Company regIstr10n numbtr 02ts60n IEn8land Wales) Chèrity registrztion number 298S421England and Wales) SCIENCE PROJEcrs COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION TNste•s Featlerstone S Plzzev S Wilkins J Huard R Murray IResigned 10 July 20261 (Appointed 10 O£tober 20251 (Appointed 24 Aprll 20261 Senior mana8ernent A Rumbold linterlml C Whelan Chief ExecutNe OFficer Finance Dlrector Country of Incorporation Unlted KiThBdom IEngland and wa$) 02186073 Charity re¢istratlon En8land and Wales 298542 Rt8lst¢red offkè Unf( I Warn Farm Steventon 8èsingstoke RG25 3BL Indeyndent Audlthr Sedulo London Umked Offlce 605 Albert House 256- 260 Old Street London United Kingdom ECIV 9DD
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE CONTENTS Trustees. report Ststsment of trustees, responsibilities Independent auditor's report Statsrnent of flnanclal activities Balance sheet io Statemènt of cash flows Ji Notes to thefln¥nctsl ststements 12-22
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT} FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees present their annual port and financi31 statemem5 forthe year Ènded 31 Decernber 2025. The financial st)tements have been ppared In accorthnce with the accounting policses set out in note I to the financial 5tstements and comply with the charitable Eompèny's goveTninE document, the Companies Act 2006, FR5 102 'The Fin3ncl31 Reportin8 Standèrd applitable in the UK and Republic of Ireland" and the Charities SORP "AccouDlin8 and Reportln8 by Charities.. Statement ol RecommÈndÈd Practice applicable to charities preparing their accounts In accordanre with the Financial Reporting standard applicable in the UK and Republk of Ireland IFRS 1021 Oblertlve5 and a<tlvltles The aims of the charity ale to educate the publlc generally in respect of science and tethnology in all it5 branches and in particular to promote those objetts by assernbling and puttlng on interactive exhibf(ions ol every kSnd. Science Prolects Ltd recoBnlse5 the n•tional need to encourage rmre young people to take up sclence, technoloeyi engineering and rnath5 (EM) in education and careers. The charity a150 ¢081$es the Importance of enga8ln8 underrepresented and undeTsetved parts of the community. especlally In the disadvanta8ed areas of the South East of England and e5peci3lly within Coastal town5. Those aims a pursued by- The operation of the Observatory kience Centre at Herstmonceux in East 5vssex The OLrtreach pro8ramme including hlrfng out of the trnvelllng exhibit5 to schools and other orgoni50tions The design. construction and sal of bespoke Interactive exhibits, The construction and exhlbrtlon of grant-funded exhlblts. The charity continues to on growing visitor numbers at the Observatory scien Centre through School party visits, expanded outreath programmes #nd special events. Each year. new aThd expanded sclence events are delivered which are having a gratifying take up by the publlc. The Trustees set the charity's poltk5 and oversee management. The Observatory science Centre 15 operated by Its dedlcated ream ol full and part-time stsff, supported by ceThtrol management. Exhits design, tonstructbn and sales are cèrried out at the StentOn workshop. ènd rnanaged onslte. The travelling exhibits and outreach actIvleS a managed separately with siordge and maintenance provided at the workshop. TheTru5tEes m)nage the tha$ investment powers. Surplus cash is held In hlgher4nlerest deposft accounts with le8dlng UK banks. generatlng nme of £6.C6912024.. £9,444). At 31 December 2025, the charlty held reserves of £463,08112024.. £726.9081. Trusrees consider this sufficient to 5UPPOrt ongoiTh8 operations at the Observatory Science Centre, the workshop and otstreach actlvvcles, while also providing a buffer agalnst fluctuations in contracting incow. MalntalnlnE Strong reserve$ 15 also e55enti31 lor competlng for national and international e¥hibit contratts where flnanclal stren8th is a key 5electlon criterlon alongslde de518n ond technical capability. The TNstees are satisfied the charlty's assets are adequate to meet ObltIons. Publlc bentrfit The trustee5 have pald due regard to guldance Issued by the Charity Comrnisslon In dÈcldlnE what actlvlties the charitable company Should undertake.
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Achievements and performance gnificfjnt uctiwtse5 aftdochievements ogoinst objectives The Observatory Suence Centre and Museum 2025 was a transition year for The Observatory Stience CentTe & Museum as St was comlng to the end of the pVIouS 30-year lease at Herstmonceux, to a new ten-year lease which was agreed In September 2025 with the landlord. Income is 8everated from tlcket 5ale5, the cafe, retall. ourreach Dther day and evening events. ActNity levels mained consi5tert in 2025 despite disruption caused by the leB5e UFKertalnty in the first ¥0 thirds of the year, with a $118ht reduction in Income of 2% to £591,07512024.. £605,656). The lease Issue was resolved In early September and thi5 tlming meant that school attivity was dUced in the final temi of the year a5 regular bookings were irnparted by the uncertainty. sltor numbers reduced in 2025 by elghi per cent to 48,61912024.. 53.0731 which was di5appointlng. School 8roup ¥Aslts represented approxlrnaiely 37% of vIsr numbers in 2025 with general admlsslon 54% and èvènts such 8$ stargazing nights and blrthday parties repre5entin8 12% of the total. The ObseNèt¢ry has new management since January 2026 and is developing a new and seasonal programme of events Ifor emple the successful Space Escape Eastsr Tralll. Now the Observatory wlll remain on its current site, it will remaln open for v151tors all year round rather than closlng for a month In wlnter and the will be a full Christmas proernmme in 2026. This will help to increase vi&tor numbers. The trustees have decided to tocus on gdditional funding opportunities in 2026 and a number of grant appIatIOnS Trtslng £33k have aladY been successful. Tht tfUSlee5 ayeed to chan8e the name from the ObseNati)ry 5eiente Cevtre to the Observatory Science cent & Museum in October 2026. This move is to recognise the historical and herka8e ekment of the bulldlng5, domes. TrIeOpe$ and history of the obSeatOry and an opporcunftyio Introduce the Observatory lo new audrences. b} ExNbft Des18n & Productlon Workshop artlvity remained consistent with the prevlous year with a small drop in ificorne to £627,32812024: £647.6491. large ¢oDtracts and irregular timing means forecastlng workshop incorpe by year is difficult and activlty was Inconslstent durfng the ar. although it picked up in December and the first half of 2026. The workshop was significantly Imcted by a major cllent golng into Ilquldatlon during the year owln¥a totsl of £78.2C(I which has been wrttten off. The workshop is now settled in it5 new premises In Hampshlre slnce the disruptions caused by the rnove In 2023.
