Royal Commission for the Exhibition of 1851 Annual Report and Accounts For the year ended 31 December 2024 comhfi The Aims of the Royal Commission The 1851 Royal Commission's governing document is its Supplemental Chartei. OF 1851,which requires the Commission to "Increase tlye iiieans of iiidiistj'ial edlicatioll attd exteiid the iJifluenLe ofscieKce aiid art i¢Poiz Pinduclive indu5tiy". This was originally interpreted as a requirement to create a centre OE intellectual cxcellcnce, which resulted in the acquisition of the South Kensington estate and its subsequent development with museums, academic establishments and the Hall of Arts and Sciences (the Royal Albert Hall). Later. ITJ 1890, the efflplia5i5 wa5 Swltched to the support of iiidividuals, starting with the award oFScicnce Rc5carch Scholarships From 1891. Today the Commission runs its own schemes For: Research Fellowship5 Industrial Fellowships Industrial Design Siudeniships Built Environment Fcllowships Fellowships in Design In parcnership with others it supports: Encerprise Fellowships Technical Teacliing Fellowship5 It also suppoi'ts worchy individLials and appropriatc organi5ations by Spccial Award5. The total number OE individLials being supported in 2024 was 136 Registered Charity No. 206123 Contents Chairman's Report Secretary's Report The Work OF the 1851 Royal Commission Public Bcncfit Grant-making Policies Achievements in 2024 8-15 Future Plans 16 Awai'ds Gran(ed in 2024 17-26 Awards Completed in 2024 Alumni Awards, Honours and Achievements 27-50 51-54 Report by the Chairman of the Finance Committee Statement oFCommissioners' Responsibilities Independent Auditor's Report Statcmcnt OF Financial Activities 55-57 58 59-62 63 Balaiicc Sheet 64 Cash Flow Statement 65 Notes to the Financial Statements 66-83 Administrative Infformacion 84-85 Commissioners, Commiitee Membei's and Scaff 86-88 Professional Advisers 89 Chairman's Report Within the opening of his memoi'anduin on the appropriation of the surplus of the Exliibitioii of 1851 Priiicc Albert considers.it becoi]Ics necessary Foi. the Royal Cornmi.5sion ro mature some plan For irsclEon 2 carcFul and conscientious consideration of its po.sition, power and duries, in order not co find itself ac the cnd of its important labours di'iven into the execurion off ill digesred project.s by the fi)rce OF accidents or popular agitation,: Such conjecture was che di'iving Forcc bchiiid thc realisalioii of che post Exliibition i-ole Foi. thc ors2nisatiun that it still fulfils today, and it is Ihe tesl thaL I like LO apply wlicn reflccting on the passing year's activity. Judging the org8ni5alion'5 achievements u.sing our first President's measure I am confident in reporting that the previous 12 months have seen commendable endeavour frotn all involved. With a commitment oFovei' £5 million in charitable spending we have, amongst tnany things, welLomed anotlier 38 ourstanding youiig scientisls, eiigineers aiid desigiicrs to the 1851 Fcllows1)iP Loinniunity, supported an cxpaiided sustainability and iiaturc positive programmc within thc Albertoi)olis estate and embarked on a new and exciting national programme ro support science teaching in the primary education sector. 2024 saw the award OF 10 Research Fellowships, 12 Induscrial Fellowships, one Design Fellowship and I I Industi'ial Design Studentships. With an iiicrediblc spread of iiivcstigatlvc Study into such things as the hydrogen economy infrastructure, the design of analogue iniegratcd circuits with quantum dot sti'uctures and decoding cellular commu nication, such projects I'ci)resenr a continuing and .%ignificant investment in emerging research ialenc within Ihe Uniicd Kingd()m. In addition, we continue to suppi)rt innovation and entrepreneurship through the funding OF Enierpi'ise FellowshLPS in conjuncrion with our partneis at the Royal Academy OE Engineering. "I"his year Found four gi'aduate start-up busiiie55cs supported in such a manner. We also welcomed the sixth and largest yet cohort of p2rtlCiP2nts onto our Technical Teaching Fellowship initiative. The Royal Commission recognises the value that external public eiigagem¢nts provide to our Fellowship holdcrs. Such opportunitics as participation in the aiinual Grear Exhibition Road Festival, wliich is a trcjneiidous sliowcasc For all the cultural and educational institurion5 2nd organisatioiis based in South Kensington, allows them to hone their communication skills as future spokespersons in the .5cientific community. This year, with the Commi.ssion's rent at the very cenrre (If activity, 12 Voluntee￿ Frotn Dur current Programm￿ encouraLyed visirors to the Fe5cival to partakc iii expcrinicnts and deinoiisci'acions associatcd with clem¥nts OF their research projects. Ir provcd hugcly populai. witl) many- with oiit youiig participant announcing chis was the only real'scienct stall" on the streetl Catering (o an audience with more .speLific interests, we once again partnered willi Ilie BBC World Service to host and facilitaie the ninth broadcast OF Tlje Ei/ginÉers series. Eager listeners fillcd Ihc Great Flall in Imperial Collcgc 10 capacity for the opportunity to lisren to three renowned experrs. woi'king in diffci'ent applications oFAriificial Ii)telligence, discuss the pi-omise and limiratioii.s of this rapidly expandiiig teclinology. ProFcssor Regina Barlilay, Research Scientisr at The Ma5.sachuseits Institute oFTechnology, Professi)r David Silver, Principal Scientist at Goosile Deepmind aiid Dr Paolo Pirjanian, a pioneer in devcloping eniotionally intclli6Jcnt robots to aid child developnicnt, pi'ovided Fascinating insight aiid optÉmistic comTnentary on the opporcunities this new glohal i)henomenon presents to a world-wide radio audience ofseveral millions. The Royal Commission's special awards endeavour to reinforce STEM education in schools, and grcatcr publiL awareness OF the career opportuiiiiies in Ihe.science and technology environment, whilst al.$0 recognising the hugely importaiit ii)Auence mus¢utn5 cali play in ignitiiig young people's iniaginations and ainbitiuns. This year the Commission gavc gi'aiits to the Royal Obsei'vatory's rirst Light project and tlic National Space Centre's Outer Solar.System Gallcry redevelopment. Funding support was also provided to the .%omer.science Fesrival and Durhain UnivLrsity's Celebrate Science Festival as well as supporting the Instituce OF Physics sutnmer public programme and the Royal In5tituiion's 1)ng()ing Science in SLhools initiative. Awards were also inade to emerbying and concinuing7 wol'k within the IoLal SvuthKenZEN+ project and the Royal College oFArt. We also commissioiicd an exciting new five-yeai. progi'ainme wirh STEM Learning to dcvclop more inspiracional tcachcrs oFsciencc within the primary educacion sector. The Royal Commission's greatest asset is its Fellows- both present and past- and we make every efForL I'o encourage a spirit ofLommuniLy ind pride within this grouping of nearly a chousand individuals. We ari'ange opportunities For the sharing OF Icnowledge and achievemenc between the current Fellowship and their disringuished alunini colleagues. This year, six individuals From across all of the Royal Commission's permaneni prog￿MmL￿ shared their work with our Pre5ideiic. Her Royal Highness The Princess Royal, curreni IS51 Fellows and committee members at the Pi'esidential Dinner. In addition, Four iompleting Fellows pi'esented clieii. re5carch findings to a large audience, with a similar pedigrec, at the Royal Society during the Alumni Science eveiiing. All such activity is only possible through the enthusiasm and dedication c)Fthe many volunteers (hat offer cheir Support 10 our programmes.This may be chrough serving on oui. various committees or overseeing the governance and strategic direction OF rhe orgaiiisation itself and I extend my deepesc appreciation to all such individuals. This year we h2ve seen the departure oFa numbeT of extremely distinguishcd and long serving members of our.Science and Engineering Research Fellowships Committee as well as two Commissioners who have reached rhe end oFtheir tenure of office. My heartfelt rhanks go to Lord Mair and JiIn Eyre who have served the Royal Cotnmi55ion with great disrinction Fur Ihe past decade, contributing selfiessly to our objectÈve5 thL'ougli committee membei'ship,ex¢ernal representation, mentoring awardees and championing the Commission's actions and people ac evely opportunity. Foi'tuitously this does allow us to introduce new figures of distinction co the ComTlli55ion and I have been delighted to welcome ProFessor DaTne Sarah Springman and ProFessor Sadie Moi'gan t() the Boaid ol Man<1gement as Iiew Royal Cominissioners. Finally, it is my privilege on behalFoF thc Board of Management to thank our President For her resoluie patronage and interest. The Princess Royl's siipport For our activities, as well a.s her wider public example, provides inspiration and encouragcmcnt tc) all those involved wirh Ihe Royal C,ommission. We are deeply honoured by Her R()yal Highness's continued commiimenr to our purpose and people. The Rt Hon ProFessor Lord Kaklor KG KBE PC Fmedsci Secretary's Report I can only add my own thanks to those of the Cliaii'man For all the efforis of the incredible and rich mix of Commi.%sioner.s, c.ommittee Members, Fellows, Alumni and staff that mike up tlie 1851 fainily. 1'he Royal Commissi()n is blessed To be supportLd by such a ialenred group OF individuals and Ihis report hopefully capture5 thc notable achieveinents OF niany OF Ihac group. One OF the constant outi)uis OF rhe c.ommission has bcen its cncouragcinent OF those sccking to find a suitable carLLr in the STEM environment, and at a time when mosr young people ai'c exposcd to inforination overli)ad and boinbarded with choicL, we al'e airempting to demonstratc rclcvancy and prospects through interaction witli our awardees. Outwith rlie more normal elements ()g the Royal Commission's aiinual activity, we have extended outi'tacli and external enLyagement opportunities foi- the cllrrenr aw.qrd holders this year. With the Great Exhibition Road Festival 2 key part oFour calendar, WL wcrL cxcired to weave an additional elemenr into the commitment through a pi'ojtcc alled Londnii Wnnder. 