## **NORTH WALES SCIENCE (A company limited by guarantee)**
**REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 July 2020**
**Charity No: 1102959 Company No: 04657911**
## **North Wales Science**
## **Contents:**
|Trustees, directors, officers and advisers|1|
|---|---|
|Report of the Trustees|2 - 4|
|Independent auditor's report to the members of North Wales Science Limited|5 - 6|
|Statement of Trustees' responsibilities|7|
|Statement of financial activities|8|
|Balance Sheet|9|
|Notes to the financial statements|10 - 16|
## **North Wales Science**
## **Trustees, directors, officers and advisors**
The directors of the charitable company for the purpose of charitable law are its trustees and throughout this report are collectively referred to as the Trustees.
The trustees who were in office during the year and up to the date of signing the financial statements were:
Mrs Lynda Powell (Chair) Mr Askar Sheibani Mrs Emily Merrison Mrs Leah Maltby Mr Terry Evans Mr Jasbir Singh Dhesi Dr Neil Pickles (Appointed 16 March 2020)
## **Secretary**
Mr David Elcock
## **Principal and Registered Office**
Plas Coch Campus Mold Road Wrexham LL11 2AW
## **Independent Auditor**
KPMG UK LLP Chartered Accountants 1 Sovereign Square Leeds LS1 4DA
## **Bankers**
Barclays Bank plc Bolton Wellsprings Leicester LE87 2BB
1
## **North Wales Science**
## **Report of the Trustees for the year ended 31 July 2020**
The Trustees, who are also directors of the company for the Purpose of the Companies Act, present their annual report and the audited financial statements for the year ended 31st July 2020. The information with respect to trustees, directors, officers and advisors set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association, applicable Accounting Standards in the United Kingdom and the Statement of Recommended Practice (SORP) “Charities SORP (FRS102)” issued in 2015, the Companies Act 2006 and the Charities Act 2011.
The Trustees have had regard to Charity Commission guidance on public benefit in section 17 of the Charities Act 2011. The Trustees consider that public benefit is achieved through the charity's objectives and activities, on which further detail is provided on page 3.
The constitutional provisions for appointing trustees are set out in the company’s Articles of Association. The University Governing Body, as the parent company, has the power to put forward an independent member of their governing body for consideration and approval by the board. Trustees periodically consider the composition of the Board of Directors and have the power to seek and invite new trustees to join the Board. Trustees thus appointed are then subject to the constitutional provisions relating to retirement and re-election of Directors.
The Company Secretary maintains an “Information for Directors” file which is issued to all trustees. This includes information about the company and its objectives and operations, and about the responsibilities of company directors and charity trustees. Each new trustee is personally briefed by the Chair of the company’s Board.
The company’s Board of Directors (the board of trustees) is responsible for the strategic management of the company and its compliance with statutory obligations. A Management Group is responsible for the day-to-day running of the science discovery centre which the company operates. The Management group comprises of the Centre's Operations Manager, Education Manager and other senior staff. A report on that group’s work is presented to each meeting of the Board by the Operations Manager and Education Manager.
The company co-operates with Glyndŵr University (which provides premises for a science discovery centre and some administrative services) and Techniquest (which provides science exhibits and educational programmes). The terms and conditions governing that co-operation are set out in formal agreements between the parties, which are reviewed periodically.
Whilst there is no intention to make and accumulate reserves, the charity is financed on a defrayed expenditure basis, when reserves are made from trading activities they are carried forward and used to purchase revenue items and equipment to further the charities aims.
The policy for holding reserves requires a minimum of three months working capital balances to be held in order to provide financial cover for any funding gap that may occur between the end of the funding year, March and the end of employment contracts, June, in any one year.
## **Status and administration**
The charity is a charitable company limited by guarantee, incorporated on 5th February 2003 (04657911) and registered with the Charity Commissioners as a charity on 31st March 2004 (1102959).
## **Accounting Period**
The period of this report is 1st August 2019 to 31st July 2020.
