OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-03-31-accounts

Registered Number 3046496 Charity number: 1049954

1

Legal and Administrative information ........................................................................................... 3 ............................................................................................................................... 5 Strategic report for the year ended 31 March 2021 ..................................................................... 8 21 .................................................................. 15 Limited ............................... 19 Consolidated statement of financial activities (including income and expenditure account) for the year ended 31 March 2021 .................................................................................................. 23 Balance sheets as at 31 March 2021 ........................................................................................ 24 Consolidated statement of cash flows for the year ended 31 March 2021 ............................... 25 Notes to the financial statements for the year ended 31 March 2021 ....................................... 26

2

We The Curious Limited (Registered number 3046496)

Charity number: 1049954

Company number : 3046496

Registered Office: One Millennium Square, Anchor Road, Bristol BS1 5DB

Website: www.wethecurious.org

We The Curious Limited is a company limited by guarantee and a registered charity governed by its Articles of Association

The Company has a wholly owned trading subsidiary, We The Curious (Enterprises) Limited. Together they

Directors and Trustees

Association the Board of Trustees comprises not less than three nor more than eighteen persons who are appointed by the Board.

The Trustees of the Company who were in office during the year and up to the date of signing the financial statements, unless otherwise stated, were:

Chris Sims (Chair resigned as Chair 2 September 2021) * Nick Jones (Deputy Chair appointed Chair 2 September 2021) * Tom Betts Simon Cooper Ross Fairley Kathreena Kurian FRCPath (Neuro) Lara Lalemi Professor David May FRS Sujata McNab * David Sproxton CBE Tom Stringer Henry Easterbrook (appointed 15 October 2020) Councillor Helen Godwin (resigned 23 June 2021) Councillor Geoff Gollop (resigned 23 June 2021) * Councillor Fabian Breckels (appointed 2 September 2021) Councillor Barry Parsons (appointed 2 September 2021)

Company Secretary

Andrew Appleby (resigned 15 October 2020) Morgan Cartwright (appointed 15 October 2020)

3

We The Curious Limited (Registered number 3046496)

Leadership Team:

Donna Speed Anna Starkey Andy Appleby Nicole Briggs Chris Dunford Josie Forsyth Helen Huertas Lydia Ladbrooke Simon Ridge Rosalie White Bryony Roberts Lisa Smith Amy Yeatman Duncan Smith

Chief Executive Officer Creative Director (left 10 April 2020) Head of Finance (secondment ended 30 June 2020) Head of Audience Head of Sustainability (left 30 June 2020) Head of Development Head of Projects (redundant 31 March 2021) Head of Operations Head of Estates Head of Programming (maternity leave 27 February 2021) Interim Head of Programming (appointed 19 January 2021) Head of People (appointed 01 November 2020) Head of Finance (appointed 13 July 2020, left 30 September 2021) Interim Finance Director (appointed 6 March 2021)

Professional Advisors

Independent auditors

Bishop Fleming LLP Chartered Accountants 10 Temple Back Bristol BS1 6FL

Bankers

Barclays Bank Plc PO Box 207 Bristol BS99 7AJ

Solicitors

Burges Salmon LLP One Glass Wharf Bristol BS2 0ZX

4

We The Curious Limited (Registered number 3046496)

Chair s report

For the first time in our twenty years, our doors were closed for the entire year, most of our staff were placed on furlough and we faced real uncertainty over our future as 96% of our usual income sources stopped. At the same time, we have seen how our four priority audiences - Disabled people, young people, BAME people and socio-economically deprived Bristol residents and schoolchildren - have been disproportionately affected by COVID-19.

I am immensely proud of the way that our team responded proactively, creatively and with incredible resilience despite the pain of staff cuts, to complete our world-class new exhibition, Project What If, and support our most vulnerable audiences. A special thanks go to our Being Well team who championed the wellbeing of staff, both furloughed and working throughout the year, with initiatives including virtual Mental Health First Aid support, a fortnightly wellbeing survey to inform actions and online socials.

Our successes include:

We completed Project What If (PWI) ready for launch

Over the past 3 years we collected over 10,000 questions from people in Bristol, which were distilled into These have been explored using input from all backgrounds and disciplines to create a unique and truly inclusive exhibition.

Throughout the last year we ripped out and refitted our exhibition ground floor, installed this world-class exhibition, and ran user testing sessions and exhibit creation workshops with marginalised communities.

We worked with charities such as disability group WECIL, Somali Girl's Group and Creative Youth Network to engage under-served communities to design and test exhibits online and run filming workshops. Over 100 residents shaped the accessibility and sensitivities of exhibits such as Herd Immunity . One parent told us: -year-olds] being exposed to research

We supported local groups from the most disadvantaged areas of Bristol to work with their chosen artist and our exhibitions team to design Project What If exhibits on our Make Space course. Lockleaze residents riority needs of Lockdown One, to create a distanced community artwork installed from the windows of their community centre and online.

We distributed hundreds of free creative packs to support families to take part in workshops from stain glass to dioramas, enabling them to co-create the community artwork as well as send in messages of hope and support to their neighbours in this isolating time. www.lockleazerainbow.com

We were ready to launch for November 2020 as planned but as this coincided with the second national lockdown we delayed until restrictions allowed us to safely open in May 2021. We invited our community group participants and collaborators along with funders and press to a special preview event and gave the former free family memberships.

f without limitations. I failed all my science GCSEs but now years on, We The Curious has given me a

5

We The Curious Limited (Registered number 3046496)

of Project What If as a space where they will refer other charities as an example of environmental practice and inclusivity.

Following the preview, our reopening weekend went smoothly with sell-out tickets both days. Press

The Travel Magazine.

relevant programming season to date.

We designed a programming year to challenge and bring hope to audiences once open, working with artists, researchers, and local charities.

Highlights include a futuristic robot football stadium in the Royal Commission 1851 Open City Lab, debates with university researchers on secrecy and power in the John James Theatre of Curiosity, The COVID-19 Diaries in The Box featuring personal stories filmed from around the world, and a participative Diversity in STEM Hall Of Fame , co-created with our school student researchers. From November, the focus will be on our sustainability-themed programme, in line with the launch of the UN Climate Change Conference (COP26) in Glasgow in November.

We continued building partnerships with researchers from the Universities of Bath, Bristol, College London (UCL), and West of England (UWE) on seven active research projects, from digital health to anthropomorphism, in addition to working with researchers on creating handling collections in our newly built Open City Lab.

We also continued to work with UCL in producing a reflective inclusion tool called the Equity Compass to support our socially just participatory practice. The University has given three of our staff Honorary Research Associate status for the next five years to extend this work. We have also worked on strengthening partnerships, producing better systems, training, and frameworks for partnering with academics.

