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← Techniquest

2025-03-31-accounts

Techniquest =—ioo= "2 - i LeBle Company limited by guarantee

Report and financial statements for the year ended 31 fam at ue ee See March 2025 a a

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Contents

Members of the Board and professional advisers ............................................... 3
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Annual Report ............................................................................................... 4
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Statement of responsibilities ......................................................................... 14
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Independent auditors' report ......................................................................... 15
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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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Ty Members of the Board and Professional Advisers SE

r= Company registration number 1955696 _.t “. oa

Charity number 517722 Registered office ta©i Stuart Street Cardiff CFl0 SBW a Chief Executive Susan Wardle (appointed i[st ] April 2024) Di rectors/trustees Daniel O'Toole Phillip Pugh a Gerald Stacey a Rita Singh Amanna Giles = | Tae] E Kelsey Barcenilla Sharmarkeh Aman Janice Lane (appointed 12[th ] September 2024) Mark Rhys-Jones (appointed 12[th ] September 2024) sn: Moa an Oecag Rebecca Simmonds-Cavanagh (appointed 12[th ] September 2024) Karen Harris (resigned 12[th ] September 2024) Julia Mortimer (resigned 12[th ] September 2024) T45"_— Secretary _ MD Nash cf Bankers HSBC Bank pie a Te 97 Bute Street Cardiff CFl0 SNA Legal Advisors al re Acuity Law . ee “ - 3 Assembly Square Britannia Quay — ; Cardiff Bay a Cardiff oes. CFl0 4PL ae Independent Auditors SS Bevan Buckland LLP a Chartered Accountants ae And Statutory Auditors St ei Ground Floor Cardigan House See Castle Court a eae ee Swansea Enterprise Park a Swansea SA7 9LA ts

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Techniquest

Annual Report & Accounts

Statement by the Chair and Chief Executive

This year has marked a period of renewed energy and purpose for Techniquest. As Chair and Chief Executive, we are proud to share a story of momentum, shaped by imaginative programming, meaningful partnerships, and a shared ambition to broaden access to science and discovery across Wales.

Curiosity is a powerful force. When nurtured, it builds confidence, opens opportunity, and inspires futures. At Techniquest, we see that impact every day, from children marvelling at the laws of physics, to teachers returning year after year, to community groups discovering science in ways that resonate with their lived experience.

This year, we deepened our commitment to inclusion, education, and sustainability. We reached 125,000 visitors, almost 6,000 community participants and connected with over 39,000 pupils and teachers. Many of these were new or previously underrepresented audiences, reflecting our expanding reach and inclusive mission.

We marked a major milestone in reducing our carbon footprint with the installation of 210 solar panels across our roof. We also celebrated national recognition, and development began to create the Bradbury Zone, our new exhibition space due to open in summer 2025.

In October, we delivered Explore Our Planet/ Archwiliwch ein Planed, in partnership with UKRI Natural Environment Research Council and the National Oceanography Centre. Over one weekend we engaged 2,500 visitors and pupils with more than 100 scientists, and 750 people experienced a rare tour of the research vessel RRS James Cook.

These achievements took place against a backdrop of significant external pressures. The rising cost of living has impacted visitor behaviour, especially during peak periods, and we continue to navigate a challenging funding landscape for education and outreach. Amid these challenges, our team's creativity, flexibility, and commitment have enabled us to deliver meaningful experiences, maintain vital partnerships, and keep our mission moving forward.

We are deeply grateful to our team, whose resilience, creativity, and care shape everything we do. And we extend our thanks to our funders and partners who share our passion for STEAM, believe in our mission and continue to invest in our impact .

As we look ahead to our 40th anniversary and our 30th year in our Stuart Street home, Techniquest is ready to inspire curiosity and empower communities across Wales and beyond for generations to come. We invite all who share our vision to join us in building a more curious, inclusive, and sustainable future.

Ba

Daniel O'Toole, Chair of Trustees

Griese Sue Wardle, Chief Executive

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Techniquest fe eee

Annual Report eis ee & Accounts rl

so Our Organisation t

ees Techniquest is a company limited by guarantee and is a registered educational charity committed —E= 1 a= = ,™= | =- _ r il to ensuring that Wales develops a scientifically literate society. Its mission is to ignite a passion lhe ork ., matnels f=) Pe TS rE ne ee for STEAM through immersive experiences, world-class education, and innovative collaborations. re ee oo tier 2 ee oe The Board, who are Trustees and also Directors for the purposes of the Companies Act, present their report and the audited financial statements for the year ended 31 March 2025. bea ee SBEee Caya aSgee

Objectives and activities oe & Ses

Objects ate The principal object of the company, as set out in its Memorandum of Association, is to promote ees ee = =~ (qgres i Sime 8 eee at = a = the advancement of education and learning of science, technology, engineering, arts and mathematics (STEAM) and in particular to do so by maintaining and carrying on an exhibition to explore various scientific and artistic concepts and to encourage an awareness amongst the general public of STEAM in society whilst helping to increase the accessibility of STEAM. ne | or" “i, a) 1 a es =e The protection and preservation of the environment for the benefit of the public by: ei a) The provision and maintenance or improvement of a recreational and educational space; or te. tgpiers sae eeeked ee a 8! b) The provision of some other amenity

Refreshed Strategy for 2025-2030: Inspiring Curiosity, Shaping Tomorrow we Poe SS aes

This year, Techniquest completed a significant refresh of its strategic plan. Our world has changed 5° and so have the expectations of our audiences, the challenges faced by teachers and communities, iu 1+ a — Foor? ee op alge em Sg = 22 and the importance of engaging people of all ages with science, creativity, and critical thinking. Sol= FS, AS=oyaaa= eae SsMayea an and purpose. It sets out how we will grow as a dynamic, inclusive STEAM hub, connecting people Our new strategy, teeoh Inspiring Curiosity, Shaping Tomorrow, ag ——s responds to these changes with clarity eS smi se -:with the ideas and skills that will shape the future. —. =e ; 7 ae) fr es = Te G _ =. r Techniquest has a vital role to play in helping young people explore STEM, expand their horizons, a SS ee ee and understand how science relates to their lives. By doing so, we help build the talent pipeline that Wales will need in the years ahead, whether in renewable energy, semiconductors, AI, or Pais een Pe ap om ne ee a * “/ —_ at Finis other fast-growing sectors. a hgus ee ED

_= Our Vision a To be a global leader in making STEAM accessible, engaging, and impactful for all. peed SS ol ee

Our Mission ~ 6

To ignite a passion for STEAM through immersive experiences, world-class education, and ae) : = = aot Te _- = in i= "s afi T= | i.” t | innovative collaborations. By inspiring curiosity today, we're changing tomorrow. a - a - * rl a _ | Pv: re L oe oe

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Techniquest a a

Annual Report & Accounts a Ee ee

  1. Expand Our Reach to Underserved and Underrepresented Communities

E * To build science capital in communities across Wales, especially where access to STEAM rica= Soee a eere a, ae ea e , eerNKwea!etoSBL experiences has historically been limited. ni” | r -,* ie TS We are committed to increasing access to STEAM education for communities that have ‘usa, f a =, re er -", “| =", historically been excluded or underrepresented. Through partnerships, outreach, and Baas — 4 ae —all = * = = poeeiielis ~aheeieliies, hs ay = = targeted programming, we aim to reach families, schools, and learners across Wales, particularly in areas of economic disadvantage. This helps build science capital, widen 1th oe nm 6 a + re = ee participation, and ensure everyone has the opportunity to benefit from what we offer. Ce eeee ee ey Ce

Surty 3. Broaden Our Impact ; To grow beyond Cardiff Bay and extend our national reach through outreach, touring ae! = Pe os. --7* , =a 1s van exhibits, and digital innovation, bringing Techniquest to new places and new people.[fe][tes][ =][ eat][weal] ay ice atestSent[sal] p a In doing so, we will increase our visibility, diversify our income, and reinforce our = dos & be A = aa sa A oe standing as a leading voice in STEAM engagement across Wales and beyond. — oA cde oe ee tear et =r hem

7 4. Intentional Sustainability — oe - = | To become a model of responsible practice, embedding sustainability in our operations me Pas) pelt es WE Sirsa) Boa Ff. and inspiring environmental awareness through our content. s _* 4 = ee ee) wbwe, fa 1 .

committed to leading by example. Our content will increasingly reflect environmentalFrom reducing our carbon footprint to making our ,operations more efficient, we are = ee _- a ca = ee wa = nn : ae ee 7 L = a a) -a—" - themes, and our practices, (from procurement to exhibition design) will reflect our

responsibility to the planet. In doing so, we hope to empower our audiences to make 7 The i ~ O ce —_— = a" = =" fa a

positive choices too. =!or tleLY Pth""5FO pegs ie gs "a. ay, This strategy will guide how we invest in people, develop content, modernise infrastructure, and

build long-term partnerships. It's a hopeful, ambitious vision that is grounded in our values of oo a ork is yom nS a i eee on hai ae Voto ng ee em el tg

inspiration, inclusion, and action. _ in ws -', i F] ne: ee = cant Activities er le

Techniquest delivers hands-on science learning through a diverse mix of experiences and a | eg ee ee eee programmes. Our work centres around making science accessible, relevant, and inspiring to all, F + a i see a . | = ma regardless of age, background, or ability. Tus Sete I =