'I'his initiative ()ffered Fellows rhe chance to vi.sit selecied secondary.schools in East London- Barking and DaLJenham - to talk aboui their research and pers()nal experiences of their paihway co research or design carcers to Key Stage 5 studcnts, and to Itad in exei'cises that cncourage greater awareness OF STEM talcnts and careers. The ultiniate aim bcing For rhose studenLS involved co also participate in the Commission's cent at the Festival itsclF. The pilot project received ali exiremely favourable respi)ii.se, and l am delighted to confirm that we will cnntinue rhe proy'amme For rhe next 4 years. Additionally, awai'dees have also represented the Coinmission at a nunibcr 06AII Party Parlianicntary Engiiieei'ing Group functions at tlic House of Lords as well as aitending UK Engineering sponsored"Big Bang. at Parliament. In all case5 they pi'oved tremendous ambassadors For the Commission, whilsr also perFecting their sciencc communication skills by engaging wirh, and hopefully influencing, the many school students presenr. Current Fellows make tremendous role niodtls FOT thc nexi bFenei'J(ion of scientists and engineers, and we will continue to seek our events that allow goi such intci'action iii the Future. The problems and challenges faced by society today appear daunting biit thc generation ofproblcm solvers and innovator.s that the Royal Commission supports always seem to confidently enjoy thc prospect OF inakinbJ an impact in cheir Lhosen work environnient. CJompleineniing their efForts, but on a wider scale, are the labours oFour partner or¥anAsations that are granted special awards by the Royal Commission, all of whom rn2ke a positive coiitributioii in thc STEM arena, wh¢thcr it be in the classroom i)r thc comniuniry. This report captures only a small snapshot oEwhat is being achieved across the broad speccrum of"1851" actlvlty and I liope thac the reader will be as enthused by the individual or iiidividuals underrakingy the research or programme, as by their achievements. Jolin Lavery MVO The Work of the 1851 Royal Commission 'I'lie Commission's aim is to'make 2 difference, by pi'oviding cducational fellowships and studcntships to the very bcst caily cai'cci. scientists, engineei-s and dcsigner5. Succcss is hard to measure wirhin the confine5 of a single ycai. but lool Ilyen, aquaci Let's Connect: Brainstorming with Swarm Robots, in partnership with Merihan Alhafnawi from Bristol Robotics Lab - 294 participants SaFari Park OF AniBotics, in parrnership with David Smee From AniBotics - 220 participants. This also lcd to WTC beinbf a co-author of a paper submirted to a Robotics academic conference by their Swai'm Robots partner, allowing (he public to Feed into the RkD phase oftoy developmcnt and scalFold conversations around coiiservatÉon with children. Shopping Trolley Secrets pilot in parcnership with Anya.£katova from the Universlty oEBristol's Medical School . 188 participancs From West OF England Centre For Inclusive Living la local disabiliry charity) engaged iiew audienccs iii the convei'sation on (he use of shopping data for public health research. TRIAD evenc, in partnership wirh che University OE Bristol and University OF Bath - 45 visitors cxpcrieiiced different design5 oFspaLes in VR to garher insight.s into iheir own personal reactions to differcntly designed environinenls, raising awai'eness OF inclusive de%ign ancl thc impact of de.sign on wellbeing. Seagu115 Project with Hannah More Primary school, based in an underserved community which was led by their interest in seagulls - 1,074 interactii)ns. Thi.% ivork is celcbratcd in a film and exhibition next to Open City Lab, which is being expanded into WTC'S Curious Partner Schools program. Online Sleep project - Researcher Chrissy Hammond has indicatcd that the public responses fi'osn wrc's onlinc survey could have an inimediare impact on the direction OF her research. Since reopening in July 2024, Ivrc have hugely exceeded tlicir Forecast number oFvisitors over Ihe sunimer period t() SLPtember, with a total OE 80,)L 97 Ivs 67,202 Forecastl, including 1,796 cominuiiity members, 19,933 members and 5,189 educacion admissions, all of which are tncreasing daily. Within the Lab over Ihis rime, 16,866 people lapi)rox. 20(Yo of all visitors to WTCI participated in the current Lab project'shoppiiig Trollcy Secrets, iii partner4hip wich Anya Skatova from the Universicy OF Bristol's Medical School and codeveloped with the Digyital Footpi'inc team at Bristol Universiry, lea(ling t() over 6,000 research contribucions and 400+ postcards writteTL to researLI)ei's by visicors. Th15 pi'ogi'ainme looks to undLrstand public attirudes towards the use oFshopping data i.c., loyalty cai'd datq such as Tesco's Clubcard, Eor public health research, engaging them from the very early stages in wliat COLild be an ii)valuable source of data iiito i)eople's shoppin¥ liabits. Would people donace theii- shopping daca for research) Flow much could re5earchei's discovci. Froin people's shopping habits? 14 The Shopping Trolley Secrets activity is due co end iii Januaiy 2025 and will bc followed by a new pr()gr2mme currently iii developtnent iiamed'l)latcs For Tlie Planet,. This new progru¥hput plaifoi'm For iractive Fragmcnt screening in cells against pi'otein targers of thci'apcutic interest Sportsor.. GSK Univgrrity ofstratlyclyde The timely and cfficient discovery of Lhcmical tuuls Foi. (lis¢as¢-ielevant proteins is impi)rtant For driig discovery. This projecr aims to dcvelop a technology For th¢ hsgh-througvhput sci'eening OE I"eactive fragm¢nt5 in living cells, cxpcditEnbr thc dcveloi)meJit ofcliemical tool.% for'iindruggable, protcir)s tliat cannot be siudied outside OF (he cell. Colm Dowling Siibject.. Transforming the prevention of Suicide, selF-harm, aiid iiitcrpelsonal violence in care settings Sponsoi.: S2Eehiiib5c I)rimer Glasgow Caledoulan Univerrity Thi.$ research aims 10 identify etliical digiial daca science soluti0115 to aid healtlicare worlcers iii etEcitntly identifying individuals at 1'15k OF suicide, self-harm, or vinlence by impi'oviTigF real-time health data colleciir)n, aggi'¢Katinn,-synihesis and pi'esentation, addressing the challeI)gcs Faced by.%tafE in mental hcalrhcare settings and cnh2ncing patient safcty. Alberto Gomez Saiz Siébject.. Design OE xnalogue sntcgrated circuits with quantum dot structures Sponsor.. Quantum Mo(ion Inipeyial College Loffdoii 'rhis project proposes to explorc the unique pi'operties of circuit elements bascd oli quantum dots in combination with tradicional clccti'onic compontnts to deliver novel analoguc intcgrated circuirs. The key 2im will be to demonstrate a pracrical usc case in which a QD-based analogue cii'cuiL outpeLForms cxisring cryoelectLonic solutions. Gareth Hart Subject.. Enabling the hydi'ogen economy- Improving electrocat2lyst performance and reducing iridium content through materials discovcry Sponsoi.: Johns011 Matthey Univeyllty of Warwick Th¢ pmduction of i'cncwable (g￿ree1]I hydrubicll is kcy to deFossilisation and pi'evention of Furthcr global w&rn]ing. Current caralysts in these technologies rely on iridium, a precious metal wilh IiTnit¢d supply. This projcit will design new, efficienL catalysts wicli reduced iridium contcnt and scale up chcmical synthe.qi% For subsequent development. Charlie Hutchings Siibject.. 'fhe in)pact and mitigation of matcrials degradation on assets in hydi'ogen economy iiifrdstructure Sponsoi.: FraLei'_Nash Consultaniy Univeysity tsfsuryey Hy(Irog¢n is required for an affoi.dahle, resilient, and decai'bonised energy 5y5tem. I'his projecc will expei'imcntally investigate and assess the peivasive impact OF hydrogen on mat¢rial integrity. The acquired knowlcdgc and models devcloped will 5UPPOi't ￿5¢t opei"3tors, standards bodies, and policymakers in interpreting, managing) and mitigating materials risl providing critical feedbaik while showcasing its value in the field. TRACES looks to makc aquatic eDNA sampling faster, cheaper, and more accessible, empowering conservatioii teanis to collect richer data and makc morc inFoL'mcd decisions on large SCc11es. By accelerating biodiversity moni(oi'ing, procection, and restoration efforrs,'I'RACES offers a vital facilitation tool for addressing tlie global biodiversity crisis and protecting the ecosystems on which we all depend. 22 Sir Misha B12ck Medal For Di5tinguislied Services to Design Education Dr Patricia Moore Moore Design Assoudtes Dr Parricia M()ore, Presi(lent of Moore Design Associates is a dedicated educator, serving universities througliout tlic Amci-icas, Asia and Luropc. As a pioneering figure in design, she is a leading authority on consumcr l&Fespaii behaviours and requirements. For a period of three years Erom 1979 ti) 1982, in a daring experiinenc, She travellea throughout the United States and Canada disguised as wotnen of more than 80 years oFage.This experience OF responding LO people) products, aiid envir'onnicnts as an elder enabled an empathetic approach ro desigii that inFormcd Inuch of hei. future work. Since 1990, she has de5igncd more than 300 Physical Medicine 8c Rehabilitatioii Environineiits for healthcare Faciliiies Iliriiughout North Ainerica, Europe, China and Japan. Shc is a frcquent international lecturer, Inedia guest and the authoi. of numerous books, including.. D15giiised., A Ti'ue Story, and Ageing, Ingenuity & Design. She is a Fellow of the Indu.5trial Dc5igners Sociery oFAniei'ica. Naincd by ID Ma&yaLiiie in 1997 as one OF che'40 Most Socially ConSCIOUb Dcsigners, in the woi'ld, she was selectcd in 2000 by a coiisortium oFnew5 ediiors and orbyanisation5 as one oFthe'lOO Most Important Women in America., She has been awarded Honorary Doccoratcs From Syraclise Universiry, Hasseli University, ShetSeld University, the Collcgc for Creative Studies, and the Rochescer Institute oFTechnology. Throughout her illustriolls career, She has paved the way for more inclusivc and cmpathetic approaches to desigJn 2nd has been the i'ecipicnt of honours almost coo numcrous to list, including betnbl Iiamed by the Industrial Designcrs Society oFAmerica as'most Notable American Industrial Dcsigner, in 2016. She was the recipienr of The National Design Award in 2019, and in 2020 tlie 'Changemaker Award, awarded by the C,enter For Health DesigTn. M05t recently the World Design Organisation recogni.