2
## **North Wales Science**
## **Report of the Trustees for the year ended 31 July 2019 (Continued)**
## **Objectives and Activities**
The company’s objectives are:
1. To promote the advancement of education and learning to all that may benefit, of science and technology and in particular (without limiting the generality of the foregoing) to do so by maintaining and carrying on an exhibition to explore various scientific concepts and to encourage an awareness amongst the public of the significance of science and technology in society;
2. To promote public understanding of science and technology through the delivery of educational programmes, science festivals and other such activities as the Company may deem necessary.
The company’s principal business activity is the operation of the science discovery centre Techniquest Glyndŵr/Xplore!. Its aims are to:
- generate interest, enjoyment, curiosity and excitement in and about science and technology;
- make more people more comfortable in engaging with science;
- stimulate people to study science and related subjects;
- make people aware of the contribution of science to social and economic developments;
- foster debate about science issues;
- encourage the application of science in the economy.
The company’s objectives in the year ended 31st July 2020 have been to:
- Deliver a major relocation and rebranding programme for the science centre; relocating from the Wrexham Glyndwr University campus to Wrexham town centre and rebranding from Techniquest Glyndwr to Xplore!.
- Maintain, in collaboration with Wrexham Glyndŵr University, the premises, exhibits and other equipment and staffing complement necessary to operate the exhibition and education programmes,
- Ensure the continuation of grant funding from the Welsh Government and other external bodies to underpin financial viability.
The company’s strategy for achieving its objectives has been based on:
- Market segmentation enabling focused promotional campaigns in respect of recreational and educational visitors; - Particular attention to feedback from visitors and educational organisations to enable provision to meet needs and expectations;
- The development of meaningful links with organisations in the public, private and voluntary sectors;
- A pricing policy sensitive to market demand;
- A flexible staffing structure matching provision with demand. The costs of the company’s operations are met by admission charges, sponsorship and grant aid. The company does not invest funds.
## **Financial Review**
Net outgoing resources of £(14,426) (2018/19 outgoing resources: £(80,878)) has been recorded for the year of operation. Income and expenditure has been monitored closely throughout the year. Activity during the year has been lower than planned due to the Covid-19 pandemic in addition to the relocating of the science discovery centre along with a reduction in core grants received. Good cost control and access to Covid-19 support funds have been effective during the year to reduce net outgoings. The new science discovery centre opened in October 2020 which will allow North Wales Science to deliver future growth in services and activity.
During 2018/19 funding applications were successfully submitted to finance the relocation of the science discovery centre. These included an application for £1,750,000 to the Inspiring Science Fund (funded by Wellcome and UKRI) and an application for £750,000 to the Targeted Regeneration Investment Programme (funded by Welsh Government) which were both awarded in June/July 2019. The capital element of these projects is complete with the opening of the new science discovery centre in October 2020.
Reserves policy - it had been noted that the company did not have a formal target for financial reserves. It was agreed that it would be prudent to set a target to work towards, to mitigate risk associated with any loss of significant funding sources. Trustees agreed that the company should aim in the longer term to generate and sustain a reserve equivalent to three months normal expenditure which is £175,000 for 2020.
The parent organisation has committed to provide financial support to the company to enable it to continue to trade and meet its liabilities as they fall due for a period of not less than twelve months from the date that the financial statements are signed. Taking this support and the future prospects of the company into account, the Trustees consider it appropriate to prepare these financial statements on a going concern basis. The Trustees have considered the ability of the parent company to provide financial support if required.
3
**North Wales Science**
**Report of the Trustees for the year ended 31 July 2020 (Continued)**
## **Achievements and Performance**
A total of 16,206 visitors (2018/19 : 28,757) were recorded in the year to 31st July 2020, including 4,267 attending in school groups. These figures represent visitor numbers to the centre itself.
In addition to visits to the centre, 26,390 visitors (2018/19 : 37,080) took part in Techniquest Glyndŵr's outreach programme.
Annual engagement figures have achieved 42,596 against 65,837 achieved in 2018/19.
