2024-03-31-accounts

Registered number= 01630237 Charity number.. 515526 THE ARKWRIGHT SOCIETY LIMITED (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 IMNll 'ADC39SVE• 2110912024 COMPANIES HOUSE A8

THE ARKWRIGHT SOCIETY LIMITEO {A ¢ompany Ilmlted by8U•fanteel CONTENTS Page fteleren¢• Ind odmlnSstratlv• dwalls ol the comp•fiy. Its Trusiees and odvlsers Chairman's ststement Trustees. ieport 3-13 Independent audlior's report on the Ilnanclal statements 14.17 Consolldated si•iemeni ol flnan¢lo1 actlvltl*s 18 Consolldated balan¢t sheèt 19.20 Cgmpany b•lan¢e sheet 21-22 Consolidated stjtement QI cJ$h ftows 23 Notes to ¢he Ilnanclal statements 24-55

THE ARKWRIGHT SOCIETY LIMITED IA company limlied by iuarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF TrIE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees J Rivers, Chair M Aikinson (resigned 31 December 20231 H Bishop V Dawson (appointed 24 May 20231 C Feelv P Holt lappointed 21 June 20231 G Lewins J Phipps (appointed 24 May 20231 A Rawlin8S N Riddle W J Trècey Iresl8ned 31 December 20231 Company rei15teied number 01630237 Ch*rlty reilstered number 515526 Ae8Igtered offlce Cromford Mill Road Cromford Matl¢xk Derbyshire OE4 3RQ Chlef Ex•cutl¥e Offl¢er Éllis Scott Presldent The Duke of Devonshire KCVO CBE OL Independ•nt a¥dStor BHP LLP Chariered Accounianis 2 Rutland Park Sheffield SIO 2P0 Bankers Lloyds TS6 plc Cornpton Ashbourne Derbyshire DE6 IDY Solicitors Geldards LLP Number One Price Place Pride Park Derby DE24 8QR Pa8e I

THE ARKWRIGHT SOCIETY LIMITED IA company Ilmited by guarantee) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 The Chalrman ￿SentS his statement for the year. Our financlal year 202312024 proved as difficult as any in ￿tent times, and as you know the Trustees were only able to sign off the accounts for 2022123 on 20th March 2024. Thi5 Was because we were stru8glin8 to provide a 5Otlslgctory 12 months goin8 concern, forecast and were only able lo do so once we had confirmed tht sale of Dun51ey Meadows and Slinter Woods to the Derbyshire Wildlife Tru5t.' we had also benelited from a loan from the DVMWHS Steerin8 Group in January 2024 and an indlvidual donation in December 2023. We were determined lo approve the accounts for 2023124 within a re4sonable timescale and we have prepared a '8oin8 concern, forecast which sets out commitments to increase our iftcome and Improve oui profitability and. more particularly, to maieriallv srow our fundraisin8 no¢ only from charitable tfUS¢S bur also increasin81¥ from donors aftd sponsors, both individual and corporate, and visitors to Cromford Mill5. As you can see from ihe accounis, the Societv Is not iradino Pfofitably in the face of risin8 expense5 drlven by Cost Jnd wage inflation and the ¢riplin8 of energy bills primarily due to ihe Continuing wai in Ukraine; this must chan6e as our commercial acrivities almost solely enable us to rernain in existence. The trustees belie¥e we have built a manJ8ement teèm capable ol deliverin8 lin8nclal securlty Jnd continuin8 to carry out our prime purpose and re$ponsibi1Sty, whlch is to care for our hisioric buildbn8s and refurblsh them and brin8 them b•ck into economic use for our benefit and that of the community. Our key strate8i¢ tran$formaiion project within our new Sirare8ic 8usiness and Master Plan is the refurbishment ol Buildin8 1 to provide a restaurant on the ground floor, officelholiday accommodatlon on the second and thlrd floors Jnd an evenis/fun¢iion space on the top floor. We are Ociively seekin8 funds for th15 proleci which will m•tefi4lly enhgnce our financlal siren8th. although not in the short term,. hence the immediate need for the ftnancial tommitments described above. Happily. the essential repalr Wofk to the rendered elevatlon of Bulldln8 I funded by Hisioric En8land is now In progress and we anticipate the esseniial iemporary roof repl4cemtnt and hi8h-level urgent repatrs ro Yhe Flfst Mill,, funded by Historic England and the Pllgrim Trust will staft in the autumn. The 'Waterpowerf project Is now complete. the Green Entrepreneufs, Fund and Severn Trent Community Fund bein8 major lunders. The Trustees ?iery much appfe¢i•te Jnd Ire encoura8ed by the continuine ¢onfldence ol all our funders, Includin8 The Heriia8e Fund, and Ouf bankers Lloyds, the Charity Bank and The Architectural Heritage Fund with whom we have outstanding loans and all of which we are continuin8 to repay. we are beine well suppor(ed durin8 these difficult times. The Trustees also Jppreclare the leadership of Éllis Scott, Dur CEO, and Jre 8r4teful lor the commllment and hard ¥vork of all our sta nd ￿lUnteers,. their contrlbuilon is irtvaluable and will rernain so. John Rivers Chairman Date. (( 2a2 Pa8e 2

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THE ARKWRIGHT SOCIETY LIMITED IA Company limiied by euaranteel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDEO 31 MARCH 2024 Oblectiv•s and artlvltlts Icontlnuedl and the wider estate foc￿Sed on the Lumsdale Valley. Resource allocation is managed by the maintenance team. fotusin on regular maintenance and specific repairs. Duiing 2023, supported by The Heritage Fund, the Arkwright Societv commissioned a mainienance plan and schedule of priofitised repairs to better understand the maintenance needs and allocate resources to tackle hiih level repairs and he•lth and saletv, ¢. Volunteers Volunteering is open to all, and volunteers can work on a wide range OF activities and in addition provide piofessional advice 4nd guidance at variou5 levels ol the SocSety. The Society reco8nises the invaluable contributions for volunteers In various activities Jnd is actively èdv¢xètin8 for greater support. The Head of Engagement, in consultation with the Volunteer Coordinator, staff and volunteef representatives, are identilyina volunteerlng opportLtnities and have defined those roles throu8h role profiles. Several volunteers have 5LlPPOrted the Soclety for many years, workln8 reBularly or for specific time perlod5. The Arkwri8ht Societ￿$ volunteer policy is to Ensure that volunEee15 feel valued. Establish èn a¢tlve manalemeni system to enable volunteers to leel like'an eflecrive membef ol the team. Ensure 811 volvnteers know who their polnt of contact Is and where they sit in the 018anisJtion)1 struttvre. Ensure effective, fegular two-wèy communication wlth all volunteers so thot all 5¢afl and volunieers work posilivelv tO8eiher and. where appfoprlate. actlvely seek to involve eèch other In their work. Effectively rnatch the neeLls ol the or8anisation with the skills, experience, and knowled8e ol the Yolunteer. Have an up.io.date busSnes5 plan for volunteers to implement this pollcv. Fosier a friendly and supportive itmosphere aiming to make ¥olurtteeiin8 a fyn Ind pleJsJnl experlence ol muiuJI d. Maln artSvities undertaken to furthef the companvs purposes tof the publlc benefit The Tfllstees conllrm ihat they have 8i¥en careful cons4der•tion to the Charlty Commlsslon's ieneral 8uldance on publlc benefit. The public benefits derived from the Society's atlivities include.. rhe advancement of education ènd spetlflcally the provisSon ol 8ulded tours for the site and ¥illa8e. )$ well •$ dult and school parties throu8houl the yeJi. The provision of heritage Interpretation at Cromford Mills, through industrial herita8e and local hisiory Ilterature. di8ltall¥, the development of arch¢ve maiefial to asslst educaiional research. Ihe provision of pro8rammes of lectures, Vislts, and events on and ro siles ol historical interest. The adv•ncement o14rts, heiitJ8e, and culture 5pecific•lly the Soctety's commitment to the re8efteration of the Cromford Mills site and to the reuse of buildings in ways which will provlde them with a sustainable future.. public •ccess to the Society'5 main site5 for their enioyment of these sites.. membership ol and support of the Derwent Valley Mills World Hefltage Site Partnership and its attendant committees on which the Society is represenied.. the Society's rnembership and promotion ol the European Rouie ol Industrial Herita8e for which Cromfofd M1115 IS a designated anchor point,. participation in relevant national pro8rammes promoting herila8e sites, and locally within the Derwent Valley. The delivery of èn emtenslve annual events pro8ramme promotift8 arts, culture heritage and wider en83gement. Page 4

TIIE ARKWAIGHT SOCIETY LIMITED IA company Ilmlted byBu•ranteel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR EAIDEO 31 MARCH 2024 Objectivès and activities Icontlnued) The advancement. protection and improvement ol the natural environment including the area of Church Walk in the ownership of the Arkwfi8hr Socieiy. adjaceni to Cromloid Mills and the management of Lumsdale. A bequest to the Society and a valley of outstandin8 nat¢Jral beautv and industrial heri¢a8e interest on the north $5de of Matlock. The remainin8 area of Slinter Woods and Dunsley Meadows was sold to the Oerbyshire Wildlife Trust at the end of March 2024. Achlevements ond performonce a. Key performance Indl¢ators Notes 4 to 8 detail income which totals E2,053K12023'. EI,502kl. Within these-. Income Irom oiher trBdin8 •Ciivities Increjsed by E116K lo E767K12023.' E651kl. Income from charitable activities decieased by £379K ro £919k12023.. £540kl. Other incoming resources totalled £194k12023'. E67kl rellecting government grants received during the year. Income from donèt¢ons and legacies decreased by £71k to £173k12023.. £244kl. Notes 9 and 10 detail costs of raisin8 funds and charitable activities which total £1,851k 12023.. £1,780k as rest•tedl. Wlihin these.. Governènce costs total É40,25512023'. £22.9831. The ner surplus for the year to(•lled £202k12023.. deficit of £278k Js restaiedl. Thi5 was made up of a deflcii of E8k on unrestricted fund$12023'. £440k deficitl and a surplLts of £210k on fe5tricted lund$12023'. £162k 5urplusl. At the yeaf.end reserves consisted of resrrlcted fund$ of É2,644k12023.. £2,434k a5 restaie(Jl and unrestricted funds of £1.535k12023.. £1,542kl, a total of £4,179k12023', £3,977k as restatedl. b. Re¥lew ol actlvlt5es The Arkwri8ht Society continues to develop and pro8fe55 Wlth Sts obiective of fvrther development of the Cromford M1115 51te, bringing back in to use those buildings not currently fully utilised and so removlng them from Historic England's NarionJl HerSra8e at Risk Reiister. ThrouBhout the year endin8 Marth Z024. the Society has made irnportant steps forward, thanks to two 8enerou$ 8rants totalling c£SOO.000 from The Heritage Fund, which has bolstered its resilience. Additionally, support from the Duke of Devonshire Chafitable Trust enabled the commissionlng ol a 10.year srrate8ic bu5*nes5 plan Jnd ma5terplan which was completed in January 2024. These plans are crucial for Pfioritising future regeneration efforts and determining the sequencing of major project5, providin8 a solid framework for the Society's coniinued pro8ress. The Sirate8tc business plan involved stakeholdef consultation whlch Continues thfOU8h 2024. The Plan identifies the need to repurpose unused space at Cromford Mllls for sustainable and proliiable 8iOWth with è focus on the translorrnation ol Buildin8 1. Cognisant of the need to strike a balwce between commercial income generation and widening access and supporter enga8ement through public use. Despite enduring challenges stemming from ihe pandern¥c and unforeseen external factors, includin8 the slgnificani ¢ncre#se5 in utility Costs and econornic uncertainties, the Society remains steèdfast in it5 cornmitmeDt to growth. While these challenges have posed ob5tacle5. they have also underscored the importance ol collaboration with key stakeholders Page S