%ed her impressive design Icgacy) influence and leadcrsliip in awarding her the 2022 World Design M¢dalTM Honorary Sir Misha Black Medal For Distinguished Services to Dcsign Education Ms Mary V Mullin Mary Mullin is tlie former Chaiiman oFthc Sir Misha Blaclc Awards Committec. She joined the C(ImmiLtee iii 1993 and servcd as Chairman From 2003 until she stepped down in March 2024. In that time, she ovcrsaw the introduction OF the Award For Innovation in Dcsign Education in 1998, and more recently the move to the Awards, current home under the auspices OF the Royal Commission for tlie Exhibition OE 1851. Mary 15 Trustee oFthe Robin and Luciennc Day Foundation,Trustee OF INSPIRE Trust, and Regional Adviser to the Woi'ld Dcsign Organisacion..She served as Secretary General of che Intoi-national Council oFGraphic Design IICOGRADA now ICO-DI Foi foui'teeii years. and as a founding Trustee Eor the ICOGRADA FoundatLOn. 23 Her contribution to the promotion of design and education is extensive. Positions held include beiiig the first woniaii elcctcd to clie Boai.d of ICSID, serving as Viie Pi-esident and developing its Interdesign Programme oFevents aci'oss Ircland aiid coIi¢iiiental Eui'ope. She rcmai115 a Fouiidcr Mcinber OF che C,rafts CoLincil of Ireland, has becn a consulrant for UNIDO, and was Natioiial Chairinan OF the DIA. She was Founding Director of the National Centre oFCulture and Arts iii Dublin liiow tlie Museum OF Modern Artl..She ran her own consultancy pi-actiCL in design and spccial event managemeiil in London Flom 1981 to 1998. Clients included the'Boilerh()Use' 2t rhe V&A, rhe precursor OF the Desigii Muscllin. the Scieiice Museuni. tht Desi¥n Research Unit aiid oiher leading design pi'actices and commercial clicnts. Mary is an Hon. Fellow oFthe RCA, the Universiry of the Arrs in Bournemouth, the Jnternaiional soC￿erY of Typographic DesibJn, aiid Hoiiorary LiFe Fellow OF the KSA. In 2017 slie was awai'ded rhe RSA Bi-centenary Mcdal"Eor encouragiiig and promuting design acr055 cducacion and iiidustry,: In 2018, with Sir Christopher Frayling, she co-edited Fitnessfvr What Piirpose, a book documenting the 40 year history oFihL,Sir Misha Black Awards. Sir Misha Black Award For Innovation in Design Education Ms Zowie Broach Royal College ofAI't Zowie Broach has been Hcad oEProgramme, MA Fashion at thc Royal College oFAri since 2015. Previc)usly .%he Lo-founded the avant-garde design .studio and l)Land Boudicca, which was the first indcpeiideiic Britisli label to show during Couture Paris. as well a5 exhibiting at Arts Institute OF Chicago aiid the Tel Aviv Museum. MoTe recently Boudicca featured as part of the London Dcsign Museum's'Rebel: 30 years of London l.ashion'. Bnlldicca, having staged the first ever fashion .show 10 be live .streamed back in 2004 by SHOW studio, continued to iiivestigace the dig'ttal interFace a.s a tool, and Ihe exploration OF identiry and material. Kccping hci. cye fii'mly un both piestiit and FLItui'c, Zowie is a principal investigator into whether tnachinc intelligence can support and relatc to tlic manual intelligence of Halite Couture. This relates 51rongly to the long-term consLiltation ft>r Cartier she wa5 part of, with a pi-oject about crthft fuiuri.%m. Zowie Bi'oach embrace5 fluidity OF gcndci and idcncicy, the mei-giiig OF the physical and tlie digical, and bringing together differeni ficlds to crcatc ncw Futurcs and thought i)roccsscs tliat go bcyond the usual graduate collLLtion5 or fashion practices. chic Ilenging a new disruption to the indLisrry From graduates across high ILLXUry to research> quesTioning and impacting a fashion Future. Zowie Broach has been voted into thc top 500 Fashion Leaders, Business OF Fashion for the last 8 years. 24 Industrial Design Students Zayna Ahmed Innovation Design Enginccring Royal College oFAI't / Impcrial College London Royal College oFALt / Imperial CollcgTe Lond(Jn Royal Lollc¥¢ of Art I Impeiial College London Ruyal College of Ari / Itnperial c.ollege L(Jndon Royal College oFAI'¢ / Impei'ial College London Royal Collegc OF Art 7.achary Bei'ry Innovation Design Engineei'ing Daphné Biestro Innovarion Design Engine¢ring Luke Hale Innovation Design Enginccring Gregory Hai'gi'aves Innovation Design EnbTinc¢ring Muhammcd Saym Hussain Khalil 15tnail Design Products Innovation Design Engineering Royal Collcgc of Art I Imperial College London Royal Lollege oEArt / Imperial College London Royal C.nllegc of Art / Imperial CollcbTC London Royal College of Art / Imperial College London Royal Collcge OF Art Jérémie KoFman Innovation Dcsign Engineering Bana QuronEuleh Innovatioii Design Engineering Lucinda Tam InnovatioTh Design Engineering Brigiitc Zlicng MRes Desisn Technical Teaching Fellows Jen Deakin Ruxsljaw College This project will investigate using Al to enhance teaching and leariiing and its poteiitial to alleviate currenc challenges Faccd by the educacion sector, such as teachei workload. Sophie Harris Thi5 pi'oject aims to promote and etnbcd sustainability withÈn curriculuin design. Derfy College David Jones Pembrokesbire College This i)roject aims 10 ci-eate and embed a range OF resource5 and toolkits to cnable staff to delivel aEid enibed vocational slcill developtnent wlthin special needs education. Aine McGre¢ghan South Eastern Regional College, Northern Ireland This projecr aims 10 identify educarion scructures and approaLI)es to support the increascd LttentioTh, moiivation aiid attaininent OF women and girls in cngkneering education. Daniel Pritchard and William Davies NPTC Group ofCollege5 (Newtown ondBrecon College) This project aim5 to .%hare best practice in the delivery of Electric Vehicle educatioii Ihrough a scrics OF collaborative pri)jects with other colleges and iiidustry partncrs. Scott Rorrison H14mberside En￿neering￿ Training Association This pi'uject aims to harnes5 Ihe use of technology co help teaLhers iniagiiic and create Sl-EM lessons that are cngabTing and innovative. 25 Special Awards Granted STEM ediicattoJ¢ aiid oiitreach British Science AssociatKon- Priinary kit boxes Somersciencc Trust- Somerscience Festival 2024 Kids Invent StufF- Exhibitio Big Idea5- Loiidon Woiider Number Cliampions - Numeracy in primaiy schools Durham University- Celebraie Science 2024 Imperial College Ujiion Design Engineering Society - Hackathon Foundation for Sclence and Technology- Fouiidation Future Leaders Conference Fun Kids Radio- War time inventions STEM Learning- Bespoke ti-aining for primary STEM teachers Royal Designers for Industry- Summer schools Royal Museums Greenwich- First Light gallery Royal InstAtiition - Science in Schools National Space CenLre- Outcr Solar Sy5(cin gallery Institute of Phy5ics- Mimi's Tiny Adventure Supportfor legacy estate Exhibition Road Cultural Group - SouiliKeiiZen+ Pi-oject funding Exhibition Road Cultural Group- SouthKenZen+ Heat nciwork Royal College of Art- Main eiiii'ance Royal College of Music- Colin Lawson Fund 26 Awill'ds coinpleted in 2024 Research Fellows Dr Thomas Breithaupt Project.. Redefining Ihe relationship between crystal deFccts and mantle Flow Univer￿ty ofcambridge At the high tcmperatui-es and pressures OF F.ar(h's mantle, i-ocl(s flow. Over geological timescales, che resistance OF r()Lks to flow coiiii'()ls plate recioy)ics. Ovei Iiuman timcscalcs, it concrols, for cxample, the response of the Earth's manclc to mclting ice shcets, which in rurn mcdiates sea level risL. However, LO obscrve the flow OF rocks in the labot'atory, cxpci-iments mu,st u.%e Forces Fai. gre2tei- than those Found iii 112ture, making exrrapolation unavoidablL. However, hi5t()ric models of rock flow wei'e constructed From empirical power-laws, undermining Lonfidence in cheii predictions. Duriii£ his Fellowship, Tom set out a i'adical new framcwork For modelling rock flow. By rooting Ihis FL'amework in Lhc physics OE inccractions amongst the dcFect.s that accommc)date i'oLk flow. hc placcd cxtrapolalion Froill laboratory co natuie on a firm Footing. In tlie manuscript detailing chis worlcj published in rhe Pi'oceedings oftl?E MaticJnalAcaélL'iiiy of ScEeitcgs, he demonstrated that this framework could explain laboratory ob%eTvation8 of steady rock flow. However, Further work was required [() test its undei'lying assumptions as wcll as demonstratc its applicabiliry to non-steady flow. lom subsequeiitly coiiducted novel cxpciiments to te.st the framewoi'k, involving both step charges and oscillations in the forces driving roclc flow. The expei'iment resulis are in excellent agreemcnr witli the framework, increasing Ihe credil)ility 06 irs predictions For rock flow in Earth's mantle. The Fellowship also gave Tom the opporiunity to develop Fi'uitful collaborations across the roc1( deforma(i(In commuiiity with significant ouccomes. One outcome OF these collaborations is overturning thc long-held belicF that water weakens rocks at low-tempetatures. Tom is now a Research Associace at the University Iifcambridge. Dr Grcgory Chaplain Project.. Novcl dcvelopmenr of elastic metamateri2ls Universtty ofExeter Metamaterials are coFnp051te, scructured materials which have exotic properties due to cheir underlying substi'uctui'c {that is otlcn pcriodicl l'ather Ihan Iheii. chemical Ll)mposition. Thei'e liavc been significant advances in the de.sign and developmenr OF these exocic iiiatcrials, particularly in the fields of optics and aLOUStics, whei'e unprecedeiited wavc conti-ol l)as allowcd science-fiction-like invisibiliry cloaks co be realised. This F¢llow5hip looked to advance elascic metamaterial counterparts to such devices, leveraging the additional physics present in the elastic system. Here the aim was to design, simulate and fabricate devices with a host of vibrarion control cai)abiliiies and then ci'anslaic the pliysics uncai'thed back into acoustic land LlectromaLFiiericl wave rebyimes, leadingJ to iiew metamaterial paradigms For the control of waves in almost any systcm. .Significant idvanLes in che tnodelling (both analytical and numtricall and experimental realis£ition oFsuch structures has bccn achieved, with attention paid ro thc orbit Harry Found tliai oiic can I'cacli optimal limits by driving a syicm alot)s a'gcodcsic paih, which is the shnrtest curve connecring irs inirial and filial coiifiguration.'fli¢ gcnci71 corjccpt was applied to a range of impoi'taiit problems it) quantlim thei'madynamics. This includcd opiimising Ihc balance b¢iw coiiductivity, and reslstaiice to debyradation. Poppy's work demonstrated rhat PEDOT..P,S.% electrodes lasted ten times longer than coiiventioiial Inetal alteriiative5, a niodelled lifetime OF 10 years in a parient compared to less tlian one. Additionally, Poppy developed a iiovcl encapsulaiion metliod iisinby PDM.S, a soft and strerchable material, which significantly eiihanced device longeviry-achieving the longcsl-reported stability to dl£ te, with Failurc. raies as low Gls 4.7(Yo compared to SIIM) in scandard metal electrodes. These advanLcs Pave the way For a new generation of all-p()lymer JEMDS that are saFer, more reliable, and bettei- suited Foi. chi-onic ncuromodulatioii. 