The directors present the strategic report for the year ended 31 March 2024.

The principal activity of the company is to manage, operate and maintain the Redcar Steelworks site now known as Teesworks and to provide support, advice, and co-operation to the South Tees Development Corporation.

South Tees Site Company (STSC) Limited was incorporated on 12 October 2016 following a report produced by the Health & Safety executive for BEIS which flagged several public health, safety and environmental risks at the steelworks site.

The STSC transitioned into local control under South Tees Development Corporation (STDC) on 8 October 2020. This followed a successful Compulsory Purchase Order (CPO) process, in April 2020, that enabled STDC to acquire all the relevant land assembly interests in the site now known as Teesworks.

The purpose of the acquisition of STSC was as follows: -

•    To provide leadership and governance ensuring the company has processes, procedures, and competence to deliver safe and effective delivery of services to STDC in support of delivering its key objectives .

•    To provide leadership and governance for all EHSS matters across the STDC Group; and

•    To provide efficient and effective site/estate management services to all customers.

The wider responsibilities of the Teesworks site were to enable STDC to deliver its core objective, which was to regenerate the Teesworks site, driving forward its redevelopment to create jobs, secure investment and transform the region. This objective of the Teesworks site has always had two key phases of activity identified since before the CPO process began, namely: -

•    Phase 1 - site decontamination (including removal of COMAH status), demolition and remediation; and

•    Phase 2 - site infrastructure and development to secure inward investment.

During the reporting period, the company has ensured the health and safety of its employees, contractors, other site residents and visitors to site. It has ensured that the environment has been carefully managed and adherence to environmental permits. STSC and STDC have worked together, executing a programme of site investigations, providing support to potential investors and demolition works and assisting in the execution of the masterplan for the site.

Significant progress was made during the period on phase 1 and ongoing work to decontaminate and remediate the land, now Teesworks, has reached such an advanced stage that the functions of STSC are deemed not to be required for a further 12 months and as a result the organisation will be wound up. As such, the directors have not prepared the financial statements on a going concern basis.

Community and Environment

Sustainability is core to our strategy, we are committed to achieving Net Zero ahead of the government target of 2050. We are building sustainability and low carbon solutions into all our future infrastructure works and construction projects. We continue to focus on renewable energy.

Regulatory environment

We are subject to regulation by three regulatory bodies: Environment Agency, the Health and Safety Executive and the Competent Authority for the control of Major Accident Hazards. STSC has ensured full legal compliance with the three appropriate regulatory bodies. However, as previously reported, on 19th September 2019, there was an incident during the preparation for the demolition at South Bank Coke Ovens. Regrettably two contractors lost their lives in the incident. The cause of the incident continues to be investigated and the results of the investigation are not known at this time. Costs have been incurred since the incident however, the full financial implication of the incident is unknown at this time, consequently no provision or contingent liability has been made.

Future developments

South Tees Site company continues to provide support at the Teesworks site as the site transitions to Phase 2 being site infrastructure and development to secure inward investment. The requirements of STSC are reducing as the site is remediated and developed. As a result, a rundown process continues. Going forward a reduced number of employees will remain to support the remaining services and compliant responsibilities on the site. As a result, STSC are deemed not to be required for a further 12 months and as a result the organisation will be wound up. As such, the directors have not prepared the financial statements on a going concern basis.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2024.

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The company finances its activities with a combination of agreed business case funding with government and cash and short-term deposits. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the company's operating activities.

Price risk, credit risk, liquidity risk and cash flow risk

Cash flow and liquidity risk is the risk that a company's available cash will not be sufficient to meet its financial obligations. The company actively manages its cash flow position including collection of debts and timely payment of creditors. This, coupled with the strong cash position of the Company is deemed sufficient to minimise the Company's exposure to cash flow and liquidity risk.

Foreign exchange risk refers to the potential for loss from exposure to foreign exchange rate fluctuations. Company policies are aimed at minimising this risk. The company does not consider that it is materially exposed to foreign exchange risk.

Credit risk is the risk that one party of a financial instrument will cause a financial loss for the other party by failing to discharge its obligation. Company policies are aimed at minimising such losses and require customers to satisfy credit worthiness procedures prior to acceptance of contracts. The company does not consider that it is materially exposed to credit risk.

Price risk is the risk that changes in utility prices have the potential to impact on the profitability of the company. The company does not consider that it is materially exposed to price risk.

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The South Tees Site Company (STSC) Limited was incorporated on 12 October 2016 by the Department of Business, Energy and Industrial Strategy, with responsibilities over managing the health, safety, security and environmental risks inherent on the former Redcar steelworks site. In October 2020 the STSC transitioned into local control under the South Tees Development Corporation following the acquisition of the outstanding land on the site. Due to the progress of the phase 1 activity on the site, now Teesworks, in decontamination, demolition and remediation, considerable hazards previously on-site have been removed. As such, the functions of the South Tees Site Company in keep-safe and security are not required beyond the next 12 months and as such the company will therefore be wound up. Negative reserves will be consolidated into the parent company. The company has made the decision to stop trading and will transfer the remaining business to a fellow subsidiary company within 12 months of the signing of these financial statements. Therefore the directors consider it inappropriate to prepare the financial statements on a going concern basis and have prepared the financial statements on a breakup basis as set out under the basis of preparation (Note 1.2).

