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2024-03-31-accounts

ay Techniquest Thiet Company limited by guarantee CT et a ae SL ee Financial statements for the year ended 31 March 2024 Me To Aner Pw boo ro alt, A eas

Company No. 01955696 Tepe Fis ol Mae? ee Charity No. 517722 ey = tan

Techniquest Pups!* Lee ey

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Members of the Board and professional advisers ............................................... 3
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Annual Report ............................................................................................... 4
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Statement of responsibilities ......................................................................... 13
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Independent auditors' report ......................................................................... 14
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Statement of Financial Activities ..................................................................... 18
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Balance Sheet .............................................................................................. 20
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Statement of Cash Flows ............................................................................... 21
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Notes to the financial statements ................................................................... 22
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Techniquest ey | any 7a

Annual Report & Accounts ee A At Se eee,

Members of the Board and Professional Advisers phe Oe ee ol Sage ie eee

Company registration number 1955696 Pe ee ee ee

Charity number Tarts me aa 517722 Ph Se Registered office en bale ae Stuart Street Foods ees ae Cardiff a CFl0 5BW oe

Chief Executive ae he hy: Mrs Lesley Kirkpatrick Leela SDs See (retired 31[st ] March 2024) Et cat wing Mrs Susan Wardle ty me Wage Vee (appointed i aa[st ] et! April 2024) Sad Directors/trustees Mrs K Harris (resigned 12[th ] September 2024) ere ogre Mrs J Mortimer rr.12° one ee (resigned 12 wes OM[th ] eee September 2024) eee Fh yo Mr L Sharma . Uti (resigned 7 aw ot[th ] September 2023) + Arc a etn

Mr D O'Toole a a's Ro Mr P Pugh

Mr G Stacey — Eaten’

Mrs S Wardle one | Aris (resigned 31 weison BE Pa.[st ] March 2024) tie a. Mrs Rita Singh ee 45 Mrs Amanna Giles dite.

Mrs Kelsey Barcenilla “Fale Feet sf Mr Sharmarkeh Aman fh ors (appointed 21 Sree ks?[st ] baw March 2024) ~— en Mrs Janice Lane ee (appointed 12 ma NE |[th ] em September

2024) “"

Mrs R Simmonds-Cavanagh (appointed 12 ek aesesee Qn ie oS[th ] bate September . 2024) 2024) = MS Mr Mark Rhys-Jones ee Se ot (appointed 12 mee AT TF[th ] September atte orl

Secretary eo -¥r Mr MD Nash PAs

Bankers faim * wR HSBC Bank pie i ae * 97 Bute Street Pe oe s a Cardiff i> CFlO 5NA oh

a Legal Advisors Acuity Law ed 3 Assembly Square te 2 a Britannia Quay a ee Cardiff Bay tol’ Fue Cardiff a CFl0 4PL ees

Independent Auditors TAR,OY re Bevan Buckland LLP eeee.

Chartered Accountants Ce fy Petey Sree And Statutory Auditors Ground Floor Cardigan House 5 leeforRa Forefri = Pa. Castle Court

Swansea Enterprise Park Me “Pier te ar Fh

Swansea feast ee SA7 9LA

3 .

Po Techniquest Annual Report & Accounts Se bl & Scr he

ROY Statement by the Chair and Chief Executive corer tz AP Disurb sek Tidoebe pects

Techniquest delivered strong performance across all areas of the organisation this year. Highlights “Sar ee ee oeea eeee a ee ee ee ee beet included prestigious awards for our education programme, an ambitious ocean sustainability tt pte Page ere et argt a Te al ay, “AG Sod

project and continued growth in our private hire and retail activities. ae ow a <s , Meo rx ee oo ge Te

We were delighted to be recognised at the School Travel Awards and at the Wales STEM Awards, Pe ee ekg ie Oeeebe ek eeeed ee ne, winning Best Venue for STEM Learning Award and STEM Educational Programme of the Year (not­ sonal £8Pete, Te aren Seen od PUSe ilk eee os ee

for-profit) respectively. Evaluation shows that without support from Techniquest, schools with a fours OS rg Se ee ie fe ee ee ny waste Tee

high percentage of free school meals would not be able to visit, and so we continue to focus our | Sep a ah vay jel er Be eta ee tgy li eee) ee ee bl fundraising efforts on providing high quality curriculum enrichment activities free of charge to aie eee! vier =e rier 3° ect ae Se a I Sse &

those schools categorised as disadvantaged. ee EN. GER ae - eroe

Over the summer we partnered with the ScottishPower Foundation to deliver Oceans eer TO eee ae pe a Eo hah trem eet Rae Be a ee Extravaganza. This inclusive and high-quality educational enrichment program aimed to inspire ries ogee o> Se ee eter ke ee ee and empower the next generation to be more environmentally responsible adults, equipped with Se aT re Le eS es Lee ee Freea vaio a

knowledge on how to take positive action. It included a new themed live science show, lab oe eeee ee ee, ee, Cre Pe oeeo ee

workshop and planetarium show with key messages on climate change, pollution and the effect She eat = eseAwe |) ee ee et ce lled at An oe

on our Oceans and biodiversity. Big att = sweetie

In the face of reducing public funding, Techniquest has worked hard to diversify sources of income = Yea Bee eg ee eit, Lee eee A ee ee

over the past few years. Our commercial strategy has been successfully implemented and = & *as ee oe a ee ee| ee ee ee 0 | Mey eeiaaeraf ul

accounted for almost one fifth of income in 23/24. Serotec Oe ae oe- See Gh

In 2023 Techniquest commissioned a study to look at options to achieve net-zero emissions. This Dn) Se eS he eee eRoe ee TL

is ambitious given the complexities of our aging building; however, we aim to switch to renewable “us oh +A eh Se OP SL" FS eos & ve

energy generation and introduce measures that can maximise the building's energy efficiency. atet Bee oe thie. oe "3" Lie. tt Oe

Towards that aim a solar array will be installed on the barrel roof in 2024. a, Fit ee ca ee ee howe * eb

We have also undertaken a feasibility study to look at options for extending our exhibition space it ee Pow.aE Peeo = ie) aesee ee Ce or. wre

and we will develop this project further in the year ahead. ede 2) Ve ee Ee BE sot wl At the end of March 2024, Techniquest said a fond farewell to Lesley Kirkpatrick who had been GeOe ry TN oe eet te eenot mas at 9p WI tom, oy

CEO since 2016. The charity has been transformed under her stewardship with a new extension, =Oa TE a ed Pn ee ee WE cet |kee,

a complete refresh of the exhibition floor and a greater commercial focus, enabling Techniquest eh a ee pee cree ecu eee el fees verietiee "ateareet

to be more financially resilient. Sue Wardle took over in April 2024. During 2024 Techniquest will Bet) Se Pe oe ey Pe ede Oe et EG, 1 ee, TE ser revise the strategy for the next 5 years. os tre ix ot “el eer eee The team at Techniquest is undoubtedly our biggest asset and we only achieve all that we do 2 es eis eed aoe eee tot oe

because of their commitment and dedication. This strength will help our charity to continue to Pete (4 oxi? yee el ee oe eM, ee Poe om}

focus on the role that science plays in our everyday lives, demonstrating how Science, Technology, See Fate ese, - es oe een ba retin = ee AP “eg RY Se

Engineering, Arts and Mathematics and innovative technologies are shaping the future of our Ses ee ee ee odce ee rs he ba ee et

society. Wie

Karen Harris (Chair of Techniquest) Tes a er See & ec Sue Wardle (Chief Executive) tel Sr hee,

4 be]

Techniquest Ste er:

Annual Report & Accounts Pitabie Dees

Our organisation ee

“seer Techniquest is a company limited by guarantee and is a registered educational charity committed to L ee ensuring that Wales develops a scientifically literate society. Its mission is to embed science in Welsh cme Stay Se" Sake lrae = enha ee e t eta.eeieege A, totee Me culture through interactive engagement. fea Srrtch OS A ep tag eae

The Board, who are Trustees and also Directors for the purposes of the Companies Act, present their See, Cee “AesLee eet ie 2 ee’< ee ere ee, es

report and the audited financial statements for the year ended 31 March 2024. ee A he ed met a ee ee Os le ee A es.

Objectives and activities mt 9 i o™ ri oie =

Objects

The principal object of the company, as set out in its Memorandum of Association, is to promote the rel ew,CeS e ee Te Wee Me ea eS Le eB

advancement of education and learning of science, technology, engineering, arts and mathematics eel| aneey eebe ee Re AS icy rt ce el e's

(STEAM) and in particular to do so by maintaining and carrying on an exhibition to explore various FO et beet Getc Op era od eee on me etby i,

scientific and artistic concepts and to encourage an awareness amongst the general public of STEAM in _ be e society whilst helping to increase the accessibility of STEAM. Brae meee cakeSs neebe eeeasn eypO tee tepee wt Tapes Fey oo eee] gD 2 le 3

iar Our Vision: beat sr

To be the UK's leading science discovery centre by 2030. rap t Sats an oak rors, Techniquest will be the UK's leading science discovery centre, regarded as an exemplar of innovative, gp =F 1 * ao ater bee ‘i. interactive STEAM engagement. Wales will be the leading nation in scientific and technological endeavour, FeATohEE eeAaeal SSE Paa eeNS ESeSa eA e oe RLeeay| PLert driven by a sustained supply of young people entering STEAM careers, supported by an outstanding and world-leading school engagement programme. wowedNeet mia =. dtre eeet ALAOG ee a AY Our Mission: wee ty ye To embed science in Welsh culture through interactive engagement. ee) tat ee ee) Soe ast ES Wee Techniquest's aim is to promote the advancement of education and engage the public in STEAM by AS Se Pee ‘ego, TE 5 2@= tapirr ipl aT me establishing permanent and temporary interactive exhibitions in Wales, together with supporting aoe Re eee ee Tee OL ee ep educational programmes and a series of outreach programmes for those unlikely to visit a permanent ae te wi OP lt Ge) US fe Sie CA exhibition. alee Liew - Te A