THE ARKWRIGHT SOCI￿ LIMITED IA company Ilmlted byguarantetl TRUSTEES, REPORT ICONTINUEDI FOR fHE YEAR ENDED 31 MARCH 2024 Achievements and performance IcontSnu¢dl and partnefs. The Society remains optimistic about its ability to 5tren8then gnd become rnore resilient, ulilmarely fulfillin8 Its primary objectives fof the ie8eneratioh of Cromford Mills. Property & Slte Oper•tlons Demand for ofllce retail space remalns robust. with a partlcularly strong demand for slngle office spaces. Revenue from ihis demand has met expectations and shows promisin8 St8ns for the short to me(Jium term. An IT infrastructure review in 2023124 identified Ehe need for fLStUfe investment to maintain a competili¥e edge and mitl8ate risks related to $￿teffl failures and cybersecurity. With support from The Heritage Fund, an IT audit was condutted, resul(in8 in further investments planned for 2024125 to UP8rade the infrastructure for the benelii ol all site useis. The compleilon of the Cromlord Waterpower Prolect In December 2023 marks a sS8niflcani milestone in our journey iowards net zero. Over rhe wlnterlsprin8 peiiod. we achieved lan8ible electricitv savin85 of approximately 20%, makin8 8 noiiceable impact. We are currently in a phase of managing the equipment and assessin8 future maintenance needs. The proSect was offlclally launched on June 4th 2024. provSding an oppoftunity to ihank all who funded and supported the initiative. These included Midlands Net Zero, the Rural Community Enei8y Fund. the Green Entrepreneurs Fund (Oerbyshirt County Council), Severn Trertt Communliy Fund, ValllaDt Bolleis, M8tr5x, Gilkes, and numerous indlvidual and local business donors. This project Included a community 5¢heme to refurbish the exS$tlng hydro-turbine located at the Corn Mill in Cromford Villa8e. The lon8er.term objective bein8 to 8enerèie eleciricity and sell It back to the 81id io raise funds for local community projects. With additional fundln8 liom the Wollson Foundatlon, the lir5t phase of this prolect with the restor•tion of the turbine, is complete. Herita8e, Visitors & Volunteerin8 The Heflta8e offer, which encompasse5 herlta8e tour5, the visitor centre, and herSta8e talks15 becomin8 a significant focus In our luture plans. A renewed focus on the percenta8e of our visitors en8a8ln8 Wlth our herlrage oller could have a laige Impact on the bottom line without reouiring a lar8e increase in (ootfall. Our volunteef teams, provide crucial support and expertise for Ouf heritage initiatives and we are workin8 together to ensure thai voluntary effort is promoted in the most effective way. We are keen to recruit more volunteers and invest ¢n the ones we have. With the 8enerous lundin8 from The Pleritage Fund. Arts Council England and Museum Developmeni Midlinds wt have been able to work effectively across teams at 6elper and Cromford to relocate and reinterpret the histoiSc objects formerly on display at 8elper North Mill. This projecl involved the effective use of focu5 8roups across seven workshops to harness Ihe knowledge acros5 fwo teams of volunteer5 and use ir to ¢ollaboratTrvely develop new and importèni narratives around soclal history. We coniinue to deliver the popular'Hlghli8htini Herltage, series, led by our volunteers across 8elper and Cromford. Pa8e 6

ThE ARKWRIGHT SOCIEYY LIMITED IA ¢ompany Ilmlted by8uaranteel TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢hlevements and performance I￿ntInued) Education and Learnin8 Our educational pro8rammes for pilmary schools IKey Sta8e l & 21 contlnue to be very popvlar with sales almost ot capacity with ihe current fesources. We are workin8 on empowerin8 our volunteer team to take a more active role in delivery, increasin8 the pupil to teacher ratio resulting in better pedagogy. A renewed partnership approach is bein8 developed with the Univeisity of Derby io explore various initiatives aiound student en8a8emenl which will become a $18nilicant strand ol delivery durin8 2024 with a focus on SEND. We will be e¥ploilng the expansion of our inlormal learnin8 activity during school holld•ys and how we mjxlmlse the connectlons between this and our events pro8famme. Conferendni & Events Events have been a key driver in encoura8ing incfeased visltor number5 to Crornford Mi115. This ha5 flnaftcial benefits Wlth increased secondary spend and Is tar8etin8 new audiences and widening engagement. The development ol markets durin8 the year.. artisan and antiques has continued throu8h 2023124, with enhanced focus on Christmas markets gnd Our Christmas offer. The markws also help en8a8e and support new creative businesses in the local area. 'The 5hSne a Light" event was held lor the third year in October 2023. g lolnt initiatlve with Derby5hlre County Council. Whi15t this brou8ht posltlve visitor numbers and helped showcase the mill as a cultural venue. it was not pfofitable and therefore will not be repeated in 2024. We have continued to build on our events PfOBfamme and several key evenis which sUPPOrt income generation and widenin8 en8agement.' the dog show. Cfomfofd Build5, The Vikin85, Comic¢n. Adventure Weekend. Thls is provtng successful with the added benefit ol strenlihening volunteer enaa8ement lor those who wlsh 10 8et Involved In events delivery. The conferencing market is focused on Cromford Creative, Goihic Wharf and the marquee. This remains an area for development and how we ensure we lemain competiiive with other kjcal venues. M•mber5hlp We reco8niie the critlcal role our membecs ploy in sustaining Cromford Mills as an internationally significant heritage 51te. In 2024, we will review our membership pro8ram with the goal of expanding Ouf base to secure even greater support. Ouf members are a dedicated audience who understand the importance of preservin8 this historlc site. Additionally. we are developing a corporate partnership scheme to engage more effectively with local buslnesse5 interested in investing in Cromford Mills and supportin8 our charitable objectives. We deeply value the unwavering support of our loyal membefs and hope to 8row this support over the comin8 years. Cromford MAI Ltd The Arkwright Society's trading arm is the ¢atefin8 and retail offer. Catering income has grown over the year. and remains the hr8hest proportion of Income 8eneralion for both the tradin8 arm and the Society. However, the challen8es have been slBnS1icant wilh several external factors 3ffeciin8 sales. These are.. unpredict4ble weather Impacting on 8eneral V151tor nurnbefs. shortages of staff recrurtment parisculafly in catering, inflation. significantly higher uti1Sty costs, and cost of livin8 impacts. Retail sale$ throu8h the mill shop have faced similar challen8es. Oespite some income 8rowth, this is not proved profitable. The largest income potential ihfOLtgh rhe mill shop is the heritage tours and membership sale5. Changes are being made to improve the Visitor experience offer and support Ihe delivery ol the heritage tours throu8h the visitor experience team. Page 7

THE ARKWRIGHT SOCIETY LIMITED IA company limiied by 8uaranteel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Achlevernents and performance l£ont5nugdl L FundraisSn8 artl¥ltles aAd Income 8eneratlon Fundrai5in8 through nofmAI tiadin8 activities has increased this year in compaii50n to 2022123. This ha5 been bolstered wlth stafl trainin8 in 'makin8 the ask, and The Heritale Fund 8Tant has supported ways to improve fundralsin8 and income 8eneralion. in¢ludin8 provision ol on.site donation boxes. The recruitment of a Development Mana8ei in March 2024 has brou8ht fenewed focus to lundraisin8, donations. membership, and 8rani opporrunilies. This work Is on80ing throu8hout 2023124. We are channelling increased income £enerat(on through more ticketed event5. such a5 ViSIt5 With Father Christmas and 'Cfomlord Builds., while CQniIn￿in8 to offer free site entry and balancin8 affordability with the need to generate revenLte. Flnonclql revlew a. Goln8 concern The Group's profit for the year of £202.104 consists of a surplu5 In restricted lunds of £209.783 and loss in unrestricted Iltnds of £7,679. Net current liabilstie5 are E119,638. These flgures coiillnue lo reflect ihe challenglni ir4dirtg condltSons •nd the numerous external factois the Society has faced over the last two financlal years, post Covid. Despite lackin8 core lundln8, the Society has 5ucce55fully secured capital and fundin8 for the delivery of activities, from The Herita8e Fund, Historic En8land, the Pi18rim Trust and the Headley Trust for expendilufe 5p3nnin8 2023-2025 a5 well a5 the si8nificas)t funding to realise the waterpower Pfoject. This si8nificant stjpport Ifom funders rellects their acknowledgement of the Society's need5 and their confidence in its capacity to execute prolects and progress, Moreover. Ihe Soclety has maintalt)ed strong support from Its lenders with the Archliec¢ural Herita8e Fund 8rJntin8 capltal repayment holidays durin8 the recovery period which resumed in April 2024, and consistent capital repayments to the Chaflty 8ank and Lloyds. The Trustees have prepared forecasis of income and expenditure and cash flow for a period of 12 months from approval of these fsnèncial statements which show that they will be able to operate within the lacilities available to them. The Trustees recognise the facilities include increased 8rJnts and donations and have gppoinied a Development Manager, as fundraiser to support this initi8tive as priority. The Tru5tee5 acknowledBe there 15 some uncertainty surfoundin8 the fundraising targets, however, these have been svbjected to sensitivity analy515 which takes a prudent view. The resulting foreca5t5 and cash flow referred to above show the facilities to be sufficient an(1 therefore. the Trustees believe that it is appropri3ie to prepare the accounts on a going oncern basis. The financlal staiements do not includt thè adjustments thai miiht be fequired should thls not be the case. Page 8

THE ARKWRIGHT SOCIETY LIMITED IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 b. Reserves policv The Trustees have considered the reserves held by the Arkwright Soclety as of 31 March 2024. The Society needs reserves to enable it to develop its long term aims a5 well as ensuring the continuation of turrent activities. It is the Trustees, mbition to hold free reserves in cash which will be sufficient to cover three months operating Costs. In order to meet theii responsibilities, the Trustees have reviewed the requirements and risks faced by the Society both Sn the short and medium term. Total funds at the year-end stood at £4,179k 12023.. £3,977k as restated) of which £1,535k 12023.. £1,542kl were unrestricted funds. The unrestricted reserves are £l,535k but as shown in the accounts the unrestricted reseNes already Invested in the tan8ible fixed assets are in exce55 of this figure. Accordin8ly, the free reserves of the charity, being those reserves available to the Trustees for future commitment can be seen to be negative. Net current liabilitie5 are £119,638 represented by unrestricted funds of £644,694 and therefore there are net current assets relating to rèstritted funds of £525.056. Th15 recognlses that the rnlll slte wa5 orlglnally acquired wlth lon8 term loans that are still belng repald. It IS the Trustees, long term aim to establish free reserves sufficient to enable a sustainable operation of the mill but untll the restoration of the 51te is complete, that level cannot be quantified. c. Prlnclpal rlgks •nd yn¢ert•lntles Trustees and management have reviewed potential risks and challenges the organisation could face in light of these challenging and uncertain times and produced an updated Risk Re8iSter for the or8anisation, which is revlewed bv Trustees on a quarterly basis. 5tN¢turei governllnce and monoqemeftt a. Constltutlon The Arkwri8ht Society LSmlted is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. The company and the Broup are constltuted under a Memorandum of A550clation and has a registered charlty number 515526. b. Methods ot appolntment or electlon of Trustees Trustees are appointed on the basis ol an analysis of the current skllls of the 8oard and the need to stren8then 5ts abllltv to direct the aflairs of the Society, and the individual ability of any nominee to meet any perceived gap in skills and other qualities they may bring to the Society. Page 9

