Rgglslgred Numbor 3046496 Charity nurnber: 1049954 We The Curious Limited (A company limited by guarantee) Annual Report and Financial Statements Year ended 31 March 2023 *ACFVYK2Q' OW1112023 COMPANIES HOUSE #77 We The Curious Limited Annual Report and Financial Statements for the year ended 31 March 2023 Contents Legal and AdministratNe information ................................................................................. ..... ....... Chair's report.............................. Strategic report for the year ended 31 Ma￿h 2023.......................................................................... Trustees, report for the year ended 31 March 2023.......................................................................16 Independent Audilorfs Report lo the members of We the Curious Limrted........................... .. -20, Consolidated ststement of financial activrties (including income and expendrture account) for the year ended 31 March 2023.................-......................................................................... -23 Balance sheets as al 34 March 2023.............................................................................................24 Consolidated statement of cash flows for the year ended 31 March 2023 ...................................25 Notes to the financial statements for the year ended 31 March 2023.................................. ..26 We The Curious Limited (Registered nurnber 3046496) Legal and Administrative information Refèrence and administrntiv• details Charity number. Company number.. Registered Office.. Websrte.. 1049954 3046496 One mil￿nn1vrn Squa￿. Anchof Road, Bristol BS1 5DB VMM.wethecurious.org Constltutlon We The Curious Limited is a company limited by guarantee and a regISte￿d Charity govem&J by ils Artsctes 0fAssociat￿n. Diroctor5 and Trustees The Trustees of the charitable eompany I'lhe Charity"} are ts directors for the purpose of the CL¥npanie5 Act 20C6 and throughout this report are eollectr¥eW Teferred lo as.the Truslees.. As set out in the Articles of Association the Board of Tru51ees eompri5es not le55 than three nor rn0￿ than eighteen persons who are appointed by the Board. Board of Trustees The Trustees ofthe Company who were in offKe duriNJ the year and up to the date of svJning the financial slatemenls. unless othepwise slated. were.. Nick Jones (Chairl. Chris Sims" Tom Betts. Simon Cooper Ross Fairley Councillor Fabian Breckels Councillor Barry Par50ns Kalhreena Kurian FRCPath (Neurol Lara Lalemi Professor David May FRS Ires4gned 18 Novembw 20221 Sujala McNab" David Spioxton CBE Tom Slrin9er Henry Easlerbrool( I￿Signed 7 November 2022) Menlber of Finanee & Risk Assurance Committee Secretary Morgan Carhvright Leadershlp Team: Donna Speed Duncan Smith Pip Ross Nicole Briggs Chris Dunford Chief EX￿Ul1Ve Officer Fmance Director (appointed 6 Marth 2022. r￿Igned 31 May 2023) Finance Director (appointed 1 May 20231 Audience Director (currently on parental leave) Sustainabilty Director (currenuy on paRntal leave) We The Curious Limited (Registered number 3046496) Legal and Administrative infonnation Lydia Ladbrooke Lisa Smith 8ryony Roberts Rosalie While Commercial Operalvjns DIr￿•T People & Places Di[￿tOr Content Director Creative Director Professlonal rglationships Independent auditorn: Bishop Fleming LLP, 10 Temple Back, 8Th51018S16FL Bankers: Barclays Bank Pk. Po Box 207. Bristol BS99 7AJ Solicitors: Burges Salmon, One Glass Wnarf, Brislol BS2 OZX Gvoup Structure The Company has a wholly owned trading SubS￿lary. We The Cyrious IEnterprisesl Limited. Together they are Tefefred to as the"Group' We The Curious Limited (Registered number 3046496) Chair's Report This year was set lo be a key recovery year for our eharity folhjwing 14 months of enforced pandemic cbsure and very limited visitor numbers in the months Ihal follv*ed. Unfortunately, we were only open for 9 days of the financial year before we were hit by another major crisis- a fire on our roof. Thankfvlly nLwne was inju￿d. but the subsequent walei damage and complex repair programme forced us to close our doors for the rest of the year. 11 certainly wasnl the year thal we'd planned. Whilst tho recovery and repair work began on the building, all plans were put to one Side, and we quick pivoted lo different models of working. Falling back on leamings from the pandemic, we went back to hybrid working and our staff came together to support each other. many working in roles or supporting teams outside of their usual remit. We delivered the first of our'out and about. activrties only 6 weeks after the fire. continuing lo progress our Charrtab￿ mission and Support our audiences from the outsel. In July 2022 we moved into temporary office space. wh￿h seNed to support both slaff wellbeing and effective working. Teams worked collaboratNely on ￿openIng plans and long-term resilience building projects. alongside delivering activities across every poslcod8 01 our city- Including many within schools that wouldn t normally gel the opportunity to vi5rt. Il's been a challenging year. with the uncertainty of ¢)ur reopening impacting on staff morale and staff relenlion. and work packages having to stop and start. By remembering th* we are more than just building, we've rnanaged lo retsin our cur￿￿t audiences and build ne4¥ ones. as well a5 develop our stralegic partnerships- displaylng reSi1￿nCe that we should be proud of under such circumstances. I want to give my heartfest thank5 to the We The Curiou5 Staff, volunteers. vrsitors. and fvnders who havo supported U5 over thts past year. Key successes for 2022-2023 include.. More than just a building We devdoped an 'Out & About. programme lo maintain conLict with our audiences and continue the charitable work which usually takes pk¢e within our venue, delNering a far-reaching programme of free &venls across the city. The main prograrnme was delivered out in communities at libraries, children's cent￿5, festivals and more, as well as through our cwn outdoor spaces. Over the past year we feached 17.280 people, al over 100 events in 12 BS1-16 postcodes. We also ran 'takeover days. with schools Ircrfn poslccxles underrepresented in our visit¢ys. delivering workshop5 acr055 different key stage groups throughout the school day- reaching 2,700 people. The experience has l)een hugety valuable for all parties. with great feedback rece(ved from schools and lols of learnings to lake forward lo develop our inclusive prath"ce. Our Planetarium is one of our USPS and has been really missed by our audierKes throughout closure. so we look the iTrvenue experience and Iransfomed rt into a free. open-air stargazing event. 'Slories From The Stars. look audiences on a journey through stories from cultures and CTvilisations around the world. All of these events gave us the opportunity to reach audiences who may not have visited us previousty. as well as maintain relationships with ¢)ur key audtences, partners and schools- helping lo break down physical and cultural inequities that prevent engagement wilh Science. This last year has also seen us receive several awards including 'best education workshop, from Sch￿1 Travd Organiser. 'income generation. for the online shop from Digrtal Culture Network and 'best original or Innovative idea, for the Planetsrium o￿ls1a1. Chris Fox also received the Lord Mayorfs Medal for his support as a longstandirKJ volunteer. F•re re¢o¥ery and building resllienfe The fire threw our crisis management skills into sharp eff￿l.. the immediate team on the day deatt with the practicalities swiftty and professionalty. wth the crisis management team supporting and effectivety managing operations and communication during a challenging time as the situation unfolded. Pres5 overage was univers￿ty 5UPPOrtive. wth offers of help and support receNe"d from across the city. We The Curious Llmited (Registered number 3046496) Chair's Report A rnaior theme of this year has been the effectNe management of the insurance Claim and fire recovery repair programme. lo ensure our long-temi financial resilience. Working along$Kle srte ￿ntrod0[$. our le8ms carried oul vitsl work lo repair and refresh key exhibits in readine$$ for reopening. Fcmjr new air source heal purnps have been installed as part of the building recovery programme, progressing OUT pathway towards carbon nel zero by 2030. This has been ace(xnpanied by removing all gas suppty to the main buikling and establishin9 and ￿adIng a nv•V decarbonisalion group with other science ¢enlre$ in the ASDC ne￿Ork. Fundraising has continued apace. with a £54,000 giant from Enovert Communty Trust to help renovate community space Millennium Square. Olher support includes Bristol Improvement Distrid IBIDI. Marks and Spencer, UK Research and InnovatKsn IUKRII and AsscLialion of Science and Discovery Cenlres IASDCI. Following the fire, we ran an appeal for support. which resulted in £51.000 in donations from our supporters. Bolonging and inclusion A focu3 on staff support has been key this year wth a vie* to retaining taw and Skills, so that we're able to m•inlain our connection with audiences and ensure that we can reopen slron91y. We completed a Pay Banding review. wi(h the aim of simplfying salaries are assigned. transparent showing where financial progressiori is avaiLable and how decisions have been reached. A new gender- neutral Parent Leave policy was launched. We hekl all-staff organisalion-wide away days. with a focus on organisalional resilienee. strategic planning. bringing our pledges to lrfe and getting lo know each other better- both peisonally and professional￿. We progressed our strategic partnership with WECIL (the West of England Centre for Inclusive Living), as we work t¢)wards Disability Confident Employer status. They provided us with valuable insight as part of an access audit of Millennium Square, helping plan forward lo htyw we could increase a￿e$S and inclusion in our public spaces. Aligned strategic thinking We're an ambitious charity aiming to build a better wodd through affecting positive social change. Building