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Techniquest er

Annual Report & Accounts rr¢ a ere

• Corporate clients and partners, who support our mission while using Techniquest as a - Se venue and collaborator. ess eer ee OG ee “1 = Techniquest is more than a visitor attraction, it is a trusted educational partner, a platform for iss minis toe "Ss Fae 2 rf"-"= -~—Yoel ™- "- a | collaboration, and a beacon for inclusive science engagement across Wales and beyond. ed ae oo ne eS ae

Reaching and Inspiring Diverse Audiences ee ee This year, over 125,000 people walked through our doors, exploring hands-on exhibits, live science lee) eel Oe i«0s F =, a". fa i i Pal “od =, "= a shows, and immersive experiences designed to spark curiosity in every generation. From families

with toddlers to lifelong learners, we welcomed people of all backgrounds and abilities, creating SE Sk ie fet eae ik teh = a eenle!2 te tn fs we ee oe Ae ae el[ee]

joyful encounters with science every day. ee ele meee nee ats =e One of our most impactful public engagement events, = |, —- = = aS =» Explore Our Planet/ Archwiliwch ein Planed, -_ = LI I

in partnership with UKRI Natural Environment Research Council, and the National Oceanography —m = De | in ye rf -j Pe Centre, engaged more than 3,000 visitors in conversations about climate and the environment. =o + =e teed=).a: = aeeBe te ee-=Poes‘= =."Cemu CUEa . "5F With over 100 scientists on site and 750 people touring the RSS James Cook research vessel, it

hard to make it accessible, partnering with schools and community groups to reach those who became one of the year's most memorable and meaningful events. Most importantly, we worked ME aa ta nS sacs reese a might not otherwise attend. == rn ea 1. at Fo. ll ci = con 2 eee on oo iste

We are proud to have supported over 39,000 pupils and educators this year. Our school 1" ! F : - i_t oe he - ee . cL programme included curriculum-aligned workshops, bilingual delivery for Welsh-medium schools, digital outreach and bespoke CPD for teachers. Our role in education continues to grow, with Techniquest increasingly recognised as a trusted, creative partner for schools. KeaGd She ciot, Tee Sea At MPee eeeSOR orSs Highlights included our STEM Friends Pen Pal Project, connecting learners with NHS and rn a A em ie or engineering professionals; the second World of Work careers event linking employers with Primary pupils; and our leadership of the national STEM Placement Programme, enabling 75 sixth-form students from underrepresented backgrounds to complete real-world research placements. : _ i ‘so * a*! mee ee

aut Our community engagement also reached almost 6,000 people, thanks to collaboration with - a 5° = es ee! a — an =n Bg groups such as the Wales Refugee Council, Oasis Cardiff, ACE Cardiff, iLEAD Mosque Group, and oo —cr ic RT ae others. From relaxed sessions designed to support children with sensory needs to science Pee) engagement with sanctuary seekers, we continue to prioritise inclusion and belonging. ne ee er is neies =" Enhancing the Visitor Experience ; a=i2= |,4 o—_ i " a =,"aeSe Bn Bn At the heart of Techniquest's offer is a simple idea: science should be hands-on, fun, and for everyone. This year, we continued to build on visitor feedback to improve our offer across the Sal ly ame — ‘— Sirti, =, | = Am or he _t— tn board. ll Se et dee en

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Techniquest hal eee

Annual Report & Accounts oe) fe wae tS

i the exhibition floor, encouraging deeper interactions and spontaneous learning moments. And we We created new live science shows for all ages. Our SeLe oe Pea"gh. oe Discovery Stations SyaecMt brought pop-up science to .eeemee FLmengOS began refreshing tired exhibits and updating interpretation across the centre to improve clarity br een gm pe « Ree yn pe peSe oat and inclusivity. i wee eo —— sh = -—— 1 — —- —— == == New exhibits were introduced as well as the refurbishment of several long-standing favourites. Ben Bee Bel a) [ “1 ra. ake. om eo aad ] ot og =e aot 1 i Notable additions included interactive displays on clean energy and semiconductors, delivered in ea‘ collaboration with the British Geological Survey and Swansea University's Centre for Integrative we. ae=. ee —< o ir ‘- e ots es eb Semiconductor Materials. These exhibits helped visitors make connections between cutting-edge ee OS| "La eea | =| ,» i. "=ee = = science and real-world applications. We also continued refurbishment of favourite legacy exhibits aiming to refresh them ahead of our 40th anniversary in 2026. These changes are informed by visitor feedback and guided by our goal Se= 2° ‘ b Se:aeet ow we ee to ensure accessibility, durability, and continued relevance across the exhibition floor. ge Commercial Events 4g ems 8 a growing programme of professional events. Income from venue hire and commercial activity Techniquest is more than a visitor attraction, it is also a distinctive and flexible venue, supporting SNS a PS, eS eS eS. Se pap plays a vital role in funding our charitable mission. ris? 7 = ™oneea.eee= = This year saw record-breaking commercial performance. Private hire of our unique spaces Wet De ie ge —— exceeded expectations, with over 3,000 attendees welcomed to conferences, receptions, and ee Ne corporate events hosted by organisations from across Wales and beyond. 2Scnt — eeee eeee eeeoaa aL

TZ These events contributed not only to our income but also to our profile as a welcoming, well­ ee ee, em a a Clt CULlCUClCU SC el equipped and professional venue. Returning clients and new partnerships alike reflect growing . ahd = a a a = 4. § ae | - I t." i confidence in Techniquest as a place that blends scientific purpose with warm, flexible hospitality. s, =! | it -—" a I a = “ET Fi ; on a 2 ne Building for the Future - I a =.” a The Bradbury Zone i ‘de a = This year, we made major strides on a key capital project: the transformation of the West Terrace into the Bradbury Zone. With generous funding from the Bradbury Foundation, and further support i} Aaa ” BS a = a ensFa: af Ms eeea from the Moondance Foundation, Garfield Weston Foundation, Foyle Foundation, and the UK == Ce se eat rts ber Bee Bo > fy ae Government's Shared Prosperity Fund, we began construction to extend our exhibition footprint - ae © “spat = no Met es eiy' i a oe - = and enhance our visitor jaf i. 4 offer. PE. - for workshops, performances, exhibitions, and event hire. It will also host content exploring the Due to open in summer 2025, the Bradbury Zone will be a fully accessible, flexible space designed &ge, ="es_T oe | em =F =" = — (Sate, 1” = ee science behind the arts, offering a new interdisciplinary dimension to our programming. A new lift | eeere1 —aoe =,ea! = |J to the second floor and upgraded accessible facilities are being delivered as part of the project, cea ensuring this space is inclusive from the start. | | a ie | : | m4 8 1 | = This project reflects our ambition to evolve, to welcome new audiences, and to r ena aoeesa aSZReo Boh Yee ee _offer new and engaging experiences that support our mission. an “8A “5 eete a-

Our Commitment to Sustainability

-- Sustainability is not just a priority, it's a responsibility. This year, we invested in major = = - I piel I - Hl 7 re ss Fe J In 2024, we installed 210 solar panels covering 506mimprovements that reduce our environmental footprint while reinforcing our message to visitors. ee- re detest Wg [2 ] of our south-facing barrel roof, thanks to Ee me yee support from the UK Government Shared Prosperity Fund. This renewable energy system is pi = —_ aT ben ry] a oa ne i: a => See af already reducing our dependence on fossil fuels, and in the first 7 months, we have saved atog a— Soee wha eoiesoe eee ed approximately 9. 7 tonnes of CO2 emissions. i es

To lead and develop this work with purpose and consistency, we appointed our first Environmental 2 Se oe -f =" — =“ -= 2) = "ff eee = Impact Manager, a dedicated role tasked with integrating sustainability across our programming, 4 Bi =i & 1 | r= 4i7 ae reeou l= Fis ae ty _! procurement, facilities, and partnerships. : a a.)

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Techniquest

Annual Report & Accounts a fe er St

ee We've also taken steps on the ground from reducing single-use plastics in our shop to exploring es a oeee eS more sustainable exhibit design. Our goal is to inspire eco-conscious behaviour in others by setting A ee De oe ae ne ers the example ourselves. See Recognition and Awards This has been a year of recognition for Techniquest and the team behind it. We were honoured to receive several awards and commendations that reflect the quality of our visitor experience and one ee ee ee ae —dh Em -s a's a a the impact of our work across communities and schools. iesee eatre ee

The standout achievement was being named Best Venue for STEM Learning at the School Travel i ee is oe rni 0 el Awards, made even more special as it was our second consecutive win, nominated and voted for

by teachers. ee=ymNEte Se ceca, Me ei a aes

• De Highly Commended, STEM Woman of the Year (Andrea Meyrick) - Wales STEM Awards a These acknowledgements are a testament to the commitment of our staff, and to the trust placed in us by our visitors, partners, and peers. = OA 88 eee tee cee ee,

ee Our Supporters

Techniquest is incredibly grateful for the generous support we receive from our funders, sponsors, Boe A) Oe et LL and partners. Their financial contributions and in-kind support are vital to sustaining our work as a a charity, enabling us to deliver impactful learning experiences, reach more communities, and pie an” I 4 : i ore ot - Selle STS beads 96 mee eS a SES continue developing as a national centre for science engagement. Dy ‘ins a yon oa fem Fs = a We extend our thanks to all those who have supported us this year through grants, collaborations, ep advice, and shared ambition. Their investment is helping us shape a more curious, inclusive, and ee ee ae ie ee a as r= on ee a - oe “Lt E- scientifically engaged Wales, and we recognise and appreciate the contribution each one makes ee ee ee ae —~— = |* re = to our mission. on Bk |

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Techniquest Sie!

