2022-03-31-accounts - We The Curious Limited

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Legal and Administrative information .					3
Chair's report					..5
Strategic report for the year ended 31 March	2022				.8
Trustees' report for the year ended 31 March	2022				18
Independent Auditor's Report to the members	ofWe the Curious		Limited		21
Consolidated statement offinancial activities	(including	income and expenditure		account)
for the year ended 31 March 2022					24
Balance sheets as at 31 March 2022					25
Consolidated statement ofcash flows for the	year ended 31 March 2022				26
Notes to the financial statements for the year	ended 31	March 2022			27

		Note	Unrestricted funds	Restricted funds	2022 Total funds	2021 Total funds
			E'000	E'000	f'000	E'000
Income from:
Donations and legacies			1,050	114	1,164	2,107
Income from charitable activites:
Operation ofScience Centre			1,482		1,482	31
Income from other trading	activities:
Commercial trading operations		2, 8	2,377		2,377	750
Investment income		2	281		281	182
Other income:
Net insurance claim roceeds
Total income			5,190	114	5,304	3,070
Expenditure on:
Expenditure on charitable	activites:
Operation ofScience Centre			2,330	917	3,247	3,334
Expenditure on other trading activites:
Commercial trading operations			1,169		1,169	621
Other expenditure:
Depreciation		3, 7	299	559	858	411
Total ex enditure			3,798	1,476	5,274	4,367
Net ain on investments
Net income/ ex enditure	before transfers		1,392	1,362	30	1,186
Transfers		15
Net movement in funds			1,392	(1,362)	30	(1,186)
Fund balances brou ht forward			3,645	43,618	47,263	48,449
Fund balances carried forward		15	5,037	42,256	47,293	47,263

					Group	Group	Charity	Charity
					2022	2021	2022	2021
				Note	E'000	E'000	E'000	E'000
Fixed Assets
Tangible Assets				7	28,438	28,965	28,438	28,965
Investments				8
Investment Propert				9	15,650	15,650	15,650	15,650
Total Fixed Assets					44,088	44,615	44,088	44,615
Current assets
Stocks				10	23	22
Debtors: amounts		falling	due within one year	11	415	690	689	644
Cash at bank and		in hand			3,591	2,603	3,064	2,458
Total current assets					4,029	3,315	3753	3,102
Current Liabilites
Creditors: amounts		falling	due within one year	12	(824)	(667)	(548)	(453)
Net current assets					3,205	2,649	3,205	2,649
Debtors: Amount	falling due after more than one year			11
Total assets less	current		liabilities		47,293	47,263	47,293	47,263
Net assets					47,293	47,263	47,293	47,263
Restricted income		funds		17	42,256	43,618	42,256	43,618
Unrestricted income funds
Designated funds				18	3,537	2,900	3,537	2,900
Free reserves				15	1,500	745	1,500	745
Total funds					47,293	47,263	47,293	47,263

									Group
								Note	2022	2021
									E'000	E'000
Net Cash	inflow from	operating activities						19	1,318	698
Cash Flows from investing				activities
Purchase	of property, plant			and equipment					(331)	(2,363)
Purchase	of investments									(37)
Sale of investments										944
Net cash	outflow used	in	investin activites						331	(1,456)
Cash flows from financing				activities
Interest received
Investment	income
Net cash	rovided b	financin activities
Net decrease /increase		in cash and cash			uivalents			20	988	749
Cash and	cash equivalents		at the be innin		of	the	ear		2,603	3,352
Cash and	cash e uivalents			at the end of	the	ear			3,591	2,603

Long leasehold buildings	and land	Nil
Fixtures and Plant		10years
Exhibitions		5years
Computers and vehicles		4 years
Assets under construction		Nil

2	Analysis of	total	in	come
								2022	2021
								K'000	E'000
a)	Donations and	legacies
	Wellcome Trust							21	55
	Garfield Weston								440
	National Lottery	Heritage		Fund -	Emergency		Funds		100
	National Lottery	Heritage		Fund -	Culture Recovery			853	173
	Toshiba								26
	Other restricted	(none	individually		over 250k)			93	130
	Other unrestricted (none			individually		over E50k)		49	26
	CJRS							148	1,156
								1,164	2,107
b)	Operation ofScience Centre
	Ticket sales to visitors							1,277	23
	Membership sales							200
	S ecial events and school workshops							5
								1,482	31
c)	Commercial trading		operations
	We The Curious	(Enter		rises) Limited				2,377	750
								2,377	750
d)	Investment income
	Bank Interest							1	2
	Rental Income							280	172
	Investment Income								7
								281	182

			Staff Costs	Oth er	Governance Costs	Support Costs	2022 Total	2021 Total
			E'000	E'000	E'000	E'000	f."000	2'000
Operation	ofScience Centre		2,123	899	32	193	3 247	3334
We The	Curious (Enterprises)	Limited	561	519	14	75	1,169	621
Depreciation				858			858	411
			2,684	2,276	46	268	5,274	4,367

			Staff Costs	Other	2022 Total	2021 Total
			E'000	E'000	F'000	E'000
Support	Costs Comprised
Finance			103	172	275	258
Information		Technology	205	68	273	253
Human	Resources		83	28	111	142
			391	268	659	654

