Charlty Reglstratlon No. 1110009
Company R•glstration No. 05320290
THE UK STEM CELL FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

THE UK STEM CELL FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustg8S
Professor T Jones
Mr J Moulton. Ch8irmèn
Mr N Ross
Mr J Taylor
Lord R Winston
MrJJDack
(Appointéd 1 Sèptember
20231
Charlty nUrn￿r
1110009
Company number
05320290
Regl$tèr•d offlc•
Cannon Place
78 Cannon Strget
LONDON
EC4N 6AF
Independent examinér
John F Mason
Johnston Camichael LLP
Chartered Accountants
227 Wesl George Street
Gla$gow
G2 2ND
B4nk•rs
Coutt5 & Co.
440 Strand
Lon¢Jon
WC2R OQS
Solicitors
CMS Cameron Mckenna Nabarro Ol$wAng LLP
Cannon Place
78 Cannon Street
London
EC4N 6AF

THE UK STEM CELL FOUNDATION
CONTENTS
Page
TrLEsI?es' report
Independent examinerf$ r•port
Statement of financial 8¢1ivities
SalanGe sheet
Noles to the linancAal statements
8-14

THE UK STEM CELL FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their annual repttrt togèther with the financial statements of The UK Stem Cel Foundation
I'UKSCF'I for the ye8r 31 December 2023. Thg Trustees confirm that the Annual Report and financial
statements of the company comply with the current statutory requirements, the requirements of the C￿panY'S
goveming document and thè provisions of'Accounting and Reporting by Charities.. Slalemenl ol ReGomrT*nd¢d
Practice ISORPI applicable lo Cha￿ties preparing their a¢coiJnts in accordance with the FirTranGial Reporting
Slandard applicable in the UK Republic ol Ireland IFRS 1021".
Since the company qualifies as sm811 undeT section 383, the strategic report regul￿d of medium large
companies un(tser the Companies A¢t 2006 Istrategie Report and Director's Report) Regulalsons 2013 is not
quifed.
Objectives and actlvitles
Publle Benefit statement
Thè key aim of Ihe charity is to address Ihe lunding g8p that hinders the translation of stsm e811 rÈse8rch Into
new tr8atments that have the potèntial for direct clinical benefit. The Eharity supports universities. mèdical
sch(y)1s and hospitals in Ihe Uniled Kingdom for the benefit ol the general publlc an¢J broader mankind.
The trustees have paid due regard lo the guidance Issued by the Charity Commission in decAding what aclivilies
the charitable company should undertake.
ObJ•ctlv•s and Activities
Thè charitable objects for whith the charitable company 1$ es¢8blished are the Preservation, pfomdion and
advan¢trment of human health and welfarè and the advancement and promotion of knowledge and èducation for
Ihe benefit of the public by..
enhancing and promoting knowledge ol and 8ngaging in, funding and supporting research into Ihe
mechanisms of cell degeneration, regeneration and malfunction and their links lo degenefative and other
dlseases, disabilitie5, disorders and conditions in respect ol which stem cell related m￿1cl￿eS, trFatsnents.
curès, diagnostiC5, applications, tf*rapies, products or technologies might be of benefit-
Èngaging in. funding and sUPPOrt4ng research inlo stem Cell and stèm celkbased OT derivèd methods and
technologies, with a view to dlseovering, inventing. improving, dèveloping, producing and applyng
n7edicing5, treatments, cures. diagnostics, applications. therapies. products and technologies and other
medicinal 8gents, melhods and PfO¢eSS6S, induding the translation of pure research ir¢to outputs to a
standard susceptlblÈ of clinical trials with 8 viwv lo establishing the efficacy and supporting the clinical trials
with a view to establishing the treatments. cures. diagnostScs, therapies, products and tèchnologles capable
of application.. an¢J
èducating and informin9 thè public in relation lo stèm cells and the efficacy of stem cell based (* derrved
medicines, trealments. cures, dlagnostics, applications, thèrapies, products and technologiès and othèr
médicinal agents, methods. process6s and the appropriate regulabon and managernent theretsf and
educating and informing the public in rèlation to such matters.
The main activities of the charity conlinue lo bs..
implernenling a strong lundiaising campaign d$sign8d to attract both publi¢ sector fvnding and prlvale
donoTS'.
raising the profile of the Ghari(y by &nlisting the support of key govemmenl departmenl8-
engaging and maintaining good relations with 51em ¢ell nÈlworks, researchers. dinicians and commèrcial
operators," and
increasing public awareness of th8 charity, its aims and goals.
Grant maklng pollcles
The UK Stem Cell Foundalion aims lo build a pipeline of projects that meets its criteria lor Support and funding
on the route to commeraalisation going forward. Grants are provided to 5UPP¢)rt such projects where funding hag
been obtained by the charity or where funding P8rtnefS have been secured.