Annual Report & Accounts “Pt 29m

Financial review

The results for the year ending 31 March 2025 are set out in the Statement of Financial Activities (SOFA) nee ooh em cede ees Nive fecememee Eee o g k om on page 19. Sn

Results ==.

Unrestricted Funds

This financial review covers the group (consolidated) accounts for the year ended 3pt March 2025. The 4 Sse are te so =" on group consists ofTechniquest (company registration number 01955696) and its subsidiary, Techniquest Enterprises Ltd (company number 2250599). Separate accounts have been prepared for the subsidiary. rea Pe ee eee| i eet Moy 8 Total unrestricted income for the year was £2,307,816 (2023/24: £2,286,174). The grant received for many years from Welsh Government to support will enter its final year in 2025/26; £135,000 was received in 2024/25 (2023/24: £200,000) and the final grant of £75,000 is confirmed for 2025/26. Other ee donations and grants received totalled £171,668 (2023-24: £63,449) eee osaeFate 6SBg eat am 4 = 9 Ar: ODIncome from the provision of educational services delivered was £1,438,357 (2023/24: £1,475,850). Income from retail sales, commercial events and rental income was £509,930 (2023-24: £480,675), an E increase of 6% over the previous year. serpet a meee eesated a PS a okie i Unrestricted expenditure for the year was £2,430,557 (2023-24: £2,180,888) which is £249,669 higher Ln = fa aa . ae i” on 2 1 1 \ : = . J = 1 than the previous year. The main increases arose in the cost of sales associated with retail and events ALS ol han Tole Loe ot 3 "s as ita. ie “i _ pf og 2. - ee activity, salaries, outsourced HR costs and repairs, although utilities costs have fallen sharply partly from en eer the introduction of solar panels, but also because of renegotiated lower contract prices which commenced re a iolme Sl iin ea srbet!| I Oo ae Seee t eeis | in the second half of the year. Techniquest is a Real Living Wage employer which has paid all employees the minimum required by this tan Bete ae as ee ee ge eetee Pa standard throughout the year. at ae ee Restricted Funds - Peelen) ine i The Bradbury Zone ne= or During the year, £730,000 was received to enable Techniquest to build the Bradbury Zone. The project rs pei ee Pe) cel elSl was almost completed in this financial year, and was officially opened on July 17th 2025. -1 ve ss Peee ee ee de

Restricted Funds - yu an | “s Inspiring Science Fund =o : i a The Charities SORP 2019 income recognition criteria specify that income should be recognised when the Je following criteria are fulfilled: A re - os! 7 * x a “'sEe 7) hla a ewe • Le entitlement is clear i.e. control over the economic benefit of the grant passes to the charity; = is | a!, = ely 2 • probability i.e. there is certainty that the grant will be receipted by the charity; Ce • measurement i.e. the amount of the grant can be measured reliably. As at 31 L | st March 2025 full entitlement remains unclear due to conditions over the grant allocated. This a =e 5 Te Pea es Pees = oe or 1 will be reconsidered in 25/26. cee eee - So

No further income has been received in 2024/25 in respect of this project. eg ee gee OE.

ISF Project expenditure of £387,529 (2023-24: £389,496) was recognised on the SOFA in 2024/25 and a ee Nee ne as tT Ba as a result, there was a deficit of £387,529 (2023/24: deficit £389,496), which is included in the restricted reserve for the Inspiring Science Restricted Fund. The restricted reserve for the Inspiring Science Fund has been used exclusively for the construction project. The Science Capital building project was completed a Stee es "5:1 Ger - 5 in August 2020, and all new exhibits were commissioned and made ready for use in October 2020. — = — = == | ad Be 4 = BS te es te 7 te ae ae

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Techniquest

Annual Report & Accounts

Total Funds for the year

On the SOFA, there was a Total Funds surplus this year of £219,730 (2023/24: £269,853). This comprised a deficit of £122,741 on unrestricted funds and a surplus on restricted funds of £342,471.

Reserves

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 of free reserves is £1,129,185 which is total reserves less net book value of fixed assets, and anticipated designations for future commitments, and is in line with the current reserves policy. The policy has been reviewed by the Finance Director, Directors and Chief Executive Officer during various Board and sub­ Committee meetings.

Designated reserves - unrestricted funds

The main items designated from the unrestricted general fund by the directors are:

  1. £250,000 has been set aside to ensure that sufficient funds are available to meet commitments in the unlikely event of the charity's activities ceasing

  2. £650,000 has been set aside for future capital investment, to include:

Phase 2 decarbonisation strategy 150,000
Replacement Chillers in exhibition space 50,000
Exhibit refresh 150,000
Future development of Visitor Experience 150,000
West Terrace - contribution to building project 150,000

  1. £85,000 has been set aside to cover operational costs deferred from 24/25

  2. £500,000 has been set aside to cover potential operational losses as the transformational change strategy is outworked in the period 2026 - 2030.

Restricted Funds

Investment Policy

Techniquest maintains cash balances to support the reserves policy. Cash balances are invested with major banking institutions to maximise interest receivable within a low-risk environment.

Dividend

The payment of a dividend or any other distribution to members is not permitted under the terms of Techniquest's Memorandum of Association.

Supplier Payment Policy

During the year Techniquest introduced a standard code of payment of 30 days following the date of the invoice. The number of days' purchases outstanding at the year-end was 32.2 (2023/24: 29.1).

Tax Status

Techniquest is a registered charity and, therefore, no provision has been made for taxation on its charitable income.

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Techniquest Th Fee

Annual Report & Accounts - | | acy: @ 1 Oo a

Employees

Employees Techniquest has been through several periods of significant change during the last seven years. In 2016 Pega a new values and behaviours framework was introduced, followed by a move to Results Based Te bo os ree Pa SLR te he Accountability, or outcomes-based working in April 2019. The results of these changes led to quite a f= a = tm = fo ia a 7use a es = dramatic shift in the culture of the organisation, which continues to recognise the importance of colleagues and their contribution to the success of the charity. This year Techniquest conducted a staff survey and as a result of feedback implemented a range of actions, including increasing the benefits tit available for employees. Eihe

Staff pay has been subject to an annual review process, and Techniquest is now accredited as a Real ‘ er a 1 oe at "fp a | | oF ogee Living Wage employer. = = = a s" The Equality, Diversity and Inclusion (ED&I) Working Group established in September 2021 continues os C= is eer ™ | - i tall ee SS to meet bi-monthly. Achievements this year include the adoption of a new ED&I Strategy, collaboration with Pride Cymru to support the Pride weekend in August, and team days throughout the year to rats hos Aare ere ay reinforce equality issues. In addition to developing the new strategy, the working group has undertaken t . a = na = | = ie | I vad _s | i" = r-a eee toy bs ote m™ na ante ‘wo es fl I a range of actions aimed at improving and advancing Techniquest's commitment to ED&I and improving | 7 1 = | =—s ere P - a —— accessibility. In 2022 the charity also established its first employee LGBTQIA+ network, and this has T. ai. I I - ae ate, 2 — a4 hk. — eet continued during the year under review. Peete en aaok a Sa People with disabilities Techniquest has a policy of encouraging the employment of people with disabilities wherever this is S S Ssee eeeg gg[= ee = ee my ee-'r oe “= hk practicable and makes reasonable adjustments to working conditions or to physical features of its premises where they are placed at a substantial disadvantage in comparison with people who are not c+ disabled. 2

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Techniquest _s ] sane —

Annual Report & Accounts el ir ee Pater palate me Structure, governance and management . = = = Pe eR a |

