REGISTERED COMPANY NUMBER: 02402198 (England and Wales) REGISTERED CHARITY NUMBER: 702067 Report ol the Trustee5 and Flnanclal Statements lor the Year Ended 31 December 2024 Eyam Museum ilmlled Landin Wilcock & Co statutory Auditor 68 Queen Street Sheffield south Y￿kshire SI IWR Eyam Museum Umlled Contenls of the Flnanclal Slalemenls for the Year Ended 31 December 2024 Page ReprATr oflhe Trustees Report of the Independent Audllors statement of Flnonclal AcllvHle5 Balance Sheet Notes to the Hnanclal Statements 12 to 23 yam Museum Ilmlted (Reglstered number: 02402198) Report of the Truslees for Ihe Yeai Ended 31 December 2024 The tnjstrees who are also director5 of Ihe chaTlty for the purposes of the Companies Act 2006, present their report with the financial statements ol the charity for the year ended 31 December 2024. The trustees hove adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicoble to chorilies weparing their occount5 in accordonce wth the Finonciol Repcrting Standard applicable in the UK and Republic of Irelond IFRS 1021 leflective l January 20191. PURPOSE The Charity is established in the educalion of members of the generol public by the collection, pregervotion and display ol every kind and information concerning the social, industriol ond geological history and environment of the Village of Eyam in Derbyshire including the exhibition and explonation of such collection of objects and information ond the housing of every kind of printed material and manuscripts as may be donated or looned to the Company and the provision of ancillary services including o gift shop for the benefit of such members of the general public. Our vlsion To inspire people through the big story of ovr Small village and to share new ond as yet untold stories with everybody. Our mission Our mission is to present the history of Eyam and it5 people in ways that are educationol, informolive and enjoyable. with particular locus on the inspiring stC4y of Eyom Plague 11665-16661. We aim to reach o broad and diverse audience, catering for varying visitor requiremenls in occessing our displays and exhibitions, and to provide resource5 and focilities for education and research. To achieve this. we will apply the hlghest stondards of curatorial care ond museum management, acting as o role model for museums of our scale. Our values We aspire to: Share our collection In an inclusive and inspirotional manner - Tell the unique story of Eyam in an engaging and educational way Follow best practice in all aspects ol our orgoni50tion Behave tronsporently, consistently and respectfully in oll our inleractions OBJECTIVES AND ACTIVITIES Oblectlyes and alms The objectives of the charily are to develop and maintoin the museum in Eyam to house and exhibil the Daniels Collection We plan to meet our objectives by continuing to Taise awareness of the plogue of 166511666 10 increase ￿Sitor numbers. The company's subsidiory undertaking, Eyom Museum Trading Limited, is responsible f(Y the running of Ihe museum gift shop. We have referred to the guidance contained in the Chority Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future aclivities. Pvblic benelll The Trustees confirm that they have complied wth the requirements of section 4 of Ihe Charities Act 2011 to have due regard to the public benefit guidance published by the Chorty Commission for England and Wales. Volurrteers l Tru5tee5 are volunteers and give their time and expertise to the charity without recompense. Travel and subsistence expenses are reimbursed where nece55arily incurred. Page I yam Musevm Limited (Registwed number: 02402198) Report of the Trvstees for the Year Ended 31 December 2024 FINANCIAL REVIEW FiTroncial posltton 2024 saw a very strong growth in visitor numbers and admissions income over previous years. The Charity's net Sufplus for the period excluding the property revaluation was £25.94412023- surplus of £8,510). Princlpal funding sources Currently. the principal funding source for the company is admission sales. Expenditure is in respect of the maintenance of the museum to meet the objectives of the charity. No Ivnding ha5 been received from public source5 Other than appropriate grant5 to fund specific projects. Inveslment poltcy and obJecllves Under the Articles of Association, the charty has the power to moke any investment that the Truslee5 see fit. The Trustees have taken a prudent approach to Ihiq and any suyplus fund5 have been invested in high intere51 eorning bank occounts m05t of which ore covered by the UK Government Financial Service5 Compensation Scheme. Reserves polcy The Trustees hove e5tab115hed the level of reserves that the charsty ought to have Ithot is Ihose funds thal are free avoiloblel. Reserves ore needed to bridge the gap be￿een expenditure on management and odmini5tration and receiving income from gron15 and odmissions. The actual reserves at 31 December 2024 were %343.90512023'. £325.3431 which w05 £243.905 above OUT lorget figure of £lOO,O(￿ for 2024. Thi5 torget represenled one yearfs normal operating expenses with the remainder occrving to fund Ihe museum's charitable objectives ol improving the experience for wsitor5 05 outlined in the 5trateglc plan. Taking note of the budget for 2025, Ihi5 figure