THE NEEDHAM RESEARCH INSTITUTE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

NEEDHAM RESEARCH INSTITUTE
FINANCIAL sTATE￿￿￿[s FOR THE YEAR ENDED 30TH SEPTEf%tBER 2024
CHARITY INFORMATION
Charity R¢gistralion Number
311459
Trustees..
Professor Martin Jones (chair￿&￿)
Lord Brners SCD, FRS, FREng (resigned l March 2024)
Dr Christopher Hugh¢s
Mr Stephcn Perry (resigncd 8 Novcmber 2024)
Professor Roel Sterckx (r¢si8ned 5 Jun¢ 2024)
Mr MiGhael Womack
Ms Elizabeth Wright
Dr Mary August& Brdzelton
Dr Imre Galambos
Dr Charles Harpurn
Ms Katie Lee
Professor Ying Jin (appointed 8 November 2024)
Members of thc Financc Committee:
Professor Martin Jones (Chairn]anl
Dr Christopher Hughes
Mr Michael Womack
Ms ElizabEth Wright
Professor Roel Sterckx (resigned 5 June 2024)
Director and Bursar in attendance
Mombcrs of tbe Manag¢m¢nl com￿lttee,.
Protessor Jianjun Mei {Cbairman)
Ms Susan Bcnnett
Mr John Moffett
Dr Chri8tophcr Jaggcr
Mttmbcrs orth¢ PubliGatii)ns Board.,
Profe￿0[ Jianjun Mei ICILairman)
Ms Susan Bcnnctt
Mr John Moffett
Dr Christopher Jagger
Principa] o￿lcU$..
Director-
Bursar..
Librdrian..
Administrative Managcr
Protessor JiaDjUD Mei
Dr Cbrislopher Jaggcr
Mr John Moffett
Ms Sus8m Bennett
PriD¢ipal Officc Addres5:
8 Sylvesl¢r Road
Cambridge
LB3 9AF
Auditors:
Prentis & Co LLP
Cbarlered Accoun1ants & SkntLrtory Auditors
115C Mihon.Road
Cambridge
CB4 IXE
Bankcrs and Deposit Hold¢rs'.
National WestmiJister Ballk plc
23 Markct Strcct
L.￿brIdge
CB2 3PA
Quilter Cheviot Limited
Senator l-louse
85 Queen Victoria Strect
London EC4V 4AB
Solicitors..
King & Co
SL Andrcws House
St. Andrews Street
Cambridge
CB2 3DD

NEEDHAM RESEARCH INSTI'rur.E
FINANCIAL STATEMENFS FOR THE YEAR ENDED 30TH 8BPTEMBER 2024
TRUSTEES REPORT
Tlie Trustees present their I'epoit and fiiiancial st&tements fur die yeai. ended 30 Septeniber 2024.
Thc financial ,8tateniei)ts coinply with the Charities AGI 2011 and A¢counting Reportiiig by Cliarilies.. StatemLnt ot.
Recommended Practi¢e applicable to ch8Yities pi'eparing Ilieir accouiits in accordaii¢e with the fi inancial Rcporting Staiidard
applicable in the UIC Rcpublic of Irelaiid (FRS 102) (eff¢¢tive l Jaiiuary 2019).
REFERENCE AND ADMINISTRATIVE DBTAILS
The Needliam ReseaTch Iiistitute, f0rn1erly t'itled "The East Asian I-listory of Sci¢nLe Trusff, is situated al 8, Sylvester Road,
Cambi'idge CB3 9Af. Cl]￿llY Registration No. 311459.
The Iiaines oFthe Trust¢es serviiig duriiig the fLn&ncial year l October 2023 10 30 Sept¥inber 2024 and serYiTrg on the date wliich
Ihis rcport was approved are givcn on the coiilents P¥Lge.
Professor.TiaiijuLI Mei is tlie Director of thc Institute and rcspoi)sible for its day-lo.day management. The nanlles of tli¢ ITLStilute's
stsff are given on the contents page.
OBJECTIVES AND ACTIVITIES
PURPOSES OF THI TRUST AS SEI, OUTJN THE GOVERAfiNG DOCUMENT
Buildiiig on tlie foundation laid by the work of tlic late Dr.Toseph Needhain, the Inslitulc scclcs lo tacilitatc, prornote tllid dcvelop
acadunic research, publication ￿]d teaching of the Iii8liest possible st￿}d&1'd in the fields of the Iiislory of science, teclinology
and m¢dicin¢ in East Asia.
Beyoiid the purely academic spherc, it also seeks to raise public awarLiiess of tlios# aspects of ils work tliat are Dr wider
sigiiifi¢ance for hujnaii progress. Thiough the pursuit of those goals it aims lo exploit aiid fui-llier dcvclop its role as the world's
leading intcrnational centre tor reSc￿ch in ils field. It s¢¢lcs c105ei' and muth&lly beneficial ¢oop¢r&tLDlI Wlth Cuiibi'idgc
Uiiiversily wliilst mainlaining il's prescnl autoiiomy as an iiidependent ¢haritsble Fouiidation.
AJNACTJIIJTES UNDERTAK&VJN RELAIION TO THOSE PURPOSL9
Tlie InstitutL ai111S to eiisure the suGGessful complelioii of thc"SLience ￿]d Civilisation iii Cliina" pi'ojcct. Twenty-five voluines
Iiav¢ been published and woi'k is proce¢diiig on a furtli¢r tlvee iiolum¥s in the series; in addition, eiglileen volumes have bccii
publishcd in tlie Moiiograph Sci'ics aiid work is continuing oli a iiuiiiber of otlici'5. The Institule also publislies & Itss foi'inèil
'Workiiig P£Lpcrs' 8¢ries.
I'lie In,4titutc has ali active progi'animc of Research FelloMJships fllid Stlldentships which 18 lai'gely funded by gi'ants froin severEtl
outgide foundations ￿ld which enables s¢hol[￿S fi'om East Asia and elsewhcrc to study at Ilie InsLilLltc, It also oi'gaiiises
worlcsliops and confcreiiceq witli major &cadeLnic organisalions iii ancl outside thc UK. It n]118 regular academic seiiiinaTs during
the Univei'sity lerm.
'1l1#1iistitutc also hosls scholars and acadcn)ics durllig thcyttar. allowing them access to its diversc librury, archives ar)d catalogue
ofworks ￿]d publicatioi)s ii) the fields oiilic liistory of scieiice, tcchnology and nie(IiLine in East Asia.
TRUSTEES REGARD TO THE CHARITY COMIilISSION 3 GUIDANCE ONPU13LIC BENEhir
Thc Institule and it5 Library off¥rs scholArs facilitits for i'escar¢h and wriling unrivaiSed by aiiy other acadcmiL iiistilution in its
field. In SLddition to its collection of niojiogruplis, the Library subqcribcs to & wide selectioi) of.journals, maiiy of whicli are
Cliiii¢se publications rarely available ¢lsewlici'e ILI F.urope. Thc Library also Iiouses the archives of Ihe l&lc Di. Needliain i'elatiiig
to hib reseai'ch in the field cst&bli%l)ed. A 2-ye<ll' pi'ojecl (2023._ 2021) fundcd partly by thc Joseph Nc¢dht￿1 F01111dation for
Scieiice atld Civilisation (Hoiig l<ongl is cui'reiitl), bcing c&rried out 011 these ￿ch1vC5 to make ilicm more accessiblc to
reseai'chers. DiLyilised rcsearcli m&terials arc freely ttv&ilablc on Lhe Cainbi'idge Ilnivcrsily Digjlal LibrLIry.
All Iliis nialci'i&i is dcsci'ibed ai)d catalogiied electronically, and may be 5etiiclied 01)liiic for no fee. Any persoii with & scrioiis
iiilcre5t in the subjc¢ts' ¢ovttred by the In,8lilute is w¢lcon)e ￿ use its facilities witlioul Lliarge. In coses ivhci'¢ scliolws &i'e
sii£ficieiitly wcll fuiidtd, die Institute will Elccept a LontribLltioii to its i)vei'lieads, but tliis 1.% not an absolute conditioii for use or
its faLilities.
In addilion to maiiitaining tlic1118tiLuLe's facilities facilitating ￿CesS to dicni, Ilie Ti'ustees CLICDLlI'age ilie Dii'ectoi. to pl&y an
twliverolc in mal¢ing EL widcr public aware of thc &i'eawith whicli it de￿$. Tlie Direilor114s delivci'cd public lectLircs in C&nibridge
and ovttY8eas. I'he Dii'ecloT lias bcen appoiiiled 'Dire¢tor of Rescai'ch, by Tlie McDoiiald 1Th8tilutc foi. Arcli&eological Rcscai'cli
in UiiiveTsity of Cambi'idgc,