THE UK STEM CELL FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Achlevements and pèrforrnoncg
Reylgw of actlvlties
During 2023 the charfty ¢)perat￿ using ils previously established model.
The UK Stem Cell Foundation h88 reflected upon the ch&llengèS to finanei81 recovery post the COVID Pandemie
and has sought tr) modfy its approach lo fundialsing. $C￿nt￿¢ and public engagement and vislbllity.
Dunng 2023, the UKSCF ha5 experienced wnttnupd financial support through lègaciès, CSR and public
donatioris but they remain at a redLKed levèl rolabve to pre-pandemic times.
On th8 other hand, Ihe charity's 'brand' pèr8iSt5 and UKSCF has seer) continued levels ol interesl and contact
from members tsf the public. both n8tional and intemational, seeking Bdvicè and information regarding ￿11 based
and related therapies.
Throuohoul 2023 the UKSCF continued to receive funding requests from research group¥ in th8 UK 8nd
i¢JentEfied a proptsrtion of these that are appropriate lor support.
The financial challenges thal UKSCF faced 8t the ¢lo$e of 2022 served as a caialyst for gov&mance, leadership.
and strategic evolution. Throughout 2023, we havg buitt upon this loundation. reinforcing our commitment to
long-lerrn sustainability and ¢nhan¢ed bmpacl. Our re-building efforts followlng the pandemlc have accelerated,
Wbth a strategic locus now shtfttng toward education. advocacy. and collabtsration objectives.
A significant hlghllght of 2023 has been the lormalon of new $trBleg1¢ P8rtnerships with commercial entities,
which will strengthen our capacity for greater outreach and innovation. Leadernhip changes have continued lo
foster 9TQWth, with Jonathan Dack fomally loirTring the Board of Trustees on 1 September 2023_ Jonathan brings
valuable expertise in life sciences law and regenèrative rnedicine. Further expansion of the Board remains under
consideralion as we continue to diversify tho r8ngè ot skills and experience ￿thIn our g0veMan￿ structur8.
Looking ahead, the start of 2024 wall bfing further positive changes lo the L￿mposit￿)rE of our Board of Twstees.
These upcoming appolntments, lo be fomially annoUn￿d next year, will Continue lo expand the breadth of
expertise and expèriencè that guide the charity's strategic dlrectson. Thèsè changes reflect our ongoing
commitment lo robust govèrnance as we pursue a sustainable and impacthjl future for the Foundats¢n.
Flnanclal revlew
Income in 2023 was £122,402 {2022-. £29,696).
Total eh8ritabl8 8Kpendilure was £380,269 12022.. £320,722}. The increase in income ovar 2023 resulleil In a
reduced defficil for the year of £257,86712022'. £291,026).
The charity has total resetves of £356.754 at the year end of which £3C11,127 ère unrestricted and £55.627 are
restricted.
Resorves polley
The Trusteas of the charity have a reserves policy aimod at rnainl8ining the ability of the charTrly to deliver its
chaiitablè objectives. Unrestricted funds are lo be held at a minimurn revel of at least 6 months unrestricted
e¥penditvr&. With £356,754 01 unrestricted reserves held as al 31 December 2023, and total support
operational costs of £380,269 dL¢ring the year. this h85 been achieved.
Restricted lunds. £55.627 at the yoar $nd. r¢pr$$ent those lunds received for speciffi¢ proiects undertaken during
the ye8r.

