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2023-03-31-accounts

Contents Pages
Annual report ofthe trustees 1-13
Strategic report 14- 19
Auditors report 20- 23
Consolidated statement offinancial activities (including consolidated income 24--25
and expenditure account)
Consolidated balance sheet 26
Charitable company balance sheet 27
Consolidated statement ofcash flow 28
Notes to the financial statements 29- 58

2023 2022
Restricted Unrestricted Restricted Unrestricted
Income 32,650 6,869,140 186,915 6,448,263
Net movement in funds (1,857,534) 575,788 (1,761,233) 587,123
Total Reserves 26,426,323 10,989,141 28,283,857 10,413,353

Key metrics 2023 2022
Total visitor numbers 177,753 124,796
Skater numbers 35,461 39,319
Science Centre and Education visitors 142,292 85,477

2023 2022
Restricted Unrestricted Total Total
Funds Funds Funds Funds
Note £ £ £ £
INCOME
Income from charitable activities:
Education and Science Centre 2 32,650 898,764 931,414 847,901
Income from other trading activities:
Meetings and Events 426,259 426,259 904,054
Car park income 1,065,247 1,065,247 826,704
Cafes 313,512 313,512 211,148
Gift shop 151,301 151,301 93,738
Ice Rink 373,671 373,671 357,677
32,650 3,228,754 3,261,404 3,241,222
Investment income
Rent receivable 2,571,793 2,571,793 2,364,291
Bank
interest
and		 investment income 80,376 80,376 46,003
receivable
2,652,169 2,652,169 2,410,294
Other income:
Servicecharge receivable 922,350 922,350 844,557
Dilapidations income 65,867 65,867
Furloughand othergrant income 139,105
988,217 988,217 983,662
TOTAL INCOME 32,650 6,869,140 6,901,790 6,635,178
EXPENDITURE
Costs of raising funds:
Meetings and Events 47,617 231,073 278,690 399,620
Car park 730,710 730,710 649,021
Cafes 15,299 332,851 348,150 292,237
Catering management overheads 6,502 120,759 127,261 165,234
Retail operating expenses 69,103 131,362 200,465 166,856
Property and service chargeexpenses 624,084 1,417,313 2,041,397 1,803,749
Ice Rink 272,758 272,758 261,452
4 762,605 3,236,826 3,999,431 3,738,169
2023 2022
Restricted Unrestricted Total Total
Funds Funds Funds Funds
Note £ £ £ £
Expenditureon charitableactivities:
Education and Science Centre 4 1,127,579 2,839,401 3,966,980 4,102,276
TOTAL EXPENDITURE 4 1,890,184 6,076,227 7,966,411 7,840,445
NET (EXPENDITURE)/INCOME FOR THE
YEAR (1,857,534) 792,913 (1,064,621) (1,205,267)
Actuarial re-measurement 25
Net realised investment (loss)/gain
Net unrealised investment (loss)/gain		 12
12		 (11,436)
(205,689)		 (11,436)
(205,689)		 1,095
30,062
NET MOVEMENT IN FUNDS FOR THE
YEAR		 5a,19 (1,857,534) 575,788 (1,281,746) (1,174,110)
Reconciliation of funds
Total funds brought forward 28,283,857 10,413,353 38,697,210 39,871,320
TOTAL FUNDS CARRIED FORWARD 26,426,323 10,989,141 37,415,464 38,697,21O

Note 2023 2022
£ £ £ £
FIXED ASSETS
Tangible assets 11 32,356,247 33,193,768
Investments 12 2,233,823 2,662,468
TOTAL FIXED ASSETS 34,590,070 35,856,236
CURRENT ASSETS
Stock 55,734 42,465
Debtors 13 764,542 937,333
Cash at bank and in hand 5,141,870 4,611,037
TOTAL CURRENT ASSETS 5,962,146 5,590,835
CURRENT LIABILITIES
Creditors falling duewithin oneyear 14 3,115,052 2,749,861
NET CURRENT ASSETS 2,847,094 2,840,974
TOTAL ASSETS LESS CURRENT
LIABILITIES 37,437,164 38,697,210
CREDITORS: Amounts falling due after
morethan one year 15 (21,700)
PROVISIONS FOR LIABILITIES 16
NET ASSETS 37,415,464 38,697,210
THE FUNDS OF THE CHARITY
Restricted incomefunds 19 26,426,323 28,283,857
Unrestricted incomefunds 19 10,989,141 10,413,353
TOTAL CHARITY FUNDS 37,415,464 38,697,210