Governing document _ Se —s"s ei Techniquest is a company limited by guarantee and a registered charity. Its governing documents are fee, l= Seg >. HBS. te 8, 2 es its Memorandum and Articles of Association as adopted on incorporation in 1986 and as subsequently “328 = et 7| amended by written resolution in September 2020. The charitable company has one wholly owned subsidiary, Techniquest Enterprises Limited, which commenced trading on p[t ] April 2024 after many years lying dormant. This company will deliver commercial activities falling outside the objects of the charity, but which are clearly within the overall strategy of Techniquest. Any profits arising in this and subsequent years will be passed to the charity ia oeLy s = aie7 = beI= “|eo Pa=! “a pete7 i via Deed of Gift. Members of the Board and the company's advisers hs ee ss A 5 The Board and other advisers who served the company during the year, and up to the date of signing, Ses ss a together with other administrative details of the company, can be found on page 3. Se Ta lea CU cos Be Oe gs Board and governance structure os a os a a Board members are appointed or removed by resolution of the Members of the company in a General Meeting. Board members retire by rotation at the Annual General Meeting and may be re-elected. The a meer oe ‘5 ee, ae Re a em HE fe aoee Board has been constituted so that finance, legal, education and technology fields, local entrepreneurs et pe ee OE Gd ome i and communities are well represented. New members undergo an induction programme to ensure that os)et— "Fi ut Peeim» teesa a imebeee7 a I E eeoru7f. = 1 they are acquainted with all aspects of the organisation including an opportunity to meet key employees. “_e a3 =| | pO De ome The = - SS ae ell a) ees In addition, they are fully briefed on their legal obligations under charity and company law. Eo. pee Oo The Board is responsible for the company's strategy and policy framework. Board meetings are held at gt ety Sele materwuWetg bam ite ye oaeetS sen 0p hefen“s least quarterly and there is a separate sub-committee covering finance and audit. The Board has adopted the Charity Governance Code (for larger charities) which sets out seven principles and recommended practice for good governance. It is intended to be used as a continuous improvement Yea tool, supporting the Governance Policy that already exists. Techniquest is already adhering to most of a = mit. eae 7"aiBeoo Be eePla aeoss the code and produced a plan against those areas of recommended practice that were not being fully Lieeee: complied with, using the "apply or explain" approach recommended within the code. 2s6S peteie aeSom as. tes oSThe Board has overall responsibility for ensuring that the company has appropriate systems of controls, ullsues © T° bh en : _ * ws | : 1. is a = a financial and otherwise. The Chief Executive Officer (CEO) advises the Board on strategic issues and : | |nn| | | "a Fy70ak. = ts MS i.a, c aPai a ae manages day-to-day operations with certain restrictions. The CEO appoints certain senior executives to ie ee ce ges, the senior management team, which meets formally on a weekly basis. Pegee a metes it - Risk management —~— 1-343. 5 — 7 : : . ; The Board has responsibility for the formal risk management process and regularly reviews the current risks the charity faces and the controls in place to mitigate these risks. The Leadership Team maintains OO oe / - - — | —s ae: ’ dina Le as and monitors an up-to-date risk register prioritised in terms of potential impact and likelihood of occurrence. All risks within the risk register are reviewed regularly by the Audit & Finance Committee ED and then shared with the Board. citi Rare FAD Bo Wal ab nT eae ob ey So ~

The Board seeks to minimise levels of risk wherever possible but acknowledges that some risk is - ow - _- 4 oo ,) —-7 ' = - ee unavoidable when operating within its chosen environment. The risk register has been reviewed and

revised to align with Techniquest's new strategy and six strategic themes of: admissions; marketing and ee -_. “a! cum "FE ft. 7 = =n 1 2". a OO PR; customer experience; events and retail; business development; and education development. = +- “i * 2 es es ee qt, oS Building Techniquest's land and buildings in Cardiff Bay are held principally freehold with a small leasehold

element. The land and buildings are recorded in the financial statements at cost. The land and buildings ri - 7 (nn + as Cir ue In! "=F =n, tae ae ET sb i rs 1 oa Se were last valued at 19[th ] August 2020 by an independent professional firm of chartered surveyors on a = rae i, aaa aro ie - Se ee

re-instatement cost basis at £11.8m. The Board has chosen not to include the property at a valuation. = -' 4 i Tie eg re ee pe

13

7 Techniquest jt eenRe

Annual Report & Accounts _-* 4 ew 1

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 ——eeeLy - od is, - +- —". me ee-, Fd undertaken during the year that demonstrate public benefit are set out within the content of this annual - — =,=! § <=“a, aii "" Fue go™a oe 1 pei 1 = Sineel report.

a Strategy for 2025-2030: Inspiring Curiosity, Shaping Tomorrow eo ‘oo =—j is a 1 **. 1

The Four Strategic Priorities: TS ee ee

We are committed to increasing access to STEAM education for communities that have =e Pe mee kt, "4. _ = os on en ae = historically been excluded or underrepresented. Through partnerships, outreach, and ei, 7 14 | an 1". Tr a= te - targeted programming, we aim to reach families, schools, and learners across Wales,

particularly in areas of economic disadvantage. This helps build science capital, widen aft, | ea ee re a ra == = en — 1 lent participation, and ensure everyone has the opportunity to benefit from what we offer. a Mies Oo ee np i Ce

3. Broaden Our Impact _"T To grow beyond Cardiff Bay and extend our national reach through outreach, touring —seee ee Ue se e" hls 1 ow = a oe exhibits, and digital innovation, bringing Techniquest to new places and new people. ie OU, EE ee a ee In doing so, we will increase our visibility, diversify our income, and reinforce our ee a = —g° “tl Ze.i a standing as a leading voice in STEAM engagement across Wales and beyond. rs = | ee | _ “a - a

4. Intentional Sustainability

J a mm 8s “S88 = = . yp eee - From reducing our carbon footprint to making our operations more efficient, we are s ae fs at — committed to leading by example. Our content will increasingly reflect environmental SEERA themes, and our practices, (from procurement to exhibition design) will reflect our we bla)bdaitem responsibility to the planet. In doing so, we hope to empower our audiences to make erTs a a as Oe wsa aaud‘s| _ aankk”) ~ow ie a A positive choices too. l “eee ‘es jn oh = = _ a” = | 7 5, 1 -s- mem ol eal This strategy will guide how we invest in people, develop content, modernise infrastructure, and build long-term partnerships. It's a hopeful, ambitious vision that is grounded in our values of he‘=k 5: +e er Se eeee ee inspiration, inclusion, and action. a oe es an pect Le hee ot. =F: ol oes, = = oll Oo

~~ 14

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:

11th September 2025

Mr MD Nash Secretary

15

Techniquest a, EY 15".

Annual Report & Accounts ee ee ea

Independent auditor's report to the members and trustees of Techniquest ee eea OD. RO

-=— Opinion 7 OO Seite We have audited the financial statements of Techniques! (the charitable company) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and ee tee Oe Se ede oF ey notes e'hT- to the financial statements, including a summary of significant accounting policies. The financial reporting Pm | fies : +f = ee framework that has been applied in their preparation is applicable law and United Kingdom Accounting forrest hs ete a= Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK Linas poker re and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). et In our opinion, the financial statements: ee qige geeceronm • give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its - iea incoming resources and application of resources for the year then ended; =i eeeg t e e d an apie a“batt FF cp ewe • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - Ce oi Set GS Se a Go a eS • have been prepared in accordance with the requirements of the Companies Act 2006. sy ere a i pe Ora Ae Sica Sd Basis for opinion = We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable - Py) ia = = 5S -yie ie =. as Ge a 7 a | RB = law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance nee pe eater ee Puesbee with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the orm == 1 1 : r.[ie] - oe eyd mit FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these oeovieg fg als os =ioeit pf -.on[Tere] PPh — th requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. eed rane aua Geo Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: poche ae Ry Fics, oo • the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

; • the trustees have not disclosed in the financial statements any identified material uncertainties that may i, |. ie a re a a © = mm ng! Se, onan cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are ; rhe wae ew es = ah - authorised for issue. Tene[ls] “ane om. sms. boo. oe ee ™ 8 o 4n Other information peat hee The trustees are responsible for the other information. The other information comprises the information included a ie tS te in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the a) rn on!) wo Pegs opin" "=" & i ss es financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. csmiha In connection with our audit of the financial statements, our responsibility is to read the other information and, in tebe tS ete eeae[te] aL ; ama! the <= om Soke tee = FO nt doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material ip ee te SY - \, feck misstatement in the financial statements or a material misstatement of the other information. If, based on the[Wat,][sh][ads] = =6 19 et ft Sede work we have performed, we conclude that there is a material misstatement of this other information, we are Ces[a] | bots Ue tM tee es raat’ 7 required to report that fact. We have nothing to report in this regard. ray Parca pee er a OO a -! Opinions on other matters prescribed by the Companies Act 2006 LI a = = - ot=. In our opinion, based on the work undertaken in the course of the audit: TRS • ge le

16

Techniquest (ee @* et

Annual Report & Accounts [Ot Seea CU

Matters on which we are required to report by exception a les aE hs Ce In the light of the knowledge and understanding of the charitable company and its environment obtained in the Po course of the audit, we have not identified material misstatements in the Trustees' Annual Report oe repre a SO eee, *h ona cae Sa ee ee We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires he ee ee eS ea Sg Se

us to report to you if, in our opinion: a ee 7 • adequate accounting records have not been kept or returns adequate for our audit have not been L. en LS received from branches not visited by us; es <=er ee ee ee; i Be

ee • we have not obtained all the information and explanations necessary for the purposes of our audit. ee Se amc es eae Cake a os oe Responsibilities of the trustees As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation fan Me aE ee Yu of the financial statements and for being satisfied that they give a true and fair view, and for such internal control pes as they determine is necessary to enable the preparation of financial statements that are free from material pe Se Bn 7 re ee oe is) misstatement, whether due to fraud or error. at21" es& aa ei a.7. 4" Soe In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability 1) es i! he aU TTS —— [a - -4 £4" to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ee eee =a | ; a Our responsibilities for the audit of the financial statements eee,ek oe Our objectives are to obtain reasonable assurance about whether 1he financial statements as a whole are free fe a Sr he : oT te » be. tes "ss U8 "7 ="5 5. 2 ow! * F711 from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in ss - it s , my fur» _ = pee accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise SS aee ul ees from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be re ie ple Pod = =e expected to influence the economic decisions of users taken on the basis of these financial statements. ce etc wre Moe dn wePg ey We design procedures in line with our responsibilities, outlined above, to detect material misstatements in Be respect of irregularities, including fraud. The extent to which our procedures are capable of detecting hy comentoy 2 ane, any ape Needs Ry irregularities, including fraud is detailed below: met fos ee Ds a Be peia a [PoTP lngorcarea) * Extent to which the audit was considered capable of detecting irregularities, including fraud. ce ee ee ee oe = eter We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or he ey tal Dae eo fy es error, and then, design and perform audit procedures responsive to those risks, including obtaining audit yg evidence that is sufficient and appropriate to provide a basis for our opinion. ees thems wade na a oe er a Seabee or ise er We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement rela team members whilst planning the audit and continually monitored our independence throughout the process. Bo iedcore aeproscarrerateaa ret e o eoee eeSe a

