The trustees present their annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
During this period, the Trustees report on its central activity, the Nottingham Festival of Science and Curiosity which took place in February 2024.
The charity's objectives are to advance public education, including public understanding of science, technology, engineering and maths, by offering accessible, creative and relevant activities to the broadest possible range of people, in particular but not exclusively by:
providing opportunities that enable people of Nottingham and Nottinghamshire to have a better understanding of how science, technology, engineering, maths and related disciplines are part of and impact on their everyday lives;
providing activities that stimulate and nurture curiosity, creativity and innovation; facilitating dialogue between scientists, researchers/experts, educators and civil society;
providing hands on, interactive and participatory science events and activities with broad and lasting impact which will encourage increased public engagement and understanding of science across the full breadth of our diverse society.
The Trustees continue to take the view that it is prudent and appropriate not to employ a staff team to deliver the objects through the production of an annual festival, but instead to enter into a contract with Ignite Futures Ltd, the Nottingham-based education charity and founding partners of the festival, to produce the 2024 Festival. Since the charity’s incorporation, Ignite Futures Ltd have delivered the 2020 - 2024 Festivals and the Trustees intend to continue this contract for the foreseeable future.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The Nottingham Festival of Science and Curiosity took place in February 2024 and was once again a highly successful and innovative event.
Over the course of the Festival, 15,700 people were engaged across 94 events. Events were held in wide ranging locations including libraries, community centres, colleges, cathedrals, museums and children’s centres. The reach across the County continued to grow, particularly involving smaller towns in new areas. Overall, the events were supported by 286 volunteers and 17 partners.
Additionally, the programme of engagement for schools extended further to involve 60 schools, culminating in the Real Science in Schools Symposium held at Nottingham Council House. A target for this Festival was to be able to undertake further engagement with special schools, and with the support of a grant from Royal Society of Chemistry this was achieved, working with four special schools and chemistry undergraduates from Nottingham Trent University. This resulted in highly positive and impactful collaborations for all involved, and we are planning to further extend this work in 2025.
The Festival magazine continued to be a key feature of the 2024 Festival and was co-created through collaborations with local students and contributors. The magazine includes the Festival programme as well as many fun, accessible activities and articles for children and young people. 10,000 copies were distributed.
The Festival’s aim, and the focus of our strategy and planning, continues to be to engage new and diverse audiences, therefore trustees are delighted to report that 61.8% of attendees visited the Festival for the first time. There was also the first SEND friendly session held at Nottingham Cathedral. Additionally, for the first time the Festival offered small Community Grants to community groups in order to support them to design and deliver their own community events. The groups were selected through an application and assessment process. 3 groups received awards and delivered their events - Oasis Community Centre, The Lenton Centre and Footprints CIC. Following this successful pilot cycle in 2024, the plan will be to offer community grants again for 2025, incorporating the learning from the pilot with a focus on reaching out further to new community groups not previously engaged
The Trustees consider their responsibilities to report the financial health of the company, and make the following observations on the year under review.
The Trustees consider that these accounts show a steady financial position. Effort on the part of the Trustees and the staff team of Ignite Futures continues to result in a broad base for income to the charity involving universities, local authorities, the voluntary, public and private sectors. During this period the charity has additionally received the following small grants for distinct projects: British Science Association for the UK Research and Innovation/ UK Science Festivals Network (UKSFN) ‘Making Connections’ 2023 project; Wellcome Centre for Human Genetics/UKSFN – linking researchers with new audiences; Royal Society for Chemistry Outreach grant for ‘Come Alive with Chemistry’ – linking chemistry undergraduates with SEND schools.
The Trustees note that there is little income from donations to the charity, nor from sales or earned income and that the future prospects for earned income continue to remain small. An area for potential future development is a greater focus on grant income and applications to funding bodies. The charity is registered for gift aid, and is exempt from corporation tax.
The Trustees developed and adopted a reserves policy in early 2023. The policy has been developed to ensure robustness and resilience in FOSAC’s financial management, informing future planning needs and risk management by the trustees.
As a charity FOSAC has minimal fixed costs and overheads. Each year >95% of expenditure is focused on the annual science festival through a combination of payment for Ignite! services for festival production and direct costs associated with the event. This allows for a certain amount of inherent flexibility and mitigation regarding overall financial exposure and risk for the charity. The agreement with Ignite! provides the ability to adjust festival production costs and scope in the unforeseen event that funding activities prove problematic in raising desired sums.
Therefore, Trustees agreed, that the financial reserves for FOSAC should be set at a level which covers annual non-festival costs, plus 3 months’ of Ignite! services costs associated with the next annual festival. These thresholds will ensure the continued financial viability of FOSAC by giving adequate time to adjust expenditure plans based on actual and projected income. This will also aid planning for what funding is needed and by when in order to manage a positive cash flow and maintain financial reserve thresholds.