Online learning

We responded quickly to the needs of suddenly isolated and home-schooled communities in the first national lockdown by creating and launched a variety of new online learning opportunities. These included our first ever live-streamed Toddler Takeover mornings and Planetarium shows with presenters ready to interact with viewers questions at home, curriculum-linked experiment-based videos targeted at educators and parents, and piloting of Project What If TV debates. One teacher wrote: e

We also:

6

We The Curious Limited (Registered number 3046496)

Providing a safe and much-needed outdoor community space and securing our heritage

Our Estates team worked literally around the clock all year on site, to keep our heritage site secure, provide free parking for local NHS workers in the height of Lockdown One and crucially provide a safe and joyous city-centre outdoor space with artworks, water features, pick your own edible plants and more for our Bristol community to benefit from on their daily exercise. We had no income to support this but recognised it as a way for us to continue supporting Bristolians while our exhibition doors were closed.

Evaluation

We are now focusing on the very important task of evaluating the work that has been done. Project What-if is the culmination of many years' discussion, debate, and planning. It represents the physical manifestation, on the floor, of the name change from At-Bristol to We the Curious that took place in 2017. It is a radical departure from what went before and exemplifies how we now respond to our audiences rather than dictating what they should experience. With such a radical departure the process of evaluation becomes critical, and we are deep into this activity. The initial reaction, as mentioned previously, is very positive but we will complete a thorough and scientific review to fully understand our successes.

As part of the review process, we will continue to connect with and listen to our audiences. They will ensure that the two seemingly disparate elements in our charity objects continue to be imaginatively posed and put in apposition in new and unique ways as we continue to move forward. Despite the challenges of the last two years, the CEO, staff, and trustees are proud to have continued to play an important role in the local community and, through our on-line activities to audiences further afield. We remain ambitious and committed, with the desire to develop a culture of curiosity and a facility that is recognised as innovative and world class.

Nick Jones

Chair

7

We The Curious Limited (Registered number 3046496)

Purposes and activities

We The technology, natural history and the environment by operating exhibitions and educational programmes both at our site in Bristol and, through outreach, in the wider community.

We The Curious is and we aim to do this by being one of the leading UK not-for-profit science centres.

By March 2024 we pledge that:

We The Curious comprise:

Exhibitions

We use hands-on and multimedia techniques to engage people of all ages in a journey of discovery through science. The public exhibition space on the ground and first floors is a total of 3,200m2 and houses a permanent collection of over 300 interactive exhibits and displays which includes Food, Animate It, Tinkering Space, the Studio and our new Project What If exhibition, complete with working Royal Commission 1851 Open City Lab, John James Theatre of Curiosity and 69 exhibits, artefacts, and art pieces. The West of England Council for Inclusive Living (WECIL) ran an accessibility audit of our science centre and, following additional training with Bristol Accessible Venues, our Access Action Group has put in place a huge number of best practice improvements, including the first Changing Places toilet in the city centre.

In addition to the exhibition space, we also have the dedicated John James Education Suite including laboratories, classrooms, and IT facilities.

Planetarium

Housed in a spectacular chrome sphere, We the Curious has its own 100-seat 3D Planetarium. Since opening in 2000, the giant silver dome has become an iconic symbol of Bristol, attracting photographers, Planetarium.

Public benefit

The Trustees confirm that they have complied with the duty in the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

8

We The Curious Limited (Registered number 3046496)

The Trustees believe that the carrying out of the aims of the Charity provides a public benefit in several areas, including the provision of education and the promotion of the role of science in society. They also believe that the degree of public access outside of Covid-enforced closures - ms to be carried out for the public benefit. From the curriculum-enhancing schools programme to environmental initiatives, the interactive science centre provides a place to experiment and test out ideas for c300,000 visitors annually. It puts the voices of its priority audiences Disabled people, BAME residents, young people, and the most socioeconomically deprived Bristolians at the heart of its work, creating needs-led opportunities for local people to transform their lives through science.

Outside of the last extraordinary year of closure, each year the Charity:

Additional Facilities:

Sustainability Striving for a sustainable future is one of our manifesto pledges. Part of our mission is to raise local and global threats to our environment and rising to the challenge of finding more sustainable ways of living, that create a healthier and fairer society and to protect the planet for future generations.

During an unprecedented year of venue closure, our only site operations were the development of the ground floor new exhibition, site maintenance and security. We used this opportunity to save energy and close the site entirely when possible.

9

We The Curious Limited (Registered number 3046496)

FINANCIAL REVIEW

Results

The Trustees consider the results of the group for the year, a loss for the year of £1,184,000 (2020: £13,176,000 surplus) and the financial position at the year-end to be satisfactory given the exceptional circumstances of the pandemic. There are no gains in the year on the revaluation of investment property (2020: £13,141,000).

As a result of the UK wide Coronavirus lockdown, the Science Centre closed in March 2020 and did not reopen until May 2021. Income from ticket sales, retail, venue hire and catering operations was severely impacted as a result. The Millennium Square Car Park serves a wider business and visitor community, and income was down to 35% of 2020 levels as a result of national lockdowns and reduced economic activity in Bristol city centre. Income from property rentals was down by 50%.

As the impact of the pandemic evolved, the Board of Trustees undertook a continuous review of the potential risks to the group and implemented actions needed to minimise them. The response to the Coronavirus pandemic was underpinned by goals to prioritise wellbeing of staff, minimising the financial impact of the venue closure, to serve audiences with on-line content, to continue Project What If development on schedule and reopen an accredited Covid secure site. Staff were set up to work from home and work streams to further our charitable objects were set.

Financial plans were revised, immediate cuts were made and staffing structures reviewed. The Leadership Team reduced the usual annual expenditure budget from £6m to £4m to create a breakeven budget for 21/22, including an additional £1m from non-salary expenditure, including all but the legal minimum capital expenditure. The difficult decision to restructure was taken to reduce the salary bill by £1m. This was achieved by a combination of natural job attrition, job-sharing and reduced hours; and, regrettably, by redundancy.

The reserves together with the investments and cash balances held on 1st April 2020 enabled the Trustees to set out a clear strategy for surviving the closure period and then develop a prudent and sustainable recovery plan for reopening. The investment portfolio (£796,000) was sold during the year and the cash at bank fell to £2,603,000 at 31 March 2021 (2020: £3,352,000).

During the year, the Group received £1.2m of furlough support, to £273,000 of emergency and recovery funds from the National Lottery Heritage Fund and a further £680,000 of other grants and donations.

Since the year end a further £1 million of Covid related government grants have been received by the Group. These are being used to support initiatives that help build the financial sustainability of the Group and its delivery of the core charitable objectives.

Since reopening in May 2021, Ticket sales, catering, carpark income and property rentals have recovered

) Limited, which in a normal trading year operates the café, shop, venue hire space and car park, continued to trade in 2020/21, with only reduced income from the cark park. The surplus of £128,000 generated in the financial year to March 2021 (2020: £1,137,000) is donated to the Charity under the gift aid scheme in order to assist the Charity in meeting its charitable objectives.

