Company registration number 11914012 (England and Wales)
D2N2 LOCAL ENTERPRISE PARTNERSHIP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
D2N2 LOCAL ENTERPRISE PARTNERSHIP
COMPANY INFORMATION
Directors
Ms E Fagan CBE
Mr V G Russell
Mr D H Williams MBE DL
Ms R L Rix
Mr S Knowles DL
Prof E W Peck CBE
Ms M J Stravino OBE
Ms V N Johnson
Mr K F Girling
Mr A W Tinley
Dr G Crocker MBE
Cllr MJ Relf
Ms C Renwick
Cllr C Emmas-Williams
Cllr N N Khan
(Appointed 13 September 2024)
Company number
11914012
Registered office
Charlotte House
Stanier Way
The Wyvern Business Park
Derby
DE21 6BF
Auditor
HSKSG Audit Limited
Charlotte House
Stanier Way
The Wyvern Business Park
Derby
DE21 6BF
Business address
Derbyshire County Council
County Hall
Matlock
Derbyshire
DE4 2AG
D2N2 LOCAL ENTERPRISE PARTNERSHIP
CONTENTS
Page
Independent auditor's report
1 - 3
Income statement
4
Statement of financial position
7
Notes to the financial statements
8 - 20
D2N2 LOCAL ENTERPRISE PARTNERSHIP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF D2N2 LOCAL ENTERPRISE PARTNERSHIP
- 1 -
Opinion

We have audited the financial statements of D2N2 Local Enterprise Partnership (the 'company') for the year ended 31 March 2025 which comprise the income and expenditure account, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter - financial statements prepared on a basis other than going concern

We draw attention to notes 1.2 and 15 to the financial statements which explain that the directors intend to have the company struck off and therefore do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 1.2. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

D2N2 LOCAL ENTERPRISE PARTNERSHIP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF D2N2 LOCAL ENTERPRISE PARTNERSHIP (CONTINUED)
- 2 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We considered the nature of the Company’s business and its control environment. We also enquired of management about their identification and assessment of the risks of irregularities.

 

We obtained an understanding of the legal and regulatory framework in which the Company operates and identified key laws and regulations that:

 

Had a direct effect on the determination of material amounts and disclosures in the financial statements, which included the Companies Act 2006, tax legislation and payroll legislation; and

Did not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate.

 

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how / where fraud might occur in the financial statements.

D2N2 LOCAL ENTERPRISE PARTNERSHIP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF D2N2 LOCAL ENTERPRISE PARTNERSHIP (CONTINUED)
- 3 -

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of accounting adjustments and journal entries, assessed whether accounting estimates were reasonable and accurate and reviewed the accounting records for any significant and unusual transactions.

In addition, our procedures to respond to the risks identified included:

 

Reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

Performing analytical procedures to identify any unusual or unexpected variances that may indicate risks of material misstatement due to fraud;

Enquiring of management about any instances of non-compliance with laws and regulations and any instances of known or suspected fraud.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Handley FCA (Senior Statutory Auditor)
For and on behalf of HSKSG Audit Limited, Statutory Auditor
Chartered Accountants
Charlotte House
Stanier Way
The Wyvern Business Park
Derby
DE21 6BF
29 May 2025
D2N2 LOCAL ENTERPRISE PARTNERSHIP
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
2025
2024
Notes
£
£
Turnover
3
1,319,369
3,297,789
Cost of sales
(1,617,162)
(7,166,164)
Gross deficit
(297,793)
(3,868,375)
Administrative expenses
(555,975)
(1,528,955)
Operating deficit
4
(853,768)
(5,397,330)
Interest receivable and similar income
582,336
862,328
Deficit before taxation
(271,432)
(4,535,002)
Tax on deficit
7
(145,584)
(215,582)
Deficit for the financial year
(417,016)
(4,750,584)

The income and expenditure account has been prepared on the basis that all operations were discontinued during the year.