ckjsure presented the opportunity for some much-needed focus on our long-temi strategic plans - carefully considenng which major prqecls we wanted lo commrt to from n(yw untsl 2030. To reflect tyjr values of being cdlabofalive. inclusive and pro9￿ssiVe. we wanted to co-create this plan in way that tru￿ enabled input from Irustees and slaff across the organi$ation. For We The Curious. we believe that strategy that is developed through an active participation prtxess that values everyone's contnbulion is also mor8 effective in securing buy-in. Trying this new, innovalNe approach has InC￿aSed transparency around decision-making to help us decide which proiee15 to foeus on ¢)ver these 7 years that would best progress our charitable mission. whilst also supporting our financial resilience. These have been mapped oui over the next 7 years as Plan 2030, a document owned by everyone. This new strategic document WIN guide and focus our work in the long temi, and gives us a clear framework for fundraising and effective cT05s￿0rganis8IIonal wor1(ing. ReoFening remains our key fccus al this lime. We're very much looking forward to being back in our venue. welcoming our a￿llenCeS back and lo pulling all of the learnings from this closure period into place_ I'm hugely impressed al the resilience. optimism and dedICat￿n that stsff have dernonstraled during this lime, especially with the uncertainly of the opening dale meaning an ever•changing fiekl. l. along with the iesl of the Board, am both proud and honoured lo have continued to pky our part in inspiring thousands with the inclusive, ereathve nature of sc*nee. I'm exerted to lake everything we've learned over this past year and the fantastic partnerships we've buill ort. fomiards into our reopenir4J. Nick JoDes Chalr 3 August2023 We The Curious Limited (Registered number 3046496) Strategic Report for the year ended 31 March 2023 Purposes and activities We The Curious, primary charitable objectNe is to advance the education of the public in s¢*nce, technology, natural history and the environment by operating exhibrtions and educational piogrammes both al our site in 8rislol and, through outreach. in the W￿er community. We The Curious, wsion is of"a wofhj where everyone 15 included. curious and inspired by science lo build better world together and we aim to do this as the leading UK charty science centre for sustainable and clusive pracb"ce. By Ma￿h 2024 we pledge that.. We will delwer collaborative. curiosty4e(I learning projects to reduce irwualty and inprove lrfe chances. Our team and those we work wilh wll better reflect the dNersrty of our city. delNering a more inclusNe experience. We commit lo beir4J a carbon neutral organiSat￿ by 2030 and will inspire audiences to take posilNe action for our planet. We will strengthen existing income sources and seek ne4V OPPOrtunrties lo deliver lOn￿?￿n financial secunty, to delNer our chantable vision. We will provKle opportunities for people to explore new ideas. develop skills influence scientific research. We The Curious covers 11 acres at the heart of Bristol's histo￿ HaJbourside area. Our core activities mpri$e'. 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 intefactwe exhibits and displays which includes Food, Animale11, Tinkering Space. the Studio and our new Project Wthat If exhibition. The West of England Council for Inclusive Living IWECILI ran an acce$5ibilty audit of our venue and. folkm'ng additional training with 8ris1 Accessible Venues, our Access Action Group has pul in place a huge number of best practice improvemanls. including the first Changing PL￿eS toilet in the city centre. In addit￿n lo the exhibition space, we also have the dedicated John James Education Suite comprising laboratories, classrooms. and IT facilities. Planetarium Housed in a speclacukr chrome sphere. We the Curi¢￿$ has ts own 11M)-seal 3D Planetarium. The giant silver dome has become an Icon￿ symbol of BrBtol. attracting photographers. film crews and tourists alike. Sustalnable practice Part of our mission is to raise awareness of local and global threats to our environment and rising lo the challenge of finding more sustainable ways of living. that create a healthier, fairer s¢xEty and protect the planel.for future generations. With thi5 in mind, and lo understsnd our sustainability efforts across the organisation, we break our'strive for Sustainable Futures. pledge into three different areas.. Do {our operational sustainability). Talk (public prryjramming and engagernent) and Shale Ipartnership work and external projects). In 21r22 we achjeved the following." DO After coming back off furlough, we began lo assess our building's carbon footprint and published our carbon report1201 ￿2022) along with other businesses as part ol Biislol Green Caprtal PartneT5hip's Climate Leader5 Group. We ran a survey on the what the future of sustainabilty at We The Curious could look like and delivere(I workshops on our Carbon Nel Zero and Climate Resilient &ience Centre and Climate Pathway for staff. This was an excrting opportunity lo engage our staff in the ambitious goal and journey towards being carbon net zero by 2030. We The Curious Limited (Registered number 3046496) Strategic Report for the year ended 31 March 2023 TALK As mentioned. our Programming activities for visitors were based around the theme 'A Better WorkJ Is Possible,, which explored areas of climate action thal our wsrtors could adopt or ￿flect upon. This included a well-received activrty in our kitchen spxe which saw our visrtors create and try burgers made from plant- based ingredients. This was complimented with climate change family storytelling. 9re8nhouse activrties on how plants contribute to soil heahh) and the photography exhibrtion from Bri$tol's secondary 5ch¢JoI students in The Box. We also t￿k part in ASDC'S Project Inspire programme to 'engage aThJ invofve underserved communrties and audEn¢es with STEM in new and creative digital ways.. We fecfU((ed three young people from diverse baek9Tounds who weo Inte￿$te￿ in developing digital content around Climate change. They researched question$ from our vast audience question database and wothefj together and with re$ea￿her$, local Sch￿IChIldren, and sustainabilty professionals to pfoduce content for our websrte and s¢xial media around food waste reduction. plastic pollution, and second-hand clothing. Follchving the success of Proied Inspire. we were awarded funding from VECA to support tr*0 young people on a second pkcement to prcduce more inspiring content exploring acces5ibilty of climate prote51s. climate activism and refugee vo￿$ in the climate movement. This was possible w((h the fvnding received from WECA. The work produced was then released during COP26 lo support conversations people were having around climate action. SHARE This year, we contributed lo conver5ab.ons abovl what it means lo be a Carbon Net Zero science centre at Bristol Natural History Consortiums CommunKate Conference in June and ASDC'S annual scwce ¢enlre conference in Novembw. We also created tmo wde05 as part of 8rislofs Climate Leaders group wh￿h shared our fir51 steps towards climate action. challenges and su¢cesse$ and lips for businesses. We wanted lo showcase the actions organisalions around the city a￿ taking to become more sustsinable. in a hope that it encourages others lo lake their first Steps and dfive fvrther Change. In addi(ion to this, we were invited to be part of Bristol's One City Climate Strategy- Communication and Engagement Group. whose purpose is lo help deliver and communicate the aim$ and obj'eclwes of the One City Climate strategy. We participated in workshops and conversats.ons with other organi5ation$. academics, and researchers, exploring and developing methods of Commun￿￿1ng thg wryk that ne￿$ to- and i5- being carried out. Over the summer. we hosted artist, F￿thy Lukerfs. inflatable Ikfiver installat*)n that looked like il was bLsrsling through our roof top. This was part of Vanguard". Bristol Slreel Arts. Towards 2030 pr(4ect that explored the 17 UN Sustainable Development Goals across the city in varDu5 buildings and ours was chosen for SDG 15 Lif& in.Land. Lastly. in the latter half of the year we were chosen to be a case study for how lo Conduct sustainability in our sector for a book called the 'The sustainab￿ Museum. by Christopher Garthe (Creative Director and Consuttant for Sustainable EXhlbrt￿n Development- Studio KLV Germany) and were invited lo speak on a panel al Ecsile 2023. Public benefit The Trustees confirm that they have complied with the duty in the Charities Act 2011 to have due regard to public benefit guKlance published by the Charty Commis$K)n. The Trustee5 believe that the carrying oul of the aims of the Chanty provides a public benefit in several areas, including the provision ol education and the promotion of the ro￿ of soence in s(￿￿ty. They also believe that the degree of public access outside of Covid-enforeed closures- provides for the Charty's aims to be carried out for the publ￿ benefft. From the cU￿￿UluM-enhan¢Ing schoob programme to environmental We The Curious Limited (Registered number 3046496) Strategic Report for the year ended 31 March 2023 inilialives, the interactive science centre provides a place to experiment and lest out ideas for c300.0 visitors annually Ipre-pandemic ffjuresl. It puts the voices of its priority audiences- Disabled people. people who have experienced racism. young people, and the most socioe¢onomicaMy deprived Bristolians- al the heart of its work, creating needs-le¢J opportunities for I￿al people to transfomi thwr lives through science. In a normal full year of operating, the Charty.. Develops 80+ diverse volunteers. many of whom are in earty slages of their STEM learning and career. They deliver We The Curious pro3rammes, su¢h as working with our visitors in our programming spaces, supporting school wothshops 01 SUppo￿n9 communty aclivi(ies and events. Directly engages so.00￿70.000 school•age children anntsalty through workshops, exhibition5, talks and digital medra. as Ihe