School groups from Foundation Phase to Key Stage 4 have benefited from the provision of a programme of 64 different shows, workshops and activities during the year. University tours and STEM careers days are also facilitated for interested groups of students.
Leisure visitors were offered a range of 6 different shows in addition to the periodically updated interactive exhibition. Exhibitions, shows and demonstrations on specific scientific topics were provided at special events hosted both on site and at a variety of external venues, including 14 specialist days or clubs.
## **Plans for future periods**
It is the Charity's intention to continue to use its funds in broadly the same manner with the objective of increasing its market penetration and development to increase visitor numbers. Budget and targets have been drawn in line with the operation of the centre and close monitoring of expenditure will deliver the centre within budget over the next financial year.
During the year a major capital project has been launched, relocating the science discovery centre into a larger venue which will increase visitor numbers and revenues. The science centre has been closed since 20th March 2020 and will reopen in the next financial year.
The new science centre in the heart of Wrexham will act as a catalyst for regeneration, instilling community engagement and wider social change. An enhanced programme of outreach activites, co-created by the very audiences it aims to engage, has reached out to historically hard-to-reach communities in space familiar to them and begun to break down barriers to STEM (Science,Technology,Engineering and Maths) engagement for these groups.
This project has created, and will continue to create, an exciting STEM experience at the ‘Heart of the Community’ of North Wales and North-West England, by bringing positive socio-economic change to people and their communities,through innovative, solutionfocused, co-created STEM engagement.
## **Auditors and disclosure of information to auditors**
So far as the trustees are aware, there is no relevant audit information (that is, information needed by the company auditor in connection with preparing their report) of which the company's auditors are unaware; and they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish the company's auditors are aware of that information.
KPMG UK LLP is eligible to act, and has been appointed as auditor by the company.
## **Risk management**
The Corporate Trustee is responsible for:
· Keeping complete and up to date accounting records which disclose with reasonable accuracy at any time the financial position of the funds held on trust, to enable it to ensure that the accounts comply with the requirements in the Charities Act 2011
- Establishing and monitoring a system of internal control
- Establishing arrangements for the prevention and detection of fraud and corruption.
Internal risks are minimised by the implementation of procedures and systems, which are designed to provide assurance against misstatement or loss and are reviewed periodically. They include:
- Delegation of authority and segregation of duties,
- Authorisation of all transactions and projects,
- Identification and management of risks
## **Principal Risks :**
- Fall in direct funding from Welsh Assembly Government
- Reduction in funding to main clients leading to reduction in fee income
The Charity has a risk register which is regularly reviewed, the latest review being July 2020
Mrs Lynda Powell 29/9/21
4
## **North Wales Science**
## **Independent auditor’s report to the members of North Wales Science Limited**
## **Opinion**
We have audited the financial statements of North Wales Science Limited (“the charitable company”) for the year ended 31 July 2020 which comprise the Statement of Financial Activities, the Balance Sheet and related notes, including the accounting policies in note 1.
## In our opinion the financial statements:
· give a true and fair view of the state of the charitable company’s affairs as at 31 July 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
· have been properly prepared in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the charitable company in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.
## **Going concern**
The trustees have prepared the financial statements on the going concern basis as they do not intend to liquidate the charitable company or to cease its operations, and as they have concluded that the charitable company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).
We are required to report to you if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least a year from the date of approval of the financial statements. In our evaluation of the trustees’ conclusions, we considered the inherent risks to the charitable company’s business model and analysed how those risks might affect the charitable company’s financial resources or ability to continue operations over the going concern period. We have nothing to report in these respects.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the charitable company will continue in operation.
## **Other information**
The trustees are responsible for the other information, which comprises the Report of the Trustees. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:
- we have not identified material misstatements in the other information;
- in our opinion the information given in the Report of the Trustees, which constitutes the directors’ report for the
- financial year, is consistent with the financial statements; and
- in our opinion that report has been prepared in accordance with the Companies Act 2006.