THE AAKWRIGHT SOCIEn LIMITED IA company Ilrnited by 8uaranteel TRUSTEE5' REPORT ICONTINUEDI FOR TIIE YEAR ENDEO 31 MARCH 2024 Stfurturei go¥ernan¢e and manaiement Icontinuedl ¢. Oryanlsatlonal 5tNctUfe and de¢lsloll.makln8 poll<l•¥ At present the Society is managed by its Trustee body, the Board of Trustees. This body meets up to ten times eèth year and has up to 12 members. Within the Board of Trustee5 there ère three sub committees: Nominations, ALtdit artd Aisk and Remuneration Committees which meet a5 required. In April 1994 the then Councll of Management established a ti•din8 company, Cfomford Mlll Llmlled, and appointed Dlrectors io manage It. These meet on g fegular b•sis and from lime to time report to Ihe Board of Trustees. d. Poli¢les adopted lof the Indurtlon and tralnln8 oITNstees The charity ieco8nises lis iesponslbilify to ensure all new Trusttes ale Siven a Trustee Indycrlon pack prior to appointment aftd meet with the Chair and CEO to clarily the re5ponsibi1Sties vnderiaken as a Trusiee. Trustees also atiend vèilable extefnal trainin8 courses. The 8oard of Oirectors of The Afkwrvdht Socleiy. who are the Society's Twstees, and the Senior Leadership Team comprise the key management personnel of the charity in char8e of difectinl and controlling. running and operating Ihe Society on day to d&y basls. All Directors glve their time freely and no Oirector received remuneration in the year. Deiailg of Directors, expenses are disclosed in note 16 to the acco(tnts. e. Arr•ni*ment$ for settlni pay •nd remuneratlon ol l¢ey man•iement personnel The Terms and Conditions of all staff are reviewed annually. usually in March, by the Aemuner•tlon Commlttee wholly made up of Trustees. The Commitiee opeiaies within the framework ol the followin8 principles.. Ability lo attiact staff ol the ri8hi calibre and expeilence Ability to retain such staff Affordabillty wiihin the Soclety's flnancial resources Salaries and condiiions ère ton5idered in the conte¥t ol the local maiket, having reeard to the particular skills and knowledge required to mana8e a substantial buildin8 preservation trust in the charitable sector and in a commercial environment. Whllst theie Is an annual ieview. there Is no commitment to increase sal•fies Of improve conditions, b4lancln8 affoidability and the need to remain competitive. Page 10

THE ARXWRIGHT SOCIETY LIMITED IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Strurture. Èo¥ernancè and manaiement IcontSnued) l. Financial risk mana8ement The Trustees have a rlsk management strate8y which comprises-. Risk Register which sets out the principal risks and uncertaintles ihai ihe charity and its subsidièry Cfomford Mill Limited face. This 15 reviewed by the Senior Leadership Team and Trustee5 on a quarterly bès15. the establishment of policie5, Systems and procedures to mitigate those risks Identified in the reviews, and the implementation ol procedures designed io minlffllse or mana8e •ny potenti61 irnp4Ct on the charily Should those ri5k5 materialise. As In prior years, thSs work has identified ihat Ilnahcial sustainability is the major linancial risk lor both the chaflty and its subsidlary, A key element In the man88erneni ol Ilnancial risk is a re8ular revlew 01 available liovid funds to settle debt5 J5 (hey fall due, re8ular liaison with ihe bank and key fundefs, actlve mana8ement of trade debtors an¢J creditor5 balances, to eftsure sufficient workin8 capttal by the Society and its subsidiary company. Attention is facussed on non-financial risks arSsln8 from fire, health and safety. and food hy8iene. These risks are mana8ed by ensurSn8 accreditation Is up to dale, havin8 robust pollcies and procedures in place, and re8ulor awarene5S tralnln8 for stall working in these operational areas. Health and Safety repons are ¢Jbled at each Trustee rneetin8.

. lfttefnal control

The Trustees have overall fespor*slblllty for ensurlnB that the charity has an appropflate $¥5tem of financial mana8ernenl nd other necessary controls. Thi9 is detailed in the Internal Control Manual. They are also fesponsible for safeluaiding the assets of the charity and to this end must ensure that iea50nable steps are taken for the Pfevention and detection of frjud jnd any othef irre8ulaiities. The TIu5tees accept that li is their responsibility to ensure that proper records are m?Intained, and ac¢ur•te financial information is collected aftd retaine(J and ihat the charity complie5 Wlth the rele¥ant laws ar)d re8ulations. The charlty's Tru5tee$ reco8nise thai wh•te¥er system is in place musi be seen as mana8in8 rather than eliminatin8 the risk ol fallure to achieve ihe chlrlty's objecilves and can only provide reasonable rather th•n absolute fea55urance In these m8tter$. Page 11

THE ARKWRIGHT SOCIETY LIMITED IA Company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Plans forfuture periods Future developments The Society's locus for 2024-2025 Is centered on restoring a more stable trading pattern. 5UPPOrting staff and volunteers in their prolessional development and wellbein8, while advancing the irnplementation of the Strategic Business Plan and refreshed masrefplan. This strategic effort places priority on the restoration and ¢epurposing of 8uilding I, with the need to expediate rhe acquisition ol si8nificant capital fundin8 to establish a sustainable lonB-term income stream lor the Society. 518nificant 8rants from Historic England and The Pslirim Trust will latilitate an inteiim repair solution foi the First Mill. This solution will include decontaminarion of the rhird Il¢)or. urgent hish-level repairs and the replacement of the part asbestos rool with a li8htweiÉht alternative. This will ensure the building is watertight and stable until a permanent soILtlton is realised, Work is scheduled for autumn 2024 for a period of ¢wenry weeks. Furthermore. gr•nt èid from Pllstorlc En8land has also been setured for Uflenl repairs to the rendered elevation ol Building I. DLtring 2024. the Arkwri8ht Society is hosting a temporary exhibition on Florence Ni8htin8ale in collaboration with the Florence Ni8htin8ale Museum TrLtst. This exhibifion will run ffom ihe end of july unril 3rd November 2024. Additionallv, the site now displays several histofic objects from ihe Forrner 8elpei North Mill Museum, showcasin8 them in the vi$itor centre •$ part of the brooder interprtt•tion of the Defwent Valley's h55torlc•l and technolo8lcal si8nillcance. InlormitSon on lundralsSni piactlces The chafiry raises tunds ihrou8h its commercial activitie5. donations, le8a¢ie5 and membership. Funds raised thfOUBh these activtties Jie allocated 10 8eneral funds, unless speciflcally aBreed with an indivlijual or or8oniiation. Fundin8 for 5peciflc prolects may be sou8hi vla sponsorshlp, donatlons, crowd fundln8, loc•1 lundralsln8 activities and events. The allocation and purpose of those funds is made clear to donors and lunders at the tbme of contribulion. A Development Mana8er has been appointed to take forward lundraising activities and grant applications for the So¢ietv. Their responsibility Includes upholdin8 the Society's ￿MmitMent to ethical practice5 throu8hout •ll fundrai5in8 endeavours. The Arkwri8ht Society does not use external, professlonal lundfaisin8 or8anlsations of Individuals to iaise funds on its behalf. 11 ensures no fundraisin8 activ¢tles it undertake5 will exploit vulnerable individuals or intrude into an or8anis•tions' or Individuals, privacy. The Trustees and Senlor leadefshlp Team have received no complaint5 in relation to fundraisin8 or expendlture ol St5 funds and ensures the use of all funds 55 transparent and clearly allocated. Page 12

THE ARKWRIGHT SOCIETY LIMITED IA company limited byguaranteel TRUSTEES, REPORT ICONTINUEDI FOR TNE YEAR eND£0 31 MARCH 2024 Statement ol Trustees. respon$5blllt5¢s The Trustees (who are also the Directors of ihe company fof the purposes of company lawl are responsible for preparin8 the Trusiees. report and the linancial statemenr5 in accordance with applicable law and United Kingdom Accountin8 Stondards (United Kin8(lom Generally Accepied Accountln8 Practice). Company law requifes the Trustees to prepare finaftcial statements for each financial year. Under tompany law, the Trusiees must not approve the financial statements unles5 they are Satisfied that they give a irue and fair view OF the stare of affair5 of the eroup and the parent charitable company and of thelr Incoming resources and appllcation of resource5, includin8 their income and expenditure, for that peiiod. In preparln8 these financlal statements, the Trustees are required to: select suitable èccountin8 policies and then apply them consistently.. observe the meihods and princSples of the Ch¥rltle5 SORP 2019 IFRS 1021,. make judgemenrs and accountin8 estimates that are reasonable and prudent; state whether appllcable UK Accountin8 Standard5 IFAS 1021 have been Followed.. prepare the financial siatements on the 80in8 cor)cern basis unless It is inappiopriate to presume that the group will continue in operation. The Trustees ore fe5pon5ible lor keepin8 adequate accountin8 recoids that disclose with reasonable èccuracy at any time the financial position of the group anii the parent charitable company and enable them to ensure that the linancial statements comply with the Cornpanies Act 2006. They are a150 responsible for 5?le8uardin8 the a55ets of the iroup and the parent chjrltable company and hence lor takln8 feasonable steps for the preventSon and detection of fraud and other ITre8ularitie5. Dlsclosure of Inlormatlon to •udiior In $0 far as ihe Trustees are aware.. there is no relevant audit information of which the chaiitable company's audltor is unaware, and the Trustees have taken all the steps that they ought to hève tèken to make themselves aware of any relevant audit information and to establish that the audltor is aware of that information. Auditor The auditor, limp LLP, hès ¢ndicaied their willin8ne55 to continue in office. The Trustees will propose a moiTron reappoiniin8 the auditor at a meeting of ihe Trustee5. In approvin8 the Trustees, report, we also approve the DirectOfS' report included therebn, sn our capacity as companv difectors. Thi5 report ha5 been prepared in accordance wtth the provi5i0n5 applicable to companie5 entitled to the small compantes exemption. Approved b rder of the members of the Board ol Trustee5 and signed on their behalf by.. n Rivers Chairman Date- Page 13