NEEDHAM RESEARCH INSTITUTE
PAGB 2
FINANCIAL STATEMEN'fs FOR THB YEAR ENDED 30TH SEPTEMBER 2024
TRUSTEES REPORT
ACHIEVEMENTS AND PERFORMANCE
SUMJUR Y OF THEMAwACHIEVEI￿￿Ts OF THE TRUST
During thc PeTiod of October 2023-SeplembeT 2024, the fellowship Prograrnmes, Such a5 IndepetLdent School Foundation
(ISF) Fellowshi￿ Lloyd-DaJ David (LDD) Fellowship. Li boundation Fdlowship, Ho Peng Yoke (HPY) Fellowships. Jing
Brand Fellowships. Soon-young Kim (SYK) awards. and the Sino-British Fellowship TNst (SBFT) award were all in
op¢ration.
The ISF Fellowship progrdmme established in October 2013 resumed its operlltion in Cambridge for three weeks in June-july
2024 under the supervision of Dr. Jenny JinRyi Zh&o, who took this fellowship position on a three-year contract In F¢bruary
2021, and has been Working as a Research Fcllow at the Institute since then. She was promoted to a Senior Research Fellow
position in October 2022 and hcr contract was exlendcd on 22nd January 2024 for a fiwther three years uniil 3 Ilt January 2027.
She also hold5 a Joscpb Needham Visitln8 Fellowship at ClaTe Hall College.
Dr. Arthur Harris took his LDD fellowship position on a three-year contract in October 2021, aDd has been working as
Postdoctoral Fellow at the Jnstitute since then. His fellowship tenure was extelldcd iu August 2024 for a further y¢ar until
Septcmber 2025.
The Li Foundatton Fellow (2023-2024. East Asia). Dr. John Alekna of Peking University complcted his research visit to the
Institute during Octob¢r-Decembcr 2023. Dr. Dong Junqing. A550CLatc Professor of th¢ Shan8hai ID5tituts of Optics alld Fi
Mcchanics, Chinese Academy of Science. completed his research visit in Carnbridge during NoYeJllber 2023- April 2024. Guo
Jianbo. ajunlor researcher at tbc Siehuan PmvInci￿ Institute for Culthral Relics 8J)d Archaeology, completed his research stay
at our InstitLrtc during octob￿ 2023- m￿ch 2024. Dr. Liu Nian of the Institutc of Aychtteology. Chinese Academy of Social
Sciences, complctcd her 6-montlL fellowsbip tenurc and returncd to China in October 2024.
FO￿ scholars were awarded Li Fowidation fellowships (USA) for the year 2023-2024, He Ypfiui, a Pl)D candidat¢ of Stanford
University and a 6-montb fellowship holder, compleÉed her tenutt in Cambridge in January.June 2024. Liang Yue. a PhD
aDdldatc of Binghamton UnlveTSity anda 3-month fellowship holdcr. carried out her study visit in Cambridge in January-march
2024. Dr. Liu Xinyi. Associatc Pmfcssor of Arcbatology, Washington University in SL Louis and a 3-rnonth fellowship holder,
compl¢t¢d his fellowship tenwe in May-Au8Us12024. Niall Cbithel¢n, a PhD student at University of Californi4 San Diego and
a 6-rnonth fellowship holder, ha8 been per￿Itted to Postpone his fellowship t¢nur¢ IOT a year and so will begin his research viskt
in OC￿ber 2024.
Two six-month HPY fcllows, Dr. Yang Shujia (a postdoctoral researcher at the Palace Museum in Beijing) and Dr. Wang
Shengyu (a visiting fellow at Hcidelber¥ Universtly) completed th¢ir res¢ar¢h visits in Cambridge in January-july 2024.
Dr. Iluang Yijie, a 12-moDth Jing Brand scholaTsILiP holder for 2022-23. stayed at the Institute for 6 months during May-
November 2023 bcforc taking up a new posltion in Gerniomy, Dr. Li Xinsheng of Southeast University. our Jing Brand Fcllow
for 2022-23. complctcd his research visit in Cambridge in July-Decembcr 2023. Professor Liu Dun of Tsinghu& University, a 6-
ontb Jillg Brdnd scholarship holder for the year of 2023-24, complctcd his visit and re￿rned tL) China by the end of August
2U24, Dr. Jiang Xiaochengyang of Pcking Univcrsity, who was awarded a 6-month Jing Brand 5cholgrship for 2020-21, arrived
in Cambridge in M&y 2024 and left in latr August 2024, Professor Zh&o fcng of Zhcjiang University, a Jing Brand Fellow for
2020-21, completed his scholorsbip tenure in Muy- October 2024.
Dr, Yu Jia was awarded & 12-month SYK fcllowship for 2023-24 ond completed her fellowship Eenure during September 2023-
August 2024.
Aftcr unavoidable poslponement fortbree ycurs. Dr. Shi Zhilin, Associale Professor atLanzhou University and a six-month Silk
Road fellowship holdcr for 2020-2021, arrived in Cambridge in FebnJary 2024 and complelcd his resear¢h visit in August2024.
Dr. Liu Peifeng, Assistant Professor of the Scbool of ArcEtacology and Museology, Jingdezh¢n Cer8rnic University. a SBFT
tellow for 2023-2024, completed bis six-month fellowship tenure during Mar¢h-S¢pt¢rnber 2024.
The Instilutr also hosted visits for a few rnonths or ayear from the following scholars..
Dr. Zhou Chang, visiting scholar. Xi'an University of Post and Tclccommunications, 2023.09-2024.08.
Dr. Liu Jie, visiting sGholar, Shanxi University, 2023.10-2024.09.
Dr. Hu Haohu4 visiting scholar, China Academy of ATL 2023.10-2024.05-
Professor Oh Chaekun, Daejon University. 2024.01-2025.01.
On 3¥4 Novemb¢r2023, the 6tb Nccdham Mcmorial Lecthre. sponsor¢d by tbe Jing Brand L'o. Ltd.. Cbina, took place at the Rilcy
Auditoriw Clare College. Professor Jessica Rawson of OxfoNt Univcrsity dclivcrcd the lecture entided 'Finding China
Preseul in Its Pt2St'.

NEEDHAM RESEARCH INSTITUTE
PAGE 3
F￿ANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024
TRUSTEES REPORT
The Director delivered & lethre entitled 'San¥ingdw Bronzes and Metallurylcal Nenvork in the Shang DynuBty' at tbe two
diff¢rent venues., (l) The Instityte of Arch&eology, UCL. i>n 17th January 2024. (2) Tbe Instithte of Archaeology, University of
Oxforl 2nd February 2024. He also offered a Icethre on 'Joseph Néedhapn (vld SCie￿e and Clviltsddon In China. to a group of
sthdents and teachers from tb¢ Xinya Colle8e, Tsinghua Universlty on 23rd january 2024. He dellvcred a lectyT¢ on 'The
Developmenl ofApchaeolo£v in China." Eawly Bronze Technolo￿, to uDd¢rgraduate students at th¢ D¢paTimetLt of Archaeology.
University of Cambridge on 20th February 2024.
To cel¢brat¢ Pmfcssor Sir Geofftey Lloyd's 9111 birthday, the Ins11t￿e orgar)ised a tea receptii)n with & specially ¢ommissioned
c&k¢ otL25th January 2024. The Chairniall thanked Sir Geofftty forhis in)mense contributionto the intellectual life ofthe Institute.
On 18tb M8rch 2024, the workshop on 'Marerlal Cu1tt4pe In rhe Hmiory of ScienceJ and Arts.. Mobility, Eychange, and
Innovation,. organized by Dr. Yu Jia{SYK Fellow) andDr. Hu Haohua (NRI visiting scholar). took place atthe Whippl¢ Muyeum
Lcarnlng Gallery. University of Cambridge.
FToro 25th March ¢0 17Lb May 2024, tbc Dircctor travclled to China and ￿ComPliShed a number of institLrtional and academic
tasks as follows.. l) visitin¥ the Southw¢st University to aTrange tbe 2024-2025 SBFT fellowship program (1-3 April),. 21
delivering a lecture to ib¢ public at the Palace Mu5cum in Beijing {9 April); 3) vislttng the Sanxin8dui Museum in Gu4ngha
Chengdu (14 ApTiI)- 4) attending a book launch event ID Beijing {19 April); 5) visiting the Zhgjiang University and Liangzhu
Muscum to strengthen cooperation links (25-26 April). 6) meeting Professors Zhang Daqing and Chen Qi atthe School ofHealth
Humaniti¢5. P¢king Univcrsity (8 May); 7) delivcring a lecture at the University of Sclence and Teclmology Beijing {9 Mty). 8)
VlSlting the Inner Mongolia Norn]al University alld meeting Professors Guo Sbirong (1997 Li Foundation Fellow) and Jiang
Hongiun (2020 SBFf Fellow) (13-14 May). 9) attending thc celebration cvent for the 7th Anniversary of th¢ Founding of1h¢
Departfllcnt of History of Scienc4 Tsinghua UJiversity (16 May).
On 20th May 2024. thc Dircctor offered a lectwe entitled 'StDLYINgth41 BroptrÉtr andMetttlJurglcal Network in the Shang DY￿￿ty,
lo a group of studcnt8 and rcscarcher8 of the University of Cambridg¢ at the Department of Arcbacology.
Duting 6￿) 8th June 2024, the 4th conference on'science in ihe Forest, Scien¢e in the Pasf, OTgallised by Profe550r Sir Geoffrey
Lloyd was held at the Instit￿t, co.ordinated by the Administrative Manager, 8md with the fin￿cial supports from th¢ Needham
Res¢arch InstIt￿te and other institutsons in the UK.
On 23, July 2024, Dr. Shi Zhilin (Needbam-silk Road Fellow) org8nlz¢d the workshop cntitlcd Culiural E¥ckng£ aloryg the
silkROa￿ in the K. P. Tin Hall at the NRI, About 20 scholars fron) China and the UK participated in the workshop.
On 23rd Ju]y 2024, the Director participated in a workshop on thc S8nxingdui culture and delivered an online paper entiiled 'The
culthral aAdtechnologicalfealures of tke Sanxirtgdtti bronz￿ seÉnfropn the Honzkong branzEs'.
On i ith August 2024 ￿ the invitation of Dircctor Pang Yali of tbe Shaanxi Historical Mus¢um. the Director deliycred an online
public lecture entitled 'The development ofeapfy metallW￿CaE technolo￿ in Chino and its linky Iviih neighbouring rEgions'.
On 17tb Au8USt 2024, the Dircctor presented an online paper entitled 'New progr£ss in the s&dles of early copper and bronze
artefact8foz4nd in Chint3' to the workshop Fire-Arl and C'ivilisation" held ￿. the T8inghua Art Mllseum.
The Instit￿¢ organised ttventy-five in-per50n seminars during the University Michaelmas Lent and Easter tcmis from October
2023 to Jw)e 2024.
REVJEIY QF THEFINANCIAL POSITIONA T THE END OF THE YE4R
Funds are invested to provide incoD]e to mcct dLC day-to-day rullning of the In8titutc. They aT¢ split betwcen the Endowment
Funds, Restricted Funds (related to grants to expend for the purpose sp¢¢ified, these are shown in notc 15 on pagc 20) and
Unrestrictcd Funds. As at 30 September 2024 funds invested amoullted to £16,352,304 (2023.. £14,758,859).
The Prin¢ipal tunding sourccs of tbe Institule are its income fro￿ the Invcstmcnt Portfolio, donations grants from outside
Foundations, royalties, iDterest on deposit aw)uDts and retLt ofNo. 2 Sylvcstcr Road. No. 2 Sylv¢ster Road bas becn leased to
Robinson College for fifteen years from 3rd May 2018.
A Teview ot investmcnt perforniance and the InstiEutc's investment policy are detsiled on page 4.
The Instilute has a potential liability relating to th¢ employees who are in thc 'Ulliversitics Superannuation Scheme.. Notc 14
and 20 to the accounts set out the basis of a provision that h¥s been ]llade of £211,101 (2023.. £31,717).
R£SER V£SPOLICY
Th¢ TTU5tccs hav¢ considered that thc most appropriate policy is to m&intatn all surplus filnds split between inve8Éments held
with Quilter Cheviot and th a level of balanccs held as cash at bank sufb¢ient to maintain thc day to day C4)Sts of n]nning and
seryicing the Institute.
This policy is kcpt under review, having reEard to thc levcl of fimds available.
I'he Trnstees, investment powers &rc govcrncd by the Tnlsi D¢¢d which permits TILC Nccdham Research Instit￿￿8 to invest the
montes of thc Instilute not irnmediately required for its purposes in such way5 as the Institut¢ 8h8ll ill its absolute discrction think
rit.