Our Purpose: Tt eae Tt “Pr We celebrate and inspire scientific and technological discoveries. ghee ow ametos senmy ee ee ee[ee)]

a Activities ae ; Techniquest offers presenter-led programmes for public visitors in its science theatre, planetarium and Ditto laboratory. It also offers a range of special events including Toddler days and Home Educator sessions,[eee] et aes” ove! Sf ie oe 4 ee, Lt ee nelee as well as specific events for adults. During the year 166,000 visitors visited the centre which included eetralEi[EES] Ae eadteeBS TRrh4etadeSeth. eSST, Lae eT)eSSe OSoe ee We SEL| ae te aim over 24,000 pupils. tt mm «

Tate Techniquest has developed a series of programmes for schools that are offered through a digital platform ie fegie prec eeeeen tee FE eeda ot and are supported by online teachers' resources. This experience is multi-interventional and provides Se Th STS ee eee ee ee Meera ne mines Data continuous support for a topic over a six week period, including a visit to the centre as well as learning dF a See MP Se A et in the classroom. During the year 6,890 pupils accessed the digital shows and this approach will continue eg es Tee Se Le in the future as Techniquest's physical outreach activity will be limited to community engagement work. Lee rseaeseT i le re Tl Techniquest is contracted by STEM Learning Ltd to manage teachers' continuous development in Wales Kee ede ogre Te ee a ee Je on their behalf. During the year Techniquest delivered a total of 588 days of professional development dey SotPeakeSo ee oueSsgeco SAR ee ee SO eeaepe e peOOP5esee me opportunities to 543 teachers, across 31 courses. Techniquest also delivers space related workshops e 44 weet. wk wee = ! ee es ee ee8 Pt with teacher training students, as part of an additional contract for space related CPD, funded by STEM epsi deeeies SR PL ot wee, re eee A, ee a leqte Learning /ESERO. ?TE-

Techniquest

Annual Report & Accounts

Techniquest manages the Nuffield Research Placement Programme (NRP) and Nuffield Experience Placement Programme (NEP) for Wales and the target audience for this programme is Year 12 students who are first generation university applicants and/or from a household with an income of less than £30k (bursary students). In the last year, 64 pupils were placed on a Research Placement of which 55 were bursary students. Sixty-one pupils in total completed the programme with the Nuffield Celebration Event being held at Techniquest in October 2023.

The charity works with inspirational STEM role models as an integral part of STEM Enrichment Programmes. Some of the projects undertaken during the year include:

Ambassador to support their careers education.

In addition to the continued financial support from the Welsh Government, Techniquest is very grateful to the following organisations for their funding or in-kind support for the charity's activities during the year: Admiral; ACE; ACT Training; Allison Bowden; Association of Private Cremations; Association of Science Discovery Centres; Blackwood Engineering Trust; the British Heart Foundation; Cardiff Council, Edina Trust; Gibbs Charitable Trust; GOS Tool and Engineering Services Ltd; HLM Architects; Murphy Neumann Charity Company Ltd; National Museum of Wales; Newbridge Memo; Rhondda Cynon Taf Council; Royal Society of Chemistry; Royal Town Planning Institute; ScottishPower Foundation; Simon Gibson Trust; SPTS a KLA Company; STEM Learning Ltd; STFC; Stowe Family Law LLP; UK Space Agency, Wardell Armstrong LLP; Waterloo Foundation; and Ysgol Bro Pedr.

6

Techniquest Ue At

Annual Report & Accounts a Oot eet DSee Performance Report ode EAR

Background rn Tea Hes

Techniquest's expenditure has been well controlled over the year and the financial position of the charity Peat Re eee fee ee eee ee ede oa Ot at the year-end has improved significantly from previous forecasts. eS ere et fee Ce BY “A,

fio CEO and Head of Education continue to engage with civil servants and the Education Minister to During the year, the Welsh Government continued to support the charity with a grant of £200,000. The ies etmeWes = ge oes S45eh Rete es MfSed | eeeee A peee eeOeae geee SE eele detect demonstrate the positive impact that Techniquest has in relation to learning and the STEM enrichment me wep wee aleebh ee i ee eT tone Dt bye PT gee tote agenda. oe.

Techniquest continues to seek partnerships with prominent Welsh and UK organisations in the fields of STEAM (Government, charities, academia, research facilities, businesses and the arts sector), to secure SeyONSalbY TREme re ole SSee eed yoeeee eresMe ge ee 2 otSSeekre CES2 ee” AeSale

sponsorship and to highlight the importance of science in Wales and the world. Sai aeBe rere GO ke FP Site— Pee dlo. fF Subject to securing funding, Techniquest will also continue its community engagement work, aimed at peut wite, ae: ll ld “ee PF eRASTES Beye tee fe I Se diversifying and extending its audience. During the year Techniquest worked with 4,314 young people mol peg a gh Les pepe eer gee A and 654 adults through its funded outreach activity. ee vee See a he i Techniquest's events business has performed well with this side of the business continuing to grow. Rays AR Eee et AY, AALes PE Ee ee, Ge ee i

Techniquest hosted a total of 35 private events during the year. 2 weet Bet, = UT ee A PEs ee *

Audiences he ie ox During the financial year Techniquest has welcomed 165,973 visitors and feedback has been positive. A BPok, total of 24,397 pupils (primary and secondary) have visited and the digital outreach programme reached aae wet.iverSer “tetTeh= oeiSearee, RSfeee esa eeee? ueOe ee eeeeot

a further 6,890 pupils. Se oe ae SS In addition, and as part of reaching out to older audiences, Techniquest has continued to hold Science al A ee a ee ee ae ee 2pm.) ee ee eet oy ype moar Cafes for over S0s. Feedback from these sessions continues to be positive. Three dedicated Adult Late ie A elierr Pe Rogelio Betec Meee a, we sessions were also held during the year attracting over 1,190 adult visitors. eeee ee ekeoe et gle we 1S,oe ee OT ise “et and 654 adults during the course of the year in Bridgend, Cardiff, Caerphilly, Merthyr Tydfil, Rhondda Se Techniquest continues to offer community engagement activity and has worked with 4,314 young people beeST.a ane oeON)ii TASa eeTh RaeR Ze eileOS FS,tal Meals SE besha dem Cynon Taf, Swansea, Torfaen and Ceredigion. EU “ta, Beree the

Techniquest Exhibition ta” dees RCS pr

Techniquest aims to continue to invest in its exhibition and bring new experiences to its audiences. During beet es ee ee! A ee esa eee ee, ee i the year, four new exhibits were installed. These included a new exhibit funded by Dwr Cymru encouraging 9g a, a dt ee a a eer ea" Aawea ee households to reduce their water, as well as three new exhibits for the classic zone. A refresh programme ee ee i i ee te PS of the classic exhibition area is underway and will be phased over the next two financial years. Two new Ti hee Pe eerST! LS ee eS See Pt er partnerships with businesses have also been developed which will result in additions to the exhibition aT Sy: AO ee Tefen Fon eee Oe eM oh pe ae et ae fo floor during the next financial year. Fa4enTD fe . speyg

7 i

Techniquest Vite pe Li, 4 ee Annual Report & Accounts Sos. Se ov ee Financial review Pt, SA ele

The results for the year ending 31 March 2024 are set out in the Statement of Financial Activities (SOFA) BS Be he Ae Fe ee i ee ro a eeee 4a on page 18. ie ne.

Results het

Unrestricted Funds PIN fee ite

Techniquest has had another successful year. The budget expectations at the start of the period were ee ee i a meee pos, 1 eee, we, ce pessimistic; rising utility costs and securing additional resources and capacity indicated that a deficit of * vy = +, So (Pere oe ad Pee | - +e © 3" a. ae | —= ‘¢ -# Mi £172,000 was likely. higessSS oo

4) However, improvements to the retail offering, increased admissions income, further expansion of events |= hee ine hel > eoaPelinsg Fee OS Fe te tee Res OP ee TO PT sales and strong sponsorship of education activities meant that unrestricted net income (surplus) for the ee ea ee, ee ee ee ee 0 & ld aor year was £105,286. wee Lowers. Total unrestricted income for the year was £2,286,174 (2022-23: £2,021,711), an increase of 13% over ro fer Cider 2) Lb Use «PO ree™ OT ari Mes o the previous year. In recent years, access to government grants has proved to be a lifeline for eeee en) 2 hc ee[oe] oe ee ee 22 ee ee Saas Techniquest, and this year grant income of £200,000 was received from the Welsh Government. However, this grant will now be tapered off to zero over the next two years with £135,000 confirmed for A cere, +geht ta”ae aeSoaweA Nsa Bre ed AS,OF alaWRT RetSo TEAaaZee eehb" eeoa erFiteME© ho 2024/25 and £75,000 confirmed for 2025/26, then zero in 2026/27. Other donations and grants received ie ee eo a oe| Aet = sel a own[et] he totalled £63,449 (2022-23: £56,312) vf eS Te pel Unrestricted income from the provision of educational services delivered was £1,477,952 (2022-23: Weer se *tne Soe be eta Negi eye) Se st aeae Pe £1,431,299), an increase of 3.3% on the previous year. Income from retail sales, commercial events Je Lee PES OS “. Fs Clee aee © eee Se and rental income was £480,675 (2022-23: £325,861), an increase of 47% over the previous year. eeee ee ee eh ie St Unrestricted expenditure for the year was £1,957,447 (2022-23: £1,663,982) which is £293,465 higher a es bo oe, | OM oe CO me tt os" Ses * ST aa a than the previous year. The main increases arose in salaries, repairs and in utilities costs which account ede ete fae Cede Staats = "a ‘ae beg[th] oteBe.iel Tie - for almost £237,000 of that. rl See ee 1a &

The decision to continue to pay the Real Living Wage as a minimum to staff has enabled a far more settled Wg S38 eee ee ee oe ee | ee ee ee ee and stable workforce, but together with a cost of living increase for other staff has cause total salary costs eS er en ad ae ee Pale “oes pT

to increase by £95,471 over the previous year. ‘view “ FUR = _ Poe, =: a Repair costs have increased by £47,608 mainly due to essential repairs to the wet area and also to RS ies PMS eee SE ce es Rt ee ee LL ae oe Lo ib. Bg providing temporary heating equipment whilst the boilers were replaced. iva are 4 te a ek ae a a ate i &