SCIENCE PROJEcrs COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT} ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 Financial review The charty's fln£nci&l posltlon for the year reflects ongoing recovery and investmeni In growth. Reserves remain ai a healthy level but have been irnparted by a significant defict In 2025; but wlth a new te3m and launched vlsltor centre at the Observatory, the tru5tee5 expect io be backto 3 sere-bU7ldIng sfjtuatiDn during 2026 and 2027. Income Total income wds derNed from adm155ions, educatSon pro8ramme5, event5. L)natitsns and trading activities and was flèt at £1,234.08112024.. £1,275,129). Expenditure Expenditure is primarily staffing, site operations. programme delNery. purchases and maintenance of facilit1È5. Total expendlture in 2025 increased by IO% at £1.497,90812024.. £1.370,5511. This was prirnarily driven by 3 18% increase in other costs from E498.236 to £580,781 due to 3 sl8nllicant wrltÈ-off from a customer thèt went into Ilouldation and an 9% incre)se In Staffing cosrs from £795,104 to £A66.020 due to the increase in Ernployer National Insurance tstes in AprS12024 as well an increase in staffing hours. The is 4 new staff ing Model in place for 2026 which mltlgates the need for overti1 and dditional hours. Support and governance costs have d{ed by 13.2% to £83,814 reflectlng a dUCtIOn in management time and cost Resultforthe year The charity rep)rted a deficit 01 £263.827 for 2025. Reserve5pofiry It Is the pollcy of the £h2ritable cornpany that unrestricted funds whlch have not been deslgnated lor a spÈ¢iflc use should be maintained èt a level equivalent to between three and s1x rnonth's eXpendre. The trustees conslder that re5erve5 at this level will Ènsure that. in the event of 3 significani drop In funding, they wlll be able to wntinue the charitable companls turrent attivitles while con51deratlon 1$ 8lven to ways in whlch addltlonal funds may be raised. This level of reseNes has been maintained throughout the year. The ¢harfty contlnues to monitor financial perfomance closely and take appropfiète action to ensure lonB-term flnancial SU5tainability. As at 3J December 2025, unre5trlcted reserves stood at £455,85712024.. £726.9081 of which £66.584 were held In fed asseLS. Freely avallable re5efves were therefore £389,273. While thi5 ha5 redUd SnIficant1¥ In 2025. the charity COn5ider5 thls SLrfficlent to support on80ing operatlon5 while prowdiry8 • buffer agairtst potentlal trading downturns and to wmmlt matched fundlng to 8rant-funded projects. Inve5tmefttpolicy The char.ty maintains availablefunds In intere5t-bearin¢ accounts wlth a reputable UK bank, balènclng securlty and return. Rlsk Mttftugernent Tru5teÈs and management review decisTr$ through the lens of ri%k analysts, guided by the char Commls5ion'5 publication CC26.. Charities and Risk Management. R15ks a consldered uTrderthe following c8tegorfes'. Goveinance Qperations Finance External eThvironrnent Legal and latory tompllance Risk assessments are embedded Into contracting le.g.. managinB maolns, currency fltUationS and tontratt terms), 0ratIonal actlvities Ipartiiulèrly health and Safety at the Observatory and travelling exhlbltlons and the workshop), and financial planning. Rlsk registers and staff training continueto strenBthÈTh thts franWork.
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT} {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Plan5for fure period5 The charlty wlll continue trs core aCtlI1e5. sublett to fundlng. partlcularly Improving the site ot the Observatory. Giant incorne is largely capltal-based rather than covering operatlng costs. the chartty malntalns a wlicy of ensurln8 that 311 programmes are financially Se-sUStain1n8. Structurep governance gnd manaKement The th3rity is a cornp3ny lirnited by 8uarèntee governed by it5 Articles of A$50clation. The 8owrd of Trustees Ls responsible for the Strategic direction ènd overall govemance of the charity- The trustees. who are a150 the dirett0 for the puipose of company law, and who setved during the year and up to the date of signature of the financlal statements were- H Featherstone S Pi2zev S Wllklns JHuard R Murrav (Resigned Iojuly 20261 (Appolnted io October 202SI IApp¢intÈd 24 Aprll 20261 Recruitment oppoirjtnjent of trustees Trustees are recruited based on the skllls and experience quIed to support the charity's mlsslon. New trustees receive an Inductlon coyerlng govemancÈ resKX)nsibilities, financlal overslght. 3nd safeguardlng. None of the trustees has any beneficial interest In the company. All of the trustees are members of the company ènd 8uarèntee to contribJte £1 the event of a wfjndlng UP. Oryonisotionolstrucrure The Board meets fe8ularly throu8hout the year and retalns overall SpOnsibl1ty for the 8ovemance anL8 strategic d1ction of the charity. RespLin5ibllhy for the day-to-day management and operation Is deleted to the senior leader5hlp team. led by the CEOand the Finance Dlrertor who a accountable to the trustees. 0¢105 of Inf•rmaolon to audltor Each of the Trustees has confirri)ed that there is no informatioTh of whlch they are aware whlch is relevarst to the aud¢ but of whl£h the auditor is unawore. They have further confirrned that they have tsken ¥ppmpriate 5tep5 to Identify Sh relevant Informatlon and to estatAish that the audftor aware of such Infomatlon. Aor In accordènce wlth the company's artlcles, 4 resolutlon proposing that Sedulo London Llmlted be reappolnted as auditor the company wlll be put at a General Meetln8. The trustees. ¥eport was appioved bythe Board of Trustee& J Huard Date:.
