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East Midlands Chamber (Derbyshire, Nottinghamshire, Leicestershire)
Registered number: 01785710
Annual report and
financial statements
For the year ended 31 March 2026
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
COMPANY INFORMATION
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T R Morgan
R L Rix
E L Wareham
D H Williams MBE DL
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Chartered Accountants & Senior Statutory Auditor
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National Westminster Bank Plc
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
COMPANY INFORMATION (CONTINUED)
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
CONTENTS
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Independent Auditor's Report
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Consolidated Profit and Loss Account
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Company Profit and Loss Account
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Consolidated Statement of Financial Position
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Company Statement of Financial Position
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Consolidated Analysis of Net Debt
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Notes to the Financial Statements
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
East Midlands Chamber (Derbyshire, Nottinghamshire, Leicestershire) is a company limited by guarantee and owned by its member businesses. It is principally located in the cities of Derby, Leicester and Nottingham and the counties of Derbyshire, Leicestershire and Nottinghamshire. On 31 March 2026, the Chamber had 4,067 members.
East Midlands Chamber (Derbyshire, Nottinghamshire, Leicestershire) is an accredited Chamber of Commerce in the British Chambers of Commerce network, comprising 51 Chambers in the UK. As a company limited by guarantee it does not have share capital. Any operating surplus generated through its activities is always reinvested into business support products, services, digital transformation and facilities that meet evolving member needs.
The Chamber operates from six locations across the three counties and cities with its primary offices located in Derby, Leicester, Nottingham and Chesterfield and a portfolio of managed workspace solutions in Derby (the Brian Clough Business Centre), Leicester (Leicester Food Park and Friars Mill, both of which it delivers in partnership with Leicester City Council) and shareholder interest in Tapton Innovation Centre, Chesterfield.
The Chamber workforce operates in an agile working pattern and delivers its services in traditional face to face formats and virtually, whichever meets the member and customer need.
The Chamber's activities, services and products are demand led and delivered in response to members' and customers' ambitions to grow, sustain and enhance their businesses. Members views are articulated and collated via various mechanisms including:
∙Through member surveys, including Quarterly Economic Surveys, perception surveys, snap polls and topic specific consultations.
∙At Member Forums, Sector Forums (such as the flagship East Midlands Manufacturing Network), Enterprising Women and Generation Next networks, a Bank of England Forum, an MP engagement programme, a HR Forum, an International Trade network, topic specific roundtables and a programme of bi-monthly themed conferences delivered across the three counties and cities.
∙Daily engagement with the business community.
∙Through more than 300 themed events delivered annually.
∙Through Chamber representation on more than 120 committees, fora, Boards and investment panels at local, regional, national and international levels.
∙Via the Board of Directors.
All Chamber activities are focused on helping member and customer businesses create sustainable growth, to unlock barriers to growth and to survive and thrive. Membership is a universal offer and open to all companies and organisations, irrespective of sector and size of business.
2025/26 was once again a year of significant investment for the Chamber into business support services and its digital transformation, specifically to engage with members, customers and the wider business community, as well as investing in the Chamber team by match funding publicly funded business support contracts, to ensure businesses can access the right support at the right time, despite an inconsistent landscape created by the devolution of funds from the centre for local deployment.
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
During the financial year, the Chamber secured public funding to continue delivery of its expanding portfolio of business support and welfare-to-work services. These include:
∙EMCCA Growth Hub – Continued delivery of support for SMEs across Derby, Derbyshire, Nottingham, and Nottinghamshire through a Frontline Adviser triage and diagnostic service, ensuring businesses access the right support at the right time.
∙Accelerator Projects (UK Shared Prosperity Fund) – Ongoing provision of tailored 1:1 business advice, consultancy, events, and access to finance for SMEs in Derby, Derbyshire (excluding Bolsover), Leicester, Nottingham. These services aim to boost productivity and support the adoption of new technologies and processes.
∙EMCCA Regional Accelerator Projects (UK Shared Prosperity Fund) – Ongoing provision of tailored 1:1 business advice for High Growth and/or Export businesses, consultancy, events, and access to finance for businesses in Derby, Derbyshire, Nottingham, Nottinghamshire. These services aim to boost productivity, engage in new markets and job creation.
∙Local Skills Improvement Plan (DfE) – Employer focused engagement through workshops, sector roundtables and events. Strengthening our business insight giving us a much more grounded and dynamic understanding of employer skills requirements. Improved stakeholder coordination, with external support ensuring providers, local authorities, employer networks and partners stay aligned around shared priorities.
∙Innovate UK Business Growth – Ongoing support for high-potential, innovation-driven companies, helping them explore new business innovations, secure finance, access international markets, and scale effectively.
