2021-03-31-accounts - Techniquest

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Members ofthe Board	and professional
Annual Report
Statement of responsibilities		...13
Independent auditors'	report	14
Statement of Financial	Activities.	17
Balance Sheet.		...19
Statement of Cash Flows		20
Notes to the financial	statements	...21

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Balance sheet	as	at3i March 2021
				2021	2020
					F
Fixed assets:
Tangible assets				5,029,189	4,326,704
Total fixed assets				5,029,189	4,326,704
Current assets:
Stock			9	19,872	29,443
Debtors			10	87,368	228,551
Cash at bank and in hand				2,193,952	3,234,361
Total current assets				2,301,192	3,492,355
Liabilities:
Creditors: amounts	falling	due within one year		412,900	411,176
Net current assets orliabilities				1,888,292	3,081,179
Total assets less current		liabilities		6,917,481	7,407,883
Creditors: Amounts	falling	due after more than one	12	350,986	435,851
year
Provisions for liabilities and charges			14		100,000
Net assets or liabilities				6,566,495	6,872,032
The funds ofthe charity
Unrestricted funds			15	2,252,842	2,650,862
Restricted funds:			15	4,313,653	4,221,170
Total funds				6,566,495	6,872,032

					2021	2020
				Note
Reconciliation ofnet income to			net cash provided
by operating activities:
Net income					(305,537)	1,854,772
Adjustments for:
Depreciation charges					280,906	130,773
Loss/(profit) on sale offixed		assets			(2,968)	24,187
Interest from investments					(413)	(4,694)
Movement in provisions					(100,000)	37,322
Decrease in stocks				9	9,571	3,348
Decrease/(increase) in debtors				10	141,183	(90,283)
(Decrease) in creditors				11	(103,127)	(66,826)
Net cash provided by operating			activities		(80,385)	1,888,599
Statement ofcash flows:
Cash flows from operating	activities:				(80,385)	1,888,599
Net cash provided by operating			activities		(80,385)	1,888,599
Cash flows from investing	activities:
Interest from investments					413	4,694
Proceeds from the sale of	fixed assets				25,701	14,500
Capital expenditure					(1,006,124)	(3,435,256)
Loan (repaid)						(40,000)
Loan received					19,986
Net cash usedin investing		activities			(960,024)	{3,456,062)
Change in cash and cash		equivalents			(1,040,409)	{1,567,463)
Cash and cash equivalents		at 1 April			3,234,361	4,80 I,824
Cash and cash equivalents		at 31 March			2,193,952	3,234,361

			31 March		31 Ilarch
		Unrestricted	2021	Unrestricted	2020
		funds	Total	funds	Total
Shop and	cafe	18,067	18,067	157,435	157,435
Product sale and hire				29,3'I 6	29)3i6
Corporate	Hires			78,763	78,763
		18,067	18,067	265,514	265,514
Other income
			31 March		31 March
		Unrestricted	2021	Unrestricted	2020
		funds	Total	funds	Total
Bank deposit interest		413	413	4.694
Gain on disposal		2,968	2,968
Other
		3,381	3,381	4,694

ncome donations and legac	ies
				Inspiring			31 Nlarch				Inspiring Science	31 Nlarch
	Unrestricted			Science			2021	Unrestricted			restricted	2020
		funds	restricted		fund		Total	funds			fund	Total
						R						E
Donations and Legacies		6,292					6,292	18,382			43,124	61,506
Grants received		911,980		269,971			1,181,951	400,000			2,400,000	2,800,000
ncome from other charitable	activities
								31	March		31 March
										2021	2020
										Total	Total
Unrestricted
Provision ofon-site educational	services:
Admissions								18,451			756,843
Support from Welsh Government		or public authority		and other		parties
								18,451			756,843
Provision ofoff-site educational	services:
Primary school outreach									1,450		19,167
Support from Welsh Government		or public authority		and other		parties		129,829			148,716
								131,279			167,883
Total unrestricted								149,730			924,726
								31		March	31 March
										2021	2020
											E
Restricted
Provision ofon-site educational		services:									5.250
Support from Welsh Government		or public	authority	and other parties							23,984
											29,234
Provision of off-site educational		services:
Primary school outreach									20,680		34,638
Secondary school outreach											27,763
Support from Welsh Government		or public	authority	and other parties					16,700		26,559
									37,380		88,960
Total restricted									37,380		118,194

ther trading costs
		31 March				31 March
	Shop and	2021	Shop and	Product sales	Corpol ate	2020
	cafe	Total	cafe	and hire	Hire	Totai
		f		f
Wages 8 salaries			41,327		43,000	84,327
Materials	12,446	12,446	87,992	7,349	52,601	147,942
Total	12,446	12,446	129,319	7,349	95,601	232,269