Peed. Finally, utility costs increased as the impact of high unit costs in a new 12 month contract for gas and We est ae eS ee ee ee Fo eg ous ee electricity took effect. This contract expires in September 2024, and a new contract signed in March 2024 AE ee ey Se. See RA eS OM eS ee ts eet fe "at, will reduce unit costs by over 50% effective 1 4 et me De, oP eye[st ] ee October 2024. ey

a8) Restricted Funds - 3 2 ."s PP Provision of school outreach educational services, the Nuffield a eed as lg 8 we We) aT — =a hiveerais.. Programme, and grants received iso SAR Si

beng. During the year, fl 78,865 (2022-23: £130,652) was received to support the provision of school outreach wip, Miw. & ~-t55.6 Lia a ot Soe Tiss ee on ot ee. » educational services and the Nuffield Programme. It provided support for free places for schools and Ser thm hay he Fg Rake a ee Me on ee | additional funding from the KLA Foundation has enabled Techniquest to increase the number and range wpe te ie ee ere PY ae ees Pe? Sorc of lab sessions, both for school and public audiences. =_ fo es «*,” at ball aga ox = 5 gS, »

St) Costs associated with providing those services were £164,508 (2022-23: £66,240). TE ee nl Se ey Oe OR de ee The net income for the year of £14,357 (2022-23: £76,912) together with funds brought forward of Mae ee eee TA2 ee Lt PS ae a ee a ee SE £114,412 have been transferred to unrestricted reserves as at 31 nay. | a el ed A dF be Ca“ ae “Safi[st ] March 2024. ‘tt rE

8

Techniquest = awaa ire,# “Tg,~ ee Annual Report & Accounts ei eT pet a,

Restricted Funds - ‘de he Bee 2 Inspiring Science Fund She Var, 9d hitag

os“ The Charities SORP 2019 income recognition criteria specify that income should be recognised when the cree 7 - a 5 =i=_3- [a fisa.l sas aL vie - = |~| ere >. de a i= 755 - he. following criteria are fulfilled: ee Be Seot t®

at ISF Project expenditure of £389,496 (2022-23: £393,556) was recognised on the SOFA in 2023/24 and SP Sic LE FR ty LS ee ag <8 Ded Se. as a result, there was a deficit of £389,496 (2022-23: deficit £393,556), which is included in the restricted mat Te, St 5” eet ee heey 0 re ee eee Oe[ee][Ce] eet reserve for the Inspiring Science Restricted Fund. The restricted reserve for the Inspiring Science Fund rn) See, Se ee ee == ee Oh ea E a + ne *ys =a" has been used exclusively for the construction project. The Science Capital building project was completed > be pe he Swe ome tee Ue Ce een[ee] ae Pe eS ee Pere in August 2020, and all new exhibits were commissioned and made ready for use in October 2020. ee PA SS Fe A ae add ES a SE ee Tee.Sti 5.

Tsar On the SOFA, there was a Total Funds deficit this year of £269,853 (2022-23: deficit £106,117). This Total Funds for the year ee TE Fee ee =)or TeSF oe) et Be; Se re Od eS Se Stet LPs Ce comprised a surplus of £105,286 on unrestricted funds and a deficit on restricted funds of £375,139. ee See ee a. SE a ea) at.

Reserves Fe” ae

The reserves policy has been developed based on the need to mitigate the highest risk areas identified in the Techniquest risk register and is in a range of between £0.85m to £1.3m. Techniquest's current level eeoO) SeSiar fePe) “SCdee 7->On? outsott a tt eeerae) | “= reneei ees. eeeTE ne et patea PLee Letee A Se A i of free reserves is £1,037,347, which is total reserves less net book value of fixed assets, and anticipated eo waBS owe) te ee Be See2 oo a OeOe

designations for future commitments, and is in line with the current reserves policy. The policy has been meta ee ek pela: eed eS ane eee Tre Shee or seeweo tie’ g Thorp ees ae oes reviewed by the Finance Director, Directors and Chief Executive Officer during various Board and sub­ ty Oe meets eet. Cee ret ase yer Flee Pee ae te et ee GEyte Committee meetings. » NebrEs -

ee Designated reserves - eei unrestricted funds ae a

DS: Movements on the general fund & designated reserves can be found at Note 16 to the accounts. Beeps ans ag, er yo ew Ay ig Sonoe Ft oe en le hp hr-.

Lk In the past financial year reserves have funded capital investment including new boilers, new exhibits in prox =5i5Pe5 ees 7 aERt Neier: fay aa = SS], oe oe * the retro area and a feasibility study for the west terrace development. The implementation of the solar gek 2 sO" eee Re Ge a Be, eti ey ee Weta tl de _ array has been delayed until 2024, while a suitable contractor was found and so this investment amount cc * = se wield! FU be en ee ee he, ee Ls has been carried forward. 18.36 Pare Br LS

Funds have been set aside to deliver the decarbonisation plan, however this will not begin until after the Me cee et AA eo oe LE ol Lah, Wm edd he boegt Sb B* T2201

west terrace development has been completed. ae wing et aye ma ee,» meme

Restricted Funds a Se et the assets for the Science Capital Project. This will be reduced over the useful economic life of the assets ated Within restricted funds, an amount of £3,141,116 has been allocated in respect of the net book value of SS | al NEtainOH[ROSEteen me areSag PRE.A HSLe4. he eSee seed"heeae Arns eeete* in line with depreciation policy. 5 for se Em vz

. 9

Techniquest / +9 Pe a Annual Report & Accounts eae | ye ey: Sees

Investment Policy Gee Pas re, eek

Techniquest maintains cash balances to support the reserves policy. Cash balances are invested with Sete gs, tem.& = ot eel og et om Ol de Ba ee a eeee

major banking institutions to maximise interest receivable within a low-risk environment. See ee ee ts ae ee.”aee Per[ee] od

Dividend Kea

The payment of a dividend or any other distribution to members is not permitted under the terms of _ rm kmite ho ee 2 eee ee ee a art p onuit nap TT. oe LA “Ty Techniquest's Memorandum of Association. eet, POS De ns tS

Supplier Payment Policy “eet = peryer.s ge! eee During the year Techniquest introduced a standard code of payment of 30 days following the date of the we an COP i Fee? bee. BT OT eo 2 et Te “San invoice. The number of days' purchases outstanding at the year-end was 29.1 (2022-23: 26.4). 3 t+, *< Ee ape! ee oe Ph Bee” Sac 24S. et Reo

aT Tax Status |

Weleee Techniquest is a registered charity and, therefore, no provision has been made for taxation on its F SoS oN ok er re SE I Se oe le Sr ee oe Sy Lc charitable income. Lee

4 Employees SS = 4

Techniquest has been through several periods of significant change during the last seven years. In 2016 wee ee see Bees Pee PSP eea je ee EM 5 a new values and behaviours framework was introduced, followed by a Ss kd A Pa Aer fen 4a! Sw be oe h. move PRE ET to Results Based ke® ian Os) fo: Accountability, or outcomes-based working in April 2019. The results of these changes led to quite a wwe tS Pe ee ee ee Pe “om in"omem P+ <a

dramatic shift in the culture of the organisation, which continues to recognise the importance of wg ce ie re to Ps a oe rol a ha Dy 2 wile = fc? sty ee ="

colleagues and their contribution to the success of the charity. This year Techniquest conducted a staff sae. al Swat & et leech Ue er Ses cmt a TE

survey and as a result of feedback implemented a range of actions, including increasing the benefits ae ee ae Re eeee Se ee ee | A Eee em available for employees. 5 Bay=

ad Staff pay has been subject to an annual review process, and Techniquest is now accredited as a Real ve) pe eee a dS ae OMe et 3 ied ae FP ee ee a oe ~ Living Wage employer. &; Aa FE

The Equality, Diversity and Inclusion (ED&I) Working Group established in September 2021 continues Se galt ES ene ell pet ee a as5 om, ee Seegeil kai eee I YS ‘ I to meet bi-monthly. et a ie Achievements this year include the adoption of a new ED&I Strategy, a new eee es See ee OT eee Hy. eet collaboration with Pride Cymru to support the Pride weekend in August, as well as a dedicated team day Wo.) Ad a= ths Pe re Seen ieee = PEE ce Le i in September. In addition to developing the new strategy, the working group has undertaken a range ee ce eo eeee eee br eh i | iin |

of actions aimed at improving and advancing Techniquest's commitment to ED&I and improving eo) 7! aeES me tiege 1 == 24 5e@ 3™ oe Se =, pic 8 eS accessibility. In 2022 the charity also established its first employee LGBTQIA+ network, and this has AT. orte ee te be Toa a Soe 2 eae

continued during the year under review. SA Le oe a FO Sek People with disabilities a fee

Techniquest has a policy of encouraging the employment of people with disabilities wherever this is aysOty te+ Corea be ee4 a SO Dees were Geb

practicable and makes reasonable adjustments to working conditions or to physical features of its ney i ae Se CSG ee ee eR SS

premises where they are placed at a substantial disadvantage in comparison with people who are not el "4 7 7 et le ag el eee > te o> ed an aie _~* seh & =’

disabled. a

a 10

Techniquest Annual Report & Accounts ee Geta SS tects eR Structure, governance and management SS eRe Reet Sue ae

“ar Governing document order. = i ahi, Mov

Techniquest is a company limited by guarantee and a registered charity. Its governing documents are nesa * Tee > ik wee win 7 agt te) oe Weigees Tora Fuente4, ft wc" its Memorandum and Articles of Association as adopted on incorporation in 1986 and as subsequently e pete eee fake a ute i en ee ee i ee Se amended by written resolution in September 2020. ts ao weet * wade i

The charitable company has one wholly owned subsidiary, Techniquest Enterprises Limited. This y <7 <i #2 « ~ ee jdeet Boe ™ nfsive.. eg NG oe

company is currently dormant but can be reactivated if and when it is decided to engage in significant Ls "pon PSE = ore iis boro eo ee oe ee ee” © ee Ppa trading that falls outside of the objects of the company. --aat Obese eee ees

Shae Members of the Board and the company's advisers a*. FPS?cu Lc = te +" 4 ee" The Board and other advisers who served the company during the year, and up to the date of signing, S2dorg SRS Be biome as Mee pe PSee Pe OY 1 AAS together with other administrative details of the company, can be found on page 3. ST oS SS ee EC ee Pir: a A ee Spee