= Identifying and assessing potential risks related to irregularities. a — = 2 mw. Boa kin o = In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non­ ee Flt et ee hele Et compliance with laws and regulations, our procedures included the following: il i PE • i is enquiring of management, including obtaining and reviewing supporting documentation, concerning the cae= — 5aaaas eo 1 a.7 iwho ces bm1,5ESP= tteee on “5ibe A charitable company's policies and procedures relating to: toe ee • identifying, evaluating and complying with laws and regulations and whether they were aware of any 7. instances of non-compliance; ee LER8 em CL

17

Techniquest

Annual Report & Accounts

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throu[g] hout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:[[] www.frc.org.uk/auditorsresponsibilities[]] . This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are re[q] uired to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not 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: .............. . 11th September 2025

18

Company no. 01955696 / Charity no. 517722

Techniquest

Consolidated statement of financial activities for the year ended 31 March 2025

Total funds for Total funds for the Total funds for the
Unrestricted Restricted Inspiring the year to year to 31 March
funds funds Science Fund 31 March 2025 2024
ee —————————————————E——E ee eee
Income from: £ £ £ £ £
Donations & Legacies 4a 171,668 - - 171,668 63,449
Other trading activities 2 509,930 - - 509,930 480,675
Other income 3 47,011 - - 47,011 64,098
Grants received 4a 135,000 730,000 - 865,000 200,000
Provision of on-site educational 4b 1,438,357 - - 1,438,357 1,654,715
services
Provision of off-site educational 4b 5,850 - - 5,850 2,102
services
DS ee eee
Total 2,307,816 730,000 - 3,037,816 2,465,039
a
Expenditure on:
Other trading costs 5 407,083 - - 407,083 223,441
Charitable activities:
ISF expenditure - - 387,529 387,529 389,496
Provision of on-site educational 2,020,584 - - 2,020,584 2,094,287
services
Provision of off-site educational 2,890 - - 2,890 27,668
services
Total charitable activities
6
2,023,474
-
387,529
2,411,003
2,511,451
_
EEE
————E————==
Total
—E
ee		 2,430,557
ee		 - 387,529
2,818,086
eee		 ee 2,734,892
LLL
eee
Net income {122,741) 730,000 {387,529) 219,730 (269,853)
Transfers between funds
Net movement in funds {122,741) 730,000 {387,529) 219,730 (269,853)
Reconciliation of funds:
Total funds brought forward 2,736,926 - 3,141,116 5,878,042 6,147,895
Total funds carried forward
2,614,185
730,000
2,753,587
6,097,772
5,878,042
EEE
nal

The statement incorporates the Income and Expenditure account.

19

Company no. 01955696 / Charity no. 517722

Techniquest

Statement of financial activities for the year ended 31 March 2024

Statement of financial activities for the year ended 31 March 2024 Statement of financial activities for the year ended 31 March 2024 Statement of financial activities for the year ended 31 March 2024 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
Ne Ne funds
Ne		 funds
Science Fund
Ne
ee		 31 March 2024
Ne		 2023
Ne
eee
Income from: £ £ £ £ £
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 4 2,102 - 2,102 318,304
services
ee ee ee ee ee ee ee
ee—————eee
Total
7		 2,286,174 178,865
-
ee		 2,465,039
2,164,863
ee
eee
Expenditure on:
Other trading costs 5 223,441
-
223,441
147,202
——ee
ee
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
ee		 6 1,957,447 164,508 389,496 2,511,451
2,123,778
——————————————
Total
——————
EE		 EE 2,180,888
EE		 164,508
EE		 389,496
EE		 2,734,892
EE		 2,270,980
EE
ee
eee
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.

20

Company no. 01955696 / Charity no. 517722

Techniquest

Balance Sheets

Balance Sheets
Notes Group Group Charity
2025 2024 2025 2024
£ £ £ £
Fixed assets:
Intangible assets 8 43,365 55,006 43,365 55,006
Tangible assets 9 4,470,285
—		 3,974,181 4,470,285 3,974,181
4.513,6_50
~~<3~~
~~ee~~		 4 .Q.2.9,J._87
=
n
~~se~~		 4.S_U,650
~~——ss~~		 4 029....1.82
~~witches oh a~~
Current assets:
Stocks 10 46,538 49,138 1,912 49,138
Debtors 11 291,240 253,238 357,535 253,238
Current asset investments Current asset investments
12		 = 1,500,000 - 1,500,000
Cash at bank and in hand 1,796,597 629,365 1,731,690 629,365
Total current assets 2,134,375 2,431,741 2,091,137 2,431,741
Creditors:
Amounts falling due
within one year 13 431.253 410,886 388,015 410,886
Net current assets 1,703,122 2,020,855 1,703,122 2,020,855
Total assets
less current liabilities 6,216,772 6,050,042 6,216,772 6,050,042
Creditors:
Amounts falling due
after more than one year 119,000 172,000 119,000 172,000
TOTAL NET ASSETS 6.097.772
~~.~~		 5-,-8.Z. ,_(M2 ~~6,097.772~~
~~——EE~~		 5.878.Q..4.2
~~i~~
FUNDS
Unrestricted 2,614,185 2,736,926 2,614,185 2,736,926
Restricted 3.483.587 3. 3.~~141 1~~1~~6~~ 3.483.587 3.141.Ufi
TOTAL FUNDS 6.097.772 5~~+~~818..D.12 6.097.772 5 / 8.28,Q4.2

These financial statement were approved by the members of the Board of Directors on 11[th ] September 2025 and are signed on their behalf by:

Daniel O'Toole Director

The notes on pages 23 to 40 form part of these financial statements.

21

Company no. 01955696 / Charity no. 517722

Techniquest

Cash Flow Statement for the year ended 31 March 2025

Cash Flow Statement for the year ended 31 March 2025 Cash Flow Statement for the year ended 31 March 2025 Cash Flow Statement for the year ended 31 March 2025
2025 2024
Note £ £
Reconciliation of net income to net cash
provided by operating activities:
Net income 219,730 (269,853)
Adjustments for:
Depreciation charges 483,578 448,580
Interest from investments 3 (47,011) (64,098)
Movement in provisions
(Increase)/decrease in stocks 10 2,600 (11,391)
Decrease/(increase) in debtors 11 (38,002) (89,011)
Increase/(decrease) in creditors 14 20,367 42,528
Net cash provided by operating activities 641,262 56,755
Statement of cash flows:
Cash flows from operating activities: 641,262 56,755
Net cash provided by operating activities
Cash flows from investing activities:
Current asset investments (net movement) 12 1,500,000 100,000
Interest from investments 3 47,011 64,098
Capital expenditure 8/9 (968,041) (184,464)
Loan (repaid) 15 (53,000) (53,000)
Loan received
———
Net cash used in investing activities 525,970 (73,366)
Change in cash and cash equivalents 1,167,232 {16,611)
Cash and cash equivalents at 1 April 629,365 645,976
Cash and cash equivalents at 31 March
ss		 1,796,597
629,365
Eeeeee

22

Te Techniquest 4

mH Company no. 01955696 / Charity no. 517722 A oa

1. ACCOUNTING POLICIES

nat. NOTES TO THE ACCOUNTS oO ee) Lee a eae ae

Basis of preparation and assessment of going concern The financial statements of the charitable company, which is a public benefit entity under FRS 102, Mee st: peng mt es pe ss ees el have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable ini the UK and Republic of Ireland (FRS .al 102) he (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting PoFae me} ee gi Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial = oe ed ee o h Fa statements have been prepared under the historical cost convention with the exception of reee tnoraeee investments which are included at market value. Oe es Se de Be Going concern The charity has sufficient cash and reserves to satisfy both directors/trustees and auditors through USS poe aliastne the assessment period ending September 2026, which is more than a period of one year from the date of approval of these accounts. The directors/trustees are also satisfied that there are no other at- PaEearly re Preele et aCOaCoeBPee \ material uncertainties related to events or conditions that may cast significant doubt on the ability eh = - = r= 8 —tT 3 “a ™y 2 ee of Techniquest to continue as a going concern. The directors/trustees are therefore of the opinion that the charity will have sufficient resources to ot ASee RmOe,ER ap atesm, te eeeepaiseh meet its liabilities as they fall due. Basis of consolidation oe ce rawt 6 - “elas The consolidated financial statements include the company and its subsidiary undertakings. The financial statements of the subsidiaries used in preparation of the consolidated financial Se pote ye a statements are prepared for the same reporting period as the parent company and are based on consistent accounting policies. The results of subsidiaries acquired or disposed of during the period a = ’ a —* 5 int a" ==... 7 = i = _, are included in the consolidated financial statements from the effective date of acquisition up to the SG." eg ahaha eh fae, effective date of disposal, as appropriate. BSA Intra-group balances and any unrealised gains and losses or income and expenses arising from oe a Pa See ee ; intra-group transactions are eliminated in preparing the consolidated financial statements. le ae a a i er.