		2022	2021
		Total	Total
		E'000	E'000
Governance	Costs Comprised
Staff Costs		23	24
Audit Fees		16	18
Le al and	rofessional fees	7	1
		46	43

4 Employee num	bers and Truste	es' emoluments
Employee costs during	the year amounted	to	2022 F'000	2021 E'000
Wages and Salaries			2,328	2,736
Social Security Costs			194	226
Other pension costs			161	203
			2,683	3,165

2022	2021
No	No

equivalent p	erso	ns employed by the group analysed by fu	nction was:
			2022	2021
			No	No
Fundraising	and	marketing	9	12
Operations			93	74
Administration			15	15
			117	101

Net income/expenditure before transfers	is stated after charging	2022	2021
		E'000	F'000
Rentals under other operating leases
- Rent of property		31	30
Auditors remuneration:
- Audit fees (Charity)		11	12
-Other services (audit ofWe the Curious (Enterprises)	Limited)	5	5
De reciation oftan ible fixed assets		858	411

	Long	Long			Fixtures,	Assets
	leasehold	leasehold	Plant	Exhibitions	Computers	Under	Total
	land	buildings			8 Vehicles	Const.
	E'000	E'000	E'000	E'000	E'000	K'000	E'000
Cost or valuation
At 01 April 2021	3,800	44,809	1,885	5,709	3,086	4,601	63,890
Additions				119	212		331
Disposals
Transfer between classes			4,601			4,601
At 31 March 2022	3,800	44,809	6,486	5,828	3,298		64,221
Accumulated depreciation
At 01 April 2021		25,375	1,252	5,634	2,664		34,926
Charge for year			238	133	487		858
On Dis osals
At 31 March 2022		25,375	1,490	5,767	3,151		35,783
Net book value
At 31 March 2022	3,800	19434	4,996	61	147		28,438
At 31 March 2021	3,800	19,434	633	75	422	4601	28 965

8 Inves	tments
				2022	2021
Grou and Charit				E'000	E'000
Fair Value	at the start ofthe		year		796
Additions	in the year				37
Disposals	in the year				(947)
Net gain/(loss) on change		in	fair value		(111)
Fair Value	at the end of	the	ear

The Charity owns the whole	The Charity owns the whole	The Charity owns the whole	The Charity owns the whole	ofthe	ordinary	share capital ofWe the Curious	share capital ofWe the Curious	share capital ofWe the Curious	share capital ofWe the Curious	(Enterprises)	(Enterprises)	(Enterprises)	Limited, a	company	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 donated			to the
Charity under	a deed	of covenant.			A summary		ofthe	results	of We the Curious		(Enterprises) Limited				is shown
below:
													2022		2021
We The Curious Enter			rises Limited										F'000		f'000
Turnover													2,377		750
Cost of sales													(267)		(110)
Gross profit													2,110		640
Admin Ex enses													902		511)
Profit for the financial		ear											1,208		129
The aggregate	of the	assets,		liabilities and funds ofWe The					Curious				2022		2021
(Enterprises)	limited was:												E'000		E'000
Assets													672		256
Liabilities													672)		256
Shareholder's	funds	re	resented		b 100ordina			shares ofE1 each

9 Investment Properties
	Long	Long
	Leasehold	leasehold	Total
	Land	buildings
	E'000	E'000	E'000
Net book value
At 1 April 2021	1,100	14,550	15,650
Revaluation
At 31 March 2022	1,100	14,550	15,650

10	Stocks
		Group		Charity
		2022	2021	2022	2021
		E'000	E'000	E'000	f.'000
Retail	Stock	23	22

11 De	btor	s
			Group		Charity
			2022	2021	2022	2021
			E'000	E'000	E'000	E'000
Amounts	falling due within one year:
Trade debtors			92	200		124
Taxation	and	social security			35
Amounts	owed by group undertakings				347	43
Accrued	grant	income	101	240	101	240
Pre a ments		and accrued income	222	250	206	237
			415	690	689	644
Amounts	falling due after more than one year
Prepayments		and accrued income
			415	690	689	644

			Group		Charity
			2022	2021	2022	2021
			E'000	E'000	f'000	E'000
Amounts	falling due	within one year:
Trade creditors			170	64	123	64
Taxation	and social security		142	163		34
Other creditors			77	38	77	33
Accruais	and deferred	income	435	402	348	322
			824	667	548	453

The mov below:	ements	in	deferred i	nc	ome included within	creditors: amounts fa	lling due withi	n one year are a	nalysed
						Group		Charity
						2022	2021	2022	2021
						E'000	E'000	E'000	E'000
Deferred	income	at	1 April			256	442	176	170
Amount	released	from previous			period	(256)	(442)	(176)	(170)
Incomin	resources		deferred	in	the year	186	256	107	176
Deferred	income	at	31 March			186	256	107	176

13 Commitments under operating	leases
Land and Buildings	Group		Charity
	2022	2021	2022	2021
	E'000	E'000	K'000	E'000
Within one year	31	31	31	31
Between two and five years	110	116	110	116
After 5 ears	25	50	25	50