38 Beyoiid iieurolobrical applications, Poppy successfully adapted tliis teclinology to monitor and stimulatc thc gastrointestinal system, where rraditional rigid electrodes wei-e ineffective. Thi.g work has the potential to revolutioni7.e healthcare by redLicing the neecl For repeat surgerie5 and iFnproving patienc ou(comc.g. Papi)y's research has been highlighted in two fii'st-authoi. publications, two fir.4t-auihor i'eview papeis, and one methods paper, demonstrating its broad impact on the field of bioelectroiiic medicinc. This work has directly benefited Johnson Matthey by advancing expertise in iniplant characieri7.acion and material perFormance. The company's medical device ceain Srained insights into novel polymer- based iinplanis, fabrication t¢chniques, and reliability te5cing Iiiethodologies. Following the Fellowship, Poppy transitioned to a postdoctoral research position at UCSF in the Depai'tment OF Neurological .Surgery wirh Pi'ofessor Rirchie c.hen. Here, She is levcra¥ing the slcills gained dui'ing her Fellowship 10 develop advanced optical devices For inierfacingT With Ihc brain, Fur(her bridging the Lyap becweeii materials science and neuroscieiice. Parijat Patel PIoJiGt.. Al to improve cardiometabolic risk cvaluation using CT IACRE-CTI Spollsoi.: Caristo Diagnostics Uiiiversity ofoxford Parijat'.% rcscaich project achieved significant.success, leading to findings beneficial not only to her work but to other projects across the Universiry's acadLTnic groups and Caristo's Cai'i-Heari pri)duLt. The i)rimary g(ial was to (levelop diagnosric mode15 to prcdict diabete5 From routiiie CT scans,'fhis goal has been Inec, aiid Pai-ijat Is now planning a clinical cri31 Lo validate these findings for clinical use. The project used data From the ORFAN cohort, a research initkative applying Al to predict cardiovascular di5easc risk From a sample oF250,000 patienis across (he UK and internationally. Parijat was the first student in her group to worl( with thi.s Ic1rge datasttt. which involved 100,000 patienis, data. Through this, she deveS()ped data proLessing pii)eliiies that siore> PIOCC55, and analyse l'aw CT data, enabling aucomated PLrdictions applicable across various imaging projects within the academic group. Parijaes work with CT data revealed valuable insights. Intensive quality control on predictions and selected analysable scans provided a better understanding OFCT daca, including itnage noisc and arteF&cts, allowing her co enhance modcl robustne55 For use across diverse scaiiiiing envii'onments. Looking ahead, sh¢ aims to furchcr strengthen the diagnostic Models. Whilc the past three years have establishcd a strong Foundation, there is more work needed to cran.sEorm this research into a viable pi'oducr that could benefit sociery, After the completi(Jn OE her PIID, Parijat is eager to continue supporting Caristo by helping 10 translace chis i'escarch into a practical and iinpactFul tool ovcr the next 2-3 years and hopeEully start other similar interesting work side by side. 39 Shaun Smart Project.. DeLermin3rion OF boundary conditions For occurL'cnce oFweld metal hydi'ogeii cracking Spuiisor.. TWI /,Srainles.£ MetalcraR Uiiiversity ofLeicester Thi5 Fellowship has enabled worlc to better undei'8tand the nicchanism oFweld metal hydrogen- asslstcd cold cracking in high screnLrth carbon-manganese steel weldmenrs. Shaun has inve.stig2ted weld metal hydrogen-assistcd cold cracking in a systematic engineering way, iiicluding the cracking mechanism and mori)hology, cracking suscepcibiliry, and the Factors Ihat coiitribuce ro cracl Peter mcigJcd design, science, and engineerlng to tackle challenges in boch biodivcrsity and audio iiinovation. His primary project was Selva, an airborne eDNA sampling device deliveriiig real-time ecological data for regenerative agriclilture. This worl< achieved commercial validarion with Tnajor partnLr5, including a 10,000-£icre pilot commirment From rewilding initiarives and iniere5t Eri)Tn Dan()ne and Swiss Re. It was shortlisted For the lerra Carta Design Lab, leadii)g Pecer co pitch to Sir Joiiy Ive and present at the Royal Society, illustrating how design-led 501utions can drivc cnvironiT)cntal progress. In pai'allel, Petei. exi)loi-ed Cutting-edge audio research, visiting IRCAM in Paris to s(udy wave field syiiiliesis and imnieisiv¢ sound experieiices. Peter developed an eleLtronic druin systein built wich open-source teclinology Froln thc Ctntle For Haptic Audio liiteractioii Reseai'ch in Weimar. Peter is now co-applying for an lMPAcf research grant with a PhD candidate at Quecn Mary University to translate neural-networl<-based material-SOLind modelling into hardware interFace thac allows real- time, expressive Inanipulation ()f digital timbres. 45 Since completing his Studcntshipj Pctcr has coniiiiued i'efining Selva'5 coinmercial roadmap while advancing new Frontiers in interactive audio. This ci-oss-disciplinary approach - conibining api)licd re.search, inventivc prot()iyping, and marlcei i mpacc - reflect5 che Commission'f vision of innovation thar beiiefits both socieiy and the environineni. Tori Simpson Coiirse.. Global liinovation De5igii Iinperial College Londoii /Royal College ofAYt Tori came From a backgi-ound in social data science and fiiie art- having completecl a Bsc in Social Scicncc and Data Science at UCL, and a foundation Year in 3D Fine Art at City and Guilds of Londi)n Art School. Her worlc experience prior to her master's degree includes workiiig For In2ScienceUIC as a data analysis iniern, and co-founcling OpporLUtoring Edinburgh, a non-profit providing Eiiglish languagye educarioii to reEugee children. During hei. studcntshipj Toi'l focusscd 011 dcsigii cowaids social good. aci-oss a range of fields including conservation, healthcare, gcnerative Al, aiid disaster preparedness. She completed placements a( N2nyang Technological Universiry in Singapore- where she collaborated with The University of the Philippines Cebu 10 work on a designed toolkit For community action in disaster prepai'cdneb5, and Tsinghua Uiiiversiiy in Beijing. She also spent a summer working as a visitin rcscarchcr ar Kyushu Univei'sity in Japan, Focussiiig on design For citizen-led conservation initiatives. Her major project, co-cook, explores how stroke survivors and family carers can better collaboratc towards .5(roke sul'vivors, long-rerm rehabiliration, Following the stroke SLirvivor's return home from cliiiical care. Co-cook is a rehabilitation platform, with aLcompanying tc)i)Is, that allows stroke Survivors to do their rehab whilst cookingT with Family incmbers) providing an cxample OF how we can becier consider the home ecosystem when designing rchabilitation tools. Co-cook was co- designed with stroke survivors, their family carers, and clinicians, and the project was complctcd in collaboration with The Helix Centre, as well as supported by The Strolce Association and Stroke Hub Wales. Tori is now a UXIUI designer at The Helix Centie, working across projecis in stroke, dementia, and healthy ageing. Holly Souza-Newman Coi41se.. Global Innovation Design Itnpeyial College Lo4d(m /Royal College ofArt BeFore starting her master's ii) Global Innovaiioii Design, Holly worlced as a biological scientist witl) skills iii laboratory and Computational biology. During Iicr studies, she developed SolidSoi¢iid, a coinmuiiity calendar that was sl)ortlistcd iii thc Top 12 OF Ihe Grand Challenge. lii hei. first yeai., he co-foundcd Cyaxoski)I, a biotech startup that created a living paint designed fi)r carbon captuit. Cyonoskiii won Impcrial College's Venture Catalyst Challenge IVCCI in 2024, receiving a £30,000 prize and several awards lor innovation, SU5Eaiiiabiliiy, and furure cities. For her final master's project, Holly Focuscd on creiiing an Al applicacion for gut micLobiome prediction, which dcvel()ped into GzittÉd. Shc also particii)ated in 5everAI other comperitions, winning the Interplay £8K ScLilptui-e Awarcl For Urban EILgancL, the Hercules Catnbi'idge Design Tournament, and plaLinby third in the Generative Al Cambi'iilLJe Hackathi)n. The Studcntship playcd a kcy i'olc iii supporting Iiei- srudies, allowing liei. to Fully dedicate herself to hei. coursewoi'k and pt'ojccts wiihout financial woriy.'fiic Srudencshtp also enabled lier to exploi'e enti'eprcneui'ial and creative opportunities, such as COTnperitions and collaborations. 4( Holly has .%iiice been invited 10 join ali eally sta¥c fintecli stai'Lup focu.sing on Female financial einpowermcnt. Shc is also continuing to dcvelop her coding and technical skills, using her experience to cakc on new challenges and grow in the tcch and innovation space. Julia Szewczylc Coi(rsL). Iiitegratcd Industrial Design LoughboYot4gb Universtty Tlianks to tl)e scuden(fhip award, Julia was able to pursue a master's degree thai %ignifiLantly enhanced her core design knowlLd¥e and expanded upon the skills she gained duriiig hcr undcrgi'acluate studie5.'fhe pi'ogratn allowed her to delve into tnore complex and specializcd arcas of industrial design, equippiIigF hcr with advaiiced tecliniqucs aiid a dccper underscanding OE the industry. The .%tudeniship enabled Julia to work with Lutting-edge technologies such as artifictsal intelligence, which are beconiinb, Plvotal in the design process. One OF the highliglics OF her year was developing an extravasatiorl dctcction device For prematLlI'e ncwborns. This pi-oject was met with enthusiasm by both medical and indllstry pi'ofessionals, and the award was instrumental in enabling hLr to create high-quality pi-ototypes and conduct in-depth tesring. Additionally, JLilia had tlie privilege oFcompeting in the Ford .Smart Mobility C,hallenge alongside her teani. They designed an innovative docl OUtperForming off-thc-shelf solutions iii efficiency an(1 vcrsatility. Most importaiitly) Fibe succcssfully spun the world's first yarn and swatch From potato fibres u.