Ree Board and governance structure Sethe OF age. le, wear Board members are appointed or removed by resolution of the Members of the company in a General Skt ee S26" wv steko 16 wea? & eias OM,en bei Meeting. Board members retire by rotation at the Annual General Meeting and may be re-elected. The See ie 4 Qi £r) se Mow 8wierd elt ft fo eg Le oy eS OT a Board has been constituted so that finance, legal, education and technology fields, local entrepreneurs ee ie eeee eh nn oe 27 oe . Brees at and communities are well represented. New members undergo an induction programme to ensure that wal BS ee OE eae es ae a ee ers et they are acquainted with all aspects of the organisation including an opportunity to meet key employees. eae 9 LSU Pe tere ereae EeeUe leSa eS. Ss ic ie Pee In addition, they are fully briefed on their legal obligations under charity and company law. Og Es ips,a ge ee Cyt Tse ue SAL ae ee The Board is responsible for the company's strategy and policy framework. Board meetings are held at eeeeae redee Oeee,le) ee ie Se least quarterly and there is a separate sub-committee covering finance and audit. Newets hale:© ht See meer ren, | ee et a ee

The Board has adopted the Charity Governance Code (for larger charities) which sets out seven principles mgt wm Pee art abe oe Mk ge ee Te oe Pom me Fi ie 82 bees

and recommended practice for good governance. It is intended to be used as a continuous improvement el me ert ce ts i ee Pa eeee ee 2Se ee he

tool, supporting the Governance Policy that already exists. Techniquest is already adhering to most of gl MEET Ce 7s ce Pe See is Fo a oe es a Tt) eT the code and produced a plan against those areas of recommended practice that were not being fully ee cate Id ey | Ts ge a ee Ge Se ee al

complied with, using the "apply or explain" approach recommended within the code. av Ta =~. 7 o * “4 * ae ra = 7 > Ser ap * & # =— ~a- = Pik The Board has overall responsibility for ensuring that the company has appropriate systems of controls, Aek a ee Sse ee ee teed eee fe: ee IT Oe 3H Se financial and otherwise. The Chief Executive Officer (CEO) advises the Board on strategic issues and Si rdee e O a hy et a SS a) fe A ee Le ES LS Z.

manages day-to-day operations with certain restrictions. The CEO appoints certain senior executives to tng oy* oS eT cer iy oar ort oa WS fra mF ne ek op gO aed”

the senior management team, which meets formally on a weekly basis. Li pak wists att Sa" ai at MMos[Ag][=][Fae][ce][B,]

Risk management ‘So Sole ary

Pe The Board has responsibility for the formal risk management process and regularly reviews the current on ee eeoei. ee 2 er aie one 2 ee risks the charity faces and the controls in place to mitigate these risks. The Leadership Team maintains tes Sh a = nat ee Se “aad” fee ie one = re ™ “we 4 f mats) a and monitors an up-to-date risk register prioritised in terms of potential impact and likelihood of wa SS eae) SES Be ES eS et Pid, T4.: BTA Ai Beas «* occurrence. All risks within the risk register are reviewed regularly by the Audit & Finance Committee P en esee i or a ee A a mM) 1 oth| = in Ene and then shared with the Board. wel’ yimbe a ego a es 73. The Board seeks to minimise levels of risk wherever possible but acknowledges that some risk is Se ee PF ESE) RS: Ee ee ee) SE Sora Fas Ss unavoidable when operating within its chosen environment. The risk register has been reviewed and “ef =e Poh SeST ae oe WY A! oP Te ee SE LE a ee revised to align with Techniquest's new strategy and six strategic themes of: admissions; marketing and WY Sesete Sa Oe cet er = BR EHSE SF eee | 9 ae Pe Sey ale PR; customer experience; events and retail; business development; and education development. $i ee rere 2 eee er Reos eee Oo we ee Od,

Building Ven see Techniquest's land and buildings in Cardiff Bay are held principally freehold with a small leasehold ee, ee oe oe ee ee a ee en ee coor or

element. The land and buildings are recorded in the financial statements at cost. The land and buildings ‘235 "1a “eee weet sO ers lee eS Pe CT ta eo

were last valued at 19 oe HS Ler EO*[th ] se August 2020 by an independent professional firm of chartered surveyors on a e e2 hed SYS Ve GE

re-instatement cost basis at £11.Sm. The Board has chosen not to include the property at a valuation. sat eet. « @3 FPL ae F A 4. &* .~ D-4w, 4 ys ol5 > hee ™ SS a oS

11 i

Techniquest

Annual Report & Accounts

Public benefit

The Board can confirm that it has complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance as published by the Charity Commission. Significant activities undertaken during the year that demonstrate public benefit are set out within the content of this annual report.

Plans for future periods

From 1[st ] April 2024, all commercial activities which do not support the charitable objectives of Techniquest have been carried out by Techniquest Enterprises Ltd, a wholly owned subsidiary of Techniquest. Any profits arising in future in Techniquest Enterprises Ltd will be gifted to Techniquest.

Following the appointment of the new CEO, the charity's strategy will be reviewed by the Board during 2024. We will continue to develop our science discovery centre.

The key objectives of the charity are:

12

Techniquest

Annual Report & Accounts

Statement of members of the Board's responsibilities

The members of the Board, who are trustees and also the directors of Techniquest for the purposes of company law, are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Board is required to:

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the directors are aware:

AUDITORS

Bevan Buckland LLP were appointed auditors for Techniquest for 2018 and future years.

Approved by order of the directors and signed on its behalf by:

........ 7··· ...................... . Mr Nash we Secretary

Date: 5[th ] December 2024

13

Pen Techniquest eens. pee Annual Report & Accounts Cheat be

Independent auditor's report to the members and trustees of ets = cota ay Ma wk fetid, ae auth, of Techniquest Binley

Prk Opinion

We have audited the financial statements of Techniquest (the charitable company) for the year Pet 5 SS Ret “ER Se ee eee wt SP Me RY Sit fies a = ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, Shel * ke. Om Mel ow ae ee SP feed we5 et Le PFae Tl the Cash Flow Statement and notes to the financial statements, including a summary of significant ag Fieger sae “ob vat ‘aei ae, koe OT Be ee Veo gs accounting policies. The financial reporting framework that has been applied in their preparation os eeeesreSe ee ee oes ae * is applicable law and United Kingdom Accounting Standards, including Financial Reporting wees Se ar ys el ore SS cr ey Sep eee ee Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland ee eeoe ee eee ee a, to ee e ow PAe (United Kingdom Generally Accepted Accounting Practice). ee ee, A ee a ok In our opinion, the financial statements: We “«Pe • ae give a true and fair view of the state of the charitable company's affairs as at 31 March Te5. weeea ee aiea ee| a= = we we Co a lee vai ee

2024 and of its incoming resources and application of resources for the year then ended; Ah eve? erm st Ss. te” “j. = . 2g a bee ees Dm yt’,

ter Basis for opinion cA ©

eee We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) epee, ee ae ee | en! a -i: Swed,' and applicable law. Our responsibilities under those standards are further described in the So quth 7! he te i OES Oe (fe) ok ee wwe He Ls bn] Auditor's responsibilities for the audit of the financial statements section of our report. We are ele, © ete “ae hee oe, SES Roeuae toe vedes 2 te Ser =, 2 EPP independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, Fi ee20) ot Se We,ee ie ee artyA ' Cet i)Rientet eS REA e e” OeeOL se and we have fulfilled our other ethical responsibilities in accordance with these requirements. We oe eae DE i a eel eee oe oe ek, eh eh believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis oi on pes oe gee ‘Teoe aqts wl os tape ¢ "wetee eG oy SAa te for our opinion. a7+ te s5;

• the trustees have not disclosed in the financial statements any identified material =. waAt,. <r oa &-ee Si ee, Le 4” Gs att Pee al uncertainties that may cast significant doubt about the charity's ability to continue to adopt a ASR eR niet ee we Riel Cy the going concern basis of accounting for a period of at least twelve months from the date athe 2% a ke ~ Sant 2A en Pe BlMinTE[ee][ee] SESi e TSSi Se Ssde when the financial statements are authorised for issue. Sn: Thee ws Se DS ee Se Other information* eth rs The trustees are responsible for the other information. The other information comprises the Ye Pe Wh ete, AP So Se a ee eye ae ee information included in the annual report other than the financial statements and our auditor's See eh eee hs DT. oem = . ~ e059 's =e Lapel dag Se oe oe report thereon. Our opinion on the financial statements does not cover the other information and, bom hee We ee we ete RO oe Oe Bn, 2 pert ce a Ee te except to the extent otherwise explicitly stated in our report, we do not express any form of be) a ea Le, Inet eife berger cnate reir 274 assurance conclusion thereon. ole: Aes In connection with our audit of the financial statements, our responsibility is to read the other S afyree ee Pg ee te ee ee Se i UP Sy Pe AP a information and, in doing so, consider whether the other information is materially inconsistent eee et Ft acyl eau 7oe ee. eee Bdemaaged “4 on a =m iy dee col te with the financial statements or our knowledge obtained in the audit or otherwise appears to be Th tees CO esee in ees eae Se NE ee ret wenn hh materially misstated. If we identify such material inconsistencies or apparent material Se ae CS Se Se, ee i See! Ces Yo OPS misstatements, we are required to determine whether there is a material misstatement in the Pe eel ewe Rb ee | Set JS; co Hae LS ae financial statements or a material misstatement of the other information. If, based on the work rp "oh as iet= o® Wee” ae ee Sah er. Oe eA oe we have performed, we conclude that there is a material misstatement of this other information, Ty OE ee Te a oe RS we § inet ee etd) 4) Fe ONL we are required to report that fact. We have nothing to report in this regard. wg eS mE ee ee eee eS eee i ee

Ge 14

Techniquest eyeS eyti Fhe| Cea, Annual Report & Accounts gas tat Fy ee teti

Matters on which we are required to report by exception JAS YS’ Sr =e 2 ee ers i

In the light of the knowledge and understanding of the charitable company and its environment ete ef om Lb Sei ee ee oeee es a, eee

obtained in the course of the audit, we have not identified material misstatements in the Trustees' ole oe a. == LS BPee ae ee § bal > - #¢39e= al ee ee --