NEEDHAM RESEARCFI INSTITUTE
PAGE
FJNANCIAL STATEMC,NTS FOR THE YEAR ENDED 30TII SEPTEMBER 2024
TRUSTEES REPORT
STRUCTURE. GOVERNANCE AND MANAGEMENT
NA TURC OF THE GOVLRNWG DOCUMLVT
The Iiistitute fis ali educalioiial cliai'it)i i'egistered iii EnglaLid ￿]d subject to tl)e provisions OL. tlic 1968 Trust Deed, as amended by
Scheines of tlie ch￿ilY CoinLnissioners dated 29 March 1988. 17 March 1992 aiid 27 Noveinber 2000,
THE BOARD OF TRUSTE
Tlie Trustee5 provide an appi'opriate mix of skills, diversity and expei'ieiice; each is appoii)ted foi. a tttrin of five ycars by a
resolution of the TrusLees pas5cd at & Ineetiiig and may be re-appointed for further terms in tlie samc way,
The Ti'ustees ine¢t thi'ee liimes a ycar to receive reports fi'oin tlic Director, the Bursar Ilirough the Finance Cominillee and the
Librai'ian. Tlie Chaii'inan and the Dii'ector are iii ¢lose touch. All majoi. decisi0113 are referred to the Trustees.
Tlie Ti'ustees have giveii coiisidcration to tlie niajor I'isl(s to which the Charity is exposed tuid have satisfied themselve,% tliat
systeims or procedures have been establishcd in order to manage those rislis.
The Iiistitute has beeii Inoving towai'ds a ILirnover of Ti'ustees more consisteL)t with Charity Comniission guidelines,
RCCRUITMEAfi OFNEW TRUSTEES
New Trustees arc given an induction by the Chaimiaii and a lour of the Iiistilut¢. Following forin&l election to the Board, thcy
arc sent an inforin¥Ltion pack contsiiiing ilie Charity CoillmL5SiOn Investnient Guide foi. Trustees, the Institute's newsletter, aiid
two forms foi. complelioii.. aDcclaralioLi of Intei'est &iid a Dcclaralion of Eligibility. Cominunicatioiis froni tlie Cliarity
Coinini5.%ion r¢g￿dIng training etc. 8re circulated by eLm&il.
MANAGEMENTPERSONNEL REMUNEIUTIO
The ultimate responsibility for th¢ man8gen]ent of Ihc Institute rcsts with the Truqtees of the Needliwn Research h￿tilUtI
and the day-ID-day running of the Institule is overseen by & full-tinic s&lai'ied Director. He is supported by & full-tiine
Libi'aritui, tl full-lime Administrative Managcr and a pai'l-time Bursar, who logciher with the Dircctoi. coniprisc the
Anagemeiit Cominil1ec of the Tnstitutc.
I 'rrustees give theii. tiine freely and no Triistee received aiiy reiiiunei'ELtion iLi thc year. Details of Ti'uslces, expens¢8 are
disclosed iii note 8 to thc fknancial slalcinents.
The k¢y off1cers ot'the Institiite dctailBd dbove rccciv¢ ￿mLI11el.aLLoI1 in liiie with tliosc in similai. positions wilhiii the
Uiiivei'sily of Cainbridge, Iiccordingly reinuiieLat¢d in line with llic Uiiiv¢rsity of Canibridge's PÉly Scale. Otficii's
receive Ilie small "cost c)r living" salaiy incre&8cs awarded by thc UnivLI'sily of CELmbridge.
PJIINCIPAL RtSKsAAfD LSrfCI,'12TAINTJLS
InterntJ coiitrols over all torms of iiicoillc, asscls, commitsncnt and expenditrirc continue lo bc rcfiti¢d to iniprovc efFi¢iency
id ¢ffrectivciiess. Perfom]anLe is monitorcd aiid &ppropriatc management iiiformdtion is preparecl &nd rcvicwa regularly by
th# InAn&gcmenl team and Trustees.
The liistitute curi'eiitl), PLodu¢es annual budget and repoi'Ls al Trustecs Intteting,% agauist tlial budgct. I'he Trustees hav¢
delegELted authority from tlie Board to cnsure Ihal activc rislc Inanagenicnl pfo¢cbb 18 in place aiid form5 parl of I'he Needham
Rescarch InsLilLltc's oiigoing organisation ￿t[Vity.
INVESTJVEAITPOLICYILVJ) PERFOIU4ANCE
I'he Invesliiicllt Poitfolio coiitlllULS lo be maiiaged by QuiltTh' Cheviot LimiLed (now p￿t ocold MLltiial).
Jn ilie ycar to 30 Septenibcr 2024, a to1￿ returii of 14..30/o was aGhievecl. [-5,8 /D itl 20231
PLANS FOR FUTURE. PERIODS
Thc Institute will sccl< to maximi8c its Lontribulioii to TCSear¢h, teaching and international relation%, in ils field, focusing
principally Dn Cliina but in the broader cvntexi o'f East Asia, tind will tak< cvcry opportLllllty to devclop Iruiifiil cooperation with
the Universily oECanibridge in tliose ai'eas, a8 well as witli other iiislitutions of rebe81.cli fllid higher leai'iiii)g world-widc.
Work will COLi¢inue 01) Ilie Science and Civilisalion in ChLntt sci'ies 2uid other publications including & planned ,SciÉnce
Ci11iltts(Jtion In Korea s¢rics. fundi'aisiiig eftoi'ts. will coiitinue to IllLreaqe the Institute's Ei)dowmenL and lo support (ellowship
pi'ogr&inincs.
The aiinual 'Ne¢dh￿n Meinorial LecluLe" in collaboraiion ivith otlicr institution8 iii Cambi'idg¢, li&$ beci) establibhed &nd will
¢01ltinuc.
The fi'iendsliip Association establishcd iii Beijing on 9th Jline 2018. 11 lias i'aiscd funds lo be addcd to tlic Flo Peiig
Yoke Fellowsliip alld Miill coiitiiiLlC to do s'o.

NEEDH￿m RBSEARCH INSTfrLfrE
PAGE 5
FINANCIAL STATEMENTS FOR THE YEAR ENDED 301H SEFTEMBER 2024
TRUSTEES BEPORT
TRUSTEES. RESPONS￿ILITIEs IN RELATION TO THE FJNANCJAL STATENLINTS
The Trustees we responsibl¢ for preparing & TrJst¢¢s' RGport ond financial statEments in a¢¢wdanc¢ with applicable law and
Unitrd Kingdojn Accouuting Standards (United Kingdorn Gcnerally Accepted Accounllng Practice).
Th¢ l&w applicable to charitics in Englw)d and Walcs requires the Trustees to prepare f]Jw¢lal stat¢m¢nts for Cach year wblch
give a true and fair view of the state of affairs of the charity and of the incomin£ ff 50urccs 9Dd appli¢atiDn of re80urc¢& of the
hyrity for thatperiod. lft prepaTing the finallcia] ststements, the ￿￿$te¢S ar¢ required to:
select suiLabl¢ a￿oUnting policieB 8nd then apply them consistently:
ob￿rVE th¢ methods and PTinciples In thc applicablc Charitie5 SORP.,
makejudgemcnts and ¢slin]at¢s that are rea50j￿]e and prndeDL
state whdher appli¢ablB accowlling standards hav¢ been followed. subicct to ally material dcpeJlur¢s th4t nust be
disc105cd and ¢xplain¢d in the fll)aDcial statcrnents:
prcparc thr finallcial statemeDts Oll the goitig concern ba818 unless it 15 inappropriate to presume that th¢ ¢h8rity wi11
¢ontinlle in business,
TILe TThslees are responsibl¢ for kneping pmpcr accountin8 r￿ordS that disclosc with reasonable accllracy at any lime the
financial position of the cbarity ￿ to ellable thejn tv ensure that th¢ fllwicial statement8 Gomply with the Charities Aet 2011,
the applic&ble Charilies (Accoutrts and Rewts) Rcgulation& and the provisions ()f the Trnst deed. They are also responsible foT
s&fegllardingthe assets ofthe charity and taking reasouable stCP81orth¢ pr¢ventiots and dctectionof fr￿d Bttd otherirregularitics.
APPROVAL
Thi5 r¢port wms approved by thc Board of TnISte￿ and signcd on its behalf, on
th£y-
MSEL
TRUSTEB
EfH WRIGI