∙Work & Health Programme and Pioneer Project (DWP) – Continued delivery of employment support services, helping individuals furthest from the job market into sustainable employment.
∙Independent Placement and Support in Primary Care (IPSPC) – A new initiative supporting individuals with disabilities or physical and mental health challenges to find, retain, and thrive in employment.
∙National Careers Service – Continued provision of career guidance and support to individuals exploring their career options.
∙Connect to Work (CtW) - Providing an Individual Placement Support and Supported Employment model approach to securing and sustaining meaningful employment for people facing multiple and complex barriers across the city and county.
∙Discover Worksop - Raising the profile of Worksop and helping to try and increase the footfall of visitors to Worksop and surrounding areas by engaging with the businesses, delivering the Working Group and supporting with the social media.
During the last financial year, the Chamber has continued to progress its digital transformation programme, with a clear focus on improving member experience, increasing operational efficiency and making better use of data. This work has now moved into the next phase, with AI adoption building on the digital foundations already in place. Initial activity is focused on the Microsoft ecosystem and the development of an AI strategy that will support more effective member engagement, stronger insight and more personalised service delivery. Taking this forward in phases provides appropriate control, supports staff adoption and ensures activity remains aligned to business plan priorities.
There was strong financial performance from the Employment Services and Business Support Contracts departments. The Chamber’s Commercial Events and Membership departments underperformed against the original budget directly due to a reduction in discretionary spend on sponsorship, enhanced costs for the delivery of scale events and resulting in significantly reduced export volumes for the region, due to ongoing and new geo-political uncertainty, changing US tariffs and a rapid succession of free trade deals between the UK Government and different countries.
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The Chamber remains a 60% shareholder in the EMB Group which delivered consistent results for 2025/26 through a range of commercial services and merger activity, including:
∙EMB Ltd delivered fund administration, assessment and programme management services working with clients in the Home Office and DSIT to design and deliver programmes supporting community-based initiatives and increase cyber qualifications within the civil service.
∙Navigator Insight Limited (formerly QA Research Ltd) formed the platform for the merger of three research agencies that also included Pye Tait and Blue Marble, moving into a newly created agency Navigator Insight Ltd, uniting the three businesses into one of the UK’s leading insight agencies delivering social and market research through a range of major research and evaluation programmes across public and private sectors. Its specialist Data Solutions function has an in-house call centre, a network of face-to-face fieldworkers and sophisticated scripting and data processing services.
The audited accounts show a loss on ordinary activities before taxation of £238,629 and after the Chamber’s share of the profit of EMB Group Ltd.
Principal risks and uncertainties
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The Chamber’s principal risk, as with many of its members, continues to be the crisis in the cost of doing business, due to inflationary pressures, the new tax regime which came into effect on 6 April 2025, all of which continues to significantly increase the cost of doing business across all of the Chamber’s activities.
The publicly funded business support landscape, funded via Government’s UK Shared Prosperity Fund (UKSPF) concluded on 31 March 2026. Government has determined it will not replace this funding stream and is now channelling funding to Strategic Mayoral Authorities for local decision making on the business support landscape.
For non-devolved areas, such as Leicester and Leicestershire, worryingly, the business support landscape delivered from Government funds has declined completely. While for devolved areas, funding has been allocated, this is significantly reduced compared to 2025/26. Essentially, much more needs to be done for less.
The Chamber must be continually alert to the evolving support needs of its members and customers and for its support mechanisms to evolve at pace to meet the changing demand due to the pace of digital transformation, AI adoption, constant resetting of international trade markets due to more frequent geo-political upheaval and broader challenging trading environments.
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
This statement describes how Directors have had regard to the matters set out in section 172(1)(a) to (f) Companies Act 2006 when performing their duty to promote the success of the Chamber Group for the benefit of its members, customers and the wider business community as a whole.
The infrastructure of the Chamber Group and composition of the Board of Directors have been developed to maintain a reputation for high standards of business conduct in all decisions made across the business.
The Directors consider the following to be the Chamber Group's key stakeholders:
Chamber Employees
The Chamber team is the cornerstone of the business and the foundation upon which the growth of the Chamber Group has been built.
Frequent engagement with employees is critical to ensure they have the right support to achieve their objectives, which contributes to the overall delivery of the Chamber’s Business Plan, and that their views are heard and incorporated into leadership and Board decision making.
2025/26 brought a number of publicly funded contracts to a conclusion at the end of March 2026. Government policy resulted in UK Shared Prosperity Fund not being replaced for 2026/27 and made business support funding a local decision. This resulted in a fragmentation and significant reduction of business support from 1 April 2026 and a significant element of restructuring of human resources was essential to meet the new business support landscape.