Income = — OS All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, any performance conditions attached to the item{s) of income have been met, it is probable that the income will be received and the amount cani be measured reliably. Income from

government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the a Oo ae T, ~™, "2 eer ao | cami ~s, oe charity has entitlement to the funds, any performance conditions attached to the grants have been

met, it is probable that the income will be received and the amount can be measured reliably and is ee i ee a ee a ae not deferred. Affiliation fee income is accounted for on an accruals basis and is recognised in the period of membership. Income from courses and conferences is recognised when the respective event occurs. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable reSe ee Cia by the bank. Admission income is recognised when the visit occurs. Shop income is recognised when Nyiacteed. the shop purchase occurs. Donations and legacy income is recognised when received. § Uaioe ane eee

Expenditure et ee Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation ye ere BG Gets, om: Ba- = Ss oS committing the charity to that expenditure, it is probable that a transfer of economic benefits will be Ww is, ©, 1 mt aa 4 - mr a ~ _ | =a _ = required in settlement and the amount of the obligation can be measured reliably. Expenditure is -s =- : - - ~ Nant ais 0 el a 4 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have a been allocated to activities on a basis consistent with the use of resources. Charitable expenditure pe pn re se oe a Se eee ae (Lao comprises those costs incurred by the charity in the delivery of its activities, both costs directly attributable and indirect support costs. ig en ee Ret ae

23

Company no. 01955696 / Charity no. 517722 rr = = =a". - =,

Techniquest a - a

Allocation and apportionment of support costs - 5 "ti # ona -1 = oo oF. 7 ee a | i 1 a ae | = Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back-office costs, exhibition costs and professional and a2 | ‘] m2 —" id . 2 im *. = et oe pL | ess consultancy costs which support the Charity's activities. Support costs are allocated using the Eyeee Bhisony arna som i!tpOK date ceee Leeag ge emPee- = Le number of 'hourly' paid staff who work across the activities. en oeee etLo

im Intangible fixed assets a8 a oe Intangible fixed assets are amortised over 5-10 years in order to write off each asset over its ott 1 a Te el oi a aea ee oea ee | estimated useful economic life. oh Pe a a ee ee Pee eee Capitalisation ceases when substantially all the activities that are necessary to prepare the asset for The use are complete. Depreciation commences at the point of commercial deployment over the asset's Fd er Pt Smee ian[eth] as —te 3[Pe] ye Sea[Soe] ot 8 Se as er estimated useful economic life. = ro Assets are reviewed and capitalised on an individual basis. rn “ o oe ;7 oo, =

ee Tangible fixed assets fal Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. =[rh] ipke en, ay co ooeeoel es eeee Oe

Improvements to property - 6.66% on cost n Plant and machinery - 7 TS 10% to 20% on cost ‘ve Fixtures and fittings - 6.66% to 33.33% on cost Exhibits - ns 6.66% to 20% on cost ae! s a Computer equipment - 20% to 33.33% on cost Motor Vehicles - 20% on cost EeeceeLy = o' AskeSs. a4 8Le Assets under construction: the policy is to capitalise only costs directly attributable to building and 7 ,1 7 F = - 1,— un - a 1 B. 1” na- =. oe les aTa developing the Science Capital. All expenditure is recognised at cost and includes contractors' Pie ot ee es JI 2=. charges, materials, any directly attributable labour and any directly attributable overheads. - te ee ee ee ee ee Capitalisation ceases when substantially all the activities that are necessary to prepare the asset for 2ee as pee as "1 =: use are complete. Depreciation commences at the point of commercial deployment over the asset's Ses estimated useful economic life. ho = ew ers on hl a eae ow EF a en == I! Assets are reviewed and capitalised on an individual basis. See eM ee ee oS Stocks a Stocks are valued at the lower of cost and net realisable value, after making due allowance for oe eS ==. nn i I ; Se we obsolete and slow-moving items. es ee 7 - = Cash at bank and in hand wie - - - Cash at bank and cash in hand includes cash, short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar Mien tet PPh nidSt a ea account and short-term investments with a maturity date of one year from the date of acquisition ee aeeh ee ReEn 5 == I no oe -iai "—_= kk my7 a"1.” 2 a. or opening of the deposit or similar account. se) 2 tee oo ore Current asset investments are investments which Techniquest holds for resale or pending their Current asset investments rout i. ' =5 sale and cash or cash equivalents with a maturity date of less than one year. This heading ae og me eda See ee Fe Se includes cash on deposit and cash equivalents with a maturity of less than one year held for ke =a, oi , at i or. : |. a il a poe Oo negligible risk investment purposes rather than to meet short-term cash commitments as they fall Fs lsa Patcheat- =!nalPal- = a[-s] eo.)-UJaa we - iSor ae iSF -ae due.

Financial instruments

The Charity has chosen to adopt FRS 102, Section 11: Basic Financial Instruments and Section 12: en eee ee Coe ee ee ee ier Other Financial Instruments Issues of FRS 102 in respect of financial instruments. ae GM ae ea ~ tear All financial assets and liabilities are initially measured at transaction price, including transaction I =e -_.-, 3: a ae[2] a— costs, except for those financial assets classified at fair value through profit or loss, which are

. 24

Sop Company no. 01955696 / Charity no. 517722 Tt i. Ps

Techniquest SS 2

initially measured at fair value (at transaction price excluding transaction costs) unless the 7 arrangement constitutes a financing transaction. oe ninea rp ir -ee weds “eee oo[of] 2

Financial assets and financial liabilities are only offset in the Group balance sheet when, and only when, there is a legally enforceable right to set off the recognised amounts and the Group intends -— 2“5 r.a= |- ge ai“--—,Eh-+4 - “ * ade“a eneer | - 7 = a Faa, ==="to settle on a net basis, or to realise the asset and settle the liability simultaneously.

RSA Debt instruments (other than those repayable or receivable within one year), including loans and eg ea I< other accounts receivable and payable, are initially measured at the present value of the future ee, 2 “i i” “gy i rr {= Ir ene ite be e cash flows and subsequently amortised using the effective interest method. o e ee Debtors a i Trade and other debtors are recognised at the settlement amount due after any trade discount i. PO a1 eo sce) “es Ea" — ee offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ee OS TF eeoS a "ahet"ar 1 Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a 1. past event that will probably result in the transfer of funds to a third party and the amount due to ee2 . ee7 wihee as ; ee. ~ " =, Ht - 45 7 te" enn«tt i&3il settle the obligation can be measured or estimated reliably. Creditors and provisions are normally ey eo ee pe a ee 7 recognised at their settlement amount after allowing for any trade discounts due. The charity only 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 a Se, i i ——s 1 - fT Oo = i = rY at their settlement value with the exception of bank loans which are subsequently measured at ar een fe ae fe Sees hs ae Se amortised cost using the effective interest method. ee ee oe Concessionary Loans D | Concessionary loans are loans provided by/to the charity at an interest rate lower than the - Mogi 7 ' prevailing market rate or with more favourable terms than those available from commercial ge cathy SB Ssgt Day = reg 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 ee credit. rr.[gat] =[ES] sled[Se][ie] eed[Se] Ly[Sraent] 7 -[t-] 7 The charity recognizes concessionary loans at cost, which is the amount of cash or other tes, ter 8 i ee - = oes consideration paid/received at the time the loan is made, plus any directly attributable transaction Rs i costs. Pat ere ae fy Sees Ge > Ss = Any impairment losses are recognized when there is objective evidence that the charity will not be a se so = 25 = 5 72 = “i == “iL = J t Tk a & = able to collect all amounts due under the loan agreement. Impairment losses a Peal tian a — F * beans ¥," — 7 I: a re recognized in line = =) i 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 = all | a5 : a as - : — terms and conditions, and any amounts recognized as grants or impairment losses in the notes to the financial statements. = Seesas Soa —~LEEoe Pea | SanLI Pe= 1, Oe~bk : i” "s1 s1 | | a* sa

Other Loans a

Loans are recognised at the settlement amount due. he | | | on an Oo a! = si" 4 Deferred Income Deferred income represents income received but not earned as of the year end. Deferred income fea a

primarily consists of income for affiliation fees received in advance of the affiliation period and grant ere a a a ee <a income. ge hae eat ee Le Sore ree me

. The costs of short-term employee benefits are recognised as a liability and an expense, unless Employment benefits 4. * 7 1 7 - —- — = rh co those costs are required to be recognised as part of the cost of stock of fixed assets. Se a eis? oyet 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 minty en a a’ = ae ee a _f.*termination benefits.

i 25

ee Company no. 01955696 / Charity no. 517722 i 1

Techniquest ee oe

Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 ine eh ee fF eeey or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to Signy ey its charitable objects. ir. eetf os eg Se ees Fund accounting Unrestricted funds are available for use at the discretion of the directors in furtherance of the general Pr objectives of the Charity and which have not been designated for other purposes. ee ee ee ee p= Designated funds are unrestricted funds earmarked by the directors for particular purposes falling we Eanes in future time periods. Restricted funds are funds subject to specific restrictions imposed by donors or which have been me a = ES OS eget ee[See] on raised by the charity for particular purposes. The aim and use of each restricted fund is set out in Beste}SS=“2Fe the notes to the financial statements. eet Sate= on Peet a ree Cnr

ai Pension costs and other post-retirement benefits 1 7. me - oe I ae £ xf - - Pensions costs are charged in the year in which premiums are payable. Differences between amounts paid and amounts charged are included in the balances sheet as provisions or prepayments. These a — ee au ll— =f _— contributions are invested separately from those of the charitable company's assets. rome | onona Fane ee ee iat i le The Company participates in the industry wide defined contribution pension scheme. The assets of the scheme are invested and managed independently of the finances of the Company. Pension costs are assessed in accordance with the advice of an independent qualified actuary. Costs include the regular cost of providing benefits, which it is intended should remain a substantially level percentage of current and expected future earnings of the employees covered.