THE UK STEM CELL FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Plans lor futur• perlods
The UKSCF 5s devèloping public avrareThgss campaigns In partnership wSth leading acadernic and mgdical
institutions. Thesè campaigns will h￿hlIght Ihe groundbreaking research taking place in the UK, ensuring tral th8
public understands thè transformative potential of stèm cèll therapies. The charity will work with universities and
research cenlers to create educational programs. ineludlng seminars, public ledures, and media features, to
bring cUttin￿edge srien¢e to a broafler audience.
The UKSCF aims to estsblish nèw commercial partnerships aimed at fosterlng innovatK*n 8nd bringing ther8Pi&S
lo market. In collaboration with biotech eompanies and pharmaceutieal fims, the charity will sypport Ihg
development and commercializalion of cutting-edge trealmenls.Through eorporate social fesponsibility ICSRI
initiatives. businèsses are being invited lo partner with the LIKSCF, 81ignin9 their corporate values with
translomiative healtheare innovat40ns. Thes8 partnerships will provide vital fesouices to accelerate research,
bridge the gap be￿een lab discoveries and patient carè. and support dinical trials thot push the ioundaries of
regènarative medicine.
To los¢or 8 Stronger corsneclion with tha community, the UKSCF 15 launchlng several new initiativas aimed 8t
engaging patients, ￿searCherS, and thè broadèr public. Key among those is the reestablishment of the UK Sl8r
Cell Nelwork, which will serve a5 a vit81 resource for the scientifie eommijnity. This plattorm will lacilitate
coltaboralion, knowlèdgè sharing. and resourc8 woling across research institutions. dinical facilities, and
industry stakeholdèrs. By bringing together the brightest minds in stem cell r¢$e8rch, the Network will enhance
the UK'S capacity to drive innovation In regeneralivg M￿lein6.
The UKSCF is also comrnitted lo advoncing research in key gr￿h areas such as geTOSCl8ncè applleations for
regeDer8liv¢ mèdicine. In partnership with academic institutions, the UKSCF will support pioneering r8sè8rch
projects that explore how regenerative M￿lL￿ne can delay aging, treat Ègtrrelated diseases, and prom¢l&
healthy longevity,
In the corning years, new funding partnerships Mll drive the UKSCF'S vision of Increaslng publtc access io
cutting-edge cell therapies. Relationships with research lund8rs, patient care organizations, and government
bodies will be deepened. providing the necessary resouTc6s to expand the charity's reach and influence.
Governm8nt-level engagement is als9 8 key priority, and ihe UKSCF will continue to initiate conversations with
po1icyrnakers to ensure that Tegenerative medicine remains a national healthcare priority.