New opportunities will emerge in 2026/27 that will bolster the ‘thin foundation’ of business support across the three cities and counties.
The Chamber Group's commitment to employee well-being continues to be evidenced by ongoing improvements in all its Health and Safety metrics, and its values engagement programme. These activities support a positive, safe, and inclusive working environment and help ensure that employee interests are considered as part of decision-making.
The Chamber Group's policy is to consult and discuss with employees, through fortnightly all staff meetings, at frequent values sessions, through its ESG and EDI working groups and at individual themed meetings which include matters likely to affect employees' interests.
The Group keeps employees informed of business performance, key developments and decisions which are taken that affect employees. This is achieved through established communication channels including the previously mentioned fortnightly all-staff meeting, Chamber Update, a fortnightly internal newsletter, three times annually Staff Away Days, CEO communications and anonymous staff surveys.
The Chamber’s HR function throughout the Group reports directly into the CEO and the HR and Remuneration Committee Meeting, which is a sub-committee of the Board of Directors.
A range of policies including employee wellbeing and equality are accessible by all employees and are regularly updated and communicated to new staff via the employee handbook on the Chamber’s SharePoint site.
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The Chamber Group recognises the importance of employee development and has continued the employee personal development review programme and suggestion programme designed to encourage, recognise and reward employees who put forward original suggestions that will improve any aspect of the business.
The Chamber also recognises the importance of the development of future leaders across the business, and has its Future Leaders Academy, which develops a cohort of employees each year across a bespoke and tailored development programme.
The Chamber Group is committed to being an equal opportunities employer and to valuing diversity. Working practices are free from unfair and unlawful discrimination and encourage mutual trust and respect for all individuals. A policy of equal opportunities enables the Group to employ, train and promote employees on the basis of their experience, ability and qualifications without regard to age, disability, gender and race, honouring all aspects of the Equality Act 2010.
Chamber Members and customers
The Chamber places the highest value on its members and customers.
Forming strong relationships with Members is paramount to the Chamber Group’s success.
The Chamber maintains frequent communication with its members, to understand their evolving business support needs. This communication and engagement includes (not an exhaustive list):
∙Dedicated account management;
∙Feedback elicited through its Quarterly Economic Survey.
∙Feedback elicited through themed engagement events such as The President’s Roundtable bi-monthly event programme, Members' Forums, representation roundtable events, Bank of England Forums, MP roundtables, East Midlands Manufacturing network, Enterprising Women network, Generation Next network (aimed at supporting less experienced current and future business leaders aged 18-40).
∙Feedback from the Board of Directors.
∙Feedback from Patrons and Strategic Partners.
The Chamber's Supply Chain Partners
The Chamber relies on its key suppliers and supply chain partners to provide materials and services that meet both our and our members’ high-quality standards, whilst always seeking to achieve value for money.
This includes procuring expertise to deliver one to many business support seminars and workshops, both face to face and virtually, on a wide range of topical and pertinent themes, informed by Member and customer need.
We strive to build trusting long-lived partnerships with suppliers, exclusively procured from Membership, from which both organisations mutually benefit.
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Financial Strategy
The Chamber’s financial strategy focuses on how it generates the greatest return from Member reserves.
The investment of Member reserves, via an ethical investment strategy, coupled with optimising cash management platforms, has been an important component of the Chamber Group's growth to date. Members rely on the Chamber to protect their investment and to deliver sustainable, profitable growth, which in turn is always reinvested into products, services and facilities that meet evolving Member needs.
To ensure the continued long-term success of the Chamber business, the Board of Directors considers the long-term consequences of all its strategic decisions and the implications of these decisions on its members, customers, partners and stakeholders.
During 2025/26, the Board approved significant investment expenditure including the following:
∙Investment in digital transformation and the adoption of Artificial Intelligence.
∙Investment in the form of ‘match funding’ into publicly funded contracts, to ensure all Chamber members and the wider business community could access the right support at the right time, irrespective of the fragmented business support landscape.
∙Investment into cyber security to counter the growing risk of cyber attacks, specifically as a consequence of high-profile high street brand cyber attacks.
These decisions will improve and provide long-term sustainability of the Chamber Group.
The Chief Executive, the Risk and Audit Committee and the Chamber Group's Head of Finance are responsible for managing the relationships with our bank and other funding providers, and for the Chamber Group's cash management and financing activities. The CEO regularly reports to the Board on these activities, including policy reviews and market updates.
The Board of Directors carefully considers the Group's cash position and forecasts when making decisions on capital expenditure allocation.
Communities and the environment
The Chamber Group has a responsibility to protect both the environment and the interests of the local communities in which it operates.