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees, who are also the directors of 5rlente Projects for the purpose of company law. are responsible for preparlng the Trustees. Report and the finantial state*ts In accordance with applicable law and Unitèd KSngdom Accounting Standards (United Kingdom Generally Accepted A¢counting Prètticel. Company law requi5 the trustee5 to ppare financial statements for e3ch financial year whlch Efve 8 true and fair view of the state of 8ffair5 of the charitable cornpany ènd of the incoming resources and applicèlSon of resources, including the iacome and expenditure, tsf the CharItsb company for that year. In preparingthese financi31 statements, the trustee5 are required to.. select suitable accounting policies and then apply them con5iStentty,' -obsenfe the method5 and principles in the Charifies SORP: ake judEernents and estimates that are reasonablo and prudent,. and prepare the financlal statements on the going concern basis unle55 It 15 inapproprlzte to presume that the chaTltable company wll £ontiYhue in operatlofi. The iruthes are respDnslb1e for keeplng adequate accounting records that dlsclose with wsonable accuracy at any tlme the flnanclal tK)sition of the ch3rttable company and enable them to ensure that the financi¥l statements comply wlth the Companie5 Art 2006. They are also spOnSIble for sèfe8u?rding the assets of the charltable compèny and hence for taklng reasonable Ste forthe prevention and detettion of fraud 3nd other irre8ularftle5. The trustees are responsible for the malntenaTrct and Integrity of the charity 8nd linan¢ial Inf0mtIon included on the charqtsble cornpany's webslte. Le8151ation in the United Kingdom governing the preparation and disseminètlon gf ftnaThclal atements may drfFer Irom legislation in other jL¢rssdictiorts.
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SCIENCE PROJEcrs Oplnlon Wè have audited the financlal ststements of Sclence Proje¢ts Ithe'chèritable company'l for ihe yearended 31 December 2025 which tomprr5e the statement of finhnci316ctivities, the balan sheet. the ststement of cash fftgW5 and note5 to the financlal statements, includlng slgnlflcant accounting policE5. ThE financial reportln8 framework that has been •pplied in their preparatlon Is èppllcable law and United Klngdom Accountlng Standards. includin8 Fin3nck?l Reporting Standard 102 The Flnancial ReportlnB Standard appllcable In the UK and Republlc of Ireland Iunlted Klnedom Genernlly Accepted AccountiThg ptscti}. In our oplnlon, the ftnanclal statements: ve a true and lair view of the state of the charltsble tompany'5 affairs as at 31 December 2025 and of it5 Incornlng resources aThd applrcation of resources, forthe yeèr then ended., have property piepared In 3ccordance wlth unit Kin8dom Generdlly Accepted Accountln8PractSce.' and have been prepared In aCcordanwith the requirements of the Comfianles Act 2006. B•si$for opinion We conducted OLJr aud in attordarKe wf(h Intrrnatlonal standards on Audlting IUKI IISAS IiIKII and applicable law. Our responsibilitie5 under those standards are lurther described in the Auditor's responslblllties for the al11 of the finonciol stotements section of our pOrt. Wè are independent of the chadtable company In accordance wlth the ethical requirements that are relevant to our audlt of the floaneial statements in the UK. including the FRC'5 Ethical Standard, and we have fulfllled our other ethlcal responsibiltties In accordance wlth these requlrements. We belleve that the audit evidence we have obtsined ts sufficient andappropr5ate to provlde a basls for our opinlon. Contlusltins relttir¥ to go5 concem In auditing the flnanc1315tsternents, we have u>ncluded that the trustee5' use of the golng concern ba515 of accounting in the preparation of the fin3Thcial statements 15 appropriate. Based on the work we have performed. we have not l¢kntlfled any merfal uncertainties relatlng to events or condltions that, Indlvidu8lly or colle¢tlvelyp rnay cast slgn6ficant doubt on the charltrdble company'5 abilrty to continue as a gn8 contem for peiiod of at ast twelve months from when the financial staternents a author15ed for issue. Our responslbllltles and the pOnsibIlitIeS of the tru5tee5 wfth respert to golng concern are dexrlbed In the relevant 5ettlons of thls report. Other Informatlon The other information comprises the Infomiation included in the annual report other than the financial 5tateffnts and our audfftorfs lert theOn. The tiustee5 are responslble for the othEr Irrformatlon tontsined wlthln the annual report. Our opinion on the financial statements does not cover the other information and we do not eXpsS any fom of assurdnce conclu5*)n thereon. Our resFonslbllRy 1$ to read the other inforrnation and. in doing so. conslder whether the other information Is materially Inconsistent with the financlal ststernent5 or our knowledge obtalned In the course of the audtt. or otherwise ap£1$ to be materially mi55tated. If we Identlfy such materlal InconsL%ten¢les or apparent mèterial mlsststements, we are requlred tts determine whether thi5 gNes rise to 3 material misstatement in the financial Statements themsefves. If, based on the work we have perforrned, we conclude that there is a mèterlal misstatement of th other Information, we are reqUId to report thai We have nh1n&t0 report In thls regard.