krgesl prov*Jer of Learning Outside the Classroom in the greater Bristol area. Provides outreach andlor free enlry to 55,000 individuals lo support inclusion and diversity Supports thousands of online leamers through digital programming, wrth the largest science centre YouTube channel in the worfd. Vvorks in partnership with Southwest. L0ndc￿. and American universities on engagin9 dNerse audiences in shaping cutting edge research. DNersifies the STEM pipeline through its careers programme Share5 115 environmental sustainability inrtkqlNes as the global science centre lead on sustainable practice. Addrtional Facilrties.. A conlerence cenlre that indy¢Jes a main room with a c4)acity of 480, three break-out rocwns and an outside terrace. Open public spaces, Anchor Squa￿. free outdoor Bu Screen 5howing5, Millennium Square. pulsed fountains, and public art. Shop, café and picnic area and an underground car park. ACHIEVEMENTS AND PERFORMANCE Key Performance Indicators As an educalKJnal charity and cuhural venue. V4e The Curious seeks lo support as many peop￿ a5 POS5ible %wth inspirational scienee, lechnok)gy, engineering, and maths opportunrtie5 each year. The table below 5ummari5es actual visitor nurnber5 for the year splst by visitor profile together with the budgeted figure and the actual figure for the previous year. It 15 important to note that We The Curious 7•vas not open for the full year and visitor numbers were extreme￿ limrted due lo Cowd restr*ts"ons and impact. Visitors Actual 2019r20 (partialty closed) Plan {re-ftyecast Sept 211 Actual Variance to Plan 2022122 Public visitors 163,192 53.836 48,546 11.193 105,086 17.467 3,648 {1.4061 11,540 nla 101.438 18,873 26,749 nla School visitors Member visits 38,289 nla Special events Total 276.767 160.842 14,828 146,560 We The Curious Limited (Registered number 3046496) Strategic Report for the year ended 31 March 2023 Audience breakdown 49% of visitors were adults and 51% were children. In 2022, nine out of ten vi5115 were made by families, and we olso saw a Year￿on•year increase in over-35s vIs￿"ng. perhaps responding to the grown-up ambience of the new exhibrtion. 47% were local wsrtors- an increase- with a fvrther 24% from the region and 29% nat￿nal. 2.410 memberships. including individual and family. 83% of mwnbers were from Bristol 64 charities, h05pilals and community groups were signed up to our community membership scheme, allowing them lo can receive heavitry discounted tKkets for thousands of beneficianes who may otheN4ise struggle to visrt Digital engagement.. 371,051 people vrsrted ¢￿T websrte. up 2830A year on year. and a ietum to pre- pandemic leveL8 of 360,000+ annual users. We saw a +S% increase in local users compa￿￿ lo last year126%1. Slalislics indicate that Users of our site have gradual￿ got younger. linking to our strategy to engage young people. Over 29,000 followers acTOSS social media plattomis. Due to a rogue T7Miter akjorithm 41 2020 we unfortunately lost all our 34.000 Twitter folbjwers. leaving us lo ￿build our following in 21-22 Inowjust under 2,0001. Oesprte this. our social media campaign5 in 21-22 delivered a h￿h level of impressions. with significant gr0￿h year on year. Engagements and engagement rates We￿ higher than pre- pandemie leve15 whieh is a positNe s￿n of eng4ed, loyal folthvers that support the charity's recovery. Priority Audience5 We ran five inlensNe skills and work experience programmes. di￿¢1￿ engagin9 a total of 516 underserved Schoolchiklren, dwerse young people, and Disabled people to supwrt their engagement with science. This includes 103 young people aged 8-24 on our Digitsl Content Creation course. 71 schoolchildren age ￿11 from HareC1r￿ Ethct Academy creating films in 'Ha￿CINe in Spxe,. 40 people $h8ping health research who have experieneed racism andlor a￿ LGBTQ+ 300 schoolchildren and their families leaming. creating. and celebrating the laurth of their threevmonlh clirnate-lhemed photography exhibit"ron. 2 Disabled people taking part and shaping our pilot thre&week wolK experience for WECIL members. In addTtion we wekomed 600 families from low-income familie5 to visrt and eat for free dunng the school holidays. Learning We The Curws welcomed 18.873 xhool visitors this year. which was far above the forecast. of which 55% of school visitors attended workshops and sh￿￿¥S during the year. We hold a"Learnin9 Outside the Classroom. Quality badge. We The Curious has an extenswe formal leaming programme direct￿ linked to the N*ional Curriculum from Foundation stage to Post 16, ah)ngside our new innovative sch￿15. incluS￿n strand. We The Cuf*)us's infomial leaming offer is delNered through the Royal Commission 1851 Open City Lab, John James Thealre of Currosity, the Studio. Tinkering Spxe and Planetarium deduted delivery spaces. as well as throu9hout the exhibit￿n galleries. Prtsaramme fomiats include shows. demon51rth.ons and experirnents. storytelling, pLinetanum shows and special event5. io We The Curious Limited (Registered number 3046496) strategic Report for the year ended 31 March 2023 The Learning team addrtionally delivers funded educational proiecls. exploring innovatNe praclices. new technologies. and devdop5 partnership projects with bxal schools. $C￿Ce reseafchers. education specialists and other prOfeSs￿nal science communicators. FINANCIAL REVIEW Results The Trustees consider the resums of the group for the year. a deficit for the year of £620k12022.. £30k surplus) and the financial posrtion al the year-end to be 5at15faclory given the ongoin9 ck)$ure of the venue. The unrestricted result is a surplus of £385k1£2022." £1.392kl. Excluding dePr￿la￿"0n. the group resurt 1$ a surplus of £646k12022." £888kl. Depreeialion is charged to the reslricled and designated fixed assel reserves and therefore do nol impact on the free reserves of the charty. There are no gains in the yw on the revaluation of investment propety12022.. Énil). The Science Centre closed on 9th April 2022 due to a fire a CUTrentty remains cfosed. The expectation is the venue will reopen during Ihe 23124 financial year. The Insurance section below details tho acwunlirvJ treatment of in$urancg income during 22ll3. Sin¢e closure in April. the majorty of the income received by the Group relate5 to venue hire for our open spaces. carpark Income and propety rentals, as well as insurance income. The charity also received over £50k in donations from our supporters. as well as a grant of £54k from Enovert Community Trust lo he￿1 renovate community space Millennium Square. The Charty's wholty trwned trading subsidiary We The Curi￿5 Enterprises (Limiéedl. which operates the café, shop, venue hir& $pa¢e and car park. continued lo trade in 22123. The surplus of £867k generated in the financial year lo March 202312022". £1.208kl is donated to the Charrty under the Gift Aid scheme to as$i$l the Charity in meeting ils charitable objectives. The table belcy•Y shcws the most signfficant movemenls in operating profrts that have wcurred during the financial year ended 30 March 2023. Net increasel Idecreasel in surplus In¢om• Expenditurn Description £'ooo £'ooo Operating results for 2021122 S.304 (5.274) 30 Donations and legacies (1.024) 11,0241 Operation of S¢ien¢8 Centre Commercral trading operati￿5 Investmenl income (1.375) 11681 11,543) (346) 13411 231 231 F￿re relaled costs {6231 1623) Insurance income 3.058 3.058 Depreciat￿n 14081 14081 Operating results for 2022123 16.4681 {6201 li We The Curious Limited (Registered number 3046496) Strategic Report for the year ended 31 March 2023 Donations and legacies received are lower than the previous year due lo the that £853k was received in 21122 from the National Lottery Herrta9e Fund for Cultural Recovery, as well as £148k received under the Coronavirus Job Retention Scheme. Income from the operation of the science centre is signrficanlly ILwer due lo the ongoing c105ure of the venue as a result of the fire in April 2022. Income from commercial trading operations is slightly lower. due to loss of income from venue hi￿ and relaillcafé. The car park income is higher than 21122 actual income although genetaled less income than budgeted due lo the venue closure. The investment portfolK) was sold durin9 20r21 10 improve during the Coronavirus pandemic. The investment income therefore relates lo income from ￿ntaI properties. This was higher than 21122 due lo the collection of historic lumover rent from one of our tenants. Fire related costs includes expenditure specifically generated as a resur( of the incKlenl. and the main cost Mlhin this is the ongoing rental of our office space in Temple Quay. These costs are refunded by our insurance company as per the Insurance section belcthl. Oepre¢ialion 1$ higher thon in 21122 due lo a change made to accounting estimate in relation lo the useful lrfe of long leasehokl buildings. As the net book value of all fixed assets is hekl either within the reslrided fixed asset reserve, or the designated fixed asset, this change in accounting estimate does not impact on the free reserves hekl by the charity. In 22r23 the opening cash was £3.591,000 and the Closing cash was £2,802.000. Firn & R•lated Insuranc• On 9th April 2022, a fi￿ broke out on the rcrf)f of We The Curious. hxaled on a seclKJn of the solar panels. Avon Fire & Rescue Sermce and the police arrNed quickty and daalt with the fire. All staff and visrtors were evacuated safely. The building sustained some significant fire and water damage to the ro)f. the second floor and the building syslerns, resulting in the ongoing closure of the venue. There is still ongoing testing of the building systems and once these are finalised there will be a clearer indication of when the venue can reopen. The expectation is that reopening will be in the 23124 financial year and the We The Curious team are now planning for the wor$l-case scenario of a reopening in January 2024. When considering the going concern assessment, the Trustaes have taken into account this event and the impact on the future operation5 of the Group. The Group has full insuTan¢e