%ing a Lottcin linL in laiL 2Q24. The team lias growii from 6 to 14 includiiig scnior biochciiiist Dr. Richard Atnaee and farmers co suppoTt Fibe's scalc-up operation. Thc con]pany has devclopcd ali iii-dcpih recrLlltinent sysrcm and perFormanct expeciations inclLiding a company culture manifesto. Fibe expects its team to reach 20+ by nexr year. Beren Kayali Coii/paKy., Deploy Tech TechitfJl()gy.' Flat-packed concrete water storage units Duriiig her Fellowship) Beren was seleLied Fi)r UNICEF'S Iniiovation 30 programme which gave her a lot oFcxp05urc to the NGOIHum211itarian AÈd sector. She also made if into Forbe5 30 Undei- 30 in the manuFacturing catc80ry ajid was sclcctcd For thc Womcn OF the Year VodaFone Busincss Award. Meanwliile, DeployTech won a grant From the World Food Programme fi)r $100,000 tf) deploy 17 06 their units in Jordan For a pilot project. Alex Shakeshaft Coiyipally.. Eniuri TeclJitolo£y.' Micro wind tui'bine IFtnancially supported by the ERA Foundationl The support from the Commission has been instrumental in accelerating growth and impact at F.nturi Solutions l_td. Over the past months, F.nturi has made significant strides in commei'cial readiness, securing key funding, advancing intellectual properry protections, and expanding its operational Footprint. Enturi suLcessfully closed a pre-seed investment round with SFC Capital and Britbots in April 2024, providingJ essential match FundinL, For an Innovate UK SMART Grant award, enabling Enturi to conduct full-scale system trials at a niajor UK poi't, demonstrating thc viability of the technology For decarbonising maritime operations. In recognition OF Enturi's commitment to sustainable encrgy solution.s, Enturi was nominated for the Earthshot Prize 2025, further validating the c()mpany'.s eff(Irt.s to drive meaningful carbon reduction.s in the maritime seLtor. To support Enrui'i's expanding operations, thc coinp2ny tnoved into a newly icnovaicd Faciliry iii QueeiisFei'ry, North Walcs. Thi5 new spacc provides the inFrastructui'e needcd For advanccd RkD, tcsting, aIid assembly, positioning the bLisine5s for the next phase OF growth. Additionally, Enturi madc subsrantial progre55 in securing intcllcctual propcrty protectioiis, succes.sfully rcgistering three design right5 and Four Irademarks iii rlie UK, sii'engihening the compeiiiive advanrage aiid reinForcing the bl-and moviiig forward. These milestones highlight the transformative impact of the Commission's award, and the ceain at Encuri are excited For what's ahead as the company continues to push the boundaries oFclean cncrgy innovation. Sanzhar Taizhan C0771pany.' Taisan Motors Techpiology.- Sustainable battery technology for electric mobility IFinancially supported by the ERA Fi)undati()nl The Fellowship was piv(Ital in IransFormiiig Sanzhai s battei'y startup vision into ￿allry. It helped him to i'aisc £1.3m aIid get customei's onboard. This collaboiatioii facilitated acccss to State-of_the_ari Facilitics and mcntoi'sliip From leading cxperts, accelerating thc dcvelopiiicnt OF innovaiive cnet'gy storage solutii)ns. .San7.han comments Ihat the Commission's commitment to Fostering innovation and bridging academia and industry has been instrumental in advancin¥ his work, conrributing significantly lo tlic pi'ogrcss OF su5tainabl¢ battciy tcchnology. 49 Technical Teaching Fellows Kevin Pollll rd MidIlent College 'rhe objeLtive of Kevin's Fellowship projecL was to engyabye with colleaLFues to raise awareness aIid debunk negative perceptions OF technology in learning. Uslng tlie Technological Pedagogical Content Knowledge ITPACICI i]iodel fi'ameworlc, he researched cui'i'ent practices and needs, while workshops, events, and conferences Facilitatecl collaboration and l6 equities, 1596 property, 5(Yo cash nd bonds to 85fyè eqiiities, 5Wo properry Iihe South Kensington Estate), IOqO cash and bonds,wAth ranges of plus or minus S￿0 in each Clc se. The new allocation has been adopted in i"ccognition OF the more volatile investincnt environtricnt, tlic iinproved rciui-n5 from corporare bonds and a dccision to cxclude Froni the portfolio, For thc puipose5 OF settiiig a strategic asset allocation, some property holdings which are let on long leascs For nomin21 rent and are not expected 10 generate market returns in the short to mLdium term (but which Further the Commission's Ch￿￿ritable objectives by providing accommodation to legacy institutions and are also held for their long-term potentiall. In arriving at the new straregic asset allocation, and appointing investmcnr managers to implement it, the Committee toolc advice froTn Stanliope C.on5uliing, who modelled the expecced ri.4k and return profiles i)Fvarious pos%ible assei allocaiions and advised on which invesimeni mai)agers liad investinent style5 thaL best ficted (he Commission's investment objectives and best coinplemenced each othcr. The FinaT)ce Commitree will revisit rhe strategic asser allocation at least every three years and conslder the need For ractical deviations from it on at least an annual basis. ESG consideiatioiis The Commission recognises that its investments have wider impacts and seeks to align its investment strategy with ils aims, refleiting the views OF its stakeholders and taking into account broader public benefit. 'I'he Commission expeits Lts invcstmciit managers tu intcgrate EIivLLonmental, SoLial and Govci-naiice IESGI considerations into the noi'mal investinent proccss aiid to Fulfil tlic requii'enients OF the UK Stewardship Code, actively engaging with the coinpanies in which they invest to promote best practice corporate behaviour and sustainable business practices. The Commissinn has one ethical exclusion which is tobacco. The Commission recognises that climate change is a Iiey challcngc For the ncxt dccade and that limiting glob21 Icmperature rises will require significant Lh2nge in business, invcstmcnt. tcchnology devclopmen( and Fossil Fucl usc. The Cotnmi.ssion inonii()rs the carbon cmissions of its equity porifolio and throu¥h its investment mana¥ers seeks to reduLe these enii55ion5 over lime. rinancialpeifg1-ni&ncefor tbe crtlendai'yar to 31 Deceniber 2024 Over the 12-month period the investmenr asseLs liiicluding directly held properry nor considered part OE the straregiL asset allocation and cash held ourside the portfolio) generared income of £2,259,71912023: £2,55¢),8381. When combined with capital gains OF £23,017,136 12023.. capital gains OF £16,630,182) chis meant that, afler grants and other expeiiditllre, the total Fundg OF the ComTlli5sion increased from £143,838,891 to £IC?2.548,71125 at 31 Decctnbcr 2024. Expenditure on core Fellowship5 and Student5hips incrcascd Fi'om £3,963,890 to £4,224,615. A greacer number oF12rge Spccial Awards also meant that rot21 cxpendituir on charitable acriviries increased Erom £4,957,163 to £5,983,370. Expenditure on i-aisiiig Funds - which piimarily coi]Ipi-iSC5 lllVCStmcnt aiid property maiiagemenc Fee.s decrea.sed From £766,C).3.3 in 202.3 to £C?42,408 in 2024, Ihe drop primarily i'eflecring deciTa.%ed exposure iu segJi'egaied Eunds aiid iiicrea5ed investiiieiit in pooled fund5 wliere fees have beeii dcductcd Èn calculating unit priccs. 56 Goi*g Concern The Commissioners do not believe tliere are any Tnacerial uncertainties that call into doubt the C(Jmmission's ability to continue and tlie accounrs liave thercForc bccn prepared on a going concern basi5. Thc Commission,like every oEherorganisation,has been impactcd bythe pandemic,Russia's invasion OE Ulcraine and thc hostilities in the Mi(Idle Ea.st, which have resulted in on¥()iiig supply chain disruption, persistent high inflatioii, increased interest rates and a cost-of-living crisi5. Investment maL'kcts havc been much more volatilc, and thc day-to-day value OF the Commission's poi'rEolio has incvitably reflected thac. "rhe Commisf ion is i long-term investor, Iiowever, and commis.sioners remain coi)fident in the underlying strengrh of the poi'tfolio. they see no evidence ac this scage OF any perinancnt Ii)ss OF value indeed, the pDriFolio ha.% shciwn significant gains over the pasi year. Similai'ly, while Ihe ("ommission has had to deFer or wriie nff a ¢Lrtain iinc)unt ()F rent, thcrL is not ionsidered to be aiiy risk to chc ong-iei'm value of tlie estale, 'fiTre Coinmission has sufficient assets, and sufficient liquidity, 10 ridc out thc Lurreiit market disruptions. The Comini5sion's core graiit-making activity has rhercfore continued largely as planned and commis.sioners expect it ro continue to do so. Reserues Pollry The Conimission's Funds originated from the surplus ari5iiig from the Great Exhibition OF 18.51 and havc been cnhanccd by careful stewardship of the assets invested ovcr many ycar5. They are technically unrestrictcds giving the Commissioners che abiliry to spend the Funds as they wish in Fulfilmenc OF the charitable objectives of the Commission. Given the Commission's flexibility to spend capital if irquii-ed, the Comnii55ioner5 dil not consider that there is any merir in idcntiFying an optimum level OE Free reseive5 thar might bc rcadily available IF required but will respond appi'opriitely to spending needs idenrified as and when circumsiances arise. The Coff117115uon's Aiiditor In 2008, Moore Kingston Smich LLP was appointed the Commission's auditor Following a competitive cender. The audit partner meets with the Finance Committee ar least oiice each year. In (he interesL% OF good g7overiiance, che audiL managyer changcs at Lc25t evcry five years and the audiL paru]er at Icast evcry ten years. 57 Statement oFCommissioners' Responsibilities 'I'he Cominissioners are I'e%pon.%il)le fi)i- pi'epai'ing rhe Tru.stees' Report and thc financial scatements in accordanie with applicable law and United Kingdom ALcounting Standards (United Kingdom Generally Accepted Accounting Practice.) The law applicable tc) ch2l-itics in England aiid Wales requires the Commissioners to prcpai'c financial statements For each finincial year which give a true and Fair view of thc .%taiL of Ilie afFairs OF the Commission and of the inconiing resoui-ces and application oFresources of the Commission lor that period. In pitparins thcsc financial statements, the Commissionci's al'e icquii'ed to.. >¥ select suitable accounting policies and then apply them consisteiitly. obseTVC thc mechods and pi'inciples in the Charities SORP. mal001 1345,0001 162,548,711 143,838,891 The funds of the Charity: Capital Funds Balance as at l January Movcment in year 143,838,891 18,709,820 130,375,737 13,463,154 Balance as at 31 December 162,548,71 J 143,838,891 Approved by the Commissioners OT) 9 July 2025 and signed on their behalFby: Ms Sandra RobL'r Cl)ait'man, Finance Committee Secretary The notes on page5 66 to 83 Form part oFthese accounts. 