REGISTERED COMPANY NUMBER: 02402198 (England and Wales) REGISTERED CHARITY NUMBER.. 702067 Rewt ol Ihe Trustees ond Flnancial St(rtemen15 lor the Year Ended 31 December 2023 for Eyam Museum Llmlled Landin Wilcock & Co statutory Auditor 68 Queen Slreet Sheffield South Yorkshire SI IWR Eyam Museum Limlted (Reglslered number. 02402198) Report of the Trustees for the Year Ended 31 December 2023 The Irustees who are also directors of the chority for the purposes of the Companies Act 2006, present their reporl with the financial statements of Ihe churily for the year ended 31 December 2023. The trustees have adopted lh& provisions of Accounting and Reporting by Charities.. Statement of Recommended Proctice applicable to charitie5 preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK ond Republic of Ireland IFRS 1021 (effective l January 20191. PURPOSE The Charily is established for the educalion of members of the general public by the collection, pre5ervalion and display of every kir)d and informalion concerning the social. industrial and geological history and environment of the Village of Eyam in Derbyshire including the exhibition and explanalion of such collection of objecls and information and the housing of every kind of printed material and manuscripls a5 may be donated or loaned to Ihe Company and the provision of ancillary services including gift shop for Ihe benefit of such members of the general public. Ovr vislon To inspire people through Ihe big story of our smoll villoge and to share new and as yel untold stories with everybody. Our mlsslon Our Mission is to present the history of Eyam and its people in ways that are educational, informotive and enjoyable, with porticular focus on the inspiring story of Eyam Plague11665 -661. We aim to reach a broad and diverse audience, catering for vorying visitor requirements in acce55ing our displays and exhibitions, and to provide resources and focililies for education and reseorch. To achieve this, we will apply the highest Standards of curatorial care and museum manogement, acting 05 a role model for museums of our scale. Our values We aspire to.. Share our collection in an inclusive and inspirational manner Tell the unique story of Eyam in on engaging and educational woy Follow best practice in all aspecls of our organisation Behave transporently, consislently and respectfully in all our interaction OBJECTIVES AND ACTIVITIES Objectlves and aims The objective5 of the charity are to develop and maintain the museum in Eyam to house and exhibit Ihe "Daniels Collection We plon to meet our objective5 by continuing to raise awarenes5 of the plague of 166511666 to increase visitor numbers. The companvs subsidiary undertaking, Eyam Museum Trading Limited. is responsible for the running of the museum gift shop. We have referred to the guidance conloined in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. Publlc benefit The trustees confirm that they have complied with the requirements of section 4 of the Charilies Acl 2011 to hove due regard to the public benefil guidance published by the Charity Commission for England and Wales. Volvnteers All trustees are volunteers and give their time and expertise to the charity wilhout recompense. Trave1 and subsistence expense5 are reimbursed where necessarily incurred. FINANCIAL REVIEW Flnanclal posltlon Page I Eyam Museum Llmlted (Reglstered number: 02402198) Report of the Trustees for the Year Ended 31 December 2023 2023 saw a very strong growth in visilor numbers and admissions income over previous years. The Charity's net surplus for Ihe period excluding property revaluation was £8,51012022: surplus of £17,278). Prlncipal fundlng source5 The principal funding source for the company is admission sales. Expenditure is in respecl of the mointenance of the museum to meet the objectives of the charity. No funding is received from public sources except from occasional granls to fund specific projecls. Inveslment policy and objectives Under the Articles of A550Ciation, the charily has the power to make any investment that Ihe Iruslees see fit. The tru5tee5 have taken a prudenl approach lo this and any surplus funds have been invesled in high interest eaming bank occounts all of which are covered by the UK Govemment Financial Services Compensation Scheme. Reserves pollcy The trustees have e5tabli5hed the level of reserves thot the charily oughl to have Ithot is those funds thol are freely available). Re5erve5 are needed lo bridge the gap between expenditure on managemenl and odministrolion and receiving income from grants. The actual reserves ot 31 December 2023 were £325.343 12022= £308,798) which wos £225,343 above our torget figure of £IOO,WO. This target represenled one year's normal operating