THE UK STEM CELL FOUNDATION
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Structurè. yovèrnanc# and managemènt
Constltuilon
Th¢ UK Stem Cèll Foundation is a compgny limited by guarantee. as defined by the Companiès Act 2(KK. 11 is
govefnèd by its Memor8ndum and Articles of Association dated 23rd December 2004, its dale of incorporation,
and is a registered charEty with the Charty Commission.
Method of Appointment or Electlon of Trust••s
Any person willing to act as a trustee may be appointed by è resolulon of thè Board. However, any appointment
musl not contravene the maximum nutnbBr of Iru5tee5 fixed by the Arti¢le& of Association. The maxirnum number
of trustees foi The UK Stem Cell Foundation as st8ted in the Memorandum and Articles of Assoc*8t*on is ten. Any
person willino to act in the ¢apa¢ity of the trijslee rnusl deliver all documenlation as required by the incumbent
trustees. In 8dditlOfL, 8ny 8PPOilltment may be subject lo that ￿r$On satisfying any additional conditions and
complwng Wlth any additiortal obligations Ihat Ihe Board may impose.
Policies Adopted for the Induction and Tralnlng of Trust••s
All new trustees must undergo training to ensure that they are aware of thèir lagal obligations undef Charity and
Company Law, the content of the Memorandutn and ArtiGles of Association. the decision-maklng process, the
business plan and the flnancial perfomanre of th¢ Chaff(y. Al this lifflg. they will also meet Ihe koy employees
end other trustees.
Pay Polley for Sènior Staff
The pay of the s&nior stalf is reviewed annually and normally increased in accordance wth average eamin9S.
Organlsatltsnal Structur¢ and Dg¢l$ion Moklng
Thè Bokrd of Ttustees 8drninister the Ch8rity. They meet quarterty lo review finances and the devebpment of
research projects and 8pplications. The Chiel Executive Officer, Brendon Noble, is responsible for the day to day
running of the Foundation. projecl development acisvities as well as financial issuès and reports dire¢tly to the
trustees.
Rl$k M•na9em*nt
The Trustees have assessed the major risks to which the charity is exposèd, and are satisfied that the risk
management strategy adopted at outset remains in place and comprises ol thè following..
Annual reviews of ptstential risks to the Charity
Assessments ol systems and procedures lo mitlgate potential risks should they arise
Monitorlng of procedures designed to mlnimTrs8 any PDlentt81 impad on thg Charity
Risks ar¢ revi$w¢d and updated Tegularly to revièw any major OT new risks to which the Charity may be exposed.
The systems then irnplotn¢nled rem8in robust and the trustees are 8alisfied that the syst8m$ in place mitlgate
any exposure lo its major risks.
This report has been prepared in accordance with the special provlslons of Part 15 of the Companles Act 2006
relating lo small companies.
This report was 8pproved by thè Trust$$s on
g*hl¥a
nd signgd on their behalf by..
Profess
Trustee
nes

THE UK STEM CELL FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE UK STEM CELL FOUNDATION
I roptrrt lo the trustees or* my examination of the financial staternenls of ThÈ UK Stem Cell Foundaoon (thè
Cttaritsble companyl for the year en%Yed 31 D8cembeT 2023.
RtsponsÈbilities and b*sÉs of r•port
As the Irusleg5 tsf the charitable company (and also Its dirfjetOTS for the purposes of company lawl you are
responsible for thè preparation of the fjnancial st3tem*nts in accrlftlance with the requirements of the CornpanFes
Acl 2006 Ithe 2006 Aetl.
Having satisfied myself that the financial statements of the charitable company are not required to be audited under
Part 16 of the 2006 Act and are eligible for iThdependent examination. I report in rè$￿tt of my examination ol thè
charitablè company's f nancial statements carried out under secbon 145 of the Charits'95 Act 2011 lthe 2011 A¢ll. In
carying out my examinatKin I have followed all the 8pplicable Direclitins given by the ChaTity Commission under
section 14515llbl of the 2011 Act.
Ind•p•ndent •xamlnerfs ststgrntnt
I have completed my exarrin8tiDn. I confim) that no matters hava eome to my attention in connection with the
Èxamination giving me cause lo believe that in any material respect..
accounting r8cords were not kept in respect of Ihe charilable Gompany as required by section 386 d the 2006
Acl., or
the fin8ncial Statements do not accord with thosè récords; or
thè financial slat8menls do not comply wilh the accounling requirements of sèetion 396 01 the 2006 Act othar
than any requirement that the accounts a true and lair view which is not a matter considered 2$ part ol an
independent èxamination., or
the financial statements have not been prepared In accordance with the mèthods and principles of thè
st8lèment ol Recommended Practice IOT acGounting and reporting by charities 8pplicabl• to eharitiès
pr8parin9 thèir atcounts in accordance witt Financial Reporting Standard applicable in th? UK
Republic ol Ire18nd IFRS 1021.
I have no concerns and have cotno across no other matters in connection with the examination to which attenilon
should be drawn in this report in order to ènablè a proper understanding of tre finan￿81 statetnents lo be reached.
Use of our report
This report is made to the charitable cr)mpanYs board of trustees, as a body, in a¢cord8nce with the terms of the
engagÈmènt. My work has been undertaken lo enable mè to undertake an independent examination ol the
charitable company's financial statements on behal¢ of thè eharitable company's board of trlsslees and for no other
purpose. To the fullest extent permitted by law. I dtt not accÈpt or assume responsibility to anyone other than the
charity and the charitable company's l)oafd of trustees as a body, for my work or lor this report.
4L G.q--
John F Mason
Jobnslon camich￿l LLP
charte￿ Accountants
227 West George Street
Glasgow
G2 2ND
Datèd..