Annual Report = Tar a

We have nothing to report in respect of the following matters in relation to which the Companies SF Se eae Be eeTS. ee ET hte A ee ee ara ot Act 2006 requires us to report to you if, in our opinion: eeeT goon*. (Rimeg Tom me Skee

• -eh adequate accounting records have not been kept or returns adequate for our audit havenot been received from branches not visited by us; eeBet imReSE me i eefreee ea oeeeel eeTF ee ee es “iw

Rt Responsibilities of the trustees FO I be Oe

SD As explained more fully in the trustees' responsibilities statement, the trustees are responsible for a i Me ee |Aee a eeoe ee eton the preparation of the financial statements and for being satisfied that they give a true and fair ve ee ee ee. SPOR Bagh: Sage “5&3 fi =" t.02 0h Lf -is view, and for such internal control as they determine is necessary to enable the preparation of Fi. e8 hs BertirouvE. i ae 1 ase ig-wims ow =eTe 2a! financial statements that are free from material misstatement, whether due to fraud or error. se erie Pe Pe ee rn ep -Teie Set ieee foe In preparing the financial statements, the trustees are responsible for assessing the charitable Ce vye Oo ees eee i Ee a oe ce Be eee" company's ability to continue as a going concern, disclosing, as applicable, matters related to A Pe EB ee Ee ay OPP Fee Sie Okt, ln Sala, BF going concern and using the going concern basis of accounting unless the trustees either intend ee ee ee ee ee ee en ee eee eo) eee fen oe2 oe es[ee] to liquidate the charitable company or to cease operations, or have no realistic alternative but to ''wiely ed “east sre. mete Che be et ee l= mle do so. Fe ot

Our responsibilities for the audit of the financial statements " eseeee ee a ee i i Our objectives are to obtain reasonable assurance about whether the financial statements as a a eo ci ee Le ie Pek whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's Oe4. ES, Bere > eeeo a Ne PSO report that includes our opinion. Reasonable assurance is a high level of assurance but is not a ae ae QU Os pS ate ea ee See ee guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material ee oeee oe ee eee ee ee ie ee misstatement when it exists. Misstatements can arise from fraud or error and are considered oe WeeSe erie ect fh Pare eee et wt ime. AN material if, individually or in the aggregate, they could reasonably be expected to influence the m Loetap Sar Fe get ee, OS Pe ee Os ee ee eet PR economic decisions of users taken on the basis of these financial statements. Pe Me ty We le 2 te fe OSS © a, ey oe We design procedures in line with our responsibilities, outlined above, to detect material Dy She. etre © ieee DATS mo ag ty ge er ee i ee ort af misstatements in respect of irregularities, including fraud. The extent to which our procedures are 9 0a ep Tpe capable of detecting irregularities, including fraud is detailed below: a ttLe “Free eesCi eeee iePe Seee arethOe en oe io ge fer Extent to which the audit was considered capable of detecting irregularities, including SRS KS Sl Bo es ee ateern SS <° fraud. 4% We identify and assess the risks of material misstatement of the Financial Statements, whether "| 3 wt 6 aa Aa™ 19 wheFE, 2 tem FE yee. SS ee Se due to fraud or error, and then, design and perform audit procedures responsive to those risks, ge SS Re Be Lek ee ee ee ee otei * | lee ee Lene including obtaining audit evidence that is sufficient and appropriate to provide a basis for our ST Ale AP) 8 ee POA. Tes ime oS eee Ma Sy opinion. =e

1 15

=: » Techniquest con, UATE Annual Report & Accounts 7 dd 7 & ¥

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the rs = of te Pee el eM EE a elec pete ee oe

engagement team members whilst planning the audit and continually monitored our independence Rk oeeeee ee ee A Se oe

throughout the process. oe opfe te

Identifying and assessing potential risks related to irregularities. ee eT - wae Tig fe BS om eeeml eo In identifying and assessing risks of material misstatement in respect of irregularities, including See os oe ee Se ee a ee os = aagri. bien eae fraud and non-compliance with laws and regulations, our procedures included the following: bo Oe Son So Pee ee St ee areee • enquiring of management, including obtaining and reviewing supporting documentation, Well Fe aes tL eri ee Aisa hog tof gl opprwiigee eres, “amend

concerning the charitable company's policies and procedures relating to: are’ or” Ses, tage a ee ee

16 te

Techniquest

Annual Report & Accounts

accept or assume responsibility to anyone other than the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Vickers (Senior Statutory Auditor) for and on behalf of Bevan Buckland LLP Chartered Accountants and Statutory Auditors Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA

Date: 5th December 2024

17

Company no. 01955696 / Charity no. 517722

Techniquest

Statement of financial activities for the year ended 31 March 2024

Total funds for Total funds for the
Unrestricted Restricted Inspiring the year to year to 31 March
oCee ee funds funds Science Fund 31 March 2024 2023
Income from: f f f f f
Donations & Legacies 4 63,449 - - 63,449 56,312
Other trading activities 2 480,675 - - 480,675 325,861
Other income 3 64,098 64,098 8,239
Grants received 4 200,000 - 200,000 212,500
Provision of on-site educational 4 1,475,850 178,865 - 1,654,715 1,243,647
services
Provision of off-site educational site educational
4		 2,102 - - 2,102 318,304
services
—_———————
eee		 eee eee eee eee eee eee
Total 2,286,174 178,865 - 2,465,039 2,164,863
Expenditure on:
Other trading costs 5 223,441 - - 223,441 147,202
Charitable activities:
ISF expenditure - 389,496 389,496 393,556
Provision of on-site educational 1,957,447 136,840 - 2,094,287 1,663,982
services
Provision of off-site educational 27,668 - 27,668 66,240
services
Total charitable activities 6 1,957,447 164,508 389,496 2,511,451 2,123,778
Total 2,180,888 164,508 389,496 2,734,892 2,270,980
Net income 105,286 14,357 (389,496) (269,853) (106,117)
Transfers between funds 128,769 (128,769)
Net movement in funds 234,055 (114,412) (389,496) (269,853) (106,117)
Reconciliation of funds:
Total funds brought forward 2,502,871 114,412 3,530,612 6,147,895 6,254,012
Total funds carried forward 2,736,926 - 3,141,116 5,878,042 6,147,895

The statement incorporates the Income and Expenditure account.

18

Company no. 01955696 / Charity no. 517722

Techniquest

Statement of financial activities for the year ended 31 March 2023

Total funds for Total funds for the
Unrestricted Restricted Inspiring the year to year to 31 March
funds funds Science Fund 31 March 2023 2022
Income from: f £ £ £ £
Donations & Legacies 4 56,312 56,312 96,495
Other trading activities 2 325,861 325,861 163,629
Other income 3 8,239 - 8,239 7,152
Grants received 4 200,000 12,500 212,500 394,919
Provision of on-site educational 4 1,243,647 - - 1,243,647 872,839
services
Provision of off-site educational 4 187,652 130,652 - 318,304 260,386
services
Total 2,021,711 143,152 - 2,164,863 1,795,420
Expenditure on:
Other trading costs 5 147,202 - - 147,202 73,682
Charitable activities:
ISF expenditure - - 393,556 393,556 404,194
Grants awarded - - - - 6,000
Provision of on-site educational 1,663,982 1,663,982 1,508,648
services
Provision of off-site educational - 66,240 - 66,240 115,379
services
Total charitable activities 6 1,663,982 66,240 393,556 2,123,778 2,034,221
Total 1,811,184 66,240 393,556 2,270,980 2,107,903
Net income 210,527 76,912 (393,556) (106,117) (312,483)
Transfers between funds 15,291 - (15,291)
Net movement in funds 225,818 76,912 (408,847) (106,117) (312,483)
Reconciliation of funds:
Total funds brought forward 2,277,053 37,500 3,939,459 6,254,012 6,566,495
Total funds carried forward 2,502,871 114,412 3,530,612 6,147,895 6,254,012

The statement incorporates the Income and Expenditure account.

19

Techniquest

Company no. 01955696 / Charity no. 517722

Balance sheet as at 31 March 2024

2024 2023
Note £ £
Fixed assets:
Intangible assets 8 55,006 63,248
Tangible assets 9 3,974,181 4,230,055
Total fixed assets 4,029,187 4,293,303
Current assets:
Stock 10 49,138 37,747
Debtors 11 253,238 164,227
Current asset investments 12 1,500,000 1,600,000
Cash at bank and in hand 629,365 645,976
Total current assets 2,431,741 2,447,950
Liabilities:
Creditors: amounts falling due within oneyear 13 410,886 368,358
Net current assets 2,020,855 2,079,592
Total assets less current liabilities 6,050,042 6,372,895
Creditors: Amounts falling due after more than 14 172,000 225,000
one year
Net assets or liabilities 5,878,042 6,147,895
The funds of the charity
Unrestricted funds 16 2,736,926 2,502,871
Restricted funds: 16 3,141,116 3,645,024
Total funds 5,878,042 6,147,895

These financial statements on pages 18 to 38 were approved by the members of the Board of Directors on 5[th ] December 2024 and are signed on their behalf by:

Daniel O'Toole Director

The notes on pages 22 to 38 form part of these financial statements.