64 Royal Commission for the Exhibition OF 1851 Statemenc of Cash Flows For rl)e Year Inded 3] December 2024 Total Funds 2024 Total Funds 2023 Cash flows from operating activities Donations ieceived (excluding don1tions iiikitidl Gi'ants aiid awarcl paiil Payments to suppliers Payments in respect oFemployees Othei. paymencs Cash used in operating activitjCS 2,000 14,146,875) 11,099,846) 1372,7381 135,9681 I,voo 14,691,655) 11,115,782) 1350,4141 132,0291 15,653,427) 16,188,880} Cash flows from investing activitses Divideiids, inteirst and Irnt from invcstments Proceeds From sale OF invcstmciits Purchasc of investmenrs 2,101,518 2,648,366 119,813,534 24,930,798 1117,3CJ8.1071 123,823,555) Net cash pi'ovidcd by investing activities 4,546,945 3,755,609 Change in cash and cash equivalents in the r¢porting period Cjsh and cash equiv21ents broughi Eorward Cash and cash equivalents carried forward 11,106,482) 12,433,271) 2,539,259 4,972,530 1,432,777 2,539,259 Disc105ed a5: Cash held as pai't OF thc investment porrfolio Cash ai bank and in hand 165,408 1.267,369 1,114,160 1,425,099 1,432.777 2,539,259 65 Royal Commissioii For the Exhibition OF 1851 Notes to the financial S(atement5 For the Ycar Endcd 31 Decetnbcr 2024 STATUS AND OBJECTIVES The Commission Foi. the F.xhibition OF 185 1 was sct up by Royal Charter in 1850 to plan and promote che Exhibition of Woi'ks of Iiidustry of all Nations, which was to be held in London in 18.51. Whcn the affairs of the Gi'eac F.xhibiiion had eventually been wound up, the Comrni.%.sioners were appointed, under a Suppleimcntal Charter, as a pern]ancnt body to adminisrci. thc surplus fuiids ar theii. disposal. These were to be applied in order to 'increase the means OF industL'ial education and exrend the influence of science 1£ nd arr upon productive industry" ACCOUNTING POLICIES The accouiits ai'c prcparcd undcr the hi5toi.ic cost conveniion, modified by Llie revaluation From Lime to time of cei'tain fixed assets, and in accordaiice wiih Ihe Fiiianciil Reporcinb, Staiidard ai)plicable in the UIC and RepuÈ>lic OF Iirland leffective JanLiary 20151 IFRS1021, Accoiinting aiid Rcporring by Charities.. Statement OF Reconimended l)ractice applicable to charities pi'eparing their accolliits in aLcordance wkih tlie Fiiiancial Reporiing Standard applicable in the UK and Republic OF Ii'eland leFFective.12nuary 20191 ISORPI and the C:Iiaritie.s Act 2011. In the estimation oFthe trustees (the Cotnmissionersl, thei'e are no material uncertainrie5 that call into doubt the Commission's ability to continue and the accounts have thcreFore beeii prepared on a going concern basis. The Commission, like every other organis2tion, has been impacted by the pandemic, Russia's invasion of Ukraine and wai. in the Middle East, which have resulted in ongoing supply chain disruption, persistenc high inflaiion, increased interest races and a cost-oF-living crisis. Investment marlcets have been much more volatile, and the day-to-day value oEthe C,omnii5sion'5 portfolio has inevitably reflected that. The Commission is a long-terin investor, however, aiid Coinnii5sioncrs i'emain confidenr in the underlying strengih of the porrfolio. they see no evidenLe at this sta OF any pertnanent los% of valuc. ,SiTnilarly, while the Conimission has had to deFer or write o certain amount oFrent, there is not considered to bc any risk to the loiig-terni valuc of the estate. The Commission has sufficienc asseis, and sufficieni liquidity, co ride out tlie current niarket disruprions. The C.onimission's core granc-making activiry has rhereFore conilnued largely as planned and Commissioiici's expect it to continuc 10 do so. The cornmis.sion meets Ilie definiiion of a pul)lic benefit entiry undei- FRSIO2. The financial statements are pi'eserAted in sierling wliich is the Functional CLiirency OF tlie Lharity. Monecary ainounis are rounded to che nearest pound. la} Investments li) Are shown in the balance sheet at markct value. aiiy unrealised gain over original cost is shown in the statement OF financial activities. Itll Incomc on iiivestment5 is included in the accoiints wheii rcceivable. liiil Cash held as part of the inve5cmenc porrFolio includes sliort-cerm deposits held tcmpoi'arily with the company's bankers peiidiiig re-invcstinent. 66 Royal Commission for the Exhibition OF 1851 Note.s ro the Financial Statements For the Yeai. Elided 3 1 Decembci. 2024 ACCOUNTING POLICIES (Continuedl Ibl Donatxons, legacies and similar income Donations, legacies and similar income are included in the year in wliich Ihey are releivable, that is, when the Commission becoTnes enritlLd t() thL income. Donations received For general purposes are iiicluded as UTLrestricted Funds. Where the wi.shes OF the donor are legally binding on C()mmissioners, donations are accounred For as Re5trictcd Funds Wlth their use limited to that defined by the donor. Icl Fixed Assets and Depreciation All purchascs OF capital iteins under £10,000 ai'c written off in thc ycar OF purchase. Capital items over £10,000 are depreciaied over their cstimated useful economic lives. Currently no items are being depreciated. Idl Investment Properties All che Commission'5 propcrties are let to provide an income on a Full repairing leasc. All properties are inspected regularly by the Commission's Surveyois and revalued by them From time to time. The last Full revaluation was iindertaken at 31 December 2024 and wa5 based on the exiscing use and occupation of the land, and the duration OF leascs ar groiind renrs and rack rents. These valuations are reviewed and adjusied annually as desci.ibcd in note 15. lel Realised and Unrealised Gains and Losses on Investments Cains and losses on investments and asscts held For the Commission's use are treated in accordance wirh the Sratement OF Recommended L)ractice. They are recognised iii the statemcnt oFfinancial activitÉes For the year in which they occur. (fl Cash and cash equivalents Cash aTLd ca511 equivalent5 include cash in hand, deposirs Iield at call with banks, othcr short-term liquid investments wich original matui'iiies OF three months or less, and bank overdiafts. Cash held on capiral account pending investment by the chai-iry'.s investment maiiagers, together with cash Foi. investment in transit between invcstmcnt iT)anagcrs, is di.%LlI)s¢d within fixecl asset inve.siineni%' all ntliei. La.%h and La.%h equivalents Is dLSilosed within current asset investments. Igl Lease premiums and licences Premiuins received For leasc cxtcnsions al'e treated as capical i'eccipts aiid included wiihin gains / Ilos5L511)n propert transactions. Certain c)ther preniiunis received whiLh do Thot matei'ially affect the under ying value of tht Commission's investment are created as income receipts. {hl CharAtable activities The priinary charitable activity is the making OF granr5 aiid awaids. Gi'ants and awards payable arc accounted fi)r on an accru215 basis. Miilti-year grants are 2CCOLinted foi- in full in thc year tliat the graiit is awardcd. Tlie CotL]inission recognises Future liabilicies discounted to their preseni valuL where mi1terial. 67 Royal Commission for the ExhibÈtioii of 1851 Notes to the Financial Statements lor the Year Elided 31 December 2024 ACCOUNTING POLICIES (Continued) Ihl Charitable activities Icontinuedl The majority OF gran15 and awards are made to individuals who have been granted Fellowships or Student5hip5 by the Commission. A limitcd number OE awards are made to liistitutions in FurthcraiiLc OF thcir educatioiial needs. Some support is also provided to the legacy insticutions on the Commission'5 Sourh Kensington estate and to organisations facilitating access to rhe Commission's archives. A Full analysis is shown in note ). The Commission also undertakes some direci charitable activities, in particular networking and educarional events organised For the ComrEliSSiOll'S fcllows, Students, Alumni and the general public. Further dctails are shown in note 10. lil Allocation oFsupport costs Support costs are allocated on Ili¢ basis of board or.%cafY time &$ &ppi'opriaie. {j) Financial instrumcnts The Commission has elected to apply the provisions oFSection I l BasicFinllncittlliistriiTrients and Scction 12 Oiberl,illancinlJnslri¢iiients1ssiies OFFRS 102 co all oFirs financial instruments. Financial instruments are recognised in the Commission's balaiice shect when the Commission becomes parry co che contractual provisioDS of the instrument. Basic financial assets, which include ti'adc and other debrors and Lash and banlc balance.5, are initially mea.5ured at transaction price incluolin¥ ti'an52Ction cost.5 and are subsequently carried at amortised cost using the effective interest mcthod unlcss che arrangement constiiuces a fiiiancing tran5aition, whcrc the Eraiisaction is measured at the present value OF the future receiprs discounted ac a market ratL of iiiteresc. Otbei'finaiicial ussets Oilier financial assets, including investments in equiry inscruments which are nor subsidiarics, asSOCl2tes or jaint ventures, are initially mcasured 2¢ Fairvalue,which is nori]ially the transaition prlce. Such assct5 arc subse Fair value are reLogni.sed in the statement i) uently cairied at Fair value aiid rl)e changes in financial accivities, excep( that invcsimcnE£ in equity instruments that are not publicly traded 2nd whosc Fair valucs caiinot be mca5urcd reliably are measured at cost Icss impaii'menr. Trade debtoi's,102ns and orhei. debcors that have fixed or dctcrminable payments that ai'c not quoted in ali active niarlcct ale Llassificd 25'loan5 and receivables., Loans aiid receivables are tnea5ured ar amorcised cos( using the efFectivL interest merhod, less any impairment. Ba5icfiiiancial lillbilities Basic financial liabilities, including tiade and i)rhei' cirditors, are initially recognised at transaction price unle.ss rhe arrangemenr constitutes a fiiiancing trin.%action, whei'e thc dcbt insri'ument is measuicd at thc pic5eiit value OF the Future payments discolinted at a market rale of iniei'esc. Debt instrunients arc subsequently cai'ried at amoi'tised cost, usinby [Iie effective inceresi rate iiiechod. 