10

We The Curious Limited (Registered number 3046496)

The table below shows the most significant movements in operating profits that have occurred during the financial year ended 30 March 2021:

----- Start of picture text -----
Net increase/
Income Expenditure (decrease) in
Description
surplus
£000's £000's £000's
Operating results for 2019/20 6,267 6,168 99
-
Donations and legacies 1,610 1,610
Operation of Science Centre (2,060) (252) (1,808)
Commercial trading operations (2,506) (1,499) (1,007)
Investment income (239) (239)
Depreciation (50) 50
Operating results for 2020/21 3,072 4,367 (1,295)
----- End of picture text -----

Reserves policy

It is the intention of the Trustees that surplus funds, outside of those restricted for fundraising campaigns, will be retained to further the objects of the Charity as an inclusive, educational resource, for the renewal of the exhibits and to maintain the Grade 2 listed buildings to a safe, efficient standard.

Total funds at the year-end were £47.3m (2020: £48.4m) which includes designated funds of £2.9m (2020: £2.9m). Of the total funds, £41.6m restricted funds and £1.9m unrestricted funds relate to fixed assets which could only be realised by disposing of the tangible fixed assets which are the basis on which we operate. As we lease the site, we do not have the authority to sell these assets. Therefore, none of these £43.5m assets can be liquidated. The Trustees recognise the updated guidance on Charity Reserves issued by the Charity Commission in January 2016, which describes the required disclosure of the needs of the Charity to build resilience in reserves, the level of reserves needed by the Charity, the steps taken to establish reserves and the arrangements for reviewing the policy.

It is the policy of the Trustees to have reserves appropriate to the level of activity and financial risks of the Charity. In the light of new post Covid financial risks, reserves will need to be sufficient to cover unexpected revenue shortfalls, significant increases in costs and the impact across the emerging 5-year business planning period.

The Trustees believe that, in the current economic climate, the prospects for income generation are less certain. Trustees may therefore need to use reserves to keep responding to evolving community needs, invest in refreshing and replacing our exhibitions and our heritage buildings in line with our capital plan. Over the next five years the Charity has budgeted £6m of estates and digital capital expenditure outside of the annual operational budget. The Trustees have therefore established a target whereby the unrestricted £1.7m. The Group will continue to develop its income wherever possible while keeping its costs under control to achieve its targeted free reserves level. As we emerge from our first financial recovery year after re-opening, this policy and the target amount of free reserves will be reviewed in the light of the new business plan.

11

We The Curious Limited (Registered number 3046496)

Designated funds

In accordance with our Designated Capital Reserves Policy, we have established a maintenance fund to provide for significant future costs that are expected to occur in the medium term for the upkeep of our capital assets and under obligations in agreements with Bristol City Council for the upkeep of the Car Park.

Restricted funds

Grants are receivable by We The Curious Limited for specific projects in furtherance of our charitable objects. Such grants are treated as restricted incoming resources and recognised in the Statement of Financial Activities. The balance is added to the restricted assets held under long term property leases. The total level of restricted funds is £43.6m (2020: £43.2m).

Investment Policy

The policy of the Trustees is to invest most of the free cash in low-risk bank deposits. A prudent amount may be invested in higher return assets as deemed appropriate to the risk and return from these assets. During the year all investments were sold. At 31 March 2021 £nil (2020 £0.8m) was invested in higher return assets.

Fundraising

This year we significantly exceeded our fundraising income target of £400,000 by raising £854,300, mostly in largescale Covid-emergency grants from Garfield Weston Foundation, the Covid Business Support Grants and the Heritage Cultural Recovery Fund and Wellcome Trust, in addition to Lab research funds and individual donations.

Fundraising continues to support a wide range of charitable activities, from the development of live research activities in the new Open City Lab to inclusive co-design programmes for minoritised young people. Activities largely focus on raising funds from trusts and foundations, Lottery, public sector bodies and universities, with a smaller amount from companies and individuals in the year and no direct marketing.

All fundraising is undertaken by three staff, with no professional fundraisers or commercial participators. The fundraising team have registered the Charity with the Fundraising Regulator, the independent regulator of charitable fundraising in England, Wales, and Northern Ireland, and has read and signed its Code of Fundraising Practice. As usual, there have been no complaints about fundraising activity this year.

Changes in fixed assets

The movements in fixed assets during the year are set out in note 7 to the financial statements.

The leasehold land and buildings were revalued on November 2020 by Andrew G B Forbes, a registered accordance with the RICS valuation model. The gain on revaluation was included in the financial statements for the year ended 31 March 2020. No further gains or losses were recorded in the year ended 31 March 2021. The movements in investment property are set out in note 9 to the financial statements.

12

We The Curious Limited (Registered number 3046496)

Risk management

The Trustees have a risk management strategy which comprises:

The Audit Committee carries out regular reviews of the major risks to which the Charity is exposed and recommends measures to be taken to mitigate such risks.

They have identified the following major risk categories: economic downturn & rising costs, impact of future pandemics/lockdowns, staff shortages, new or improved competing attractions, protection of electronic information against cyber attack, lack of Capital funding, legislative changes and health and safety issues for both public and employees.

Attention has also been focussed on non-financial risks arising from terrorism threats, fire, health and safety of staff and visitors and food hygiene. These risks are managed by ensuring accreditation is up to date, having robust policies and procedures in place and regular awareness training for staff working in these operational areas.

Systems and procedures are established by management to manage these risks.

Financial risk management

The Charity and its subsidiary operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The Group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Group.

The Group minimises its exposure to commodity price risk as a result of its operations and looks to long term utility contracts to manage costs as appropriate.

The Group has implemented policies that require appropriate credit checks on potential customers before

sales are made.

The objective of the Group in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Group expects to meet its financial obligations through operating cash flows and its cash balances. In the event that the operating cash flows would not cover all the financial obligations the Group would seek to obtain credit facilities.

Going concern

The Trustees have reviewed the post May 2021 trading alongside the profit out-turn forecasts for 2022 and 2023, cashflow forecasts and reserves.

At the time of signing the accounts, the Directors expect that business income will continue to recover as audience confidence grows and economic activity in the City recovers. They expect that cash balances and

13

We The Curious Limited (Registered number 3046496)

reserves will remain sufficient for our daily operations and that the Group will be able to satisfy liabilities as they fall due.

After making these enquiries, the Trustees have a reasonable expectation that We The Curious Group will have adequate resources to continue to operate for the foreseeable future, being a period of 12 months after the date on which the report and financial statements are signed.

For this reason, it continues to adopt the going concern basis in the financial statements.

Independent auditors

The auditors, Bishop Fleming LLP, are willing to continue in office and a resolution to appoint them will be proposed at the Annual General Meeting

PLANS FOR FUTURE PERIODS

We The Curious Limited continues its commitment to further its strategic priorities with its activities and completion of the new exhibition. The Trustees use the experience gained from past activities to input into the future plans of the organisation and the production of the annual Business Plan.

The Trustees have sought to:

The Strategic Report was approved by the Trustees in July 2021

By order of the Board

Nick Jones

Chair

16[th] December 2021

14

We The Curious Limited (Registered number 3046496) for the year ended 31 March 2020

The Trustees are pleased to present their annual T financial statements of the Charity and its subsidiary for the year ended 31 March 2021 which are also prepared to meet the requirements for a D purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Articles of applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective1 January 2015).