expenses with the remainder accruing to fund the Museum's choritoble objeclives of improving the experience for visitors 05 oullined in the slralegic plan. Golng concern The charity has recovered from the financial impact of Covid 19 during 2020 and 2021 and afler a review of admission prices ot the end of 2021. admission prices were raised in 2022 which had no negative impact on admission figure5 but resulted in a significant increase in admission income levels to over £1 CK)k. The budgeted surplus was achieved. The chority will a150 continue to support it5 subsidiary, Eyam Museum Trading Limited, which continue5 to have negotive resetves in 2023. However, owing to increased lumover since early 2022 the trading compony is oble lo aclively pay off the debl owed. Continuing positive results post year end will enable the company to provide support through gift aid. FUTURE PLANS Alms ond key objectlves for future perlods As described in the Forward Plan seclion of our Reaccreditation Application our objective5 for the next ffve years fall under the following headings- Strategic Developmenl Objectives- Maintaining and developing our audiences Improving our facilitie5 Improving interpretation Collections Development Objeclives Making best use of our colleclions Finding and presenting new stories Enabling Objectives Developing collaboratian5 Developing sources of income generalion Contributing to underslonding the history of the plague Page 2 Eyam Museum Limiled (Registered number: 02402198) Report of the Trust•es for the Year Ended 31 December 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The chority is controlled by its goveming documents. the Articles of Association adopted in July 2016. and constitutès o limiled company, limited by guarantèe. as defined by the Companies Act 2006. Tony Parsons stepped down as Chairman on September 30th 2023 and was replaced by Richord Coates. There were no other change5 among Ihe trustees and the staff during thi5 financial year. All trustees ahead of appointment are issued with documents which outline their re5ponsibililies within and lo the charily. Organlsatlonal struclure The trustees review and monitor management accounts and operational issues at a monthly management committee meeting. Not all members of Ihe management commitlee are trustees. The trustee5. as directors. meet formally every quarter and delermine Strategy accordingly. The charity has a business manager, Shop manoger and curolor who oll work part time and in tandem and are responsible for the doy to day running of the operations of Ihe museum ond the shop. They are supported by a part time qualified bookkeeper. M05t front of house p05ilion5 are filled by volunteers, with some shifts filled by port time seasonal employees. Related portles Franclne Cllfford Francine Clifford is a trustee of Eyom Museum Limited and a director of Eyam Museum Trading Limited. A summory of the transactions with thi5 party are sel out in the note5 to the financial 51atemenls. Rlchard Coates Richard Coate5 is a trustee of Eyam Museum Limited. A summary of the transactions with Ihis party ore sel out in the notes to the financial statements. Rlsk management The Iruslees have a duly lo identify and review the risks lo which the charity is exposed and to ensure appropriate controls are in ploce to provide reasonable assuronce against fraud and error. The Irustees consider the Iwo major risks to be a reduction in visitor numbers and a reduction in volunteers. A risk assessment is maintoined to monitor and review potentiol risks. Financial insltumenls Objectives and policies The charity's activities expose it lo a number of financial risks including credit risk, cash flow risk and liquidity risk. Credit risk The charity's principal finoncial assels are bank balances and cash. trade and other receivable5 and investment5. The charity's credit risk 15 primarily ollributable to ils trade receivables. The arnounts presented in Ihe balance sheet are net of allowances for doubtful receivable5. An allowance for impairment is mode where there is on identified loss evenl which, based on previous experience, 15 evidence of a reduclion in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counler porlies ore banks with high credit-ratings assigned by internolional credit-rating agencies. The charity has no significonl concenlrotion of credit risk. wilh @Xposure spreod over a large number of counter partie5 and cuslomers. REFERENCE AND ADMINISTRATIVE DETAILS Registered Compony number 02402198 (Englond and Wolesl Page 3 Eyam Museum Limited (Registered number: 02402198) Report of the Trvstees for the Year Ended 31 December 2023 Reglslered Charlly numbèr 702067 Registewed olllce Hawkhill Road Eyam Hope Valley