5
## **North Wales Science**
## **Independent auditor’s report to the members of North Wales Science Limited (Continued)**
## **Matters on which we are required to report by exception**
Under the Companies Act 2006 we are required to report to you if, in our opinion:
- the charitable company has not kept adequate accounting records or returns adequate for our audit have not been received from
- branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
We have nothing to report in these respects.
## **Trustees’ responsibilities**
As explained more fully in their statement set out on page 7, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
A fuller description of our responsibilities is provided on the FRC’s website at **www.frc.org.uk/auditorsresponsibilities.**
## **The purpose of our audit work and to whom we owe our responsibilities**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members as a body, for our audit work, for this report, or for the opinions we have formed.
Clare Partridge (Senior Statutory Auditor)
for and on behalf of KPMG UK LLP, Statutory Auditor Chartered Accountants 1 Sovereign Square Leeds LS1 4DA
Date : 29 September 2021
6
## **North Wales Science**
## **Statement of Trustees' responsibilities in respect of the trustees’ annual report and the financial statements**
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under that law they have are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the excess of expenditure over income for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently
- make judgements and estimates that are reasonable and prudent;
- assess the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
• use the going concern basis of accounting unless they either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
7
## **North Wales Science**
## **Statement of Financial Activities for the year ended 31 July 2020**
**----- Start of picture text -----**
Total Funds for the Total Funds for the Total Funds for
year ended 31 July year ended 31 July Unrestricted the year ended
Unrestricted funds £ 2020 Unrestricted funds £ 2019 funds £ 31 July 2019
Income from :
Other trading activities 2 18,396 18,396 34,401 34,401 38,201 38,201
Donations 3 194,708 194,708 - -
Other income 3 106,657 106,657 120,257 120,257 120,423 120,423
Charitable activities:
Grants receiveable 3 237,959 237,959 270,654 270,654 302,918 302,918
Provision of on-site educational services 3 176,568 176,568 118,407 118,407 138,994 138,994
Provision of off-site educational services 3 56,652 56,652 70,376 70,376 61,220 61,220
Total 790,940 790,940 614,094 614,094 661,757 661,757
Expenditure on:
Raising funds 4 13,809 13,809 16,705 16,705 19,420 19,420
Charitable activities:
Provision of on-site educational services 5 191,782 191,782 117,990 117,990 127,937 127,937
Provision of off-site educational services 5 55,359 55,359 68,582 68,582 59,766 59,766
Core Support 5 540,477 540,477 489,934 489,934 477,102 477,102
Total Charitable activities 787,618 787,618 676,507 676,507 664,805 664,805
Total 801,427 801,427 693,212 693,212 684,225 684,225
Loss on disposal of fixed assets 3,937 3,937 1,760 1,760 - -
Net (expenditure)/income (14,426) (14,426) (80,878) (80,878) (22,467) (22,467)
Transfer between funds
Net movement in funds (14,426) (14,426) (80,878) (80,878) (22,467) (22,467)
Reconciliation of funds:
Total funds brought forward (37,138) (37,138) 43,740 43,740 66,207 66,207
Total funds carried forward (51,564) (51,564) (37,138) (37,138) 43,740 43,740
**----- End of picture text -----**
The statement incorporates the Income and Expenditure account.
All recognised gains and losses have been included in the Statement of Financial Activities and the amounts included are derived from the continuing activities of North Wales Science.