The legal and administrative information set out on pages 3 and 4 s 5 and 6 and the Strategic report set out on pages 7 to 16 form part of this report.

Structure, Governance and Management

Group structure

We The Curious (Enterprises) Limited, carries out noncharitable trading activities for the Charity.

Governing Document

The Charity is a company limited by guarantee, governed by its Articles of Association.

Each of the four members of the charitable company undertakes to contribute to the assets of the charitable company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before they ceased to be a member.

Nominating Organisations

In accordance with the Articles of Association, the following bodies have the right to nominate Trustees:

Bristol City Council 2
Bristol Ideas (previously BCDP) 1
GWE Business West 1

Trustees and organisation structure

The Board of Trustees, as detailed on page 3, administers the Charity. The Board meets six times a year to review performance and make strategic decisions. Certain responsibilities are delegated to the Audit Committee which meets regularly. The members of this committee are shown on page 3.

The Chief Executive Officer is appointed by the Trustees to manage the day-to-day operations of the Charity. To facilitate effective operations, she has delegated authority, within terms of delegation approved by the Trustees, for operational matters including finance, employment and programmes for visitors.

15

We The Curious Limited (Registered number 3046496) for the year ended 31 March 2020

Appointment, Induction and Training of Trustees

New Trustees are selected on the basis of nominations from existing Trustees, the nominating organisations referred to below and others. They undergo an induction process to ensure they have a full understanding of the activities and objectives of the Charity. This process will vary depending on the degree of previous knowledge of the Charity and experience. New Trustees undertake an induction programme that outlines and objectives, and its operation. The Trustees also receive regular updates and guidance on their role as Trustees of the Charity.

As disclosed in note 22 to the financial statements, professional indemnity insurance is paid on behalf of the Trustees and officers of We The Curious Limited.

Related parties and co-operation with other organisations

Any connection between a Trustee or senior manager of the Charity with an organisation that has a trading relationship with the Charity must be disclosed to the full board of Trustees in the same way as any other contractual relationship with a related party. The related party transactions are reported in note 25.

The Charity works with charitable and voluntary organisations which support the pursuit of its charitable aims.

We The Curious (Enterprises) Limited, carries out noncharitable trading activities for the Charity. The subsidiary has made gift aid payments of £128,000 (2020: £1,137,000) from its otherwise taxable profit to the Charity (see note 9).

Pay policy for Directors/Trustees and senior staff

The Trustees consider the Board of Directors, who are the C Trustees, and the leadership team, comprise the key management personnel of the Charity in charge of directing and controlling, running and operating the Charity on a day-to-day basis through an approved scheme of delegation.

All trustees give of their time freely and no trustee received remuneration in the year. Details of Trustees expenses and related party transactions are disclosed in note 4 and note 25 to the financial statements respectively.

The pay of the senior staff is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the Charity, the Trustees benchmark senior staff pay and non-pay benefits against pay levels and non-pay benefits in other organisations of a similar size run on a voluntary basis. The recruitment of key management is through targeted advertising and the use of specialist recruitment consultants.

16

We The Curious Limited (Registered number 3046496) for the year ended 31 March 2020

The Purpose of the System of Internal Control

The system of internal control is designed to manage risk to a reasonable level, rather than to eliminate all risk, so the Charity and Group is supported in achieving its policies, aims and objectives. It can, therefore, only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an on-going process designed to identify and prioritise the risks to the achievement of the Charity e likelihood of those risks being realised, to consider the impact should they be realised, and to manage these risks effectively, efficiently and economically. The Trustees have established a system of internal control that continues to be developed over time and which they believe to have been effective throughout the financial year and up to the date of the signing these financial statements.

The Risk and Control Framework

framework of regular

management information and administrative procedures including the segregation of duties and a system of delegation and accountability. In particular it includes:

Statement of

The Charity Trustees (who are also the directors of We The Curious Limited for the purposes of company law) are responsible for preparing the Annual Report, including the Strategic Report & Financial Statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the T dance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting statements and applicable law). Under company law, the Trustees 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 group and charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that year.

17

We The Curious Limited (Registered number 3046496) for the year ended 31 March 2020

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and disclose with reasonable accuracy at any time the financial position of the charitable company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information m governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure to our auditors

In so far as the Trustees are aware at the time of approving our T

The Trustees report was approved by the Trustees on 16[th] December 2021. .

By order of the Board of Trustees

Nick Jones

Chair

18

We The Curious Limited (Registered number 3046496) Independent Audi Limited

OPINION

We have audited the financial statements of We the Curious Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Trustees' 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

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 Trustees 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 Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and,

19

We The Curious Limited (Registered number 3046496) Independent Audi Limited

except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report including the Group Strategic Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 Trustees 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 Trustees are responsible for assessing the Group's and the parent charitable 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 Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

20

We The Curious Limited (Registered number 3046496) Independent Audi Limited

AUDITORS' 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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and FRS 102 and UK tax legislation. In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but

to operate or avoid a material penalty.

Our procedures to respond to risks identified included the following:

We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.

21

We The Curious Limited (Registered number 3046496) Independent Audi Limited

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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 Auditors' Report.

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

David Butler DChA FCA (Senior Statutory Auditor) for and on behalf of

Bishop Fleming LLP Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL

Date: 21 December 2021

22

We The Curious Limited (Registered number 3046496)

Notes Unrestricted
funds
£		 Designated
funds		 Restricted
funds		 2021
Total funds		 2020
Total funds
Income from:
Donations and legacies 2 1,182 - 925 2,107 499
Income from charitable activities:
Operation of Science Centre 2 31 - - 31 2,091
Income from other trading activities:
Commercial trading operations 2, 8 750 - - 750 3,256
Investment income 2 182 - - 182 421
Other income:
Net insurance claim proceeds 2 - - - - -
Total income 2,145 - 925 3,070 6,267
Expenditure on:
Expenditure on charitable activities:
Operation of Science Centre 3 2,959 - 376 3,334 3,588
Expenditure on other trading activities:
Commercial trading operations 3 621 - - 621 2,120
Other expenditure:
Depreciation 3, 7 242 - 169 411 460
Total expenditure 3 3,822 - 545 4,367 6,168
Net gain/(loss) on investments 8 111 - - 111 (64)
Gains/(losses) on revaluation of 9 - - - - 13,141
investment property
Net income/(expenditure) before 6 (1,566) - 380 (1,186) 13,176
transfers
Transfers 15 - - - - -
Net movement in funds (1,566) - 380 (1,186) 13,176
Fund balances brought forward 2,311 2,900 43,238 48,449 35,273
Fund balances carried forward 15 745 2,900 43,618 47,263 48,449

The Statement of Financial Activities includes all gains and losses recognised in both years. All incoming resources and resources expended derive from continuing activities in current and prior year. There is no difference between the net income/(expenditure) stated above and their historical cost equivalent in the current and prior year.

Full details of the comparative numbers for the previous year are included within note 27.