20

Company no. 01955696 / Charity no. 517722

Techniquest

Cash Flow Statement for the year ended 31 March 2024

2024 2023
Note £ £
Reconciliation of net income to net cash
provided by operating activities:
Net income (269,853) (106,117)
Adjustments for:
Depreciation charges 448,580 434,211
Loss/(profit) on sale of fixed assets 3 2,664
Interest from investments 3 (64,098) (10,903)
Movement in provisions
(Increase)/decrease in stocks 10 (11,391) (21,654)
Decrease/(increase) in debtors 11 (89,011) 21,966
Increase/(decrease) in creditors 13 42,528 (23,828)
Net cash provided by operating activities 56,755 296,339
Statement of cash flows:
Cash flows from operating activities: 56,755 296,339
Net cash provided by operating activities
Cash flows from investing activities:
Current asset investments (net movement) 12 100,000 (1,600,000)
Interest from investments 3 64,098 10,903
Proceeds from the sale of fixed assets 12,672
Capital expenditure 8/9 (184,464) (166,964)
Loan (repaid) (53,000) (77,983)
Loan received
Net cash used in investing activities (73,366) (1,821,372)
Change in cash and cash equivalents (16,611) (1,525,023)
Cash and cash equivalents at 1 April 645,976 2,170,999
Cash and cash equivalents at 31 March 629,365 645,976

21

Company no. 01955696 / Charity no. 517722 Ne, Ain athe | Wats on ee

Techniquest Pa et Fae, NOTES TO THE ACCOUNTS | 1. eee ACCOUNTING POLICIES al oe TE AS Se

alt The financial statements of the charitable company, which is a public benefit entity under FRS 102, Basis of preparation and assessment of going concern es eeSSPey atl,Ae SeePeeeTiete eeig VSee bed Ais See,; ME have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Sa, et Charities: Statement of Recommended Practice applicable to charities preparing their accounts in Sy PeteSt! aae eeEPtes PtSE SUDee REhe AAAS Sealge BES Peeeey eeeEle Tg’FS = accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS ery ke Se a eh te Weegee se ber oe et oS ee ee la $F". 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting iste 2 Segre “A eel epi, Boe SE es ceet edte Re Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial er Oe we2 pt a ee 2 eee i ee Pon eel statements have been prepared under the historical cost convention with the exception of a Se Be Ry ee ete fesse" investments which are included at market value. ee. Ota MT 4 i= te

Going concern » Mea eA A

The charity has sufficient cash and reserves to satisfy directors and trustees through the assessment So Ee et aere8! ee ae Meese tee Ce et # period ending September 2025, which is more than a period of one year from the date of approval “hy we “ee des | es! de« o!, las 0! Fag teeet =e eo 2, =e of See of these accounts. The directors/trustees are also satisfied that there are no other material eee, ee eee acres uncertainties related to events or conditions that may cast significant doubt on the ability of wove ert:a8 peSe SPTy) Leeseee IeeeMaaSS Se OrRA tseeei

Techniquest to continue as a going concern. i owt: - i Aa au _§ Rane The directors/trustees are therefore of the opinion that the charity will have sufficient resources to ee er pee oO a Bh hl ont dk

meet its liabilities as they fall due. Eel fe ;

ak Income alin

All income is recognised in the Statement of Financial Activities once the charity has entitlement to A rtee DG Te oe Area a a ee ee oer 23 the funds, any performance conditions attached to the item(s) of income have been met, it is Cal, 2S eae Pew Siete ie oD Soe ee eee Se se eye probable that the income will be received and the amount can be measured reliably. Income from + Pate eee Chee Sete PETE Fn eset 2 See 4, government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the Set, re | ae ee? ees) ee ee oe ee| charity has entitlement to the funds, any performance conditions attached to the grants have been ot a, eefee ee ee| ee eh i Lie iya met, it is probable that the income will be received and the amount can be measured reliably and is Ce ea oP, ee aGP I Ee eee not deferred. Affiliation fee income is accounted for on an accruals basis and is recognised in the ow ee the Ob eS ee oe tt ate SE See MES period of membership. Income from courses and conferences is recognised when the respective oa rf ch Be ee eer qo vy ge a iat net Oh event occurs. Interest on funds held on deposit is included when receivable and the amount can be waa «= a> = ce Fee ee ge etoete sil aarti faae, 2 foe 2 measured reliably by the charity; this is normally upon notification of the interest paid or payable = eos hes a Oe ete oe § cer bee Seo a Ser He or ee ae™ by the bank. Admission income is recognised when the visit occurs. Shop income is recognised when Mies Eh. Quis Se aw ee a Se Le eS UPL the shop purchase occurs. Donations and legacy income is recognised when received. oe el i ee esee ee

ag Expenditure ashes

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation Seeeo eye we, de tg tow ye See PS gee Ge ci art eee,

committing the charity to that expenditure, it is probable that a transfer of economic benefits will be = Keen ot ot ot Be ee Pesee Pieter et fee ot Ee OE ee et

required in settlement and the amount of the obligation can be measured reliably. Expenditure is Poel Sain, ee Fe Se oP pees oe ee ete sf. Fev st &

accounted for on an accruals basis and has been classified under headings that aggregate all cost ae AE

related to the category. Where costs cannot be directly attributed to particular headings they have a sy aeA CeSS SeesPs Se waAe ie 5ae ee eOE e e ceeae Pore ae ey ly a et ,

been allocated to activities on a basis consistent with the use of resources. Charitable expenditure SB Se Mae a eee ee er Ce i ee ee

comprises those costs incurred by the charity in the delivery of its activities, both costs directly Telefe Tae TSA re, Pe Ve A ee Se ee | ee

attributable and indirect support costs. SAS eS ee Pele Cat

Allocation and apportionment of support costs Sa Se ok ge a ca) ele

Support costs are those functions that assist the work of the charity but do not directly undertake 2 Sale ash ye Sat eewet

charitable activities. Support costs include back-office costs, exhibition costs and professional and Dares 2 ete, Fee we tied Senfs UF ek osho, Se) eeel Se orgt reot ratea eeed a consultancy costs which support the Charity's activities. Support costs are allocated using the ee es & SE ees eae ee ew eo 9,

number of 'hourly' paid staff who work across the activities. pot& Wid cc et ey ees fee te

loiter Intangible fixed assets sf, oe?oe & =a Intangible fixed assets are amortised over 5 years in order to write koe TM “25 m= a ee Oe off each asset over its estimated useful economic life. 7 ma als ee ee.) “2 jl ve. mw Bee 1

22 -

"ss Company no. 01955696 / Charity no. 517722 < . an i a 7 ~ e al le all!

Techniquest x a | Pig a ; io.

Capitalisation ceases when substantially all the activities that are necessary to prepare the asset for Toe Se | a tts SN or Wien apt =e 1 tet A use are complete. Depreciation commences at the point of commercial deployment over the asset's = to *dnebenTS ire P—) as es ala = oe i 4 slsir «a

estimated useful economic life. Pte “wi “A rae bw Assets are reviewed and capitalised on an individual basis. ae a Re Se. CWee Se = et

i Tangible fixed assets Depreciation is provided at the following annual rates in order to write a, ts,ee”ea4 sees= ne Co 2, Beets EW Be SS: SS off Po each asset over its eS a estimated useful life. Ateri= go Pe

Improvements to property - Lyra. Sr Cie 6.66% on cost per

Plant and machinery - 20 98 aS, 10% to 20% on cost SR ee ee

Fixtures and fittings - ete 5 Se Ts 6.66% to 33.33% on cost CE vr a

Exhibits - ee 6.66% to 20% on cost ee ee Se Computer equipment - a a Se 20% to 33.33% on cost oh? “T":e: Motor Vehicles - = ajte) = 20% on cost Pits LA =F

S Assets under construction: the policy is to capitalise only costs directly attributable to building and Mee pian gti feat FS meadg be {Lod wt omek” ak. ne. here sate Le wil totegg ten developing the Science Capital. All expenditure is recognised at cost and includes contractors' whe, to Ae Are Eee een ete ct ee ot el aah charges, materials, any directly attributable labour and any directly attributable overheads. Se- tk See TN e= See et oY Pe BAe 9 Pee eo, Capitalisation ceases when substantially all the activities that are necessary to prepare the asset for foe | og OP ae dk PO om yt" on ig = Fie use are complete. Depreciation commences at the point of commercial deployment over the asset's hei ne, oeeteth ie eeoe be ee ee i ee Ceeo Fe estimated useful economic life. wt OY Ae Se rE ES Assets are reviewed and capitalised on an individual basis. ee eee) ok en ee a 2 a " Meds, Stocks ee Stocks are valued at the lower of cost and net realisable value, after making due allowance for a Be Le ee et Te Bs 8pale obsolete and slow-moving items. ee ee ee es eeens |

Cash at bank and in hand

eck Cash at bank and in hand as Se a SS oe Cash at bank and cash in hand includes cash, short term highly liquid investments with a short eeae Oe oe -~F age ee Ue LALoe Tale 4 Ff ne a maturity of three months or less from the date of acquisition or opening of the deposit or similar tea = arCh Lene ae eee eo ee ef rayon ea 8 ee eea Oe) eek account and short-term investments with a maturity date of one year from the date of acquisition See DoPD ae ce ee go or opening of the deposit or similar account. a PTS PT) Pe he a Lee, ae) Current asset investments ee ee Current asset investments are investments which Techniquest holds for resale or pending their Tee ge we ae OT) eee en sale and cash or cash equivalents with a maturity date of less than one year. This heading P| Sas Ee Seset eype Aeea ee.a Sea So™ | ee)oe Coe includes cash on deposit and cash equivalents with a maturity of less than one year held for wee See hen fekee Me me etee eeoe | aee ee negligible risk investment purposes rather than to meet short-term cash commitments as they fall es ae ee ee eh ee eee ee ee wf —'s due.

Paegtee Financial instruments Fe te

The Charity has chosen to adopt FRS 102, Section 11:Basic Financial Instruments and Section 12: eee ee ee ee ee ee ee eo ee Other Financial Instruments Issues of FRS 102 in respect of financial instruments. m=, eS re ee SS eeeee oe

All financial assets and liabilities are initially measured at transaction price, including transaction Paaeh” ow te eee east oe ow nets Side ae Te poh ORY Re ey ko WO teow, costs, except for those financial assets classified at fair value through profit or loss, which are initially wit he ce bee ey i aa yet Le BS measured at fair value (at transaction price excluding transaction costs) unless the arrangement ee fp EO constitutes a financing transaction. Pedi eee FEMWEaeA Se ee NST ied eRe, TAR OF ot EL [ni St. Se Financial assets and financial liabilities are only offset in the Group balance sheet when, and only vs ere ee Se Se) ee poe De CP ee Ee Pace when, there is a legally enforceable right to set MR Fee eek eee off ae the recognised amounts and the Group intends Sees Me te Bo Dee Pave a to settle on a net basis, or to realise the asset and settle the liability simultaneously. re pe et, oeeanig he om wy! eee Mt ee, i Te or Debt instruments (other than those repayable or receivable within one year), including loans and eee Geer et eS ee ere a ee es ed “ser ar other accounts receivable and payable, are initially measured at the present value of the future cash cw Os a oe mee f=. *~ = ¢ af 8 ‘ie 1‘ ™ at le oP . flows and subsequently amortised using the effective interest method. Pia ek Ph kr i bee a be Pe oe

abs 23

Company no. 01955696 / Charity no. 517722

Techniquest

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount

offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally

has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Concessionary Loans

Concessionary loans are loans provided by/to the charity at an interest rate lower than the prevailing market rate or with more favourable terms than those available from commercial lenders. Such loans are generally provided to support charitable activities or to provide financial assistance to individuals or organizations that would not otherwise have access to affordable credit.