D2N2 LOCAL ENTERPRISE PARTNERSHIP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
2025
2024
£
£
Deficit for the year
(417,016)
(4,750,584)
Other comprehensive income
-
-
Total comprehensive income for the year
(417,016)
(4,750,584)
D2N2 LOCAL ENTERPRISE PARTNERSHIP
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
Income and expenditure
£
Balance at 1 April 2023
17,918,003
Year ended 31 March 2024:
Deficit and total comprehensive income
(4,750,584)
Balance at 31 March 2024
13,167,419
Year ended 31 March 2025:
Deficit and total comprehensive income
(417,016)
Reserve balances transferred to EMCCA
(5,293,267)
Loan balances receivable transferred to EMCCA
(1,765,001)
Balance at 31 March 2025
5,692,135
D2N2 LOCAL ENTERPRISE PARTNERSHIP
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 7 -
2025
2024
Notes
£
£
£
£
Current assets
Debtors
9
720
15,126,383
Cash at bank and in hand
11,133,704
134,211
11,134,424
15,260,594
Creditors: amounts falling due within one year
10
(5,442,289)
(2,093,175)
Net current assets
5,692,135
13,167,419
Reserves
Income and expenditure account
13
5,692,135
13,167,419
5,692,135
13,167,419

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
Ms E Fagan CBE
Director
Company Registration No. 11914012
D2N2 LOCAL ENTERPRISE PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
1
Accounting policies
Company information

D2N2 Local Enterprise Partnership is a private company limited by guarantee incorporated in England and Wales. The registered office is Charlotte House, Stanier Way, The Wyvern Business Park, Derby, DE21 6BF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £ unless indicated otherwise.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have assessed the balance sheet and likely future cash flows at the date of approving these financial statements. Given that the activities of the truecompany had been transferred to the East Midlands Combined County Authority before the balance sheet date and the company is expected to be struck off, as described in note 15, the financial statements have been prepared on a basis other than that of a going concern. As it is known that the remaining assets and liabilities will be transferred to the East Midlands Combined Authority at book value, they are accordingly stated at these amounts in the financial statements.

1.3
Turnover

Turnover consists of grant project income for specific projects, which is then distributed by the company to third parties, and operational income to cover the day-to-day core funding requirements of the company, such as administration and staff costs.

 

Government grants for projects are accounted for under the performance model as permitted by Financial Reporting Standard 102. Government grants are recognised only to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.

 

Other government funding is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

D2N2 LOCAL ENTERPRISE PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 9 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

D2N2 LOCAL ENTERPRISE PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 10 -
1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

The company contributes to a defined pension scheme. Contributions payable to the scheme are amounts recharged to the company by East Midlands Chamber of Commerce who operate the scheme and are charged to profit or loss in the period to which they relate.

1.9

Interest income

Interest income is recognised in the income statement on a cash basis when received.

1.10

Grant expenditure

Grant expenditure is recognised when there is a legal or constructive obligation, it is probable that settlement is required and the amount can be measured reliably.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Grant project income
1,309,674
2,847,970
Operational income - external
9,695
267,863
Operational income - internal
-
181,956
1,319,369
3,297,789
2025
2024
£
£
Other revenue
Interest income
582,336
862,328
D2N2 LOCAL ENTERPRISE PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
4
Operating deficit
2025
2024
Operating deficit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
8,920
6,920
5
Directors' remuneration

No remuneration was paid to the directors.

6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Directors
16
18
Delivery team
4
14
Careers team
4
9
Total
24
41

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
245,899
923,605
Social security costs
25,289
99,445
Pension costs
29,858
115,024
301,046
1,138,074

The company does not directly employ any staff. Staff are employed by East Midlands Chamber of Commerce who recharge payroll costs to the company. Details included in these financial statements in respect of staff costs all relate to recharged values. All staff were transferred to the new organisation on 10 June 2024 under the TUPE regulations.

Staff paid in excess of £58,200 for the year, or the pro-rata equivalent for their period of employment are as follows:
D2N2 LOCAL ENTERPRISE PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6
Employees
(Continued)
- 12 -
Year Ended 31 March 2025
Salary and other benefits
Pension contributions
Total
£
£
£
Chief Executive
17,618
4,669
22,287
Head of People and Skills
9,961
2,385
12,346
Head of External Affairs
13,431
934
14,365
Head of Economic Growth and Strategy
14,100
1,068
15,168
Year Ended 31 March 2024
Salary and other benefits
Pension contributions
Total
£
£
£
Chief Executive
83,396
24,490
107,886
Head of People and Skills
47,548
12,558
60,106
Head of External Affairs
61,250
4,887
66,137
Head of Economic Growth and Strategy
69,546
5,551
75,097
7
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
145,584
215,582

UK corporation tax has been charged at 25% (2024: 25%) on net interest received only to a value of £582,336 (2024: £862,328).

8
Financial instruments
2025
2024
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through surplus or deficit
12,899,425
15,260,594
Carrying amount of financial liabilities include:
Measured at fair value through surplus or deficit
- Other financial liabilities
(4,742,289)
(2,093,175)

Financial assets measured at net book value, which equates to cost and fair value, comprise debtors, loans advanced, cash held by Derbyshire County Council and cash at bank.