Note 2023 2022
£ £ £ £
FIXED ASSETS
Tangibleassets 11 3,847,265 3,270,469
Investments 12 2,233,826 2,662,471
TOTAL FIXED ASSETS 6,081,091 5,932,940
CURRENT ASSETS
Debtors 13 332,941 398,176
Cash at bank and in hand 2,949,342 2,669,486
TOTAL CURRENT ASSETS 3,282,283 3,067,662
CURRENT LIABILITIES
Creditors falling duewithin oneyear 14 1,005,149 437,455
NET CURRENT ASSETS 2,277,134 2,630,207
TOTAL ASSETS LESS CURRENT
LIABILITIES 8,358,225 8,563,147
Creditors fallingdue afteroneyear 15
Provisions for liabilities 16
NET ASSETS 8,358,225 8,563,147
THE FUNDS OF THE CHARITY
Restricted funds 1,936,586 2,426,342
Unrestricted funds 19 6,421,639 6,136,805
TOTAL CHARITY FUNDS 8,358,225 8,563,147

Note Group
2023 2022
£ £
CASH GENERATED FROM
OPERATING ACTIVITIES 20 1,477,507 1,269,643
CASH FLOWS FROM
INVESTING ACTIVITIES
Interest income 21 80,376 46,003
Purchase of tangiblefixed assets 21 (1,238,570) (622,940)
Net Purchase of investments 21 211,520 (25,917)
CASH USED IN INVESTING
ACTIVITIES (946,674) (602,854)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds of new borrowings
Repayment of borrowings (1,000,000)
CASH FROM FINANCING ACTIVITIES (1,000,000)
NET INCREASE/(DECREASE) IN
CASH & CASH EQUIVALENTS 530,833 (333,211)
RECONCILIATION OF NET CASHFLOW TO
MOVEMENT IN NET FUNDS
Increase/(decrease) in Cash & cash
equivalents in theyear 22 530,833 (333,211)
Movement infunds intheyear 530,833 (333,211)
Cash & cash equivalents at the
beginning oftheyear 4,611,037 4,944,248
TOTAL CASH & CASH EQUIVALENTS
ATTHEENDOFTHEYEAR 5,141,870 4,611,037

Mechanical 5% straight line
Building used for charitable purposes 2% straight line
Internal fitout of buildings 4% straight line
Fit out ofexhibition 10% straight line
Motor vehicles 20% straight line
Fixtures, fittings and equipment 20% straight line
Computer equipment 33.3% straight line
Exhibits in science centre 33.3% straight line
Roofing 6.66% straight line
ReDiscover exhibition 20% straight line
Design and central costs on ReDiscover 100% straight line
Car Park fitout 4%- 20% straight line

International Centre for Life International Centre for Life
(Property) Limited
2023 2022
Profit and loss account £ £
Administrative expenses (4,544,982) (4,342,534)
Turnover and other operating income 7,250,784 7,039,819
Interest payable (3,859)
Interest receivable 7,175 1,232
Net profit 2,712,977 2,694,658
Taxation 51 (767)
Profitafter taxation 2,713,028 2,693,891

**International ** **International ** Centre for Life Centre for Life
{Property) Limited
2023 2022
Balance sheet £ £
Tangible fixed assets 28,508,983 29,923,299
Current assets 3,140,145 2,656,785
Creditors due within 1 year {2,570,186) (2,446,018)
Creditors due after 1 year {21,700)
Provisions (24,503,321) (25,864,104)
NetAssets 4,553,921 4,269,962
Aggregate capital and reserves 4,553,921 4,269,962
4.
EXPENDITURE
Direct Direct Support 2023 2022
staff Depreciation costs costs Total Total
£ £ £ £ £ £
Cost of raising funds
Meetings and Events 44,921 51,438 100,129 82,202 278,690 399,620
Car park 133,014 102,715 291,035 203,946 730,710 649,022
Cafes 86,727 43,714 157,663 60,046 348,150 292,235
Catering management 75,780 12,838 38,563 80 127,261 165,234
overheads
Retail operating expenses 30,126 69,103 72,217 29,019 200,465 166,856
Servicecharge expenses 458,168 691,726 767,509 123,994 2,041,397 1,803,748
Ice Rink 35,201 166,086 71,471 272,758 261,453
863,937 971,534 1,593,202 570,758 3,999,431 3,738,168
Charitable activities
Education
and
Science
Centre 1,307,032 1,137,641 531,107 991,200 3,966,980 4,102,277
Total 2,170,969 2,109,175 2,124,309 1,561,958 7,966,411 7,840,445