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SCIENCE PROJEcrs Opinions on other matters prestribed bythe Companles Aci 21X)6 In our opinlon. based on the work undertaken in the iourse of the 3udit'. The Informatlon given in the Trustees, Annual Report for the financial year for which the fi.nancial statements are prepared is conslstent wilh the financial statewnents,. and The Trustees, Annu31 Report ha5 been prepared in accordance wkh appllcable legal requirEments. Matters on whleh we are required to report by eXPtIc+rt In light.of our knowledge and understandinE of the charitsble company and Its envlronrnent obtaSned in the course of our audit. we have not identrfied materlal misstatements in rhe Trustees, Annual Report. We have nothing io report in respect of the following matter5 in relètion to which the Companie5 Acl 21M)6 and the Charlties (Accounts and Report51 Regulations 2008 requires us to Portt0 IU ff, In our opinion: the infomiatlon glven in the financial staternents is inconsistent in any rnaterial respect with the trustees. port.. or sufficient accounting records have not been kept.. or the financial staments are not in agreement with the accountlng records,. 01 we have not received all the iDform3tion and explanaiions we require for our audit. Responslbllltles of trusttrs As explèined rnore lully in the 5tstemeni of vullees, responsibillties. the trustees. who are also the directors of the Iharltable company for the purwse of comp3ny law, are responsible for the prepaRtion of the flnanclal statements and for belng satisfied that they glve a true and fair ¥w, and fDr such internal control as the trustees detemiine is nece55ary to enable the preparatlon of financial statementsth8t ère free from material misstateNnt, whetherdue to fraud or error. In prerIng the financial statements, the trustees are respon5Ible for assessln8the charitable company's ability to continue as a goine concem, diseloslng, as applicable, rnatters related to goins contern and usin8 the going toncerTr basis of attountlng unles5 the trustee5 either intend to liquldate the charitable company or to ¢ease operations. or have no realistic altemative but to do 50. Audltor's responsibilities for the audit of the Ilnancial statsmw)ts We have been appointed as auditor under section 144 of the Charfties Act 2011 and report In accordance with the Aci and relevènt re8ulatk*n5 made or having effectthereunder. Our objecknves are to obtsin reasonable assufan£e about whether the financial statement5 as a whole ale free from material misstatement, whether due tofraud orerror. and to issye an audltoe5 report thot includes our opinion. Reasonable assurance is a hlgh level of a55urante but is not a guarantee that an audit £oThdutted in èccordance with ISAS IUKI wlll always detect a material rnisstatement when tt exlsts. Mi5Stètements can èrise from fTaud or error and are consldered materlal if, irtdividually OT in th? agegate. they could aSonablY be expetted to Influen the etonomic dedsbns Of users taken on the ba515 of these linantial tydtemen The erteni to which our procedure5 are capable of detectln8 IrreguritieS, Including fraud, 15 detsiled below. The primary responsibility for the prevention and detertion of fraud re#ed with Trustees and management and we Can be expetted to detect non<ompliance wlth all laws and regulations. We identifRd aa$ ol laws and regulatlon5 that coukl reason3bly be expected to have a material effect on the financial statements form our knowledge of ihe or8anlsation 2nd sector. enquirie5 01 Trurtees and management, and revlew of regulatory informatlon and co[spOndenCe. We communlcated identilied laws and regulations th1ohOut the audit team &nd remained alert to any indications of non<wipliance througholrt the audrt. We dlscussed wtth Trustees and management the policle5 and procedures in place io ensure comp113nce with laws and regulaiions and otherwlse prevent, deter ond detect fraud. Based on thos understsndlng we designed Ouf audlt procedure5 to identrfy nOn-comlance with such Liws and regulatlon5 l¢Jentifled as potentially havlnB a matèrial effert on the financial staiements.
SCIENCE PROJEcrs COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (coffflNUED) TO THE TRUSTEES OF SCIENCE PROJECTS Our procedures included revSew of financial statement informètion and te5tin8 of that infomiation, enqulry of management and examlnatlon of levant documentation. analytical protsdures to identify unusual or unexpected relatbns that mav indlcate fratsd, and prtKedure5 to address the risk of ftaud through trustee or managementoverrlde of controls. A lurther description of our responsibilit125 Is available on the Flnanclal Reportln8 Council's website at.. https.'l/ www.frc.org.ukJauditorsresponsibilities. This de5crlption forms part of ourauditor's reporr. Use of our report This fftport is made solelyto the charl5 trustses. a5 a body* in accordance wtth Part 4 of the Charltles Ikcounts and Reportsl Regulatlons 2(8. Our audit work has been undertaken so that we might state to the charity's trustees those mètters we are required to state to thetn In an audltor's report and for no other purpose. To the fullest extent perwnltted by law. we do not accept or a55ume re5poThslblllty to anyone other than the charity and the charity'5 trustees a5 a body, for ouraudit work, forthls report. or for the oplnlons we have formed. Ro55 PrnstDn CA Isenlor Statutory Audltr¢rl Forand on behalf of SedukiAudit Limited. StatutoryAudltr)r & Charted Accountant5 Office 605 Albert House 256- 260 Old Street London ECIV 9DD United Kingdom Date.. 30 July 2026 Seduki London Limited is eligible for appjintment as auditor of the charitable company by vlrtue ol rts ellgibility lor appointrnent a5 audltor of a company under section 1212 olthe Cornpanle5 Act 2006.