 

Financial liabilities measured at net book value, which equates to cost and fair value, comprise taxation, other creditors and accrued expenses.

D2N2 LOCAL ENTERPRISE PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
9
Debtors
2025
2024
Amounts falling due within one year:
£
£
Growing Places Fund loans advanced
-
0
280,000
Other debtors
720
791,382
Cash held by Derbyshire County Council
-
0
12,500,000
720
13,571,382
2025
2024
Amounts falling due after more than one year:
£
£
Growng Places Fund loans advanced
-
0
1,555,001
Total debtors
720
15,126,383

During the year the Growing Places Fund loan balances to a total of £1,765,001 (2024: £nil) were novated to East Midlands Combined County Authority.

 

The repayment terms of a Growing Places Fund loan were revised during the previous year. Amounts receivable per above at 31 March 2024 reflected the updated terms.

10
Creditors: amounts falling due within one year
2025
2024
£
£
Amounts owed to related parties
5,296,129
97,795
Corporation tax
145,584
215,582
Other creditors
576
1,779,798
5,442,289
2,093,175
11
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
29,858
115,024

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

12
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

D2N2 LOCAL ENTERPRISE PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
13
Income and expenditure account
Reserves represent cumulative surpluses or deficits, net of other adjustments as follows:
Year Ended 31 March 2025
Balance at 1 April 2024
Net income/ (expenditure) in year
Inter-fund transfers
Balance transfers to EMCCA
Balance at 31 March 2025
£
£
£
£
£
Revenue Projects
Careers and Enterprise
94,545
(94,408)
30,334
-
30,471
Resource Funding
-
-
-
-
-
Energy Strategy
787
-
(787)
-
-
Enterprise Zones.
-
-
-
-
-
Growing Places Fund
879,161
-
(879,161)
-
-
Growth Hub
-
-
-
-
-
HS2 Development Corporation
-
-
-
-
-
HS2 Growth Strategy
30,329
(30,329)
-
-
-
HS2 Toton Station
-
-
-
-
Key Management Account
-
(7,690)
7,690
-
-
Local Growth Fund
-
-
-
-
-
Skills Analysis Panel
-
-
-
-
-
Digital Bootcamp
-
(3,002)
3,002
-
-
Smart Man Data Hub
-
153
-
(153)
-
Getting Building Fund
-
-
-
-
-
Youth Futures
20,500
40,603
(5,724)
(55,379)
-
1,025,322
(94,673)
(844,646)
(55,532)
30,471
Core Funding
-
(402,245)
402,245
-
-
General Reserve
1,340,089
420,779
(443,960)
-
1,316,908
2,365,411
(76,139)
(886,361)
(55,532)
1,347,379
Capital Projects
Growing Places Fund
6,546,855
(515,143)
1,051,151
(5,160,236)
1,922,627
Getting Building Fund
-
-
-
-
-
Low Carbon Growth Fund
2,871,988
(7,200)
(1,664,788)
(1,200,000)
-
Economic Growth Fund
1,383,165
181,466
1,499,998
(642,500)
2,422,129
13,167,419
(417,016)
-
(7,058,268)
5,692,135
D2N2 LOCAL ENTERPRISE PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13
Income and expenditure account
(Continued)
- 15 -
Year Ended 31 March 2024
Balance at 1 April 2023
Net income/ (expenditure) in year
Inter-fund transfers
Balance at 31 March 2024
£
£
£
£
Revenue Projects
Careers and Enterprise
165,651
(106,738)
35,632
94,545
Resource Funding
-
-
-
-
Energy Strategy
787
-
-
787
Enterprise Zones.
-
(22,806)
22,806
-
Growing Places Fund
827,688
-
51,473
879,161
Growth Hub
-
-
-
-
HS2 Development Corporation
-
-
-
-
HS2 Growth Strategy
30,329
-
-
30,329
HS2 Toton Station
556,402
(556,402)
-
-
Key Management Account
2,423
(2,423)
-
-
Local Growth Fund
-
-
-
-
Skills Analysis Panel
-
-
-
-
Digital Bootcamp
975,374
(1,025,641)
50,267
-
Getting Building Fund
-
-
-
-
Smart Man Data Hub
-
-
-
-
Youth Futures
-
20,500
-
20,500
2,558,654
(1,693,510)
160,178
1,025,322
Core Funding
492,466
(806,326)
313,860
-
General Reserve
1,009,382
730,466
(399,759)
1,340,089
4,060,502
(1,769,370)
74,279
2,365,411
Capital Projects
Growing Places Fund
9,341,652
51,473
(2,846,270)
6,546,855
Getting Building Fund
-
-
-
-
Low Carbon Growth Fund
4,515,849
(1,643,861)
-
2,871,988
Economic Growth Fund
-
(1,388,826)
2,771,991
1,383,165
17,918,003
(4,750,584)
-
13,167,419
14
Events after the reporting date