will need to be reviewed. Golng concern The chority has continued to thrive in 2024 wilh increased visitor numbers. admission revenues and shop soles. Overall visitor numbers in 2024 were 35,068 compored to 33,503 in 2023 included wlthin these numbers were children in school groups where the regpectwe figures were 3,760 in 2024 and 3.184 In 2023 Two speciol exhibitions were mounted during Ihe year. the fitst highlighting items from Ihe collection thal had not been previously displayed and the second to commemorate the 30th anniversary of the founding of the museum. Eyam's 2024 Wells Dressing also commemorated Ihi5 cnniversary with a well, designed and created by Rachael Dawson. the museum's Retail Monager. The museum was unconditionally reaccredited by Art5 Covncil Englond in March 2024. recognising on orgonisalion that is lully compliant with oll sector standard5 and requirements. The museum's part time Manoger left in June 2024 to emigrate to Australia. In line with the mu5evm's conlinued development and profe55ionali5m, a new full-lime manager wth considerable heritage sector experience was recruited a5 a replacement. joining Ihe staff in FebnJary 2025. In late 2024, consultants were hired to conduct a National Lottery Heritage Fund funded project to investigate options for the museum'5 future development. This exFensive piece of work. to be completed in June 2025 wll report on - Developing and diversifying the museum's audiences Updating and enhancing the interpretation slrotegy Optimising the business model. including admi55ion5 income. retail and fundraising Improving the building and focilitie5 The chority continued to SUPPOrt its subsidiary. Eyom Museum Troding Limited. which had negolive reswes in 2023. However. owing to increased turnover and profilobility in both 2023 ond 2024, the trading company was able to pay off the debt owed to the museum in November 2024. Page 2 Eyam Museum Limited {Registwed number: 02402198) Report of the Trustees for the Year Ended 31 December 2024 FUTURE PLANS Aims and key obJe¢tlve5 for future perfods As described in the Forward Plan section of our Reaccredilalion Application, our objectives for the next five yeors fall under the following heodings.. strategic Development Objectives: Maintaining and developing our audiences ImFNoving our facilitie5 Improving inlerpretotion Collections t)evelopment Objectives.. Mcking best use of our collection5 Finding and presenting new stories Enabling Objectives.. Developing collgborotion5 Developing sources of income generation - Contributing to understanding the history of the plague The Options Project, outlined above, repre5ent5 a 5ignificont first step in elaborating and quantifying these objective5. The charity intends to determine the best way forward and implement thi5 over the coming years. STRUCTURE. GOVERNANCE AND MANAGEMENT Govemlng document The chorily is controlled by its governing documents. the Articles of A550ciation adopted in July 2016. ond conslitutes a company, limited by guarantee, as defined by the Companies Act 2006. Changes in Trustees and Offlcer5 during 2024 were as follows -. March 2024- Phillipa Willioms resigned a5 a Trustee - March 2024- Paul Brocey, Noomi Rees, and Amy Ryall were appointed as Trustees - June 2024- Rosemary Wise resigned as Museum Manager and Company Secretary - June 2024 - Owen Roberts was appointed as Compony Secretary August 2024- Catherine Row50n resigned as o Trvstee and Treasurer ol Eyam Museum Limited. and Director and Treasurer of Eyom Museum Trading Limited August 2024 - Peter Silley was appointed os a Tnjstee and Treosurer of Eyam Museum Limited and Director and Treasurer of Eyom Museum Trading Limiled. Iln February 2D25. Peter Silley resigned from both companies). All Trustees ahead of appointment are i55ued with documents which outline their responsibilities within ond to the charity. Organi5allonal struclure The Trustees review and monitor rnanagement accounts and operational issues ot a monthly management committee meeting. Not all member5 of Ihe management committee are Trustees. The Trustee5. 05 Directors. meet formally every quarter and determine strotegy accordingly. As of February 2025, the charify has a full-time Museum Manager, and Asslstont Mcnager. Additionally. the Retail Manager and Curalor both work part-time and ore responsible for the day to day running of the op￿allonS of the museum and shop. They are supported by a qualified accountont on a part time basis. CuThent staffing represents 3.2 tull time equivalent5. Volunteer5 ore an integral ond vital part of the museum. Most visitor welcome p051tions are token by volunteers. svpported by part-time seasonal employees if required. Volunteers also lead pald walk5 around the histcfic sites of the village and contribute to the curatorial, research and odministrative task5. Page 3 Eyam Museum Limited (Registered number: 02402198) Report ol the Trustees for the Year Ended 31 December 2024 STRUCTURE, GOVEiINANCE AND MANAGEMENT Related partie5 Franclne Cllfford Francine Clifford is o Trustee ol Eyam Museum Limited and a Director of Eyom Museum Troding Limiled. A summary of the transactions Wth this party is sel oul in the notes to the Financial Statement5. R15k management Flnanclal