Responsibility to the environment is one of the Chamber’s core values and detailed in its Business Plan.
The Chamber continues to minimise its non-recyclable waste, low energy and water consumption is a key objective at all premises.
Utilising Derbyshire County Council’s Green Entrepreneurs Fund, in part, the Chamber has installed solar panels on the flat roof at its Chesterfield premises and has introduced electric charging vehicle points (with planned expansion as electric vehicle take up increases).
The Chamber has established an Environmental, Social and Corporate Governance (ESG) working group that drives all our workstreams on ESG matters. We have a Group ESG Director to drive this agenda, with a particular focus on (a) delivering a route to carbon neutrality, (b) reducing utility usage and c) optimising green technology implementation, where this supports the attainment of the Business Plan objectives and creates a competitive edge.
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The Chamber’s membership offer will continue to evolve to meet the changing demands of members, customers and the wider business community. This will include enhanced digital support services and activities as businesses embrace the adoption of AI, supporting members aspirations to support the communities in which they operate to a greater level, helping those businesses with high growth potential optimise their growth and the creation of high value jobs, continuing to support businesses to address climate change and their net zero plans, and helping businesses meet their international trade ambitions following the international trade market disruption due to the Middle East conflict.
The Chamber will continue to work with its 29 local authority partners on local initiatives, ahead of Local Government Reorganisation across the three cities and counties, supporting the return of vibrant high streets and town centres and enhancing its support for new entrepreneurs.
The Chamber will continue to adapt its ‘Framework For Growth’, launched in November 2025, continuing to drive the asks of the East Midland business community to unlock barriers to growth with Ministers, MPs, senior civil servants and local politicians. The Chamber will launch its campaign to accelerate the devolution process in Leicester and Leicestershire in summer 2026, to address the investment disparity compared to Strategic Mayoral Authorities.
The Chamber will continue to expedite its work to support individuals in the communities of the East Midlands, as reflected in its vision, ‘to enhance East Midlands businesses and communities’, by supporting individual members of the community, particularly those with health conditions, to attain sustainable long-term employment.
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The Company meets its day-to-day working capital requirements through its financial reserves. It has access to an overdraft facility if needed although this has never been used.
Public sector revenue streams were enhanced in 2025/26 via the medium term UKSPF funded contracts secured early in 2025/26. Private sector income, specifically commercial event income, was affected as the crisis in the cost of doing business and inflationary pressures endured across the financial year.
The Senior Leadership Team have performed a detailed stress test to confirm that the business will be able to operate for at least the following 12 months.
This included:
∙Assumption that the demand for international trade services will not decline beyond a maximum of 30% due to geo-political circumstances.
∙Assumption that membership and events revenue (due to business failure or constraints on what may be considered discretionary spend) may decline by up to 20%.
∙Recognition of only secured contracts rather than speculative or unconfirmed workstreams (which have since been exceeded by the securing of new contracts).
∙Assumption that face-to-face delivery of major scale events will continue at current levels.
∙Maximising public sector business support contract income.
The results of these stress tests confirm that the Chamber will be able to continue to operate within its available credit facilities for at least 12 months from the date of this report.
As at the date of this report, the Directors have full expectation that the Chamber has adequate resources to continue in business for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
This report was approved by the Board and signed on its behalf.
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The Directors present their report and the financial statements for the year ended 31 March 2026.
Directors' responsibilities statement
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The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation and minority interests, amounted to £158,676 (2025 - profit £202,233).
As a Company limited by guarantee, the Company cannot pay dividends.
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The Directors who served during the year were:
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D Whitemore (resigned 15 February 2026)
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L C Williams (resigned 29 January 2026)
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M Barnett (resigned 2 October 2025)
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R M Cohen (appointed 9 December 2025)
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S P Grubb (appointed 9 December 2025)
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V E Matthews (appointed 9 December 2025)
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T R Morgan (appointed 9 December 2025)
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R L Rix (appointed 9 December 2025)
E L Wareham
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Greenhouse gas emissions, energy consumption and energy efficiency action
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During the 2025/26 financial year, the Chamber continued to develop its approach to Streamlined Energy and Carbon Reporting (SECR), with a focus on identifying practical actions to reduce emissions across Scope 1 and Scope 2 activities, including utilities, premises, equipment, travel and operational behaviours. This builds on previous investment in solar photovoltaic generation and electric vehicle charging infrastructure and reflects the Chamber’s ongoing commitment to improving energy efficiency, reducing environmental impact and supporting the long-term sustainability of its operations.
How the Chamber is reducing its energy emissions:
∙Improving building efficiency through Fabric First principles and reviews of heating, cooling and building control systems.
∙Changing staff behaviours through the ESG&Me campaign, Green Champions and internal sustainability communications.
