 Total net •ssèts 14.637.041 16,376,368 Charlty funds Restricted fund5 Unrestricted fvnds 11,424.598 3.212.443 12,225,602 4, 150, 766 Total funds 14.637,041 16,376,368 The Trustees aCknOedge their spOnsIbl1.es for complwng vnth U)e requirements of the Act wth respect lo accounting records artd pparatiOn of finanrial Statements. The financial statements 21 >J2- approved and authorised for issue by the Trustees and signed on their behalf by.. on Ms J Rice-Bowon Trustee Mr J T Sutcliffo Trustee The notes on pages 19 10 39 fomi part of these financial ststements. Page 17
EUREKAI THE NATIONAL CHILDREN'S MUSEUM (A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash 110 from opernting activities Nel cash provided in operatsng acts"vitses {note 21) 1650.7941 (224,295) Cash flows from investing activitles Dividends, interests and rents from investments (note 51 Purchase of tangible fixed assets (note 11) 80.090 1507.6161 84,511 (596.263? Net cash used in investing activlties {427.5261 (511.752) chan In cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 11.078,3201 2.S96,958 1736,0471 3.333,005 Cash and cash equival¢nts at the end of the year (nots 22} 1.518.638 2,596,958 The notes on pages 19 10 39 form part of these financial statements Page 18
EUREKA! THE NATIONAL CHILDREN'S MUSEUM (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General irrfomiation Eureka! The Nation Children's Museum 15 a charitable Company limrted by guarantee and registered in England and Wales. The registered address is Eurekal The National Children's Museum, Discovery Road. Halifax. West Yorkshire. HX1 2NE. The ftjnctioning and presentstional currency is Slerting (£). Accountlng policies 2.1 Basis of preparation of financial 5tstem¢nts The financial statements have been prepared in accordance wth the Charrties SORP IFRS 1021- Accounts'ng and Repon9 by Charities." Stslement of Recommended Practice applicable to charities preparing their accounts in accordance wth the FÉnanual Reporb"ng Standard applicable in the UK and Republi¢ of Ireland {FRS 1021 (effective 1 January 20191, the Finanual Reporting Standard applicable in the UK and Republic of Iland IFRS 1021 and the Companies Act 2006. Eurekal The Nab"onal Children's Museum meets the definthon of a public benefft entity under FRS 102. Assets and liabilities are inrtialty re¢ognised at historical Cost or transaction value unless othelISe 5tsted in the relevant accounting policy. The Consolidaled statement of ffinanaal acttwb"e5 (SOFA) and Consolidated balance sheet consolidate the finanual statements of the Company and its subsidiary undertaking. The results of the subsidiary a consolidated on a line by line basis. The Company has taken advantsge of the exemption allowed under section 408 of the Companies Act 2006 and ha5 not presented ils ovm Stalement of finanual act"e5 in these financ¢al stslements. No separate SOFA has been presented for the ¢ompany alone as pemiitted by sectson 408 of the Companies Act 2006. The lunctional and Presentstional currency of the charrtable company is 5terfing (£1. 2.2 Company status The company is a company limrted by guarantee. The members of the company are the Trustees named on page 1 In the event of the company bw.ng wound up, the liabilty in respect of the guarantee is limited to £1 per member of the company. The trustees are directors for the PUTpose5 of the Companies Act 20CK8. At 31 Oecember 2024 there Y eight membeT512023.' ten mernber51. Page 19
EUREKA! THE NATIONAL CHILDREN'S MUSEUM IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting polici¢$ l¢ontinuedl 2.3 Going ¢oncem The principal financial risk faung the ¢harity is its ability lo generate sufficient income from visitor numbers and external funding to cover expendrture incurred in fulfilling the objectives of the charity. The Trustees have vieWed the cash position of the chanty and cash forecasts at the date of signing the accounts and a sab"5fied that the charty wll be able lo meet all the financial commitments for the foreseeable future and for a period of at least 12 months from the date of signing. In reaching