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$formaiion project within our new Sirare8ic 8usiness and Master Plan is the refurbishment ol Buildin8 1 to provide a restaurant on the ground floor, officelholiday accommodatlon on the second and thlrd floors Jnd an evenis/fun¢iion space on the top floor. We are Ociively seekin8 funds for th15 proleci which will m•tefi4lly enhgnce our financlal siren8th. although not in the short term,. hence the immediate need for the ftnancial tommitments described above. Happily. the essential repalr Wofk to the rendered elevatlon of Bulldln8 I funded by Hisioric En8land is now In progress and we anticipate the esseniial iemporary roof repl4cemtnt and hi8h-level urgent repatrs ro Yhe Flfst Mill,, funded by Historic England and the Pllgrim Trust will staft in the autumn. The 'Waterpowerf project Is now complete. the Green Entrepreneufs, Fund and Severn Trent Community Fund bein8 major lunders. The Trustees ?iery much appfe¢i•te Jnd Ire encoura8ed by the continuine ¢onfldence ol all our funders, Includin8 The Heriia8e Fund, and Ouf bankers Lloyds, the Charity Bank and The Architectural Heritage Fund with whom we have outstanding loans and all of which we are continuin8 to repay. we are beine well suppor(ed durin8 these difficult times. The Trustees also Jppreclare the leadership of Éllis Scott, Dur CEO, and Jre 8r4teful lor the commllment and hard ¥vork of all our sta nd ￿lUnteers,. their contrlbuilon is irtvaluable and will rernain so. John Rivers Chairman Date. (( 2a2 Pa8e 2 E a8ed siiiw pJoJwoJi io a)UÈlla)Vlgw pue Jied•J Suio8uo >41 4*noJyJ AiiJewiJd i•w ?Je 5ahii)a!qo uoiieAJa5uo? sJ4ia!JOS ? 'sAep!ioy iooyjs èyi luunp'saiiiwej Alie1￿￿S•'5JoJI$lfi oi paiowojd èjp $41i!ynyodiJo 8viuJeai iewjoju! pue salytd pa¥ooq pue sJoJisiA JOJ papiAoJd aje siiiw pJoiwoJ) 40 sjno) 'JeaA èyi ino49noJyL ')uawuoJ!Auè •hi)!sod pup •JES e ui s•iiinipt Juèw•)eid 4JQM iuaJaJiip ajuaijèdxa oi iuem 04hl S)uapnJs ienpiAipu! 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Resource allocation is managed by the maintenance team. fotusin on regular maintenance and specific repairs. Duiing 2023, supported by The Heritage Fund, the Arkwright Societv commissioned a mainienance plan and schedule of priofitised repairs to better understand the maintenance needs and allocate resources to tackle hiih level repairs and he•lth and saletv, ¢. Volunteers Volunteering is open to all, and volunteers can work on a wide range OF activities and in addition provide piofessional advice 4nd guidance at variou5 levels ol the SocSety. The Society reco8nises the invaluable contributions for volunteers In various activities Jnd is actively èdv¢xètin8 for greater support. The Head of Engagement, in consultation with the Volunteer Coordinator, staff and volunteef representatives, are identilyina volunteerlng opportLtnities and have defined those roles throu8h role profiles. Several volunteers have 5LlPPOrted the Soclety for many years, workln8 reBularly or for specific time perlod5. The Arkwri8ht