As detailed in the Principal Activities and Future Developments sections of the Director’s Report, transactions relating to the transfers of monies and liabilities to East Midlands Combined County Authority have occurred after 31 March 2025 and final transactions to complete this process will occur as soon as is practically possible, in order for the directors to then be in a position to have the company struck off.

D2N2 LOCAL ENTERPRISE PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
15
Other financial commitments

As at the balance sheet date the company had commitments to the following projects:

2025
2024
£
£
To be paid from Low Carbon Growth Fund
Minewater Heat Pump
-
900,000
Heat Pump Academy
-
500,000
-
1,400,000
Prior year commitments were payable from current year  fund reserves. Of these commitments, payments of £700,000 for Minewater Heat Pump and £500,000 for Heat Pump Academy were not actually paid in the year, with the allocated funds instead novated to East Midlands Combined County Authority for them to fulfil this commitment.
16
Parent company

There is no one ultimate controlling party.

17
Related party transactions

During the year D2N2 Local Enterprise Partnership received income from, made payments to and had amounts outstanding at the balance sheet date with partner councils and other related parties, by virtue of common directors, as follows:

D2N2 LOCAL ENTERPRISE PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
17
Related party transactions
(Continued)
- 17 -
Year ended 31 March 2025
Derby City Council
Derbyshire County Council
Nottingham City Council
Nottinghamshire County Council
East Midlands Combined County Authority (EMCCA)
£'000
£'000
£'000
£'000
£'000
Income recognised during the year
Match funding
-
-
-
-
-
Enterprise Zone
-
-
-
-
-
Revenue Projects
-
-
-
-
(679)
Capital Projects
(416)
-
-
-
-
Interest on balances
-
-
-
-
-
Total income
(416)
-
-
-
(679)
Expenditure recognised during the year
Capital Projects
-
-
-
-
-
Revenue Projects
-
-
-
11
155
HS2
-
-
-
-
-
Staffing
-
-
-
-
-
Service Level Agreement
-
114
-
-
-
Total Expenditure
-
114
-
11
155
Net (income)/expenditure
(416)
114
-
11
(524)
Funds Transferred
-
-
-
-
(7,058)
Amounts owing as at 31 March 2025:
Due from
-
-
-
-
-
Due to
-
-
-
(3)
(5,293)
D2N2 LOCAL ENTERPRISE PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
17
Related party transactions
(Continued)
- 18 -
National Stone Centre
Derby College
Nottingham Trent University
East Midlands Chamber (Derbyshire, Nottinghamshire, Leicestershire)
£'000
£'000
£'000
£'000
Income recognised during the year
Match funding
-
-
-
-
Enterprise Zone
-
-
-
-
Revenue Projects
-
-
-
-
Capital Projects
-
-
-
-
Interest on balances
-
-
-
-
Total income
-
-
-
-
Expenditure recognised during the year
Capital Projects
134
-
-
-
Revenue Projects
-
17
133
290
HS2
-
-
-
-
Staffing
-
-
-
155
Service Level Agreement
-
-
-
-
Total Expenditure
134
17
133
445
Net (income)/expenditure
134
17
133
445
Funds Transferred
-
-
-
-
Amounts owing as at 31 March 2025:
Due from
-
-
-
-
Due to
-
-
-
-
D2N2 LOCAL ENTERPRISE PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
17
Related party transactions
(Continued)
- 19 -
Year ended 31 March 2024
Derby City Council
Derbyshire County Council
Nottingham City Council
Nottinghamshire County Council
East Midlands Combined County Authority (EMCCA)
£'000
£'000
£'000
£'000
£'000
Income recognised during the year
Match funding
(3)
-
-
47
-
Enterprise Zone
23
-
-
-
-
Revenue Projects
-
(21)
-
-
-
Capital Projects
-
-
-
-
-
Interest on balances
-
(732)
-
-
-
Total income
20
(753)
-
47
-
Expenditure recognised during the year
Capital Projects
-
-
-
-
-
Revenue Projects
25
-
-
1
-
HS2
-
-
-