Trustees note the current level of reserves of £3,335, including only £75 of free reserves, are below our target level and we are striving to increase our reserves during the next period.
As part of this process Trustees have considered risks to FOSAC funding and developed mitigation strategies.
The Trustees will review this policy annually, typically as part of the Q4 Board meeting when strategy, objectives and budgets for the next financial year are discussed. The proposed financial reserves for the next period will then be agreed. The finance sub-group will monitor funds and cashflow on an ongoing basis and bring any concerns to the attention of the wider Board if/as needed. Financial reserves will be routinely reviewed at each Board meeting and any changes to sum of funds held in reserve will be decided by the Board.
By keeping administration and overheads to a minimum, the charity devotes a maximum percentage of any support received to programme delivery for public benefit.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The Trustees aim to continue to develop the reach and range of activities in the Festival of Science and Curiosity and to continue to work with a broad range of partners including schools, community groups, universities, schools and cultural organisations. The work will continue to prioritise engagement with underserved communities across Nottingham and Nottinghamshire, and focus on further developing our communications and methods in reaching our target audiences. By continually reviewing and analysing participation and geographical data and feedback, the areas of focus for the festival are reviewed, responded to and incorporated into the planning.
Directors of The Nottingham Festival of Science and Curiosity Ltd, a company limited by Guarantee, also act as Trustees for the charity. Trustees are recruited by an open appointment process, and occasionally by advertisement, and invited to observe a board meeting before deciding whether to confirm their interest.
All Directors/Trustees act with care, diligence and skill as required by the company and charity legislation. Five meetings of the Directors are held each year including an Annual General Meeting, at which a third of the Directors are required to retire by rote, and may be reappointed.
The Nottingham Festival of Science and Curiosity Board of Trustees has created sub-groups which focus on particular areas of work and development. The sub-groups currently focus on fundraising, evaluation, visibility and profile and equity, diversity and inclusion. Sub-groups are formed of Trustees with related interest or expertise, Ignite! staff team and members of the board that act in an advisory capacity.
Notices and agendas of meetings are sent by the Company Secretary in advance, and Trustees consider financial reports at each meeting. The Trustees are also responsible for ensuring that the company has suitable and appropriate strategies and policies to ensure best practice working. These include Child Protection and Safeguarding policies, and privacy and data management. Through the contract with Ignite Futures Ltd, all staff and volunteers working with young people and vulnerable adults are required to have an Enhanced DBS check.
All activities are risk assessed for hazards to staff, volunteers and public.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Nottingham Festival of Science and Curiosity Limited (the charity) for the year ended 31 March 2024.
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Nottingham Festival of Science and Curiosity Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 5 Cobden Chambers, Pelham Street, Nottingham, NG1 2ED.
The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is
reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions
are met. Where a grant does not specify performance conditions it is recognised in income when the
proceeds are received or receivable. A grant received before the recognition criteria are satisfied is
recognised as a liability.
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Production costs
Computer costs
Printing, postage and stationery
Advertising
Consultancy
Sundry
Bank charges
Insurance
Governance costs includes payments to the accountants of £850 (2023- £800) for independent examination fees.
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
Nottingham Festival of Science and Curiosity
This fund is to advance public education by offering accessible activities to the broadest range of participants across Nottingham and Nottinghamshire. Working with a range of partners including schools, local businesses, community and cultural organisations and universities, this fund aims to allow science, technology, engineering and maths to be accessible to all.
BSA- UKRI/UKSFN
2023 - UKRI/UKSFN Grant - This was awarded to facilitate a project which connected researchers to young people in Nottingham with a focus on raising awareness of how research can influence social change.
2024 - BSA UKSFN Making Connections Grant - The project connected academics from the Digital Youth Research Group with an LGBT+ youth group to explore mental health through a series of workshops involving gaming, character creation and model making.
Wellcome Centre for Human Genetics & UKSFN Grant
This fund was for a project that linked Researchers with the festival in order to support researchers to communicate their research via talks and activities to an audience of secondary school pupils.
Royal Society of Chemistry Outreach Grant
This fund was for a project that linked up undergraduate chemistry students from Nottingham Trent University and four Nottinghamshire based schools for pupils with special educational needs and disabilities. Together the schools and students worked together to create and deliver tailored chemistry based activities.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
During the year the secretary for the company being Sarah Walley is also acting as secretary for Ignite Futures Limited who are responsible for the day to day management of Nottingham Festivals activities.
Hasmita Chavda is also listed as a director for both Nottingham Festival of Science and Curiosity Limited and Ignite Futures Limited during the year.
During the year Nottingham Festival of Science and Curiosity Limited paid Ignite Futures Limited £67,168 (2023: £68,032) for production and management of the festival.
No remuneration or expenses have been paid to any trustees during the year (2023: £0)