their conclusion. the Trustees have Considered cash Ilows covering 8 period of 12 months from the date of sign off. and the availability of fvnding both extemally and Intemalty. They have also considered future strategic and operational objecb.ves for the ensuing 12 months and have considere<l and applied sensiknvity analysis on the forecasts a5 appropriate. As a consequence. the Trustees believe thal the charity is *tll placed to manage its financial risks su¢¢e5sfully despite the current uncertain economic oulook. After making enquiries, the Trustees have a reasonable expectation that the charity has adequate reseNes to continue in operational existence for the foreseeable fvture. Accordingly, Ihe Trustees continue to adopt the going ¢onceTn basis in pieparing the accounts. 2.4 Income All income is recognised once the Company has enb"llement to the income, il is probable that the income wll be received and the amount of income receivable can be Measured reliably. Where the donated good 15 a fixed asset it 15 measured at lair value, unless it is impractical to measure this reliably. in whith case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset category and depreciated over the usefvl economic lrfe in accordance with the academy trust's accounting policies. Donated services or facile$ are Tecognised vknen the company has control over the item. any conditions associated th the donated item have been met, the teiPt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordan¢e bwth the Charities SORP IFRS 1021. general volunteer time is not cogniSed in the accounts. Grants are included when the chanty is legally enbUed to the income and the amount can be quantified wth reasonable accuracy. The job retention scheme income amount5 are recognised %then there is reasonable assurance that the entity wll comply wth the COndonS attathing to the gTant and the grant wll be received. Page 20
EUREKA! THE NATIONAL CHILDREN'S MUSEUM {A company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ounting policies Icontinuedl 2.5 Charitable expenditu Direct charitable expenditure indudes all expenditure dire¢Uy lated to the objects of the charity and comprise5 the following". E5tsblishm8nt costs Establishment Costs inckJ(Je all the costs relating to the maintenance and running of the museum building. Exhibitions and sgrvice delivery Exhibitions and service delNery indude all costs related to the maintenance of the museum exhibits and the delivery of the producl to the putAic. Oth¢r ¢xpenditurn Other expenditure is analy under the foll0vj sutsheadings.. Publicity ¢osts Publicity costs represent expenditure in relation to staff members are directty engaged in fund raising. and the related costs of the fvnd raising departmenL Governanc• costs Govemance costs are those incurred in connection wth the administration of the company and mpliance with constituts.onal and slatutory requirements. Allocation of ¢osts The Charity's operating costs indudes staff costs. ¢Jepreaation and gther related costs. Such costs are allocated befvn other charitable expenditu, fund-raising and publicity and management and administration. Staff costs are allocated accoiding to the c05t5 of staff working directly in the relevant department5 and propety costs are allOted according lo the space used by each department. Where costs are not directty attribLrtable to any department, they have been apPooned according to the totsl of all other costs relats.ng to each department. Support costs are those costs inCued direcuy in support of expenditure on the objects of the company arKt include project management carried out al Headquartefs. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading a"'e$ that raise fiJnd5. Charitable actiwties and Govemance cost5 Bre costs incurred on the company's educational operations, including support costs and costs lating to the govemance of the company appooned to charitable activitses. Expenditure on raising funds includes all expenditure Fncurred by the Group lo raise funds for rts charitable purposes and include5 costs of all fvndraising actiwties events and non-charitable trading. Expenditure on charrtable activiiies is incLsrred on directly undertaknng the actiwb.es which further the Group's objecb"ve5. as well as any associated support costs. Page21
