R•gl•t•r•d numb•r 05225211 (england and Walm) Charlty Number. 1106618 STC Research Foundation (Company Limited by Guarantee) Trustees. Report and Flnanclal Statements for the year ended 31 December 2024 STC Research Foundation Contents Pag• Charlty Inlormation..........---..........:................. Trustees. Report.... Independent Audltor's Report.............. ...... Consolldated Statement ol Flnancbal Actlvltles........... -.-...-...... .10 Consolidated Balance Sheet......... ... . Chorlty Balan￿ Sheet.........~.-......................... ...... . .12 Consolidated Statement of Cash Rows.,.................................... ... .13 Notts to the Flnanclal Ststements.... .14 STC Research Foundation Ch•rlty Inforniatlon Truste•g N D Bartle P R Branfbeld M M Evan5 Dr D George Company r•gl•tsrnd numb•r 05225211 (Englènd and Wales) Ch•rlty rngl•tered nufflber 1106618 R•91sterad offlc• Stockbrldge House Cawood Selby Y08 3TZ J K Langdale Audltor A2ets Audit Ser¥lw Umlted 12 Klng Street, B•nker% Virytn Monev 46 Coney Street York YOI 9NQ Sollcitors Swinebume Maddtson LLP Venture House Aykley Heads Business Centre Durharn DHI 5TS STC Research Foundation Tru5tves' Report for the year ended 3 1 December 2024 The Trustees prL•sent thelr annual rvport together wrth the ￿￿lted finanoal ￿aternents of STC Research Foundation anfl Stockbndae Technology ￿rnited for the year er￿et) 31 December 2024. The annual report serves the purposes of bofh a Tru5tee5' report and a dlrertors. ￿POrt under company law. I he T ru5tets cortrirm inar rne Annual reporr and nnancial srnremcnt5 OT rhe cliarTratsle gmup comply with the current statutory requlrements, the requlrements of the chanty's governing documcnt and the provi51on5 01 the Statement of Recornmendation Praciice (SORP) applicable to charities p￿ paring thelr ac£ounts In acconlance wlth Ihe Finanoal Reportsng Siandarfl appllcable to UK and the Republlc ol Ireland (FRS 102) (ellectlve l January 2019). Reference and admlnlstr•tlve detslls The chanty Informatlon on pJge I forn)s part ol this Tru5tees' reporL ObJ•dlvu and Actlvltles The cofflpany Is a Chaflty and eai5ts to promote •grnrwn prnctlces thr()Ugh promotson af reseorch. provlslon of lectures and publlshlng related Infomiatlon. The company took over, on l DKember 2004. the operauons that were prevlously camed out by the UK Trust for Advancement of Agrarian Practlces. We carry out tnals to test efficlency ol agronomic practlces anfl regort these to our funders. The outcomes ol publldy lunded projects are reported to them and together we comrnunicate the results to growers for thern to Use In their buslness. 5imllarly. with pnvately lunded trlals but these are more regularty demonstrated to lam￿r5 and 9rowers Invlted to the gle to d&scuss the technolog¥ In sltu. knother objective of our work is to transler technlcal I sclentific knowledge. often artslng In Unlversities uslno Research Council funds. lo farmer5 and grDwers lo ImDrove the eifioency and envlronmental pert0rrnan￿ ol thelr business. The 5atislartlon ol these farrner5 and growers determlne the contlnuatson arld fvndlng of future projects and sustainabllity of our Chantable alms, Our work Is assessed by our tunder5 on an ongolng basls. Wlth publlc funds, thls Is vla an ongolng and final written report delivery agasnst the critenon set. Our pnvate fundefs rneasure success by the quality of prrsentations f•¥e make at dernonstration5 dlrectly to th￿r cu5tomer5 (farn￿r5 and growers). Our fleld trial demonstration plots cover many arable crops. We carry out specffic agrlon on %naller but more detailed trlals on field vegetables. Sugar beet and a rnnge ol soft fruit. Under protertion (glasshouses and dosed LED laolity) we grow tomatoes. peppers, cucumbers and a range of herbs and flower5. Th15 wide range of crops allows a broad educational and technology transfer audlence to achieve our objectives acr¢SS a muftl croppin9 Industry. Publlc ben•fit The Charlty's aims and achlevements are set out within th15 report. The artivltlcs set out in the Trustees. report have been undcrtaken to lurther the Charlty's charltable purpose for the publlc benefit. The Trustees have complied wlth the duty under Section 4 of the Chanties Act 2006 to have due re9ard to public benefit gUIdan￿ publlshed by the Chanty Commisslon and the Trnst@@s have pald due reqana to thls guidance In deodiNJ frf•hat artivltle5 the Chanty shoLbld undertake. STC Research Foundation Trustees. Report for the year ended 31 December 2024 (contlnued) per*od ￿ contlnued eneryy and general Input cost Innatlon. Thls has had a major effect on all artivltses at Stockbridge. UUK Llbe gryansabon has coped and Incorne malntained. School vislts and attivltses In the outdoor dassrDom were on hold durlng 2022, ljut we were able to succe551ully restart ihem on a Ilmlted ba* In 2023. The Site contlnues to be busv, Out on the fami broad acre trla15 of ne* vartth'es have conunued along with Invesugatlon to test and trtal tomorrow s crop protertion products. Our work together wlth UK Agn-Tech Centre (prev¥￿SIV known a5 CHAP) continues to Increase. We have a UK A91-Tech Centre employee based at tho STC slte and current projects use the -vertical Farm- and "Advanced Gla55hwse- fadlity wlth other projects In src glasshws Tn the glass work has ranged from seed production, through to lovestlgatsng pharniaceutlcal use as before. The range of crop5 and envlronments qrown has been dlver5e. Tnals on growlng medla have Increased a5 companles strtve to develop peat ffree growing media to meet government taryet of zero peat products. The team has comrnunlcated cifecttvely wlth cllents negotiatlng cost IncrEaSes In Ilne wlth Inflated Inwt costs. Thls has erwbled the contlnued growing of crop5 1 tnals to the site's capaclty. GoOn9 ci>nc•rn After rnaklng approprtate enqulrle5, the Trustee5 have a reasonable expertatlon that the Charfty has dequate resources to continue In operational existence for the foreseeable future. For this ￿350￿, they contlnue to adopt the going concern bags In prepanng the financlal statement5. Further details r2gardln9 the adoptlDn of the golng concern basis can be lound in the acrtyjntsng pollcles. The group currently ha5 unrestrlcted re5orve5 of £4,142.800 (2023 - £3,725, 189). However, substantlal proportion of these nyrves are tled up In fixed asset5, whlch means that the free rE5er¥e5 avallable for unrestricted use Is £871.861. This equates to approxlmatelv 156 day5 operaun9 costs. The Trustees COns￿er 100 days or E500.000 In reserve to be sufficient and excess to thls was used to pav down long term loans In 2024. policy sh￿Id provide the group with the ability to undertake unlunded research Projects and meet any tlmlno delays ari51ng through either current or future lundlng strearns. It Is the pollcy of the thantoble grDUP to matntain malnly unre5trfrcted funts at a level 5ufflclent to promote and maintaln the objectsve Our reserve pollcy Is based arwnd our lano ownershlp whlch we have no rnason to belleve wlll fall below E3m. Our cash reserves are basiully to cover short terrn osh flow and p0551ble project lallures. They cover approximately 33% of our annual turnover. PrfTrclpal rl*ks and uiicertalntles Our 5tabillty Is based around our land value and low borrowlng5. Our luncttonal Msk Is whether fomcr5 and growers still require demonstratlon and l or field assessment of agrpnomlc nsks. We have explalned that our pnvate lunder5 (suppllers o19oods to farmers In the main) are continuallv placing fon¥anl work. Our publle lilndors ar•, we re9rrt. In contlnudl d150rray wlth UK policy. and by exit frDm the EU. We a￿ carrying out considerable adaptlons to our bU￿￿e$s Fnodel to offsvt ths risk to less than 20% 01 our work from these publlc lunded concerns. STC Research Foundation Trustees, Report for the year ended 31 December 2024 (contlnued) Flnandal rlsk ffl•n•geffl￿rt obJ•ctlv•• and polld The Trustees hxve assessed the major nsk5 to which the Chanty and the Group Is expctsed, In particular those related to the operations and Ilnances ol tne Chancy diiij the Group. and are satssfied that Systems and procedures are In place to rnitigate Our exposure to the major risks. Fln•nd•l revl•w Durlng the perlod consolldated thconR amounted to £2.468,IJQ6 (2023 £2.431.691) ond con5011dated expendlture was £2,040.395 (2023 - £2,069.787). The group held fund balan￿5 as at 31 December 2024 of £4, 142,800 (2023 - E3,725. 