T14E NEEDHAM RESEARCH fNSTITUTB
PAGE 6
FINANCIAL STAIEMEwfs FOR THE YEAR ENDED 30TH SEPTEMBER 2024
INDEPENDENF AUDITOR'S PIPORT TO THE TRUSTEES OF THE NEEDHAM RESEARC14 INSTITUT
OPINION
We have audited the financial ststeinents of Tli¢ Needham Research liistilute for the ycar elided 30th S¢pt¢mber 2024, whicli
comprise the Statemeiit of Financial Activities, the Balance Slieet, th# Ststeinciit of Casli FIOMTS and the related notcs. Tlie
tinaiicial reporting frainework IliaL lias bcen applied in their prsparation is applicable law and Unitcd Kiiigdom Accounting.
Standards, including Fintjncial Rcportiiig Stai)dai'd 102 "Tlie financial Reporting Standard applicable in thc UK ancl
Republic of Irelund" (Uiiited I&ngdo]n G¥ii¢rally Accepted Accounting Praclicel.
In our opinioii the financial statcin¢nts:
giv¢ a Irue aiid f&ir view of ihe Stale of Lhe chai'ity's affairs as al 30th Septenibei. 2024. ￿]d of its iiicomiLig
resouices and appliLatioll of resour¢eg, 'for tile year then ended.
have been properly preparcd in a¢cordanc¢ witl) United Kingdora GcLicrally Accepted AcLounting Prnclice,. aTLd
Iiave been prepared in accoi'daiice with the requiremciits of the Cliarities Act 2011.
BASIS OF OPINJON
Wc conducted our audit iii &ccordaTLCe ivith Inteniational Slaiid&rds OLI Auditing (UIC} (ISAS (UIQ)) 2L)d applic&ble law. Oiii.
responsibililies under Iliose staLid1< rds w'e liji'ther describcd in the Auditor's responsibilitics foi. the audit of the financi
statements scction of our I'epoi'l, W# are iiidepeiident of the charity in accord￿]ee with the ethiLal Tequircinents tliat arc
relevgnt to our audit of the finaiicitLI 5tatemciits in the UK, includiiig the FRC'S EtiiicLI Slandai'd, aLid the pi'ovisioiis
available for sniall enl'itics, iii the cii'cuinstances set oul in Iiote 9 to th¢ fJiiwicial statcments. aiid wc have'lul'filled our ollier
ethical respgLisibililies in accoi'daiice with these rcquircmcnls. We believe th&t tlie &udit evidenc¢ wc h1< ve obt%Liiied is
sufficiciit and appropi'iate to provide a basis foi. oiir opinion.
CONCLUSIONS REI.ATING TO GOTNG CONCERN
In audiling Ilie fiiiaiicia] statsintnls. we have eoiicludcd tliat Ilie TLuslee8' use of tlio going coiicei'li basis of accoLlllting in tILe
preparatioii of the firLalici￿ stat#ir¢iits is api)ropri&te.
Based on d)e work wc h&ve pei'formed. w¥ litlve iiot idcnlified ￿]Y Inatcrial Uncerlainties rel¢ltinLS to evcnts or coiiditioiis iliaL
individually or collcctively. njay cast SLgni'ficant doubt on the Ch￿ity's d)ility lo continiic ￿ a going concei'ii 101. 2< period of
&1 Icast twglve months from whcrL the financi&l slateniuits ttre &utkLorised for issue,
Our responsibilities. aiid the respoiisibilities of the'fruslees with rcspcel to goii)g conccrn dl'e de%cribcd in tlie relevEuiI
5CCtions of this repo)rl.
OTHER INF0￿'[I0N
Tlie othei. inlDfiMELtion compri8es the inforiii8lion ilicludcd in the Ti'ustees, Report, oilier Ilian th¢ financial 8tateJnLiils l￿d
oui. auditor's repoit tliei'eoi1. The Truslces ￿'e responsible for die Ti'ustCCs' Ileporl.
Oui. opinion on the financial slatcmenl8 does not covcr thtt oth￿. iiifotrnalitsi) t￿d we do not ¢xpress any forin of assurai)¢e
coiiclugion thereon.
In tyOliLlCCtion willi our audit of the fiiiancial staleinents, our Lesponsibility is lo read tlic Ti'LlSt¢es' Rei?oi't 8JicI, in doiiig qo,
consider whether llie Triistce5' Report is nialcrially inconsistent with Uie lin&Jicial statenieiils oi. OLII. kiiowl¢dge obtained ii)
the audit oi. otherwise appeal's to b# Inatcrially misstaleil, If w6 idcLltify 5ucli maierial iii¢oiisisl¥nciei oi. &ppareiil m￿e1.1￿1
miqsl&tcincnts-, we are r¢quir¢d Lo detcrniine wheLhei' diere is a Inaleriai misslatcinent iii the financial stalemttnts or & m&leriL]
Inisst&teiM¢iit of the othcr inlorniatioii. Ir. b&￿¢d on Ilie work we have pei'foi'iiied, wc coiiclude tliat thci'c is a Inalerial
misstateineiit of tliis otli¢i' in'foi'ii)ation, we &re I'equircd to I'epoit Il)&l I'acl.
We l)avt nothing to rcport iii tL)i8 regard.

TFIE NEEDFIAM RESEARC14 ￿STITuTE
PAGE 7
FINANCIAL STATEMENTS FOII THE YEAR ENDED 30TFI SEPTBN(BER 2024
INDEPENDENf AUDITOR'S REPORT TO THE TRUSTEES or TFJE NEEDHAM RESEARC14 INSTITUTE
MATTERS ON WHICH WE ARE REQUlliED TO REPORT B Y EXCEPTION
We hav¢ notliing to I'¢port ill respect of tl)e following mattel's in rel&tiOLi to whicli the Chariti¢s (Accounts at)d Reports)
Regulations 2008 r¢quu'e us to reporl to you 1£ in oui. opiiiion..
the infoi'Lnati011 given in the fin￿ClaI stslemcnts is inconsisleJLt in any materia] i'espect witli the Tru8le¢s' Report.
or
sufficieiit accounting i'¢ci)rds liave not been kept. or
the financial statements ale not in &gr¢¢ment witli the accounting records and returns. oi.
we have not received all the infornution aTLd expland'ions we require for ow. audit.
RESPONSIBILITIBS OF ITrUSTEES
As explaiiied more fully iii the Trustees, responsibilities stateJnciil set out on pagc 5. tILe Truslecs ¥Lre I'&8ponsible for Lhe
prepai'ation of th¢ fi1)ancial statements c1nd for being salisfLed that Iliey give 8 ti'uc aiid fuir view, and for such intei'iial coi)Ii'ol
g15 the Triistees deteriiiiDe is ne￿SSary lo cnable tlie preparatioii of liii&ncial statcm#nts Il)at arc free li'om matctial
misstatenieiil, whether du¢ to fi'aiid or #rror,
In preparing the financial statenieiits, the Trustees are responsible for asscssing tl)e cliarity's abilily to coiitinue is a goiiig
coiiccrLI, disc105ing, as applivdble, matlers related to going Luncern aiid using the going conL#rn basis of accounliiig unless
the Truslees eithcr iLll¢nd to liquidate the chtLrity or to cea8e oper&tions, or have no realistic alternative but lo do so.
AUDITOR'S RESPONSIBILITJES FOR THE AUDIT OF TFIE FINANCIAL STA"fEMENTS
Wc Iiaye b#en appointed bs auditor under .iection 144 of the Cliw'ities Act 201 l and report in a¢cordancc with Ihe Act ￿]d
rclevaiit regulations Inade or liaving effect ihereiindci..
Our objcctives are lo obtaii) reasoLiable assui'aiice about wlietlier ilie fiLiaiicial st&lei￿ellts as a wliole are free froin inatei'ia]
misstuteLnenL whethei. due to fraud or error, and to issue a Report of Ili¢ Auditor5 tliat inLludes our opiiiion. Reasonable
assurance is a high l¢vel of assurance, biit it IS Llot a gugu'antcc that &11 4wdit conduGtcd in aCcordE￿Ce With ISAS (UK) will
always detect a ￿￿tel'la1 niissLateii)eLIt wlicji it ¢Xl8ts. Misstatemeiil8 can arise from liaud or crroi. wid al'e coiisid¢r¢d
iJ&tei'ial if, individually oi. iii the &ggi'egat4 th¢y could rcasondbly be expcctcd ID iiitlLicnce th¢ e¢uiiomic dccisiDii& ofusers
tAkcii on the basis of these fiii&i¢ial slaieinenls.
THE PXTENT TO WHICH OUR I)ROCBDURES ARE CAPABLE Ob DETECTING IIiTIEGULARITIES. TNCLUDING
Irregularities. including fi'aud, FLfc jLlStanL¢S of iioii-compliance with laws aiid regulatioiis. Tlie primai'y I'cspoiisibilily for the
prevcntÉoii and dctection ol'irregularitiey including fraud rests witli both thc manageinent and those chargcd with govei'naiicc
of ilie cliarLty. W¢ design procedui'es in line witli our responsibilities, outlincd &bove, kn detect matei'ial misstratcm¢iils i
re8PCCt of irreguloritics, including tLaud.
Wc have considcr¢d the iialure of the induslry tllid scctor, coiitrol enviroiiinciit, IdW8 and regulation,% and busiiie5S
pcrfoi'mance of tlic charily, Laivs and regul£LtiOLlS considered includcd, but wci'e not liinitsd to thc Cliku'itie,s Act 2011.
rRs102, Clillrity SORP ￿ld UK tox&tion legislatioii.
We have ¢nquired with tlie maiiageLnClIt iii regards to tlieir own assBssmeiit of the rislcs 01 irregularitie8, incliidiiig fi'aud. Wc
also ¢nquired of managcrncnt tuid those chargcd witli uiovei'iiance as to Ékliy knoi¥n instanccs of iioi)-coinpliance or suspected
noii-complianLe with laws and rtgulaLions.
We obtained I'elevant docuLnentalioii &rkd rcprcscntations ii) ordcr lo form ali opinion oil potenti￿ irr¢gularities, in¢luding
fi'aud.
Wc COLisidei'¢d thc opportunities and incci)tivcs that may cxist witl)iii tlie orgaiiisation for fi'aLId.
Bascd on this underSL￿din& wc dLsigiied specific audit proccdures to idei)lify iiistances of noii-compliancc with ILWS and
regulations, including obtaining addilioiial cori'oborativc ci'idence requii'cd. Lxaini)les o'fproccdurcs included revieiving
lui'ge aiid unusutd Ir8nsacliong, LEviewiiig large and uneXp￿ted vll'iaiiccs, i'eviewing.journ&l entrics atjd I'eviewing i'clcvant
legal coi'rc5pondence.
I'here are inhcrcnt limilations in the audit piK)cedurcs dcscribcd wbove, not least as sampling is used under Iiitcrn&tioi)al
Audiling Stalldards, theyefore not &ll transactions are revicwed. Th¥r#Lore, there is a ri51( we Nvill Iiot detcct all irregulai'ities
includiiig thosc leading to a matsrial niisslateinent in thc fiiianLial ststenieiil8 or Iion-coinpli￿}ce witli regulations. Tlie i'islc
of not dctectiiig a ￿aterIaL iiiiysl&ltineiil due to fraiid is also IiiEI)Lr tliaLi thc i'isk of noi deLecling one from errol., as fr&ud
mEty involve delibcratc concedilleni byi foT cxamplfy forgei'y, colliision, oinission oi. inteiitional misrcprcseiitation.

THE NEBDFIAIW RESEARCH INSTITUTE
I)AGE 8
FINANCIAL STATEMENT8 FOR TFIE YEAR ENDED 30T14 SEPTEMBER 2024
INDEPENDENT AUDITOR'S REPORT TO THB TRUSTEBS OF T&tE NEEDHALWI RESEARCH INSTITUTE
A furih¢r descTiptioii of our respoiisibilities for the audit of the f￿anciaL slatenieiits is located on the Fi11anciL] Repoitiiig
Council's w¢bsite at www.Fre.org.uklaudilorsrcspon.8ibilities, Tliis descj-iplion forinq part of our audiloi s rcport.
This report is m&de Solely to tlie Trustees, as a body, in accordar)ce willi the Cliai'ities Act 201 l. Our audit work l)as bceLI
undcrtaiieii so thai we iniglit 5t&te to tlie chai'iLy's Trustees those matters we are require(I to stfLle to then) in ali fLuditor's
rcport and for no other purpose. To the fullest exteiit permilled by law, we do iiot ac¢Bpt or assume I'esiionsibility lo t￿YOne
other th&Ln the chai'ity and the charity's TTuslees as & body, for oui. audil work, for Iliis report. or for tht opinions we l)&ve
formed.
LGL
PREN'rtS & CO LLP
CHARTERED ACCOtrNTANTS
& STATUTORY AUDITORS
115c Milton RoELd
Canibi'idge
CB4 IXE
Pi'ei)lis & Co LLP is eligible to &ct &s an audiioi. in tErnis of 8eetion 1212 of the Coinpanics Act 2006.