The charity recognizes concessionary loans at cost, which is the amount of cash or other consideration paid/received at the time the loan is made, plus any directly attributable transaction costs.

Any impairment losses are recognized when there is objective evidence that the charity will not be able to collect all amounts due under the loan agreement. Impairment losses are recognized in line with the conditions of the Concessionary loans and accounted for in the financial statements accordingly.

The charity discloses the amount of concessionary loans outstanding, the interest rates and other terms and conditions, and any amounts recognized as grants or impairment losses in the notes to the financial statements.

Other Loans

Loans are recognised at the settlement amount due.

Deferred Income

Deferred income represents income received but not earned as of the year end. Deferred income primarily consists of income for affiliation fees received in advance of the affiliation period and grant income.

Employment benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.

The cost of any unused holiday entitlement is recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Fund accounting

Unrestricted funds are available for use at the discretion of the directors in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds are unrestricted funds earmarked by the directors for particular purposes falling in future time periods.

24

Reet x . Techniquest Company no. 01955696 / Charity no. 517722

Restricted funds are funds subject to specific restrictions imposed by donors or which have been es eee en De fie a tee AT Ee ee I ee

raised by the charity for particular purposes. The aim and use of each restricted fund is set out in SAE LE Tie Se EYphen SS Le oe Be LA a ee en the notes to the financial statements. tA ifs Fin tf Tat Oe eer Pension costs and other post-retirement benefits eGee a ee te ee ah

Pensions costs are charged in the year in which premiums are payable. Differences between amounts Free ae, ey es ala 22we ee Ee i vwRiPRU The Company participates in the industry wide defined contribution pension scheme. The assets of contributions are invested separately from those of the charitable company's assets. paid and amounts charged are included in the balances sheet as provisions or prepayments. These vtEP2 eeepes, 8eeee =,aGT TiellsoeaeAMe Monsa ieseet 2sEdi pleeeae ee mEeePrt Sa, asr aeWa aoe the scheme are invested and managed independently of the finances of the Company. Pension costs te ee PA Eid aga Ao St, Se el w Sae e me are assessed in accordance with the advice of an independent qualified actuary. Costs include the Seg oe ees “ea GS egg ee Be at Te Ee “- regular cost of providing benefits, which it is intended should remain a substantially level percentage or ——ea Sie le oe aH tae ie iss a= a eure tele ifm = bw" cue of current and expected future earnings of the employees covered. of Ores eo Se ee ee PELov

oe Legal Status of the charity | 7 4 ." 7 a “Se The Charity is a company limited by guarantee and has no share capital. In the event of the charity Sr i: 4th ee “SS SS ee hee oe “Fat 3 mi" “ats being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. HP Sots ee PS ae. eee Fe et J eM

Techniquest

Company no. 01955696 / Charity no. 517722

2 Other trading activities

31 March 31 March
Unrestricted 2024 Unrestricted 2023
funds Total funds Total
£ £ £ £
Shop and cafe 281,628 281,628 229,231 229,231
Corporate Hires 199,047 199,047 96,630 96,630
~~a~~ 480,675 480,675
325,861
SS		 325,861
Other income
31 March 31 March
Unrestricted 2024 Un restricted 2023
funds Total funds Total
£ £ £ £
Bank deposit interest 64,098 64,098 10,903 10,903
(Loss)/Gain on disposal ~ - (2,664) (2,664)
64,098 64,098 8,239 8,239

3 Other income

4 Charitable activities

a) Income donations and legacies

31 March 31 March
Unrestricted Restricted 2024 Unrestricted Restricted 2023
funds funds Total funds funds Total
£ £ £ £ £ £
Donations and
Legacies 63,449 63,449 56,312 56,312
Grants received
~~r~~		 200,000
~~r~~		 ~~r~~ 200,000
~~r~~T		 200,000
T		 12,500
T		 212,500
T
~~r~~ ~~r~~ ~~r~~ ~~r~~T T T T
263,449 - 263,449
-		 256,312
-		 12,500
-		 268,812
-

26

Company no. 01955696 / Charity no. 517722

Techniquest

b) Income from other charitable activities

Income from other charitable activities
31 March 31 March
2024 2023
Total Total
£ £
Unrestricted
Provision of on-site educational services:
Admissions 1,307,154 1,243,647
Support from Welsh Government or public authority and other parties 168,696 185,102
1,475,850 1,243,647
Provision of off-site educational services:
Primary school outreach 2,102 2,550
2,102 2,550
Total unrestricted 1,477,952 1,431,299
31 March 31 March
2024 2023
£ £
Restricted
Provision of on-site educational services:
Support from Welsh Government or public authority and other parties 178,865 130,652
178,865 130,652
Total restricted 178,865 130,652

All donations and grants recognised during the year have been utilised on charitable activities.

5 Other trading costs

31 March 31 March
Shop Other 2024 Shop and Other 2023
and cafe activities Total cafe activities Total
£ £ £ £ £ £
Materials 141,687 81,754 223,441 96,230 50,972 147,202
Total 141,687 81,754 223,441 96,230 50,972 147,202

27

Company no. 01955696 / Charity no. 517722

Techniquest

6 Expenditure on charitable activities - 2023/24

Support Other
and direct 31 March
Staff governance costs Property 2024
costs costs £ costs Total
£ £ £ £
Unrestricted:
On-site educational services: On-site educational services:
Admissions 1,070,855 333,464 553,128 1,957,447
Total unrestricted
~~i~~
~~ee)~~		 1,070,855
~~ee)~~		 333,464
~~ee)~~		 -
~~ee)~~		 553,128
~~ee)~~		 1,957,447
~~ee)~~
~~i~~
~~ee)~~		 ~~ee)~~ ~~ee)~~ ~~ee)~~ ~~ee)~~ ~~ee)~~
Support Other
and direct 31 March
governance costs Property 2024
Staff costs costs £ costs Total
£ £ £ £
Restricted:
On-site educational
services:
Science Capital project 389,496 389,496
Primary school in-house 72,916 42,908 21,016 136,840
Primary school outreach 27,668 27,668
Total restricted 100,584 42,908 21,016 389,496 554,004
~~el~~ ~~el~~ ~~el~~ ~~el~~ ~~el~~ ~~el~~
Total 2023/24 1,171,439 376,372 21,016 942,624 2,511,451

28

Company no. 01955696 / Charity no. 517722

Techniquest

Expenditure on charitable activities - 2022/23

Support Other
and direct 31 March
Staff governance costs Property 2023
costs costs £ costs Total
£ £ £ £
Unrestricted:
On-site educational services:
Admissions 1,029,838 278,379 355,765 1,663,982
Total unrestricted 1,029,838 278,379 355,765 1,663,982
Support Other
and direct 31 March
governance costs Property 2023
Staff costs costs £ costs Total
£ £ £ £
Restricted:
On-site educational
services:
Science Capital project 393,556 393,556
Other 21,217 20,086 41,303
Primary school outreach 24,937 24,937
Secondaryschool outreach
Total restricted 46,154 20,086 393,556 459,796
Total 2022/23 1,075,992 278,379 20,086 749,321 2,123,778

Staff and support costs are allocated using the number of 'hourly' paid staff who work across the activities

Support and governance costs

Support and governance costs
31 March 31 March
2024 2023
£ £
Office costs 137,831 172,000
Exhibition costs 86,579 22,705
Professional & consultancycosts 109,054 83,674
333,464 278,379

Included in professional & consultancy costs are audit fees of £11,400 (2022/23: £10,950).

29

Company no. 01955696 / Charity no. 517722

Techniquest

7 Directors & employees information

a) Directors

No director, or person with a family or business connection with a director, received remuneration directly or indirectly, from the charitable company.

Directors' expenses of £nil were paid in the year (2022/23: £nil).

b) Employee information

b)
Employee information
31 March 2024 31 March 2023
The average number of persons employed by
the company during the year was as follows:
Management 3 3
Administration 4 4
Operational 36 34
43 41

The aggregate payroll cost of these persons was as follows:

31 March 2024 31 March 2023
£ £
Wages and salaries 1,040,746 958,462
Social security costs 95,073 83,290
Pension costs
~~DN~~
~~eee)~~		 35,620
~~eee)~~		 34,216
~~eee)~~
1,171,439 1,075,968
el

There are no redundancy costs incurred in 2023/24 (2022/23: £5,873).

The company operates a defined contribution pension scheme. The pension charge for the period represents contributions payable by the company to the scheme and amounted to £35,620 (2022/23: £34,216).

Employee information

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Highest paid employees 31 March 2024 31 March 2023
£60,001 - £70,000 1
£70,001 - £80,000 1 1
£80,001 - £90,000 1
£90,001 - £100,000
£100,001 - £110,000 1

The total employee benefits received during the year of the key management personnel of the charity was £243,969 (2022/23: £235,617).

30

Company no. 01955696 / Charity no. 517722

8 Intangible fixed assets

Techniquest

Unrestricted Software Total
Development
Cost £ £
At beginning of 63,248 63,248
year
Additions 2,759 2,759
Reclassified
Disposals
At end of the year 66,007 66,007
Amortisation
At beginning of year
Charge for year 11,001 11,001
Disposals
At end of the year 11,001 11,001
Net book value at 63,248 63,248
1 April 2023
Net book value at 55,006 55,006
31 March 2024

Intangible assets are amortised over their estimated lifespan.