cover in ￿latiOn lo the fire, including business conlinuty cover and reinstatement of a55ets. theTefore the fre does not impact the abilrty of the company to remain a going con￿rn. As well as insurance cover for the reinslalemenl of the building. We The Curious has cover for business interruption and incfeased costs of working as a resur( of the fire in April 2022. In 22r23, we have accrued busines5 interruption Cover up to the amount of the original 22r23 budgel that was Sel. as we have not yel formally agreed the busine55 inlerwption melhodoloyy wth our insurance company and until that point. w8 do not meet the threshold for accruing above thts amount. We have included total business interruption income of £2.408k In 22123. with £507k outstanding at the year end. This represents the totsl budgeted income for 22123, nel of any savings incurred during the cknsure peric*J. We have accrued for increased costs of working to match the actual spend wKurred. with total incwie of £650k across the year, and £258k outstanding al the year end. Flnancial Risk & Reserves policy 11 15 the Intention of the Tru51ees that 5urplu5 funds. outside of those reslricled for fvndrak8ing campaigns, 11 be retained to further the objects of the Charity as an inclusive. eduealional resource, lor the ￿neWa1 of the exhibits and to maintain the Grade 2 listed buildings and wider 11-acre esL*e to a safe. effieienl stsndard. Total funds at the year-end were £47_3m12022.' £47.3m) which Includes designated funds of £3.Sm {2022 £2.9ml. Of the lolal funds. £42.2m restricted fun(Is and £1.9m desNJnaled funds relate lo fixed assets which touk onty be realL8ed by diswsing of the tangible fixed assets which a￿ Ihe basis on which we operate_ A new designated 'Fixed Asset Fund, was created this year to separate the £1.9m unTe51ricled fvnds that relate lo 12 We The Curious Limited (Registered number 3046496) Strategic Report for the year ended 31 March 2023 fixed assets lo clearly identify the genuine free reserves of the charity. As we lease the si(e, we do not have the authority 10 Sell these assets. Therefore. none of these £44.1m assets can be liquidated. The Trustees recognise the updated guidance on Chanty Reserve5 issued by the Charity Commission in January 2016. which describes Ihe required di$¢losure ol the needs of the Charty lo build resilience in reserves, the level of reserves needed by the Chanty, the steps taken lo establish reserves and the arrangernenls for reV￿ling the policy. rt is the policy of the Trustees to have reserves appropnate to the level of actNity and financial risk5 of the ChaTty. A new reserves policy was adopted by the Trustees in 22- 23. which is calculated on a nsk-ba$ed approach and Inc[￿leS the folkmiing.. Short temi cash flow." Thi5 element is lo ensure that the Chanty can meet shcvt term cash demands and manage any peaks and troughs iegarding Ggsh flcw. Organisalional safety- income.. This element is lo miligale potenti￿ dips in income. where actual income does not ￿a¢h Ihe planned levels of income. Organisalion safety- experKltture'. This element is to provKle fund5 for when Ihere are unplanr osls that need to be met. Opportunty & Invesknenl fund.. This ekment alk)ws risk to be taken in operational delNery. for example, exploring new funding schemes. Based on the above risk erileria and the current situation of the Charty. the Twstees have estabh'shed a free reserves target range of £1.4m- £1.9m. Al the l¢ywer end of this tafget range, the reserves would provide operating cover for approximatdy 3 fTonlh$. In the light of new financial risks, re$8rves ￿11 need to be sufftient to cover unexpected revenue shortfalls and signrficant Increases in costs. particularty electn'city. The Trustees beI￿ve that. in the current economic elimale. the prospeets for income generation are less certain. Trustees may therefore need lo use reserves to keep responding to evolving community needs. invest in refreshing anil repla¢ing our exhibitions and our heritage bvihJing$ and widei eslale in line wrth our capital plan. Deslgnatod funds lft accordance with our Financial Risk & Reserves Policy. we have established tsvo separate designated funds. The designated fixed asset fund 15 where Trustees have set aside funds to Cover the nel book value of tangible fixed assets, excluding those 8ssels alre*ly included wrthin restricted fvnds. This is so that these funds are excluded when ealculaling the genuine free reserves of the charity. The designated capital repair and maintenance fund has been estab115hed because the Charity has significant fixed assets which require repair and maintenance that ctcurs at infrequent bul regular intervals. To avoid significant expenditure demands in a Part￿UlaT year. the Trustees have sel up this designated fvnd lo cover the cost of such capital repair5 maintenance. aNI in some cases, caprtal repia¢gm8nl. Restrict￿ funds Giants a￿ receivable by We The Curious Limited for $pecrfK prqects in furtherance of our charrtab objects. Such grant5 are treated as restricted incoming resources and recognised in the Slalemenl of Financial Activikn'es. The balance is added to the restn'cled assets held under bong lem property leases. The lolal level of reslrided funds is £42.3m12022.. £43.6m). Investment Policy The policy of the Trustees is to invest m051 of the free cash in Icrw-risk bank deposits. A prudent amount may be inveslefl in higher relum assets as deeme(l appropriate lo the risk and return from these a55els. All investrnen15 were 501d during the 2020-21 financial year. At 31 Marth 2023 £nil12022 £nill was invested in hrgher return 45sets. Fundraising 13 We The Curious Limited (Registered number 3046496) Strategic Report for the year ended 31 March 2023 This year the Charity raised £1.016,000, {excluding furfough payments). exceeding the success of the year before of £951,000 (excluding fvdough payments). In addrtion lo several generous Covid recovery grants, fundraising continues 10 5UPPOrt the wide range of Charilab￿ activities, including the development of aclwe research programming. all our inclusNe young pecple and accessits'lty programrnes and improvements to our outside community spaces. Acliv(fies large￿ f￿u$ on raising funds from trusts and foundations. Lottery funds. universrties, and Companps, with a minor amount from indNKluals in the year and no direct marketirrfJ. As the year was one of severe Covid restrictions and publ¢ anxiety around mingling. fundraising events and in-venLte soliciLition work were put on hO￿J. All fundraising is undertaken by three slaff12.5 FTE). with no professional fundTaisers or commercial participators. The fundraising team have registered the Charty 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 Pract￿. As usual. there have been no complaints ab)ut fundraising activity this year. Changes in lixed assets The movements in fixed assets during the year are set out in note 7 to the financial ststements. The leasehold land and buildings weie ￿ValUed in November 2022 by Andrew G 8 Forbes. a registered valuer external lo the Charity. The property's open market value was considered to be £15.650,000 in accordance with the RICS valuation model. The 9ain on revalualion wa$ included in the financial slalemenls for the year ended 31 March 2022. No further gains or losses were recorded in the year ended 31 March 2023. The movements in investment property are set oui in note 9 to the financial statements. Risk management The Trustees have a risk management str*egy wh￿h wnprises.. regular review of th8 principal risks and uneertainties that the Charity and its subsidiary We The Curtous (Enterprises) Ltd face. the eslablishmenl of policies. systems. procedures to mitigate those risk5', and the implementation of prctedures desgned to minimise or manage any potential iryact on the Charity should those risks malerialise. The Finance & Risk Assurance Committee carries out regular revie4VS of the major risks to which the Charrty is exposed and recommends measu￿5 lo be taken to mitigate such risks. They have identrfied the followng maj'or risk categories.. impact of extended c105ure on recovery of charity, economic downlurn and rising costs. impact of fulurt pandemic>nockdowns, staff shortages. new or improved ¢ompeting attraction5. protection of electronic infomation against cyber-attack. lack of c8Prtal funding, legislative changes and health and safety issue5 for both public and employees. Financial rl$k management The Charty and ils subsidiary operations expose it to a variety of financial risks that include the effects of changes in credit risk. liquidity risk and interest rale risk. The Group has in place a risk management programrne that seeks lo limit the advetse effects on Ihe financial performance of the Group. The Group rninimi5es i(5 exposure lo commodty price risk as a resu￿ of its operation5 and looks to long temi utilty conlfacls lo manage costs as approprrate. The Group has implemented policies that require appropriate credit checks on potential Customers before sa￿$ are made. The objeelive of the Grtyjp in managing liquidty risk is to ensure that it can meet its financial oblvJation5 as and when they fall due. The Group expects to meet its financial obligations through operating cash flows 14 We The Curious Llmited (Registered number 3046496) Strategic Report for the year ended 31 March 2023 and ils cash balance5. In the event that the operating cash fl(Ms WoU￿j not COV8r all the financial Ob￿93110ns the Group would seek lo obtain credit fwlrties. Going concern As noted above, a fire look place al We The Curious on 9th April 2022 and the venue remains c105ed, with the expectation that il will rgopen during the 2023124 financial year. The Trustees have taken this into account with their going concem assessment. htywever. the Group has full insurance cover which includes 48 months business conlinuity in5uran¢e. The Trustees have reviewed cashnow fOre&￿ts that extend to 31 Marth 2024 and scenario planning in relation to ￿opening, taking into account possible worst case ￿enar￿5. They expect