∙Reducing energy demand through smarter procurement, including the purchase of energy-efficient office equipment.
∙Embedding robust measurement enabling informed energy management and performance tracking.
∙Supporting long-term carbon reduction, including sustainable events, supply chain considerations and broader ESG governance.
Overall, the plan reflects a balanced approach that combines infrastructure improvements, behavioural change, operational controls and reporting disciplines to drive measurable reductions in energy consumption across the Chamber portfolio.
Energy Consumption (kWh) from:
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Greenhouse gas emissions (kgCO2e) from:
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Scope 3 emissions (business travel)
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Intensity ratios:
Annual kWh per £m revenue
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Annual kgCO2e per £m revenue
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Annual kgCO2e per £m revenue (including scope 3)
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The methodology used in the above calculations follows the GHG Protocol, with the following parameters applied:
∙Energy consumption figures have been taken from reports provided by our Managed Service Provider and cover only the sites where the Chamber is the billable party:
-Commerce House, Chesterfield
-NG2, Nottingham
-Brian Clough Business Centre, Derby
-Friars Mill, Leicester
∙Energy consumed by tenants on these sites is included in the figures, with the exception of tenants whose energy use is not charged as part of the tenancy agreement.
∙Mileage calculations are based on employees of East Midlands Chamber (Derbyshire, Nottinghamshire and Leicestershire), Visit Peak District and Derbyshire and Derbyshire Enterprise Agency, where mileage costs have been claimed through the approved expenses policy.
∙Mileage converted to energy consumption using a standard medium petrol car energy equivalent.
The intensity ratio has been calculated based on the staffing levels (as at March 2025 and March 2024) for those same three businesses.
Matters covered in the Group Strategic Report
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In accordance with Section 414C(11) of the Companies Act 2006, the Directors have chosen to disclose the information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 within the Group Strategic Report. This includes a description of the principal risks and uncertainties facing the Group.
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Disclosure of information to auditor
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Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and
∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.
Post balance sheet events
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Following the year end, EMB-Group Limited, a subsidiary of the Group, commenced a restructuring of its Research and Insight division. As part of the reorganisation, the trade and net assets of Pye Tait Limited and Blue Marble Research Limited are being transferred to Navigator Insight Limited (formerly QA Research Limited), all of which are wholly owned subsidiaries of EMB-Group Limited. The transfers are expected to complete during 2026 and have been treated as non-adjusting post balance sheet events.
Subsequent to the year end, the Chamber commenced a process to dispose of its freehold property located at NG2 Business Park, Nottingham. The disposal process was initiated after 31 March 2026 and completion of the transaction is anticipated during the 2026/27 financial year.
As the decision to market and sell the property arose after the reporting date, this event does not provide evidence of conditions that existed at 31 March 2026 and has therefore been treated as a non-adjusting post balance sheet event. Accordingly, no adjustment has been made to the amounts recognised in these financial statements.
At the date of approval of these financial statements, the transaction had not completed and therefore the final financial impact of the disposal could not be determined with certainty.
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
Opinion
We have audited the financial statements of East Midlands Chamber (Derbyshire, Nottinghamshire, Leicestershire) (the ‘Parent Company’) and their subsidiaries (the 'Group') for the year ended 31 March 2026 which comprise the Consolidated Profit and Loss Account, the Company Profit and Loss Account, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, and the Consolidated Analysis of Net Debt and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:
∙give a true and fair view of the state of the Group's and Parent Company’s affairs as at 31 March 2026 and of the Group and Parent Company's loss for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
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 Group and the Parent Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Standard'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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's and the Parent Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
- 14 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
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 the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or 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:
∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the Parent Company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
- 15 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 9, 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 Group and Parent 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 intend either to liquidate the Group or the Parent 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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.
Based on our understanding of the Group and the Parent Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Group and Parent Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the Group and Parent Company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006.
- 16 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
Auditor's responsibilities for the audit of the financial statements (continued)
In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut off assertion) and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit 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.
Helen Knowles (Senior Statutory Auditor)
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Senior Statutory Auditor
Park View House
58 The Ropewalk
Nottingham
NG1 5DW
14 October 2026
- 17 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2026
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Operating (loss)/profit before exceptional items
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Interest receivable and similar income
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(Loss)/profit before taxation
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(Loss)/profit for the year
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(Loss)/profit for the year attributable to:
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Non-controlling interests
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Owners of the Parent Company
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The notes on pages 27 to 54 form part of these financial statements.
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- 18 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
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COMPANY PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2026
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(Loss)/surplus on revaluation of investment property
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Interest receivable and similar income
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Profit/(loss) for the year
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The notes on pages 27 - 54 form part of these financial statements.