189) comproml*ng of Enil (2023 - £nil) of restmrted funds and E4.142,800 (2023 - £3.725,189) ol unrestrlcted lund5. Unrestnrted funds Include an unreallsed ￿alUatIOn ol £1,421,389 (2023 - É1.4Z4,005). Org•nl￿t1QThjfl strurtur• STC Researth Foundatson Is ffj15tefed as a chantable company Ilmited bv guarantee and was set up by J Memornndum of Nssoclatkni on 8 September 2004 and reglslered as a charlty on 5 November 2004. FundrnlslTrg Nelther the Chanty nor the Grwp actlvely fvrK1ralse from the public, no commerclal fundraisefS are engaged. Fundralslng In the charity sector has been rEgulated tsy the hJndraisln9 Regulator since 2015 but the Charltv 15 not specifKally re9lstered. The Board 15 not awafe of any failurt by the Charlty to comply wlth thls regulabon and no complaint5 have been recelved In relation to any fon ol fundraising. M•thods ol •ppolntm•nt or ￿•Cli0￿ of Tnthtq•s The management ol the Chadty and the Group Is the ￿sPonSIbl16fy of the Trustees who are elected and co-opted under the ttrms ol the Artlcles of A550ciabon. Llnder those articles, the rninlmum number ol trustees Is 3. At each AGM one third of the trustees must retire by rotatyon. They are Igitsle for re-appolntmenl. The STC Research Foundatlm Board ol TfUStee5 Is made up of exper￿nCed persons within the agricultural/horticultural bu51ness, Irom academla to practical farrnerslgrowers. They oversee that the dlrLYtor5 01 Stockbrldge Technology Centre ￿rnited (src Ltd>. our dellvery facllltV+ carry out work to 5alJ5fy the aims arKI objertives ol the (harity. Strntegk short and long-tefm pollcles art set at ihe AGM of STC Att￿arch Foundatlon. The nnancial nd lunctlonal operatlons are controlled by STC Ltd Board who meet frequently (at least every two months). Day to day cmtact with all src Ltd dirertors and the stafl are malntained vla the Adminstratjve Manager. Trustees are Invited to Joln the 8oard of Trustees after ￿n9 ¥ihat expertlse b requlred to strengthen the chanty's artlvltles and responsibilities. PolId￿ •dopted for the Inducllon and trnlnlng of Truste The trninlng and Inductlon pfovlded for new Trustees depends on thelr existyn9 experlence. Where necessary, Inductlon and tralning Is provided on chanty, legal and finanual matter5. All Trustees are provioed with coplej of polioeG, procediftr￿. mlnutes. accounts, budgets, plans and other documents that they will need to undertake their role a5 Trustees. As there might only be one or two new Trustees In any year, Induction tends to be done Inlormally and IS tallored speoflcally to the Indlvldual. STC Research Foundation Truste￿ Report for the year ended 31 December 2024 (continued) Pay pollcy for key m•na9ement p•Thonn We have a staff salary scale based around Job descnptions which In turn takes Into con*deratlt aualificatlon4 hoth acadernic and experieiiiv. Th55 Scale and stall posltions within It arE ￿vIewed by the STC Lfd director5 at least once per year normally In the Spring. We base our scale levels on other slmiiar achievements. Unlversitres and persmal knowledge. We are a "Iivlng wage" employer. R•l•t•d party rdatlonBhlp• The tradlng subsidiary, Siockbrldoe Technology Centre ￿'MIted was Incorporated In 2001. The company develops and tran5fer5 plant techn0109y to growers and farmer5 to enable them to maximlse thelr Welds of quality crop& The Chorlty Is Managed by the Twustee5 of src Res&ifch who meet a5 appropnate in the year to set the strategy for the group. Day io day rnana9ernent ￿ undertaken by the company secretary. FIMnclal rlsk m•n•9•m•nt The Tru5tee5 have assessed the major rtsks to whlch the Group and the Charty are exposed In particular those related lo the operations and finances d the Group and ttte Charity, and are satisfied that systems and procedures are in place to rn+tlgate exposurr to the major rlsks. Pl•M lor lutyre p•rlod• STC are pleased to have been able to ftstort educatlonal vlsits to the slte and wlll strlve to enable schools to partlclpate In educational actl¥ibes at the ￿ntre. src Research Foundation has a small tight 9roup of Trustees who cover the key areas ol enga9ernent wlth the Hort1￿lturallAg￿CU1rUrnl Industry. The Trustees focu5 on bullding and dellverlng a strale9y sultable for the luture. Thls plan will look at how the growlng envlronment changes to focus on the Impacts Of dlmate thange, a growlng populatlon and how crops Inte9rnte wlth thls. Thls will evolve and be reported on over future year5. A4Klltor• In accordance wlth sectson 485 of the Companle5 kt 2006. a resolutlon prOpo￿ng that Azets Audlt Services Llmlted be rp•appolnted wlll be Put at a General Meeting. STC Research Foundation Trustees. Report for the year ended 31 December 2024 (contlnued) Statement of Tru•t•es' r•sponslbllltle• The Trustees (who are also the dlre(tofs of the charitable company for the purposes of company law) are responsible for Preparing the Tru5tees' report and the Ilnanctal statement5 In accorttahct with appllcable law and Uniied knn9dom Acrnunting Standards (Unitod Kingdom Generally Accepted Accounting Prartlce). Company Law requlres the Trustees to prepare flrwndal ststefnefits for eath Ilnancial. Under company law. the Trustees must not approve the finanoal statements unles5 they are satisfied that they give a true and lalr vlew of the state of affairs of the Group and the Charrty and ol their incorning resources and application of resources, Including thwr Income and expenditure. for that perlod. In preparing these financial statements. the Trustee5 are requlrtd to.. select suitable accounting pollcies and then apply them cons15tentfy: observe the method5 and pnnciples of the Charrtles SORP (FRS 102); make Judgments and accwnting e5tsmates that are reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any rnatenal departures dlsdosed and explained In the financlal statements, propare the flnancial statements on the going concern th7￿5 UDle55 It is InapproprlBte to presume that the Group wlll contlnue In busln The Trustees a￿ responslble for keeplng aoequate accountlng records thjt a￿ sufflclent to show and explaln the Group and the Charlty's transathons and disdose with reasonable acwrncy at any time the financlal posltlon ol the Group and the Chanty and enable them to ensure that the financial staternent5 comply with the Companies Art 2006. They are also responslble for safeguardin9 the a55ets of the Group and the