Derbyshire 532 5QP Trustees Mrs F M P Clifford Mr C A Parsons (resigned 30.9.231 Mr J Thomp5tone Mrs P Tofield William5 Mrs C A Rawson Mr R L Coates Mr I Smith Mrs C A Mealing Mr P 8racey lappoinled 20.3.241 M5 N Rees (appointed 20.3.241 Ms A Ryall (appointed 20.3.241 Company Secrelory M5RAWise Audltors Landin Wilcock & Co Slalutory Auditor 68 Queen Street Sheffield Soulh Yorkshire SI IWR Bankers National Weslminster Bank PIC I Water Lane Bokewell DE45 1 YY StATEMENT OF TRU5fEES' RESPONSIBILITIES The trustee5 Iwho are also the directors of Eyam Museum Limited for the purpose5 of company lawl are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and Uniled Kingdom Accounling Standards Iuniled Kingdom Generally Accepled Accounting Practice). Company law requires the trustees to prepare financial slatement5 for each financia1 year which give a true and fair view of the state of affairs of the charitable company ond of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that period. In preparing those financial Statements. the trustees are required lo select suitable occounting policies and then apply them consistently.. obseNe the method5 ond principles in the Charity SORP,. make judgements and estimates thot ore reasonable and prudent," prepore Ihe financiol statemen15 on Ihe going concem basis unless it is inappropriate to presume that the charilable company will continue in bu5ine5S. Page 4 Eyam Museum Limit•d (R•gistered number: 02402198) Report ol the Trustees for the Year Ended 31 December 2023 STATEMENT OF TRUSTEES, RESPoNSIBIL￿rEs - contlnued The Irustees are responsible for keeping proper accounting records which disclose with reasonable occuracy ot any time the financial position of the chorilable company and to enoble them to ensure Ihot Ihe financial statements comply with the Companies Act 2006. They are also responsible for sofeguarding the as5els of the chariloble company ond hence tor taking reasonable 5tep5 for the prevention and deleclion of fraud and other irreguloritie5. In so far as the trustees are aware.. there is no relevanl audil informalion of which the charitable company's auditors are unaware.. and the Irustees have taken all step5 that they ought to have taken lo make themselves aware of any relevant audit information and to establish thot the auditors are aware of thal informalion. Company law require5 the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial 5tatement5 unless they are satisfied that they give a true and foir view of the slale of affairs of the chorilable compony ond of its incoming resources and application of resources. Approved by order of the board of Iru5tee5 on 12 June 2024 and signed on its behalf by: Mrs C A Rawson- Trustee Poge 5 Report of the Independent Avdltors lo the Trustees of Eyam Museum Llmtt•d Oplnlon We have audited the financial statements of Eyam Museum Limited (the 'charilable company'l for the year ended 31 December 2023 which comprise the Statemènt of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounling policies. The financial reporting framework that has been applied in their preparolion is applicable low and United Kingdom Accounting Standards (United Kingdom Generolly Accepted Accounting Praclicel. In our opinion the financiol 5tatements'. give a true and fair view of the state of Ihe charitable company'5 offair5 a5 at 31 December 2023 and of its incoming resources and applicalion of resources, including its income ond expenditure. for Ihe year then ended", hove been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; ond have been prepared in accordance wilh the requirements of the Companies Act 2006. Basls lor opinion We conducted our audit in accordonce with Inlernational Slandard5 on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities under those standards are further described in the Audilor5' responsibilities for the oudit of the financial statements section of our report. We are independent of Ihe charitable company in accordonce with the ethical requirements that are relevant to our audil of the financial statements in the UK. including the FRC'5 Ethical Slandord, and we have fulfilled our olher elhical responsibilities in accordance with these reqviremen15. We believe that the audit evidence we have obtained is sufficient ond appropriale to provide o basis for our opinion. Concluslons relatlng to going concem In auditing the financial statements, we have concluded that the Irusleos, use of Iha going concom basis of occounting in the preparation of the financial statements is appropriate. Bosed on the work we have performed. we have not identified any material uncertainties relating lo events or conditions that. individually or colleclively, moy cost significant doubt on the charitable