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4m * In

THE NEEDFIAM RESEARCH INSTITUTE
PAGE 10
FINANCIAL STATEMENTS FOR TFIE YEAR ENDED 30TH SEPTEMBER 2024
BALANCE SHEET
Notrs
2024
2023
FIXED ASSETS
Tangible ass¢ts
Investsncnts
io
li
1,064,464
16.352.304
17,416,768
1,085,036
14,758,859
15.843,893
TOTAL FIXED ASSETS
CURtiENT ASSETS
Debtors
Cash atbank and in hand
12
53,626
245,693
299,319
87,729
220,923
308,652
T(YfAL CURRENT ASSETS
LIABILITIF.S.'
Credii'ors: Anlounts falling duc
within onc year
13
(35,830)
(31,018)
NET CURRENT ASSETS
263.489
277.634
TOTAL ASSETS LESS CURREN'r
L￿B￿IllES
17,680,257
16,121.529
Provisions for liabilitiEs and charges
TOTAL NEf ASSETS
14
(2&101)
17,652.156
(31,717)
16.089,812
18
THE FUNDS OF THE CHARITY..
R¢stricted funds
EDdoMTnent fuThds
U])restrictrd fl￿d8.,
D¢signat¢d 6Jllds
Other charitable funds
15
16
2.584,774
10.824,137
2.361.320
9,972,171
17
17
69.299
4.173,946
76,025
3,680,296
4.243,245
3,756,321
16.089,812
TOTAL CHARrrY FUNDS
18
17.652,156
The financi￿ statcments were approved by th¢ TrustKs at its ￿￿Ets.08 on
HTJd siwd on it& b¢half by
MS ELI}ABEfH IVRIGHT
TRUSTEE
The notey OD pages 12 tD 25 fornj part of th¢s¢ fllLancial statements.

THB NEEDI.IAM RESEARCH fNSTITUTE
PAGE 11
riNANCIAL STATEMENfs FOR THE YEAR ENDED 30TH SF,PTEMBBR 2024
STATEMENT OF CASH FLOWS
2024
'lotal
2023
Tolcil
Fuiids
Not¢s
C&sh flows from opLrating Activities:
Net provided by/(u&edin) operating atrtvlrt
19
(488,151)
(473.343)
CAsh flows from invLsting wctivitios:
Inv¢slineiit inconie
PLwchas¢ of taiigible fixed assets
Purchase of inveslinents
Procceds from inveslm¢nts
447,580
409,413
(5,266)
(2,073,138) (2,607,087}
2,176,869
2,145,987
551,311
(56,953)
io
Net cash provlilÉd by (uléd in) inwestlng aclivitiaw
hAnge ift cttgh and casli equivaleAls in theyertr
Cash.And cash equivalents br(PUEbi. forward
Cash cash cquivalellts carried forward
63,160
342,734
(530,296)
873,030
19
405,894
342,734

THE NEEDHAM RESEARCH INSTII"U'I'E
PAGE 12
riNANCIAL sTATE￿.NT8 FOR THE YEAR ENDED 30TH SBPTEMBFR 2024
NOTES TO THE FINANCIAL STATEMENTS
ACCOUNTING POLICIES
(a) BASIS OF PREPARATION
Tli¢ financsal statelnents liavtr bceii pi'epai'ed in accordance witli the Statement ol R￿oi1]in¢n￿ed Pi'&cticÈ'.
Acci>unting and Reportiiig by Chai'itics preparing theii, financial slatemeiits in accoi'dai)¢e with the Fiiiancial
Re￿rtillg Stand2u'd applicable in the UK and Republic of Ireland (fRS 102) (¢tfectivc l January 2019) -
{Chgsities SORP (FRS 102)) and the Fin&nGi&l Reportiiig Standard applicable in tlie UK aiid Republic of Ircland
(FRS 102).
The Nccdliain Research Institute Ineets the definitioii of a PLiblic beiiefil entity Linder FRS 102.
As8els and liabilities are initially i'ecognised ai historical ¢05t oi. transactioii Ya]ues unless otherwise stated in the
relevant accouL]ting policy notes.
(b) ASSESSMENT or GOING CONCERN
The trustees consider Ihat lliei'e are Lio Inat¢rial uncutaiiilies &bouL tL]e Institute's ability to conliniie as a going ¢oncei'n,
(c} INCOME RECOGNITION
All iiicoining resources are Included in the Statement oFFknancial Activities wlicii the chlli'ity is legally eiititled to
the money atLd Ilie amounts can be quantified with reasonabltt accuracy. The following specifi¢ polLCiCS al'e applied
to particular ¢&tegoTies ol" inoome..
Donatio￿ and legacies..
Donatioiis, are I.eco￿lised when th¢ Instilute h&s bceii iiolifLed iii writing of boih the aiTrouiil aiid 8ciil¢ineiit date.
In the event that a donation is subject lo conditioiis tb&t rcouire & level ol perforinance beforE the chlli'ity LS entiiled
to the funds, the iiicoine is dcterred and not i'ecognised untsl eilL]cr those conditions al'e fully Inet. or ihe'fjulfilment
of those condltioiis is wh(Jlly within the control of the charity &nd il is prob&blc that those conditions will be
full.illed iii the I'eporting period.
Grakts Income..
Income fi'oLn grt￿ts, whcther 'oapital' glaiits oi I'evenue, grfLnts, is rtteogniscd wlieii the Ii'LlSt has cntitlemeiit lo
the funds, ally p¢rLorinai)ce conditions aitached to thc gr&nts have beeii mel, kt Is probable thELt tlic in¢oine will be
re¢eived and the amount cali bc incasured reliably and is iiol defcri'cd.
Jnvestmekjl income..
InLerest 011 fiiii(Is held oil dcposit 1,% included wlicii r￿elY￿ble aLid the amounl cali bc nieasured I'cliably by the tiusl.
this is norinally Lipon notification of thc iiitere8t paid or payable by Lhe banlc.
Dividcnds ¥41'e iEcogniscd Diice the dividend has been declarcd aiid n()lificalion lias been receivcd Dt the dividend du¢.
Thi8 is nornkdly upon iioilficati0Li by oui. invesiniciil advi801' ol Ihc dividend yield of thc investmciit portfolio.
(d) BXPBNDITURE AND IRRECOVF.RABLE VAT
Lxpenditure is iccogiiis¢d once there is a Icgal or ¢onsttuctivc obligation to illake a P&yFnenl to a third pai'ty) it is
probable Ilial settleinciit will be i'equired aiid the atnoLltJl of tlic obligation can be mcasui'ed reliably.
All expendilw'e is &CCOULiicd for oil <ili accruals basis. All expenses includinE SLIPPQI'I costs tuid goveLnancc costs
arc aJloL&ted or appoi'tioned to the following expeiidilLlI'e headingb follow5:
RaisingJunds.'
Costi of Jaising funds coiiiprisc tlic co%ls of seelcii)g applying for gi'ants and wsl8 associated with Ilie sccking
and ￿ranging of IiccLice le¢ agreements.
Charilable acttvllies.,
Fxpendilure on chai'itable aclivilics includes the costs of activities undei'laken to fLlrtI)Èr the pui'poses of the iJ)slitute
and their associated suppoi'l co¥ls. Costs relaling to a pai'licular activity al'e loc&ted clii'ectly, others al'e apportioiied
on ali aPPl'OPLi&te basis,
Governance cogts include all cxpenditiire Liot dii'ecily I'clated to Ilie charilable activity oi. frundiai,%ing vcnttii'cs.
This incliides an appropriate propoi'lion of costs of stairsal￿.]eS foi. administratioty blaff ai)d audit fees.
ILI'ecoverabSt VA'I. is ohargcd a8 Ic CO81 a8ain8t the activity foi. wliicl) the expcnditui'e w&8 incuritd.