MOVEMENT IN FUNDS FOR THE YEAR
2023 2022
£ £
After charging/(crediting):
Depreciation offixed assets 2,109,174 2,079,032
(Profit)/loss on disposal offixed assets (4,144) 133,312
Loss/(profit) on disposal of investments 11,436 (1,095)
Unrealised loss/(profit) on investments 205,689 (30,062)
Auditors remuneration (for statutory audit
services) - RSM UK Audit LLP 28,500 26,000
Auditors remuneration (for service charge audit
services) - RSM UKTax&Accounting Limited 2,900 2,900
Auditors remuneration (for tax services) - RSM UK
Tax &Accounting Limited 3,300 3,300
Operating lease rentals- equipment 24,300 21,024
After crediting:
Rents receivable under operating leases 2,571,793 2,364,291
Furlough grant income 139,105
2023 2022
£ £
Operating expenses (3,933,938) (4,056,329)
Incomefrom admissions, grants etc 1,443,873 1,472,668
Interest receivable 73,201 45,285
GiftAid received from subsidiary 2,429,069 1,399,241
Realised lossesfrom investments (11,436) 1,095
Unrealised lossesfrom investments (205,689) 30,062
Actuarial remeasurement
(204,920) (1,107,978)
2023 2022
£ £
Wages and salaries 164,202 141,586
Social securitycosts 22,494 18,318
Pension costs 49,272
Benefits 1,821 1,719
188,517 210,895
2023 2022
£ £
Staff costs:
Wages and salaries 2,715,224 2,373,309
Social securitycosts 277,609 206,434
Otherpension costs 93,687 172,302
Redundancycosts 51,698
3,086,520 2,803,743
The average numberofemployees during the yearwas as
follows:
2023 2022
No No
Science communications 27 25
Trading and operations 41 44
Property 24 24
Administration and support 16 16
108 109

2023 2022
£50,000-£60,000 1
£60,000 -£70,000 1
£70,000-£80,000 1 2
£80,000-£90,000 1 1
£90,000 -£100,000 1
£140,000 -£150,000 1
£160,000 -£170,000 1
£170,000 -£180,000 1
TAXATION Group Company Company
2023 2022 2023 2022
£ £ £ £
Corporation tax charge-current year
Deferred Tax charge 767
differences are explained below:
Group Company
2023 2022 2023 2022
£ £ £ £
Profit on ordinary activities of trading 2,712,977 2,694,658
subsidiary beforetax -=
Profit on ordinary activities at the standard
rateof corporation tax in the UKof 19%
(2022: 19%) 515,466 511,985
Effects of:
Expenses not deductible for tax purposes 287,143 135,371
Non-taxable income (258,549) (258,549)
Adjustment to previous years (524,889) (507,535)
Remeasurement of deferred tax 6,054 45,666
Other short term timing differences (25,276) 73,829 -
--
Current tax chargeforthe period (51) 767