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- 19 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
REGISTERED NUMBER: 01785710
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Non-controlling interests
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 27 to 54 form part of these financial statements.
- 20 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
REGISTERED NUMBER: 01785710
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
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Current asset investments
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Creditors: Amounts falling due within one year
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Profit and loss account brought forward
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Profit and loss account carried forward
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 27 to 54 form part of these financial statements.
- 21 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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Non-controlling interests
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Comprehensive expense for the year
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Total comprehensive expense for the year
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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Non-controlling interests
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends to non-controlling interest
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Total transactions with owners
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The notes on pages 27 to 54 form part of these financial statements.
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- 22 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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Comprehensive income for the year
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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Comprehensive income for the year
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The notes on pages 27 to 54 form part of these financial statements.
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- 23 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
Cash flows from operating activities
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(Loss)/profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Loss on disposal of tangible assets
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Decrease/(increase) in debtors
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(Decrease)/increase in creditors
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Net fair value gains recognised in P&L
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Net cash used in operating activities
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Sale of investment property
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Sale/(purchase) of short-term deposits
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Sale of short-term unlisted investments
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Tangible fixed assets acquired on acquisition of subsidiaries
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Sale of unlisted and other investments
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Deferred consideration paid
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Net cash from investing activities
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- 24 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
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Cash flows from financing activities
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Dividends paid to non-controlling interests
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Net cash used in financing activities
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Net (decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 27 to 54 form part of these financial statements.
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- 25 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2026
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Current asset investments
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The notes on pages 27 to 54 form part of these financial statements.
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- 26 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
East Midlands Chamber (Derbyshire, Nottinghamshire, Leicestershire), registered number: 01785710, presents its financial statements for the year ended 31 March 2026.
The Company is a private Company, limited by guarantee and is registered in England. The address of the registered office is Commerce House, Millennium Way, Dunston Road, Chesterfield, Derbyshire, S41 8ND.
The principal activity of the Group and Company during the year was that of delivering business support and representation services including business advice, events, webinars, employment and labour market support, supporting businesses meet their international trade ambitions, lobbying and campaigning locally, regionally and nationally to remove barriers to business growth, supporting the creation of new enterprises, providing access to learning and development programmes via a comprehensive training programme and reducing the impact of business crime on our members and the wider business community and delivering a variety of publicly funded support contracts that the Chamber competitively secured which fit with our vision and goals.
The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Group operates and is rounded to the nearest pound (£).
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
- 27 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
As at the date of this report, the Directors have full expectation that the Chamber has adequate resources to continue in business for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. Please see page 8 of the strategic report for more information.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Group will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Computer software - 5/10 years
Goodwill -10 years
- 28 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Impairment of fixed assets and goodwill
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Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indications that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
- 29 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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Current asset investments
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Cash held in deposit accounts with a notice period greater than 3 months are classified as current asset investments. They are measured at cost less impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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.
- 30 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
- 31 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic 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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
- 32 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the consolidated profit and loss in the same period as the related expenditure.
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Operating leases: the Group as lessor
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Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
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Operating leases: the Group as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
- 33 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
- 34 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Significant management judgements and key sources of estimation uncertainty
|
Preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not apparent from other sources. Actual results may differ from these estimates.
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 and in any future periods affected.
Significant management judgements
i.Recognition of investment properties
Property assets are classified as investment property or tangible fixed assets depending on the intended use of the property. In determining the intended use of each property, management considers various factors in making this judgement such as whether the asset is held for capital appreciation or to generate returns for the business. The accounting treatment will be different depending upon the categorisation.
Estimation uncertainty
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
i.Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
ii.Impairment of debtors
The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management consider factors including the current credit rating of the debtor, the aging profile of debtors and historical experience.
iii.Valuation of investment properties
The Group carries its investment property at fair value and engages independent valuers to determine fair value on an open market value on an existing use basis. The calculated fair value of the investment property therefore uses assumptions, of which the most sensitive relate to market conditions.
- 35 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
3.Judgements in applying accounting policies (continued)
iv.Impairment of investments and goodwill
The Group establishes a reliable estimate of the useful life of goodwill arising on business combinations. This estimate is based on a variety of factors such as the expected use of the acquired business and assumptions over the effect that changes in the economic environment may have over these estimations.
Where there are indicators of impairment of investments and goodwill, management shall perform impairment tests to estimate the recoverable amount and adjust accordingly.
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An analysis of turnover by class of business is as follows:
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Property management services
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Consultancy, transaction management and research
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All turnover arose within the United Kingdom.