that cash balances and reserve5 will Temain 5uffKienl for the daily operations and that the Group will be able to satisfy liabilrties 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 lo opeiate for the foreseeable future. being period of 12 months after the dale on which the report and financial ststements are signed. For this reason, it continues lo adopt the going con￿rn basis in the financral statements. Independent audito The audi(or5, Bishop Fleming LLP, are willing to continue in office and a resolution to appoint them will be proposed al the Annual General Meets"ry. PLANS FOR FUTURE PERIODS We The Curious Limited continues ils commitment to fvrther its Strateg￿ priorrties with ils activities. The Trustees use the exper￿nce gained froffl past actrlities to input into the future plans of the organisation and t￿e prc4Juclion of the annual Business Plan. The Tnjstees have sought to.. develop new ranges and types ol exhibrt$ lo drive visrtation and encourage repeat vksits lo Vve the Curious. improve the commerci81 aclplities of the group by Optim￿ing opportunities develop the organisational culiure to build ￿lI￿nCe and prionts'se wellbeing. The strateg￿ Report was approved by the Trustee$ on 3 August 2023. By Order ofthe 8oard Nick Jones Chair 3 August 2023 15 We The Curious Llmlted (Registered number 3046496) Trustees, Report for the year ended 31 March 2023 The Trustees are pleased lo present their annual Trustees, report logether with the consolidated financial slalemenls of the Charity and its subsidiary for the year ended 31 March 2023 which are also piepared to meet the requirements for a Directors. report and financial 51alernents for Companies Act purposes. The financ￿1 ststements compty wrth the Charities Act 2011. the Companies Act 2006. the Articles of Association, and "Accounting and Reporting by Charities. the 2015 Slalernenl of Recommended Practice applicable to charities preparing their financial statements in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 {efftttive1 January 20191. The legal and administratNe inf0mlal￿Tr set out on pages 3 and 4. the Chairfs report on pages 5 to 7 and the Slfalegic report set out on pages 8 to 16 fomi part of this report. Structure, Governance and Management Group structure The Charty'5 wholly owned trading subsidiary, Ive The Cur¥)us (Enterprises) Limited, carries out non- charitable trading activities for the Charity. Governing Document The Charty is a company limited by guarantee. go¥emed by its Articles of As￿latiOn. Members, Liability Each of the four members of the tharitable company urKlertakes to contribute to the assets of the charitable company in the event of rt being wound up while they are a mernber. or within one year after they cease to be a member, such amount as may be required, not exeeeding £1 for the debts and liabilities contracted before they ¢8ased to be a member. Nominating Oryanisations In accordance with the Artic￿5 of Assctiation. the folltrMng bodies have the right to nominate Trustees.. Bristol City Council 8rislol Cultural Development Partnership GWE Business Wesl Trustees and organlsation slructure The Board of Trustees as detailed on page 3 administe￿ the Charty. The Board meets six limes a year lo review perfomiance and make strategi¢ d￿l$lon$. Cortain re5pons1bilrt￿S are delegated lo the Finance & Risk Assurance Committee which meets regukrty. The members of this commrttee are shown on page 3. The ChEf Executive officer is appointed by the Trustees to manage the daY-t￿daY operations of the Charrty. To facilitsle effective operations. they have deleg*ed aulhorty. within terms of debegalion approved by the Tiuslees. lor operational matters includin9 finance. employment and progranmes for visitors. 16 We The Curious Limited {Regi$tere(I number 3046496) Trustees. report for the year ended 31 March 2023 Appointment. Inductlon and TAining of Trustees New Trustees are sel￿tell on the basis of nominations from existirKJ Trustees. the nominating oryanisations referred lo bel¢M and others_ They undefgo an indurtion pr¢￿$S to ensure they have a full understanding of the activities and objectives of the Charity. This prctess will vary depending on the degree of previous knowledge of the Charity and experience. New Trustees are issued with a '8oard of Trustees Handbook. that outlines their responsibilities and provides detsiled information in regard to the organisalion's wsion. mission, aims and objects'ves, and its operats'on. The Trustees also receive regular updates and guidance on their role as Trustees of the Charty. Trustees, Ind•mnities As disclosed in note 24 to the financ*1 sL*ements. professional indemnty insurance is paid on behaw of the Trustees and Office￿ of We The cur￿u$ Limrted. Related p•rtie$ and c04>peration with other organisations Any connection be￿een a Trustee or senior manager of the Charity with an organisation that has trading relationship with the Charty must be disclosed lo the full board of Trustees In the same way as any olhei ¢i)nlraclual relationship wrth a related party. The related paty transactions are reported ift note 27. The Charty works wrth charitable and voluntary organiSat￿n5 whith support the pursuit of its charitable aims. The Charty's wholty ¢Mned trading subsidiary. We The Curious (Enterprises) Limited. earries out non- charitable trading aclivities for the Charity. The subsidiary has made gift payments of £1.207.91812022." £128,748) from i(s otherwise taxabk prrfil lo the Charity (see note 8). Pay pollcy for DlreclorslTwstees and senior staff The Trustees consider the Board of Oiredors. who are the Charty's Trustees, and the leadership team, comprise the key management personnel of the Chanty in eharge of directing and controlling. running and operating the Charity on a day to day basis through an approved scheme of delegation. All Iruslees give of their lime freely and no trustee receive(I remunerab.on in the year. Details of Trustees, expenses and rekled party transactions are disck)sed in note 4 and note 27 to the financial statements respectively. The pay of the senior staff is revieweil annualty and nomialty increased in accordance wrf(h avera9e earnings. In view of the nalure of the Charty, the Trustees benchmark senior staff pay and non-pay benefits against pay kve15 and non-pay benefits in other organisalions of a similar size run on a voluntary basis. The recruitment of key mana9ement is through targeted advertising and the use of speciahsl recruitment consultants. The Purpose of the System of Internal Contn The system of inlemal conlrol is designed to manage r(%k to a reasonable lev81. Tather than lo eliminate all risk, 50 the Charrty and Group is supported in achieving its policies. aims and obje¢live$. 11 can. therefore, only provide reasonable and not absolute assurance of effeclNeness. The system of inlemal control is based on an on-90ing process designed to idenlTfy and prioritise the risks lo the achievement of tho Charity and Group's policies. aim5 and objectwes. to evaluate the likelihood of those risks being fealised, lo consider the impact should they be realised. and lo manage these risks effective￿. efficienlty and ewnomically. The Trustees have established a system of internal control that continues to be developed over lime and which they believe to have been effeth.ve throughout the financial year and up lo the dale of the signing these financial statements. 17 We The Curious Limited {Regislered number 3046496) Trustees, report for the year ended 31 March 2023 The Risk and Control Fr•m•work The Charty and Group's system of internal finanoal control is based on a framewort of regular management infomiation and administrative procedures including the segregatH?n of duties and a system of delegation and accountability. In particular il includes.. Comprehensive bLKlgetin9 and monitoring systems with an annual budget and period￿ finaKial reports which are reviewed and agreed by the Trustees- Regular reviews by the Finanee & Risk Assurance Committee of reports which indicate financial pgrformance against forecasts and of major purchase plans. capital works. expendrture programme5 and regular revitr•ts of inlemal control systems., Setting targets to measure financial and other perfomiance" Clearly defined purchasng and capital investment guidelines." Delegali¢)n of aulhority and segregation of duties,. and Idenlific*ion and management of risks. Statement of Trustees. responsibilitigs The Charrty Trustees (who are also the directors ol Vle The cur￿u$ Limited for the purposes of company lawl are responsible for preparing the Annual Report. including the Strategic Rew)rt & Financial Statements in accordance wrth applicable law and regul*ions. C¢ynpany law requires the Tru5tee5 to prepare financial ststemenls for each financral year. Under that law the TfUStees' have prepafed the group and parent charitable company financial 51alements in accordance with United Kingdom Generally Accepted Accounting Practice (Unrted Kingdom Accounling statements and applicable lawl. Under eompany law, the Trustees must not approve the financial statements unless they are satisfied that they g1ve a true and fair view of the state of affairs of the group and chafitable tompany and of the incoming resOu￿eS and application of resources, including the income and expenditure. of the ¢harilable group for that year. In preparing Ihese financial statements. the Trustees are required lo". select Suitsble accounting policies and then apply them consistently: observe the methods principles in the Charitie5 SORP". make judgements and estimates that arg 18asonable and prudent. slate whether applicable UK Accounting Standards have been follcwed, subject to any material departures disclosed and explained in the financial statements.. and prepare the financial statements on the going concern basis unles5 it is inappropriate to p￿sume that the chafilable company wll continue in business. The Trustees a￿ ￿SPOnsible for keeping adequate a￿nting records that are suffiuent to show and explain the company's transactions, disckjse