15 Funds
Group		At 1 April 2021	Incoming Resources	Outgoing resources	Transfers	At 31 March 2022
		E'000	E'000	f.'000	E'000	E'000
Restricted Funds:
Fixed assets		42,703		(559)	92	42,236
Other restricted	funds	915	114	(917)	(92)	20
		43,618	114	1,476		42,256
Unrestricted Funds:
Designated Funds		2,900			637	3,537
Free reserves		745	5,190	(3,798)	637	1,500
Total Funds		47,263	5,304	5,274		47,293
Charity		At 1 April 2021	Incoming Resources	Outgoing resources	Transfers	At 31 March 2022
		E'000	E'000	2'000	2'000	f'000
Restricted Funds	(as above)	43,618	114	(1,476)		42,256
Designated Funds		2,900			637	3,537
Free reserves		745	4,021	2,628	637)	1,500
Total Funds		47,263	4,135	4,105		47„293

16 An	al	ysis ofgroup net assets	between funds
			Restricted Funds	Designated Funds	Free Reserves	Total
As at 31	March 2022		E'000	E'000	E'000	E'000
Tangible	Fixed Assets		26,557	1,851		28,408
Investment		Property	15,650			15,650
Net current		assets	49	1,686	1,500	3,235
			42,256	3,537	1,500	47,293

			Restricted Funds	Designated Funds	Free Reserves	Total
As at 31	March 2021		E'000	E'000	E'000	E'000
Tangible	Fixed Assets		26,997		1,968	28,965
Investment		Property	15,650			15,650
Net current		assets	971	2,900	1,223	2,648
			43,618	2 900	745	47 263

18 Desig	nated Funds
			At 1 April 2021	Incoming Resources	Outgoing resources	T f ransfers	At 31 March 2022
			E'000	E'000	E'000	E'000	E'000
Designated	Funds:
Fixed Asset	Fund					1,851	1,851
Capital Repair & Maintenance		Fund	2,900			(1,214)	1,686
Total Desi	nated Funds		2,900			637	3,537

19 Reconciliati activities	on ofcha	nges in	resources to net cash	inflow from operating
				2022	2021
				8'000	F'000
Net income / (expenditure) for the year				30	(1,166)
Depreciation				858	411
Loss on sale on fixed assets					(111)
Gain on investments					(2)
Interest receivable				(1)	(7)
Gain on revaluation	of investment	propery
(increase)/decrease	in stocks			(1)	3
(Increase)/decrease	in debtors			275	1,919
(Decrease /increase	in creditors			157	(330)
Net cash outflow	/inflow from o eratin		activities	1 318	698

		At 1 April	Cash flows	Non cash changes	At31 March 2022
		E'000	F'000	E'000	E'000
Notice deposits (less than 3 months)					1,000
Cash at bank and	in hand	2,603	12		2,591
Net cash and cash	e uivalents	2,603	12		3,591

					2022	2021
					F'000	E'000
Movement	in net cash and cash	equivalents		in the year	(12)	(749)
Net Cash	and cash equivalents	at 1 A	ril		2,603	3,352
Net Cash	and cash e uivalents	at 31	March		2,591	2,603

29 Comparative f activities	igures for the co	nsolidated	statement o	ffinancial
					2021
			Unrestricted	Restricted	Total
			funds	Funds	funds
		Notes	E'000	E'000	E'000
Income from:
Donations and legacies			1,182	925	2,107
Income from charitable activites:
Operation ofScience Centre			31		31
Income from other trading	activities:
Commercial trading operations		2, 8	750		750
Investment income		2	182		182
Other income:
Net insurance claim proceeds
Total income			2,145	925	3,070
Expenditure on:
Expenditure on charitable	acti vites:
Operation ofScience Centre			2,959	376	3,335
Expenditure on other trading activites:
Commercial trading operations			621		621
Other expenditure:
Depreciation		3,7	242	169	411
Total ex enditure			3,822	545	4,367
Net ain on investments					111
Net income/ ex enditure	before transfers		1,566	380	1,186
Transfers		15
Net movement in funds			(1,566)	380	(1,186)
Fund balances brou ht forward			5,211	43,238	48,449
Fund balances carried forward		15	3,645	43,618	47,263

Group			At 1 April 2020	Incoming Resources	Outgoing resources	Transfers	At 31 March
			E'000	E'000	E'000	E'000	E'000
Restricted	Funds:
Fixed assets			41,557		(169)	1,315	42,703
Other restricted		funds	1,681	925	(376)	(1,315)	915
			43,238	925	(545		43,618
Unrestricted	Funds:
Designated	Funds		2,900				2,900
Free reserves			2,311	2,145	(3,711)		745
Total Funds			48,449	2,145	3,711		47,263

Charity		At 1 April 2020	Incoming Resources	Outgoing resources	Transfers	At 31 March
		F'000	E'000	E'000	F'000	E,'000
Restricted	Funds (as above)	43,238	925	(545)		43,618
Designated	Funds	2,900				2,900
Free reserves		2,311	1,394	(2,960		745
Total Funds		48,449	2,319	3,505		47,263