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Unre5tritttd funds 2025 RestrlctEd funds 2025 Total Unrestricted nd5 2024 Restrlcted funds 2024 Totsl ZQZ5 2024 Notss Income and endowmentsfrom.. Donations and legacies Charitae activities Exhlbit m3nufaclure Sclence tentre and exhlbition hi 2,194 7,415 9,609 12.335 12,335 627,328 627,328 647,549 647,649 S91.075 591,07S 605.656 605.656 Investments Other Income S.069 6,069 45 45 Totsl IrKome 1.226,666 7.415 1.234,081 1,275,129 1,275,129 Éxpendilure on-. R3lslng funds Chèiitable artlvlties 20,159 1,477,558 20.159 1.477,749 24.325 1,341.279 24.325 1,346,226 191 4,947 Tthal exptndlwre 1,497,717 191 1,497. 1,365,604 4,947 1.370,551 Net incomellexpendiwrel and rnovement In funds 1271,0511 7,224 1263,8271 19),4751 14,9471 195.4221 Reconclllrtion olfund5: Fund balances at l January 2025 726,8 726.908 817.383 4,947 822.330 Fund balances at 310Kembtr 2025 455.857 7,224 463.081 726,908 726,908 The staternent of flnancial aetlvh*s includes all galns and 105ses feco8nised In the year. All Income and eXpeNdre derive fvom eontlnulng actlvltles. The notes on pages 12 to 22 form part of these financial Statements.
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE BALANCE SHEET ASAT31 DECEMBER 2025 2025 2024 Fixed ossts Tanglble assets 66,585 74.930 Current assets Stocks Oebtor5 cash at bank and in hand li 12 16.121 112.601 371B86 19.777 114,762 597,481 732,020 180.0421 Credltom: amounts falli thjt withln 0Year ij 1104,1121 Net current assets 396.496 651,978 Total assets less Current liabilities 463.081 726,908 Thefunds oftht tharitable <ompany Restricted in¢ome fund5 Unrestrlrted funds 7.224 455.857 16 726,908 463,081 726.908 The notes on pages 12 to 22 form part of these financial ststements. The company Is entltled to the exernption from the aud6t requIrnent contained in section 477 of the Companies AEt 2006, for the year ended 31 December 2025. althOh an audlt has been carfled out un&rsectkni 144 of the Charrtles Act 2011. The di¢(0 acknowledge thelr responslbilities for coMp.n4 with the requirements of ihe Companies Att 2006 wlth respect to accountinB records and the preparatlon of financfjal staternents. The mmbers have not reguld the company to obtaln an avdtt of it5 financlal 5tstements under the reqUIreNnts of the Companles Act 2006, fortlie year in qLStiDn in accordance with Section 476. These financial ststernents have been prepared In accordance with the provlslons appllcable to companÈs subject to the small compar¢ies regime. The financial staternents We approved bythetrustees on.-. J Huard Trustee 10-
SCIENCE PROJEcrs COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Notes Cash flow5 Irom operatin$ artlvllles Cash absorbed by operations 1224.5951 1111,87Jl In¥esting arti1[e5 Purchase of tanElble fixed assets Investment Incorne received 17.0691 6.069 126,2261 Net cash uséd In InvestinE artlvltios 11,0001 116,7371 Net Cash generated froMfinalr1 artl¥iths N¢t de£rea5e in tash and fash equl¥alents 1225,5951 1128,6081 Cash and Cash equivalents at beglnnin8 of year 597.481 726,089 Cash and tash e4ul¥alents at ènd of year 371,886 597.481 The notes on page5 12 to 22 torm part of these financial statements. 11
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting poll£le5 Charlty Inlormatlon Science Prole¢ts is a charitable company Iimlted by guarantee incorporated in England and wa5. The re£lstered office is Unit I Warren Farm. Steventon, Basingstoke, R625 3BL. The charlty's prlncipal activttie5 are dlsclosed in the Trustees. Report,. 1.1 8asls of preparatlon The financial statements have been ppared in accordance with the chadtable ComnY'S 8overnin8 document. the Companles Att 2006. FRS 102 "The Financial Reporting StaThdard appllcable in the UK and Republic of Ireland" and the Char((les SORP 'A¢countlng and Reportlng by Charr(ies: Statement of Recommended Practlce applicable to charities preparlng their accounts In accoréance with the Financlal Reportirb8 Standard applic3ble In the UK and Republic of lieland IFRS 1021 The charltable company is a Publi¢ Benefit Entity asdefTned by FRS 102. The ftnanclal statements are prepared in stedln& whlch Is ihe fvnctioThal currency of the charItae company. Monetary èfflounts in these ftnancSal smements are rounded to the nearest £. The finantial Statements have been prepared under the h15torfcal cost cOnventn. The prlnclpal accounting policSes adopted zre Set out below. 1.2 Golng concern At the tlme of approving the financlal ststements. the trustees have z reasonable expÈctstion that the charitable company has adequate resources w coniinuÈ in operational existence for the fDreseeable future and for'a period of at least 12 months from the date of approval of the financlal statements.. Thus the trustees contlnue to adopt the goln concern basls of accounting irTr prewrin8 the financlal statements. L3 (haritable funds Unrestricted funds are available for use 4t the discretion of the trustees In furtheran of thelrcharltable objectlves. Restricted funds are sublert to specific condition5 by donors or gr8ntOry a5 to how they may bÈ used. The pUrSe$ and uses of the restricfEd fundsare set out in the notes to the fonantlal statements. EnL)wrrEnt funds are sublect to spe£lfk condlions by donors that the capital musi be maintslned by the charitable cornpany. IA Income Income is recognlsed when the tharitsble tt)mp6ny is legally entltled to It after any perfonnance coThdltlons have en met. the amountstst) be rneasud lIably and it 15 Probab that income wlll be re¢eived. Cash donatlons are ¢0115ed on receipt Other donatfjon5 are recognlsed onee the charltsble ec*mpany has been notified of the d(>natlon, unle55 performance conditions requlre deferral of the amount. Income tax recoverable in relaticn to donatn5 received under Glft AJd or deeds of c¢)venant js reco8nlsed at the time of the donatlon. Le&acie5 are recognised on receipt or otherwise if the chartsble company has been riotif(ed of an irnpendln8 dlstrlbutlon. the amount ts kni)wn. and teIpt is expetted. If the amount is not known. the legacy is treated as a contingent asset. 12-