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- 36 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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The operating (loss)/profit is stated after charging:
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Depreciation of tangible fixed assets
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Amortisation of intangible fixed assets
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(Loss)/gain on revaluation of investment property
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Loss on disposal of tangible fixed assets
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Defined contribution pension cost
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During the year, the Group obtained the following services from the Company's auditor:
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Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
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Fees payable to the Company's auditor for the audit of the other group entities
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Fees payable to the Company's auditor in respect of:
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Taxation compliance services
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All non-audit services not included above
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- 37 -
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|
EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Staff costs, including Directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees within the Group, including the Directors, during the year was as follows:
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Chamber activities and management of training schemes
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Group contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 1 Director (2025 - 1) in respect of defined contribution pension schemes.
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The highest paid Director received remuneration of £229,648 (2025 - £205,749).
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The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £16,027 (2025 - £15,020).
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The remuneration of key management personnel, excluding directors' remuneration disclosed above, totalled £404,342 during the year (2025: £395,347).
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- 38 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
|
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Interest receivable and similar income
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Other interest receivable
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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- 39 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
12.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2025 - higher than) the standard rate of corporation tax in the UK of25% (2025:25%). The differences are explained below:
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(Loss)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)
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Non-tax deductible amortisation of goodwill and impairment
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Movements in deferred tax not recognised
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Adjustments to tax charge in respect of prior periods
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Chargeable gains/(losses)
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Movement on deferred tax not recognised
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Total tax charge for the year
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Factors that may affect future tax charges
|
A deferred tax asset in respect of unrelieved tax losses is not recognised due to uncertainty of the Group generating sufficient taxable surplus in the foreseeable future. The amount unprovided at 31 March 2026 is £1,223,219 (2025 - £1,232,058) and for the Company £1,223,219 (2025 - £1,232,058) using the rate of corporation tax applicable for future years of 25% (2025 - 25%).
- 40 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 41 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
13.Intangible assets (continued)
- 42 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
|
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Included within freehold property is land of £274,600 (2025 - £274,600) on which depreciation has not been charged.
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- 43 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
14.Tangible fixed assets (continued)
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Included within freehold property is land of £274,600 (2025 - £274,600) on which depreciation has not been charged.
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- 44 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Other fixed asset investments
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The main element of other investments are as follows:
£400,000 is the Tapton loan being the Chamber’s contribution to the construction of Tapton Park Innovation Centre. The Chamber is entitled to 29.66% of the net operating surplus from the Centre.
Participating interests:
The companies in which the Chamber holds a participating interest are associated companies as follows:
East Midlands Chambers of Commerce
A company limited by guarantee, of which the Chamber is a member and holds 50% (2025 - 50%) of the voting rights directly and indirectly. The Company is not accounted for by the equity method because it is debarred by the terms of its Articles of Association from making any distributions to members.
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- 45 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Investments in subsidiary companies
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Other fixed asset investments
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- 46 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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The subsidiary companies which are wholly owned, incorporated in England and Wales, held at the year end were as follows:
- Derbyshire Enterprise Agency Limited - Property management company
- Leicestershire Chamber of Commerce - Holding company
Derbyshire Enterprise Agency Limited has a registered office address of Commerce House, Millennium Way, Dunston Road, Chesterfield, Derbyshire S41 8ND. The remaining subsidiaries have a registered office address of Friars Mill Bath Lane, Leicester, England, LE3 5BJ.
EMB-Group Limited is a 60% owned subsidiary of the Company. It is incorporated in England and Wales and has a registered office address of 5 Merus Court, Meridian Business Park, Leicester, Leicestershire, LE19 1RJ.
Subsidiary companies which are wholly owned by EMB-Group Limited at the year end were as follows:
- EMB Limited*
- East Midlands Business Limited*
- EMB Excellence Limited*
- Pye Tait Limited*
- Blue Marble Research Limited*
- Navigator Insight Limited (formerly QA Research Limited)*
*The registered office is 5 Merus Court, Meridian Business Park, Leicester, Leicestershire, LE19 1RJ.
The Group also has a 47.5% shareholding in Busnes Cymru Limited and a 50% shareholding in One Midlands Limited. Both are dormant companies incorporated in England and Wales.
The 50% shareholding in One Midlands Limited is held by EMB Limited.
As a parent company established under the law of the UK for the year ended 31 March 2026, EMB-Group Limited took advantage of the exemption from audit under section 479A of the United Kingdom's Companies Act 2006 relating to Pye Tait Limited (04001365), Navigator Insight Limited (formerly QA Research Limited) (03186539) and Blue Marble Research Limited (05639871) included in the consolidated accounts.
EMB-Group Limited guarantees the liabilities of Pye Tait Limited, Navigator Insight Limited (formerly QA Research Limited) and Blue Marble Research under section 479C of the Companies Act 2006 in respect of the financial year ended 31 March 2026.
