Derived lipids are the substances derived from simple and compound lipids by hydrolysis. These includes fatty acids, alcohols, monoglycerides and diglycerides, steroids, terpenes, carotenoids.The most common derived lipids are steroids, terpenes and carotenoids.Steroids do not contain fatty acids, they are nonsaponifiable, and are not hydrolyzed on heating. They are widely distributed in animals, where they are associated with physiological processes.ody fat serves as a very good source of energy, it is stored in adipose tissues. They also act as insulating material in the subcutaneous tissues and are also seen around certain organs. Lipids combined with proteins are important constituents of the cell membranes and mitochondria of the cell.