23

We The Curious Limited (Registered number 3046496)

Group Charity
2021 2020 2021 2020
Note
Fixed assets
Tangible assets 7 28,965 27,013 28,965 27,013
Investments 8 - 796 - 796
Investmentproperty 9 15,650 15,650 15,650 15,650
Total fixed assets 44,615 43,459 44,615 43,459
Current assets
Stocks 10 22 25 - -
Debtors: amounts falling due within one year 11 690 2,587 644 2,276
Cash at bank and in hand 2,603 3,352 2,458 3,282
Total current assets 3,315 5,964 3,102 5,558
Current liabilities
Creditors: amounts fallingdue within oneyear 12 (667) (997) (453) (591)
Net current assets 2,649 4,967 2,649 4,967
Debtors: amounts fallingdue after more than oneyear 11 - 23 - 23
Total assets less current liabilities 47,263 48,449 47,263 48,449
Net assets 47,263 48,449 47,263 48,449
Restricted funds 15 43,618 43,238 43,618 43,238
Designated funds 15 2,900 2,900 2,900 2,900
Unrestricted income funds - charitable funds 15 745 2,311 745 2,311
- non charitable tradingfunds - - - -
Total funds 47,263 48,449 47,263 48,449

The financial statements on pages 23 to 49 were approved by the Trustees and authorised for issue on 16th December 2021 and signed on their behalf by:

Nick Jones Chair of trustees & Director

24

We The Curious Limited (Registered number 3046496)

Group Group
2021 2020
Note
Net cash inflow from operating 17 698 1,701
activities
Cash flows from investing activities
Purchase of property, plant and (2,363) (2,485)
equipment
Purchase of investments (37) (32)
Sale of Investments 944 -
Net cash outflow used in investing (1,456) (2,517)
activities
Cash flows from financing activities
Interest received 2 27
Investment Income 7 14
Net cash provided by financing 9 41
activities
Net (decrease)/increase in cash and 18 (749) (775)
cash equivalents in the year
Cash and cash equivalents at the 3,352 4,127
beginning of the year
Cash and cash equivalents at the 2,603 3,352
end of the year

Cash and cash equivalents consist of cash at bank and in hand and deposit account balances.

25

We The Curious Limited (Registered number 3046496)

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

We The Curious Limited is a company limited by guarantee whose accounts have been prepared in accordance with the Charities Act 2011.

The financial statements have been prepared in compliance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. We The Curious Limited is a company incorporated in England and Wales whose registered office is Anchor Road, Bristol BS1 5DB.

We The Curious Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Preparation of the financial statements on a going concern basis

The UK wide coronavirus lockdown started on 23 March 2020. The Science Centre closed to the public and remained closed for the whole of this financial year, re-opening in May 2021. The Trustees have considered the financial impact of the closure together with the trading activity post May 2021 when preparing these financial statements. As the wider impact of the pandemic continues to evolve, the Trustees will review the potential risks to the Charity and implement any actions needed to minimise them. After making enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue to operate for the foreseeable future, being a period of 12 months after the date on which the report and financial statements are signed. For this reason, it continues to adopt the going concern basis.

Group financial statements

The financial statements consolidate the results of the Charity and its wholly owned subsidiary, We the Curious (Enterprises) Limited, on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the Charity has not been presented because the Charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. The result for the charitable company for the year was a loss of £1,101,000 (2020: surplus £1,197,000).

Cashflow Statement

The Charity prepares a consolidated cash flow statement and the consolidated accounts, in which available to the public. It has therefore taken advantage of the exemption conferred by FRS 102 Section 1 not to prepare a cash flow statement for the Charity alone.

26

We The Curious Limited (Registered number 3046496) Notes to the financial statements for the year ended 31 March 2021

Income

Income is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Income includes revenue earned from the provision of services, grants received and the sales of goods.

Income related to the provision of services delivered through the operation of the science centre or We The Curious (Enterprises) Limited is recognised when the group has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the sales of goods in the shop is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually when the customer pays at the till or in the online shop.

Income from government and other grants is recognised when the Charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Donated services, products and facilities

Donated professional services and donated products and facilities are recognised as income when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the contribution of volunteers is not recognised in the financial statements.

On receipt, donated professional services and donated products and facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Insurance claims

Insurance claim proceeds are recognised when the entitlement to the reimbursement of the insured loss is established. The receipt of the reimbursement must be virtually certain and its amount measured reliably. The insurance settlement is recognised at the fair value of the receivable.

Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest from the financial institution or on an accruals basis as earned.

27

We The Curious Limited (Registered number 3046496) Notes to the financial statements for the year ended 31 March 2021

Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. Designated funds are unrestricted funds of the Charity which the Trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations and grants which the donor has specified are to be solely used for particular areas of the Charity Charity.

Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Other expenditure represents those items not falling into any other heading.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred or capitalised as part of the cost of the related asset where appropriate.

Allocation of support costs

Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities. Support costs include finance, IT and HR costs which support the s programmes and activities. These costs have been allocated between expenditure on charitable activities and other trading activities. The bases on which support costs have been allocated are set out in note 3.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or 1997 valuation less accumulated depreciation at rates calculated to write off the cost less their estimated residual values on a straight-line basis over the expected useful lives of the assets as follows:

useful lives of the assets as follows:
Long leasehold buildings and land Nil
Fixtures and Plant 10 years
Exhibitions 5 years
Computers and vehicles 4 years
Assets under construction Nil

Individual assets costing £1,000 or more are capitalised. These assets include costs relating to both external materials and subcontractors, and the cost of staff working on the capitalised exhibitions.

28

We The Curious Limited (Registered number 3046496)

Notes to the financial statements for the year ended 31 March 2021

Fixed asset investments

Fixed asset investments in quoted shares, traded bonds and similar investments are initially measured at cost and subsequently at fair value at the reporting date. Investment gains and losses, whether realised or unrealised, are combined and reported within the Statement of Financial Activities.

Investment properties

Investment properties are carried at fair value determined 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 the Statement of Financial Activities.

In previous years, investment properties were treated as property within tangible assets as previously allowed within the SORP.

Stocks

Purchased stocks are valued at the lower of cost (FIFO basis) and net realisable value. Donated items of stock are recognised at fair value which is the amount the Charity would have been willing to pay for the items on the open market. Where necessary, provision is made for obsolete, slow moving and defective stocks.

Debtors

Trade and other debtors are recognised at the settlement value due less provision required for bad or doubtful debts.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

29

We The Curious Limited (Registered number 3046496)

Notes to the financial statements for the year ended 31 March 2021

Operating leases

Rentals applicable to operating leases are charged as a cost against the activity for which the expenditure was incurred on a straight-line basis over the term of the lease.

Pension costs

The group operates a group personal defined contribution pension scheme. The pension costs are shown as a cost against the activity for which the expenditure was incurred in the period in which they are incurred. Details of contributions are set out in note 5 to the financial statements.