68 Royal Commission For the Exhibition of 1851 Noces to Ihe Financial Statements for the Year Elided 3 1 Dcceinber 2024 ACCOUNTING POLICIES (Continued) ljl Flnancial instruments IcontAnued) Trade ci'editors are obligatlQllS to pay For goods or services rhat have bcen acquired iii the ordi nat'y Lourse i)F business Ft'om suppliers. Accounts payable are classified as culreiit licibilicie.s IF paynicnt is due within one year or less. IF noi, Ihey are presented as non-currciit liabilities. Tradc creditors are recognised iniiially al Iransaction price and subsequently mcasui'cd at amortised cost using the effcctive interest meihod. OÈbgrfiitdniial liabilities Derivatives, including incerest race swaps and forward Foreign exchangTe contracts, are not basic financial inscrLiments. DerivatlVL8 are initially i'ecognised at Fair value on Ilie dale a derivative concract is entered inio and are subsequenrly re-measured at Iheir fair value. Changes in thc Fair valuc oFdei-ivatives al'e recognised in the statement oFfinancial aciivities in finance c05cs or financc inc0￿C 2s appropriate, unless Ihey are included in a hedging arrangeinenc. {kl Retirement benefits Payments to defined contribution rctirement benefit schemes are charged as an expense as they Fall due, The cosc OF roviding benefit.s under defined benefit plans is determined sepai'ately foi. each plan using t e projected unit credit method and is based on actuarial advice. The net interest element is determined by multiplying the net defined benefit liability by th¢ discount rate, taking into account any c11211ge5 in thc net dcfined benefit liability durin the period as a result of contribucion and bcnefit paymcnts.-l-h¢ net interest Is recognise in the statement OF financial activicies. Remeasuremenc changes comprise actuarial gains and losses and the return on the net defined benefit liability cxcludin amounts included in net incere.s(. These are recognised imniediarely in thc statcmcnt of knancial activities in clie peL'iod iIi which they occur. The definLd nct benefit pension liabiliiy in che l)alanLe .sheet comprises Ihe total OF Ilie prcseni value OF the defined benefii obligacion (using a disLount rate based on high qualiry corporate bonds). (Il Significant judgeiD¢nts and kcy sourccs of estirnation uncertainty In che application oFthe charity's accouniing policie.s, C.()mmissi()ners are requii'ed to make judgemenis, cstimates and assumptions about thc carrying value of assets and liabilities th£1t arc not i'eadily appai'enc From other soui-ces. The estimates are based on historical experience aiid othei. Factois thar arc considci'ed 10 be i'elevant. Actual resulrs ma differ From rhc.fe estimates. The key sources OF cstiination uncertainty that Iiave a signi cani effcci on Lhc amoiint recognised iii the accounts are.. the valuation OF investment properties, which are sraied at their estimated Fair value based on proFc5SLoiial valuations as discloscd in Note 15; thc valuation oFinulti-year graiit coinniitmcnts,wliicli take into account estimates oFFuture inAatioii, early wirhdraw11 rate.%, claim rates and OLliei- Factors affectiiig the final amount payable. in this conrext, given other uncertainties, discouniiiig foi. rlie lime value OF money is nor con.sidered ma(ei-ial. 69 Royal Commission for the Exhibition OF 1851 Notes to the Financial Statemenrs For thL YLar Endcd 31 December 2024 ACCOUNTING POLICIES {Cont(nuedl {m) Significant judgements and Icey sources of estimat(on uncertainty Icontinuedl thc valuacion OF the defined benefit pension scheme liability, which is based on 1( cruarial assumptions 2nd a professional valuation as set ouc in Note 14. che valuacioii of Future minimum lease payments under non-cancellable operating leases, whiLh arc discounred For inflati(In in accordance with Bai)l< of England targets and ignore the potential effects OF Icaschold cnFI'anchiscinents, as set out in Notc 15. FUNDS All che Commission's income and capiial 15 expendable ac the dÉscretion oFthe Commissioners and is therefore shown as a single unrestricted Fund. The Commissioners had previoiisly designated part of Ihe unrestricted Flind as a Special Projects Fund. Howcvcr, during thc ycar uiider review chey decided that maintaining a separate Flind For sucli projecis was not helpful ancl the Special Projeccs Fund has been rolled back into the general unrestricced fund. Fund movcments are disclosed in Noic 20. DONATIONS The Commission recelvcd donations OF £I.000 each From The Faculty of Royal Designers For Industry and The Royal Academy of Engineering. The donarions werc for the general charitable purposes of the Commission, but with an expressed wish that tlicy bc used co suppolt the activities OF the Sir Misha Black Award5 Commitcee. The donations were therefore used to part Fund Ihe event at which the 2024 Medals and Award were presenced.The Commissioners are very grateful ro The Faculry OF Royal Designers for Industry and The Royal Academy OF Engineering for their SUPPQTt. INVESTMENT INCOME 2024 2023 Rental income from UK properties Income From managed investments Interesc on casli deposits 670,741 1,503,994 84,984 776,165 1,735,350 48,323 2,25)C,719 2,559,838 OTHER INCOME 2024 2023 Licence income 6,015 5,10.3 6,015 5,103 70 Royal Commission for the Exhibition of 1851 Notes co the Financial Statements for the Year Ended 31 December 2024 COST OF RAISING FUNDS 2024 2023 Investment management fees Property managenient Eees Le, IFccs Aikocatcd siipport costs Iiiotc 111 467,771 11.3,643 2,430 58,564 567,067 120,068 27,094 52,404 642,408 766,633 CHARITABLE ACTIVITIES Allocated support cost (note 91 (note 101 (note 11 Grants Direct costs 2024 2023 Fellowships and studentships STEM education and outreach Sup ort For le Arc ives and a 3,887,351 878,225 406,482 162,094 151,147 35,182 93,242 175,170 4,224,615 3,963,890 63,401 1,092,773 444,253 63,401 505,065 433.303 67,675 160,917 115,717 umiii relations 5,172,058 441,665 369,647 5,983,370 4,957,163 GRANTS AWARDED FellowslJ¢P5 aiidstudentsh¢Ps 2024 2024 2023 % No. 2,005,165 io 802,901 15 546,152 14 2023 Research Fellowships Industrial Fellowships Iiidu5trial Design Studentships Built Envtronment Fellowship Design Fellowship Rcgeneracive Desi Enierprise Fellows n Fellowships Technical 'leachiiig lel lowships Sir Misha Black Awards Bursaries io 12 li 1,6Y2,455 1,12y,088 501,850 loo.000 1371 iuo,000 375,000 48,133 10,000 250,000 Total Fellowships and studentships 46 3,887,351 3,673,356 All of tlje Fellowsliips 2nd siudcJ)tships were awarded to indivjduals. The Annual Repuii include5 inoie inFor1112tion oj) rht 2W2rds giantcd, inLluding whcrc iclevaiit details tsf each oFtl)e in5111uriun5 at wliicli individual reiipients 2rL' carrying uut tl)Ltr studies / rc5f2rth. 71 Royal Commission For the Exhibition OF 1851 Notes to the Finaiicial Statements for the Year Ended 31 December 2024 GRANTS AWARDED Icontinuedl rEM ediication andoutreacb 2024 2023 STEM Learning- Bespoke Iraining for primairy KfEM teachers Royal Museums Greenwich_ First Lig.ht bwallery Royal DesAgners For Industry- Sumnicr schools Institute of Physics- Mimi's Tiny Advcniure Royal Jn5titution - Science in Schools National Science Centre- Outer Solar System gallcry Durham University- Celcbraic Science 2024 1Sig Ideas- l.ondon Wonder Fun Kids Radio- War lime inventions Number Champions- Nuineracy in priniary scliools Kid5 Invent Stu(Y- F.xhibition / Inventors Club Somerscience Trust- Somerscience Fesiival 2024 British Science Association - Primary Iiit boxes Foundation For Science and Technology- Futurc Leaders Confrren¢e I Debate sponsorship Imperial College Union Design Engineering Society- Hacklthon l)riJnary Engineer- Primairy Engineer Curriculum British School at Rome- Summcr,School placcmcnts Education and Training Foundation- Technical Teaching Fellowships Oxford University Development Trust- OXbOXes UnAversity of Hull- Humber Science Festival All Party Parliamentary Engtneering Gi'oup- Meeting sponsnrship Royal Botanic Gardens Kew- Grow Wild Geological Society- Megalosaui'us Month J Mallinson and E Townscnd - STEM n]aterials G Lamb-,STEM outreach MadeHereNow- Website dcvelopmcnt Smallpeice Tiust- Arkwright Scho121"ships 5QO,IJ)O loo,000 71,000 52,500 50,000 40,000 15,000 14,400 13,400 12,000 10,000 5,000 2,925 io,ooo 83,700 2,500 2,000 9,500 45,(K>O 19,.500 15,000 15,000 11,000 10,000 10,000 6,(X)O 750 500 2,000 23,(K>O 890.725 260,950 112,5001 114,8751 Less.. Past awards written back where not utilised in full 878,225 246,075 72 Roy21 Commission for the Exhibition of 1851 N()ies to the Financial Statements For thc Yeai. Ended 31 DccetTrbcr 2024 GRANTS AWARDED Icontinucd} All 1.5 OF the STEM education and outreach grants iii 2024 were awardcd to institutions (2023: tw(1 of the STEM education and outreach grants were awarded to individuals with the reinaining 13 awarded to institutioiisl. Support for Icgacy estate 2024 2023 Royal College of Art- Main entrance Exliibition Road Cultuial Group- SouthlCcnZEN+ Projcct work Exhibition Road Cultural Group-.SouthlCen7F.N+ Heat network Royal College of Music- c.olin Lawson Fund Inipcrial College London- Great Exhibition Road Festival 2025 and 2026 Sciei)ce Museum- Power Hall refurbishment Royal society oFSculptors- Florilegium at Great Exhibition Road Festival 2023 250,000 )0,00 70,000 2,000 30,255 200,000 loo,000 10,000 412,QOO 15,5181 -440,255 Less.. Past awards written back wherc nut utilised in Full 4Q6,482 340,255 All of thc grants in support OF che legacy estace in both 2024 and 2023 were awarded to institutions. Archives andalumni relation5 No awards were made in this category in 2024 or 2023. In total, 19 graiics were made to institutions and 46 to individuals12023: 17 grants to institutioiis and 46 to individuals). 73 Royal Commission for the Exhibition of 1851 Notes to the Financial Statemcnts For rhe Year Ended 31 December 2024 10. DIRECT COSTS OOMrrn fn r4 rTh m KO 74 Royal Commission For the Exhibition OF 1851 Notcs to thc Financial StatemeiitS For tlic Year Ended 31 December 2024 11. SUPPORT COSTS E E E E E P4 mTr40N n tn J N tth*r4 00 o ¢Th PJ tn p4 rq Qs 75 Royal Commission for the Exhibition OF 1851 Notes to the Financial Statemenrs For the Yeai. Ended 31 December 2024 12. GOVERNANCE COSTS 2024 2023 Audit fce% IItJLluding VATI Current year Pi'ior year under / lover) accrual Actuarial fees Annual repori Meeting costs 15,000 11,0561 2,220 17,548 4,044 15,000 2,220 4,994 4,966 37,756 27,180 13. STAFF COSTS AND RELATED PARTY TIiANSACTIONS 2024 202.1 Salai'ics lin¢ludiiig benefits in kindl Employers NI Pension contributions Training and development 260,099 24,601 43,834 1,499 231,903 20,713 40,954 925 330,033 294,495 The average nutnber of employees during tlie year analysed by Function was: _ 2024 2023 Sup Arc ort and admiiiistlation ive Thc fijll-time equivalent number oFemployees during the year analysed by function was:_ 2024 2023 Sup Arc ort and adniinistration ive 76 Royal Commission for the Exhibition OF 1851 Notes to the Financial Statcments For the Year Ended 31 December 2024 13. STAFF COSTS AND RELATED PARTY TRANSACTIONS Icontinuedl One employee earned betweeii £60,000 and £70,000 and onc employce earned between £90,000 and £iuu,ODO. Penslon contributions oE£¢),636 and £13,545 rcspcctively wei'e paid in respect OF these employees.12023'. one employee earned hetween £80,000 and £90,000. pension contributions oF£I 2,600 were paid in respect off chat employee) C,nnimis5ioners do not receive remuneracion. During the year re-imburscmcnts were inade to chree ComTlli55ionei's in ie5PCCt of travelling and other expenses totalling £1,44212023.. to Ihree Commissioners toralling £1,423). One Commissionei. received an honorarium oF£I,C?QO as 3 member of the Science and Engineering Fellowships Commitcee in recognicion of specialist services provided in asse55iiig potLniial Landidates (2023- one Commissioner received £9001. The total amount paid in respect of kcy managcinent per50nneL {i.e., the Secretary and Finance DireLtorl, including employer's nacional insurancc and cmployer pension contributions, was £203,35312023- £180,9)7). There were no other related parry transaccions duriiig the year12023.. none). 