Fixtures Assets in the
Land and Plant and and Motor course of
GROUP buildings equipment fittings vehicles construction Total
Cost £ £ £ £ £ £
At 1 April 2022 42,031,618 9,297,413 18,796,911 24,430 36,300 70,186,672
Additions - 163,471 160,872 40,620 911,547 1,276,510
Transfers - 947,847 - - (947,847)
Disposals - (1,204,164) (13,714) (13,620) - (1,231,498)
At 31 March 2023 42,031,618 9,204,567 18,944,069 51,430 - 70,231,684
Depreciation
At 1 April 2022 15,439,192 5,796,863 15,732,420 24,429 - 36,992,904
Charge for the year 751,438 618,416 738,728 592 - 2,109,174
On disposals - (1,199,308) (13,714) (13,620) - (1,226,642)
At 31 March 2023 16,190,630 5,215,971 16,457,434 11,401 - 37,875,436
Net book value:
At 31 March 2023 25,840,988 3,988,596 2,486,634 40,029 - 32,356,247
At 31 March 2022 26,592,426 3,500,550 3,064,491 1 36,300 33,193,768
TANGIBLE FIXED ASSETS
Plant and Fixtures
and		 Motor Assets in the
course of		 I
CHARITABLE COMPANY equipment fittings vehicles construction Total
Cost £ £ £ £ £
At 1 April 2022 8,068,117 218,377 24,430 36,300 3,347,224
Additions 163,471 59,706 - 911,547 1,134,724
Transfers 947,847 - - (947,847)
Disposals (1,204,164) (13,714) (13,620) - (1,231,498)
At 31 March 2023 7,975,271 264,369 10,810 - 8,250,450
Depreciation
At 1 April 2022 4,855,989 196,337 24,429 - 5,076,755
Charge for the year 540,474 12,598 - - 553,072
Disposals (1,199,308) (13,714) (13,620) - (1,226,642)
At 31 March 2023 4,197,155 195,221 10,809 - 4,403,185
Net book value:
At 31 March 2023 3,778,116 69,148 1 - 3,847,265
At 31 March 2022 3,212,128 22,040 1 36,300 3,270,469
Group Company Company
2023 2022 2023 2022
£ £ £ £
AT MARKET VALUE:
UK listed equity investments 240,250 312,732 240,250 312,732
UKfixed and variable interest stocks 378,191 557,61O 378,191 557,61O
UK Investment properties 164,533 170,270 164,533 170,270
Investments in UK unlisted subsidiary
undertakings 3 3
Cash 192,476 181,530 192.476 181,530
Total UK investments 975,450 1,222,142 975,453 1,222,145
Overseas listed equity investments 588,812 757,000 588,812 757,000
Overseasfixed and variable interest
stocks 669,561 683,326 669,561 683,326
Total 2,233,823 2,662,468 2,233,826 2,662,471
Description and
Proportion of share Nature of
Capital business
International Centre for Life (Property) Limited Ordinary 100% Property
(Registered no: 03261320) company
International Centre for Life (Trading) Limited Ordinary 100% Dormant
(Registered no: 03249323)
**International ** Centre for International Centre International Centre
Life (Property) Ltd for Life (Trading) Ltd
Authorised 2023 2022 2023 2022
Equity interests-ordinary shares of£1 1,000 100 100
Allotted, called up and fully paid
Equity interests-ordinary shares of£1 1 1

Group Company Company
2023 2022 2023 2022
£ £ £ £
Movements
At 1 April 2022 2,662,468 2,605,393 2,662,471 2,605,396
Additions 196,282 79,135 196,282 79,135
Disposal proceeds (418,747) (63,801) (418,747) (63,801)
Cash movements 260,945 10,584 260,945 10,584
Transferred out of portfolio (250,000) (250,000)
Net realised (losses)/gains (11,436) 1,095 (11,436) 1,095
Net unrealised investment (losses)/
gains (205,689) 30,062 (205,689) 30,062
Total 2,233,823 2,662,468 2,233,826 2,662,471

DEBTORS
Group Company
2023 2022 2023 2022
£ £ £ £
Debtors due within one year:
Amounts due from group
undertakings 133,612
Trade debtors 205,516 417,132 13,092 6,900
Otherdebtors 9,035 3,212 9,035 3,212
Othertaxes and social security 44,891 22,333 44,891 22,333
Prepayments and accrued income 504,773 494,380 265,923 232,119
Deferred tax (note 16) 327 276
764,542 937,333 332,941 398,176
Debtors due after more than one year:
Total 764,542 937,333 332,941 398,176
within one year: Group Group Company Company
2023 2022 2023 2022
£ £ £ £
Amounts owed to group undertakings 460,282
Finance Lease liabilities 7,239 5 5 5
Trade creditors 583,846 464,374 274,065 189,086
Othertaxes and social security costs 264,052 297,064 42,963 72,784
Accruals and deferred income 1,249,093 1,124,119 215,371 146,401
Other creditors 1,010,822 864,299 12,463 29,179
3,115,052 2,749,861 1,005,149 437,455
Deferred Income Group Company Company
2023 2022 2023 2022
£ £ £ £
As at 1 April 2022 861,246 846,972 25,569 15,708
Released (861,246) (846,972) (25,569) (15,708)
Deferred 913,210 861,246 24,012 25,569
As at 31 March 2023 913,210 861,246 24,012 25,569
Group Company
2023 2022 2023 2022
£ £ £ £
Finance Lease liabilities 21,700
15a BORROWINGS 2023 2022
£ £
Borrowings are repayable by instalments as follows:
In one year or less on demand 7,233
In more than one year but not more than two years 7,233
In more than two years but not more than five years 14,467
In more than five years
28,933