“Ea Legal Status of the charity 4 an * in = The Charity is a company limited by guarantee and has no share capital. In the event of the charity a +ba a “2I 5a _"-= . a a a a if .* a & ,Lt = -,in aies being wound up, the liability in respect of the guarantee is limited to fl per member of the charity.

26 a

Company no. 01955696 / Charity no. 517722

4 Charitable activities

Techniquest

2 Other trading activities

31 March 31 March
Unrestricted 2025 Unrestricted 2024
funds Total funds Total
E E f f
Shop and cafe 274,016 274,016 281,628 281,628
Corporate Hires 235,914 235,914 199,047 199,047
~~a~~
~~nee~~		 509,930
~~nee~~		 509,930
~~nee~~		 480,675
~~nee~~		 480,675
~~nee~~
Other income
31 March 31 March
Unrestricted 2025 Unrestricted 2024
funds Total funds Total
E E f f
Bank deposit interest 47,011 47,011 64,098 64,098
47,011 47,011 64,098 64,098

3 Other income

a) Income donations and legacies

31 March 31 March
Unrestricted Restricted 2025 Un restricted Restricted 2024
funds funds Total funds funds Total
E E E f £ f
Donations and
Legacies 171,668 171,668 63,449 63,449
Grants received 135,000 730,000 865,000 200,000 200,000
aS aS aS aS aS aS aS
306,668 730,000 1,036,668 263,449 263,449

27

Company no. 01955696 / Charity no. 517722

Techniquest

b} Income from other charitable activities

==> picture [483 x 442] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |31 March|31 March| |2025|2024| |Total|Total| |£|£| |Unrestricted| |Provision of on-site educational services:| |Admissions|1,289,545|1,307,154| |Support from Welsh Government or public authority and other parties|144,547|168,696| |1,438,357|1,475,850| |Provision of off-site educational services:| |Primary school outreach|5,850|2,102| |5,850|2,102| |Total unrestricted|1,444,207|1,477,952| |EE|sss|sss| |31 March|31 March| |2025|2024| |£|£| |Restricted| |Provision of on-site educational services:| |Support from Welsh Government or public authority and other parties|178,865| |178,865| |Provision of off-site educational services:| |Primary school outreach| |Secondary school outreach| |Support from Welsh Government or public authority and other parties| |Total restricted|178,865| |UUICU00U=0Z=—_aauaaa————|eee, ne,|eet|

----- End of picture text -----

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

5 Other trading costs

==> picture [489 x 132] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |31 March|31 March| |2025|Shop and|Other|2024| |Retail|Events|Total|Cafe|activities|Total| |£|£|£|£|£|£| |Direct cost of| |materials sold and| |events held, and| |other associated| |208,860|198,223|407,083|141,687|81,754|223,441| |costs| |Total|208,860|198,223|407,083|141,687|81,754|223,441|

----- End of picture text -----

28

Company no. 01955696 / Charity no. 517722

Techniquest

6 Expenditure on charitable activities - 2024/25

Support Other
and direct 31 March
Staff governance costs Property 2025
costs costs £ costs Total
£ £ £ £
Unrestricted:
On-site educational services: On-site educational services:
Admissions 1,129,949 333,221 47,362 512,942 2,023,474
Total unrestricted
~~EEE~~		 1,129,949
~~EEE~~		 333,221
~~EEE~~
——		 47,362
~~EEE~~		 512,942
2,023,474
~~EEE~~
~~ae~~
Support Other
and direct 31 March
governance costs Property 2025
Staff costs costs £ costs Total
£ £ £ £
Restricted:
On-site educational
services:
Science Capital project 387,529 387,529
—— ee
eh		 eh eh eh eh eh
Total restricted
EERE
RRR		 RRR RRR RRR 387,529
RRR
ee
Total 2024/25
a		 1,129,949 333,221 47,362 900,471 2,411,003

29

Company no. 01955696 / Charity no. 517722

Techniquest

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:
Admissions 1,070,855 333,464 553,128 1,957,447
a Sg
Total unrestricted
1,070,855
333,464
553,128
1,957,447
ii iii
ii
ccc
ccc
Staff costs Support
and		 Other
direct		 Property
costs		 31 March
2024
governance costs Total
costs
£ £ £ £ £
Restricted:
On-site educational
services:
Science Capital project 389,496 389,496
Other 72,916 42,908 21,016 136,840
Primary school outreach 27,668 27,668
Secondary school outreach
=
=
-
-
-
———
Oe
e~~e~~e
Total restricted
100,584		 42,908 21,016 389,496 554,004
~~oo~~
Total 2023/24
1,171,439
TT
DI
__U_/-=u==Za
————————————————		 376,372 21,016 942,624 2,511,451

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
2025 2024
£ £
Office costs 130,786 137,831
Exhibition costs 5,324 86,579
Professional & consultancy costs
————E—EeEeEeE———————————————————
ee		 197,111
ee		 109,054
ee
333,221 333,464

Included in professional & consultancy costs are audit fees of £12,000 (2023/24: £10,015).

30

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 (2023/24: £nil).

b) Employee information

b)
Employee information
31 March 2025 31 March 2024
The average number of persons employed by
the company during the year was as follows:
Management 3 3
Administration 4 4
Operational 40 36
47 43

The aggregate payroll cost of these persons was as follows:

31 March 2025 31 March 2024
£ £
Wages and salaries 1,119,260 1,040,746
Social security costs 100,017 95,073
Pension costs 47,169 35,620
1,266,446 1,171,439

There are no redundancy costs incurred in 2024/25 (2023/24: £nil).

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 £47,169 (2023/24: £35,620).

Employee information

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

Highest paid employees 31 March 2025 31 March 2024
£60,001 - £70,000 1 1
£70,001 - £80,000 1
£80,001 - £90,000
£90,001 - £100,000 1
£100,001 - £110,000 1

The total employee benefits received during the year of the key management personnel of the charity was £212,959 (2023/24: £243,969).

31

Company no. 01955696 / Charity no. 517722

8 Intangible fixed assets {Group and Charity)

Techniquest

Unrestricted Software Software Total
Development
2024-25 2024-25
Cost £ £
At beginning of year 66,007 66,007
Additions 1,950 1,950
Reclassified
Disposals
SS
eh		 eh
oe		 eh
v——		 eh
—_
At end of the year 67,957 67,957
a
Amortisation
At beginning of year 11,001 11,001
Charge for year 13,591 13,591
Disposals
At end of the year 24,592 24,592
ssa a a
ee		 a
Net book value at
1 April 2024 55,006 55,006
Net book value at
31 March 2025 43,365 43,365

Intangible assets are amortised over their estimated lifespan.

32

Company no. 01955696 / Charity no. 517722

Techniquest

9 Tangible fixed assets (Group and Charity)

9
Tangible fixed assets (Group and Charity)		 Tangible fixed assets (Group and Charity) Tangible fixed assets (Group and Charity) Tangible fixed assets (Group and Charity) Tangible fixed assets (Group and Charity)
Unrestricted Exhibits Plant & Fixtures Freehold Total
Machinery & land &
Fittings buildings
Cost £ £ £ £ £
At beginning of 408,303 7,709 240,548 1,426,258 2,082,818
year
Additions 30,842 207,461 727,788 966,091
Reclassified
Disposals
——————————————
At end of the year 439,145 7,709 448,009 2,154,046 3,048,909
LEE ooo eS eS
Depreciation
At beginning of year 248,199 2,314 91,785 907,454 1,249,752
Charge for year 33,442 1,542 28,166 19,308 82,458
Disposals
ee		 ee ee ee~~e~~ ~~e~~ ~~e~~
At end of the year 281,641 3,856 119,951 926,762 1,332,210
oo es es
Net book value at 160,104 5,395 148,763 518,804 833,066
1 April 2024
Net book value at 157,504 3,853 328,058 1,227,284 1,716,699
31 March 2025
Restricted Exhibits Fixtures Buildings Total
&
fittings
Cost £ £ £ £
At beginning of 1,647,594 1,647,594 34,532 2,806,576 4,488,702
year
Additions
Disposals
—ee ee ee
—_aeaeai		 ee ee
At end of the year 1,647,594 1,647,594 34,532 2,806,576 4,488,702
uu uu uu uu uu uu
Depreciation
At beginning of year 1,119,649 1,119,649 23,596 204,342 1,347,587
Charge for year 324,491 324,491 6,906 56,132 387,529
Disposals
=
At end of the year
1,444,140
30,502
260,474
1,735,116
ee
ee
Net book value at 527,945 527,945 10,936 2,602,234 3,141,115
1 April 2024
Net book value at 203,454 4,030 2,546,102 2,753,586
31 March 2025
TOTAL at 31 March 360,958 3,853 332,088 3,773,386 4,470,285
2025

All fixed assets are held for direct charitable purposes. Freehold land and buildings includes 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.