8
## **North Wales Science**
**----- Start of picture text -----**
Statement of Financial Position as at 31 July 2020 2020 2019
Note £ £
Fixed Assets 8 2,385,011 520,619
Current assets
Stocks and work in progress 9 6,448 9,495
Debtors 10 403,632 645,162
Cash at bank and in hand 67,184 6,329
477,264 660,986
Creditors: amounts falling due within one year 11 (930,399) (737,590)
Net current liabilities (453,135) (76,604)
Creditors: amounts falling due after more than one year 12 (1,983,440) (481,153)
Total net liabilities (51,564) (37,138)
The funds of the charity
Opening unrestricted income funds (37,138) 43,740
Unrestricted income funds 13 (14,426) (80,878)
Total charity funds (51,564) (37,138)
Company Number : 04657911 1,972,356 0
2,023,920
**----- End of picture text -----**
The financial statements on pages 8 to 16 were approved by the board of directors on
and are signed on its behalf by :
Mrs Lynda Powell 29/9/21
Mr Jasbir Dhesi 29/9/21
9
## **North Wales Science**
## **Notes to the financial statements for the year ended 31 July 2020**
## **1 Principal accounting policies**
## **Basis of preparation**
The financial statements are prepared in accordance with the historical cost convention.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014 and have been prepared on a going concern basis in accordance with the Companies Act 2006.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A small entities, on the grounds of the company qualifying as a small company under the provisions of the Companies Act 2006. There were no material departures from that standard, and the company has applied relevant disclosure exemptions, including exemption from the requirement to prepare a cash flow statement, related party transactions and key management personnel.
Notwithstanding total net liabilities of £51,564 as at 31 July 2020 and net expenditure for the year then ended of £14,426, the financial statements have been prepared on a going concern basis which the Trustees consider to be appropriate for the following reasons.
The Trustees have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the company will have sufficient funds, through funding from its ultimate parent, Wrexham Glyndwr University, to meet its liabilities as they fall due for that period.
Those forecasts are dependent on Wrexham Glyndwr University not seeking repayment of the amounts currently due to the group, which at 31 July 2020 amounted to £754,022, and providing additional financial support during that period. Wrexham Glyndwr University has indicated its intention to continue to make available such funds as are needed by the charitable company and that it does not intend to seek repayment of the amounts due at the balance sheet date, for the period covered by the forecasts. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.
Consequently, the Trustees are confident that the charitable company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and consequently have prepared the financial statements on a going concern basis.
The Corporate Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. There are no material uncertainties affecting the current year's accounts.
Glyndwr University is the parent company of the smallest and largest group of undertakings to consolidate these financial statements at 31 July 2020. The financial statements for Glyndwr University are available for scrutiny at Mold Road, Wrexham, LL11 2AW.
## **Donations, legacies and gifts in kind**
Wherever possible, gifts in kind are valued at a reasonable estimate of their value to the charity.
## **Fees and similar income**
Voluntary income including donations, gifts and grants that provide core funding or are of a general nature are recognised when there is entitlement, certainty of receipt and they can be measured sufficiently reliably.
Income from trading activities and entrance fees is recognised as earned (as the related goods and services are provided).
## **Revenue grants receivable**
Grants receivable are credited to the statement of financial activities in the year in which they are receivable once relevant conditions of project delivery have been met.
Grants receivable from the Welsh Assembly Government relate to the delivery of activates for primary school age learners, the support engagement of secondary school pupils and increase levels of 'scientific literacy', provision of support and CPD for teachers, promotion of gender equality and encourage girls in the uptake of STEM subjects and targeting of disadvantaged groups.
10
**North Wales Science**
## **Notes to the financial statements for the year ended 31 July 2020 (continued)**
## **Resources expended**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. **Support costs** Support costs comprise the costs of maintenance and the cost of employment of all support staff. **Management and administration costs** Management and administration costs include expenditure on administration of the charitable company and compliance with constitutional and statutory requirements, and an appropriate apportionment of indirect costs, together with the cost of employment of all administration and operational staff. **Governance costs** Governance costs include direct expenditure on external audit services relating to the company's statutory requirements. **Pension costs** The company offers employees' membership of a group stakeholder pension policy administered by Standard Life. **Fixed Assets** The cost of tangible fixed assets included in the balance sheet is depreciated on a straight line basis over its remaining useful economic life to the company as follows: Where parts of a fixed asset have different useful lives, they are accounted for as separate items of fixed assets. Buildings 50 Years Equipment 5 Years Where assets are acquired with the aid of specific government grants they are capitalised and depreciated as above. The related grants are credited to a deferred capital grant account and are released to the income and expenditure account over the expected useful economic life of the related asset on a basis consistent with the depreciation policy. Fixtures, fittings and equipment costing less than £10,000 per individual item or group of related items is written off to the income and expenditure account in the period of acquisition. All other fixtures, fittings and equipment is capitalised at cost. **Stock** Stock is stated at the lower of their cost and net realisable value. **Cash and cash equivalents** Cash flows comprise increases or decreases in cash. Cash includes cash in hand, cash at bank and deposits repayable on demand. Deposits are repayable on demand if they are in practice available within 24 hours without penalty. No other investments, however liquid, are included as cash.