Societ￿$ 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 pollo ssai uoiienieA ie pèJeJs Ai)vènb•sgns ?Je s)assy'uoiienieh Ji•41'paieuop JI JO Pa5e4)Jnd Uè4M ISQ) IF p?JnSEaW Aiieiiiui pup i••ys ajveieq •yi uo pas1u8o￿j •Jp Sia5se a8eJ!JèH a550 •6oiiJaH 8"Z 'ani¢h ienpisa) 41!M uosijedwo) ui aJe!JdoJdde suipwaj AiJ•doJd PIOllèaJ4 ?41 Jo anieh •uiknJt) ay) aJt)SUa O) 5MèlhèJ )uèwJipdwi ienuue ino LJJEJ sèaisnJi ayi 'uoiieniph Ie pièy saiyadoJLI è41 uo p•pihoJd 8ui?9 51 uoiiei)aJdap ou èJoJaJayi 'ieiJ•iewwi aq pinom uoiiei)aJdap io iVaLU?i? Aug 18yJ os anieA iooq lau a41 oi ienb• •Je sènieh ienpis•J iuaJJnJ a41 '1¢socIs!p 40 51$0> paiewiJs• a41 guii)npap Jaue 'i?s%e Jo i¢sodsip WOJJ uiÈJqo AiiuaJJnJ pinom Aiijpy) ayj Je4 J Junowe a41 Sl anieA Ipnpisaj ayi 'SaA!I Ini•sn Jlayi JaAO •nltA ienpisaj Jia4) oi saiyadojd ayi io anieA a4J J40 a)IJM O) JaPJO ui pèpIAoJd s! uoiie!)aJdèa 'uoiienieA ie play •Je siassp ageiua4 pue sgulpiinq pio4oseai 8uoi pue pioyaaJ4 'ieiJaJ¥wwi aq pinom uoiiei)aJdap Jo iuaujaia Ave a?uanbasuoJ ui pue wsi10 a8pssEd a41 Aq pajiedwi Jou si ia5se aul ie41 s•aisnJi a41 io uoiuido ayi Jo $1 i! asnt)aq paipiJaJd•p y•aq iou se4 Jasse $141 '00S'Z3 10 1$0) ieu!8iJo sli JE pi?4 aJn))!¢ E si $8u!uJi pup s?Jn)xii u! p?pni)ui si•sse pax!J Ja410 14oJJiea4M PJOIWQJ) sSuiiJiJ pue sajnixid 1•?4MJaJeM •)ueieq ?uiJnpaJ %51 auii 1481e)is sJeaA s 20 ?)veieq 8ui)npèJ %5Z ieuoti*J•do a)vo auii iygipjis %s saspq 8uiMoiioJ èy) yo ￿p!￿0J￿ s! uo!iei?aJdaa 'saAiI InJ•sn paJew!is• Jiayi J?Ao aniiA Ipnpis?J Jiè41 ssèi siasse pèxii •iq1guei Jo iso) aqj •ie)oiiE oi se os ￿lJE4) s! uoiiei)?Jd?o Ipanuiiuo)l ytwoi)aJdappuD siassDpaxyaiqJSuDI £'Z Ipanuiiuo)I sapiiod luiiuno)>y IOZ TE 030N3 ¥V3A 3HI YO SIN3W131VIS IVI)NVNla 3HI 01 $310N laaiuiJen¥ Aq pèilwii AuedvJoJ vl 0311V417 AI31JOS IH91¥M¥¥V 3HI THE ARKWRIGHTSOCIEfi LIMITED IA iompany limlted by 8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 countlng poll¢les {¢ontlnuedl 2.9 Investments Fixed asset investments ale a form ol financial instrument and are initially recognised ai their transaction cost and subsequenily measured at fair value at the Balance sheet date, unless the value cannot be measured reltably in which case it is measuied at cost less impairment. lrtvestmer)t gains and1055es, whether realised or unreali5ed, are combined and presented as '6èinslllossesl on invesimen15' In the consolidated st•rement of linancSal aciivities. Investments in subsidlaries are valued at cost le￿ provlsion for impairment. 2.10 Stocks Stocks are v•lued at the low¢r of cost and nei reallsable value •fter makln8 dye allow4nce lor obsolete and slow.movin8 Stocks. 2.11 Debt4rs Trade and other debrors ore reco8nised at the settlement amount after any trade discount ollered. Prepayments ore valyed ar the •mount Pfep•id net ol any tfade discounts due. 2.12 Cash at bankartd In hund Cash at bank and In hand includes cash and short-term highly liquid inve5tment$ 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 All*tlunder plrtv piupwty luillan Whe*