THE UK STEM CELL FOUNDATION
STATEMENT OF FINANCIALACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
UnFgStrtcl￿I
fun#s
R88tr1ct8d
fvnd$
Totsl
2023
Totsl
2022
Notes
Dtsnations and lega¢i&$
Investments
117.966
4.436
117,966
4,436
28,368
1,328
Total Inromg
122,402
122.402
29,696
Charitable activities
380,269
380,269
320,722
Net expenditure for the yearl
Not mov•mgnt In fund
1257,867}
1257,8671 1291,0261
Reconclliatlon of Funds
Fund balances at 1 January 2023
558,994
55,627
614,621
905,647
Fund balancos at 31 D•c•mb8r 2023
301,127
55,627
356,754
814,621
The ststement ol financial atttivltl8s 81$0 ¢omplies with the reouirements for an inctsmtr and expenditure account
under Ihe Companies Act 2006.

THE UK STEM CELL FOUNDATION
BALANCE SHEET
ASAT 31 DECEMBER 2023
2023
2022
Note8
Current assets
Debtors
Cash at bank And in hand
771
364.632
771
748,778
365,403
749,$49
Credltor$= amounts falllng due wlthln
one year
18,6491
1134,9281
Not curr&nt assets
356,754
614,621
In¢om• lunds
Restricted funds
Unrestrictgd fvnd$
55.627
301.127
55,627
558.994
356,754
614.621
The company is entitled lo the exemption from tha audit requirement contained in seetion 477 of the Companies Act
2006, for thè yeaT ended 31 Oecember 2023.
The directors acknowledgè thèly responsibilities for complyng wilh the requirements of the Companies Aet 2006
with respect lo accounting records and the preparation of fin8ncial statements.
The rnomb&rs hBvè not required the company to obtain an audit of ils financial stat8mènts for the year in question in
accordancé wth sectson 476.
These financial staternents havg been prepared in arKord8nca with the provisions applicable lo companie8 subject
to the small companies regim9.
The financial stalements were approved by thè Trtjstees on .
Profess
Trustee
Company Règistratlon No. 0532D290