Inslwments Objectives and policie5 The chaTity'5 activities expose it to a number of finonciol risks including credit risk, cash flow risk and liquidily risk. Credil rlsk The charity's principal finonciol ossels are bonk bolances ond cosh. Irade and other receivables ond investments. The charitvs credit risk is primarily attributoble to its trade receivables, which mainly con5i5t of poymenl for school Vlsits. The amount5 presented in the balance sheel are nel ol allowances for doubtful receivable5. An ollowance for impairment is made where there is an identified10ss event which, based on previou5 experience, 15 evidence of o reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivotive finoncial instwments is limited because the counter partie5 are banks with high ciedit-ratings assigned by intemalional credit-raling agencies. The charity has no significant concentration of credit risk, with exposure spread over a number of counter parties and cu5tomer5. REFERENCE AND ADMINISTRATIVE DeTAILS Reglslered Company number 02402198 IEngland and Wale51 Reglstered Charlly number 702067 Reglslered offlce Hawkhill Road Eyom Hope Valley DeTby5hire 532 5QP Twstees Mrs F M P Clifford Mr J Thompstone Mt5 P Tofield Williams Iresigned 20.3.241 Mrs C A Rawson Ire5igned 23.8.241 Mr R L Cootes Mr I Smith Mrs C A Mealing Dr P E Bracey (appointed 20.3.241 Ms N Rees lappointed 20.3.241 M5 A Ryoll lappointed 20.3.241 Dr P Silley loppointed 5.8.241 |re5igned 8.2.251 Cornpany Secretary Mr O Roberts Page 4 Eyam Museum Limited (Registered number: 02402198) Report of the Trvstees tor the Year Ended 31 December 2024 REFERENCE AND ADMINISTRATIVE DETAILS Audltors Landin Wilcock & Co statulory Auditor 68 Queen Street Sheffield South Yorkshire SI IWR STATEMENT OF TRUSTEE5' RESPONSIBILITIES The ttUStees (who are also the directors of Eyam Museum Limited for the purpose5 of compony lowl are responsible for preparing the Report of the TnJste&s and the finonciol 5totements in accordance with opplicoble law and United Kingdom Accounting Standard5 Iunrfed Kingdom Generally Accepted Accounting Practice). Compony law requires the trLJStee5 to prepore financial statements for each ftnoncial yeor which give o tnJe and fair view of the state of affairs of the charitoble company and of the incoming resources ond oppllcation of resources, including the income and expenditure, of the charilable company for that period. In preporing those financial statement5, the trustees are required to select suitable accounting policie5 and then opply them consistently", obserye the methods ond principle5 in Ihe Charity 50RP,' make judgements and estimate5 that are reasonoble and prudent: Pfepare the financial statement5 on Ihe going concern basis un￿sS it is inappropriate to presume that the charitable company will continue in bu5ine55. The Irustees are responsible for keeping proper accounting records which disclose with reasonable accuracy ot any time the financial position of the charitable company ond to enable them to ensure that the financial statements comply with the Companies Act 2(X)6. They are also responsible for safeguarding the assets of the charitable company and hence for taking re050noble steps for the prevention and detection of fraud and other irregvlarities. In so far as the trustees are aware- there is no relevant audit inforrnation of which the charitable company's auditors are unaware.. and Ihe trustees have taken all step5 Ihal Ihey oughl lo have taken lo make themselves awore of ony relevant ovdil information and to establish Ihal the auditors are aware of that infomiation. Company law requires the trustees lo prepare financial slalements for each financSal year. Under company law the ID)Stees must not approve the finoncial statements unless Ihey are satisfied that they give a Irue and fair view ol the State ol affairs of the charitable company ond of its incoming resources and application of resource5. Approved by order of the board ol tnjslees on .......................................... .. and signed on its behalf by: Mr R L Coates- Trustee Page 5 Report of the Independent Audllors to the Trustees of yam Musevm Limiled Oplnlon We hove audited the financial Statements of Eyam Museum Limited (the 'choritoble compony'l for the year ended 31 December 2024 which comprise the Stolement ol Financial Activitie5, the Balcjnce Sheet and notes to the financial statements, including a summory of signiliconl accounting policie5. The financial reporting Iromework thol hos been applied in their preparation is applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statemenl5'. give o true and fair view of the stale of the chariloble companvs oflairs as ot 31 December 2024 ond of it5 incoming resources and application of resources, including its income and expenditure, for the year then ended: hove been propedy prepared ir) accordance with United Kingdom Generally Accepted Accounting Proctice.. and hove been prepared in accordance with the requirements of Ihe Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISA5 IUKII ond applicable law. Our responsibilities under those standards are further described in the Auditor5, responsibilities for the audit of the financiol statements section ol our report. We are independent of