EUREKAI THE P4ATIONAL CHILDREN'S MUSEUM IA ¢ompany limited by guardntèel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policiès (continued) 2.6 Basis of Consolidation The financial statements consolidate the accounts of Evka1 The National Children's Museum and rt5 subsidiary undertaking, 1855 stsb.on Building Limrted. The company has taken advantage of the exempt¢on contained vmthin secb.on 408 of the Cornpanies Act 2006 not to present rts Ststement of Finanaal Ath"vities. induding income and expenditure accounts. The nel income and expenditure account for the year deatt in the accounts of the company was a deficit of £1,739,328 {2023- £892,392 defiutl. 2.7 Tangible fixed assets and depr•ciatlon A VIeW for Impaimient of a )Sxed asset is carried out if events or changes in circumstances indi¢ate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recOVerae amounts are recognised as impaifmenls. Impaimient losses are Cognised in the Stslement offinancial actiV"e$. Assets in the course of construction are induded at costs incurred to date. Depreaation on these assets is not charged until they are broLtght into Use. At each reporting date the Company assesses %thether the is any indication of impaiTment. If such indication exists. the Tecoverable amount of the asset is detemined to be the higher of its fair value le55 Costs to sell and its value in use. An impairment loss is recognised where the Can9 amount exceeds the recoverable amount. Tangible fixed assets are carrie(l at cost. net of depreoation and any prowsion for impairment. There is no depreciation charged on otheT fixed assets which are assets under construction. Depreciation is promded at rates calculated to vrrite off the cost of fixed assets, less their estimated residual value, over their expected uselul lives on the followng bases.. Lon*lerm leasehold properly - 2% slraight b'ne and car park development Fixtures and fittings ExhIbOn equipment 25% straight line 10% Straight line Depreciation 15 not nomialty charged in the year that an a55et is acquired. The assets. SIdUal values, useful lives and depreciation methods are reviewed, and adjusted prDSPPrtivp.ty rf apprnatP or rf there is an indication of a signtficanl ch3nge since tho la-t rcporh.ng dale. 2.8 Inv&stsi)eiil Fixed asset investments are a fom of financial instrument and are initially recDgnised at their transaction cost and 5ubsequenily measured at tsir value at the Balance sheet date. unless the tsir value cannot be measured reliably in whi¢h it Is measured al ¢osl less imF)airmpnl Invpslmpnt gains and losses. whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments. in the Consolidated statement of financi313ctivities. Subsidiary undertakn"n95 Investments in subsidiaries are valued at cost less provision for impaimient. Page 22
EUREKA! THE NATIONAL CHILDREN'S MUSEUM IA company limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontinuedl 2.9 Interest rècèivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normalty upon nob"fication olthe interest paid or payable by the Bank. 2.10 stocks Stocks are stated at the lower of cost and net realisable value. being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Al each porting date, slo¢ks a assessed for impairment. If stock is impaired, the car.ng amount Is reduced to tts selling price less costs to complete and 5ell_ The impairnient loss is recognised immediately in profft or loss. 2.11 Debtors Trade and other debtots are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade tliscounts due. 2.12 Cash at bank and in hand and cash ¢quival*nts Cash at bank and in hand indudes cash and instant access bank accounts. The cash equivalents includes short-term highly liquid investments wth a sh<x1 matunty of three months or less. 2.13 Liabilities and provisions Liabilities are recognised vh)en there is an oblig3ts.on * the Balance sheet dale as a result of