THE UK STEM CELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accountlng pollclos
Ch•rhy Infomiatltsn
The UK Stem Cell Foundalion is a pr￿al2 company limited by guarantee irKorporaled in England and Wales.
The registered office is Cannon Place, 78 Cannon Street, LONOON. EC4N 6AF. The nature of the charitable
eompantys operations and principal aclvlties are set out in the Tru$tees' Report.
1.1 Accounting conv•ntltsn
These financial statements havg been prepared in accordan￿ wrth the Companies Aet 2006, FRS 102 Yhe
Financi81 Reporting Standard applicable in the UK and Republic ol Ireland" I"FRS 102'18nd 'Accounting and
Reporting by Charities.. Staternenl of Recommended Practice applicable to charities preparing their accounts
in accordance with the Financtal Reporting Standard applicable in th& UK and Republic of Ireland IFRS 1021..
The charitabl8 company is a Public Benefft Entity as defined by FRS 102.
The charitable cotllpany ha& availed itself of S396 of the Companie5 Act 2006. as permitted in p8r89raph 4111
of Schedule 1 of Sl 2008 No 409, and adaplgd Ihg Companies Act fomats lo reflect the spècial nature of the
ch8ritsbl$ ¢ompany'$ aclivilies.
The financial statements are prepared in st&rling, which is the function81 eurrenry Qf the charitable company.
Monetary amounts in these financial statements are roundèd to thtr neare$t £.
The flnanclal stslemet)ts have been p￿Pared under the historlcal cost G￿VentiOn. Tha principal accounting
policigs adopted gre sel out below.
The charity is a company limited by guarantee. The members of the company a￿ the Trustees named on
page 1. In the event of the company being wound up, the liabÉlity in i¢spoct of the 9uaranlee is limited to £10
per member ol the company.
1.2 Golng tonetrn
At the time ol approving the financial Statements, the trustegs have a reasonable expectttiort that the
charttsble company hès adoquat6 re$ources to contsnue in operational existence for a perlorl ol at least
elvè months from the date on whid) these financia5 ststements have been signed. The trustèès, having not
identified any materlal uncertsinties, wll continue to closely [r￿nitor Ihe operation and co3t of overheads to
m8intslTr thè currently held reserve levels as well as actively seeking to obtain new fund[￿ towards fulure
projects and research. Based on this analysi5 the trustees continue to odopt thg going (x)nceTn basis ol
accounting in preparing the financial statements.
1.3 Charitable fund
Unrestricted funds arè 8v8llablè for use 8t thè diserètion of the trustees in furtherance of the charitable
conwanrfs objectivès.
Restr5cted lunds Ar8 subjèct to spèclfi¢ condltlon$ by donors H$ to how they may be used or which have been
raised for particulat purposes. Th6 Cost of 18Ising and adtninistering such funds are chaiggd pgainsl the
spècific fvnd. Th& purposes and u8es of the roslricted funds are sel oul in the notès to the financial
statemgnls.
1.4 Income
Ir¢ctrme is recognised when the char¢table company Is entltled to it aftgr any perfomance conditions have
been met. ihe amounts can be measured reliably, and It is probable thgt income will be received.
Cash donat￿n$ are recognised on reGeipt. Other donations are recognised once the tharilable company h8S
been notified of the donation, unless performance conditions require defertal of the amunl. Income tsx
recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at tho tÉme of
the donation.

THE UK STEM CELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Aecountlng poll¢le5
{Contlnuedl
Legaciès ara r8cognised on receipt or otherwse 11 the charitable company has been notifièd of an Impènding
distribution, the amount is known, and receipt is expe¢led. If the amounl is not known, the legacy is Ire8ted 8$
a mntingènt 88set.
Don8lÈd sèrviees or facilities are recognised when the company has control over the item. any conditions
associatèd wth the donated item have been mel. the receipt ol the economic benefit from the use by the
company of Ihg item is probable an¢J that economic benefit can bè measured reliably. In accordance wilh the
Charities SORP IFRS 1021, general volunteer time is not TÈeognisÈd.
On receipt. donated professional sèrvlc8s and donated lacililies are re¢ognised on the basis ol value of
the gift to the company which is thè amount the company would have beer* willing lo pay lo ot>taln services r>r
facilities ol equivalent economic benefit on the open matket., a corresponding amount is recognisèd In
expenditurè In Ihe period of receipt.
Invosttllent Income include5 bank inleresl 8nd Interest on funds held on deposit. It 1$ recognl8ed whén
T8¢eivable and thè amount can be measured reli8bly by the eharily,. this is normally upon notification of the
interest paid or pay8ble by the bank.
1.5 Expenditurè
Exp8nditUfe Is recognised once there is 8 lÈg81 or constructive obligation lo ITansfer economic benefit tts a
third party, it is probable that a transfer of èconomic ￿n&fitS will be required in settlement and the amount of
the obligation can be m6agured reliably.
Given the sre and naturè ol the Charity, all expenditure is categorised as expenditure on charitable activities.
Governance costs, which arè thos6 incurred in connects'on wth administration ol the company and
compliance with CODStilulional and statutory requirements, have been allocatèd to charitable activities as the
primary activity of the charty.
Grants payable are charged in the year when the offer is made except in thos8 eas6s where the offer is
conditional, such grant5 being Tecognised as expendiiure when the ￿nditionS 8tt8¢hing a￿ fulfilled. Grants
offèred subject to conditions which havg not bean met at the year4end are noted as a cr)rnrnitrngnl, but not
accrued oxpenditure.
All expenditure is inclusive ol irrecoverable VAT,
1.6 Tanglble fixed asstts
Tangible fixed assets are initially measured at cost and subsequently measured at ¢osl or v8lu811on. nel ol
depréci8tion and any impairment losses.
l assets costi￿9 mor¢ than £SOO are Cap￿taliSed.
Depre¢i8tion is r6cognised so as to write off the cost or valuation of assets les5 their residual values Over their
uselul lives on the following bases..
Plant, m8ehlnary & equipment
33ts1¢ pgr 8nnum on cost
The gsin Of loss arising on the disposal of assèt is detemiined as the difference betwgen th¥ s8le
proceeds and the cairying value ol Ihe asset, and is rècognised in the statemenl of financial activities.
1.7 Cash and eash oqulvalents
Cash and cash equivalents include cash in hand, depc*sits held 81 c811 with b8nk8 and other short-term liquid
investments with original matuflties of Ihrge months or less.