enditure on ch	aritable ac	tivities —2020	12 i
			Supportand	Other		31 March
			governance	direct	Property	2021
		Staffcosts	costs	costs	costs	Total
		f
unrestricted:
On-site educational	services:
Admissions		999,212	157,477		318,335	1,475,024
Provision ofoff-site educational
services:
Other off-site activities
Primary school outreach
Secondary school outreach
Total unrestricted		999,212	157,477		318,335	1,475,024
			Supportand	Other		31 March
			governance	direct	Property	2021
		Staff costs	costs	costs	costs	Total
		f			f	f
Restricted:
On-site educational	services:
Admissions
Science Capital project					177,488	177,488
Provision ofoff-site educational
services:
Other				16,700		16,700
Primary school outreach		4,151		16,529		20,680
Secondary school outreach
Total restricted		4,151		33,229	177,488	214,868
Total 2020/21		1,003,363	157,477	33,229	495,823	1,689,892

		Supportand	Other		31 March
		governance	direct	Property	2020
	Staff costs	costs	COStS	CostS	Total
Unrestricted:
Provision ofon-site educational
services:
Admissions	992,169	252,569		419,142	1,663,880
Provision of off-site educational
services:
Other off-site activities
Primary school outreach	56,569	13,869		32,518	102,956
Secondary school outreach	55,607	13,745		32,518	101,870
Total unrestiicted	1,104,345	280,183		484,178	1,868,706
		Supportand	Other		31 March
		governance	direct	Property	2020
	Staff costs	costs	costs	costs	Total
Restrictedl:
Provision ofon-site educational
services:
Admissions			12,487		12,487
Science Capital project	93,456		7,237		100,693
Provision ofoif-site educational
services:
Other	10,409		20,600		31,009
Primary school outreach	36.457		2,646		39,103
Secondary schooi outreach	35,595				35,595
Total restricted	175,917		42,970		218,887
Total 20'I9/20	1,280,262		42,970	484,178	2,087,593

			31 March 2021	31 March 2020
Office costs			74,929	177,960
Exhibition costs			7,516	29,202
Professional	8 consultancy	costs	75,032	73,021
			157,477	280,183

) Employ	ee info	rmation
				31 INarch 2021	31 March 2020
The average	number	ofpersons employed	by the
company during the		year was as follows:
Management
Administration
Operational				30	55
				37	62

he aggregate payroll cost ofthese person	s was as follows:
	31 INarch 2021	31 March 2020
Wages and salaries	867,994	1,210,758
Social security costs	71,964	89,421
Pension costs	34,658	51,107
	974,616	1,351,286

Highest paid employees	31 Illlarch 2021	31 March 2020
E60,001-f70,000
270,001-F80,000
280,001-890,000

Unrestricted			Exhibits	Plant 8	Fixtures,	Motor	Freehold	Total
				Machinery	Fittings 8	Vehicles	land 8
					equipment		buildings
Cost					K		6
At beginning	of		1,601,667	62,404	, 976,377	43,685	965,470	3,649,803
year
Disposals			(1,348,027)	(62,404)	(900,653)	(26,513)	(3,452)	(2,341,049)
At end ofthe year			253,840		75,724	'l7,172	962,018	1,308,754
Depreciation
At beginning	ofyear		1,414,907	62,404	929,862	37,392	850,447	3,295,012
Charge for year			86,313		11,289	3,434	9,756	110,792
Disposais			(1,335,360)	(62,404)	(892,923)	(26,513)	(1,116)	(2,318,316)
At end ofthe	year		165,860		48,228	14,313	859,087	1,087,488
Net book value at April 2020		1	186,960		46,515	6,293	115,023	354,791
Net book value at 31Ilarch 2021			87,980		27,496	2,859	102,931	221,266

Restricted			Buildings	Fixtures 8	Exhibits	Assets under	Total
				fittings		construction
Cost					K	6
At beginning	of				19,660	3,954,201	3,973,861
year
Additions					116,735	889,389	1,006,124
Assets transferred			3,270,812	34,532	1,538,246	(4,843,590)
on completion
At end ofthe	year		3,270,812	34,532	1,674,661		4,980,005
Depreciation
At beginning of		year			1,968		1,968
Charge for year			26,661	2,877	140,576		170,114
At end ofthe		ear	26,661	2,877	142,544		172,082
Net book value		at			17,712	3,954,201	3,971,913
I April 2020
Net book value 31 llllarch 2021		at	3,244,15'l	31,655	1,532,117		4,807,923

			31	Illlarch 2021	31 March 2020
Finished	goods	—Shop		19,872	29,443
				19,872	29,443

		31 March 2021	31 March 2020
			E
Trade	debtors	32,471	80,833
Other	debtors	49,838	24,121
prepay	ments	3,270	26,493
Taxes	8 Social Security	1,789	97,104
		87,368	228,551

Creditors: Amo	unts falling due within	one year
		31 Illlarch 2021	31 March 2020
			F
Trade creditors		27,618	50,942
Taxation and social security		17,224	19,129
Other creditors			11,497
Loan repayments		53,000	53,000
Accruals and deferred	income	315,058	276,608
		412,900	411,176