PROVISIONS
Deferred tax
Group Group Company Company
2023 2022 2023 2022
£ £ £ £
As at 1 April 2022 (276) (1,043)
Charged in the year (51) 767
As at 31 March 2023 (327) (276)

2023 2022
£ £
Operating leases which expire:
Less than one year 18,176 24,633
Within 2 to 5 years 12,465 29,440
After 5 years
30,641 54,073

The Group as lessor: The Group as lessor: The Group as lessor:
At the yearend, the Company had contracted with tenants, under non-cancellable
operating leases, forthe following minimum lease payments:
2023 2022
Amounts receivable: £ £
Less than one year 2,368,349 2,304,541
Between one and five years 9,184,276 9,134,774
Afterfive years 11,146,726 12,801,254
22,699,351 24,240,569
18. ANALYSIS OF TOTAL FUNDS - GROUP Unrestricted Restricted 2023 2022
£ £ £ £
Analysis by type of asset and liability
Tangible fixed assets 5,936,294 26,419,953 32,356,247 33,193,768
Investments 2,233,823 - 2,233,823 2,662,468
Net current assets 2,840,724 6,370 2,847,094 2,840,974
Creditors afterone year (21,700) - (21,700)
TOTAL 10,989,141 26,426,323 37,415,464 38,697,210
2022 total 10,413,353 28,283,857 38,697,210
ANALYSIS OF TOTAL FUNDS - TRUST Unrestricted Restricted 2023 2022
£ £ £ £
Analysis by type of asset and liability
Tangible fixed assets 1,917,048 1,930,218 3,847,266 3,270,468
Investments 2,233,826 - 2,233,826 2,662,471
Net current assets 2,270,764 6,370 2,277,134 2,630,208
Creditors afterone year - - - (-)
TOTAL 6,421,638 1,936,588 8,358,226 8,563,147
2022 total 6,136,805 2,426,342 8,563,147 I
Page 46

£ £ £ £ £
2023 2022
Unrestricted reserves - group General Capital Exhibition Total Total
Reserves Renewal Renewal
Reserve
Net income/(expenditure)fortheyear 792,913 - - 792,913 555,966
Actuarial re-measurement
Realised (losses)/gains on investments (11,436) - - (11,436) 1,095
Unrealised (losses)/gains on investments (205,689) - (205,689) 30,062
Transferto/(from) designated reserves (980,000) 230,000 750,000
Expenditurefrom designated reserves 1,396,998 (870,100) (526,898)
Openingfunds 8,815,366 1,259,408 338,579 10,413,353 9,826,230
Closing funds 9,808,152 619,308 561,681 10,989,_141 10,413,353
2023 2022
Unrestricted reserves - company General Capital Exhibition Total Total
Reserves Renewal Renewal
Reserve
Net income/(expenditure)fortheyear {1,927,110) - (1,927,110) (2,137,715)
Giftaid received 2,429,069 - 2,429,069 1,399,241
Actuarial re-measurement
Realised (losses)/gains on investments (11,436) - - (11,436) 1,095
Unrealised gains/(losses) on investments (205,689) - - (205,689) 30,062
Transferto/(from) designated reserves (980,000) 230,000 750,000
xpenditurefrom designated reserves 1,396,998 (870,100) (526,898)
Openingfunds 4,538,818 1,259,408 338,579 6,136,805 6,844,122
Closing funds 5,240,650 619,308 561,681 6,421,639 6,136,805
I
Page 47
Restricted funds - Group - Balance at Incoming Outgoing Balance at
current year 1 April resources Resources 31 March
2022 2023
£ £ £ £
Construction of International
Centre for Life 25,868,446 (1,367,778) 24,500,668
Education programme 278,346 32,650 (139,702) 171,294
Experiment Zone 121,182 (37,754) 83,428
Brain Zone 260,000 (65,000) 195,000
Creative Explorations 1,755,883 (279,950) 1,475,933
28,283,857 32,650 (1,890,184) 26,426,323
Restricted funds - Group - prior Balance at Incoming Outgoing Balance at
year 1 April resources Resources 31 March
2021 2022
£ £ £ £
Construction of International Centre
for Life 27,229,019 (1,360,573) 25,868,446
Education programme 176,952 131,931 (30,537) 278,346
Experiment Zone 158,935 (37,753) 121,182
Brain Zone 325,000 (65,000) 260,000
Creative Explorations 2,155,184 54,984 (454,285) 1,755,883
30,045,090 186,915 (1,948,148) 28,283,857