THE UK STEM CELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
A¢¢ounting policies
(Continuedl
1.8 Flnanclal Instfum•nts
The ch8ritable wmpany has elected to apply th¢ provision5 of Section 11 'Basic Financial Instruments, and
Seetion 12'0th8r Financial Instruments Issue5, gf FRS 102 to all of ils financial instnjments.
Financtal instruments are recognisèd in the charitable companys balance sheet whon the charilabl& company
becomes party to the contractual provision5 of the instrument.
Basle flnan¢ial as$•t5
Basic financial assets, which Incl￿de debtors and cash and bank balan¢ès, are initially me88ured at
transaction price including transaction costs and are subsequently carried at amortised cogt using the
effective interest mclhod unle8$ the arrangement constitutès a financing Iransaclion, where thè transaction Is
measured at the present valve ol the future Ye￿ip1S diseountèd at 8 m3rkel rale of Inte￿$t. Flnancial assets
dassiftd as receivable within one year are not amorbsed.
8ow¢ financial liabilitles
Basic financi81 liabilities. including cmdilors 8rÈ initi811y recognised at transacllon price unFess the
arrangement Constitutes a financing transaction, where the debt instwment is mèasured 8t the present value
of Ihe future payments discoLsnted at a market rate of inlerest. Financial liabililies classffi8d as payablè Wilhin
one year are not amorbsed.
D•r•cognlllon of flnanei*l lièbllltles
Financial liabilities are derg¢ognisgd when the chariiable company's contraGlual obligations expire or are
discharged or cance51ed.
1.9 Llabilittes and PFovi$ion8
Liabilities a￿ recognised when thert is an obligation at the BBlanee Sheet dale as a result of a p8#t event, it
is probable that a transfer of economic benefit will be requirèd In settlement, and the amount of settlement
can be estimated reliabty. Liabilities are recognised at the amount that the Charity anticipates il will pay to
sètle thè debt or at Ihe amount il has received as advanced payments for Ihe goods or services il nwst
p￿V￿e.
Provisions are measured at the best estimatè of tho amounts required to settle the obligation. whe￿ the
effect of the time value of money is matèrial, thè provision is based on the present value of those Èmounts,
discounted at the pre-tax discount ratè th￿ reflects Ihe risks specific to thè liability. The unwinding of the
discount is recognised within Interest payable and similar charges.
1.10 Employè• bèn#fits
The cost of any unus¢d hOl￿aY enlillèment is recognised in the period in which the employee's sèrvi￿$ are
received.
1.11 Rotiroment bgnefits
Payments to delined contribution ￿tireMent benefit schemes are chafg¢d as an expense as they fall due.
1.12 ￿?￿e$
Rentals payable undèr opèra11r￿ leases. including any lease incentives rs¢&ivttd, are char9ad as an expense
on a strAi9hl lin¢ basis over the tem) ol the relevant lease.
10-