	31 March 2021	31 March 2020
		E
Interest free Invest to Save Loan	331,000	331,000
WCVA Loan	19,986
Retention —Science Capital construction		104,851
	350,986	435,851

					31March 2021	31 March 2020
						E
Amounts	falling	due	within one year		53,000	53,000
Amounts	falling	due	between	two and five years	284,986	265,000
Amounts	falling	due	after more than five years		66,000	66,000
					403,986	384,000

Provisions for liabilities and charges
	Dilapidation
Balance at 1 April 2020	100,000
Dilapidation costs incurred	(53,487)
Reversal of provision no longer required	(46,513)
Balance at 31 March 2021

			Net	Transfers
			movement	between
		At 1.4.2020	in funds	funds	At 31.3.2021
					E
Unrestricted funds
General fund		1,004,071	(398,020)	408,525	1,014,576
Designated —from general funds:
Fixed assets		354,791		(133,525)	221,266
Future commitments		312,000			312,000
Future capital investment				450,000	450,000
Future losses anticipated
(including impact ofCovid-19)		900,000		(645,000)	255,000
Science capital —working	capital	80,000		(80,000)
		2,650,862	(398,020)		2,252,842
Restricted funds:
Science capital fund - Fixed assets		3,781,312	1,026,611		4,807,923
Science capital fund		439,858	(934,128)		(494,270)
		4,221,170	92,483		4,313,653
TOTAL FUNDS		6,872,032	305,537		6,566,495

Net mov	ement	in funds, includ	ed in the above are	as follows:
				Incoming	Resources	Movement in
				resources	expended	funds
				F
Unrestricted		funds
General	fund			1,089,450	(1,487,470)	(398,020)
				1,089,450	(1,487,470)	(398,020)
Restricted funds
Schools	outreach and Nuffield		programme	37,380	(37,380)
Science	capital fund			269,971	(177,488)	92,483
				307,351	214,868	92,483

'i5 Movement in funds —continue	d
			Met IIransfers
Comparatives for movement in funds			movement Ibetween
			in fundls funds	At	31.3.2626
Unrestricted fundls
General fund Designated —from general funds			874,239 (487,659) 617,491		1,004,071
Fixed Assets Future Commitments Strategic Plan Delivery —losses anticipated			522,282 415,000 (167,491) (103,000)		354,791 312,000
during implementation ofScience Capital project Science Capital —working capital			900,000 427,000 (347,000)		900,000 80,000
Restricted funds		3,138,521 (487,659)			2,650,862
Restricted funds
Science capital fund —Fixed assets Science capital fund		348,023 3,433,289 1,530,716 (1,090,858)			3,781,312 439,858
Unrestricted funds		1,878,739 2,342,431			4,221,170
TOTALIFUNI38		5,017,260 1,854,772			6,872,032
			Incoming Resources	Movement in
			resources expended	funds
			E E		E
Unrestrictedl funds
General fund			1,627,817 (2,115,476)		(487,659)
			1,627,817 (2, 1 I5,476)		(487,659)
Restricted funds
Schools outreach and Nuffield programme Science capital fund			118,194 (118,194) 2,443,124 (100,693)	2,342,431
			2,561,318 (218,887)	2,342,431
Designated reserves
The main items that have been designated from the unrestricted general fund by the directors are: A designated fund off221,266 relating to the net book value ofthe assets under construction for
the Science Capital Project. This will be	reduced	over the useful economic life ofthe assets in line
with depreciation policy;
2. A designated fund relating to future commitments			off312,000 has been set aside	to ensure that
sufficient funds are available to meet commitments			in the unlikely event ofthe charity's		activities
ceasing;
3. A designated fund of F450,000 has been set aside for future capital investment in a replacement boiler system (f200,000), and also for new exhibits (f250,000); 4. A designated fund ofF255,000 has been set aside for anticipated losses arising in the period April 2021 to March 2022 which reflects the impact on reserves of the Covid-19 pandemic and its subsequent easing, and which satisfies both trustees and auditors in terms ofgoing concern.

et Assets
			General	Designated
		Restricted	unrestricted	unrestricted
		funds	funds	funds	Total
Tangible Assets		4,807,923		221,266	5,029,189
Net Current	Assets	(163,270)	729,978	1,321,584	1,888,292
Non-current	Liabilities	(331,000)	(19,986)		(350,986)
Balances at 31 llllarch 2021		4,313,653	709,992	1,542,850	6,566,495
			General	Designated
		Restrlctecl	unrestricted	unrestricted
		funds	funds	funds	Total
Tangible Assets		3,954,200		354,791	4,308,991
Net Current	Assets	702,821	894,072	1,501,999	3,098,892
Non-current	Liabilities	(435,851)		(100,000)	(535,851)
Balances at 31 March 2020		4,221,170		1,756,790	6,872,032