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Ac(ountinE polic5es Icorrtlnuedl J.5 Éxpenditure ExpeThd1tU is recogni5ed onEe there is a legal or constructive obligation to tran5fei economic beneflt to a third party. It Is probable that a transfer ol economlc benefits wlll be quIred in 5ettlpment, and the amount of the obligation can be measured reliably. Expenditu Is classified by attivty. The r05ts of each activity are made up ol the totsl of direct Costs and shad costs. ncluding support costs involved in undertaking eath activity. Direct costs attributablÈ to a single actfvity are allocated fSirectly to that activity. Shared costs which contribute to more than one actlvity and support costs whkh are not 4ttributable to 3 Single attivity are 3PPOTtloned between those actlvltles on 3 basls consistent with the use of resources. CentTrl staff costs are all¢xated on the basis of tlme spenL and depreclatlon charges are allocated on the portion of the asset's use. 1.6 Tanglble fixed assets Tangible flxed a5set5 are initially measured at cost and subsequently measured at co# or valuatn. net of dep¢atIon nd any impairment losses. Depreciation is recognised SD as to write off the cost or valuation of assets les5 their resldual values over their useful INes on the following bases: ExhIbln tent and floorlng Exhibf(s Equiprnent Motorvehicles 25% 20% 10-25% 25% The 8ain or loss art5ing Dn the disposal of an asset is detenrlned as the difference between the sale proceeds and the carrying value of the asset, and Is recoEnised In the stèrement of f1nanclal actfvitles. 1.7 Impairmert of flxed assets At each Porn£ eThd dète. the charitable compary reviews the carrying amounis ot Its tsngible a55ets to determine whether there Is arw Indlcation that those assets have sUffed an Impalrment loss. If any such indication exists. the recoverable amount of the asset is estimated in orderto determine the ertent of the impairment loss Ill any). 1.8 Stocks Stocks ty stated at the bwer of c05t and Èstlmated sellinc Pr less costs to complete and sell. Cost comprises dlrect materfals aThd, where applicab. dlrect labour tosts and those overheads that have beETh incurred In brln8in8 the 5to(k5 to thelr present (atIon and condlt4on. Items held for dlstributlon at rKJ or nominol con5ider4tign are measured the lower of replacement cost and cost. Net reali5able value Is the estirnated 5ellin8 price less all estymated costs of completbn and wsts to be Incurred In rTrgrketing. selling and di#ribution. 1.9 Cash and ush equlwlents Cash and cash equNalents indude cash In hand, deposfts held at call with banks. othe¥ 5hort-term liquid Investments with origlnal maturlties of three TYK)hS or les5. and bank (werdrafts. 8ank overdrafts are Shown within borlowlngs in current Ilabiif(e5. 13-
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI A)R THE YEAR EAIDED 31 DECEMBER 2025 Accounting policles Icontlnuedl 1.10 Fin•n¢lo1 Irotruments The charitable company has Èlerted to apply the provisions of Sectlon 11 '8asic Fithancial In5trvments' and Sectlon 12 'Other Financial Instrument5 Issues. of FRS 102 to all Dt itsfinancial Instrumènts. Financial in5trumen15 are recognlsed in the charitable companvs balance sheet when the eharitable tornpany becomes partyto the contractual provisions of the instrument. Financlal assets and liabilitie5 are offset. with the net amounts presented in the finaThclal statements. when there is lepplly enlorceable right to set off the recoEnised amounts and theo is an intentlon to settle on a net basis or to reallse the a55et and settle the Ilablllty SimultaneouY. 8p$irfi#unciulossets Basic financial assets. which Include debtors and cash and bank balances. are in1tial measured at transactlon prSce Includlng transèttion costs and are subsequently carried ai amonlsed cost usinR the effectNe Interest method unle55 the arrangement Constitutes a ftnancing transartion, where the trdll53Ction is measured at the present value of the future receipt5 discounted at a market rate of intelest. FiTrancial a55ets cla55ifsed as receivable within one year are not amortised. DerEcognltlDn oAJlnoKlolussets Flnanclal asseis are derecognised onfy when the contrdctual rightsto the cash flowsfrom the asset expire orare settled, or when the charitable ¢ompany transfers the financial asset and substantlally all the risk5 and rewards olownership to another entity, or if some 5i8ntficaTht risks 8nd rewèrds of ownership a retained but control tsf the asset hastransferred to another partythat is able to