ThE ARKWRIGHT SOCIETY LIMITED IA company limited by8uaranteel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ARKWRIGHT SOCIETY LIMITED Oplnlon We have audited the financial statements of The ArkwrS8ht Society Limited (the 'parent chailtable company'l ond Its 5ubsidiaiies (the 'group'l for the year ended 31 March 2024, which comprise the consolldated staiement of linancial acti¥ilies, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows and notes to the financial statenlents, includin8 5ignificanl accouniing policies. The financial reporting framework that has been applied in their preparation is applscable law and United Kingdom Accovntin8 Srandards. including Financial Reportin8 Standèrd 102 The Financial Reporiin8 Siandard applicable In the UK and Aepublic ol Ireland Iunited Kin8dom Generally Accepted Accountin8 Praclicel. In our opinion the Financial stJtement$: give a true and fair view of the state of the eroup'$ and ￿lent charitable companvs alfairs as al 31 March 2024, and ol the 8rotJp's incoming resource5 and applScatSon of resources, includin8 Its income and expendliure, fof the year then ended,. hove been properly prepared In accordance with Unlted Kln8dom Generally Accepted Accountln8 Practlce., and have been prepaied in arrordance with ihe requlrements of ihe Companies Act 2006. Basls for oplnlon We tonducled our audit in accordance with Inteinational Standaids on Audllln8 IVKI (ISA$ IUKII and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the lir)anciJl 5tJtementS section of our report. We are Independent of the Broup and pèreni thartiable company accordance wlth the ethlcal requiremen15 Ihai are ielevant to ovr audit ol the financial stJtements in the UK. In¢ludln8 the FRC'S Ethlc•l Standard. anLI we have fulfilled our other ethical resportsibilities in accordance with these requtrements. We believe that the audit evidence we have obtalned is sufficient and appropriate to provide a basis for our opinion. Materlal uncertalnly related to 8oln8 con¢•rn We draw aitentlon to noie 2.2 sn the financial siètements, which Indicates the events and condltions that may cast signilicani doubl on the Group'5 abS1ity to continue as a 8oin8 concern. As stated in note 2.2, these events Of Cortditlons alon8 Wlth the other matters as set forth in note 2.2 indicale that • material uncertainty exlsts. In forming our opinion, which is not modified, we have considered the adequacy of the disclosures made in note 2.2 01 the financial statements ¢oncernir)8 the group and paient charitable company's ability io continue as • 80in8 concern. The 8roup incurred a nel surplus of £202,104 durin8 the year ei)ded 31 fvlarLh 2024 and as at that date the gioLtp hès ne8Otive free reserves of £749.442. These conditions. along with the other malter5 explained in note 2.2 to the linancial statemen1$ indicate the ex5sten¢e of a material uncertainty which may cast $18nilicant doubt on ihe 8roup's and parent ¢hariiable company's ability io conrinue 05 a goin8 concern. The financial statements do not include the adjustments that would result if the group and parent charitable company was unable to continue as a 80ins concern. Our responsibilities ond the responsibililies ol the trustees with respect to going concern are described in the relevant section5 01 thi5 report. Other Ihformatloh The other information Comprises the information included in ihe iruslees, report,.other than the financièl statements and our auditorfs ￿pOrt thereon. The trustees are responsible fof the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly 5toted in our report, we do not express any form of assurance conclusion thereon. Our respon5ibilitV 15 to read the other information and, in doin8 $0, Pa8e 14

THE ARKWRIGHT SOCIETY LIMITEO IA company Ilmlted byguaranteel INDEPENOENT AUDITOR'5 REPORT TO THE MEM8ERS OF THE ARKWRIGHT SOCIETY LIMITED ICONTINUEDI conslder whelhtr the other information 15 materially inconsistent with the flnancial statements or our knowledge obt3ined in the course of the au¢Jlt or otherwise appears to be materially rni55tated. If we identify such material inconsistencies or apparent material misstatements, we are requifed to determine whether this gives rise to è materièl misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is maieriol mls$iJternent of this other information, we ore required to report that fact. We have nothing to report in this regard. Oplnlons on other matters Pfes¢rlbd by ihe Comp•nlts Att Z006 In our opinion, based on the Wofk undertaken in the course of the audit.. Ihe information 8iven in the trustees, report, which Includes the directois, report prepared lor the purposes of company law, for the IID•nclal year for wh5ch the flnancial statements are prepared is con51Stent wlth the financial Statements,. and the directors, report bncluded within the trustees, report has been Pfepared in accordance wlrh applicable le841 requirement5. Matters on whlch we ore requlr•d to report by excepiion In the li8ht ol the knowledge and undefstandlni ol the group and parent charltable compjny and Its environment obtained in the toufse of the audit, we have not Identified matefi•l mlsstaiements in the dlrectors. reporr. We have nothlne to report in fespeci ol ihe lollowin8 mailers in relation to which the Companle$ Act 2006 requlres us to feport to you il, in our opinion.. adequate accountin8 records have not been kept by the Pafent charitable company, or returns adequate for our audit have not been received from branches not visite¢J by us,. Of the parent charitJble company's flnancial statements are not in agreement with the accounting record5 and returns., or certain digclosures of directors, remuneration specified by law are not made,. or we have not received 411 the information and explanations we require for our audlt.. or the trustees were not entiiled to prepaie the lirtanci81 statements In Jtcordance with the small comp•nies' re8ime and rake advanta8e of the small cornpanies, exemptions in preparing the directois, report and from the requirement to pfepafe a stfate8ic report. Rspanslbllltl•s of TNstees As explained more lully in the tiustees, responsibilities statement. the Trustees Iwho are also the Directors of the parent charitable Company lor the purposes of company lawl are responsible lor the preparation of the financial statemenis and lor being satisfied that they 8ive a true lair view. ènd lor such ¢n¢ernal tontrol as ihe erustees detefmine is necessary to enable the preparation of financial statement5 thai are free from material misslatefflent, whether due to fraud or error. In preparin8 ihe Irnanclal statemenis. the Trustees are responsible for assesslng the 8roup and parent charitable ¢omp?ny's ability to continue as a 8oin8 cofflcern, disclosin8, as applicable, matters related to going concern and using ihe going concern basis ol accountin8 unless the trustees either internd to liquidate the group or parent charitable company or io cease operation5. or have no realss¢ic aftern¥tive bul to do so. Page 15

THE ARKWRIGHT SOCIETY LIMITED IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ARKWRIGHT SOCIETY LIMITED ICONTINUEDI Audltor fesponslbllitles lor the audlt ol the flninclal statemenls Our objectives are to obtaln reasonable assurance about whether ¢he financial statements as a whole are free liom material misstaternent. whether due to fraud or error, and to issue an audito<s report that includes our opinion. Reasonable assurance is a high level of assurance, but Is noi a 8uarantee thar an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when il exists. Misstatements can arise from fraud Of eifof and are considered material if, individually or in the ag8regate, they could reasonably be expected to influence the economic decSsions of users taken on the basi5 01 these financlal statements. Irre8ularltles, Including fraud, are instances ol non-compliance wilh law5 and regulations. We desi8n procedures in line with our responsibililie5, Outllned above, to detect material misstatement5 in respect of irfe8ularities, includin8 fraud. The extenr to which our procedures are capable of detectin8 irregularities, includin8 fraud 15 detailed below.. the senior statutory auditor ensured that the en8agement ieam collectively had the appropriate Competence, capablllties and skllls to identify or reco8ftise non.cornpliance wlih applicable laws and regul•tions,' we 5dentilied the laws and ie8ulation5 appllcable to the entity throu8h di5cusslon5 wilh Trustee5 ènd other m8na8emeni. ènd from our knowledge and experlence of ihe sector,. we focused on specific laws and regulations which we considered may hève a direct materlal effect On the Ilnanclal statements Of the opefations of the group and paienl entity. includin8 $¥feguardin8 le8islation, health and safely requirements includin8 fire safety. food hy8iene, data protection laws, the Charities Act 2011 and the Companies Act 2￿)6,. we assessed the extent of compllènce wlth the laws and r￿ulationS Identified above throu8h mJkin8 enqulries of mana8ement and inspectin8 le8al corre5pondence', and we ensured identified laws and re8ulailons were communlcated withln the audit tebm reaularly and the team remained alert io instances of non<ompliance throughoul the audlt. We assessed the sugcepiibility of the entity's linancial statements to material misstatement, includin8 obiainin8 an undergiandin8 01 how fraud mi8ht occur, by.. maklng enquiries of man88ement as to where they considered there was susceplibillty 1¢ fraud, their knowled8• of ¥ctual, suspected and alleged Ir?ud,' and con$lderSn8 the internal contro15 in place to mStS8ate risks ol fraud and non-cornpliance with laws and re8ulations. To address the iisk of fraud through mana8emeftt blas and override of controls, we performed analytical procediires to identify any vnLisvèI or unexpected relationships,. tested journal eniries io identify unusual transactions.. assessed whether jud8tments and assymptlons made Sn determlnlng the accouniin8 estlmates were indicatlve of potential bias.. and rnvesligated rhe rationale behind 518nificant or vnusual transaction5. In response to the risk of irregularities and non-compliance with law5 and regulations, we designed procedures which included. but were not limited to,. agreein8 Itnancial siaremenl disclosures to underlyin8 supportin8 documentation. feadin8 the minutes of meetin8s of those charged with 8overnance,' and enquiring of management as to aciual and potential litigation and claims. 8ecause of the inhereni limitation5 of an audit, there is a rTrsk ihat we will not detect all irregularities. includin8 those leading lo a material mi5statemertt in ihe financial statements or non<ompliance with regulation. This risk increases the Pale 16

THE ARKWRIGHT SOCIETY LIMITED {A company Ilmlied by 8uaranteel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ARKWRIGHT SOCIETY LIMITED ICONTINUEDI more that compliance with a law or regulation is removed from the event5 and transactions rellected in the financial statements, as we will be le55 liktly to become awJie of instances of non-compliance. The risk is also greater fegardini irregularities occvriina due to fraud father than error, as liaud involves intentional concealment. for8ery. collusion, omission or misrepfesenratS0n. A further description of our fe5ponslbilities is available on the FRC'S website at.. www.frc.or8.uk/auditorsresponsibilities. This description forms part of our auditorfs report. U$e ol our report This report is made solely to the charitable company's members, as a body. in accordance with Chapter 3 of Part 16 01 the Companies Act 2006. Our audit work has been undertaken so that we might state to ihe ¢haritèble companrfs members those m•iters we are required to state to them In an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company'5 members a5 ¥ body, for our audit work, lor this report. or foc the opinion5 we have formed. Rachel Heath (Senior statutory auditor) lor and on behg11 of 8HP LLP Chartered Accountants Stotvtory Atsditor 2 Rutland Park Sheffield SIO 2PD Oale: Pooe 17

THE ARKWRIGHT SOCIETY LIMITED IA company limiied bvBuaf•nt••l CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 As restated Total funds 2023 Unrestrlrted lunds 2024 Restricted funds 1024 Total funds 2024 Nole Income from: Oonations and legacies Charitable èctivities 81,083 $22,682 766,612 1.9Y 194,327 250,609 23S,676 331.692 758.358 244,100 539,979 Other tradln8 aCtl¥illes Investments 766,612 1.954 194.327 6SO,767 1,035 66,044 Other income Total Income 1.566,658 486.285 2.052,943 1.501,925 Expendlture on: Raisln8 lund$ Charitable actimties 653,002 1.008,302 653,002 1,197,837 581,845 1.198,040 io 189,535 Total expendlture 1.661.304 189.535 1.850.839 1,779,885 Net l•xp•ndlturellln¢oMe Translers betweert funds 194.6461 86,967 296,750 186,9671 202.104 1277,9601 26 Net movement In fund$ 17.6791 209,783 202,104 1277.9601 R•¢on¢Sll•tlon of lunds: Total funds brou8ht forwafd as previously stated 1.542,113 2.345.249 89.114 3.887.462 89,114 4.218,482 36,054 Prior year adju$tment 25 Total funds biou8ht forward as fesiated Ne¢ movement in funds 1,542,213 17,679) 2,434,363 209,783 3,976,576 20Z,104 4.254.536 1277,9601 Total fuftds ￿rried forward 1,534,534 2.644,146 4.178,680 3,976,576 The consolidated statement of financial activities cornplies Wlth the requirements for an Income and expenditure account Ltnder the Companies Aci 2006 and includes all 8ains and losses recognised in the year. All income and e¥penditure defive from continuin8 activities. Pa8e 18

THE ARKWRIGHTSOCIETY UMITED IA company Ilmited by Buaranteel REGISTERED NUMBER.. 01630237 CONSOLIDATED BALANCE SHEET AS A T31 MARCH 2024 As restated 2023 2024 Note Flxed assets Tan8ible assets Herit)Be assets 17 1,221,048 3.925.164 1,039.142 3,925.164 18 5.146.211 4.964,306 Current assets Slo¢ks 20 21,228 117,229 350,749 Debtors 21 104,261 241,792 Cash at bank and in hand 346.053 489,206 Creditors.. amounts fallin8 due within one year 22 1465.6911 1538.4711 N4t ¢urr•nt Ilabllltles 1119,6381 149,2651 Totsl assets less ¢urrent 114blllt5es 5.026,574 4.915,041 Credltor5'. amounts lallin8 due alter more th•n one year Accruals and deferred income 23 1825.4191 122,47Sl 1913,7671 124,6981 24 Total net asset$ 4.178,680 3,976,576 Ch•rlty funds Restricted fund5 lintludes revaluatlon reserve of £nil12023.- £24,901)) Unrestricied funds (includes ie¥aluatlon reserve 01 £2.007,75012023'. £2.007.750I1 26 2.644.146 2.434,363 26 1.534.534 1,542.213 Total funds 4,178.680 3.976,576 Pa8e 19