wrth reasonable accui&y at any lime the financial position of the charitable company and the group and enable them lo ensu￿ that the financial $lalements compty wrth the Companies Acl 2006. They a￿ also ￿SPOnsIble for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for thg prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance antj integrity of Ihe corporate and financial information included on the charitable company's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may drffer from legislat￿n in otherjurisdiets"ons. 18 We The Curious Limited (Registered number 3046496) Trustees. report for the year ended 31 March 2023 Statement as to disclosure to our auditors In $0 far as the Truslees are aware al the time of approving our Trustee$. annual report-. thefe is no relevant informatson. being information needed by the audito￿ in connecti'on with preparing their report. of which the group's audrtOTS are unaware. and the Trustees, having made enquiries of felkm Trustees and th8 group's auditors that they ought lo have individualty taken, have each taken all steps that helshe is obliged lo take as a Trustee in order to make themselves aware of arby Televant audit Informat￿rt and lo establish that the auditors are aware of that information. The Trustees. report was approved by the Trustees 3 August 2023. y order of the Board Nick Jones stees Chair 19 We The Curious Limited (Registered number 3046496) Independent Auditors, Report to the members of We The Curious Limited OPINION We have audrted the financial statements of Vle the Cur*Jus Lunrted Ithe'parent charrtable company ) and 11$ subsidiaries Ilhe 'group'l for the year ended 31 March 2023 wh￿h comprise the ConSol￿ated Slalemenl of Financial Activities, the Consd1daled Balance Sheet. the Charity Balance Sheet. the Consolidated Slalement of Cash Flows and the related notes. includin9 a Summary of signrficanl accounting policies. The financial reporting framework that has been applked in their preparation is applicable law and Unrted Kingdom Aecounling Standards, including Financial Reporb"ng Standard 102 'The Financial RerM)rting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generaty Accepted Accounting Practice). In our ¢)pinion the financial statements.. give a Irue anfj fair view of the state of th8 Group's and of the parent charitable company's affairs as al 31 March 2023 and of the Group's incoming resources and appl￿110￿ of resources. including rts income and expenditure for the year then ended", have been property prepared in accordance wrth Uniled Kingdom Generalty Accepted Accountin9 Practice.. and have been prepared in ac￿rdance with the requirements of the Companies Act 2006 and the Charrties Act2011. BASIS FOR OPINION We conducted our audit in accordance wrth Inlemational Stsndards on Audrting (UK) IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the AuditOfS' responsibilities for the audit ol the financial statements section of our report. We are Independent of the Group in accordance with the ethical requ1￿MentS that are relevant lo our audrt of the financial statements in the United lQ'ngdom. including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical fesponsibililies in accordance wi(h 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 Ihe Trustees. use of the going concern basis of accounting in the preparation ol the financial statements is appropriale. Based on the wor1( we have perfomied. we have not identified any material uncertainties ￿lating to events or conditions that. individually or collectwely. may cast significant doubl on the Group'5 abilty lo continue as a going eoneern for a period of at least h¥efve months from when the financial stslemenls ale authorised lor Issue. Our responsibilities and the reS￿nsi￿.11tles of the Tnjstees w￿h respecl to gThng Concom are described in the relevant sections of this report. OTHER INFORMATION The other infomalion comprtses Ihe inforni*ion included in the Annual Report other than the financial statements and our Auditors, Report Ihereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial sL*ements does not cover the other information and. except lo the extont olherwise explicilty S￿￿ed In our report. we do not expres5 any form of assurance conclusion Ihereon. Our responsibility is to read the other informatK•n and. in doing so, consider whether the other information is materially incon3i51enl with the financ￿1 stalemenls or our knowledge ¢)btsined in the course of the audrt, or olhernvise appears to be malenally misstated. If we identify such material incon$isten¢ies or apparent rnalerial misstatements, we are required lo determine whether thi5 gffts Tise lo a material misststement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl of Ihis other informal#)n, we are required lo report that f¥1. We have nothing lo report in this regard. 20 We The Curious Limited (Registered number 30464961 Independent Auditors, Report to the members of We The Curious Limited OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion. based on the work undertaken in the cOu￿e of the audrt.. the information given in the Truslees, Report for the financral year for which the financral statements are prepared is consistent wrth the financial statements. the Truslee5' Report has been prepared in a￿1rdance wrth applicab￿ legal reqU1￿mentS. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knth￿e￿ge and understanding of Ihe charitable company and -rt5 environment obtai￿d in the course of the audit. we have not idenlffied material misstalements in Trus180s' Report iiKlvdiro the Group StralegK Report. We have nothing to report in respect ofthe following matters in relation to which CompaniesAct 2006 requires us to report lo you rf. in our opinion.. the parent charitable cornpany has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us" or the parent charrtable Company ffinancial statements are not in agreement with the accojnting records and ￿turns., or certain d15closures of Trustees, remuneratN?n spe¢fi￿ by W are not made,. or we have not receNed all the information and explanations we require for our audrt. RESPONSIBILITIES OF TRUSTEES As explained more fulty in the Trustees, Responsibilrtie5 SL*ement. the Trustees (who are also the directors ofthe charitable Company for the purposes of crynpany lawl are responsible for the preparation ofthe financial slalements and for being satisfied that Ihey gNe a true and fair view, and for such internal control as the Trustees delerrnine is necessary lo enable the preparation of financial statements that are free from malenal misstatement, whether due to fraud or erru. In preparing the financial statements, the TTuslees are responsible for assessing the Group's and the parent haritable company's ability to continue as a goin9 concern, disclosing. as applicable, matters related lo going concgm and using the going concern basis ol accounting un￿$ the Trustees either intend to liquidate the Group or the parent Charitable Company or lo cease operations. or have no realist￿ alternative bul lo do so. AUDITORS, RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial slalemenls as a Who￿ are free from material misslalement, whether due to fraud or error. and to issue an Auditors, Report that includes our opinion. Reasonable assufftnce is a high level of assurance. but is not a guarantee that arb audit conducted in accordance with ISAS IUKI will atway5 detect a material mTrsstalemenl when rt exists. Misstatements can arise from fraud or error and are considered malenal rf, individualty or in the a99￿gate, they could reasonabty be expected to influence the economic decisions of users taken on the basis of these financial statements. I￿gUlarit￿$, including fraud. are instances of non-compliance with laws and regulats"ons. We design procedure5 in line with our ￿SponsIbl1rtie$. outlined above. lo detect maerial misstatements in respecl of irregularities, including fraud. The extent lo which our prcttdures are wable of detecting irr8gularilies, including fraud is detailed bd¢)w' We have Cons￿ered the nature of the sector. crmtrol environment and financial per1￿ManCe of the entity.. We have considered the resutt5 of enquirie5 With management and Trustees in relation to their own identification and assessment of the risk of irregukritie5 Wrthin the enlty, and We have reviewed the documenlabon of key processes and controls and perfomEd walkthrough5 of transactions to confimi Ihal the systems are operaliThJ in line with documentation. As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisalion for fraud and identrfth the highest area of risk lo be in rdation lo revenue recognition, with particular risk in relation lo year-end cul off. In common with all audits under ISAS (UK} we are also required lo perform specif￿ pfy4ine basi5. A separate Statement of Financial Aclmlyds and Income and Expenditure Account for the Charity has not been p￿sented because the Charty has taken advantage of the eXeMpl￿n affofded by section 408 of the Companies Act 2006. The result the charrtable company for the year wa5 a loss of £1,488.00012022. £1.179,000) Cashflow Stat•rnent The Charty prèpares a consolidated cash flow stslement and the con$olidaled accounts. in which the Charitys results are included, are available to the public. It has therefore taken advantage of the exemption nferred by FRS 102 Sertion 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 2023 1 Accounting Policies (continued) Income Income is measured at the fair value of the consideration recerved OT reeeNable, net of discounts and value added tsxes. In￿rne indudes revenue earned from the provision of services, grants weived and the sales of gtsjds. Income related lo the prowsK*n of seNces delNered through the operation of the science centre or We The Curious (Enterprises) Limiled is recognised when the group has ents"demenl to the funds, any perfofmance ondilions attached lo the ilemls) of income have been met. it is prob*le that the income wlj be received and the amount can be measured relkqbly. Income from the