the charitable company in accordance with the ethical requirement5 that are relevant to our audit of the financial 5talements In the UK. including the FRC'S Ethical Standard, and we have lullilled our other ethical respon5ibilitie5 in occordonce with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a bosis for our opinion. Conclu¥lons relatlng lo going concem In ouditing the finonciol 5totements. we have conclvded that the twstees. use ol the going concem basis of accounting in the preparation ol the tlnonciol stotements is oppropriate. Based on the work we have performed, we hove not identified ony malerial uncertointies reloling to events or conditions that, individually or collective￿. moy cosl significant doubl on the charitable compony's ability lo continue as a going concern for a period of at least ￿efve months from when the financial statements are outhopised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern ole described in the relevant sections of this report. Olher Informallon The trustees are responsible for the other infomotion. The other information comprises the informolion included in the Annual Repth, other than the financiol stotements and our Report of the Independent Auditor5 thereon. Our opinion on the financial stalements does not cover the other information and. except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connection wth our audit of the financial statements. our responsibility 15 to read the other information and, in doing so, consider whether the other inlormalion is materially inconsistent with the finonciol statements or our knowledge obtained in the audit or otherwise appears lo be materially mis5toled. 11 we identify such material inconsistencies or apparent material misslatementg, we are required to determine whether thi5 give5 rise to a moteriol mi55tatement in the financiol 51olement5 themselves. If. based on the work we have performed. we conclude that there is a material misstatement of this other information, we ore required to report thot fact. We have nothing to report in this regard. Page 6 Report of the Independent Audltors to the Trustees of Eyam Mv$eum Limited Mallers on whlch we are requlred to report by excepllon We have nothing to report in respect of the following motters where the Chorities (Accounts ond Reports) Regulations 2008 requires us to report to you if. in our opinion: the information given in the Report of the Trustees is inconsistent in any moteriol respecl with the financiol stalements.. or the choritable company has not kept adequote occounting record5- or the financial 5tatement5 are not in agreement with Ihe accounting records and returns., or we have not received all the information ond explanations we require foi oui audit. Respon51bllilies of trustees As explained more fully in the Statement of Trustees. Responsibilities. the tfUStees (who are also the directors of the charitable company for the purposes of company lowl are responsible for the preparation ol the finoncial Statements and for being salislied that they give o ttue and fair view, and for such internal control as the trustees determine is necessary to enable the preparalion of financial statements that are free from material mis5talement. whether due lo fraud or error. In preparing the financiol statemer)15, the ttU5tees ore responsible for assessing the charitable company'5 ability to continue os a going concern, disclosing, a5 opplicable, mollers reloted to going concern and using the going concern basis of accounting unles5 the tIUslee5 either inlend to liquidate the charitable company or lo ce05e operations, or have no realistic alternollve bul to do so. Ovr responslbmllles for the audlt ol the flnanclal statements We hove been appointed os ouditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect therevnder. Our objectives ore to obtain reasonable a55vrance abovt whether the financial 5totement5 05 a whole are free from material m155tatement. whether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. Re050nable assurance is o high level of assurance, but 15 not a guarantee Ihat an audit conducted in accordance with ISA5 IUKI will always detect o moteriol misstatement when it exists. MisslatementS can 0ri5e from Iroud or error and are considered material rt, individually or in the aggregate. they could reosonably be expecled to influence the economic decisions of usets taken on the basis ol these financial statements. Thè extent to which our procedures are copoble of detecting irregulorities. including fraud is detailed below: minimal reliance wa5 placed upon the operating effectiveness of internal controls in the design and performance of our substantive procedures.. - discussions were held with monogement considering known or suspected non-compliance with law5, regulations ond fraud., joumal entries were reviewed for any enlries made outside the ordinary reporting proce55es wilh particular ernphasis on those with unusual account combinations. entrie5 crediting incorning resources and those without specific descriptions.. monagement assumptions in their signrficanl accounting estimates were challenged and scrutini5ed. There are inherent limitations in the audit procedures described obove. and the further removed non