THE ARKWRIGfrIT SOCIETY LIMITED IA Company Ilmlted by8uaranteel REGISTEREO NUMBER.. 01630237 CONSOLIDATED BALANCE SHEET ICONTINUEDI ASAT31 MARCH 2024 The Trustees acknowledge their responsibilitie5 for complying with the requirements of the Act with respect to xcounting recofds and pieparation of financial statements. The financial statements have been prepared in accordance with the piovi5ions applicable to entitie5 subject to the small companies re81rne. The linahcial stalemenl$ were approved and aulhofised lor issue by the Trustees and sl8ned on their behalf by.. hn Rl¥ers Chairman Date.. The note5 On pa8es 24 to 55 form part of these financlal statements. Page 20

THE ARKWRIGHT SOCIETY LIMITED IA company Ilmited by guarantee) REGISTEREO NUMBER.. 01630237 COMPANY BALANCE SHEET ASAT31 MARCH 2024 As restated 2023 2024 Note Fixed assets Tangible •ssets Herita8e assets Investments 17 1,117.775 3.925.164 935,658 3,925,164 18 19 5,052,941 4,860.824 Curr•nt assets Debtors 21 104J173 110,952 306,831 Cash at bank and in hand 206A61 310.534 417,783 Creditors.. Jmounis fèlling due within one ¥eBr 22 1380.6771 1438.6811 Net curreTrt Ilabllltles {70,1431 120,8981 Total •ssets less <urrent11obllltl*s 4.982,798 4,839.926 Creditor5'. amounts fallin8 due after more than one year 23 1822.6941 1879.7861 Total net assets 4,160,104 3,960,140 Charlty fund$ Restricted fundi (includes revaluation reserve ol nil12023.. £24,901}1 Unrestricted funds lincludes revaluation reserve of £2,007.75012023.. £2,007,75011 26 1,644.146 2,434.363 26 1.515.950 1,525.777 Total funds 4,160,104 3,960.140 Page21

THE ARKWRIGHT SOCIETY LIMITED IA Company Ilmlted by iuar•nt•el COMPANY BALANCE SHEET ICONTINUEOI ASA T31 MARCH 2024 The company's nel movemeni in funds for the year was £199.96412023 - £1236.76511. The Trustees acknowledge their responsibllities lor complying with the requirements of the Act with respect to accountin8 records and preparation ol financial staternents. The financial stalements have been prepared In accordance with the provisions applicable to entitie5 subject to the small companies re8ime. The financial statements were approved and authorised For issue by the TiiJ5tees and signed on their behalf by.. Chairman Date.. The noles on p•8es 24 to $5 form parl ol these linanc14151•tements. Pa8e 22

THE ARKWRIGHT SOCIETY LIMITED (A company limlted by iu¥ranteel CONSOLIDATED STATEMENT OF CASH FLOWS FOR fHE YEAR ENDEO 31 MARCH 2024 As restated 2023 2024 N•ie Cash Ilows from operatlnK artlvltles Net cash used in opefatin8 activlties 29 37.674 1165,4991 C•sh flows from Investlni •tti¥ltles Intefest received 1,954 L79.276 1267,5621 1,035 Pioceeds from the sale ol t•n8ible fixed assets Purchase ol ian8ible fixed asset5 Tax paid 1112,2751 13,5621 Net (ash used in In¥estlni acilvltles 186.3321 1114,8021 Cash elows from lIna￿lfil actl¥ltles Cash inflows from new borrowin8 Repaymenrs of borrowin8 Interest pald 62.154 171,4611 150,9921 190,8431 112,9821 Nel ush used In Ilnan¢ini artl¥lties 160,2991 1103,8251 Chini• In cash •nd cash egufv•lents In the year 1108,9571 IJ84,1261 Cash and cash equivalents ot the be8innin& of the year 350.749 734.875 Cash and eash equlvalenis ai the end of the year 241.792 350,749 Page 23

THE ARKWRIGIIT SOCIETI LIMITED IA company Ilmlted by luaranteel NOTES TO THE f INANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General Inlorm•¢lon The company is a company limited by 8uarantee. The members of the company are the Tfustees named on page l. In the event of the company being wound up, the liability in respect ol the 8uarantee is limited to £1 per men)ber of the company. A¢¢ountlni pollcles 2.1 8asis ofpreparotloft oftrlnancla15totem*nts The financial siatemenls have been prepareLI in accordante with the Charities SORP {FRS 1021- Accounting and Reporting by Charitie5.. Statement of Recommended Practlce applicable to chafSties preparing their accounts in accordance with the Financi41 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 li55ued In October 20191. the Flnancial Reportin8 Standard applicable In the UK and Aepublic of Ireland IFRS 1021 and the Companies Ac¢ 2006. The Arkwri8ht Society Limited meets the definition of a pvblit benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cosi or iransaction value unless Otherwise stated in the relevant accouniini pollcy. The fSn•nclal sralemenls gre prepared on a 8oin8 concern basis under the historlcal co$1 conveniion, modSlled to Include certain items ot fail value. The linancièl statements are presented in sierlin& which is the functional currency of the chaiity and rounded to the nearest £1. The consolidated statement of financi81 activlties ISOFAI and consolidated balance sheet consolidate the financial statements of the 8foup and ifs subsidiary undert•ktn8. The resul1$ of the sub5idl8ry are consolidated on a Ilne by Ilne basis. The group has taken advantè8e of the exemption allowed under section 408 01 the Companies Act 2006 and has not presented its own Statement of financial activities in these linancial statements. 2.2 Golng con(ern The Group's profit for the year of £202,104 Consists ol a Sufplus in restrlcied lunds 01 £209,783 and Ioss In unrestricted funds of £7,679. Net current liabilities ale £119.638. These figure5 reflect the challen8in8 tradin8 Conditions and the numerous external laciors the Society faces. Despite lackin8 core fundin8, the Society has successfully secured capital and funding for the delivery of activities, from The Herila8e Fund, Historic EnKland and the Pil8fim Trust for expenditure spannin8 2023- 2025. This $18nilicanl support from funders reflect5 their acknowled8ement of ihe Society's needs and iheir tonfidente in it5 capacity to execute piojects and pro8ress. Moreover, the Society has mainiained stronB support from its lenders with the Architettural Herita8e Fund 8raniin8 capiral repayment holidays durinB the recovery perrod and consistent Capital repayment5 to the Charity Bank ènd Lloyds. The Trustees have prepared lo￿8$15 of income and expenditure and cash flow for a period of 12 months Irom appfoval of these fSnancial statements which show that they will be able to operate within the fJcllStSes vailable to them. The Trustees reco8nise the facilities include increased 8rant5 and donations and have appointed a Development Manager, as fundraiser to support this initiative ès prioritv. The Trustees acknowledge there 15 Some uncerrainty surroLtndine the fundraising targets. however, these have been 5Ltbjecled to sensitivity analysis whith take5 a Pfudent view. The re5ultin8 lorecasts and cash flow Pa8e 24

THE ARKWRIGHT SOCIETY LIMITED IA company Ilmlted by 8uaraniee) NOTES TO THE FINANCIAL STATEMENTS FOR TFIE YEAR ENDED 31 MARCH 2024 Accountlni pollcles Iconllnued) 2.4 Expendlture Expenditure is reco8nised once there is a le8al or constructive obli8atiort to transfer economic benefit ro a thifd paf¢y. ir is probable that a rransfer of economlc beneliis will be fequired in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the totJl of difect cosis and shared costs, including support costs involved In undertakinB each livity. Direci costs attiibutable to a single activity are allocated directly 10 thai activity. Shared costs whS¢h contribute to more than one activity and 5UPPOft Costs which are not Jttributable to a single activity gie pportioned between those activities on a basis consistent with the use of resosjfces. Central staff tosts are •llo¢ated on the bbsis ol time spent, and depfeciation chai8es allocated on the portion of the Jsset's use. Expenditufe on raisin8 funds in¢lLtdes all expendlture ihcurrtd by the 8roup to raise funds lor lis charlrgble purposes and includes cost5 of all fundraisin8 actlvliies events and non-chafltable tradin8. Expenditure on charitable activities is expenditure incurred on directly undertaklng ihe aciivilies whlch lurlhef the group's objective5, a5 well a5 any associated support costs. All expendltufe Is inclusive of Irreco¥er•ble VAT. 2.5 Interest recelvuble Interest on funds held on deposit is included when receivable and the amount can be measured rellably by the 8roup,' this 15 norrnally upon notification of the interesr paid or payable by the Instirutlon with whom the funds are deposlted. 2.6 foxotknn The company is cons¢dered to pass the tesis set OLrt in Paragraph I Schedule 6 of the Finance Act 2010 and therefore il meet$ the definition of • charitable company lor UK corporation tax purposes. Accordingly. the company is potentially txempt Irom taxation in respect of income or capltal 8ains feceived within cate8orie5 covered by Chapter 3 Part 11 ol ihe Corporation Tax Att 2010 01 Section 256 of the Taxation of Char8eable Gains Act 1992, to the e¥tent that such in¢ome of g•lns •re applled exclusSvely to charltable purposes. Tax is recognised in profit or loss except that a char8e attributable to an item of income and expense recognised as other comprehensive income or to an item recognised dlrectly in equity Is also recognised in other Comprehensive income or directly in equity ￿spective1v. The tufrtnt Income tax chaf8e Is c)Icul•ted on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet dale in the countries where the company oper3tes and generates income. 2.7 Tanglblefixed o55ets and depre¢latlon Tan8ible fixed assets are initially re(08nised at C05t. After ￿OgnitiOn, under the c05t model, tan8ible lsxed a5sels are mea5yred ai c05r le55 accumulated depreciation and any Jccumulated irnpairment 105ses. All costs incurred to bring a tan8ible fixed asset into its intended workinB condition should be included in the measurement ol cosi. Pa8e 26

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THE ARKWRIGHTSOCIEfi LIMITED IA iompany limlted by 8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 countlng poll¢les {¢ontlnuedl 2.9 Investments Fixed asset investments ale a form ol financial instrument and are initially recognised ai their transaction cost and subsequenily measured at fair value at the Balance sheet date, unless the value cannot be measured reltably in which case it is measuied at cost less impairment. lrtvestmer)t gains and1055es, whether realised or unreali5ed, are combined and presented as '6èinslllossesl on invesimen15' In the consolidated st•rement of linancSal aciivities. Investments in subsidlaries are valued at cost le￿ provlsion for impairment. 2.10 Stocks Stocks are v•lued at the low¢r of cost and nei reallsable value •fter makln8 dye allow4nce lor obsolete and slow.movin8 Stocks. 2.11 Debt4rs Trade and other debrors ore reco8nised at the settlement amount after any trade discount ollered. Prepayments ore valyed ar the •mount Pfep•id net ol any tfade discounts due. 2.12 Cash at bankartd In hund Cash at bank and In hand includes cash and short-term highly liquid inve5tment$ with a short maturity of three monihs or less from Ihe date ol acqulsltion Of openSn8 of the deposlt or slmilèi account, 2.13 Llobllltles ondprovlsiofts Liabilities and provisions are reco8nised when there is an obli8ation at the 8alance sheet date as a result of pèst event. il is probable th•t a transler of economic benefit will be requlfed in settlement, and the amount ol the settlement caft be estimated reliablv. Liabllitle5 are reco8nlsed èt the amount that the company anticipates li will poy to settle the debt or the amount it ha5 feceived as advanceil paymenis for the eood$ or services it must provide. Provi5ion5 are measured èi ihe best esllmate ol ihe amounts required to settle the obligatlon. Where the ellecl ol the time value of money is material, the provision is based on the present value of those amounts, discounted Jt the pre-tax discount rare that reflects the flsks specific to ihe liabiliry. The unwindin8 of the discount is reco8nised in the consolidale(I statement of financlal activitles as a finance cost. 2.14 Finoftclal instruments The 8roup only has 1Snanclèl assets ahd firtantial lsabilitles ol J kind that qualify as basic financial instruments. Basi¢ linancial instrument5 are irtitially recognised at tiansaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost Using the effective interest method. PaBe 28