33

Company no. 01955696 / Charity no. 517722

Techniquest

10 Stock

10 Stock
Group Charity
2025 2024 2025 2024
£ £ £ £
Reta i I stock 44,626 49,138 49,138
Other stock 1 912
’		 = 1 912
*		 =
Total stock g6,538 g9,13a 1,912 g9,13a
Debtors
Group Charity
2025 2024 2025 2024
£ £ £ £
Trade debtors 225,755 190,221 200,700 190,221
Other debtors 11,319 48,259 11,319 48,259
Prepayments 22,033 14,758 22,033 14,758
Taxation 32,133 32,133
Inter-company debtors - ra] 91 350 -
Total debtors 291,zgo
253,238
=
—		 253,238
352,535
Ee
_———		 253,238
:

11 Debtors

12 Current Asset investments

12 Current Asset investments
Group Charity
2025 2025 2024 2025 2024
£ £ £ £
Current asset investments
HSBC Money Market deposits:
Repayment date 4thSept 2024
Gross interest rate 4.67% 500,000 500,000
Repayment date 27thJan 2025
Gross interest rate 4.44% = 1 000 000 - 1 000.000
.SOD.ODO 1.500)10.

34

Company no. 01955696 / Charity no. 517722

Techniquest

13 Subsidiary undertaking

Techniquest Enterprises Ltd (Company Number 2250599) is a wholly owned trading subsidiary of Techniquest. The subsidiary was established to carry out commercial activities associated with the charity. The subsidiary began trading in 1986 but has been dormant since 2008.

The company recommenced trading on ist April 2024 to enable the retail and events activities, now considered to be non-charitable activities, to flourish.

Gilt Aid payable to the Techniquest, representing an estimate of the company's taxable profits for the year, is charged in full to the statement of financial activities. Any underpayments/overpayments are recognised when the company's taxation computation is submitted to HM Revenue and Customs and the actual payment is made.

2025 2024
Profit and Loss Account (extract) £ £
Turnover 439,520
Cost of sales 392.595
Gross profit 46,925
Other expenses 26.021
Profit on ordinary activities ~~20,904~~ ee
Retained profit at pt April 2024
Profit for the year 20,904
Donation to parent under Gilt Aid (20,904)
Retained profit at 31stMarch 2025
Balance Sheet (Extract)
2025 2024
£ £
Total assets 109,534 2
Total liabilities 109.532
Net assets 2 ~~_~~2.
Financed by:
Share capital 2 2
Retained profit
Capital and reserves 2
—		 2

35

Company no. 01955696 / Charity no. 517722

Techniquest

14 Creditors: Amounts falling due within one year

Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Creditors
Trade creditors 161,726 149,750 149,750
161,372		 149,750
Taxation & social security 35,081 31,180 31,180
22,601		 22,601
31,180
Accruals & deferred income 181,446 176,956 176,956
151,042		 176,956
Interest-free Invest to Save loan 53,000 53,000 53,000
53,000		 53,000
Inter-company creditors
Total creditors 253
886
3881015
43...410
——e		 015
g101886
—

15 Creditors: Amounts falling due after more than one year

31 March 2025 31 March 2025 31 March 2024
£ £
Interest free Invest to Save Loan 119,000 172,000
119,000 172,000

There is one concessionary loan included in creditors at the year end, namely, Invest to Save loan totalling £172,000 (2023: £225,000). The interest rate on the loan is charged at 0%, and the repayment date of the loan is 31[st ] March 2028.

16 Loans

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

An analysis of the maturity of the loan is given below:
31 March 2025 31 March 2024
£ £
Amounts falling due within one year 53,000 53,000
Amounts falling due between two and five years 119,000 172,000
Amounts falling due after more than five years
172,000 225,000

36

Company no. 01955696 / Charity no. 517722

Techniquest

17 Movement in funds
Net Transfers
At movement between At
1.4.2024 in funds funds 31.3.2025
Unrestricted funds £ £ £ £
General fund 1,037,347 (122,741) (122,741)
214,579		 1,129,185
Designated - from general funds:
Future commitments 474,579 (224,579) 250,000
Future capital investment 1,150,000 (500,000) 650,000
To cover deferred operational costs 75,000 10,000 85,000
Anticipated losses arising from strategy
implementation 2026 - 2030 500,000 500,000
Unrestricted funds 2,736,926 2,736,926
(122,741)		 (122,741)
-		 2,614,185
Restricted funds
Science capital fund - Fixed assets 3,141,116 3,141,116
(387,529)		 (387,529) 2,753,587
Bradbury Zone 730,000 730,000 730,000
Restricted funds 3,141,116 342,471 471 3,483,587
TOTAL FUNDS 5,878,042 219,730 730 6,097,772
Incoming Resources Net movement
resources expended in funds
f f f
Unrestricted funds
General fund 2,307,816 2.430,557 (122,741}
~~2~~.~~,3J~~)~~J~~,_, L6.
~~—_~~		 ~~2~~A,3~~__Q_~~~~~~,~~55.~~z
~~—SSS—5~~		 !J22.741l
~~Ee~~
Restricted funds
Science capital fund 387,529 (387,529)
Bradbury Zone 730,000 730,000
23..0.000 38Z,529 342,471

37

Company no. 01955696 / Charity no. 517722

Techniquest

17 Movement in funds

Movement in funds
Net Transfers
At movement between At
1.4.2023 in funds funds 31.3.2024
Unrestricted funds E E E
E
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 2,502,871 105,286 105,286
128,769		 2,736,926
Restricted funds
Science capital fund - Fixed assets 3,530,612 (389,496) 3,141,116
WCVA & other restricted funds 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 ResourcesNet movement
resources expended in funds
f f £
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)

38

Company no. 01955696 / Charity no. 517722

Techniquest

Designated reserves - unrestricted funds

The main items designated from the unrestricted general fund by the directors are:

  1. £250,000 has been set aside to ensure that sufficient funds are available to meet commitments in the unlikely event of the charity's activities ceasing

  2. £650,000 has been set aside for future capital investment, to include:

Phase 2 decarbonisation strategy 150,000
Replacement Chillers in exhibition space 50,000
Exhibit refresh 150,000
Future development of Visitor Experience 150,000
West Terrace - contribution to building project 150,000

  1. £85,000 has been set aside to cover operational costs deferred from 24/25

  2. £500,000 has been set aside to cover potential operational losses as the transformational change strategy is outworked in the period 2026 - 2030.

Restricted funds

Science capital fund

Within restricted funds, an amount of £2,753,587 has been allocated in respect of the net book value of the assets for the Science Capital Project. This will be reduced over the useful economic life of the assets in line with depreciation policy.

Bradbury Zone

Within restricted funds, an amount of £730,000 has been reserved in respect of the grants received to build to complete the Bradbury Zone. It is anticipated that these funds will be transferred to Unrestricted Reserves upon full completion in July 2025 and when entitlement passes, and any future costs arising will be treated in the same way.

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Company no. 01955696 / Charity no. 517722

18 Net Assets

Techniquest

Net Assets
General Designated
Restricted unrestricted unrestricted
2024-25 funds funds funds Total
£ £ £ £
Fixed assets 3,483,587 1,030,063 4,513,650
Net Current Assets (550,070) 2,253,192 1,703,122
Non-current Liabilities (119,000) (119,000)
Balances at 31 March 2025 3,483,587 479,993 2,134,192 6,097,772
General Designated
Restricted unrestricted unrestricted
2023-24 funds funds funds Total
£ £ £ £
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

19 Contingent liability

The charity received a grant of £200,000 towards the construction of the West Terrace development, with the condition that the building must be used for charitable purposes for a minimum period of 10 years. If the building is sold or ceases to be used for charitable purposes within this period, the charity may be required to repay the grant in full or in part. As at the balance sheet date, the charity has no plans to sell the building or change its use. However, if such a sale or change in use were to occur within the 10-year period, the charity could be liable to repay up to £200,000 of the grant received. The trustees consider the likelihood of this event occurring to be remote, and therefore no provision has been made in these financial statements.

20 Capital Commitments

The company had capital commitments of £39,293 at 31 March 2025 (at 31 March 2024: £nil).

21 Related party transactions

The charitable company has a wholly owned subsidiary in Techniquest Enterprises Limited, a company incorporated in England and Wales. The subsidiary, which had been dormant since 2008, recommenced trading on i[st ] April 2024. At the end of the year, Techniquest Enterprises Ltd owed £63,760 (2024: £nil).

Nigel Burbage, the husband of Linda Burbage (who was Techniquest's Business Services Director until September 2024), is the owner of NB Interior & Construction which carried out various repairs to the value of £3,000 (2023-24 £5,030). There were no amounts outstanding at the year end.

22 Operating Leases

Techniquest has no operating leases (2023/24 - £nil)

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