Significant judgements and estimates

Preparation of the financial statements requires the Trustees to make significant judgements and estimates. The items in the financial statements where these judgments and estimates have been made include:

30

We The Curious Limited (Registered number 3046496)

Notes to the financial statements for the year ended 31 March 2021

2
Analysis of total income
2021 2020
(a) Donations and legacies
Wellcome Trust and Department for Business, Energy and Industrial 55 -
Strategy
John James Bristol Foundation - 75
Garfield Weston 440 -
National Lottery Heritage Fund - Emergency Funds 100 -
Stavros Niarchos Foundation - 50
National Lottery Heritage Fund - Cultural Recovery 173
Fidelity - 100
Toshiba 26
CJRS 1,156
Other restricted (none individually over £50,000) 130 273
Other unrestricted(none individuallyover £50,000) 26 1
2,107 499
(b) Operation of Science Centre
Ticket sales to visitors 23 1,782
Membership sales - 185
Special events and school workshops 8 124
31 2,091
(c) Commercial trading operations
We The Curious(Enterprises)Limited * 750 3,256
(d) Investment income
Bank interest 2 27
Rental income 172 380
Investment Income 7 14
182 421

31

We The Curious Limited (Registered number 3046496)

Notes to the financial statements for the year ended 31 March 2021

3 Analysis of total expenditure

Staff Governance Support 2021 2020
costs Other costs costs Total Total
£000
0
Operation of Science Centre 2,294 412 30 598 3,344 3,588
We The Curious (Enterprises) Ltd 416 126 13 66 621 2,120
Depreciation - 411 - 411 460
2,710 949 43 664 4,366 6,168

All support and governance costs are apportioned pro rata to staff full time equivalents who work in these areas.

Support costs comprised

Staff 2021 2020
costs Other Total Total
Finance 135 123 258 247
Information technology 196 57 253 354
Human Resources 100 42 142 243
431 223 654 844

Governance costs comprised

2021 2020
Total Total
Staff costs 24 12
Audit fees 18 12
Legal and professional fees 1 13
43 37

32

We The Curious Limited (Registered number 3046496)

Notes to the financial statements for the year ended 31 March 2021

4 Employee numbers and costs and Trustee

Employee costs during the year amounted to: 2021 2020
Wages and salaries 2,736 3,122
Social security costs 226 267
Otherpension costs 203 216
3,165 3,605

The key management personnel of the group comprise the Trustees and Leadership Team. The Trustees are not paid. The total employee benefits of the Leadership Team of the group are £405,680 (2020: £576,841).

The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the year was as follows:

2021 2020
No No
£60,000 -£70,000 0 0
£70,000 -£80,000 1 1
£80,000 -£90,000 0 1

Pension contributions were made to the We The Curious Limited group personal defined contribution scheme for two (2020: two) higher paid employees £11,059 (2020: £15,169).

The average monthly head count was 135 staff (2020: 158 staff.) The average monthly number of fulltime equivalent persons employed by the group analysed by function was:

2021 2020
No No
Fundraising and marketing 12 14
Operations 74 75
Administration 15 17
101 106

The Trustees received no emoluments in the year ended 31 March 2021 (2020: none). No trustee received expenses (2020: £nil) during the year.

33

We The Curious Limited (Registered number 3046496)

Notes to the financial statements for the year ended 31 March 2021

5 Pensions

The group contributes to a defined contribution personal pension scheme for its employees. The total charge to the Statement of Financial Activities for the year is £203,192 (2020: £215,998).

The outstanding contributions to the scheme at 31 March 2021 were £17,059 (2020: £21,994.) Pension costs are allocated to activities in proportion to the related staffing costs incurred.

6 Net income/(expenditure) before transfers

Net income/(expenditure) before transfers is stated after charging the 2021 2020
following:
Rentals under other operating leases:
- rent of property 30 32
- audit fees (Charity) 12 9
- other services (audit of We The Curious (Enterprises) Limited) 5 3
Depreciation of tangible fixed assets: 411 460

34

We The Curious Limited (Registered number 3046496)

Notes to the financial statements for the year ended 31 March 2021

7 Tangible Assets

Group and Charity

----- Start of picture text -----
Fixtures,
Long Long computers Assets
leasehold leasehold and under
land buildings Plant Exhibitions vehicles construction Total
----- End of picture text -----
Cost or valuation
At 1 April 2019 3,800 44,740 1,885 6,093 4,918 2,332 63,768
Additions - 69 - - 25 2,269 2,363
Disposals - - - (384) (1,857) (2,241)
At 31 March 2021 3,800 44,809 1,885 5,709 3,086 4,601 63,890
Accumulated depreciation
At 1 April 2020 - 25,375 1,053 5,906 4,421 - 36,755
Charge for year - - 199 112 100 - 411
On Disposals - - - (384) (1,857) - (2,241)
At 31 March 2020 - 25,375 1,252 5,634 2,664 - 34,925
Net book value
At 31 March 2021 3,800 19,434 633 75 422 4,601 28,965
At 31 March 2020 3,800 19,365 832 187 497 2,332 27,013

Long leasehold land and buildings are stated at their market value on the date they were gifted to the Charity, 1 July 1997, together with any subsequent additions and improvements at cost.

35

We The Curious Limited (Registered number 3046496)

Notes to the financial statements for the year ended 31 March 2021

8 Investments

Group and Charity

Group and Charity
2021 2020
Fair value at the start of the year 796 828
Additions in the year 37 69
Disposals in the year (947) (37)
Netgain/(loss)on change in fair value (111) (64)
Fair value at the end of theyear - 796
nvestments comprise:
2021 2020
UK Equities - 216
Overseas Equities - 299
Cash and fixed interest investments - 281
- 796

Investments comprise:

The fair value is based on the market listed price at the year end. The historical cost of this investment was £nil (2020: £846k).

36

We The Curious Limited (Registered number 3046496) Notes to the financial statements for the year ended 31 March 2021

8 Investments (continued)

The Charity owns the whole of the ordinary share capital of We the Curious (Enterprises) Limited, a company registered in England and Wales (Company Number 3867925). The company is used for nonprimary purpose trading activities namely the sale of bought in goods through the shops and operating a car park as well as corporate hospitality and non-tax exempt events and activities. All activities have been consolidated on a line-by-line basis in the consolidated statement of financial activities. The total taxable net profit is periodically gifted to the Charity. A summary of the results of We the Curious (Enterprises) Limited is shown below:

2021 2020
We The Curious(Enterprises) Limited
Turnover 750 3,256
Cost of sales (110) (963)
Gross profit 640 2,293
Administrative expenses (511) (1,157)
Insurance claimproceeds - -
Profit for the financial year 129 1,136

The aggregate of the assets, liabilities and funds of We the Curious (Enterprises) Limited was:

2021 2020
Assets 256 476
Liabilities
(256)		 (476)
100 ordinary shares of £1 each) - -

37

We The Curious Limited (Registered number 3046496) Notes to the financial statements for the year ended 31 March 2021

9 Investment Properties

Group and Charity

Long Long
leasehold leasehold
land buildings Total
Net book value
At 1 April 2020 1,100 14,550 15,650
Revaluation - - -
At 31 March 2021 1,100 14,550 15,650

The leasehold land and buildings were revalued on November 2020 by Andrew G B Forbes, a registered accordance with the RICS valuation model. The historic cost of the property is £24,021,000 (2020: £24,021,000).