31

Company no. 01955696 / Charity no. 517722

Techniquest

9 Tangible fixed assets

9
Tangible fixed assets		 Tangible fixed assets Tangible fixed assets
Unrestricted Exhibits Plant & Fixtures & Freehold Total
Machinery Fittings land &
buildings
Cost £ £ £ £ £
At beginning of 331,613 7,709 135,533 1,426,258 1,901,113
year
Additions 76,690 105,015 181,705
Reclassified
Disposals
At end of the year 408,303 7,709 240,548 1,426,258 2,082,818
Depreciation
At beginning of year 232,004 773 80,747 888,146 1,201,670
Charge for year 16,195 1,541 11,038 19,308 48,082
Disposals
At end of the year 248,199 2,314 91,785 907,454 1,249,752
Net book value at 99,609 6,936 54,786 538,112 699,443
1 April 2023
Net book value at 160,104 5,395 148,763 518,804 833,066
31 March 2024
Restricted Buildings Fixtures & Exhibits Total
fittings
Cost £ £ £ £
At beginning of year 2,806,576 34,532 1,647,594 4,488,702
Additions
Disposals
Adjustment
At end of the year 2,806,576 34,532 1,647,594 4,488,702
Depreciation
At beginning of year 148,210 16,684 793,196 958,090
Charge for year 56,132 6,912 326,453 389,497
Disposals
Ad·ustment
Nee
At end of theyear		 204,342
23,596
OOO		 1,119,649 1,347,587
Net book value at 2,658,366 17,848 854,398 3,530,612
1 April 2023
Net book value at 31 2,602,234 10,936 527,945 3,141,115
March 2024

All fixed assets are held for direct charitable purposes. Freehold land and buildings include land with a cost of £15,000. Techniquest's land and buildings in Cardiff Bay are held as principally freehold with a small leasehold element. The land and buildings are recorded in the accounts at cost as permitted by FRS 102.

32

Company no. 01955696 / Charity no. 517722

Techniquest

10 Stock

Stock
31 March 2024 31 March 2024 31 March 2023
£ £
Finished goods - Shop 49,138 37,747
49,138 37,747

11 Debtors

31 March 2024 31 March 2023
£ £
Trade debtors 190,221 97,086
Other debtors 48,259 46,115
Prepayments 14,758 21,026
253,238 164,227

12 Current Asset investments

31 March
2024 31 March 2023
£ £
HSBC Money Market deposits:
Repayment date 4thSept 2024 - Gross interest rate 4.67% 500,000 600,000
Repayment date 27thJan 2025 - Gross interest rate 4.44% 1,000,000 1,000,000
1,500,000 1,600,000

33

Company no. 01955696 / Charity no. 517722

Techniquest

13 Creditors: Amounts falling due within one year

31 March 2024 31 March 2023
£ £
Trade creditors 149,750 42,240
Taxation and social security 31,180 51,847
Other creditors 52
Interest free Invest to Save Loan 53,000 53,000
Accruals and deferred income 176,956 221,219
410,886 368,358

14 Creditors: Amounts falling due after more than one year

31 March 2024 31 March 2024 31 March 2023
£ £
Interest free Invest to Save Loan 172,000 225,000
172,000 225,000

There is one concessionary loan included in creditors at the year end, namely, Invest to Save loan totalling £225,000 (2023: £278,000). The interest rate on the loan is charged at 0%, and the repayment date of the loan is 31[st ] March 2028.

15 Loans

An analysis of the maturity of the loan is given below:

31 March 2024 31 March 2023
£ £
Amounts falling due within one year 53,000 53,000
Amounts falling due between two and five years 172,000 225,000
Amounts falling due after more than five years
225,000 278,000

34

Company no. 01955696 / Charity no. 517722

Techniquest

16 16
Movement in funds
Net Transfers
At movement between At
1.4.2023 in funds funds 31.3.2024
Unrestricted funds £ £ £
£
General fund 1,128,292 105,286 105,286
(196,231)		 1,037,347
Designated - from general funds
Fixed assets
Future commitments 474,579 474,579
Future capital investment 790,000 360,000 1,150,000
To cover operational costs deferred from
2023-24 110,000 (35,000) 75,000
Unrestricted funds 2,502,871 2,502,871
105,286		 105,286
128,769		 2,736,926
Restricted funds
Science capital fund - Fixed assets 3,530,612 3,530,612
(389,496)		 3,141,116
WCVA & other restricted funds 114,412 114,412
14,357		 14,357
(128,769)
Restricted funds 3,645,024 **(375,139) ** (128,769) 3,141,116
TOTAL FUNDS 6,147,895 (269,853) 5,878,042
Incoming ResourcesNet movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 2,286,174 2,180,888 105,286
2,286,174 2,180,888 105,286
Restricted funds
Schools outreach and Nuffield programme 178,865 164,508 14,357
Science capital fund 389,496 (389,496)
178,865 554,004 (375,139)

35

Company no. 01955696 / Charity no. 517722

Techniquest

16 Movement in funds - comparative

Movement in funds - comparative comparative
Net Transfers Transfers
At movement between At
1.4.2022 in funds funds 31.3.2023
Unrestricted funds £ £
£		 £ £
General fund 959,621 210,527 210,527
(41,856)		 1,128,292
Designated - from general funds
Fixed assets 305,432 (305,432)
Future commitments 312,000 162,579 474,579
Future capital investment 700,000 90,000 790,000
To cover operational costs deferred from
2022-23 110,000 110,000
110,000
Unrestricted funds 2,277,053 210,527 210,527
15,291		 2,502,871
Restricted funds
Science capital fund - Fixed assets 3,939,459 (393,556) (393,556)
(15,291)		 3,530,612
WCVA & other restricted funds 37,500 76,912 76,912 114,412
Restricted funds 3,976,959 **(316,644) ** )
(15,291)		 3,645,024
TOTAL FUNDS 6,254,012 (106,117) 6,147,895
Incoming Resources Net movement
resources expended in funds
f f f
Unrestricted funds
General fund 2,021,711 1,811,184 210,527
2,021,711 1,811,184 210,527
Restricted funds
Schools outreach and Nuffield programme 143,152 (66,240) 76,912
Science capital fund (393,556) (393,556)
143,152 (459,796) (316,644)

36

Company no. 01955696 / Charity no. 517722 qQege: (PO Leen “eR

Techniquest “Swe a”

Designated reserves - hele tes Sn PS unrestricted funds ee tae

The main items designated from the unrestricted general fund by the directors are: A 4k pee ee ld

  1. ~ £474,579 has been set aside to ensure that sufficient funds are available to meet eee SE Pe tO ee we Si eS es PS . tet OA commitments in the unlikely event of the charity's activities ceasing Feew a Sy Tee ST OCT- Yak a ee sast-
~ commitments in the unlikely event of the charity's activities ceasing
eee
SE Pe tO ee
we Si
eS es PS .
Feew
ew a
Sy Tee ST
OCT-T- Yak a
ee sast-		 . tet
2. £1,150,000 has been set aside for future capital investment, to include:
i Ofied
ot
pe
ee
Of
“Si ga»
io, cave
or
a*
Installation of solar array (summer 2024)
Phase 2 decarbonisation strategy
= PRCA
eo oe eee Se
>
sie
enoe)
&
* eli		 200,000
150,000
a
Replacement Chillers in exhibition space
Exhibit refresh
aM A
ee ie At tewe
=
MPSBea		 300,000
300,000
E pyee5
uf Pein
West Terrace - contribution to building project
;
ee
ee
ee
ae
eeoe		 200,000
atu *e
  1. s See £75,000 has been set aside to cover operational costs deferred from 2023-24 ee ei TM et em “ete

Restricted funds 4 “esd We

Science capital fund “ara wel So the assets for the Science Capital Project. This will be reduced over the useful economic life of the assets Within restricted funds, an amount of £3,141,116 has been allocated in respect of the net book value of VarcoA i ee eeeSa ee eeSS PRESBW Lae eelmere ORary WN Poe Feet Seayp SIR 4 in line with depreciation policy. tae Kopi bee Phe

WCVA & other restricted funds Sree We ~ a lkhe=4

During the year, £128,769 has been transferred from restricted funds to unrestricted due to an under ee RePR ae ee es ee er Sekt allocation of costs from unrestricted funds over the past three years against the projects/purposes for i we Pte i eee Be Me Ts ee er ‘vies San) tt oe tame” w=

which the restricted funds were received. These projects/purposes have now been completed in accordance Se tee ee Ee See a eeees SR ee ee AS with the funding conditions and can therefore be released. In particular, the funding received from WCVA SA Seiey i ees Bae Bs i! Ce ee

now fully operational. has been wholly used to develop the online retail offering and associated website development which is emwe Heenpee ee ee ee i Oe € et Ra te eee) Se oe Fe; SK

“= 37

Company no. 01955696 / Charity no. 517722

Techniquest

17 Net Assets

Net Assets
General Designated
Restricted unrestricted unrestricted
funds funds funds Total
f f f f
Fixed assets 3,141,116 888,071 4,029,187
Net Current Assets 149,276 1,871,579 2,020,855
Non-current Liabilities (172,000) (172,000)
Balances at 31 March 2024 3,141,116 1,037,347 1,699,579 5,878,042
General Designated
Restricted unrestricted unrestricted
funds funds funds Total
f f f f
Fixed assets 3,530,612 762,691 4,293,303
Net Current Assets 114,412 365,601 1,599,579 2,079,592
Non-current Liabilities (225,000) (225,000)
Balances at 31 March 2023 3,645,024 1,128,292 1,374,579 6,147,895

18 Capital Commitments

The company capital commitments of £nil at 31 March 2024 (at 31 March 2023: £12,579).

19 Related party transactions

The charitable company has a wholly owned subsidiary in Techniquest Enterprises Limited, a company incorporated in England and Wales. Techniquest Enterprises Ltd is dormant and is carried at £nil value in these accounts.

Nigel Burbage, husband of Linda Burbage Techniquest's Business Services Director, is the owner of NB Interior & Construction which carried out various repairs to the value of £5,030 (2022-23 £2,005). There were no amounts outstanding at the year end.

20 Operating Leases

Techniquest has no operating leases (2022/23 - £nil)

21 Post balance sheet events

From p[t ] April 2024, all commercial activities which do not support the charitable objectives of Techniquest have been carried out by Techniquest Enterprises Ltd, a wholly owned subsidiary of Techniquest. Any profits arising in future in Techniquest Enterprises Ltd will be gifted to Techniquest.

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