Charity and hence lor taking reasonable Steps for the preventlon and detectlon ol fraud and (*her Irre9ularltles. Dlsclosurn of Inlorniatlon to audlto Each ol ttie persms who are Trustees at the time when thts TnJstee5' report Is approved has confirmed that.. so far a5 that Trustee Is awarE. there Is no relevant audit inforniation ￿ whlch the charltable grDUP'S auditors are unaware. and that Trustee has taken all the steps that OU9ht to have been tsken as a Trustee In order tD be a¥Yare of any relevant audit Informatson and to e5tab115h fhat the chantable group's udttors are aware of that Inforrnatson. Approved b behal by". er STC Research Foundation Independent Audltor's Report to the Trustees of STC Research Foundatlon Oplnlon We have audited the financlal statement5 01 5rc Re5earth Foundatlon rthe parent chèntable cofflpany.) and it5 subsldlaries ('the group? for the year ended 31 December 2024 whlch compnse the CtJn and appllcable law. (￿r resPon￿bIlItIeS under those standards are furrher descnbed In the Audrtoes responslbllities lor the audlt ol the flnancial statements sectlon of our report. We are Independent of the Group Ir• accor£lance wlth the ethical requirernents that are relevant to our audlt of the financlal statement5 In the UK. Indudin9 the FRC"s Ethlcal Standard and we have fulfilled our other ethical responslbillties In accordance wlth these requlfements. We believe that the autht Thildence we have obialned 15 5uffio.enr and appropriate to provlde a basis for our oplnlon. Condu•lon* r•latlni to golng concern In audltlng the flnancial staternents. we have concluded that the Trustees. use of the golng concem bag.s ol occounting in the pfeparatson of the Ilnandal slatements Is appruprtate. 8ased on the work we have performed, we have not klentiried any material uncertJlntles relatlng to events or conditions that, Indlvidually or collectively, may cast signlficant doubt on the chanty's ability to continue as a going concem for a penod of at least twelve months from when the Ilnanclal statements are authorlsed for issue. o￿T responslbllltles and the responslblllties ol the Trustees wlth re5pert to golng concern •ire descnbed In the relevant 5ectlons of Ihls reporL Other Inforniatlon The other Inforrnatlon comprlses the Information Induded In the annual roport other than the flnandal statements and our audltor's report thereon. The Trustees are responsible for the other Inforniatlon contalned within annual report. Our Oplnlon on the finanoal statements does not cover the other Infomiatlon and. except to the extent othery115e expllcrtly stated In our rEport, we do not exprEss any forni of assurance condu&on thereon. Our responsibility Is io read the other InforniatloD and, In doln9 so. conslder whether the other Information is materlally Incony5tent with the financial staternents or our knowledge obtained in the course ol the audit, or othetMt15e appear5 to be materially rnisstated. 11 we Identify such rnatenal inconsistencles or apparent material mlsststements. we are requlred to determine whether this gives n5e to a materlal misstatement In the nnandal statements thern5elves. If, based on the Work we have perfomied. we conclude that thtre Is a matenal mtsstatement of this other Inforniation, we are requlred to report that fart. We have nothlng to report In th15 rtgard. STC Research Foundation Independent Auditor's Report to the Tru5teeg of STC Research Foundatlon (contlnued) l)plnlons on oth•r matt•rs pr••ulb•d by th• Companles Art 2006 In our opininn hA£ed on the work undertaken In the couT5e ol the audlt: the Infomatlon g￿eTh In the Tn￿tee5. Report Induding lor the f￿ancIal year for whlch the financial staiements are prepared Is conslstent with the financlal ststements., and the Trnstees. Report has been prepared In 47ccordance bylth applicable leg4 requirements. M•tt•rs on whlch w• are requlrnd to veport by exc•ptlon In the light of the knowledge and understatidlng ol the Group and chantable company and Its envlronment obtalned In the course of the audlt, we have not Klentslled material m15Stalement5 In the Tru5tees' Report. We have nothlng to report In respect of the followin9 matters In relatlon to whlch the Companies Act 2006 requlres us to report to you If, In our Opbnlon: adequate accountin9 recorrls have n¢X becn kept or feturns adequate for our audit have not been received from branches not vlslted by u5. the financial statcments are not In agreement w+th the aCC(￿ntIng records and retums. certain disclosures ol Tru5tee5' remuneratson 5peofied by law are not made; or we have not obtained ON the Inforrnabon and eXpIanatkn￿ necessary lor the purposes rf our udlt. R••ponslbllltl•s of th• truste•s for the flnanclal st•t•ments As explained more fully In the Trustees, respon5ibilitles Statement, the trustees are responslble lor the preparatlon ol the Ilnanoal statements and for b￿ng satisfied that they glve a true aftd falr vlew, and lor such Intemal contrvl as the trustees deterrnine Is necessary to enable the preparatlon ol flnancl41 statement5 that are free from material mlsstaternent. whether due to fraud or emr. In preparlng the financial statements, the Trustett afe re5pon51ble for assessing the Group an charltable company's ability to contlnue a5 a golng concern. dlscloslng. as applicable. malter5 related to golng concern and using the golng COn￿M basls of accountin9 unless the Trustees cIther intend to liquidate the Group or chantable crynpany or lo cease opernt￿nS, or have no realstic alternatlve Jt lo do 5Q. Audltor'• rn•ponsibllltl•s for tho audlt of the flnanclal statements Our objectives are to obtain reasonable assurance abour whethcr thc finanoal statements os a whole are free from matenal misstaternent. Y4hether due to fraud or error, and to Issue an auditorfs report that Indudes our Oplnlon. Reasonable assurance Is a hlgh level of assurance but is not a guarantee that an audit conducted In acCOrdar￿ with ISA5 (UK) wlll always detect a materlal misstatement when it ex15t& MI￿tateMents can an5e from fraud or error and are consKlered materlal If, Indp4ldually or In the aggregate. they could reasortably be Expected to Influence the economic decislons Of users taken on the basis of these ftnanoal statements. A lurther de5criptlon of our responslblllties ts avallable on the Rnanoal Reporting Councll's webslte at: httP5://www.frr.ory.uVaudltorsreswnslbllllJes. Thts desuiptlon forms part of our Judllof's report. STC Research Foundation Independent Audltorfs Report to the Trustees of src Research Foundatlon (continued) Extent to whlch th• audlt was conslder•d c•pabl• of d•t•ctlng Irr•gularltlo, Indudlng fraud Irre9ularltle5, Includlng fraud, ￿e Instan￿¥ of fwnYonipll6nie wlth regulat1(￿5. We procedure5 In Ilne wlth our respOn￿bIlitIes. outlined above and on the Finandal Reportlng Councll'5 webslte. to detett matenal ffllsstatements In respect or Irre9ulantles. Induding fraud. We obtaln and update our understandlng of tho Gr￿P. its octlwts"es. Its control envlmnrnent. Ilkely future developments. Induding In relatjon to the legal and regulatory framework appllcable and how the entity 15 complylng with that framework. Based on this unaer5tanding, wo Identify and 5sess the nsks of matenal M￿staternent ol the financial statements, whether due to fraud or error, deslgn and perform audlt procedures responSFve to th¢￿e nsk5. and obtaln audlt evldence that Is sufficient