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- 47 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
|
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Freehold investment property
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The investment property portfolio in Nottingham was valued as at 31 March 2026 by Barrett Corp & Harrington Ltd (BCH) and the portfolio in Chesterfield was valued as at 31 March 2026 by FHP on an open market value for existing use basis. At 31 March 2025, investment properties with a carrying value of £2,184,357 were independently valued by FHP on an open market value basis, while the remaining properties, valued at £600,600, were valued by the directors with reference to third-party offers and other market evidence. During the year, properties with a carrying value of £195,000 were disposed of by EMB-Group Ltd, leaving properties previously subject to director valuation with a carrying value of £405,600.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Accumulated depreciation and impairments
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- 48 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
16.Investment property (continued)
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Freehold investment property
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The 2026 investment property valuations in Nottingham were carried out by Barrett Corp & Harrington Ltd (BCH) and in Chesterfield by FHP, on an open market basis. The Company's investment properties were valued by FHP in 2025 and are stated on the basis of open market value.
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If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Accumulated depreciation and impairments
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Prepayments and accrued income
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- 49 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Current asset investments
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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- 50 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Creditors: Amounts falling due after more than one year
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Provided for during the year
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Charged to the profit or loss
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Fixed asset timing differences
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- 51 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Profit and loss account
The Company's Articles of Association specify that any surplus of income over expenditure must be applied to the promotion of the objects of the Company and cannot be distributed directly or indirectly by way of dividends, bonus, or other distribution to the members of the Company.
The Company is a private company limited by guarantee and consequently does not have share capital. Every member undertakes to contribute to the assets of the Company in the event of it being wound up while they are a member or within one year thereafter for payment of the debts and liabilities of the Company contracted before they cease to be a member and the costs, charges, and expenses of winding up and for the adjustment of the rights of the contributories among themselves such amount as may be required not exceeding £50.
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and was £1,037,802 (2025: £1,038,823). Contributions totalling £15,698 (2025: £5,863) were payable to the fund at the year end and are included in creditors.
- 52 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Commitments under operating leases
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At 31 March 2026 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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At 31 March 2026 the Group and the Company had future minimum lease receivables due under non cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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- 53 -
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EAST MIDLANDS CHAMBER (DERBYSHIRE, NOTTINGHAMSHIRE, LEICESTERSHIRE)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Related party transactions
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Group and Company
Due to the nature of the Group's operations and the composition of the Board of Directors (being drawn from member organisations) it is inevitable that transactions will take place with organisations in which a member of the Board of Directors may have an interest. All transactions involving such organisations are conducted at an arm's length basis and in accordance with the Group's financial regulations and normal procurement procedures, which involve competitive tendering for all orders over £5,000.
During the year, the Group made sales of £58,606 (2025: £61,713) and purchases of £232,806 (2025: £440,814) with such entities. At the year end, the net amount due to the Group was £12,718 (2025: net amounts due to related parties £3,244). All transactions were conducted on an arm’s length basis and in accordance with the Group’s normal procurement procedures.
Company
The Company has taken advantage of the exemption available whereby it has not disclosed transactions with any wholly owned subsidiary undertaking.
The Company made sales of £5,000 (2025 - £5,000) to EMB-Group Limited in respect of membership fees. M Deakin, D Williams, S Dawkins and S Knowles are also directors of EMB-Group Limited.
The remuneration of key management personnel, excluding directors' remuneration disclosed above, totalled £404,342 during the year (2025: £395,347).
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Post balance sheet events
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Following the year end, EMB-Group Limited, a subsidiary of the Group, commenced a restructuring of its Research and Insight division. As part of the reorganisation, the trade and net assets of Pye Tait Limited and Blue Marble Research Limited are being transferred to Navigator Insight Limited (formerly QA Research Limited), all of which are wholly owned subsidiaries of EMB-Group Limited. The transfers are expected to complete during 2026 and have been treated as non-adjusting post balance sheet events.
Subsequent to the year end, the Chamber commenced a process to dispose of its freehold property located at NG2 Business Park, Nottingham. The disposal process was initiated after 31 March 2026 and completion of the transaction is anticipated during the 2026/27 financial year.
As the decision to market and sell the property arose after the reporting date, this event does not provide evidence of conditions that existed at 31 March 2026 and has therefore been treated as a non-adjusting post balance sheet event. Accordingly, no adjustment has been made to the amounts recognised in these financial statements.
At the date of approval of these financial statements, the transaction had not completed and therefore the final financial impact of the disposal could not be determined with certainty.
The Directors do not consider there to be an ultimate controlling party.
- 54 -
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