10 Stocks

Group Charity
2021 2020 2021 2020
Retail stocks 22 25 - -

Stock recognised in expenditure on other trading activities during the year as an expense was £5,312 (2020: £147,666).

An impairment loss of £nil (2020: £nil) was recognised in expenditure on other trading activities against stock during the year.

38

We The Curious Limited (Registered number 3046496)

Notes to the financial statements for the year ended 31 March 2021

11 Debtors

Group Charity
2021 2020 2021 2020
Amounts falling due within one year:
Trade debtors 200 406 124 45
Other debtors - - - -
Amounts owed by group - - 43 69
undertakings
Accrued Grant income 240 1,913 240 1,913
Prepayments and accrued income 250 268 237 249
690 2,587 **667 ** 2,276
Amounts falling due after more than one year:
Prepayments and accrued income - 23 - 23
690 2,610 667 2,299

12 Creditors: amounts falling due within one year

Group Charity
2021 2020 2021 2020
Trade creditors 64 108 64 94
Taxation and social security 163 217 34 109
Other creditors 38 43 33 43
Accruals and deferred income 402 629 322 345
697 997 453 591

Deferred income for the Group and Charity relates to annual visitor memberships and annual car park season tickets unexpired at the year end and corporate hire income for events and rental income relating to future financial years.

39

We The Curious Limited (Registered number 3046496)

Notes to the financial statements for the year ended 31 March 2021

The movements in deferred income included within creditors: amounts falling due within one year are analysed below:

nalysed below:
Group Charity
2021 2020 2021 2020
Deferred income at 1 April 442 463 170 191
Amount release from previous period (442) (463) (170) (191)
Incoming resources deferred in the 256 442 176 170
year
**Deferred income at 31 March ** 256 442 176 170

13 Commitments under operating leases

At the year end the group and Charity had future minimum lease payments under non-cancellable operating leases for property as follows:

Land and Buildings Group Charity
2021 2020 2021 2020
Within one year 31 31 31 31
Between two and five years 116 122 116 122
After five years 50 75 50 75

14 Share capital

The Charity is a company limited by guarantee and therefore has no share capital. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

The actual number of members at 31 March 2021 was 4 (31 March 2020: 4).

40

We The Curious Limited (Registered number 3046496)

Notes to the financial statements for the year ended 31 March 2021

15 Funds

Group Group At 1 April
2020
Incoming
resources
Outgoing
resources
Gains/(loss)
on revaluation
of investment
Transfers
At 31
March
2021
Restricted funds:
Fixed assets
Other fund balances
Designated funds
Unrestricted funds		 41,557
-
(169)
-
1,315
41,557
1,681
925
(376)
-
(1,315)
915
43,238
925
(545)
-
-
43,618
2,900
-
-
-
-
2,900
2,311
2,145
(3,711)
-
-
745
Total funds 48,449
3,071
(4,256)
-
-
47,263
Charity At 1 April
2020
Incoming
resources
Outgoing
resources
Gains/(loss)
on revaluation
of investment
Transfers
At 31
March
2021
43,238
925
(545)
-
-
43,618
2,900
-
-
-
-
2,900
2,311
1,395
(2,960)
-
-
745
48,449
2,321
(3,505)
-
-
47,263
Restricted funds
(as above)
Designated funds
Unrestricted funds
Total funds

The restricted funds are those given for the purpose of establishing and renewing the site and exhibitions or for providing specific activities or programmes.

41

We The Curious Limited (Registered number 3046496) Notes to the financial statements for the year ended 31 March 2021

15 Funds (continued)

Other restricted fund balances At 31 March
At 1 April
2020		 Incoming
resources		 Outgoing
resources		 Transfers 2021
Project What If (Wellcome) 863 55 (49) (800) 69
Project What If (John James) 225 - - (129) 96
Project What If (Garfield Weston) 100 - - (56) 44
Li-fi tables 42 - - - 42
Tinkering space 30 - - - 30
Denman family learning 8 - (8) - -
Project What If (Fidelity) 100 - - (80) 20
National Lottery Heritage Fund 80 - - (60) 20
Stavros Niarchos Foundation 50 - - (50) -
Charles Hayward 25 - - (25) -
The Medlock Charitable Trust 10 - - - 10
Royal Commission Exhibition of 1851 33 34 - (25) 42
National Lottery Heritage Fund - 98 (98) - -
National Lottery Heritage Fund - 173 (173) - -
Garfield Weston - 440 - - 440
Project What If (Kirby Laing - 25 - (15) 10
Toshiba - 26 - (26) -
Others 115 74 (48) (49) 92
1,681 925 (376) (1,315) 915

What If (Wellcome Trust and Department for Business, Energy and Industrial Strategy)

Previously known as Inspiring Science, this project is a new major exhibition for the Ground Floor of We The Curious based on the questions asked by the people of Bristol. The exhibition launched in May 2021 on the re-opening of the Science Centre.

Project What If (John James)

This funding is to create an audio-visual seating space within the new Ground floor exhibition where visitors can learn and talk with our staff.

Project What If (Garfield Weston)

This funding from Garfield Weston is for Project What If.

Li-fi tables

This project is funding the construction of two further Li-Fi tables, which use light rather than the wireless to transfer data to the table for use by our visitors.

Tinkering space

Income received to support the running costs of the tinkering space within the exhibition.

42

We The Curious Limited (Registered number 3046496)

Notes to the financial statements for the year ended 31 March 2021

Denman family learning

This project aims to break down barriers of fear and unfamiliarity with informal learning environments and increase parental confidence in family learning amongst those from disadvantaged backgrounds. We get to know families through third party support organisations and then provide support during initial visits to We the Curious.

Project What If (Fidelity)

This funding from The Fidelity UK Foundation is for Project What If.

National Lottery Heritage Fund: Project What If and the Perception of Time

This funding is to create a constellation of exhibits inspired by the theme of Time, including a collection of

Stavros Niarchos Foundation: Project What If CuriOS

This funding is to create a digital learning platform to increase accessibility and participation of disadvantaged communities in STEM education.

Charles Hayward Foundation: Project What If

This funding from Charles Hayward Foundation is for Project What If.

The Medlock Charitable Trust Project What If

This funding from The Medlock Charitable Trust is for Project What If.

Royal Commission Exhibition of 1851: Project What If Open City Lab

This funding is to create an Open City Lab and support young people to run research projects in it in collaboration with the Institute of Research In Schools.

Designated funds:

In accordance with our Designated Capital Reserves Policy, the Trustees have established a maintenance fund to provide for significant future costs identified in the long-term capital plan that are expected to occur in the short to medium term for the upkeep of:

While this is no

Trustees undertook a full asset survey of the remaining We The Curious estate. The survey confirmed the expected need for significant expenditure in the medium-term.