and appropnate to provlde a ba515 for our opinlon. Th15 Indudes con>derntlon ol the rsk ol acts by the entyty that were contrary to apF41cable laws and regUlat￿n5. Indudlng fraud. rn rosponse to the rtsk ol Irregularttles and norKompllance with laws and regulatlonG. Induding fraud. we de51gned procedurEs whlch In￿ded. Enqulry of rnanagement and those charyed wlth governance around actual and potenti litigation and clalms as well as artual. suspected and alleged fraud: Revlewlng mlnuts of rneetlng5 of Ihose charyed wlth governance; Assesslng the extent ol complianct wlth the law5 and regulatyon5 consderell t(> hove a dlrert matertal effect on the financlal statements or the operatlons of the charitable company and the group through enquiry and In5pethon; Reviewing Iinanoal statement d15d05ure5 and tE5tSng to 5UPPOrtlng documentatlon to assess cornpllance with appllcable laws and regulatsons. Performlng audlt work over the risk of rnanagement bias and overrlde ol controls, Induding testing ofjournal entnes arKI other adJUStments for appropriateness, evaluating the bu51ness ratlonale ol significant transactions outslde the normal course of business and revlewing accounting estimates for Indicators of potential bias; and Perfom)Ing audlt work ovef the timing and ￿09￿ltiOn of Income and In pa￿cular whether It has been rtcorded In the correct accountlng perlod. 8ecau5e of the Inherent Iimltations ol an audit, there Is J rlsk that we wlll not detect èll Irwulantles, Including those Icadlng to a material mlsstatement In the financlal statements or non Statutory Auditor 12 King Street Leeds LSI 2HL STC Research Foundation consolldated Statement of Financial Actlvities (Includlng Income and Expendlture Account) for the year ended 31 December 2024 Unr••trlct•d Tot•1 Funds 2024 Unregtrlct•d Total Funds 2023 14ot Incorne from: Charltable actlvltles Tradlng artlviVe5 Investments 311,648 1,741,381 414.977 238.403 1,876,843 316.445 2.431.691 Tot•1 Income 2,468.006 txpendlture on: Chantable activft*5 223.299 1.846.488 2.069.787 Trading artiwtles Total exp•ndltur• 1,731,833 1)40,395 Net Inc•ffle befor• t•x•tlon Taxation 427,611 ( 10.000) 417,611 3.725.189 4, 142.800 361,904 (3,983) 357.921 12 Net movemont In fvnd Total funds brought forward Total lund• carrlod lorw•rd 3,367,268 3.725.189 The Consdidated Statement of Flnarbclal Actlvltbe5 Indudes all gains and 1055es recognised In the year. All Incume and expendrtUTE der*ve from cDntinuln9 activltle& The Staternenl of Financial Actlvltles complles with the requlrernents lor an Incorne and expendltAAre account under the Companies Aci 2006 and Includes all galns and losses recD9nised In the year. The nvtts Pé9e5 14 to 32 forni part of these finandal statements. io STC Research Foundation Consolldated Balance Sheet as at 31 December 2024 2024 2023 Not Flx•d a•s•ts TaThgi￿e assets Investments 3.253.833 17,106 3.270,939 3, 120.062 15.258 14 3.135.320 Currnnt ￿$•1% Stocks 49.454 61,364 529.708 1,089.758 1,680.830 Debtor5 io 748.013 Cash at bank and tn hand 26 839,998 1,637,465 Credltors: Amounts falllng due v41thin one car Net current assets 17 (481,804) {586,Q64) 1.155,661 1,094,766 Total •55ets Itss currnnt Ilabllltleg Credltors: amounts falllng due after rn0￿ th￿ one year Prowslons for Itabilthes 4,426,600 4,230,086 18 (231,097) 22 ¢283,800) 4,142,800 (273,800) 3,725,189 Total net assets Ch•rlty funds Unrestrtcted funds." Generol funds 2,721.411 1.421,389 2,297,584 1.424.005 Revaluatlon ￿erve Total unr251rhrted lunds 23 4,142.800 3.725.189 Total lunds 23 4, 142.800 3.725.189 The Trustees acknowledge thelr responsibllltles for complylng the reoulrements of the Cofflp 06 with respect to accDunb"ng rtCDnJs and preparation of fbnanoal statements. The notes on pages 14 to 32 form part ol these Ilnanclal statements. Company reglstrntlon numb•r: OS225211 STC Research Foundation Charlty Balance Sheet as at 31 Dettrnber 2024 2024 2023 Note• Flx•d Investment5 14 Currnnt amets Debtors 244,051 1.706 Cash at bank and In hand 413.385 170.009 Credltot%: Arnounts falling due wlthin one 17 07 405 315 161 702 Total assets la• currnnt Ilabllltl 405 315 Charlty fund•: Unrestrlct•d funds 405 315 161 707 The Tru5toes acknowledge thelr respongbilltles for complying with the requirements ol the Companbes Act 6 with respect to accountrn9 record5 and Preparation ol financlal statements. ternents were approved ty the boarrl on .1￿1(￿1￿. and s￿ned on Its behalf The finan al ee The noies on pages 14 to 32 lorni part ￿ these flnancwl statements. Company r•glstrntlon number. 052252x1 Iz STC Research Foundation Consolldated Staternent of Cash Flows for the year ended 31 December 2024 2024 2023 nows from oper•Ung artfvlues Cè5h from operatlons Taxatlon ￿lUnded Net cash Not•s 26 (38,452) 306.934 rnvlded eraun actlvltl Investment Income Increase In valuation of Investments Purchase ol tan9lble fixed assets Interest Id 414,977 (1.848) (244.851) 316,445 (3.688) (108,824) Net a•h rovld•d Investl actlvltl 175 187 C•sh flows frnm Ilmndng •ctlvltsl Repayment of t)orrowings Hire urchase ments In the (363.067) (197,443) ear Net cash uffj•d In fln•ncl actfjvitl•s Chan9• In cash and calh •qulv•lents In the year Cash and cash e uivalents at the Innin of the ear ulvalents at th• end ol th• (249,760) 339,454 Ca•h and cash 27 839 998 1 089 7S8 13 STC Research Foundation Notes to the consolldated Flnanclal Statements for the year ended 31 December 2024 G•n•ral Inlorniatlon Th• Chanty Is a company Ilrnited by guarantee. The member5 of the company are the Trustees as named on page l. In the event of the tharlty belng wound up. the lia￿lIty of Ine guaran￿e Is Iiiiiiiyd to £10 per member of the Charlty. Accountlng pollcles Ll J1• of prnp•ratlon of financlal •tstements The finanoal statements have been p￿Pared In accordan￿ with the Chantses SORP (FRS 102) - Accountlng and Reportlng by Charttles: Stotement ol ReCornMer￿ed Practice appllcable to chantles preparing thelr attounts In accordance with the Financial Reportin9 Standard opplicable In the UK and Republlc ol Ireland (FRS 102) (effertlve l January 2019). the Flnancwl Reportlng Standord pplicable In the UK and Ireland (FRS 102) and the companles Act 2006. The flnfjndal sLryterrtents arE prEpared In 5tertlng. whlch 15 the lunrtbonal currency of the charitable company. Monetary amounts In these financlal statements are rounded to the nearest £1, src Research Foundatjon meets the definitlon ol a publbc benefit entrty under FRS 102. Assets and liabilltles a￿ Initially rccogn15ed at cost ty transattion value unle55 Otherwtse *ated In the relevanl accountlng pdlcy note The consolldated Statement of fInar￿ actlvltles (SOFA) and consolldated balance sheet consolldate the finanual Statements ol the parent thantable company and Its subsldlary undertaknnq. The results of the sub51diary are cor&olldated on a Ilne by Ilne bags. On the grnunds that the charltable company's rtsults are consolldoted Into the charrtable company's group accounts the chantable company has taken advantaoe of certaln exernptlons conferred by sectlon l. I l of FRS 102 as follows: Exemptson from presenting a chantable company statement of cash flows as a primary statement 10 the financial statemeni As permitted by s408 Crynpanle5 Act 2006. The Chantable company has not presented its own protit and loss account and related nots The chantable company's profit lor the year was £243,613 (2023 £11,121). Golng conc•rn The trustees are constantly monitorfng the financial poslhon of the charltable 9roup and rtcognlse the reliance the chanty has on the profitabillty of the trading activities ol its subsidlary. especlally In the post pandernlc envlronment and the uncqrtairtties that cuntlnues to brlng. As dlsclosed In I￿le 16 to these financial staiernerrts. the 9roup, via its subsldlary. benefit from the 5UPPOrt of Its bank In the fonn of two secured loan faolltle5. Both ol these IIMbnS Trtere renewed durlng 2022 lor a pertod ol five years. Al the tlme ol approvlng the fina￿1￿1 staternents. the trustees belleve that It Is appfoprlate IO ontlnue to ad•)pt the gaing concern basls of accountlnq In prep•rlno the flnand•l statements . Incom• All Income Is rccognlsed On￿ the chartty has enbtlement to the lunds, It Is probable that the Income wlll be rewved and the amourt of Incorne recelvable can be measuftd rellably. Income tax recoverable In relatson to Investment income ts recDgntsed at the tlme the Investment Incorne ￿ recelvable. Rents recLyvable are accounted for on an acmials basls. Investment Income, gains and loss￿ are alkKated to the approprlate fund. STC Research Foundation Notes to the Consolldated Flnanclal Ststements for the year ended 31 December 2024 (continued) Expendlture Expenditure Is recognised once there Is a legal or constructlve Gbllgatit)n to transfer ccunomi bpnefits to a third porty. IL Is probable that a transfer of economic bcnefits wlll be requlred In settlement and the amount of the obligatiafi be mcasured reliably. Expendlture s dassified by attivity. The costs of attivlty are made up of the total of dlrect Costs and shared costs, Indudln9 Support costs involved In undertaklng each activty. Oirert Costs attnbutable to a slngle athvlty are allocated dlrectly to that activlty. Shared costs which contnbute to more than one actlvity and support Costs whlch are not attrlbutable to a slngle activity are apportioned between those actlvit*s on a basis conststent wlth the use of resources. Central staff costs are allocated on the basls of time spent. and depreoation char9es all￿ted on the porth>n of the assrt's Use. ExpendItU￿ on charitable artlvlties Is Incurred on dlrectly undertaklng the attlvlbes whlch further the Group's objertlves, as wem as any ass￿ated 5UPPOrt Costs. Tradlng costs represent costs Incurred by the tradlng subsidiaryty rEcogntsed on transfer of econarnlc rAsk and reward, All expendlture Is Induslve ol Irrecoverable VAT. T•nglble nxed agsets and d•pr•cl•tlon Tangiwe fixed assets cosbng more than £2,OQO a￿ Inlttally recognlsed al cost. After recognition under the c05t model. tanglble fixed assets are rneasured at C05t less accumulated deprecia(lon and any accumulared Impairment losses. All costs 5rbcurred to bnng a tan9lble fixed asset Into Its Irltended working conditlon are Induded ￿ the measuftment of cosL Dep￿latIOTr Is charyed so as to allocate the c05t of tan9ible nxed assets less thelr residual value Over Iheir esurnated useful Ilve& Depreciat1(￿ ￿ provided on the followlng bmts: Ffeehold property Plant Jnd rnKhlnery 2% strdlght Ilne Motor vehlcles 25% reduong balance Fixtures and fittlngs 25% reduan9 balance Computer equipment 25% reduong balance 25% reduung balance Depreciation Is not provlded on freehold tsnd. The Charlty has ad¢pted the revaluatlon m•)dd to revalue freehold land and property whose fair valuL¥ cart be ￿lIablY rnca5ured. The rEValUat￿n5 shall be made wlth suificient regulanty to ensure that the carrying arnount does not differ matertally frorn that whlch ¥vould be detennlned uslng fair value at the end of the reporting perlod. The falr value of land and buildlngs Is usually determlne(J Irom market-based evKlence by appratsal that Is normally undertaken by professional qu&ified valuers. Revaluati(In galns and losses are recognlAd In gther comprrhen51ve Income and 41ccumulated In lund5. STC Research Foundation Notes to the Consolldated Flnanclal Ststements for the year ended 31 December 2024 {contlnued) Investments Ixe(J ass the volue cannot be measured reliably in whlch case It Is measured at cost less impairnient. Investment galns and losses, whether real￿ed or unrealised. are comblned and presented a5 'GalnsllLosses) on Investments. In the Consolldated statement of flnanclal activltle Invostment In subsldlartes are valueLI at cost le55 prnvlsbon for Imp•lrment. StDcks are stated at the lower of cost and e5tlrnated selllng pmce less costs to complete and sell. Cost Indudes all Olrert cost5 and an apwopnate proportion of fixed and varfable overheads. 2A Del>tor• Trade and other debtors are recognlsed at the settlement amount after any trade d15CO•Jnt Dffered. Prtpayments are valued at the arnount prepaid. Cash at bank and In hand Cash at bank and cash in hand Indudes cash and short term highly Iiquld Investments wlth a short maturlty of three months or less from the date of acqulsltlon or openlng ol the deposit or slmilaf account. ZIO Uabllltl•s Uabilitles and prov￿10n$ are recognised where there Is an obligation at the balance sheet date ￿ a result of a past event. It Is proljable that a irnnsfer ol economlc benefit wlll be required In settlement, and the amount of the 5ettJement can be e511mated rellably. Uabllitles afe recognised at the amount that the Charity anucipates It will pay to settle the debt or the amount It has recwved as advanced payments or the goods or servlces It must provlde. ProvI51¢Y￿ arE measured at the t>esi estirnatc of the amount5 required to settle the obiigatlon. Where the effect of the time value of money Is matenal, the provlslon Is based on the present valtse of those amounts. dlscounted at the pre-tax dlscount rate that reflerts the nsk 5peafic to the Ilabllltv. The unwlndin9 of the discount Is recogn15ed In the consolldated 5tatemenl of flnanclal actlvltles a5 a flnance c05t. 1.11 Taxatlon STC Research Foundatlon Is a reg15tered chanty and as such Is a chartty wlthin the meaning of Sthedule 6 of ttre Flnance Act 2010. Atcordlngly. It Is poientlally entitled to tax exemptlon under part I l ol the Corporauon Tax Act 2010 or sectlon 256 of the Taxatlon of Chargeabk Gains Act 1992 In ￿pert ol Income ond gains anslng. The tax exper*se represents the sum of tax currentty payable and deferred tax In the subg"dlary undertaking* whlch, a5 a trading enuty. Is not afforded such tsx exemption5. Curr•nl tax The tax currently poyable b based on tsxable prpfit fur the year. Tayable profit dlffers frnrn net profit as reported In the stitement ol financtal activlLles because It exclude5 Items ol Income or expense that are taxable or deductjble In other years and It further exdudes items that are never taxable or deductible. The company's Ilablllty for current rax ￿ Calcul￿ed u*ng rates that have been wiactpd or substantlvely enarted by the reportjno end date. Where the calculatlon of current tsx Indudes significant uncertalntles. the trust￿ apply a polnt e5timale In the ulculatlon of the tax charge and associated asset or liability. This is calculated based on agreement trtith tax authorftles over accepted estlrnates and adJustmentS to the Company's taxable profits, wlth Ihe trustees conslderlng It probable that a gmilar outcome wlll be obtained In the current year by adopt7ng the same estirnatson methodology. and occordingly have provlded for the a550clated tay relief on the grnunds that it Is probable thls will be rocelved. 