Restricted funds - Trust - current Balance at Balance at
year 1 April Incoming Outgoing 31 March
2022 resources Resources 2023
£ £ £ £
Construction of International Centre 2,106 2,106
for Life
ExperimentZone 121,182 (37,754) 83,428
Brain Zone 260,000 (65,000) 195,000
CuriosityGallery programming 110,907 110,907
Maker Programming 35,528 35,528
Creative Explorations 1,755,883 (279,950) 1,475,933
Other Programming 140,736 32,650 (139,702) 33,684
2,426,342 32,650 (522,406) 1,936,586
Restricted funds - Trust - prior Balance at Balance at
year 1 April Incoming Outgoing 31 March
2021 resources Resources 2022
£ £ £ £
Construction of International
Centrefor Life 2,106 2,106
ExperimentZone 158,935 (37,753) 121,182
Brain Zone 325,000 (65,000) 260,000
CuriosityGallery programming 110,907 110,907
Maker Programming 43,940 (8,412) 35,528
Creative Explorations 2,155,184 54,984 (454,285) 1,755,883
Other Programming 30,931 131,931 (22,126) 140,736
2,827,003 186,915 (587,576) 2,426,342

Original Grant Grants Grants
Grant at releaseto Balance at received released Balance at
1 April 1 April 1 April in the in the 31 March
Construction of International Centre for Life 2022 2022 2022 year year 2023
£ £ £ £ £ £
International Centre for Life (Property) Limited
TWDC 11,000,000 6,177,701 4,822,299 - 252,376 4,569,923
MC 31,422,188 17,687,923 13,734,265 - 718,787 13,015,478
ERDF 10,500,000 5,921,758 4,578,242 - 239,604 4,338,638
Wellcome 3,299,671 1,838,180 1,461,491 - 76,488 1,385,003
EP/One North East 2,000,000 1,111,523 888,477 - 46,499 841,978
Garfield Weston 130,697 77,182 53,515 - 2,800 50,715
Garfield Weston 269,303 210,660 58,643 - 10,804 47,839
One Inc Units 638,163 378,497 259,666 - 20,420 239,246
MC Canopy 98,890 89,362 9,528 - - 9,528
IHG 7,000 7,000
-
59,365,912 33,499,786 25,866,126 - 1,367,778 24,498,348
19. RECONCILIATION OF MOVEMENTS IN FUNDS (continued)
Original Grant Grants Grants
Grant at release to Balance at received released Balance at
1 April 1 April 1 April in the in the **31 ** March
Construction of International Centre for Life 2022 2022 2022 year year 2023
£ £ £ £ £ £
International Centre for Life Trust
ONE Swann Room 54,232 54,232
Garfield Weston Rediscover 3 500,000 500,000
EP Rediscover 2 300,000 300,000
GKP Rediscover 2 84,000 84,000
MC Rediscover 2 756,528 756,314 214 - - I 214
MC Rediscover 3 1,122,447 1,122,447
GKP Rediscover 3 50,000 50,000
Wellcome Trust Rediscover 2 372,538 370,432 2,106 - - 2,106
IHG Rediscover 3 120,000 120,000
Carbon Neutral Rediscover 3 19,170 19,170
Wellcome Trust Rediscover 3 1,125,000 1,125,000
4,503,915 4,501,595 2,32O - 2,320
TOTAL 63,869,827 38,001,381 25,868,446 1,367,778 24,500,668