sell the asset ln ts entlretyio an unielatedthird party. BosKAln4ndlll#bllttks Bask financlal 114biltties. includlng treditors and bank loans a initialty rerognbed at tQn5action pri unle55 the arrangement constitutes a financlng transactlon. where the debt Instrument Is asured at the present value of the future wymenrs dlscounted at a market tste of Interest. Flnancial liabillties classrfied as payable wlthin one year 8re not amortlsed. Debt Instrumentsare subsequently rjrrled at amortised Cost, usin8 the effectiwe interest rate method. Tt7de credltors are obllgatlon5 to pay for 8oods or setvices that have ien acqulred In the ordinary course of operations from suppliers. Amounts payable are cla55tned a5 current IlabSltties If payment Is wlthln one year or le55. If not. thev re presented as non-eurrent liabilities. Trade creditors are recognised initially at transactlon price and subsequently meaSUd ai amortlsed cost u%ng the effective interest method. Flnanclal liabilltles are derecognlsed when the charttable mmpanvs contractual obliBatlons explre or are dis¢har8ed or iancelled. 1.11 T•x•tlon Sclence Prolects, actlvltles arè exempt from w¥kK)r4tioD tax where thevre wlthln the tharitsble compary's prlmary purpose. 1.12 Employee beneftts The Cost of any unused holiday enti(lement Is recognlsed In the perfod in whih the empbyee's Se•ceS 3re received. Termlnatlon beneffts are recognlsed Immediate as an expense when the charftaNe company Is demonstrabty committed to terminate the employment of 8Th employee or to provldeternilnatlon beneffts. 14-
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Attounting policies Icontinuedl 1.13 Retlremenl bentfits Payments to deflned contriblrtion retirement benefit schemes are charged as an expense as they fall due. Criti(al att¢)untlNa e5tlmate5 and ludgernents In the appllcation of the charltable comp£ny's accounting policies, the trustees a reqUId io make ludBernents, e5timate5 and assumption5 athut the corrying amount ol a55et5 and Ilabilitie5 that are not readily apnI from other sources. Thè Èstimates and associated assumptlons are based on himorlcal experients and other factors that are considered to be lVant. Actual resulrs may dlfferfrorn these estimates. The estlmates and underIng assumptions are reeWed on an ongoing ba515. Revlsions to accountlng estimates are recognised In the perlod in which the estimate is revised where the revision 8lfect5 only that Feric, or in the perlod of the revision and future periods where the revision affe£ts both current and future Feriods. Key Èstimates made by the charltable company in the preratIOn of thesè financlal 5tsternents include the stage of completion of WoTh0 e¥hlbft production prolect5. Income Irom donatlon5 arKI le8atles UnTe51ri¢ted fund5 2025 ReIkted funds 2015 Total Unreslrleted funds 2024 Restrlcted funds 2024 Totsl 2015 2024 GTrnt$ 2,194 7,415 12,33S 12,335 Expendr4 on raklnÉfund$ UnrestrldÈd Unre5trtcted fvnds fd5 Z025 2024 Fundr•15ine And publlclty Publiclty 20,159 24,325 15-
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE NOTESTO THE FINANCIALSTATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 E¥pendtture on chatable actlvltles Exhlblt 5¢iert¢e manula¢tur* centre and exNbltion hlre Z025 Total Exhlblt Science marnrfacture ¢entre and èxhibitlort hlrè 2024 Total 202S 2025 2024 21)24 Dlre¢t costs Staff costs Depreciation and impaSrment OtheT Costs 303,747 15.414 do5,1 493,993 797.740 15.414 580,781 257,867 19,195 347.055 476,029 733,896 19.19S 498.236 175.780 151.181 724.162 669,773 1,393.935 624,117 627,210 1.2SI.327 Shar• Of support and 8o¥ernan¢e ¢osts lsee Mte 61 Governance 41.907 41.SY17 83,814 47.450 47,449 94,899 766,069 711.680 1.477,749 671.567 674.659 1,346.226 Analys1$ byfvnd Unrestricted funds RestrKted funds 766.069 711,489 191 1,477,558 191 671.567 669.712 4.947 1,341.279 4,947 766.(k$9 711,680 1,477,749 671,567 674,659 1,346,226 5upp¢rt ¢osts allo¢ated to adfvkles 2025 2024 stsff costs Govemance c()sts 68,280 15,534 6L208 33.691 83,814 94,899 Analysed bètwèen: Exhibit manufacture Science certre and exhibr£ion hlre 41.907 41.907 47.450 47,449 83.814 94,899 16-
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE 140TES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Support costs allocated to attl¥ities (Continued) 2025 2024 Governance costs comprlse: Audit fee5 Actountancv Legal and professional 13.500 2.fXJO 34 12,(XlO 21,657 34 15,534 33,691 In common wr(h nornial practice in charities, no omuneration has been palé to the dlrector5 (who 2re the trustees), except that by a special diSPention of the Chaflty Commi5slon, the other directors approved a payment to the outgoing Chief Executlve Officer, Mr Plzzeyi of £15.21412024.. £37,151) lor his servlces duringihe year. Employees The average monthly number ol employees durin8 the yèar was.. 2025 Number 2024 Number Educational services Management and administratlon of the charitv 35 35 Totsl 38 Employment costs 2015 2024 Wages and salèrle5 Social security costs Other penslon ctssts 782.505 69,921 13.$94 727.724 55,014 12.366 866,020 795,104 The nUrnr of employees whose annual remuneration was more than £60,000 is as lollows.. 2025 Number 2024 Numbèr £@J,TrJO- £70,ofKI 17-