Liquid resources comprise sums on short-term deposit with recognised banks. They exclude any such assets held as endowment assets.
## **Financial instruments**
The Charity holds only basic financial instruments (trade debtors/creditors, cash etc) and does not recognise any embedded derivatives. The Charity has no loans in place and recognises no other financial instruments which may include embedded derivative. It also holds no forward foreign currency contracts.
## **Key estimates and uncertainties**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Any directly associated deferred capital grant will also be reassessed in line with the asset review.
## **Recognition of liabilities**
Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events.
## **Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the directors in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
11
## **North Wales Science**
## **Notes to the financial statements for the year ended 31 July 2020 (continued)**
## **2 Other trading activities**
**----- Start of picture text -----**
Unrestricted
funds 2020 2019
£ £
Shop and café 15,332 15,332 28,342
Product sale and hire 3,064 3,064 6,059
18,396 18,396 34,401
3 Other Income
Unrestricted
funds 2020 2019
£ £
Job Retention Scheme Grant 71,027 71,027 -
Other 35,630 35,630 120,257
106,657 106,657 120,257
Charitable activities
a) Income donations and legacies
Unrestricted
funds 2020 2019
£ £
Donations 194,708 194,708 -
Core funding 237,959 237,959 270,654
**----- End of picture text -----**
Donations includes donated services from Glyndwr University of £194,179 during the year. These are in respect of building rent £100k and other support costs of £94k (estates costs, management, support and facilities) during the year. The costs are based on reasoned estimates of the support provided.
## **b) Income from other charitable activities**
|**2020**
**£**
Unrestricted
**Provision of on-site educational services:**
Inreach Education
15,389
161,179
**176,568**
**Provision of off-site educational services:**
Outreach Education
30,511
Outreach Public
26,140
**56,652**
**Total unrestricted**
**233,220**
**Total**
**233,220**
Inreach Public|**2019**
**£**
45,232
73,175
**118,407**
56,021
14,355
**70,376**
**188,783**
**188,783**|
|---|---|
12
## **North Wales Science**
**Notes to the financial statements for the year ended 31 July 2020 (continued)**
**----- Start of picture text -----**
4 Cost of raising funds
Shop and
café 2020 2019
£ £ £
Materials 13,809 13,809 16,705
5 Expenditure on charitable activities
Support and
governance
Staff costs costs 2020 2019
£ £ £ £
Unrestricted:
Provision of on-site educational services
InReach - Public 130,894 35,123 166,017 65,778
InReach - Education 25,186 580 25,765 52,213
Provision of off-site educational services
OutReach - Public 18,883 4,175 23,058 17,709
OutReach - Education 22,329 9,972 32,301 50,873
Core Support 264,751 275,727 540,477 489,934
Total unrestricted 462,042 325,576 787,618 676,507
462057.03 343323.5
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Core support costs includes donated services from Glyndwr University of £194,179 during the year. These are in respect of building rent £100k and other support costs of £94k (estates costs, management, support and facilities) during the year. The costs are based on reasoned estimates of the support provided.
## **Support and governance costs**
|**2020**
**£**
Office costs
311,966
Exhibition costs
-
External Audit
7,000
Professional & consultancy costs
6,610
**325,576**|**2019**
**£**
302,293
-
3,911
2,132
**308,336**|
|---|---|
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## **North Wales Science**
## **Notes to the financial statements for the year ended 31 July 2020 (continued)**
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6 Employee information 2020 2019
The average monthly number of persons employed by the charity during the year was:
Operational 11 8
2020 2019
£ £
Staff costs
Wages and salaries 435,143 348,041
Social security costs 20,815 16,012
Other pension costs 6,098 4,118
462,056 368,171
- -
Restructuring costs
462,056 368,171
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No one employee received remuneration greater than £60,000 in the year.