THE ARKWRIGHT SOCIEfY LIMITEO IA company Ilmlted by8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountln8 policies Icontinuedl 2.15 Operqtlng leases Rentals paid under operating lease5 are charged to the tonsolidated statement of financial actLVlties on a s¢rai8ht line basis over the lease term. 2.16 F¥ndottountln¢ General funds are urtrestricied funds which are available lor use at the disCr￿10n of the Trustees in furtherance OF the 8eneral objectives of the parent charity and which have noi been designated for other purposes. flesiricted funds are lurtds which are to be used in accordance with 5pKific restrictions imposed by donors or which have been raised by ihe parent chariiable company for partlcular purposes. The costs ol raising and administerin8 such funds are char8ed against the specific lund. The aim and use of each restrictetl fund is set out In the nore$ to the finon¢lal st•temenl$. 2.17 Employee benelltS When employees have rendeied servlce to the charlty, short-term employee benellts to whl¢h the employee5 aré entltled are recognised at the undlscounted amount expected to be paid In exchange foi that seTh5ce. The charity operates a defined contributlon plan for the benefit of its employees. Contriburions are expensed as they become payable. Redundoncy benelit5 are payable when ernployment 55 terminated before the normal ieilrement date, or whenever an employee ictepts voluntary redundanty In exchan8e lor these benefit5. The charitable company recognises fedundancy benefits when it is committed to termina¢ing the employment ol curreni employees accordin8 io a detailed formal plan without P05sibllity ol withdrawal. Crltlcal ac¢ountln8 •Stlmat•s and area5 gf ludgernent Estlmates and jud8ement5 are continually evaluated aftd are based on historical experience and othei factors, Sncludlng expeciations of luture evenis that are believed to be reasonable under the circumstances. Critical accouniin8 estlmates and assumptions.. The company makes estlmates and assvmp¢lons conceinin8 the luture. The fesultina ac¢ountln8 estimates Jnd a55UrnPtions will. by dellnition, seldom equal the related actual results. Freehold and long leasehold buildings and herita8e o55ets are held at valuation. The valuation5 are carried out on a periodic basls by an independent qualified valuer and consideied annually by the tfustees. Page 29

THE ARKWRIGHT SOCIETY LIMITED IA company limTrted by iuarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 3024 Income from donations and legacles Unresificted lunds 2014 Restrlrted fundi 2024 Toial lunds 2014 Total funds 2023 Donations and 8ifts received Giants receivable 81,083 81.083 44,916 199.184 250,609 250,609 81.083 250,609 331.692 244,1￿} Total 2023 23,325 220,775 244.100 Income from charltable actbvltie5 Unrestrlcted funds 2014 Aeslrlrted lunds 2024 Total funds 2024 Total funds 2023 Property services Vlsitor services 391,322 74,892 56,468 95,252 146.061 15,6371 486,574 220.953 389,239 89.058 Educatlon and touis 50,B31 61,682 rota12024 522.682 235,676 758,358 539,979 Total 2023 504.673 35.306 539,979 Page 30

THE ARKWRIGHT SOCIETY LIMITED IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from other tradlng actbvitles Income Ifom non ¢harltable tradlnB actlvltles Unrestrlrted lunds ZOZ4 Total funds 2024 Toral funds 2023 Fundraisin8 event5 Cromford Mill Limited soles 16,696 749,916 16,696 749,916 7.391 643,376 766,612 766.612 650,767 Total 2023 650,767 650,767 Inv•stment Income Ut)t•itrl¢ted lunds 2024 Total funds 2024 Tot81 funds 2023 8ank interest recel¥able 1,954 1.954 1.035 Total 2023 1,035 1.035 P38e 31

THE ARKWRIGHT SOCIETY LIMITED {A company Ilmiied by 8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR SNQED 31 MARCH 2024 Other In¢ome Unre$trlcted funds 2024 Total funds 2024 Total funds 2023 Car park income Insurance claims 69,304 69,304 65.544 500 Income from recharged st8lf Proftt on disposal of1Sxed a55et5 2,747 122,276 2.747 12Z,276 194,327 194.327 66,044 Total 2023 66,044 66,044 ExpendStufe on ralsloi lunds Olre¢t¢osts Unrèstrlcted funds 2024 Total funds 2024 Total funds 2023 Cromfoid Mill Limited- other cost5 Cromford Mill Limited- wè8es and salarie5 Cromford MÈll Limited- Nl Cromford Mill Limited. pension costs 308.184 308.184 277,207 283,457 15,763 5,418 322,280 16.738 5,800 322,280 16,738 5,800 653,002 653.002 581.845 Total 2023 581,845 581,845 Pa8e 32

THE ARKWRIGHT SOCIETY LIMITED {A Company limited by 8uar•nteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EAIDED 31 MARCH 2024 io. Anatysls of expenditure on charitable a¢tivltles Summory bylund type Unfestrlcted funds 2024 Restricted funds 2024 Total 2024 Total 2023 Visitor5 servlces 438.250 107.142 545.392 380,327 426.883 230,574 137,273 22,983 Property services Herita8e 51te mana8ement 8uildin8 17 Governance (note 131 363.609 186,161 61,377 1,043 424,986 187,204 20,282 19,973 40.255 1,008,302 189,535 1.197,837 1,198.040 Total 2023 1,112,543 85,497 1.198,040 ii. Analysls of •xp•ndltur• by *rtlvliles A¢ti¥liles undertaken directly Support costs 2024 2024 Total lunds 1024 Total lunds 2023 Visitor5 services 517,S82 328,943 73,48S 27.810 96,Q43 113.719 545,392 424,986 187.204 380.327 426,883 230.S74 Propeity services HefltJ8e site mana8emenr 8uildSn8 17 Governance Inote 131 137.273 40,255 40.255 22.983 920.010 277,827 1,197,837 1.198,040 Total 2023 917.760 280,280 1,198.040 Page 33

THE ARKWRIGHT SOCIETY LIMITED IA company Ilmlted by iuaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIVOEO 31 MARCH 2024 ii. Anafysls of empendItu￿ by artlvltles Icontlnuedl Analysls of support Costs Totsl lund5 2024 Total funds 2023 514ff costs 227.440 10.132 40.155 245,217 12.080 22.983 Pgyroll and bookkeepin8 fees Goveinance costs Inoie 131 277,827 280,280 Support C05t5 are allocated based on a % of time spent. 12. Net In¢omel{e¥pendliurel This is Jlated ¥fter chJrilng'. As restated 2023 2024 IProfltllloss on dlsposal of ran8ible Itjred asset$ DeP￿larIon of tangible flxed asset5 owned by the 8roup 1122.1761 28,6S6 34 59.781 13. Go¥ernan¢e costs Unrestricted nds 2024 ftestrlcted fvnds 2024 Total funds 2024 Total funds 2023 Audit and accountancy fees Cromford Mill strategic costs 20,282 20.282 19.973 22.983 19,973 20,282 19.973 40,255 22,983 Total 2023 22,983 22,983 Pa8e 34

THE ARKWRIGHT SOCIETY LIMITED IA company limited by guafantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Audltor's remuneratlon 2024 2023 Fees payable io ihe 8roup'5 auditof for the audir of the annual accounts 18.605 17,720 Fees payable to the group's auditor in respect of.. All fton.audit Se￿iCe5 not included above 6,510 S,250 15. Staff costs Group As restaied 2023 Comparnv As iestared 2023 Gro¥p 2024 Cwnp4ny 2024 Wa8es and salaries Social security costs Contrlbutlon to dellned coniribuilon pen51on Schemes 827,390 54.692 771.458 505.110 488,001 38,198 53,961 37,954 22.280 19,616 16.480 14.198 904,J62 845,035 559,544 540,397 Included within the above staff costs are redundancy costs totallln8 £29,843 of v4hich £18,287 were non. contractval. The prior yeèr fi8vres have been restated to eliminate intra-8roup recharges of waBes between the parent and subsidiary which had rhe Impact of reducirt8 Staff costs by £17,952 however had no overall Impact to the statement of fln•nciil a¢tiviites for ihe yeJr to 31 March 2023. The avera8e number of persons employed by the 8roup during the year was as follows.. Group 2024 No. Group 2023 No. Tourism and visitor seryices 16 io Site maintenance Catering and ietail Adminlstration and support 13 21 io 46 Page 35

THE ARKWRIGHT SOCIEfY LIMITED IA company limlied by 8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31.MARCH 2024 15. staff costs Icontlnued) The avera8e headcount expressed as lull-time equivalents was.. Group 2024 No. Group 2023 No. Tourism and vSsltor services Site maintenance Catering and retail Administiation and support 13 14 29 34 The number ol employees whose employee benefits leKcludin8 employer penslon costsl exceeded £60,000 was: Group 2024 No. Group 2023 No. In the band £60,001- £70.000 The iotal amount of employee beneflis received by key manaiement pergonnel includin8 employers national Insurance artd penslon contribution is £326,582 12023,, £206.1431. The Tfuslee5 consider its key mana8ement personnel compilse the ch￿ef Executive Officer, Chlef Flnance Olllcer, Oevelopment Manager, Operations ManJ8er. Head of Caterln8, Events MJnJ6er and Head of Enga8ement. 16. Truslees, remunerotlon and expenses During the ye•r, no Tfustees fffelved 4ny ￿m￿neratiOn or other beneflr$12023 . EIIILI. During the year ended 31 March 2024, no Trustee eipertses have been incurred12023- £NILI. Page 36

The ARKWftIGMI SOtIÉTY LIMwfEP IAt•rnp•fiy 11m￿￿tsY4U•r4ntl+) NOTES TO THÉ FINANCIAL STATEMENT5 FOR rH£ YEAA É14D&031 MARCH1024 T￿n￿bI• nx•d 155ets Alltlunder plrtv piupwty luillan Whe<r41 w•i•thl TO￿1 Cosior¥olL4711Dft At J April 2023 11 i•st•i J9J,000 J85ALYJ 153.49b lJ3.987 19.Il4 1354.$97 287.S62 Is?,r•JOI 167,562 TiJnJle15 between (11$1*5 J%,676 1356.6761 At 31 MDrch 2024 IS3A96 356￿16 2Y3.9 I￿5.15$ s•,soi 7,615 215ASS 11,1$6 Ch4rio lor iho yeat At JI M•rth 2024 fj7,171 171,933 244,Lll Pai¢ 37

TIIE ￿￿lIGHTso(lEIyIIm¢TÉo IArnfflp•nyllfftiieOb¥iuiiaMeel NOTESTO TFIE FIIIANCIAL STATEMENTS FOR THE YEAR EMDED31 MARCH2024 17. T•￿Ibl•￿￿1d GrouplwntlTry•dl Craffll•rd prpp•rt¥ wbt•r*h•il fftllft

rvrtlun

At 31 March 7014 J15Mty) 16,31B 556M76 S7￿14 1,221,Q41 At 31 Mir£h J023 393.LlJO 3BS,(QO 93.993 74,035 89,114 1.039.142 Pw38