16 STC Research Foundation Notes to the Consolldated Flnanclal Statements for the year ended 31 December 2024 (contlnued) 2.11 Tuauon (contlnued) D•f•rred D¢fcrred tax liabllltaes •re generally reco9n15ed for all timlng dillerences arHI deferrld tax assets •re recogni5cd to the extent that It Is probable that they wlll be recovered against the rnversal ol deferred tax Iiabilltles or other fu￿re taxable profits. Such assets and liabllitles aro not recognlsed 11 the timlng difference anses from 9oodwlll or from the Inltjal recognitlon ol other assets and liablltties In a transartlon that affects nwther the tax prDfit r￿r the accountlng woflt. The caryinq amount of deferred tax assets Is revlewed at each rEPOrttrng cnd date and reduced to the extent that it 5s rbo longer probable that Suffi'cient laxable profrt5 will be available to allov4 all or part ol the asset to be recovered. Deferred tax Is calculated at the tax rotes that a￿ expected to apply In the perltxl when the liabillty is se￿￿ or the asset Is realised. Deferred tax Is charged or C￿dIted In the ststernent of finanoal activities. exccpt when It relates to ttems tharged or credlted dlrertjy to eoulty. In whlch case the defefr@d tay Is also dealt wlth In equity. Deferred tax assets Ilabllrties are o115et when the Group has a legally enforceable rlght to oftset current tax assets and Ilabilitses and the deferred tax assets and l￿bill￿5 rclate to taxes levled by the Same tax authonty. 2.12 fin•ncl•l I￿trumentS The Group only has Tinancial assets and Ilnanclal Ilabllltles of a klnd that qualrfy as baslc financial Instrurnents. Ba51c financial instruments are Inltlally recognised at Iransactlon value and Subsequently measured at thelr settlements value with the exceptlon of tjonk loans whlch are subsequently measurEd at amort15ed cost uslng the elYectNe Interest method. 2.13 Op•r•tln9 L••ses Rentals payable under operatlng leases, indudlng any lease Incentives received. are charyed to the SOFA on a 5traight-Iine basls over the lease ierni. 2.14 Flnanc• le•Jes and hlrn pur¢h••e Assets obtained under hlre purchase contracts and finance leases are capitslised as tanglble fixe(I assets. Assets acquired by finance lease are depreciated over the shorter of the lease temi ano thelr itselul Ilve5. Assets acquired by hirE purchase are depreoated over thelr u5elul lives. Finance leases are those where substantlally all of the benefrts and nsks of ownershlp are a55urned by the Group. Obllgatlons under such a9reernents are Included In creditors. net of the finance charge allocatcd to future penods. Thc financc element ol the rental paymeni15 charyed to the consolidated statement of financial attivltles so as to produce a constant perlodic rate ol charye on the net obligation outstanding In each penod. 115 P•nslon• The Group operetes a defIr￿ contnoution penS￿n scheme and the penskn charge represents the amounts payable by the Group to the fvnd In respect rf the year. 2.16 Fund accountlng General ano rnvaluatlon funds are unrestrtcted funds which are avallable fDr use at the dlscretion of the Trustees In furtherance of the generol obJectIv￿ of the GrDUP and whlth have not been Ileslgnated for other purpose5. Restrlcte(I funds are funds bvhich are to be used In a￿ordanCe with specifK rEstrlction Imposed bv donors or whlch have been ralsed by the Group for particular purposes. The c05t of raising and admlnistenn9 such funds are thar9ed against the speofic lund. The alm and use of each restncted lund Is set up In the notes to the flnandal statement& 17 STC Research Foundation Note5 to the Consolldated financlal Statements for the year ended 31 December 2024 (contlnued) U7 Grants Grants are recognlsed at the fair value of the asset ￿CeIved or recwvable when there ts reasonable asstsrance that the 9rant condlt6ons wlll be met ana rne 9ranr5 will be rEcLilvwl. A grant that S￿￿fieS performance conditlons Is recognlsed In Income when the performance conditions are meL Where a grant does not spethfy perfomiance condlbons It is rttognised In Income when the proceeds are rpcelved or recejvable. A grant recelved before the recognitlon crtrema are 5atlsfied 15 recognI5ed as a Ilabllity and held wlthln deferred incrKne. 118 Employ•e benefits The costs of short-tcmi ernpk>yee beT￿￿t$ are recognised as a liabil￿ ar￿ an expense. unless those Costs are requlred to be recognlSed a5 Part ol the cost of stock or flxed assets. The cost ol any unused hollday entitlement Is recogntsed In the penod In vthlth the employee service5 are recelved. Tern)Inatlon benellts are recogntsed Immedlately as an expense when the Gr￿p Is demonstrably cvmmltted to terminate the employment ol an employee or to provlde temiination benefts. 3. Crftlcal Kcountlng eStimat•s and Jtsdgernents Estlmate and Judgements are continually evaluated and are based histoncal expenence and other foctor5, Induding expettations of futurE events that are belleved to be reasonable under the clrcumstanw. The Charlty makes estmiate5 and a55umptlons concemlng the future. The re5ultlng acCO￿ntIng e5tlmate5 and assumptioris wlll, by definllw. seldom equal the relJted actual ￿suIts. The estirnates and assumptions that have a slqnificant rlsk ol causing a matenal adJUStrnent to the carrying amounts of assets and babllltles tththin the next flnanclal year are dlscussed below. Crltl¢al are•• ol Judgement In the applicat￿ ol the group'5 accountsng polioes. the dlrectors are requlred to make Judgements, 1Stlmates and assumptions about the carrylng amount of a55ets and Iiabllitle5 that a￿ not readlly apparent from other sources. The estlrnates and assoclated assurnptlons are based on historical experlence and other factors that are coDsldered to be relevant. Actual results may differ from these estimates. The estlmates and undertylng assumptlons a￿ reviewed on an on9olng bas1& Revlslons to accounting estimate5 are ￿ognIsed In the penod In whlch the estirnate Is revised where the revision arrects only that penoJ. or In the PEr￿0 ol the re¥151on and tutu￿ peflod5 ¥4here the Thlslon affects both current and firture perloO5. Key gourc•s ol estlmatlon unc•rt•lntv The followtng Judgements (apart from Ihose Involvlng estlmates) have had the rnost 5ignlfKant effect on amounts recognised In the financml statement Valu•tlon of L•nd and 8ulldlnos Management take into account advlce frorn third partles, Indudlng valuatknns performed externally and by using all knowledge and Informatlon available. Support Cost •llocation lanagement ar• rnquirod to ¥pply Jild9￿nt in the allocotyon ol SUPDOrt costs acrnss chJrltabl2 actlvitie5. Such alloation d support CQSts Is d￿cloSed In I￿e 7. STC Research Foundation Notes to the Consolldated financlal Stat•ments for the year ended 31 December 2024 (continued) In￿rne from charlt4bl• •rtlvltl Total Funds 2024 Total FundA 2023 5ubsldlary charltable actlvltles Contratt sales 282.275 185,965 28.895 51,800 638 Governrnent 9rants 478 311.648 238,403 All income In the current and pnor year Is unrestrlaed. Incom• frnm tr•dlng actlvltl Total Funds 2024 Total Funds 2023 Tradlng Income 1.741.381 1.876.843 1,741.381 1.876.843 AII I¢KDme In the current and pnor year Is unre5tncted. Investment Income Total Fundi 2024 Total Funds 2023 Ronts recelvable 385.813 303,570 9,187 Sundry Income Investment Income l4.189 14.975 414.977 316.445 All lThcome In the current and pnor year Is unrestnrtcd. 