TFIE NEEDHAM RESEARCFI INSTITUTE
PAGE 13
FtNANCLAL STATEMENTS FOR THE YEAR ENDED 30TH SEIJTEMBER 2024
NOTES TO THE FINANCJAL s'fATEMENTS
(e) TANGIBLE FIXED ASSBTS
Tlie chotily has a policy ol capitalising fixcd ass¢ls with a cost. in excess of £100. Depr￿lation is provided on all
tangible fixed assets at rates calculated to Nvriteq)ff t11e costs less estimated residual value of each a8,%eL ovcr its
expccted useful life as follows:
8 Sylvesl¢r Road (Long leasehold)
Fixtures and fittings
Equipment
over the period of the lease (97 ye&i'8)
10 y¢ars straight line
4 year8 straight line
(D fNVBSTMENTS FIXED ASSETS
)vestments are a forLm of basic tinancial instruinenl and are initially recogiiiscd at their tran,4action value tuid
subseqiiciitly Ineasured at Ilieir fail. value as at th¢ blll8nc¢ sheet date using Ihe closing quoLed In￿'ket price.
Tlic Stat￿llent OE financial AcLivities includes tlie net gains <Thd losses arising on revaluation and disposals
thi'oughout the year.
The InstLtute does not ￿qUIre put options, dci'iv&tives or other coinplcx financial ingtrumcnt5.
The main foi'in offinanci&l risk faced by the charit), is that of volalility in equity markets and iiivestiiieiit niai'lcets duE to
wider cconoinic coiiditions, the altitude of iiivestors to inveslment risk, tllid cliaiiges in scnliment conLerning equities
and within particular sect()rs or sub sectors.
(g) RLALISED GATNS AND LOSSES
All gains and losses are taken lo the StAieinent of Finalici￿ Activities as ihey aris¢. Realised gains and losses on
iiivcsttnents ars calculated as the diffcrence between sales pr(>ceeds and their opening carrying value or Ilieir pijrchase
value if acquii'ed subsequent to ihe first day of the finai)cial year.
Unrealised gains and105ses are calnilated as the diftereiice betweeii ihe fELir va]ue at ihe year end 8nd tlieir cari'yirtg value.
Rcalised aLid unreali5cd inveslinciit gain,4 and losses are combined in the Stlltemcnt O'F Financial Activities.
(11) DFB TORS
Trade aiid oil)ei' debtoi's are rccognised at the seltleniciit amount dLie afteL tLny trade discount offeitd. Prcpayinents
ar# villucd at the aii)ount pi'cpaid net ofany ti'ade disci>unts due.
(i) CREDI"foRS
Crediloi's and provisions aLe recognised wliei'e Ilic charily ha5 a piEsent oblig&tioii i'esiiliing fi'oLll a past cveLii tl)ai
will probably resLIIt in the Ii'ansfer of funds to a thiid pai'ly ￿]d 111e FllnouTkt diie to selLle the obligatioii Laii be incasui'ed
or estimatecl reliably. Creditors dnd PYOVLSiOLlS are norniaily recognised at thcir S￿l]ement 8inouiit Idler &llowing for
any trade disoounts dLIC.
(i) PENSIONS
I'he Institute participatcs in ihe Univci'blties Supcrannu&tioii SchLmc (Ilic schemc). TlirDughout the Lurrent ond PTeccdin
pcriods. the scli¢niÈ was a de"Fined bciicfit only pcnsion schcJnE unlil 3 1 Mar¢h 2016 which WLlS conli'actcd out ol, I11e
Second Stale Pcnslon (S2P). The a8scts of the scheinc are hcld in a separatc tiwslee-adniiiiistercd fL111d. BeeÉlUSC Ot the
Inulual nattire of tlic scheine, Ihe sGhemc's a55et8 are not h)'pothocat¢d to IndividLi￿ instilutlOl18 and a schemc-wido
coiilribution rnte ]% set.
The In5tiLule is thcrefore exposed to actiiariaj rislc8 associated witli oth¢r instittition.%' eniployees and is unable to idcntity
its 5htllf of Ihc undei'lyiiig as,sels and liabililies of the scheine oil a consistent and rcasonable basi5 aiid thcrcfoj'c, as
reqiiircd by Section 28 ofFRS 102 "Eniployee benefits ai¢oiints for the schenic (Is Il"'it wei'e u defincd fyoiitribution scheine.
As a resiilL the amount Lhsrged to the StELtcmcnt ot Financial Activitscs represeiits tlic contribution8 payable to the schcme
in respeel of tlie LLccountiiig period. Siiice the inslitutioii l)as ciitered into ali agreement (the Recovery Plaii that delei'iiiines
how einploycr within tlic scheme will flind the oveLall deficit), tlic institution i'ecognises a liabilily foi. tlie conli'ibiilLOIIS
payable that arise 'from the agyi'eemenl to Ihtt extcllt [l￿t they i'clatc to the dcfjcit and the resulting cxpenstt ill the Statttm¢nt
of fiiian¢ial ActlVLties.
The Instiliittt i180 partioipules in thc Cambridgc Univer.%iLy Assibtants, Coi)Iributoi'y l)eiision Schenic (cps). 'fiie sohenie
is a defined benefLt schenic which 18 extcrnaily I"uiided and is also COLltI'aoled oiit of the Si&tc Secuiid Pcnsioii (S2P).
The fnnd is valued evcry three years by a piofession&lly quEdified indepeiidctLt actuary. with the actliary I'eviewing the
progres5 of the schem¢ in the intcrvening yeai's.
The Cambridge Univei'sily Assislaiits, Contt'ibutory Peiision Scheme, provides beiieFItB based on filial pensionELblc
salai'y and oonli'ibution5 are Inade into a detined coiiti'ibiition schenie uiidei. ilic slak¢lioldci' i'LiI&$.
'Ihe InstitutC'5 OOlltribiiLions to Ilii,% schenic arc cliai'ged to the .SlateLllCllt ot Fiiiancial Activilies they incurred.

THE NEEDHAM RESEARCH INSTITUTE
PAGE 14
FINANCIAL STATBMBNTS FOR THE YBAR ENDED 3￿H SEPTEMBER 2024
NOTES 'fo THE FINANCIAL STATEMENTS
INCOME FROM DONATIONS AND LEGACIES
FOR THE YEAR ENDED 30TH sEPTE1￿BER 2024
Unrcstricted
Funds
Restri¢t¢d Endowrnenl
Funds
Funds
2024
Donations
2.484
102.706
105,250
]NCOME FROM DONATIONS AND LEGACIES
FOR THE YEAR ENDED 30TH SEPTEMBER 2023
Unreslricled
Fund5
Restricted Endowment
Funds
Funds
2023
Totsl
Donations
GiftAid
365
60,270
1,250
61,520
60,635
1,250
61.885
365
INCOME FROM CHARITABLE ACTIVITIES
YEAR ENDED 30TH SEpfEMBER 2024
Unrestricted
Funds
Restricted Endowment
Funds
Funds
2024
Total
Grants
12,500
59,141
71,641
INCOMB FROM CHARrrABLE ACTIVITIES
YEAR ENDED 30TH SBPTEMBER 2023
Unrestricted
Fullds
Rcstricted Endowrnent
Funds
Funds
2023
Total
5,500
170,386
175,S86
INCOME FROM INVESTMEwrs
YEAR ENDED 30TH SEPTEMBER 2024
UDre5trictcd
Funds
R¢strlCted Bndowment
Funds
Funds
2024
Tots]
Bank int¢re51 receivabl£
Dividends and gilts receivable
Rents receivable (No 2 Sylvester Road)
2,173
64.874
39.691
399
62,943
2.572
405.317
39,691
277,500
106.738
63,342
277,500
447,580
INCOME FROM INVESTIKaBNTS
YEAR LNDED 30T14 sEvfEI￿BER 2023
Unrestricted
Funds
Restricted Endowrneot
Funds
Funds
2023
To121
J3ank interest T¢¢¢ivablc
Diyidcnds and gilts receivable
Rents receivable (No 2 Sylvester Road)
485
49,581
36.974
86
56,169
571
371,868
36,974
409,413
266.118
87,040
56.255
266.118
INCOMB PIiOM (yfHER
YEAR ENDED 30'1'H SEPTEMBLR 2024
Unrestricted
Funds
Restricted Endowment
Funds
Funds
2024
Total
Royalties
Sundry
1,625
7.177
1.625
7,177
8.802
11,802
INCOME FROM OT14ER
YEAii BNDED 30TH SEPTEMIIER 2023
Unrestrici'ed
Funds
Rcstricted Endowment
Funds
Fw)ds
2023
Total
Roya]ties
Sundry
16,257
2.561
16,257
2,561
18,1118
18.818

THE NEEDHAM RESEARCH INSTITUTE
PAGE 15
FINANCIAL STATEMBNTS FOR THE YEAR ENDED 30TH SEYfELWBER 2024
NOTES TO THE FINANCIAL STATEMENTS
EXPENDITURE ON:
CFIARJTABLE AC'fivITIES
YEAR ENDED 30TH SEPTEMBER 2024
UAJfc5tricted
Funds
Restricted Endowment
Funds
Funds
2024
Totsl
Academic and related costs
Eslablishrnent costs
OffiGe and support costs
Governance costs
214,560
91,353
89,363
8,341
403,617
234,237
448,797
108.123
93.912
8,348
659.180
16,770
4,549
238,793
16,770
ANALYSIS OF EXPENDITURE ON CHARJTABLE
ACTIVITIES YEAR ENDED 30TH SEYIEMBER 2024
A¢%demic and rel8ted costs
Salaries (academic)
Salaries (librarian)
Research grants
Books and publications
Travcl and accommodation
Computer costs
Telephon4 postage and photocopying
Other (incl. lectyre and exhibition cxpcnses)
Uwestricted
Funds
Restrictcd Endowm¢nt
Funds
Funds
2024
Total
105,293
77,573
87,730
7,095
120,415
1.081
16,572
449
193,023
84,668
120,415
12,313
19.960
Jl.977
3,277
3,164
11,232
3,388
11,528
3,277
2,269
214.560
895
234,237
448,797
Establishment ¢osts
RatEs
Insurance
Repairs and Jnaintenanc¢
Water, li8bt and bcat
Cleaning
Gardening aDd ground5
Deprcciation
16.759
10,603
25.643
20,031
9.863
8,454
16,759
10,603
25,643
20.031
9.863
8.454
16.770
16,770
16,770
91,333
108.123
Office and support costs
Other salaries
Depreciats'on
Printing and statsonery
EvcnÉ8
74,919
3.802
4,61%
6,024
74.919
3,802
4.618
10,573
4,549
4,549
89,363
93.912
Governance cosÉi
Audit and accountallcy
OthcT legal and profcssional tee8
8,340
8,340
8.341
8,348
659,180
403,617
238,793
16,770

TI.IB NEEDHAM RESEARCH INSTITUTE
PAGE 16
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024
NOTES TO TI-IE FINANCIAL STATEMENI'S
EXPENDITURE ON.,
CHARITABLE AcfIviTIES
YBAR ENDED 30TH SEPTEMBER 2023
Uiire8tricted
Fundy
R&iti'icted Endowment
Funds
2023
Total
Academic aiid related Gosts
Establislinienl costs
Office and suppoi't costs
Govei'naiice costs
208,700
70,572
83,940
7,871
251,437
460,137
87,342
91.630
7,875
16,770
7,690
371.083
259,131
16,770
646.984
ANALYSIS or EXPENDITURC ON CFL4RETABLE
ACTIVITIES YEAR ENDBD 30TH SBPTEMBFR 2023
Acpdemic related Cost5
Salaries (academic)
Salaries (librarian)
Research grants
Bool(s ￿]d publications
Travel and ￿cO[nmodalion
CompLilcr costs
Telephone, postagc and pliotocopying
Other (incl. lectui'e and exhibition expeitses)
Ui)rests'icled
Funds
liestricled Endowment
4Linds
Fiinds
2023
Total
105.451
70,561
90,025
23,020
121,800
4.317
10,790
885
195,476
93,581
121.800
18,078
15,416
5,998
3,472
6,316
13,761
4,626
5,113
3,472
5,716
600
208,700
251,437
460,137
I stablishmollt costs
RELtcs
Insui'8Lice
RcpaiL'8 and in&inleiiance
Water, light ar)d heat
Cleaiiir)g
(iEU'dcning aiid grouiids
DepreciatLOII
14,388
9,532
14.303
13,689
10,113
8,547
14,388
9,532
14,303
13,689
10.113
8,547
16.770
16,770
70,572
16,770
87,342
OfficL support costs
Otliei. s&larie8
D¢preciatioii
Pi'inting and station¢ry
Events
74,111
4,400
5,256
173
74,111
4,400
6,7)( 0
6,329
91,630
1,534
6,156
83,940
7,690
Governllnct eosts
Audit and accountancy
Other leg￿ and pi'olessioi￿l fec8
7.833
38
42
7,871
371,083
7,875
64CI.984
259.131
16,770