Tht ARKWRIGMTSOCIETY LIMIIEO IACornw￿VIIfflItQd by8￿1•nI•ll NOTESTO THE FINANCIAL STATEMENTS FOR TME YEARENOEOJJ MARCfy12Q34 17. Cpmpihv FM•hgK4 Pr•P•Ity l¥Wo ••h&d •r•pirty VI•1•￿••• fltllni% ¢•rtKru¢ c¢st T•t41 At l April 1013-45r*stJt¢d Addlllons J93,W) 5fftJ 19,114 1,079,546 217.562 267.562 157,000 351,676 1356,6711 At 31 M¥rch2014 116,11 315000 35S.676 1,290,101 143,M• 11,445 Charie lrytheye•F 1¢445 At 31 M•rch 2024 IV.J33 PJJe 39

TIIE ARKV•TrlGNTSOCIEIY LIMrrEo IAeomp•hy Umited byiulr•r411•1 NOTESTOTHE FINANCIAL STATEMENTS FOR nlEYEAft ENQE031 M4RC112024 li￿1b1¢￿¥ed iM•tsl¢oTrtlnu•dl Cornw¥lconIkn￿1dI L••Mhold piopqrtv W•tlTrwh•il £rAt I￿￿110￿ Ta v•l¥¢ Al 31 M•rch 1014 JS•,67$ SO￿ 1,127,775 At 31 M•r<h 1023 393.¢QJ 315,000 6U,544 89.114 935,6$8 P￿e 40

ThE ARKWRIGHT SOCIETY LIMITED IA compafty Ilmrted byguaranteel NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17, Tanglble fiJ¢ed assets (continued) The 8roup has adopted a policy ol revaluation lor tan8ible fixed a55ets. Had these assets been measured at historic cost. the carryin8 value5 would have been as follows.. Gioup 2024 Group 2023 Freehold property Lon8.term leasehold propertv 118,000 197.599 135,500 197,599 315,599 333,099 Freehold property consisrs of Grace Cotta8e, Cfomford Lock Up, Lumsdale Valley and the car park. Leasehold property conslsts of Cromlord Wharf and Cromlord Station. Yhe fieehold and leasehold propertles were revalued on 13 july 2021 and the flnanclal stètements have been updated io reflect this Valuation, The valuatlon was ¢arfied oui externally and Independenily by Davld Brown 8Sc MRICS RICS, In the Trustees oplnlon this valuation reflects the vèlues ès at 31 March 2024. Herltsie •ssets Group ond Compon A58gts held at v•lu¥t5on 8ulldlTri 17 Cromlord Mlll 2024 1024 Total 2024 Carryln8 value at l Aprll 20231ès restated) 1,622.414 2,302,750 3,925,164 Carrying volue at 31 March 2024 1.622.414 2,302,750 3.925.164 Pa8e 41

THE ARKWRIGHT SOCIETY LIMITED IA company limlted by8uarantee} NOTES TO THE FINANCIAL STATEMENTS FOR TrIE YEAR ENDEO 31 MARCH 2024 H•rlt88è as$*ts l<ontlnued} Analysls of herlia8e asset transactlons Group ond Company 2024 2023 2022 2021 2020 Chorgefor depreclotlon/ Impolrment Depreciation herita8e assets at cost las re51atedl Impalfment- herita8e asset5 at cost 188.2411 188,2431 12,349.1971 Totalchargeforlmpuirment 12,437.4381 188,2431 Heiit88e assets ¢omprrse the industrlal building5 at Cromlord Mill includin8 Buildin8 17 whtch has ur)der8one a substantial renovation completed durln8 2016. The oldest buildin8$ dale back lo the second hall of the 18th entury. The herliage assets were revalued on 13 july 2021 and the flnarcial stalemenis have been updated to reflect this 14aluatlon. Thè valuation was carried out externally and Trndependently by Oovid Blown Bsc MAICS RICS. In ihe Trustees oplnion thls valubtion feflects Ihe values os at 31 March 2024. Page 42

THE ARWIRIGHT SOCIETY LIMITEO IA company limlted by 8uarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. FlJÉed asset investments Investrnenls In Jubsldlary companl•s Componv Cost or vuluotion At l April 2023 At 31 March 2024 rdet book value At 31 March 2024 At 31 Mafch 2023 The Invesiment comori5es 100% ol the share capital ol Cfomlord Mill Lirnlted, the chailty'5 tradin8 subsidiBry. The results ol that company are disclosed in note 36. Yfansaclions duiini the year wlth th¢ sub5idlary are dlsclosed In note 35. 20. Stocks Gmup 2024 Group 2023 Flnished 8ood5 and 8ood5 for resale 21,228 Pa8e 43

THE ARKWRIGHT SOCIETY LIMITED {A ¢omp•ny Ilmlted by luaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Debtors fjroup 2024 Group 2023 Company 2024 Company 2023 Trade debtors 48,272 163 62.228 379 48.272 62,228 236 Oiher debtors Prepayments and accrued income 55,826 54,622 55,801 48,488 104,261 117,229 104.073 110.9S2 22. Credltors.. Amounts lalllni due wlthln one ye•r Group 2024 Group 2023 Company 2024 Company 2023 8ènk loans 116,955 50.972 89,988 76,143 12.743 233,249 85.699 50.972 68.528 46,928 17,5351 80.310 46.819 12,743 203.670 Ar¢hite¢iural Herit•8e Fund108n Trade credliois Amounts owed to group undertakin85 Other taxatlon and social securltv Orher cred¢tor$ 810 49,560 42,653 54,695 118,988 23,775 51,097 99.767 83.818 ?4,398 Accruals and deferied incorne 55.705 465.691 538,471 380.677 438,681 Oeferred Income represenis market income received in Jdvance for morket stalls and room hire durlng 2023124. Group IOZ4 GfOLIP 2023 Defvrred income Deferred Incorne at l April 2023 ReSOUfces deferfed durin8 the year Arnounts released from previous periods 6.107 5,027 16,1071 4,024 6.107 14.0241 5,027 6,107 Pase 44

THE ARKWRIGHT SOCIETY LIMITED IA company limlted tsy8uar•nteel NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Credltors.. Amounts falllnt due •fter more th•n one ytaf Group 2024 Group 2023 Company 2024 Company 2023 Bank loans 348.304 465,259 345.579 431.278 Architectural Herlta8e Fund loan re Buildlng 17 and DCC loan 477.115 448,508 477,115 448,508 825N19 913,767 822,694 879,786 Bank loans and overdraft5 totallin8 E465,27612023.. £541,402) are secured on assets of rhe charity as follows... . A 1st le8al ch•r8e over commercial Ifeehold property known as Old Yrout Farm (Excl No 101, Cromlord Mill. Cromford Matlock, Oefbyshlle dated 2311111988. A 1st le8al char8e over commercial freehold property known 3$ Cromlord Colour Mills. Cromfofd. Derbyshire. dated 1811111988. . A Isr le8al charge over residential Property known as Grace Cottaae, Station Rd, Cromlord, MJtlock, Derbyshire dated 1610212018. . A 1st leg)1 Charye over commerclil Ireehold property known 0$ 10 Cromford Mill. Mill Road, Cromford, dated 1610212018. - A 2nd leial char8e over cornmercial freehold property known 35 10 The Old Trout Farm, Cromford Mlll, Cromford. Mattock, Derbyshlre dated 1911011994. - A 2nd le8al charge over commercial freèhold property known as Cromford Colour Mills, Cromford, Derbyshire dated 1811111988. - A 2nd legal char8e over commerclal freehold property known as 10 Cromford Mill. Mill Road. Cromford. dated 1911011994. A 2nd le8è1 charge over resldent*Jl property known as Grace Cotl)8e. Statlon Rd. Cromford, M¥tlock, Derbyshlie date(J 2810511999. An Ltnlimited debenture dated 1911212001 incorporatin8 a fixed and floatinB char8es over the asset5 of the societv. An unlimited debenture dated 1610212018 incorporatin8 a fixed and floatln8 charges over the assets of the societv. The bank loan ol Cromford Mill Limited is secured on the fixed and floatlng a55eis of the company and subject to interest at a rate of 6.5% per annum. The loan is due to be repaid in full by May 2025. The AckwriBht Society is iuarantor lor the loan. Pale 45

THE ARKWRIGHT SOCIETY LIMITEO IA company Ilmited by Buarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 24. Accfuals and deferfed Infome fjroup 2024 Group 2023 Grants 22,475 24,698 Deferred income represents government grants in respect ol the renovation of leasehold property In Cromlord Mill Limited and is bein8 released in line with the depiKia(ion policy of the leasehold propertv. 25. Pffior yeaf adlustments The comparative li8ures have been restated to capiialise costs in relation to the Water Wheel as a fixed asset under con5tructlon. The impac( on ihe consolidated balance sheet as at 31 March 2023 is to increase the value of fixed a$5et5, net assets and restricted fund balances by £89,114. The impact on the statemen¢ of financial activitles 15 10 reduce restricted ejtpendllure in 2023 by £89,114. 26. Siaiement of lunds Statefflent ol funds- current year r•si•ted Balafice oi i Awll 2023 Trin51•is Inloyt 8alance it JI M•eth Z024 Incom• EMp•ndllur• Unrestrlctedfunds General Funds- charity General Funds- subsidiary 1,525,777 16,436 016,742 749.916 1933.8621 1727,4411 107,301 120,3341 1.515.958 18,576 1,$42,213 l.S66.658 11.661.304) 86,967 1.534,534 Restrktedfunds &uilding 17 development & prosert fund Lurnsdale project Cromford Slarion 1.966,272 4,945 139,438 56,967 30,000 168,696 1,224 20,000 7.238 16,0591 12,4641 1,967.451 5,086 JJ9,438 2.605 Dunsley Meadows Slinier Woodlands 156.9671 130.0001 Cromford hydro scheme Sundry projects Dof D ODCTGrant 160,449 3,251 113,1061 13,249) 119.9731 J06.039 1.2Z6 27 Page 46

THE ARKWRIGHT SOCIETY LIMITED IA company Ilmlted by 8¥aranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 26. Statement of funds l¢ontlnuedl Stutement offunds- current yeor (¢ontinuedJ As rest•ted. Balanceat I Aprll 2023 Tr•nsfets Inlo B•l•n¢e •t 31 M•r¢h 2024 lfit+)m• Expendlture Aikwrighi's books and hrtefacts Slinter Woodland project Guide resources fund 4.008 2,2S2 1,709 2.045 4,008 2.2S2 1.709 1.045 58,140 6.318 620 Educ)tion materièts Wèierwheel Fund 90.160 15,7171 132.0201 14,8611 DV Tours Project Cromloid Mill goes Di8ltall NLHF Emergency Gr•nts Meetln8 Polni OE-Carbon¢se Grant 16,89fj 620 5.378 381 219,299 183,2381 141A39 381 15.557 14,5001 2,475 256 (3,3301 (9.0101 11.225 12,483 14.766 250 618 project development Reset & Recovery Grant f ynd 8,744 2,434,363 486,20S {189,535) 186.9671 2.6M.146 Totuloffvnds 3.976,576 2,052,943 11,850039 4.178,680 Statemenl of funds. prlor year As re5tiled Balance at 31 March 2023 As restated Balance at l April 2022 As restated Expenditure Yransfers inlout Income Unrestrictedlund5 Genefal Funds charitv General Funds- subsidiary 1,924,630 57.631 598,391 647,453 11,063,393) 1630,9951 66,149 157,6531 1,52S,777 16.436 1.982,261 1,245.844 11.694,3881 8.496 1,542,213 Page 47