sales of goods in the shop is recognised when the signfficant risks and r￿ardS of ownership ol the goods ha$ transferred to the buyer. This is UsU￿ty when the customer pays at the till. Income from government and other grants is recognTrsed when the Charity has entillemenl to the funds, any performance conditions altached to the grants have been mel, rt 15 probable that the incune will be received and the amount can be measured reliabfy and is not deferred. Donated sorvlcgs. produ¢ts and facilities Donated professional $eThices and donate(I projucls and facilrties are recc*Jnised as income when the Char has control ¢)ver the item. any conditions assctiated wrth the donated rtem have been mel, the receipt of economic benefrt frcffn the use by the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charitie5 SORP IFRS 1021. the contribution of volunteers is not recognised in the financial Statements. On receipt, donaled professh?nal services and donated prc*Jucls and facilrties are recognised on the basis of the value of the gift lo the Chanty which is the amount the Charrty vK)uld have been wlling to pay to obtain service5 or facilities ol equivalent economic benefit on the open market.. a ¢orrespondin9 amount Is then recognised in expenditure in the penod irf ￿elp1. Insurance clalms Insurance claim proceeds are rewnised *then the enlrtlemenl to the ￿1MbUr$eMent of the Insur￿ Ioss 15 established. The receipt of th.e reimbursement must be ￿rtu￿lY certain and ils amount measured relkably. The in5urarice Settlement is recognised at the fair value of the r￿e1Vabl?. Investment income Interest on funds held on de￿$it is included when recwydble and the amount Can be measured reliabty by the Charity," this is nomialty upon r￿tIficat￿+n of the interest from the financ￿1 institution or on an accruals basis as eamgd. Fund accounting Unre$tri¢led funds are available lo spend on xbvitEs that further any of the purposes of the Charity. Designated funds are unrestricted fund5 of the Charity which the Trustees have decided * th•r dI￿retiOn to sel aside to use for a specific purpose. RestrKted funds are donab.ons and grants wh￿h the donor has specrfied a￿ to be solely used for parbcular areas of the Charws work or for specifi¢ proje¢ts being undertaken by the Charty. 27 We The Curious Limited (Registered numbei 3046496) Notes to the financial statements for the year ended 31 March 2023 1 Accounting Policies (Continued) Exponditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive oblig81ion to make a payment lo a third party, il is probable th81 settlernenl will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the follmng aclmty headings= Expendituie on Charitable activrties include5 the costs of perfomiances, exhibitions and other educational activrties undertaken lo further the purwses of Ihe charrty and their assrxialed support costs. Other trading ¥l1vil￿S comprise the costs of commercial trading and their associated support costs. Other expenditure Tepiesenls those ilems not falling into any other headiThJ. Irrecoverable VAT is charged as a cost against the aclivrty for which the expendrture was IncUff￿ or lali%ed as part of the cost of the related asset where appropriate. Allocatlon of 8UPPOrt costs Support costs are those functions that as5i5t the of the Charrty but do not direct￿ undertake charitable aclivilies. Support costs include finance. IT and HR costs ￿1¢h support the Charitys programmes and activities. These costs have been allocated befv￿en expendrture on charitable activrties and other trading aetivrties. The base5 on wthich support costs have been aNo¢ated are set out in note 3. Tanglble flxed assets and d•pr•ciation Tangible fixed assets afe Stsled al cost or 1997 valuation less xcumulated depre¢￿tIOn at rates calculated lo wnte off the cost less their eslimaled residual values on a slraight line basis over the eXP￿ted useful Iwes of the assets as follows: Long Leasehold Land Long Leasehold 8uihJings and Improvements Fixtures and Plant Exhibitsons Computers and vehicles Assets under.¢onstruction 10-50 Years 10 years 5 years 4 years Individual assets costing £1.000 or m¢ye are capitalised. These assets include costs relating to both external materials and SLbb¢onlfactors, and the cost of staff working on the caprt8l￿ed exhibitsons. Fixed asset Investments Fixed asset Investments in quoted shares, traded bonds and simikr investment5 are Initial￿ measured at cost and subsequently al fair value at the reporting date. Investment gains antl losses, t*thether rea￿'se￿ or unrealised. are combined and reported within the Statement of Financial Actiwlie5. Investmefit properties Investment properties a￿ carwd al fair value determined by external valuers and derNed from the current market rents and investm8nt propety wetds lor comparable real eslale, adjusted rf necessary, foi any drfference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Stalemert of Financial Acti¥￿e$. 28 We The Curious Limited (Registered number 3046496) Notes to the financial statements for the year ended 31 March 2023 1 Accounting Policies (continued) Stocks Purcha$8d stocks are valued at the hjwer of cost {FIFO basis) aThJ net realisab]e value. Donated items of Stock are recc*Jnised 81 fair value which 1$ the amount the Charty would have been wlling lo pay for the items on the open rn￿ke1. Where necessary. pro¥i510n 15 made for obsolete. Sbw moving and def￿lIve stock5. Debtors Trade and other debtors are recogni5ed at the seluemenl value due less provisi1￿ required for bad or doubtful debts. Cash at bank and in hand Cash at bank and cash in hand includes cash and short lemi highty I￿uld investments wrth a short maturty of three months or less from the dale of acquisition or opening of the deposit or Similar ac¢ounl. Cr•ditor5 and provisions Creditors and provisions are recognised where the Chanty has a present Obligat￿)n resuking from a past event th* will probably result in the Iran5feT of funds to a third paty and the amount due to Sett￿ the obl¥ation can be measured Of estimated reliably. Creditors and provsions are normalty rec¢)Jni5ed at their settlemenl amount after allowing for any Ifade discounts due. Finanelal Instruments The Charity onty has financial assets and financial liabilit￿$ of a kind that qualify as basic financial instruments. Basic financial instruments are in￿￿lty reccgnised at transaction value subsequently rneasured al their settlement value. Operating leases Rentals appliEable lo opefaling leases are charged as a cost ajainsl the actwty lor which the expenditure was irKurred on a straight-line basis over the term of the lease. Pension costs The group operates a group personal defined eonlributs.on pensKin scheme. The pension costs are shown as a cost against the acliwty for which the expenditu￿ was incurred in the period in which they are incurred. Details of conlribLrtions are set out in note 5 to the financial sLitements. 29 We The Curious Limited (Registered number 3046496) Notes to the financial statements for the year ended 31 March 2023 1 Accounting Policies (continued) Signlfkant Judgements and gstimatss Preparation of the financial slalements requires the TrLtstees to make $NJnthcant judgements and estimates. The rtems in the financial statements where these judgments and estim*es ha* been made inclLbde'. revwing the outstanding Irade debtors al the year end to consider the recoverability of the balances. Where the Trustees consider there is swJnifiwt doubt about the recoverabikty of a balance then a bad debt provision is made. review of the inventories held at the year end. The Trustees conS￿￿er wknether any sh)w moving or obsolete retail St￿kS are held and include a pw$ion where fequired. Irealmenl of investment properties. The Trustees eonsider the treatment of investment prc*)erties as tangible fixed assets lo give a true and fair deciding on the expected useful INes of tangible r￿e￿ assets. The Truslee$ consider by each fixed asset clas5 the generally accepled best practice for the len9th of expected useful lives and the group's own the apportionment basis for the alkKalion of costs. The Trustees consider that using the number of staff working within different group activities is the fairest basts upon which lo albcate overhead costs befv￿en these different group acti￿ties. 30 We The Curlous Limited (Registered number 3046496) Notes to the financlal statements for the year ended 31 March 2023 2 Analysls of total income 2023 £'ooo 2022 £'ooo al Donations and legacies Wellcome Trust Garfield Weston National Loitery Hentage Fund- Emergency Funds National Lottery H8ntage Fund- Cuttufe Recovery Enovert Other festrided (none ir￿l￿dualfy over £50kl Other unre5tricled (none indivklualty over £50kl CJRS 21 853 59 93 49 148 1.164 61 140 bl Operation of Scienc• C•ntr• Ticket sales lo visitors Membership Sales ecial events and scht))I worksho 23 1.277 200 16 107 1,482 cl Commercial trading operatlon5 We The Currous IEnlerprisesl Limrted 2.031 2,031 2,377 2,377 dl Investment Income Bank Interest Rental Income Investment Income 492 280 S12 281 31 We The Curious Limited (Registered number 3046496) Notes to the financial statements for the year ended 31 March 2023 3 Analysis of total expenditure Staff Costs £'ooo 2,338 634 Govemance Support Costs Costs £'ooo £'ooo 40 17 Other 2023 Total £'ooo 3,415 1,164 1,266 623 6.468 2￿22 Total £'ooo 3,247 1.169 858 £'ooo 743 391 1.266 623 3.023 Operation of Science Centre We The Curious IEnlerpri$esl Limiied Depreciation Fire Related Costs 122 2.972 57 416 5,274 All support and governance costs a￿ 8PWrtioned pro rata to staff full time equtvalenls who work in these areas. Staff Costs Other 2023 Total £'ooo 2022 Total £.