2021
Designated funds at 1 April 2019 2,900
Transfer from unrestricted funds -
Designated funds utilised in theyear -
Designated funds at 31 March 2021 2,900

43

We The Curious Limited (Registered number 3046496)

Notes to the financial statements for the year ended 31 March 2021

16 Analysis of group net assets between funds

Restricted Designated Unrestricted
funds funds funds Total
2021
As at 31 March 2021
Tangible fixed assets 26,997 - 1,968 28,965
Investment property 15,650 - - 15,650
Investments - - - -
Net current assets 971 2,900 (1,223) 2,648
Debtors: amounts falling due after - - - -
more than one year
43,618 2,900 745 47,263
Restricted Designated Unrestricted
funds funds funds Total
2020
As at 31 March 2020
Tangible fixed assets 25,907 - 1,106 27,013
Investment property 15,650 - - 15,560
Investments - - 796 796
Net current assets 1,681 2,900 386 4,967
Debtors: amounts falling due after - - 23 23
more than one year
43,238 2,900 2,311 48,449

44

We The Curious Limited (Registered number 3046496)

Notes to the financial statements for the year ended 31 March 2021

17 Reconciliation of changes in resources to net cash inflow from operating activities

2021 2020
Net income / (expenditure) for the year (as per the (1,186) 13,176
statement of financial activities)
Depreciation 411 460
Gain on investments (111) 64
Interest receivable (2) (27)
Investment income (7) (14)
Gain on revaluation of investment property - (13,141)
(Increase) / decrease in stocks 3 (2)
(Increase) / decrease in debtors 1,919 1,344
(Decrease)/ increase in creditors (330) (159)
Net cash(outflow) / inflow from operating activities 698 1,701

18 Analysis of net cash and cash equivalents

At Cash Non cash At 31
1 April flows changes March
2020 2021
Cash at bank and in hand 3,352 (749) - 2,603
Net cash and cash equivalents 3,352 (749) - 2,603

19 Reconciliation of net cash flow to movements in net cash and cash equivalents

2021 2020
(Decrease)/increase in cash in the year (749) (775)
Movement in net cash and cash equivalents in the year (749) (775)
Net cash and cash equivalents at 1 April 3,352 4,127
Net cash and cash equivalents at 31 March 2,603 3,352

45

We The Curious Limited (Registered number 3046496) Notes to the financial statements for the year ended 31 March 2021

20 Financial commitments

Group and Charity

(i) Lease and lease-back

On 5 July 2000 the Charity entered into a lease and lease-back arrangement with Lombard Property Facilities Limited in relation to some of the property, plant and machinery at the Harbourside site valued at ases have a primary period of 75 years at rents amortising over 30 years with an option for the Charity to take an overriding lease at year 15. The lease and leaseback was completed on 6 July 2015 and lease obligations were paid by the security deposit held on that date.

(ii) Operating agreement

In 1998, Bristol City Council granted a 150 year lease, for a nominal amount, to We The Curious Limited for the long leasehold land and buildings which are included in note 7 to the financial statements and until 2025 We The Curious Limited is entitled to all the car park income but has responsibility for its operation and maintenance and further obligations. Under the terms of an operating agreement, there are arrangements to share the net operating receipts in certain circumstances. This agreement first came into effect from 1 April 2000 and has subsequently been amended.

21 Guarantees and debentures

As at the year end the

as follows:

22 insurance

In accordance with normal commercial practice We The Curious Limited has purchased insurance to protect Trustees and Officers from claims arising from negligent acts, errors or omissions occurring whilst on We The Curious Limited business. The insurance cover is considered appropriate by the Trustees. The cost was £4,017 (2020: £4,017)

46

We The Curious Limited (Registered number 3046496)

Notes to the financial statements for the year ended 31 March 2021

23 Taxation

We The Curious Limited is registered as a charity and as such tax exemption applies to the income arising from and expended on charitable activities and to its investment income and gains. We The Curious (Enterprises) Limited periodically gifts all of its taxable profits to its parent charity, resulting in no liability to corporation tax.

24 Controlling party

In the opinion of the Trustees there is no single controlling party.

25 Related Party transactions

In 2021 the following transaction took place between the Charity and its wholly owned subsidiary We The Curious (Enterprises) Limited:

A number of the Trustees of We The Curious Limited have interests in organisations which have provided services to the Group in the year. The Trustees have considered the disclosure requirements of FRS 102 and consider that the transactions requiring disclosure are as follows:

All transactions were on an arms-length basis.

47

We The Curious Limited (Registered number 3046496)

Notes to the financial statements for the year ended 31 March 2021

26 Comparative figures for the consolidated statement of financial activities

2020
Unrestricted Designated Restricted
funds funds funds Total funds
Donations and legacies 1 - 498 499
Income from charitable activities:
Operation of Science Centre 2,091 - - 2,091
Income from other trading activities:
Commercial trading operations 3,256 - - 3,256
Investment income 421 - - 421
Other income:
Net insurance claim proceeds - - - -
Total income 5,769 - 498 6,247
Expenditure on:
Expenditure on charitable activities:
Operation of Science Centre 3,502 - 86 3,588
Expenditure on other trading activities:
Commercial trading operations 2,120 - - 2,120
Other expenditure:
Depreciation 270 - 190 460
Total expenditure 5,892 - 276 6,168
Net loss on investments (64) - - (64)
Gains/(losses) on revaluation of - - 13,141 13,141
Investment Property
Net income/(expenditure) before transfers (187) - 13,363 13,176
Transfers - - - -
Net movement in funds (187) - 13,363 13,176
Fund balances brought forward at 1 April 2,498 2,900 29,875 35,273
Fund balances carried forward at 31 March 2,311 2,900 43,238 48,449

48

We The Curious Limited (Registered number 3046496)

Notes to the financial statements for the year ended 31 March 2021

27 Comparative figures for the funds

Group Group At 1 April
2019
Incoming
resources
Outgoing
resources
Gains/(loss)
on revaluation
of investment
property
Transfers
At 31
March
2020
Restricted funds:
Fixed assets
Other fund balances
Designated funds
Unrestricted funds		 26,469
-
(190)
13,141
-
41,557
3,406
498
(86
-
-
1,681
29,875
498
(276)
13,141
-
43,238
2,900
-
-
-
2,900
2,498
5,769
(5,956)
-
2,311
Total funds 35,273
6,267
(6,232)
-
48,449
Charity At 1 April
2019
Incoming
resources
Outgoing
resources
Gains/(loss)
on revaluation
of investment
property
Transfers
At 31
March
2020
29,875
498
(276)
13,141
-
43,238
2,900
-
-
-
-
2,900
2,498
3,649
(2,853)
-
-
2,498
35,273
4,147
(4,112)
13,141
-
48,449
Restricted funds
(as above)
Designated funds
Unrestricted funds
Total funds

The restricted funds are those given for the purpose of establishing and renewing the site and exhibitions or for providing specific activities or programmes.

49