a past event. it is probable that a transfer of economic benefft wll be required in settlement. and the amount of the settlement can be eslimated reliably. Liabilities are recognised al the amount that the company anticipate5 rt wll pay to setue the debt or the amount f( has received a5 advanced payments for the goods or services rt must provtde_ Prowsions are measured al the best estimate of the amounts requiTed to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts. discounted at the pre4ax discount rate that reflects the risks specific lo the liability. The un1ndIng of the discount is recognised within interest payable and similar charges. 2.14 Financial instruments The Group only has finanual assets and finanryal liabilrties of a kn'nd that qvalify as basic financial instruments. Basic finanaal instruments are initially recognised at transaction value and subsequentty measured at their settlement value the ex¢eption of bank loans thich are subsequently measured at amortised cost Ung the effective interest method. 2.15 Taxatlon The company is considered to pass the tests sel OLrt Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore rt meets the definition of a charttable company for UK Gorporation tax purp05e5. Accordingly, the company is potenb.alty exempt from taxation in respect of income or capital gains received within ¢ategories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are pplied exclusively to charitsble purposes. Page 23
EUREKA! THE NATIONAL CHILDREN'S MUSEUM IA company limitèd by 9uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ounting policies (Contind) 2.16 Pensions The company operates a defined contribubon pension scheme and the pension charge presents the amounts payable by the Company to the fund in respect of the yeaT. 2.17 Fund accounting General fvnds are unrestricted funds whith are available foT use at the discrtion of tre TTuslees in fiJrtheran¢e of the geneTaJ objectives of the Group and lch have not been designated for other purposes. Designated funds comprise urrreslricted funds th have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the ftotes to the financial statement5. Restricted fund5 are fvnds which are to be use(1 in accordance with specific restrictions imptssed by donors or which have been raised by the Group for particular purpose5. The costs of raising and administering such fvnds are charged against the specrfic fund. The aim and use of each restricted fund is set out in the notes to the financial statements_ 2.18 Judgèment in applying accounting pollcies and key sources of estimation uncèrtainty The pparation of these financial Statements quIre management to make judgements, estimates and assumptions th affed the application of poli(ies and reported amounts of assets and liabilits'es, income and expenses. Judgement and estimates are continually ewdluated and are based on historical experien¢es and other factors. induding expectats.ons of fvbJre events that a belived to be reasonable under the Circumstances. The Group and the company makes esb"mates and assumptEons conceming the future. The resulting accounting estimates Vlill. by definrtion. seldom equal the related actual results. Critical accountlng estinlates and assumptions: Useful economic lives of tangible assets The annual depreriab.on charye for tangible a55ets is sensitive to changes in the estimated uselul economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annualty. They are amended when necessary to refle¢l current estimates, based on technological advancement. ftrture investments, economic utilisation and the physical condition ol the assets. See nole 1 t for the carying amount of the. pmppty. plant and equipment 3nd notc ? 7 for thc useful economic lives for each dass of assets. Bad d•bt provision The Group and the charitable ¢ompany makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rab'ng of the debtor, the aqeinq profile cil debtors and hislnrirAI experience. See note 14 for the net Carr"n9 amount of the debtor5 and associated impairment provision. Page 24