THE ARKWRIGHT SOCIETY UMITED IA company Ilmlted by iuèranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 26. Siattrnent of funds Icontinued) As restated Balance at 31 Mafch 2023 As restated Balance at l April 2022 As restated Expendilure Transfers inlout Income Restrktedfunds Building 17 development & prolect fund Lum5dale projett Cromford Station 1,956,140 3,466 139.438 57.135 30,000 18,IlSI 2,554 15,000 2,643 14,8681 11,2141 1,966.272 4.945 139.438 56,967 30,000 168,696 1.224 20.000 4,008 2.252 1,709 2,045 so Dunsley Meadows Slinrer Woodlands 628 17961 Cromlord hydro scheme Sundry project5 Dof D 00￿Grant 179,184 19,8941 11021 7,S21 11,2281 20,000 Arkwrlghi's books and artef¥cts Slinrer Woodland project Guide fesources fund 4,008 2,252 1,709 3,064 13,278 4,835 620 Educalion matecials Waterwheel Fund 11.0191 116,7591 14,5201 18,320 16,581 114,8391 DV Tovrs Project Crornford Mlll 8oes oi8ltall NLHF Emer8ency Grants Meetin8 Point DE-CarbonSse Grant 16.896 620 13,320 5,000 18,631 24,940 17,9421 14,6191 13,0741 129.4401 11,2501 5,378 381 15.557 14,5001 2,475 818 project development Reset & Recovery Grant Fund 3.725 2.272,275 2S6.081 185,4971 18,4961 2,434.363 Totoloffunds 4,254,536 1.501,925 11,779.8851 3,976.576 Page 48

THE ARKWRIGHT SOCIETY LIMITED (A company limited by iuarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 26. Siatement of fund5 leonilNu•dl The restricted funds repfesent monies donate(l or raised for a specific project of the charity. The P￿rposeS of the main restricted funds are 8i¥en below. The euilding 17 development & projeci fund aims to develop a World Heflta8e Siie and Gateway. The Lumsdale prolect funds are for the continued preservation and archaeolo8ical %vorks in Lumsdale. Cromford Station 15 now complwely refurbished and (enant5 in sltu. The Cromlord Hydro kheme aim$ 10 explofe the possibility of renewable ener8y at the site by the installation of technology sn order to eenerate hydro.electricitv. The O ol DDCF Grani Fund The Commisyonln8 of 4 Srrale8ic and Sysiainable Bu5ine55 Plan and Masterplan for Cromford Mill. The Arkwri8ht'5 books and Jrtefacts fund is an asset fund representing grants awarded to purchase Arkwil8ht relaied purchases for display. The Slinter Woodland project fund represents the funds obtained and expended in the continued mana8ement of the Slinter Woodland site as a '5ite ol Specific Inierest, SSSI. The Gulde Resources fund represents donations awafded to ¥olunteer tour luides whlch can be spent to enhance tour euide knowled8e and experience. The Educ•tion mareriJls fund is prlmarily Income awarded under the S4ndford Fund whlch can be ustd io promote the Educational offer at Cromfofd. The Watenvheel ILtnd is for the Waterpower Pfojeci lundln8 educJtlon, Pfe5ervJlion and innovjtion. The resilience fund aims to support the development ol the World Heritage site. The DV Tour5 project represents fundin8 received from DefbyshSre County Council's Great Place xheme lor an entrepreneurial venture wilh 8elper North Mill Trust to provide guided tours of the DeTh•ent Valley, locussin8 on the Derwent Valley Mills World Herlta8e Sile and other nearby visitor aitractlons. Clomford Mills Eoes Digitall is a COVID19 response project awarded by Historic England helpin8 to create 8reaier digital presence both online and on site. The NLHF Emergency grants were awarded by National Lollery Heriiage Fund who were adminisrerlng funds under the Heritage Emergency Fund and subsequently under Culture Recovery Fund lor Herirage. The Meeting Point programme will lead to rhe commissionlng of an art15t project at Cromlord Mills, awarded bv Arts & Heritage. Pa8e 49

TH£ ARKWRIGHT SOCIETY LIMITED IA company &mit*d by 8uaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EhlOED 31 MARCH 2024 26. Statement ot funds Iconilnuedl The DE-Cafbonise Grant provides asslstance to re(luce carbon emissions through upgrading lighting in the Cromford Creative building and also replacin8 4 nort-condensine gas boileis with 2 condensin8 boilers, thus updatin8 the heating systems in 3 01 the buildin85. The B18 Pfojecr developmertl 8rant represenis funds awarded by Hisroric En8land a5 a repalr 8rant fof Herit•ie at Risk. The Reset & Recovery Grant Fund. promotin8 income 8rowlh wi¢h 8reater en8a8ement. Theie is one restricted fund currently In a delicit position due io fundift8 bein8 claimed in arrears. A transfer w4$ made In Ihe year from reslrided to unrestrlcted in relation to assets sold in the year. 27. Summary ol funds Summary ol lunds. eurr•nt ￿lf As r•it•t•d •lante •1 i April 2023 Tr&nsférs IDlout •alance at 31 M•rth ZOZ4 Incomo Exp￿dit￿l• Gener•1 fufid5 Resiricted lunds 1,542,213 1.434.363 1,566.658 486,285 11.661.304) 1189,535) 86,967 186.967) 1.534.534 1.644.146 3,976.576 2.052.943 11.850,8391 4.178.680 Summary of funds- prlor year As restated lance at 31 March 2023 As festated Balance at l April 2022 As restated xoenditure fransfers Inlout Income General funds 1,982,261 2.272,215 1,245,844 256,081 11,694,388) 185,4971 8,496 18,4961 1,542,213 2,434.363 Restricted funds 4,254,536 1,501.925 11,779,885) 3.976,576 Pa8e 50

THE ARKWRIGHT SOCIETY LIMITED IA rompany Ilmited byguarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Anatysis of net assets between funds Analysls of net a55ets between funds- ¢urrent perlod Unrestrirted lunds 2024 Restrlcted lunds 2024 Total lunds 2024 Tangible fixed issets Heritage assets Current as$ers 724.372 2.302.750 1179.0031 1465,6911 1825,4191 122.4751 496,676 1.622,414 52S,056 1.221.048 3.925.164 346,053 1465.691) 18Z5,4191 122.4751 Creditor5 due within one yeai Creditors due in more than one year PIovi5ions lor liabilifies and ch818e5 rotol 1,534,534 2.644,146 4,1?8.600 Analysls ol net assets between lunds- prlor perEod As restated Restricted funds 2023 As restated Total lunds 2023 Unrestricted lunds 2023 Tan8ible Ilxed assets Heritage assets Current assets 747.961 2.302,750 131,5621 1538.4711 1913,7671 124,6981 291,181 1,622,414 520,768 1,039.142 3,925.164 489.206 1538,4711 1913.7671 124,6981 CredilOfS due wlthln one ye4r Cfeditors due in more than one year Provislons lor liabilltles and char8es Totol As restated 1,542.213 2,434,363 3,976.576 Page51

THE ARKWRIGHT SOCIETY LIMITED IA company Ilmlted by iuaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 29. Reconclllatlon ol net movement in fund5 to net ush tl¢)w from operatlni actlvlties Group As festated 2023 Group 2024 Nel incomellexpendlturel for the perlod las per Statement of Financial Activiliesl 202,104 1277.9601 Adjustmentsfvr., Depieciation char8es Amortisation of 8overnmeni 8rant Interest received 28.656 12,2231 11,9541 50,992 1122,2761 21,228 12,968 IISl.8211 30,317 12,2231 11,0351 12,982 Interest paid Prolit on the sale ol fSxed assets Oecreasel lincreasel in stotks Decieasel Ilncreasel In debtofs (Decreasell inciea5e in cieditofs 17,1801 149,4041 129,004 Net C05h used in operotlnq actiwltles 37,674 116S,4991 Analysls ot cash and ¢•sh equivalents Gioup 2024 Group 2023 Cash in hand 241,792 350,749 rotal cosh ondcosh equivolents 241,792 350,749 PaBe 52

THE ARKWRIGHT SOCIETY LIMITED IA company limited by guafanteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2024 31. Anatysls of changes in net debt At l April 2023 At 31 Marth 2024 Cash flows Cash at bank and In hand 350.749 188.8861 1913.7671 1108,9571 179.041) 88.348 241.791 1167.9271 1825.4191 Debt due within l year Oebt due after I year 1651.9041 199,6501 1751.5S41 32. Contlnqent Ilabllltles The charlty has è possible oblieation to repalr and reinstate èn aoueduci whlch was formally part ol the Cfomford Mill site. Derbyshire County Council IDCCI are unable to agree with Derbyshire Dales District Council IDDDCI and statuiory consultee5 including Historic En8land IHEI on the hei8ht at which the aoueduci should be feinstated. The Ilability has been estimated at £295,000 and is contingent on an a8reemeni bein8 rtached ielevant parties and seturin8 Statutory consents •t some point in the fulure. 33. Capltal commltments Group 2023 Comp•nv 2024 Company 2023 2024 Controctedfor but notprovlded In theseflnan¢k41 statements AcqL*lsition of tan8lble fSxed assets 13,929 13.929 Page 53

THE ARKWRIGHT SOCIETY LIMITED IA company Ilmited byluaranteel , NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Operating lease commltments At 31 March 2024 the Group ènd the company had commitments to make future minimum lease payments under non.cancellabJe operating leases as follows.. Groyp Group 2023 Compjny 2024 Company 2023 2024 Not later than I year Later than l year and not later than 5 years Later than S years 34,466 10.147 17.559 34,583 12,106 19,687 5,325 9.313 17,559 6.583 12,106 19.687 62,172 66,376 32,197 38,376 Lease payfflents fecognised as an expense in the statement of financial activities were £34,58312023: £37,973). 35. Rel•t¢d party tr•n$a¢lloThs Durin8 2013 the Duke of Devonshire, the President ol the charlty. made è103n to the charity of £35,000. EIO,000 rernained payable as at 31 March 2024 and 2023. The loan is intefesl free. The comyny has 4 wholly owned subsidlary, Cromfoid Mill Limited, Is detèlled in note 36, Durin8 the year, The Arkwri8ht Society Limited char8ed the subsidiary rent and service charges of É77,77712023.. £nill labour recharge$ of £35.71212023'. £nill management and administration fees ol £nil12023: £nill. During the year the subsidiary made sales of £nil12023'. £1,854) to The Arkwri8ht Society Limited and purchases from The Arkwiighi Society Limiied of £l71,08912023.. £40,216). Durln8 the year H 8Sshop. a Trustee, used the chaflty's shop io sell some 8oods to ihe v4lue ol £30. The income was received by the ch)rlt¥ )nd rhen pD$sed on io the Tru5ree. At 31 March 2024, the charily owed £46,928 to ihe subsidiary12023.. £8101. Durin8 the year l Rivers. a Tfustee donated E54.$00 to the charity io tover a hoisebox puichase, wage costs and other 8eneral costs. Page 54

THE ARKWRIGHT SOCIETY LIMITED IA company limlted by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EftIOED 31 MARCH 2024 36. PrSn¢lpal subsldlarles The following was a subsidiary undeftaking of the coM￿nY.. Name Company number Class of shares Holdin8 Cromford Mills Limited 02913429 Ordinary loo% The financial results of the subsidiary for the year were: Nam• 2024 2023 Cromlord Mllls Llmlted Income 749,916 1727.442) 645,230 1628,7721 Expenditure Proflt for ihe ye•r 22,474 16.458 Total assets 175.557 1156.9791 175.574 1159,1361 Net a$setS 18.578 16,438 Page $5