19 STC Research Foundation Notes to the Consolldated Flnancial Statements for the year ended 31 December 2024 (contlnued) An•ly•l• ol •xp•nditure on •ctivltl•• Activltle• undèrtaken directly 2024 Support Total Funds 2024 2024 Farm 28,956 176,900 28.956 Subsidiary trading costs General running costs I76,￿0 102.706 102.706 205,856 102.706 308.562 Analytsli of dlr•ct costs Educatlonl Farm •pronoffly Sd•nc• 2024 2024 2024 Totsl ffund• 2024 Trndlng 2024 Staff costs ( note 10) Dlrert costs 28.956 35,170 141.730 64,126 141. 730 Tot•1 28.956 176.900 205.856 Anal￿18 ol •upport cogts Subsldlary tr•dln9 nnlng Tot•1 Fund* 2024 2024 2024 Staff costs (note IQ) Oepfeclation Offlce costs 35.170 13.919 2.354 35.170 13.919 2.714 18,826 19,878 323 Sundrles 15,810 19,878 323 3,016 Repalrs and renewals Subscrlptlons Trainln9 Bank char9es Interest 926 926 (36) 1.723 Audltorfs fees 1,648 1.334 1,648 Account*incy Le9al and professlon•l fees Lossl(prnfit) on dlsposal of fixed assets Lossl(profit) on foreign exchange Total 8.166 969 521 521 (298) 94.207 (3.161) 8,499 (3.459) 102,706 20 STC Research Foundation Notes to the Consolldated Financlal Statements for the year ended 31 December 2024 (contlnued) AThalyg1• 0¢ expendltur• on •ctMtIM (contlnued) Actlvltles Undertaken Support costs directly 2023 2023 Total Fun 2023 Farni 28.424 28.424 SC￿nce 700 Subsidlary trading costs General runnlng costs Total 114.928 114,928 79.247 223,299 79,247 144.052 79,247 An41ysls ol dlr•ct Costs Educatlon/ a9ronomv 2023 F•rffl 2023 Totsl Fundi 2023 Tr*dlng 2023 2023 Staff costs { note 10) 28.424 700 50,512 79,636 64,416 64.416 Total 28,424 700 114.928 144,052 li STC Research Foundation Notes to the Consolldated Flnanclal Statements for the year end 31 December 2024 (contlnued) An•ly•lA Ot expondltufe on actfjvltles (¢ontlnu•d) Analys1• of wpport costs Sub•ldl•ry ch•rltable Gen•rnl •rtlvltlu funnlng costs 2023 2023 Total Funds 2023 sraff costs (note 10) Depreclatlon Office costs 20,412 20.412 1,747 10,023 3,093 2,135 12,335 3,IY)3 21,271 196 Sundrles 2,312 Insurance Repalrs and renewals Subscrlptlons Trainlng Bank charge5 Interest 21,227 196 44 970 970 57 L41 2.587 657 2.$87 3.427 3.611 747 Auditor'5 fees 2,770 3.440 171 Accountancy Legal and prolesslonal lees Lossl(pmlit) exchafbge Lossl(proflt) on disposal ol fixed a55ets Total 747 {160) 438 { 160) 438 70.209 9,038 79.247 0￿ratIOn9 of th• th•rlty 2024 2023 Turnover 282.460 1410} 278,485 {38,437) 243.613 51,800 (1.846) 49,954 (38,833) 11,121 Gross prnfit Admln15trative expenses Prnflt lor the firwnoal vear aftcr taxation STC Research Foundation Notes to the Consolldated Financlal Statements for the year ended 31 December 2024 (continued) Audltor's r*munerntlon 2024 2023 Fee5 payable to the Chanty's auditor: lor the audlt of the Charlty s annual accounts for the audit ol the Charlty's ￿b$Id•4ry annual accounts In respect of all non*audlt servlces not Induded above 2,770 7.300 5.890 9.675 7,075 io. Stafl a)sts Grwp 2024 Group Comp•ry Cofflp4JnV iQ23 2024 2023 Wages and salaries Soclal secunty costs Penslon costs 760.241 747,708 48.808 56, 799 63.039 12.667 24.791 24.935 3,44 1 3,421 744 748 872.088 817.174 28.956 29,124 The average number ol persons emplw by the Grwp durlng the year was as follows: Grnup 2024 No. Group 2023 Research artivlt*5 22 23 Managernent and adMinistrat￿n Sclence 32 The number ol employee5 whose Ernolurnents {excludlng pension cOntnt￿tlonS. ernployees sod securitv Costs but Induthn9 benefits In kiTKIJ fell wthln the followlng bands: 2024 Numb•r 2023 Number £60.001 to £70.000 nO,001 to £80.000 Key management arr considered to be the Direaor of Agronomy. Operations Dlrertor. SeTrlor Projeci Manager, Project Manager and Office Manager, Remuneratlon paid to key management personnel durlng the year was E312,462 (2023 - E244.258). 23 STC Research Foundation Notes to the Consolldated flnanclal Statements for the year ended 31 December 2024 (contlnued) li. Tru•t•M' rnmuner•iion and experws During the year no trustee recdved any remuneratlon or other benefrts 12023 - £nll). Durtng the year no Trustee expenses have been Incurred (2023 - £nll). Iz Tix•tlon 2024 2023 CofPOrntl•M t•x CurTEnt tax on net Income Adjustment M respect of Pr￿ yea Total current tax credlt (3,717) (3,717) Or￿108t10n and reversal or tsming dlfferences Tot•1 d•l•rrnd tax 10,000 7,700 10,000 7,700 T•xatlon (crndlt)/•xpens• Qn n•t Incorne The attual chargel(credit) for the year can be reconclled to the expected chargel(credit) lor the year base on the proflt or loss and the standanl rnte of tax a5 follows: 10,000 3,983 2024 2023 Subsidlary profit before lax (l) Expected tax chanje based on the star￿ard rate al Cfryiratson tax In the UK 0125% (2023 - 23.52%) 417,611 350,783 104,403 82,506 Adjustments ffl respect of pnor years Researth and development tax CFEdlt Other tax adjustments Total tax (cr•dlt)/charye for th• pwlod (l) The actlvitres ol the thanty remaln within the chantable tax exemptk)ns. as wch the l¢Korne 5ubieci to taxatlon relates to the pmfrt before tax within the tfadlng 5ubsldiary onty. Deferred tsx balaTr￿ ot th• repo￿￿9 dat• arn measured at 25% (2023: 2590), (3.7171 (94.403) {116.000) 41.194 10.000 3.983 24 STC Research Foundation Notes to the Con5011dated Flnanclal Statements for the year ended 31 December 2024 {contlnued) Tanglbl• Ilxed amets Grnup Fr••hold Pl•nt and nd Motor Cofflput•r property machlnery flttlngs vehlcles •qulpment Tot•1 Cost or v•lu•tlo As at l January 2024 Addltrons 3,061,479 137.437 700,544 88,720 (20.880) 768,384 16,139 31,845 17.795 21.868 3,831,875 900 244,852 Dlsposals (14,540) (35.420) 8,228 4,041.307 As at 31 December 2024 3.198.916 16.139 49.640 D•prncJatlon At l January 2024 Charge for the year 167,545 $07,549 70,429 14,574 6.719 15.426 711.813 23.682 391 10.731 1,836 107.069 On dlsposals (19.41X)) (12.008) (31.408) 5.254 787,474 at 31 December 2024 191.227 558,578 14.965 17,450 N•t book v•lu A5 at 31 December 2024 3.007.689 209.806 1.174 32.190 2.974 3,253,833 A5 at 31 December 2023 2.B93.934 192,995 1,565 25.126 6.442 3.120,062 The charltable cc>mpany had no tsngibk fixed a55ets In either thls or the prlor year. Land and bulldlngs Include property leased to thlrd parties. the fair value of the Investment property cpmponent cannot be measured reliably. and as such the entire proporty has been accounted for as property, p14nt and equipment. Includod In cost or valuatlon of freehold land property Is freehold land with a carrying value of £2,014,837 (2023 - £2.014,837) vihlth 15 not depreclated. Freehold land and ￿lIdIn9S were valued by the dlrettors of the gjbsldlary, supported by an IndepEndent valuation In Scptember 2015. Both the directors of the 5ub51diary and the tru5tee5 of the chartty do not conslder the value to differ materlally at the balance sheet date. If Ireehold land and ljulldlngs had not been revalued they would have been lftduded al the followlng hlstorl(ol cost. 2024 2023 C05t Accumulated de rett*k>n 1,633.878 1,633,878 Carry5ng v•lue 1,467.313 1,469.929 A non￿lStrIbutats1t revaluatlon reserve of £1,421.389 (2023 - EI,424,005) ex15ts In respect of the revalued land and buildlngs. Z5 STC Research Foundation Notes to the Con501idated Financlal Statements for the year ended 31 December 2024 (continued) 13. T•nglbl• flx•d aJs•ts (u)ntlnu•d) The net carrylng value of tanglble tlxed assets IrKludes tho IDllowin9 in rEsPEtt or atsets neid under