EUREKA! THE NATIONAL CHILDREN'S MUSEUM (A company limited by guarantsèl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 In¢om• from donations and legacl¢s Restricted Unrestricted funds funds 2024 2024 Totsl funds 2024 Donab"on$ 43,523 516,605 560,128 ReStted unStneÈed funds funds 2023 2023 Total funds 2023 Donations 211.632 559.467 771.099 2024 2023 Unrnstricted Gift aid Spark Fund- Spooner Trust Spark Fund- Other5 Spark Fund- Dawd Celino Memorial Fund Other 515.485 554,622 2,000 833 429 691 1, 146 866 S16,605 559,467 2024 2023 Restricted WYCA Town Deal The Johnson Foundation 30.000 13.523 111.632 loo,000 43,523 211,632 Page 25
EUREKAT THE NATIONAL CHILDREN'S MUSEUM IA ¢ompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR TTrtE YEAR ENDED 31 DECEMBER 2024 Incomè from charitable activiti•$ Unrestricted funds 2024 Total funds 2024 Total income from operation of museum 2.623,766 2.623,766 unStrICted funds 2023 Total funds 2023 Total income from operation of museum 2,749,796 2,749, 796 Investment income Unrestricted funds 2024 Total fund$ 2024 Bank deposrt interest receivable 80,090 80,090 Unrestricted funds 2023 Total funds 2023 Bank deposrt interest receivable 84.511 84,511 Page 26
EUREKA! THE NATIONAL CHILDREN'S MUSEUM (A company limttsd by guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 Trading Activities funds furKts funds funds 224 21r24 2024 2023 Charty Trading IncoTr Tumo 747 FundraSsing trading expefws Cost of s*s Adrrini5trati)E ewer Wages and salaries Eryloyers Pension costs 537.946 S17,708 537.946 S17,708 538.786 22,524 5.371 573,716 541.654 470,554 17,455 4,281 22,524 5.371 1607 660 inc(mE frryn trading ¥b"%ile5 befcwe ttion 139 622 Tumover of 1855 Station Building Limited is £1,885,858 {2023- £1.747,2821 has been recognised in the consolidated statement of financial activities in relation lo the trading subsidiary. In addition. inter-company ChargeS of £361,611 12023.. £373,473) have been eliminated on consolidation. Page 27
EUREKAI THE NATIONAL CHILDREN'S MUSEUM IA ¢ompany limited by guarantee) NOTES TO THE FINANCIAL STATEIIENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by expenditijre type Staff Costs Depreciation tXher Costs Totsl 2024 2024 2024 2024 Total 2023 Costs Incurred by Trading Subsidiaries 042 1 260 723 EstablishnEnt E>J)ibition Publicity 9n.4 1.369.814 205,214 492.1n 1.234.326 1698,988 490.536 343.289 1203,639 423,431 628,645 2,489.707 2,047.920 668.574 Charitable Activtties 5 2(6 201 Expenditure on governance 57,346 3 114199 2 724 073 6.497,735 Total 21r23 2,743,610 970.412 2,783,713 6,497,735 Support costs 2024 2023 Governance Auditorfs remuneration Legal and professional 31.030 30.339 28,482 28,884 61.369 57,366 Page 28
EUREKA! THE NATIONAL CHILDREN'S MUSEUM IA company limited by guarnnts•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Not IncomellExpenditure) This 15 Stated after charging.. 2024 2023 Fee5 payable to the auditor for the audrt ofthe Companls annual alunt5 Fee$ payable to the audrtor in respect of fees in relation to.. Corporation tsx Depreciation of tangible assets ovmed by the group 25,355 24,000 5.675 982,708 4,882 970,413 10. Staff costs Group 2024 Group 2023 Company 2024 Company 2023 Wages an%Y salarTres Social security costs Contribution to defined contribution pension schemes 2.827.804 202.688 2,497,700 171.496 1289.018 180.164 2,027, 146 154,041 83.706 74.414 78,335 70, 133 3,114.198 2,743.610 2,S47,517 2,251.320 The average number of persons employed by the Group and Company during the year was as flOW5.. Group 2024 Mo. Gn)up 2023 No. Company 2024 No. Company 2023 No. Museum Cafe 110 40 117 110 165 150 110 The average headcount expressed as a fvll time equivalent was 83 in the current and 80 in the previoLbS year. Page 29