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

We have audited the financial statements of South Tees Site Company Limited (the 'company') for the year ended 31 March 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter - Financial statements prepared on a basis other than going concern

As outlined in note 1.2, these financial statements has not been prepared on a going concern basis as the directors have taken the decision to wind down operations.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free 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 accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

•    Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

•    Reviewing minutes of meetings of those charged with governance;

•    Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection; 

•    Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

•    Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); anti-bribery and corruption; and compliance with the UK Companies Act.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the 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 company's members those matters we are required 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The income statement has been prepared on the basis that all operations are continuing operations.

South Tees Site Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Teesside Airport Business Suite, Teesside International Airport, Darlington, DL2 1NJ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Tees Valley Combined Authority. These consolidated financial statements are available from its registered office, Tees Valley Combined Authority, Cavendish House, Teesdale Business Park, Stockton on Tees, Tees Valley, TS17 6QY.

As set out in the Directors' Report, due to the company ceasing to trade the directors have decided to prepare the financial statements on a basis other than that of a going concern. The financial statements have been prepared on a break-up basis at the year end. In adopting the break-up basis at the year end the following policies and procedures were implemented: - all assets have been disclosed at the value at which they are expected to be realised; and - all liabilities reflect the full amount at which they are expected to materialise.

The South Tees Site Company (STSC) Limited was incorporated on 12 October 2016 by the Department of Business, Energy and Industrial Strategy, with responsibilities over managing the health, safety, security and environmental risks inherent on the former Redcar steelworks site. In October 2020 the STSC transitioned into local control under the South Tees Development Corporation following the acquisition of the outstanding land on the site. Due to the progress of the phase 1 activity on the site, now Teesworks, in decontamination, demolition and remediation, considerable hazards previously on-site have been removed. As such, the functions of the South Tees Site Company in keep-safe and security are not required beyond the next 12 months and as such the company will therefore be wound up. Negative reserves will be consolidated into the parent company. The company has made the decision to stop trading and will transfer the remaining business to a fellow subsidiary company within 12 months of the signing of these financial statements. Therefore the directors consider it inappropriate to prepare the financial statements on a going concern basis and have prepared the financial statements on a breakup basis as set out under the basis of preparation.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

The company recognises revenue from the following major sources: Government grants for revenue purposes from Tees Valley Combined Authority are recognised as income over the period in which the company recognises the related costs for which the grant was intended to fund, making neither profit or loss in accordance with FRS 102.

Contracts with customers comprise of contracts to manage site assets in the form of a management agreement for services including electricity and site security. This contract revenue is recognised in accordance with FRS 102. The company acts as principal as it controls the site and all activities and hence revenue is recorded as the gross amount billed.

The contract is cancellable with notice of not less than one year. Following the year end contracts will either be cancelled or novation will occur with other Tees Valley Combined Authority group members. Other revenue is recognised when goods or services are provided in accordance with the purchase order received from the customer or with written instructions received from an authorised customer.

Stocks include tangible assets that are held for sale or will be transferred to other group entities after the year end due to the winding down process. These are stated at the lower of the carrying value of the tangible assets and estimated selling price less costs to sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If ontribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

In the application of the company’s accounting policies, the directors 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.

The directors do not consider there to be any judgements, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

No remuneration was paid to the directors in the current or prior year. The directors have been remunerated by other Tees Valley Combined Authority group companies.

The amount of impairment loss included in profit or loss is £264,714 (2023 - £86,176).

The company operates a defined contribution pension scheme. Contributions totalling £23,578 (2023 - £19,937) were payable to the scheme at the end of the year and are included in creditors.

An incident during the preparation for the demolition at South Bank Coke Ovens occurred in 2019. The Health and Safety Executive (HSE) has concluded its investigation, and the matter has been referred to the HSE’s Legal Services Division. As of the date of signing these accounts, no formal legal proceedings have commenced, and no conclusions have been reached. Due to the uncertainty surrounding the outcome, it is not possible to determine the likelihood, timing, or amount of any potential fine. Therefore, no provision has been recognised in the financial statements. Should the HSE pursue legal action, any resulting fine could have a material impact on the company’s financial position. The directors will continue to monitor the situation and reassess the need for a provision as more information becomes available.

The majority of the company's staff were transferred from SSI UK in Liquidation in a TUPE-like arrangement. An enhanced payment in lieu of notice terms were offered to those staff members who remained committed to the company throughout its liquidation, and this will be honoured under contractual arrangements upon the successful decommissioning of the site and its subsequent sale to STDC. There is a potential maximum outflow of £nil (2023: £191,964) as at the year end, as all impacted staff have now left the company. The prior year balance was dependent upon the staff remaining and the successful decommissioning of the site; if staff resigned from their post, they did not receive the enhanced terms. Consequently, the timing and amount were uncertain, and hence no provision was recorded in the prior year.

The Company's immediate parent is South Tees Development Company. The most senior parent entity producing publicly available financial statements is Tees Valley Combined Authority.

These financial statements are available upon request from on request from Tees Valley Combined Authority, Cavendish House, Teesdale Business Park, Stockton on Tees, Tees Valley, TS17 6QY.