ACTIVITIES
Group
2023 2022
£ £
Net movement in funds (1,281,746) (1,174,110)
Depreciation 2,109,174 2,079,032
Loss on disposal offixed assets (4,144) 133,312
(Gain)/loss on valuation of investments 217,125 (31,158)
Taxation (51) 767
Interest receivable (80,376) (46,003)
(lncrease)/decrease in stocks (13,269) 2,436
Decrease in debtors 172,842 35,890
Increase in creditors and provisions 357,952 269,477
1,477,507 1,269,643
21. ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE
CASH FLOW STATEMENT
Group
2023 2022
£ £
Returns on investment and servicing offinance
80,376
Interest received 46,003
Net cash inflowfrom returns on investments and servicing of
finance 80,376 46,003
Capital expenditure and financial investment
Purchase oftangible fixed assets (1,247,576) (633,036)
Sale oftangible fixed assets 9,000 10,096
Net cash outflow from capital expenditure (1,238,570) (622,940)
Purchase of investments (207,227) (89,719)
Sale of investments 418,747 63802
Net cash outflow from investment expenditure 211,520 (25,917)

New
Cash finance
Group 2022 flow leases 2023
£ £ £ £
Cash at bankand in hand 4,611,037 530,833 5,141,870
Obligations underfinance leases (5) (28,933) (28,938)
4,611,032 530,833 (28,933) 5,112,932

CAPITAL COMMITMENTS
Group Company
2023 2022 2023 2022
£ £ £ £
Capital commitments are as
follows:
Contracted for but not provided for:
Authorised but not contracted for: 39,962

2023 2022
% %
Rate of increase in salaries 4.2 4.6
Rate of increasefor pensions in payment 2.7 3.1
Discount rate 4.8 2.8
Inflation assumption (CPI) 2.7 3.1
2023 2022
Years Year
Retiring today
Males 21.6 21.8
Females 24.6 25.0
Retiring in 20 years
Males 22.9 23.5
Females 26.1 26.7
The Trust's share of the assets in the scheme
2023 2022
Fair value Fair value
£,000 £'000
Equities 4,720 5,450
Government Bonds 120 190
Corporate Bonds 1,800 1,800
Multi Asset credit 420
Cash 170 170
Property 970 800
Other assets 1,030 1,150
Total fair value of assets 9,230 9.560
Actual return on scheme assets 10) 730

**Amounts ** recognised in the Statement of Financial Activities
2023 2022
£'000 £'000
Current service cost 30 120
Net interest cost (10)
Past service cost
30 110
**Changes ** in the present value of defined benefit obligations
2023 2022
£'000 £'000
Obligations at 1 April 2022 7,840 8,070
Current Service cost 30 120
Interest cost 210 170
Actuarial (gain)/loss (1,640) (470)
Employee contributions 10 30
Benefits paid (360) (80)
Past service cost
At 31 March 2023
**Changes ** in the fair value of the Trust's share of scheme assets
2023 2022
£'000 £'000
Assets at 1 April 2022 9,560 8,770
Interest income 260 180
Re-measurement gains/(losses) on assets (270) 550
Employercontributions 30 110
Employee contributions 10 30
Benefits paid (360) (80)
At 31 March 2023 9,560
The actuarial movement for2023 is therefore the included as follows: -
Actuarial (gain)/loss (1,640)
Re-measurement gains/(losses) on assets (270)
Movement in asset value (not recognised as per FRS 102 para 28.22) 1,910

Trustee Related party Nature of Income Expenditure Balance
and interest transaction £ £ due as at
31 March
2023
£
Jane Dean of
Robinson Engagement
and Place, Rent and 2,327,805 5,078
Newcastle service (2022: (2022:
University charges 2,228,675) 20,536)
Joris Director of
Veltman Institute of
Genetic
Medicine,
Newcastle
University
Linda Chair of Membership 3,651 -
Conlon Association of fees (2022: 2,931) -
Science- Conference - (2022: 2,091)
Technology fees
Centres
(ASTC) to
October 2022