EUREKA! THE NATIONAL CHILDREN'S MUSEUM IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Staff costs {continuedl Ms L-A Slradeski. a Trustee, received remunerats.on of £131.622 in the year 12023 £122,695) in her capacity as Chief Executive. Pension conth"bub"orTs of 10% of salary V•Ere paid12023.' 10%). None of the other Trustees received remunerats.on during the year. Five other employees received remuneration amounting to more than £60,000 in the Current accounting year. These 3 employees received remuneratj.on between £60,000 and £70,000 and 2 employee5 received betsveen £70.000 and £80.000 and they all receive pension contribLrtions of 5% of salary. . Costs incurred in relation to key management personnel were £139,939 in total {2023.' £130,762) and this was in relation to one person in the cajirent and previous year. Ttees. rnmunèrntson and expenses No Trustee remunerabon was paid during the year other than the remuneration paid to the Chief Execub"ve noted above. The charity purGhased insurance £1,480 12023." £1,564) to prote¢t against loss arising from neglect or default of its trustees and office. No expenses (2023". £Nil) were reimbursed to any trustees. 11. Tangible fixed assets Group Long-temi leasehold Fixtures and property fitting5 Exhibition equipment Total Cost or valuation At 1 January 2024 Additions 13,612.237 223.071 1.373.705 58.828 8.553,593 23,539,535 225,719 507,618 At 31 De¢ember 2024 13.835.308 1.432.533 8.779.312 24.047,153 Deprèclation At 1 January 2024 Charge for the year 4.568,990 300,113 791,607 192,059 {192.812 490.536 9.S53,409 982,708 At 31 December 2024 4.869.103 983,666 4.683,348 10,S36,117 Nèt book value At Jl December 2v24 8,YfjS.205 448,867 4.095,964 13,511,036 At 31 Dember 2023 9.043.247 582,098 4,360.781 13,985, 126 Page 30
EUREKA! THE NATIONAL CHILDREN'S MUSEUM IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Tangibl• fixed assets (continued) Company Long-tsrni leasehold Fixtuves and property fittings Exhibition equipment Total Cost or valuation At 1 January 2024 Additions 13.612.237 223.071 1.343.090 58,828 8,553.593 225.719 23.508.920 507,618 At 31 December 2024 13.835.308 1.401.918 8.779.312 24.016,538 Depreciation Al 1 January 2024 Charge for the year 4.S68,990 300.113 760,992 192,059 4.192.812 490,536 9,522.794 982.708 Al 31 December 2024 4.869.103 953.051 4,683,348 10,505.502 Nat book value Al 31 December 2024 8,966.205 448.867 4.095.964 13,S11,036 At 31 December 2023 9,043,247 582,098 4,360. 781 13,986, 126 12. Fixéd asset investments Investments in 5ub5idiary ¢ompanies Company Cost or valuation At 1 January 2024 At 31 Decembef 2024 Net book valu• At 31 December 2024 At 31 December 2023 Page 31
EUREKAT THE NATIONAL CHILDREN'S MUSEUM IA company limited by guarantee) NOTES TO THE FINANCIAL STATEIIENTS FOR THE YEAR ENDED 31 DECEAIBER 2024 13. Stocks Group 2024 Gmup 2023 Shop goods for resale Catering goods for resaje 47,203 20,566 51,031 11,351 67,769 62,382 14. D¢bto Group 2024 Group 2023 Company 2024 Company 2023 Due within one year Trade debtors Amounts owed by group undertakings Prepayments and accrued income 13.973 9,706 7.331 4,367 225,526 416,522 404.135 419,245 400,455 418.108 428,951 407,786 646,415 15. Creditors: Amounts tslling due withln one year Group 2024 Group 2023 Company 2024 Company 2023 Trade creditors Amounts owed lo group undertakings Other taxation and social security Other creditors A¢¢wals and deferred income 184.443 172,330 1SS,918 33,551 48,946 18,012 290,014 146, 185 113.698 18.012 313.406 91,968 16,473 294.501 72,694 16,473 249,260 629.559 575,272 $46,441 484.612 Page 32
EUREKA! THE NATIONAL CHILDREN'S MUSEUM IA company lifftited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Dèferred income Group 2024 Gup 2023 Company 2024 Company 2023 Dèferred income Deferred income al 1 January 2024 Resources deferred during the year Amounts released from prevrous penods 73,958 74.920 (73.9S8) 54.932 73,958 (54,932) 64,860 72.417 164.860) 45,667 64,860 145,66TJ Deferred incomo at 31 December 2024 74,920 73,958 72,417 64.860 This balance is induded wthin accruals and defeTred income thIn creditors due within one year. 17. Flnancial instruments Group 2024 2023 Company 2024 Con7pany 2023 Financral assèts Financial asseis measu at fair value through income and expenditure 1,532.611 2,606,664 1.271.989 2,232,805 Group 2024 Group 2023 Company 2024 Company 2023 Financial liabilities Financial liabilities measured at amortised Cost 536.114 484,716 422,462 403.279 Financial assets measured at fair value through income and expendiiure comprises trade debtors, other debtors and c35h in hand. Financial liabilities measured at amortised cost comprises trade Credrtors. taxation and social security, accruals. Page 33