THE NE.EDIIAM RESEARCH INSTITUTE
PAGE 17
FINANCIAL STATEMENI'S FOR THE YEAR ENDEf) 30TH SEPTEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
NET INCOME FOR Tt.LE YEAR
Thi8 LS Stated aftei. charging..
Auditors remuneration
extei'nal audit
Depi'ecialion of tangible fixed assets
2024
2023
8,340
20,572
7,833
21,170
MANAGEMENT THRBAT fN RELATJON TO NON-AUDIT SERVICES
In coinmon with iiiany other bu31Lie55es of OUL 8LZ£ and n&tLire we use ¢)ur auditoi's to assist witli the preptjration of Ihe
financial stat¢inent5.
ANALYSIS OF STAfF COSTS AND 1￿mUNERATION OF
IIEY MANAGEMENT PERSONNEL
Salarieg a11d wages
Social sccurity costs
Pcnsion conli'ibutions
2024
2023
274,399
29,131
57,037
266.305
28,581
75,744
370,630
360,567
Tlie pension contributions sliowi) above include an)ouiit8 relevant to the inclusion of the pen5iOli pi'ovisioii sliown
in note 14 to the fi￿ncial statements as required"Following Ilie introduclion of fRS 102,
The total number of CLmployees whose total stLlai'ies exceeded £60,000 1$ as follows:
2024
2023
£70,000- £80,000
£80,000- £90,000
'rhe average number of staff einployed, analysed by fuRctioii, einployed during the year iycre..
2024
2023
Number
Nuinbci.
Acade]nic
Admini,%li'ation
Eslablishment
The abov¢ nlimbci's do not include Trustces who not pttrJnilLed lo receive reinLinei'atioii f￿. tlieir duties.
Related paity IL&Lisa¢tions in Lhe yeai. wei'e £Nil (2023- £Nil)
No expcn8es wei'c reinibursed io Ilie 'lru5tecs, but & lotal of £16 was paid by tho Instilule for I'i'LlStees lo tLtlend ineetings
(2023.. £35).
TAXATION
As a chaiity, The Needhtun Rcscai'cli InstiLute is cx¢iiipl fi'oin lax 011 inconic &ncl g&LiliS falling within seclion 505 of
Ihc Ta¥es Act 1988 or section 252 of thc Taxcltion ol CliaTgeable Gains Act 1992 to tlie ttxtent thal these are ¢wplied
to its ch￿.1￿.b1# vbjeGI8, No lax charge5 hglve fu'iscn iLi tlie year.

THE NEEDHALKI RESEARCH INSTITUTE
PAGE 18
FINANCIAL STATEMEwfs FOR THE YEAR ENDED 30TH SEPTEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
10.
TANGIBLE FD(ED ASSETS
YEAR WNDED 30TH SEPTEMBER 2024
Long
Lcasebold
Fixtures &
Fittings
Eqllipm¢nt
& Softwar¢
COST
Balance at 1st OGtober 2023
Disposals
Balance at 3ffth Septsmbcr 2024
DEPRECIATION
Balan¢e at I st October 2023
ch￿ge for the year
Eliminated
1.626.664
70,813
(13,625)
57,188
28,691
(1.077)
27.614
1,726,168
(14.702)
1,711,466
1.626.664
553,328
16,770
64,647
1,318
(13,6251
52,340
4,848
23,157
2.484
{1.077)
24,564
3,050
641,132
20,572
(14,702)
647,002
Balance at 30th September 2024
NET BOOK VALUE as at 30th Sep¢ember 2024
570,098
1,056.566
1,064.464
TANGIBLE FIXED ASSBTS
YEAR ENDED 30TH SEPTEMBER 2023
Long
Leasehold
Fixthres &
Fitting8
Eip]ipment
& SoftwaTe
Totsl
COST
B&lgnce at 1st October 2022
Additions
1,626.664
70.813
23,425
5,266
28.691
1,720,902
5,266
1,726.168
Balance at 30th September 2023
DEPRECIATION
Balance at Ist October 2022
CharBe for thc ycar
Balance at 30th Sq)tember 2023
NET BOOK VALUE as at 30th Seplember 2023
1,626,6fv1
70.813
536,558
16,770
63,110
1,537
20.294
2.863
619,962
21,170
641,132
1,085,036
553,328
64,647
6,166
23,157
1.073.336
5,534
INvEsTI￿LI3NT FIXED ASSETS
2024
2023
Market
Valuc
Mark¢l
Value
Cost
Cost
Investment properties - long leasehold
Listcd investsnents
Capital account
111.548
11,280,256
160.201
1,200,IM)O
14.992,103
16U,201
111,548
10.755,379
121,811
1.200.000
13,437,048
121,811
11.552.005
16,352,304
10,988,738
14.758,859
Market va]ue ￿ 1st OGknber
Listcd investtnents acquired
Listcd inveslments disposed
Realised (lossesl/gains
Gainsl(losses) on reV￿lUatIonS at 30th Scptcmbcr
Market value at 30th September
14.637,048
2,073,138
(1176,869)
204.024
1.454.702
13,751,311
2,607,087
{2,145,987)
{28,1194)
453,531
14,637.048
16.191103
The long leasehold of 2 Sylvester Road wa5 valu¢d by the Westley & Huff on the basks of its markct value being
£1,200.000. Westley & 14uff arc an established frm of Chartercd Surveyors and Valuers.
Listed Inves￿]ents h&ve been valued at the prices as sbown on recoguiscd cychanges.
No listed investment. cxcludingy cash balances, rnade up more th1￿ 5% of the porrfolio.
12.
DEBTORS
DLJC Within one ycar:
Prepayments and accrued income
Other dcbÉors
2024
2023
2,916
50,710
53,626
1.790
85,939
87.729

THE NEEDHAM RESEARCH INSTITUTE
PAGE 19
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
13.
CREDITORS
Duc within one yw..
Accru￿5 aud dcfcrrcd income
Deposit hcld
2024
2023
33.805
2.025
28.993
2,025
35.830
31,018
14.
PROVISIONS FOR LIABILITIES.
2024
Balance at 1st October 2023
Provision identified in the year
Movement in provision
Balance at 3(rth September 2024
31,717
(3,616)
28,101
PROVISIONS FOR LIABILITIES
2023
Balance ai 1st October 2022
Provision identified in the ycar
Movement in provision
Balance at 30th Septcmber 2023
35,162
(3,445)
31.717
The introduction of FRS 102 necessitates the inclusion of a provision to account for the full liability of any pensioJL
deficit catGh up plan, The liability is b&sed on thE additional cxpectcd paymcnts rquired over the life of the c4tch up
plan, allowing for discounting ratc8 and changes in *uture contributions.
The provision relatcs to tbc USS. pcn5ion dcficit rccovcry plan as mcntioned in note l (i) to the finmcial statements.

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¥oY
e4
ryory(y
t Tt
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rA
t& t
¢¢ & r) ry> w)*-.

rr ￿ cn
cxi In
rn
rn
rn
cwo
in
¢4
O KD C
rryo
¢0 * cry
rf cq In
*tnNoo
oe¢t*o
o > > >
t£¥E
Q)
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rA
a) Ld o) Q bQZ-.

THB NEBDFIAM RESEARCH INS"IITUI
PAGE 22
F￿ANCIAL STATEMENTS FOR I'HE YEAR ENDED 30TH SEPTELWBER 2024
NOTES TO THE FINANCIAL STATEMENTS
16.
ENDOWMENT FUNDS
YEAR ENDED 301Tr1
SEPTEMBER 2024
Building Fund
Buildillg Fund (Souih Wing)
Bndowment Fund
Endomrynent Fund Library
Jos¢ph Ncedlwn Estate
B8laDCC
BIFwd.
R¢valuation
Gal￿$
Balance
CIFwd.
Incom¢
Expenditure
Tr8nsfBrs
683.957
441,716
8,338,759
21,850
485,889
(10,650)
(6.120)
673,307
435,596
9,207,495
21,850
485,889
(277,500) 10,824.137
277,500
868,736
1277.500)
9.972,171
277.500
(16,770)
868,736
The building timds WCTC provided for Bnd expended on the erectiott of permanent PTen)ises for th¢ Needham Research
It)stitute and to house the East AsiaJ History of Science Library,
Thc Endowment Fund ¢xists to PTovide capit&l for investment which in will produce income suffi¢i¢nt in tirne to
s¢¢ure thc continuing operation of the Institute.
END0wr￿ENT FUND
YEAR ENDED 30TH
SEPTBMBER 2023
Building Fuod
Building Fund (South Wingl
Endowment Fund
Endowrncnt Trund LibrBry
J03eph Ncedham Estate
Balanc¢
BIFwd.
Revaluation
Gains
Balance
CIFwd.
Income Expendittjre
Transfers
694.607
447,836
8,104,436
21.850
485,889
9.754.618
(10,650)
(6,120)
683.957
441,716
8,338,759
21,850
485,889
9.972,171
266.118
234,323
{266.118)
266,118
(16,7701
234,323
(266,118)
17.
UNRESTRICIED FUNDS
YEAK ENDED 30TH
SEPTEMBbR 2024
De51gn#ted funds:
Huilding repairs fund
Computer and equipmcnt
Balance
BIFwd.
Revaluation
Gains
Balancc
CIFwd.
Income
Exp¢nditure
Transftrs
27,622
4,000
31,622
16,485
31.918
16,485
21,192
69,299
Library S'pecial Fund
(5,499)
(5,499)
(457,700)
(463,199)
(5,227)
{1,2271
288.375
76,025
Other Charitable funds
3,680,296
130.524
532,451
4.173,946
4,243,245
3,756,321
130,524
532,451
287.148
Purposc of designated fLmds:
The building repairs fund arises from amounts set Hsidc towards major buildlng mainlenancc.
Thc cornputer and equipmcnt fwid aTises frorn amounts set aside towards the updating repla¢ement of computers
and cquipment.
The Library Special Fund arises from amounts set aside ts)wards the purchase of books and publications for thc
LibTary.
UNRESTIUCTED VUNDS
YEAR ENDED 30TH
SEPTEMJ3ER 2023
Designated funds:
Building repairs fund
Compul¢r and cquipment
Balance
B/Fwd.
Revaluation
Gains
BalAnG¢
CIFwd.
Income
Expenditure
TTansfcrs
23,622
4,000
27,622
16,485
35,025
16,485
31,918
Library Special Fund
(3,107)
(3,107)
75,132
4.000
76,025
Other charitable funds
3.591612
111,723
(423,576)
(426,683)
126,174
126,174
273.363
3,680,296
3.756.321
3,667,744
111,723
277,363