￿0 £,(￿0 £'Doo Support Costs Comprised Finance Inforniation Techno109y Human Resources 134 235 116 485 246 85 85 416 275 273 111 659 320 201 901 2023 Total £'ooo 2022 Totsl rooo Governan￿ C¢YJts Comprised Staff Ccs15 Audit Fees al and rofessional fees 25 22 10 57 23 16 46 32 We The Curious Limited (Registered number 3046496) Notes to the financial statements for the year ended 31 March 2023 4 Employee numbers and Trustees. emoluments Employee costs during the ￿ar amounted to 2023 £'ooo 2,585 244 189 3.018 2022 £'ooo 2,328 194 161 2,683 Wages antj Salaries Social Securty Costs Other pension cost5 The key management personnel of the group comprise the TTUSlees and Leadership Team_ The Trustees are not paid. The total empbyee benefts of the Leadership Team of the group are £451.31512022.' £365,190) The number of efflployees whose emoluments as defined for taxalion purposes aniwnled to ¢)ver £60,000 In the year was as ft￿h)ws'. 2023 No 2022 No £60,000-£70,000 £70,000480,000 £80,000490,000 Pension contributions V￿re made to the We The Curious Limited group personal defined contribution scherne for one12021". one) higher paid emptrtyee of £15.911 12022.. £11,880). The average monlhty head ¢ounl wa$ 116 $taff12022.' 117 stsff.) The average monthly number of full lime equivalent persons employed by the group analysed by function was.. 2023 No 2022 No Fundraising and marketing Operations Adminislralion 90 17 116 93 15 117 The Iruslees receNed no emoluments in the year end 31 March 2023 (2022.. None). No trustee r￿eNed expense512022." £nill 33 We The Curious Limited (Registered number 3046496) Notes to the financial statements for the year ended 31 March 2023 S Pensions The group contributes lo a defined contribution personal pension scheme for its employees. The lolal charge to the Statement of Financial Actmties for the year is £189,34512022'. £160.9381. The oulslanding contributions to the scheme al 31 March 2023 Vlere £13.192 (2022.- £35.3591. Pension costs are allocated to activities in proporkn'on lo the related staffing costs incurred. 6 Net In¢omel(expenditure) before transfers Net incomelexpendilure before Iransfefs is slateil after chargirvJ the fO￿￿1n9. 2023 £'ooo 2022 Rentals under other operating leases Rent of property 31 31 Auditors r8munerabon'. - Audit fees (Chartyl - Other servtces laudrt of We the Curious (Enterprises) Limiledl 11 De reciation of lan Ible fixed assets 1,265 858 We The Curious Limited (Registered number 3046496) Notes to the financial ststements for the year ended 31 March 2023 7 Tangible Assets Long Long Fixtures, leasehold leaseholJ Plant ExhilY'l*￿5 Computer5 land buildings & VehKles Assets Under Const. Total rooo £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo Cost or valuation At 01 April 2022 Additions Disposals Transfer be￿een classes At 31 March 2023 3.800 44,809 6.486 5.828 3.298 124 (36) 64,221 328 {361 204 124 6,362 124 328 3.800 44.809 5,828 3,386 64,513 Aeeumulated depréciation Al 01 April 2022 Charge for year On Dis osals At 31 March 2023 25.375 1.490 389 775 5.767 45 3.151 58 32 3.177 35.783 1.267 32 37.018 25.764 2.265 5.812 Net book value At 31 March 2023 At 31 March 2022 3,800 3.800 19.045 4.097 19.434 4,996 16 61 209 147 328 28,438 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 lmpr0vew￿nts at cosL 35 We The Curious Limited (Registered number 3046496) Notes to the financial statements for the year ended 31 March 2023 8 Investments The Chariiy owns the wh(Ae of Ihe wthnary share capital of We the Curious IEnlerprise$l Limited, a company registered in England and Wales (Company Number 3867925). The company is used for nonprimary purpose trading ath'mlies namely the sale ol bought in go¢xls through the shops and operating a car park as well as Corporate hospitality and non-tax exempt events and actiwlies. Al a¢tivrties have been conSol￿ated on a line by-line basis in the consolidated statement of financial aclivilies. The total taxable net profit is donated lo the Charity under a deed of covenant. A summary of the resufis of We the Cuwus (Enterprises) Limited is shown belthv". 2023 £'ooo 2,031 12211 1.810 2022 £'ooo 2,377 (267) 2,110 902 1,208 We The Curious Turnover Cost of sales Gross profrt Admin Ex ense5 Profit for the finanewl Enter rises Limited 867 The aggregate of the assets,1obdrt* and fvnds of We Cumus IEnlerprises) limrted was.. Assets 2023 £'ooo 274 274 2022 £'ooo 672 672 Shareholder's funds resented 100 ordina shares of £1 each 36 We The Curious Limited (Registered number 3046496) Notes to the financial statements for the year ended 31 March 2023 9 Investment Properties Long Leasehold Land £'ooo Long leasehold bu11dings £'ooo Total £'ooo Ngt book value Al 1 April 2022 Revaluation At 31 March 2023 1,100 14.550 1 5.650 1.100 14,550 15,650 The leasehold land and bU1￿1n9$ were revaI￿d on November 2020 ty Andre• G B Forbes, a registered valuer exiernal to the Charity. The propetys open market value was considered lo be £15,650.000 in accordance with the RICS valuation model. The historic cost of the property is £24,021,000 (2022. £24,021,000). The fiuslees still Cons￿er this to be a reasonable valuation. 10 Stocks Group 2023 £'ooo Charity 2023 £'ooo 2022 2022 rooo Retail Stock 23 Stock recognised in expenditure on other trading activitses during the year as an expen$e was £18.222 (2022.. £86,771). An impairment h)ss of £nil (2022." £nil) was rec(yJnised in expendttuie on other trading activi(ies against stock during the year 11 Debtors Group 2023 £'ooo Charity 2023 2022 £'ooo 2022 £'ooo Amounts falling due within one year: Trade tlebtors Taxation and Social security AJnounts owed by group undert*ings Accrued grant Income Pfepa ments and accrued income 194 170 71 353 31 13 1,024 1.492 35 347 101 206 689 13 1,025 1,402 101 222 415 415 689 37 We The Curious Limited (Registered number 3046496) Notes to the financial statements for the year ended 31 March 2023 12 Creditors Group 2023 Charlty 2023 £'ooo 2022 £'ooo 2022 £'ooo Amount5 falling duo within one year: Trade ¢redilors Taxal￿n and S¢xial securty Other creditors Aecnjals and deferred income 295 170 142 77 435 824 123 49 285 77 348 548 343 742 Deferred income for the Group and Charity relates to annual vTrsi(or memberships and annual car park 5ea50n tickets unexpired at the year end and corporate hire incc¥ne for events and rental income relating to future finanual years. The movements in deferred income included vthhin C￿l￿Ors". amoun15 falling due ￿1hIft one year are anaty5ed below.. Group 2023 £'ooo 186 {1861 ChaAty 2023 £'ooo 107 11071 31 31 2022 £'ooo 256 (256) 186 186 2022 £'ooo 178 11761 107 107 Delerred income al 1 April Amount released from previous period Incomin resources deferred in the ear Deferred income a131 March 13 Commitments under operating leases Land and 8uikdings Group 2023 £'oDo 31 103 Charity 2023 £'ooo 31 103 2022 £'ooo 31 110 25 2022 £'ooo 31 110 25 Within one year Be￿een ￿ and five years After S ars 14 Share Capital The Charty is a company limile¢l by guarantee and Ihgrefore has no share capital. In the event of the Charity being wound up. the liabilrty in respect of the gUa￿tee 15 Iwniled to £1 per mernber of the Charity. The actual number ol fflernbe￿ at 31 March 2023 wa5 4131 March 2022.. 4). 38 We The Curious Limited (Registered number 3046496) Notes to the financial statements for the year ended 31 March 2023 15 Funds At 1 April Incoming Outgoing 2022 Resources resources Gr¢up Transfers At 31 March 2023 £'ooo £,￿0 £'ooo £'DOO £'ooo Restricted Funds: Fixed assets Other reslncled lunds 42.236 20 42,256 1996) 88 41,240 11 41,251 79 79 Unrestrlcted Funds: DeS￿n918dFun￿s Fw reserves Total Funds 3.537 1.500 47.293 (270) 5.114} 6.468 655 16551 3.922 1,500 5.769 5,848 Al 31 Incoming Oul9(Mng 2022 Resources resource$ rooo £'ooo £'ooo 42.2S6 79 11.0841 3.537 (2701 1.500 13.950 47.323 5,304 At 31 March 2023 £'ooo 41.251 3,922 1.500 46.673 CharSty Transfers £'ooo Restricted Funds (as above) Designated Funds Free reserves Total Funds 655 655 4,605 4.684 The restricted funds are those gNen for the purpose of establishing and ren&Ying the srte and eXh￿IllonS Of for Pfoviding specific xl1vit￿5 or programmes. 16 Analysis of group net assets between funds Restricted Oesignaled Funds Funds ReseNes £'o £'ooo £'ooo 25.590 1,W5 15.650 Total A$ at 31 MaT¢h 2023 Tangible Fixed Assets Investment Propety Nel current as$els £'ooo 27,495 1S.650 3.528 2.017 1,500 1.500 Restn"cted Designated Free Funds Fund$ Reserves f.'OOO 26,557 15.650 49 Total AS at 31 March 2022 Tangible Fixed Assets Investment Propety Net current assets £'ooo 1.851 £'LTh)O £'ooo 28,408 15.650 3,235 1,686 4.292 1,5thJ 1,51)0 39 We The Curious Limited (Registered number 3046496) Notes to the financial statements for the year ended 31 March 2023 17 Restrlcted Funds At 1 April Incoming Outgoing 2022 Resources resources £'ooo z'ooo 59 20 79 Al 31 March 2023 £'ooo othor Restricted Funds Transfers £'ooo 59) 291 88 rooo Enovert Community Others 20 20 11 11 Enovert Community: Improvement, protectKJn and maintenance of Millennium Squa Others: These are other restricted furKls where the income recewl is less than £50k. or where the donors sh to remain anonymous. 18 Designated Funds At 1 April Incoming Outgoing 2022 Resources resour￿$ £000 £'ooo £'ooo At 31 March 2023 £'ooo Transfers £'oc Deswnated Funds.. Fixed Asset Fund Capital Repair & Mafftlenance Fund 1,851 1.686 1270} 323 332 1,905 2.017 Total De51 nated Funds 3,537 270 655 3.922 Flxod a$$et fund.. The Trustees have set aside funds to cover the nel book value of tangible fixed assets, excluding those assets already induded wthin reslrtted funds. This is so thal these funds are exdude(I when calculating the genuine free reserves of the charity. Capital repair & maintenance fund: As the Charity has signrftant fLxed assets. these require Major repair and maintenance that QCCUTS at infrequent but regU￿r intervals. To avoid si9nrficanl expenditure demands in a particular year, the Trustees have set up this designated fund lo cover the cost of such capital repair5 and maintenance. and in some ￿se$. caprtal replacement. 40 We The Curious Limited (Registered number 3046496) Notes to the financial statements for the year ended 31 March 2023 19 Reconciliation of changes in resources to net cash inflow from operating activities 2023 £'ooo 16201 2022 rooo 62 Net income l (expenditure) for the year Depreciation Loss on sale on fixed assels Interest receivable lincfeaseydec￿a$e in slc