EUREKAI THE NATIONAL CHILDREN'S MUSEUM IA company limited by guarantee) NOTES TO THE FIMANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Ststement of funds Statement of funds - current year Balance at 31 Oe¢ember 2024 Balance at I January 2024 Tr•nsfevs inlout Income Expenditure Taxation Unre$tri¢ted fund$ Designated funds 1.120 11,1201 244,OS8 Spark Fund Fixed asset fund Maintenance & development fund 2.039,158 1150,819) 2.132,397 (242,938) 917.418 1.251.961 191,605) 3,291,119 1.120 (242.424) 3,049,815 General funds General Funds 411.579 982,424 5,105.199 15,734,030) 57.986 Total Unrestrictsd funds 3,461.394 4.273,543 5,106,319 {5.976,454) 57.986 Restricted funds All About Me 1855 Station Building Project Gift in kind for exhibitions Eurekal Science Discovery 1.770,239 1,841.002 170.763) 2,000 2.500 15001 4.870 9,418,216 Centre Town Deal Gallery Development Other restricted fijnds 10,163.203 1749.857) 113.523) 13,S23 14,8701 154,606 159.476 {9.884) 79.S37 30,OIX) 11,424,598 12,225.602 43.523 1844,527) Total of funds 16,499.145 5.149,842 16,820.981) 57,986 14,885,992 Page 34
EUREKAI THE NATIONAL CHILDREN'S MUSEUM IA company Ilmtted by guarantee) NOTES TO THE FINANCIAL STATEPAENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of funds {¢onttnuedl 18. The fixed asset fund has been set up to a$si5t in identify.ng those fvnds that a not free funds and rt represents the net book value of tangible fixed assets ftjnded from urlresthcted funds, th the exception of fixed assets held in subsidiary companies. The maintenance & development fund has been designated by the trustees for refvrbishment and repairs to the museum assets. The strategic fijture fvnds has been designated by the tnjstees lo ensure that in the unlikety event that the organisab.orr decided lo cease trading an ordety winding down of operations could be facilitated. The Eurekal Mersey restn'cted funds balance represents grants and donab.ons received for the purpose of develoyng Eureka! Science + Discovery at Seacombe. The balances on the All Abwt Me, 1855 Ststion Building Proiect. YorkshiTr Forward and gifts in k.nd for exhibib.on funds a presented by the purchase of tangible fixed assets, less associated depreciation charge¥. Statemènt ol fvnds - prioryear Balan at l January 2023 Balan al 31 Decembei 2023 Income EKpendKure TaxatA) Transfers in/out Unrostricted fund$ Designated fund5 Spark Fund Fixed asset fund Maintenance & developn7ent fund 26,666 2.026,887 3,512 (30, 178) 164, 743 (152.472) 2,039, 158 1.539,344 (52.818J (Z34.565J 1,251.961 3,592,897 3,512 {205,290) (100,000) General funds General Fund8- all ftsnds 3,291, 119 990.908 5. 137,544 Total Unrestrietsd fund3 (5,348. 120) 102,092 too.000 982,t124 4,583.805 5.141,056 (5,553.4fO) 102,092 4,273,543 Page 35
EUREKA! THE NATIONAL CHILDREN'S MUSEUM (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Ststement of funds (contlnuedl Restricted fvnds - prior year All About Me (fomerly Me 1855 Stslion Building Project Gift in kind for exhibitions OtheT reslricted fvnds Eurekal Mersey Town Deal Gallery Development {605) (226,020) 226,625 1,841,002 1,911.765 (ro,763) (5CX)) 59,420 66,544 10, 163.204 74,183 10,727.968 14.754 (14.7631 1731,3081 (126,386) 100.C 111.632 159,476 159,476 12,225.602 12,958,295 211,632 1944,3251 Totsl of fvnds 17,542.100 5.352,688 {6.497. 735} 102,092 76,499, 745 19. Summary of funds Summary of fuDd5- current year Balance at 31 Docember 2024 Balance at I January 2024 Transfers inlout TaxatiOII Income Expenditufe Designated funds 3,291.119 General funds 982,424 Restricted bJnds 12.225,602 3,049.815 411,S79 11.424,598 1,120 5.105.199 43,523 (242.424) (S,734.030) 1844,527) 57.986 16.499.145 5,149,842 16,820,981) 57,986 14,885,992 Page 36