14. PENSIONS AND OTHER LONG-TERM EMPLOYEE BENEFITS All cui'rcnt and new meinbers of stafF are eligihle 10 join a personal pen.sinn scheme ()F their choice wirh the C,omrnission contributing 1.Sty6 oFsalary12023.. 15Wo oF5alaryl. There 15 no requireineiic For employee conLributioiis. Staff may opt to sacrifice soine OF Ilieir salary in return Foi an additional employer contribution. Employer contributions of £43,83412023.. £40,954) were made in the year oFwhich £95212023: £8861 were ourscanding at the year-end. There were no prepaid contributions at the year-end12023.. £nill. All currenc and new members oFstaff also benefit Fi'om unfuiided / uninsured death in servicc scheme under which the Comini55ioners lat their ab501utc discretion) may pay a noiniiiated beneficiary a lump sum cquivalent to 18 months, salary if an employee dies while employed by the Commission. No liability For thc schLmL is recognised in the accounts as Commissioners do not believe rhere is any sen.sible way to estimate the liability. Actuarial cjlculations based on assumptions comparable to Ihosc uscd in valuÉng the defincd benefit pension liability15cc below) suggest that any liabiliry in respect OF the death in service scheme would in any casc be inimaterial. All Lurrcnt and new members ofstaff also benefii Fr'oni a Group Income Protection policy with C,&nada Life wliich covers basic salary and pension contribuiions FOL. Staff unable to worl< due to long tcrin illncss. The Commission operates an unfuiided pension scheine in the UK Ithe'Schenie'}. The Scheme is an uni'egisiered, non-Lonti'ibutoiry defined beiiefii scheme. As Ilie Scheine is uiiFuiided, 110 concribuLioiis al'e paid by tlie Coiniiiission, otliei. than co Ineec benefiLS as ihcy Fall due. A5 no ti'ieniiial valuaiions al'c cairicd out, a valuation is carried OLiC at the b21ance shcct datc each ycai. by an indepcndent qualified actuary. 77 Royal Commission for the Exhibition OF 1851 Notes to the Financial Sti(emenr5 For rhe Year Ended 31 December 2024 14. PENSIONS AND OTHER LONG-TERM EMPLOYEE BENEFITS Icontinuedl The Scheme was closed 10 new members on 14 July 2004. As ai 31 December 2024, all four t'cinaining members of tlie Scheme are receiving a pension and there is no fi]rrher accrual OF benefits. Thei'e is Iherefoi'e no sei'viLC Cost for tlie year. The amount recognised in arriviiig at ner expenditure For rhe year is an expense of £14,73712023: £16,238) which 15 fully in respect OF net interest on che net IIGlbility. As regards the unFunded, defined benefit pension schcine: Tbeprincipal¢755umPtsoiis used by the acthary t4Jere.' FRSIOZ Valuation 20 Il>b p.a. FRS102 Valuation 202 p.a. Ftpin)ici(11fissiiiiiPtIoiis Gloss investment return In-scrvice members Pre-r¢tircment Post-retirement Current pensioners Pensionable earning5 incleases Price inflation Pension increases Allowancc for administration expenses NIA NIA 4.81>6 NIA 3.79fi 3.71J6 0.090 NIA N/A 4.5Wo NIA 3.696 O.Ol¥ts Deiiiographic llss1iixpti￿ltS Moi'tality Pre-retirement Post-i'etirement NIA N/A lo1￿110496 S3PA ioiW10496 S3PA CMI 2023 14b CMI 2022 196 Withdrawal allowance Early i'etii'¢incnt allowancc Proportion mari'ied Wife's age No allowancc No allowance 90(J 3 yeaii younger tlian husband No allowance No allowance 90(JO 3 ycars younger thali liusband The 2ssumptions used by tlic actuary ai'c bcst estimates chosen FroTn a rangc of possible actuarial assumptions whiLh, due to the time5cal¢ covci'cd, may not necessarily be b<)rnc aut in practice. Valiie ofscbeine nssets and lidbiliti¢s.' 2024 2023 Markct valiie oF.Scheme assets Piesent valuc of Scheme liabilities 1274,0001 1345,0001 .Schemc deficit Related deferred tax asset 1274,0001 1345,0001 Net liability 1274,0001 1345.0001 78 Royal Commission for the Exhibition oF1851 Notes to the Financial StatemenLs For the Year Ended 31 December 2024 14. PENSIONS AND OTHER LONG-TERM EMPLOYEE BENEFITS Icontinuedl Movem6'nts in theyear.. 2023 Scherne deficit at beginning OF year CurrcnL servtcc cost Interest on obligation Aciuarial gFain /1105s1 on liabilities Bencfits paid direcdy by eiiiployer 1345,0001 1357,0001 114,7371 50,728 35,009 116,2381 19,1731 37,411 Scheme deficii li end of year 1274.0001 1345,0001 The intcrest on obligatlOD of £14,73712023.. £16,238) is discloscd wiihin Support Costs Inote 111 whilc thc actuarial gain on liabilities of £50,72812023..10s5 of £9,173) is disclosed within Other rccogniscd gains and losses on the Face oFthe 50FA. 15. INVESTMENT PROPERTIES AND OPERATING LEASES 2024 2023 (a) Movemeiits iii valiie ofixvesÈiiieiitProPerties Balance ar l Januaty Sales dui'iiig the ycai. Unrcalised loss on year-end revaluation 19,595,350 1210,0001 1165,0001 20,765,350 1365,0lX)I 1805.OQOI Valuation at 31 Dccetnber 19,220,350 19.595.350 Thc valuation a5 at 31 Deiember 2024 shown above rcsulte(I from a Full Levaluation ofthe properties at 31 Decembei. 2024, undei'taken by Daniel Watney LLP, Chartered Surveyors and Pi'operiy Consultants.'I'he valiiktion was cai'ricd out on an 01)cn market value basis in accordance with the RICS Apptaisal 2nd Valuation Manual and is based oil exi5tiiig usage aiid occupation OF tlic land, and the duration OF leases at ground and l'ack renrs. All of the investmenr properties aiE located in the Ulc. 79 Roy21 Commission For the Exhibition OF 1851 Notes to the Financial .StatemenEs For the Year Ended 31 Dcceniber 2024 15. IPWESTMENT PROPERTIES AND OPERATING LEASES (continued) {b) Opertttimg leases- 1&s50 Tlie Lommission is entitled as landlord to income fi'om investment pi'operties under operating leases. Futlli'e minimum Icase paynicnts undci. iion-cancellable operating le￿seS, disLOUllted foL' inflatioii, for eacli o( Ilic (ollowiiib periods alc as Follows: 2024 2023 Not later than one year Latci. tlian one year aiid not12tei- than five years Later than five years 77,750 94,538 11,054,796 10.)1 03,421 11,132,546 10,997,958 The Commission's investment properties are let Foi. perinds r2ngEng up to 999 years. All lease5 are on full repairing and insuring terms. Leases OF residential propei.ty are potentially subject to Icaschold cnFraiichiscmenc. this has beeii ignored in Jrrivii)g at the above figures. 16. INVESTMENTS 2024 2023 (4) Movemeiits i# listed iuvestiiienls Mai'kct value l January Acquisitions at cost Disposals at cost Net gains / Ilnssesl on revaluation 129,01.S,824 117,406,203 185,890,586) 110,5C?2,2741 112,31Y.792 23,917,758 120,252,654) 13,031,928 Market value 31 Dcccmber 149,969,167 129,015,824 Value at cust 31 Dcccmbcr 128,360,3 19 9C?,844,702 (b) Geograpljic brerfkdow 2024 2024 2023 2023 Listed investments. 36,381,298 113,587,869 Listed inva%tm¢ntS 54,650,C)92 74,364,832 Cash 150,711 14,697 Cash 1,114,072 88 In the UK Outsidc thc UK 149,969,167 165,408 129,015,824 1,114,160 80 Royal Commission For the Exhibition oF1851 Notes to the Financial Scatemenis for the Year Ended 31 December 2024 16. INVESTMENTS (continued) All inve5rmencs are listed on a recognised stock exchange. There were no individual holdlngs thc market value ofwhtch 15 considered co be material in the context of the portfolio as a whole. 17. DEBTORS 2024 2023 Rcnts i'cceivablc in hands oFsuryeyors in arrears 277,856 143,067 132.886 126,391 420,923 259,277 Other debtors l)repaymcnts 18,416 46,635 28,243 31,395 485,974 318,915 I& CREDITOIIS Amounts falling due within one year 2024 2023 Grants payablc OLhei' ci'editOL5 4,497,521 143,034 3,86CJ,077 212,825 4,C>40,555 4,078,902 2024 2023 Analysis of other creditors liivesiment rnanagemeiii fees Pi'opei'ty managemeiit fecs Audit Fees Oiher legal and proFessional Fees Otliei'5 56,896 30,043 15,000 5,313 35,782 145,301 24,398 15,000 12,478 15,648 14.3,034 212,825 81 Royal Commission For the Exhibition OF 1851 Noce.s CO the Financial ,Statements For che Year Elided 31 December 2024 18. CREDITORS Icontinuedl Amounts failing due after more than one year 2024 2023 Grants payable 3,645,002 3,206,557 Due in one to two year.s Due within Iwo (o five years 2,298,118 lJ46,884 2,195,140 1,011,417 3,645,002 3,206,557 The analysis oFgrants payable by award is as Follows 2023 Award Period of Commitment Fellowship% and studcntships Research Fellow5hip5 Indu5tiial Fellowships Industrial De.%ign .£tudentships Built Environmenr Fellowships - Design Fellvwships Regenerative Design fellowships ErLterprÉse fcllow5hips - Sir Misha Black Awaid Bursaries STEM educatiutl 2nd ouurach Supi?OTI for legacy c5taie 3 year5 3 years 2 years 2 years 2 years 2 years l ycar year l year 3 year5 3,604,299 2,265,007 347,817 50,(K)O I JO,(K)O 87,500 187,500 5,500 909,900 575,(X)O 3,321,439 2,286,548 286,942 80,000 55,000 132,500 62,-SUO 1,000 196,250 64U,455 8.142,523 7,072,634 19. FINANCIAL INSTRUMENTS 2024 2023 Cariying amount of financial assets Dcbi insirLimencs mcasu￿d at amort15cd cost Idcbtors cxcluding pi'epaymentsl 439,339 287,520 439,339 287,520 CarATing amount of financial Ixabilities Measui'ed at amortised cost 8.285,557 7,28.5,459 8,285,557 7,285,459 82 Royal Commission For the Exhibition OF 1851 Notes to che Financial Statements for the Year Ended 31 Deccmber 2024 20. FUNDS 83 Administrative Information Structure, Governance and Management The Commission is constituted as a limited company incorporared by Royal Ch2rter. Its gnverning documents are the oriLrinal Charter dated 3 January 1850 and a Supplenieiiral Chartcr datcd 2 Dccember 1851. The Cominission may have up to twclve trustees, l