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEM8ER 2025 Employee5 Icontlnuedl RerNneration of key m?na8ement personnèl The remuneration of key management peOne1. which Includes two members of senlor management and one rernunerated Trustee. was as follow5.' 2025 gtate comFensation 94,942 37,151 In common with normal practice In charltles, no rernuner3t has been pald to the dlrertors Iwho are the truthesl. except that by 3 Special dispensation of the Charity Commlsslon, the other directors approved a payment to the outgolTrg Chief Executlve Officer. Mr Pizzeyi of £15.21412024.' £37,151) for hi5 services durin8 the year. Taxation The charlty Is exempt from taxation on its actNities betèuse all its income Is applled for Charitab purposes. 10 Tanglble fId assrts ExNbMs Eqyipment Mowrwt*l•i •ndllDorl At l JanL4ry 2025 Additions Dlsposals 12S,S14 1.243,555 684.1)49 7.069 28,562 2,081.680 7.069 117,1401 117,1401 At 31 DecemEer 2025 125.514 1,243,SSS 691,118 11,422 2.071,609 Depreciatlon and Impalmient At l January 2025 Depreclatk)n charged In the Eliminated in resFect ot dLspos81s 125,514 1.243.283 91 fA)9,391 15,323 28,562 2.0,?50 15.414 117,1401 117,1401 At 31 Decemter 2025 125,514 1,243,374 624,714 11.422 2,005.024 Carryln8 amount At 31 December 202S 66,404 66.585 At 31 December 2024 272 74.658 74.930 18-
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE 140TES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 11 Stotks 2025 2024 Raw rnaterials and consumable5 Work in progress 16,121 16.773 3.004 16,121 19.777 12 DebtOT5 2025 2D24 Amounts falllng due within one yeai.. Trade debtors Amount5 retoverabk on contracts Other debtors Prepayments and accrued Incorne 23.026 39.374 34,290 15,911 39.931 20,145 23,688 30.998 112,601 114,762 13 Creditor5'. dmriunts falling due thIn one year 2025 Z024 othertatstitin 2nd social security Payments te1Ved on account Trnde credrf(ors Othercreditor5 Accruals and deferred lTrcome 23.566 34.681 11,953 22,193 11.719 20,158 2g,078 11.138 3,199 16,469 104.112 80,042 14 Retirement benèfitsthemes 2025 Defined tortrfl)utlon 5(hem•s Charge 10 Statement of financial activf(les in respect of deflned CDntribution Schemes 13.594 12,366 The charitable iomparby operates a defftned rontrlbutlon penslon scheme lor all quèlifying empbyees. The a55et5 of the scheme are held separately from those of the charhable company in an independently admin1s1ed fund.
SCIENCE PROJEcrs COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 202S 15 ReStrted firnds The restrid¢d funds of the charrty comprlse the unexpended balances ol Llonatioris and grénts held on trust sublert to specrfic condr(Ion5 by donors as to how they may be used. At I january 2025 Incorning resoue5 Resourtes At 31 December •Mpended 2025 The Associatlon for Science and Discovery Centres 7.415 11911 7,224 Prevlous year: At IJBnuary 20Z4 In¢omln8 rexiurce5 Re50urfes Al 31 Dpcember expended 2024 The knciation for klence and Dlscovery Centres The Wolfstsn Foundation 3.642 1,305 13.6421 11,3051 4,947 14.9471 16 Unrestrlrted funds The unre5trlcted funds of the charity comprise the unexpended balances of donations and grants which 3re not subject to specific conditions by donors and gontors asttk how they rnay be used. These include de51gnated funds whlch have been set aslde out of unrestricted fund5 by the trustee5 for specffic purposes. At l January 202S Incoml Resour At 31 Oecembtr expended 2025 General funds 726.908 1,226,666 11.497,7171 455,857 Prwlous wr: At l Jsnuary 2024 Incoml r•sourc•s RL*<>uru$ At YI December expended 2024 General fund5 817,383 1.275.129 11,365.6041 726,9C -20-
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR EAIDED 31 DECEMBER 2025 17 Analysls of net assOt$ b•tween frjnds Unrestrirted fvnds 2025 Restrlcted tUTK15 2025 Totsl 2025 At 31 December Z025: Tangible assets Current as5etsllliabilitiesl 66,585 389,272 66.58S 396,496 7.224 455.857 7.224 463.081 Unrestrirted fvnds 1014 Reslrfcted fund5 2024 TotAI 2024 At 31 December2024'. Tangible èssets cufnt assetsllllabilitlesl 74.930 651.978 74.930 651.978 726,908 726.8 18 Qptratlw lease commitm•nts Ltsste At the reporting end date the charitable company had outstèndlng comrnltments for future mlnlmum lease payrnent$ under norrfancellable operatlng IseS, whlch fall due asfollow5'. Z025 2024 Wfthin one year Later than one year and wlthln fNe years In over ffveyears 82.860 158.715 141,840 82.860 176.152 383,415 259.012 19 Related party transartlons Aslde frtsm as disclosed In note 7. there have been no related party trdn5aciioDS to disclose In the year. Durln8 the prior year. the company received servlces on normal tradlng terms from Allsop Business seICe5 in which Mi R A1150p has aTr interest, at è tost of £21.657. 21
SCIENCE PROJECTS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL sTATEME1rs ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 20 Cash absorbed by operattons 2025 2014 Deficit forthe year 1263,8271 195.4221 Adjustments for: Investn*nl income toEniSed in statement of financial 8ctivrties DeprecIatn and Impairment of tangible fixed assets 16,0691 15,414 19,4891 19.19S Movements In worklng (aplial: De(aSe in stocks Oecreaselllncreasel in debttsrs Increase/(de£asel in credito[5 3.656 2,161 24,070 1,114 110.9381 116.3311 Cash absorb•d by operatltsn$ 1224,59SI 1111,8711 11 Anaty5i5 ol chang In net funds The charitable company had no material debt dUn8the year. -22-