hire purchase contracts are as follobys: 2024 2023 Plant and machinery Fixtures and fittriigs Com uter ui ment C•rrylrw v•lu• 12.375 1,162 16.004 14. Hx•d ass•t In¥••tm•nts UnllJt•d Inv•stm•nt• 2024 Unll•t•d Inve•tmentJ 2023 Group Co•t or v•lu•tlon A5 af i January 2024 Addittons 15.258 1.848 17,106 11.570 At 31 December 2024 15,258 Net I￿0k v*lu• As at 31 December 2024 17.106 15.258 Chartty Investment In sub51dlary company Cost at l January 2024 and 31 December 2024 26 STC Research Foundation Notes to the Consolldated Flnanclal Statements for the year ended 31 December 2024 (contlnued) 14. Flxed •ss•t Investments {eontlnu•d) Prliicip•I suIMidi•rieg The followln9 Is a 5ubgdlary undertaklng of the Chanty: numb•r Stpckbrldge TeChr￿lO9Y Centre Llmited 04175440 100 The nnancial results of the sub51diary lor the year, whlch have been Included In the consolldated rcsults of the thanty, were: T•x Pmllt alt•r Incom• Expendlturn chary• tax Yor th• 14•¢ •••0ts v••r Stockbrldge Technology Centre Llmrted 2.464,502 2.030.504 [10.000} 423.998 3.737.485 IS. Stocks Group 2024 Group 2023 Raw rnaterla15 ond con5ufflables' 49,454 61,364 The charty had no stock In either the current or the prlor y&ir. 16. Ihbtor• Group 2024 Ch•rlty 2024 2023 2023 Due wlthln one year Trade debtors Amounts owed by gry>UP undertakings Corporntlon lax recoverable Prepayrnents and accrued Income 696.895 393.639 4.125 1,706 239.926 49,066 2,052 748,013 49,066 87,003 529.708 244.051 1.706 27 STC Research Foundation Notes to the Consolldated Finandal Statements for the year ended 31 December 2024 (continued) 17. CreOltor•: Amounts falling du• wlthln on• yur Ch•rlty 2024 2024 2023 2023 Bank loans (note l9) Trade crEditor5 131.970 205,719 121.821 660 2,175 Other tsxation and sooal securtty Flnance lea5e5 and hire purtha5e (ncrte 21) Other credIt￿5 161.5n 3,185 3.440 144.253 7.489 586.064 87.655 106.070 481,804 10,571 6,132 Deferred Inwme (note 20) 11,231 8.307 l& Crndltors: Amounts l•llln9 du• after morn than one ye•r Group 2024 Group 2023 Bank loans - 1-2 years (note 19) Bank loans- 2-5 years (note 19) 88,265 142,832 231.097 The chanty had no uedltors due over one year In elther thls or the prtty year. Hlre purchases were secured against the a55Qt5 to which they relate. 19. Loa￿ and overdrnfts The followln9 secured debts are induded wlthln credltors: Group 2024 Group 2023 Bank loan5 due Y•lthln l year 131,970 231,097 Bank loans due after l year The group had Iwo loans wrth Vlrgln Money. and l)oth We￿ settled In the year. Interest on both loans was charyed at 4.25% over base. Monthly capltal and interest payments were made ¥ylth the final balance settled or reflnanced at the matunty date. These loans are secured by a debenture creating a flxed and fioatlnq charge over the a55ets of the company, a legal first charye over 12. 5 acre5 at Cawood and a legal first charye over Stockbrld9e House, Cawood. STC Research Foundation Notes to the Consolldated Flnanclal Statements for the year ended 31 December 2024 (contlnued) 20. 1)elorred Income Group 2024 Group 2023 As at l January 2024 Amount released to Income 7.489 99.517 (7,489> 106 070 (99,517) AM￿nI delerred In the year As at 31 December 2024 21. Hlr• purth•se obllgatlonj Group 2024 Group 2023 Futurn mlnlmuffl payments du• under hlre purthase: w+thin one year In two to five years 3, 185 Hlre purchase5 wefe secured aga1115t the assets to whlch they relate. 21 Delerred tax•llon Group 2024 2023 At the beginnlw of the year Char9e for the year Closing deferred taxation liability 273.800 266.100 10,000 7.700 283.800 273.800 The deferred tax balan￿ Is made up as follovts: Group 2024 Grnup 2023 Accelernted capltal allowarKe5 283.800 273.800 283.800 273.800 The charlty had no delerred tax asxt or Ilablllty In 2024 (2023 - Énil). 29 STC Research Foundation Notes to the Consolidated Flnanclal Stat•rnents for the year ended 31 December 2024 (continued) stst•ment ol fund• - Group 5tstem•nt of lund• - currthr yur Balance at l January 2024 Expendltur• Trnnslers 31 (Includlng between D•c•mb¢r L•x•tlon) fund• 2024 Incom• Unrestrfcted lunds Genefal lund5 - all lunds 2.301.184 4468.006 1,424.005 3,725. 189 2,498.006 12.050.395) 2,616 2,718,2 (2.616) 1.421.389 Revaluatthi reserve Totsl fund (2.050.395) 4,139,639 All Irbcome and expendItU￿ durlng the year are unfestrlcted. ststement of funds - Pflor ye•r 8￿4￿ce at Expeftdltur• Trnnsfers 31 (Includlng betw••n D•c•m1￿r taxatlon) fund• 2023 B•l•nc• •t l J•nu•ry 2013 Incom• Unr•strlcted funds Genernl funds - all funds 1,942.919 2.431,691 1,424,349 (2.073.770) 2.301,184 RevaluatKbn reserve (344) 1.424.005 Total funos 3,367,268 2,431,691 (2,073.TlO) 3,725.189 All Incorne and •xpendlttsre duf1r￿ the prlor year are unrestricted. Summary of fund•- Ch•rlty Summ•ry of fund• - ¢urrnnt year 8alance at Trnnsfer• 31 betwe•n D•c•mb•r funds 2024 Balance at l J•nu•ry 2024 Income ExpendltUTe General funtts 161.707 2B2,460 (38.847) (38.847) 405.320 Total funds 161,707 282,460 405.320 All Income and expendlture durtng the year are unrestrtrted. STC Research Foundation Notes to the Consolidated Flnanclal Ststements for the year ended 31 December 2024 (continued) 24. Summ•ry of funds - Charlty {contlnued) 5umrnary of lunds - prlor year Balanc• at 31 Balance •t l January 2023 Income Expondlturn lunds 2023 Genernl tunds 150.586 51.800 (40,679) 161,707 Total tunds 150.586 51,800 (40.679) 16I,707 All Income and eXpendItu￿ durlng the prlor year ore unfestrtrted. Net •wts between lund• Unrutrlctod Tangible a55ets 3.253.833 Investments 17.106 Current assets 1,637,465 Creditor5 Wlthln one year Provlsions (481,804) (283.800) Total 4.142,800 26. Reconclllatlon of n•t movement In lund• to n•t ca•h flow froffl op•rntlng •ctlvltles Group 2024 GrYJup 2023 Net Incorne after tax 417.611 357.919 Adjustments lor. Taxatjon charyedl(crEdited> Depreciation Investment income 10,000 107.069 3.983 89,374 1414,977) (316,445) Interest expense Loss on rhe sale Df fixed assets 13.334 28,746 4.011 4.871 Decrea5c in 5rocks 11.910 24.486 (Zncrea5e)IC>ecrEase In debto Increase In crtdftor5 (218.305) 100.610 30.895 13.390 Net cash provided by operatlng acbvlti (38,452) 306,934 Ji STC Research Foundation Notes to the consolldated Flnanclal Statements for the year ended 31 December 2024 (contlnued) 27. An￿v￿lS of fash and cash equlp•alents Group 2024 Group 2023 Cash In hand Cash at bank 839.998 1,089.758 1,089.758 Total cash and cash equlvalent5 839.998 AnalyJl• of changes In net debt At31 J•nuary 2024 Ca•h Ilows advances 2024 Cash at bank and In hand 1,089,758 (249,760) (131,970) 131.970 (231.097) {3.1851 723,506 839.998 Bank loans due withln l year Bank loans due after l year 231.097 Flnance leases and Mlre Purthèse Contracts 3. 185 116.492 839.998 29. Oporntlng lus• comfflltm¢nts At 31 December 2024 the Group hod no operatyng lease commitments {2023 - £nll). 30. R•l•t•d p•rty trans•ctlons Grnup Included wlthin rernuneration of key managernent personnel Is w41d £34.311 (2023 - E34,082) pald to thc Project Manager, the daughter of P R 8ranfield. a trustee, tkn￿ 15 paid by the 5ub51diary entity In whlch she Is employed. Charlty Dunng the year the charity wa5 recharyed vanthjs expense5 from Its tradln9 subsldlary, Stockbrldge Technology Centre Umrted. Dunnq the year rechar9e5 01 £24.791 (2023 - £2. 175) were rnade to the charlty, at the balance Sheet dats this balance remains In uedltor5: amounts due to gubsidlory.