776
-
Staffing
-
-
-
-
-
Service Level Agreement
-
114
-
-
-
Total Expenditure
25
114
-
777
-
Net (income)/expenditure
45
(639)
-
824
-
Funds Transferred
-
-
-
-
-
Amounts owing as at 31 March 2024:
Due from
-
-
-
-
-
Due to
-
-
-
-
-
D2N2 LOCAL ENTERPRISE PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
17
Related party transactions
(Continued)
- 20 -
National Stone Centre
Derby College
Nottingham Trent University
East Midlands Chamber (Derbyshire, Nottinghamshire, Leicestershire)
£'000
£'000
£'000
£'000
Income recognised during the year
Match funding
-
-
-
-
Enterprise Zone
-
-
-
-
Revenue Projects
-
-
-
-
Capital Projects
-
-
-
-
Interest on balances
-
-
-
-
Total income
-
-
-
-
Expenditure recognised during the year
Capital Projects
-
-
-
-
Revenue Projects
-
-
117
787
HS2
-
-
-
-
Staffing
-
-
-
1,240
Service Level Agreement
-
-
-
-
Total Expenditure
-
-
117
2,027
Net (income)/expenditure
-
-
117
2,027
Funds Transferred
-
-
-
-
Amounts owing as at 31 March 2024:
Due from
-
-
-
-
Due to
-
-
-
(97)
Amounts due from and to partner councils are included in debtors and creditors respectively.
A bad debt provision was made during the previous year to a total of £46,875  in respect of 2022-23 Match Funding income outstanding at 31 March 2023 due from Nottinghamshire County Council not yet received.  This was accordingly reflected as an expense with this related party in the income section above.
2025-03-312024-04-01falsefalsefalse29 May 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr G S CartledgeMs E Fagan CBEMr T C FreemanMr D MellenMr V G RussellMr D H Williams MBE DLMs R L RixMr S Knowles DLProf E W Peck CBEMs M J Stravino OBEMs V N JohnsonMr K F GirlingMr A W TinleyDr G Crocker MBECllr B Singh ShankerCllr MJ RelfMs C RenwickCllr C Emmas-WilliamsCllr N N Khan119140122024-04-012025-03-3111914012bus:Director22024-04-012025-03-3111914012bus:Director52024-04-012025-03-3111914012bus:Director62024-04-012025-03-3111914012bus:Director72024-04-012025-03-3111914012bus:Director82024-04-012025-03-3111914012bus:Director92024-04-012025-03-3111914012bus:Director102024-04-012025-03-3111914012bus:Director112024-04-012025-03-3111914012bus:Director122024-04-012025-03-3111914012bus:Director132024-04-012025-03-3111914012bus:Director142024-04-012025-03-3111914012bus:Director162024-04-012025-03-3111914012bus:Director172024-04-012025-03-3111914012bus:Director182024-04-012025-03-3111914012bus:Director192024-04-012025-03-3111914012bus:Director12024-04-012025-03-3111914012bus:Director32024-04-012025-03-3111914012bus:Director42024-04-012025-03-3111914012bus:Director152024-04-012025-03-3111914012bus:RegisteredOffice2024-04-012025-03-31119140122025-03-31119140122023-04-012024-03-3111914012core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3111914012core:RetainedEarningsAccumulatedLosses2024-04-012025-03-3111914012core:RetainedEarningsAccumulatedLosses2023-03-3111914012core:RetainedEarningsAccumulatedLosses2024-03-3111914012core:RetainedEarningsAccumulatedLosses2025-03-31119140122024-03-3111914012core:CurrentFinancialInstrumentscore:WithinOneYear2025-03-3111914012core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3111914012core:CurrentFinancialInstruments2025-03-3111914012core:CurrentFinancialInstruments2024-03-3111914012core:UKTax2024-04-012025-03-3111914012core:UKTax2023-04-012024-03-3111914012core:Non-currentFinancialInstrumentscore:AfterOneYear2025-03-3111914012core:AfterOneYear2024-03-3111914012bus:CompanyLimitedByGuarantee2024-04-012025-03-3111914012bus:SmallCompaniesRegimeForAccounts2024-04-012025-03-3111914012bus:FRS1022024-04-012025-03-3111914012bus:Audited2024-04-012025-03-3111914012bus:FullAccounts2024-04-012025-03-31xbrli:purexbrli:sharesiso4217:GBP