THE NEEDHAM RESEARCH r￿sTITUTE
PAGE 23
FINANCL4L SfATEMENTS FOR THE YEAR ENDBD 30TH SEPTEMBER 2024
NOTES TO THE FINANCIAL STATEMEKrs
18.
ANALYSIS OF NBT ASSETS BE'fwEEN FUNDS
YEAR ENDED 30TH SEPTEMBER 2024
2024
Totsl
Funds
Unrestricted
Fwkds
R¢5tricÉed Endowment
Funds
Funds
Fund balances at 30th Septomber are rcpiesented by,.
Tangible fixed assets
Investment fixed assets
Debtors
Cash at bank and in hand
Current liabilities
Prowsions for liabilities
7,898
4.076.781
33.597
186,068
(32,998)
(28,101)
4.243,245
1,056,566
9,736,105
1.064,464
16,352,304
53.626
245,693
{35,830)
{28.101)
17.652,156
2,539,418
20,029
28,159
{2.832)
31.466
Net assets
2.584.774
10,824,137
ANALYSIS OF NET ASSETS BETWEE,N FUNDS
YEAR ENDED 30TH SBPTEMBER 2023
2023
Total
Fulld5
Unrestricted
Funds
R¢strictcd EndowmenÉ
Funds
Funds
Fund balances at 30th Septsmber arc represented by.,,
Tangiblc fixed assets
Investsnent fixed assets
Debtors
Cash at bank and in hand
Current liabilities
PIovisiolls for liabilltic8
11,700
3,662,230
42,264
100,389
(28.545)
(31,717)
3,750,321
1,073,336
8,867,369
1.085.036
14.758,859
87,729
220,923
(31.018)
(31,717)
16.089.812
2,229,260
45,465
89,068
(2,473)
31,466
Net assets
2,361,320
9.972,171
19.
RBCONCILIATION OF NET MOVEMENT IN FUNDS'fo NET CASH FLOW FROM OPERATING ACTIVITIES
2024
2023
Nct movernent in funds
Add: Depreciation
Ikss: Investsllenl illcom
IKs5: Gains on invcstsnents
Dccrease/(increase) in debtors
Increase/(decrease) in ucditors
Dccrease in provisions
Net cash PTovidcd by (used in) operating activities
1,562,344
20,572
(447,580)
{1,658,786)
34.103
4.812
(3.616)
{488.151)
378,163
21,170
(409,413)
(424,637)
(34,129)
(1,052)
(3,445)
(473,343)
ANALYSIS OF CASH AND CASH EQUIVALENTS
2024
2023
Cash held under investments
Cash at ballk
160,201
245.693
405,894
121,811
220,923
342,734

TFIE NEEDHAM RESEARCH INSTITU'fE
PAGLI 24
FINANCIAL STATEIWIENTS FOR TL-l£ YBAR ENDED 30TFI SEPTBMBER 2024
NOTES TO THE fiNANCIAL STATEMENrs
20.
PENSIONS
{a) Univcrsities SuperAtiiiuAtioll Sie￿¢m¢
The Institute pai'ticipales in the UniveL8itiC3 Siip¢ra11nu8tion Schcmt (the sch¢nio) with three active m¢mber5. Thi'oughout
the cuNent l￿d pi.eced1i￿ periods, the schemt wa8 a defined benefit oiily pension scheme until 31 Mar¢h 2017 which was
COLilracled out of the State Sc¢ond Pension (S2pI. 'fii¢ a$8els ofthe s¢heme ELre held in a separale trLlStee-admiiiistered fLind.
Bccau5¢ of the Iniitual natLirc oltli¢ srlieme, the schenie's assets are not hypothecq£ led to Ihe iiidividiial iiislituiiolis and a
schenie.wide coiili'ibulion ric te is seL. Tlie Institule is tliei'cfore exposed to actLiarii< I rislc9 associated with oiliei. insliliilions,
cinployees and is unable to identity its shFwe of thc uiidei'lyiiig assets aiid liabilities orth¢ 8clieine on a consistent and
reasonabl¥ bosis ￿ld tlieretore: as reqLurcd by Sectioii 28 of FRS 102 "Bmployee benefits account8 foi. the s¢heine LI..
it w¢re & defiiied conts'ibution sclieine.
As a result, the ￿mOU1]t Charged lo the Stateinent of fiiiancial Aclivitie5 rcpresents the coiiti'ibutions payable to the
scheme. Since the Iiistitute has eiitered into an agreeLnent (the Rccovery Plan) tliat detemii11es how each eniployer within
the scheine i¥ill fuiid the overall de*i¢it, the InstitLltc recognises a liability tor the coiiti'ibutions payable th&t llrise fi'om thc
agrceniei?I to the extent tlilll the)1 rclate to Lhe deficit and the I'e,quliinE expel￿e in the Statement of F4inaiiGia] Activities.
The total cost charged to the St¢2teinent ot Fin￿le1&1 ActAvilie5 for the Iiistilule is £30,555 (2022123: £38,481),
Since the In,qlitute caiinot identify its sliare of the 8cheine assets and liabilities. th¥ followiLig disclo,8ures reflect those
i'elevaiit foi. the 5cheine as a wliole.
Tlie 2023 valuation was Ihe seventh valLialion for Ilie sclieLMe undei. the sch¢me-qpecific fiindi112 I'egime introduced by the
Pensions Act 2004., which requires sclieL]ies to have siifficient aiid appropi'iate assets to cover tlieiL technical pi'ovi5ion5
(Il)e statutoi'y fuiiding objective). At the v&luELtion dRtc, the y￿Ue of thc &gsels of the scheme was £73.1 billion 8nd
the value ot the schenic's teolinical provisioLiS waq £65.7 billion iiidicatiiig & 8u1.plus of £7.4 billion and a fuiidiLig i'atio O'F
The key 'fin8llcial assumptions used in the 2023 valuation are described below. Morc detail 1,% set out in Ihe SiateLnent of
ruiidiiig Principles.
CPI assumption
Tei'in dependent raltts in line with the dillerencc bclween Ilie Fixcd Intei'e%t and Iiidcx Linked
yield curvcs less:
I.OO/o p.a. to 2030, Kducing lincarly by 0.] % p.IL from 2030
B#nefiL% ivith no cap..
CPI agsurL)Ption plus 3bps
Bciicfits 511bjecL to a soft cap" of 50/a (providiiig inflatson&ry incre&%es up to 5 /0, and
halfr ol. aiiy exccss inflation ovei. 50/• UP tu L maximuni of IOO/o)',
CPI asgunipt1011 Ininus 3bp5
Discount l'ate (lorwai'd rat¢s) Fixed inLercst gilt yield Clirve plus-
Pir-retii'einenL', 2.50/0 P,&
Post relii'einent.. 0.9/0 P,
Tlic maiii demogi'aphic assiimptions iiscd relate lo the inorlality &%%umplion. These 888uniptioiis ar# bk]sed on analysis
of t]ie schcnic's expei'iencc c&-ried out as part of thc 2023 acLuarial v&]iialion, The illortalily assLllllPtioii used iii ilies
figui'eb til'e FLS Folloivs..
Peiision inci'case
(SLibjcGt to fL flooL of 0/0)
2023 valiialioii
101 /0 of S2PMA "light" foi. nialos and 950/0 nf £3pfA I'oi. females
CMI 2021 with a sinoothing pl￿1￿￿ter DI 7.5 initial addilion of 0.4/0 p.a,,
IOO/o w2020 and w2021 p&ram¢lei's, ￿Trd a long-tcriii iinpi'oveiiicnt l'ate of
1.8 % p.a. for Inalcs aiid 1.6Qlu P,L for fcniales
Moi'lality bL8e table
Futui'e iinpi'ovcmeiits to mortality

THE NEEDHAM RESEAiiCH INS'fiTUTE
PAGE 25
FINANCIAL STATBMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
PENSIONS
..(CONT.)
The Current life expectancies OD r¢lirwncnt at gge of 65 arc..
2024
2023
Males currently aged 65 (years)
Fcmales currently aged 65 lyears)
Males currently aged 45 (years)
Female8 cu￿entlY aged 45 (years)
23.7
25.6
25.4
27.2
25.6
26,0
27.4
(b) C%mbrldge University Assl$tant$' Contrlbutsry PensioD Scheme
The Insti￿le participal¢s in the Cambridge University Assistants, Contributory Pension Scheme (CPS) which is a defined
b¢nefiL scheme. The InstIt￿te'S contributions ￿t affecled by a surplus or deficiency in the CPS but the Institute is wlablc
to identify its share of th¢ underl)ing assets and liabilities in the Scheme on a con515teTrt and rcasonabl¢ basis. The
Institute thcrEfore accounts for its contributions to the CPS as if it were a defined contribution scheme. It had six active
m¢mbers participating in the Scheme.
The CPS was estsblished under the authority of IILC Universities of Oxford and Cambridge Act 1923. It is a registered
pcnsion schemc for tbe purposes of the Finance Act 2004. The active Membe￿ of the scheme are employee8 of the
University and its subsidiary undertskings. The scheme's benefit structsre changed significantly from l January 2013,
at which poitLt empl0￿c3 covcred by the schem¢s ¢e8sed to be contracted out of the State Secijnd Pcngion.
Trlennial Yalu#tlon orthe scheme
A full trieDnial valuation of the scherne was Garried out by thc acthary for the trllstees of the Scheme &g at 31 July 2021.
The resuhs of valuation showed the actimtal value of thc scheme's &8sets &8 £814rn. These were suffici¢nt to covcr tb
scheme's past service liabililies of £738m,' the scheme had a surylus of £76m and was I I￿/0 fuThded.
Since l August 2013 employer contriblltlons havc becn set at 11.5% of pensionable pay for existing mcmbers at 31
December 2021 And 5.8QA of pensionable pay {tog¢ther with contributions at 5.oyo to a 5¢paraÉe defined contribution
arrangement) fot ncw cntrants from l Januy 2013. On l August 2023. employer contributions will be adjusted 10 14. lQ/u
of pensionablc pay for existing members at 31 December 2012 and 7.60A of pensioDable pay (together with contributions
at 5 /0 to a scpardte defined contribution arrangement) tor new elltraDts from l January 2013. In additioo fixed employer
contribulions totalling £14.6m pcr annum ar¢ payable ovcr the pcriod from l August 2011 to 31 July 2023. These payments
arc subject to revicw at the next triennial valuatioll dlle as at 31 July 2024.