## **Directors /Trustees remuneration**
No directors/trustees received any remuneration or reimbursement of expenses during the year in relation to their qualifying services to the company.
## **7 Taxation**
The charity is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity's primary objectives if these profits and surpluses are applied solely for charitable purposes.
The charity is registered for VAT and accordingly, all their expenditure is recorded exclusive of any recoverable VAT.
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## **North Wales Science**
## **Notes to the financial statements for the year ended 31 July 2020 (continued)**
## **8 Fixed Assets**
**----- Start of picture text -----**
Assets in the Equipment Total
Course of
Construction
£ £
Cost
At 01 August 2019 490,972 74,100 565,072
-
Additions for the year 1,881,996 1,881,996
-
Disposals (13,900) (13,900)
At 31 July 2020 2,372,968 60,200 2,433,168
Accumulated Depreciation
-
At 01 August 2019 (44,453) (44,453)
-
Charge for the year (12,043) (12,043)
-
Disposals 8,340 8,340
-
At 31 July 2020 (48,157) (48,157)
Net book value
At 31 July 2020 2,372,968 12,043 2,385,011
At 01 August 2019 490,972 29,647 520,619
9 Stocks and work in progress 2020 2019
£ £
Goods for resale 6,448 9,495
The value of stock is not materially different to it's replacement cost.
10 Debtors 2020 2019
£ £
Trade debtors 3,070 58,492
Bad debt provision (395) (41)
Other debtors 400,790 585,637
Prepayments and accrued income 167 1,074
403,632 645,162
11 Creditors: amounts falling due within one year 2020 2019
£ £
Trade creditors 11,885 29,769
Taxation and social security costs 5,135 6,471
Amount owed to parent company 754,022 650,203
Accruals and deferred income 117,982 40,431
Holiday pay accrual 897 897
Deferred Capital Grants 40,478 9,819
930,399 737,590
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## **North Wales Science**
## **Notes to the financial statements for the year ended 31 July 2020 (continued)**
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12 Creditors: amounts falling due after more than one year 2020 2019
£
Deferred Capital Grants 1,983,440 481,153
1,983,440 481,153
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The deferred capital grants relates to the Inspiring Science Fund project grant which is funded by Wellcome Trust / UK Research and Innovation (UKRI) and Welsh Government. This will be released in line with the useful economic lifespan of the building asset once complete.
|**13 Funds**
**Incoming**
**resources**
**Resources**
**expended**
**Deficit**
**2020**
**2020**
**2020**
**£**
**£**
**£**
**Unrestricted income funds**
790,940
(805,364)
(14,425)
**Total surplus/(deficit)**
790,940
(805,364)
(14,425)|**Deficit**
**2019**
**£**
(80,878)
(80,878)|
|---|---|
## **14 Capital**
The charity is governed by its own appointed Trustees/Directors. It is limited by the guarantee of Glyndŵr University and is a member of the Glyndŵr University group.
The total amount guaranteed as at 31st July 2020 was £2.
The financial statements of the Glyndŵr University are available for scrutiny at Mold Road, Wrexham, LL11 2AW.
## **15 Related party transactions**
North Wales Science Limited is a wholly owned subsidiary of Glyndwr University which is the ultimate controlling party. North Wales Science Limited has taken advantage of the exemption conferred by Financial Reporting Standard 102 not to disclose any related party transactions or balances with its parent, as its financial statements are consolidated into those of the parent company. Glyndwr University is the parent company of the smallest and largest group of undertakings to consolidate these financial statements at 31 July 2020. The financial statements for Glyndwr University are available for scrutiny at Mold Road, Wrexham, LL11 2AW.
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