THE UK STEM CELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Donatlon$ and l*gacl•s
Vnf•strl¢t•d Unrostrfct
fund$
2023
2022
Donations and gifts
117,956
28.368
Invg#tm•nts
Unrestrlcled Unre5trlcted
7023
2022
Interest received
4,436
1,328
Charltabl• actlvltles
Total
Total
2023
2Q22
Project wsts
29.803
76.965
Share of 5UPPOrt costs Isee note 51
Share ol goveman¢e c05ts1588 note 51
345,451
5.015
237,687
6.070
380,269
320,722

THE UK STEM CELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Support eosts
Stspport cosls
GovJrn4n
¢osts
2023 Support ¢¢x•ts Govsmanco
costs
2022
St8ff costs
Depreciation
Travelling & mileage
Evitertatnmenl
Bank charg8s
Telephone
Postage & ststionery
Officè expensès
Marketing expenses
Insurance
Professional fee8
180,860
180.86D
197,637
1,133
6.371
124
1,989
3.449
1.608
18.763
3.235
1,200
2.178
197.637
1,133
6.371
124
1,989
3,449
1,608
18,763
3,235
1,200
2,178
2,947
177
659
5,748
1,055
6,708
5.834
1,272
140,191
2.947
177
659
5.748
1.055
6,708
5.834
1.272
140,191
Independent examinalion
fee
5.015
5.015
6,070
6,070
345,451
5,015
350,466
237.687
6,070
243,757
Analysed between
Charitable aclNilies
345,451
5.015
350,466
237.687
6,070
243,7S7
Trustees
None of the trtjstees lor any person5 wnnecled with them) received any remuneration during th¥ CUfTenl or
omparative year.
No trusteè or any person ￿1*ted to the charity had any personal interest in any contract or transaction entered
into by the chanly in the year.
Ouring the year, no trustee received reimbursemenl oftravel expenses12022: no tru81ee reimbursement).
12-

THE UK STEM CELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Employge$
The average rnonlhly number of èmployees during the year vras-.
2023
Numb•r
2022
Numbor
Employm•nl ¢o$ts
2023
2022
Wages and $8lariès
Social security costs
other pension costs
167,060
12,387
1,413
178.168
17,338
2,131
180,860
197,637
The number of *mployè&s whose annual rernuneralion was £60.000 or fflDTe
were..
2023
Numbor
2022
Nurnb•r
In tho band £110,001- £120,000
Kèy management personnel comprise the outgoing Chiel Execulive Officer and the Operations Manager,
whose employee benefils for the year were £181,125 12022.. £111,824 felaling to Chief Executive Officer
onlyl-
Deblors
2023
2022
Amounts falllng due wlthin ong year-
PTepaymènts
771
771
CTtditors- amounts lalllng due wlthln one year
2023
2022
Other taxation and social security
Trade creditors
Accruals
3,66S
21,318
4,320
109.290
4,984
8.649
134,928
13

THE UK STEM CELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10 Retlr•ment benefii schemes
D•fln•d ¢ontrfbutSon schemes
The charitable company operales a defined ¢onlribulion pension gehem8 for all qualfying empk)yees. The
assels of the scheme are held 5ep8ratsly from those of the Charitable company in an independenuy
administered hjnd.
The ¢harge to net in¢omellexpenditurel In lespect of defined contributson schemes was £1,413 12022
£2,131).
11 Analysls of net assetB between fund
Unrostrl¢lsd
fund8
2023
R•strlcted
lund$
2023
Totsl Unrestrktsd
fvThds
2022
R•slrl¢tsd
funds
2022
Total
2023
2022
Fund balances at 31
December 2023 are
represented by..
Current as8etsl1liabilil￿5}
356,754
356.754
614,621
614,621
356,754
356.754
614,621
614,621
12 Operating Ita6* ¢ommitments
Al the reporting end date the charitable company had outstanding commitments for futuf8 minimum lease
payments undèr non-cancallabl8 operaling18asès. which fatl due as follows=
2023
2022
WFthin one year
Between iwg and fjvo years
1.057
16.125
17,182
Amounts reeognised in protit or loss as an expense during the pertod in respect ol operating lease
arrang8mont$ 8mount¢d lo £3.17112022.. £9.5131.
14-