EUREKAI THE NATIONAL CHILDREN'S MUSEUM (A c(xnpany limited by guarnntse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Summary of funds Icontinued Summary of funds- prior year 19. Balance at 1 January 2023 Balance at 31 December 2023 Incon7e Expenditure Transfe in/oul Taxat Designated funds General funds Restricted funds 3.592,897 990.908 12.958.295 3,512 (205,290) 5. 13T,544 (5,348. 120) 211,632 (944.325) ftoo,000) 3,291, 719 100,000 982,424 12,225,602 102.092 17,542.700 5,352.688 (6.497. 735) 102.092 16,499, 145 20. Anaty$is of net assets lt¥en funds Analysi$ of net assets bèt*wn funds - Current yèar Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Cuent assets Creditors due thin one year 11,378.639 125,579 (79,6201 2.132,397 13,511,036 1.878,936 2.004.515 1549,9391 1629,5591 Total 11.424,598 3,461,394 14,885.992 Analysi$ of nét assets funds - prior year Restrided unstrIcted funds funds 2023 2023 Totsl runds 2023 Tangible fixed assets Current assets Creditors due WTthin one year 11.998,127 227,475 1,987,999 13,986, 126 2.860,818 3,088,293 1575,274) (575,274J Total 12,225.602 4.273.543 16,499, 145 Page 37
EUREKAI THE NATIONAL CHILDREN'S MUSEUM IA company limited by guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Re¢on¢iliation of net movemont in funds to net cash Ilowfrom opernting activities Group 2024 Group 2023 Net expenditu for the period (as per Statement of Firhancial A"ties} (1,613,153) (7,042.9551 Adjustmènts for.. Depreciation charges Dividends, interests and rents from in¥estrnents Ilncreaselldecrease in stocks {IncTease)Idecrease in debtors IncreaselldecTea5e) in cd0T5 982.707 180.0901 15.3861 10,846 54.282 970,413 (84.511) (25,537) 255,655 1297,366) {224,295) Net cash US in opernting activiti•S 1650,7941 22. Analysis of cash and cash equivalents Group 2024 Group 2023 831,741 686,897 2,088.357 508,607 Cash in hand Notice deposits (less than 6 months) 1,518,638 2,596.958 Total cash and cash equivalents 23. Anatysis of changes in net debt At1 January 2024 Cash flov At31 D¢cember 2024 1,S18,638 Cash and cash equivalents 2,596.958 {1.078.320} 2.S96,958 11,078.320} 1,518,638 24. Pension commitments The group make contributions to the pef5Vt)al pension plans of varitsus employees. These schemes are gf the defined contribution type. The toial pension cosi for the group during the year was £83,iUti 12023. £74.4141. At the year enil, outstsnding contn"butions to the plans amounted to £17.82212023". £16,473). Page 38
EUREKAI THE NATIONAL CHILDREN'S MUSEUM IA company limited by guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 25. Operating lease commitsnents Al 31 December 2024 the Group and the Company had commrtments lo make future minimum lease payments under non-cancellable operating leases as follows.. Group 2024 Group 2023 Company 2024 Company 2023 Not later than 1 year Later than 1 year and not later than 5 years Later than S years 42.168 150.363 1.172.SOO 31.942 156,056 1.207,5th9 42,168 150.363 1.172.500 31,942 756,056 1,207.500 1.365.031 1,395,498 1,365.031 1,395,498 The group vra rts subsidiary company, 1855 Station Building Mited is also a lessor and had the folloTrg lease payments under non-cancellable operating leases as follows.. At 31 December 2024, the wnpany was due £Nil (2023.. £4.617) and £Nil {2023." £Nill of these balances are due wthin one year. 26. Related party bznsactions Eurekal The National Children's Museurn has Or subsidrary, 1855 Ststion Building Limited. The trading results of this subsidiary are summarised tn note 28 to the accounts. Al 31 Oecember 2024, Eurekal The National Children's Museum owed £33,551 to 1855 Stab'on Building Limtted 12023." £225,526 credilorl. Eurekal The National childn'S Museum has made management re-charges of £361.611 (2023.. £373.4731 to 1855 Station Building Limited. 27. Principal subsidiari•s The followng was a subsidiary undertakj.ng of the Company.. Name Company ftumbÈr Holding Includod in consolidation 1855 Statron 8uilding Limrted 03613193 The financial resutts of the subsi(Jiary for the year were". Name l(Kt% Yes Income Expenditure ProfftllLoss1 Net a5Séts I Surplusl Illlabllitiesl {Deficitl for the year 1855 Station Building Limited 1.88S.858 1.620.596 26S.262 248,954 Page 39