company's ability to continue 05 a going concern for a period of at leost twelve months from when the financial slalements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Informotion The trustees are responsible for the other information. The other informalion comprises the information included in the Annual Report, other Ihan the financial statements and our Report of the Independent Auditors thereon. Our opinion on the finonciol statements does not cover the other information and, excepl lo Ihe extent otherwise explicitly stated in our report, we do not expres5 any form of 05surance conclusion thereon. In connection with our audit of the financial slalemenls. our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial 5tatemen15 or our knowledge oblained in Ihe audit or otherwise appears to be Materia￿lY misstated. If we identify such material inconsistencie5 or apparenl molerial mi55talements, we are required to determine whether this gives rise to a material misstatement in the financial slatemenls themselves. If, based on the work we have performed, we conclude thal there 15 0 moterial misstalemenl of this other information, we are required lo report that fact. We hove nothing to report in this regard. Matters on whlch we are requlred to report by exception We have nothing to report in respect of Ihe following matters where the Charities (Accounts and Reports) Regulotions 2CKI8 requires us to report lo you if. in our opinion: the information givon in the Report of the Trustees is inconsistenl in ony material respect wilh the financiol slalements: or Ihe charitoble company has nol kepl adequate occounting records", or the financial 51atements are not in ogreement with the occounting records ond returns; or we have not received all the information and explanations we require for our audit. Page 6 Report of the Independent Auditors lo the Trustees of Eyam Museum Llmlted Respon$ibilllies ol tru$tees As explained more fully in the Statement of Truslees. Responsibilities, the trustee5 (who ore a150 thè directors of the charitable company for the purposes of company lowl are responsible for the preparation of the finoncial stolement5 ond for being satisfied thal they give a true and fair view, and for such internal conlrol as the trustees delermine is necessary to enable the preparation of financial statements that ore free from material misstatemenl. whether due to fraud or error. In preparing the financial statements, Ihe trustees are responsible for assessing the chariloble company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using Ihe going concern ba515 of accounting unles5 the Irustees either intend to liquidate the charilable company or lo cease operations, or have no realistic alternalive bul to do 50. Our responslbllltles for the audit of the flnanciol statements We hove been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives ore to obtain reasonable assurance about whether the financial statements as a whole are free trom material misslatement, whether due to fraud or error, and to Issue a Report of the Independent Avditors that includes our opinion. Reasonable 055urance 15 a high level of assurance, but 15 not o guarantee that an audit conducted in occordance wilh ISAS IUKI will olways detect a material mis51alement when it exists. Misstatements con arise from fraud or error and are considered materiol if. individuolly or in the aggregate, they could reasonably be expecled to influence the economic decisions of users token on Ihe basi5 of these financial 51atemenl5. minimal reliance was placed upon the operating effectiveness of internal controls in the design ond performonce of our substontive procedures., discussions were held with monogement considering known or Suspected non-compliance with laws. regulations ond fraud,. joumal entries were reviewed for any entries made outside the ordinary reporting processes wilh particular emphasis on those with unusual account combinotions, entries crediting incoming resources and those without specific descriptions,. management assumptions in their significant accounting estimates were challenged and scrutinised. There are inherent limitation5 in Ihe audit procedures described above, and the further removed non-complionce with laws and regulations is from Ihe events and transactions reflected in the financial slotements, the les5 likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulling from error, as fraud may involve deliberate concealment by, for example, forgery or inlenlional mi5repre5entations, or through collusion. A further description of our responsibilities for the audit of the financial statement5 is located on the Financial Reporting Council'5 website at www.frc.org.uklauditorsresponsibilities. This