STEM Foundation Charity Accounts

COMPANY REGISTRATION NUMBER: 5227493

CHARITY REGISTRATION NUMBER: 1112354

STEM Foundation

Company Limited by Guarantee

Unaudited Financial Statements

31 December 2024

STEM Foundation

Company Limited by Guarantee

Financial Statements

Year ended 31 December 2024

	Page

Trustees' annual report (incorporating the director's report)	1

Chartered accountant's report to the board of trustees on the preparation of the unaudited statutory financial statements	3

Statement of financial activities (including income and expenditure account)	4

Statement of financial position	5

Notes to the financial statements	6

STEM Foundation

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 December 2024

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2024 .

Reference and administrative details

Registered charity name	STEM Foundation

Charity registration number	1112354

Company registration number	5227493

Principal office and registered	22 Mathecombe Road
office	Slough
	England
	SL1 5FG

The trustees

	Mr L Walker
	Mr D Fox
	Professor S Medhat
	Mrs M Medhat

Company secretary	Mrs M Medhat

Accountants	CAS
	Chartered accountants
	277-279 Chiswick High Road
	Chiswick
	London
	England
	W4 4PU

Achievements and performance

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on 24 September 2025 and signed on behalf of the board of trustees by:

Professor S Medhat	Mrs M Medhat
Director	Charity Secretary

STEM Foundation

Company Limited by Guarantee

Chartered Accountant's Report to the Board of Trustees on the Preparation of the Unaudited Statutory Financial Statements of STEM Foundation

Year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of STEM Foundation for the year ended 31 December 2024, which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes from the charity's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the board of trustees of STEM Foundation , as a body, in accordance with the terms of our engagement letter dated ***Please fill in the Date of Engagement in field 9 of Client Database > Setup > Action Dates***. Our work has been undertaken solely to prepare for your approval the financial statements of STEM Foundation and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than STEM Foundation and its board of trustees, as a body, for our work or for this report.

It is your duty to ensure that STEM Foundation has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of STEM Foundation . You consider that STEM Foundation is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of STEM Foundation . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

CAS Chartered accountants

277-279 Chiswick High Road Chiswick London England W4 4PU

24 September 2025

STEM Foundation

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 December 2024

	2024		2023
	Unrestricted funds	Total funds	Total funds
Note	£	£	£

Income and endowments

Donations and legacies	5	7,900	7,900	7,400
		-------	-------	-------
Total income		7,900	7,900	7,400
		-------	-------	-------

Expenditure

Expenditure on charitable activities	6,7	11,002	11,002	11,265
		--------	--------	--------
Total expenditure		11,002	11,002	11,265
		--------	--------	--------

	--------	--------	--------
Net expenditure and net movement in funds	( 3,102)	( 3,102)	( 3,865)
	--------	--------	--------

Reconciliation of funds

Total funds brought forward	14,391	14,391	18,256
	--------	--------	--------
Total funds carried forward	11,289	11,289	14,391
	--------	--------	--------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

STEM Foundation

Company Limited by Guarantee

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Current assets

Debtors	12	12,361	14,569
Cash at bank and in hand		18	912
		--------	--------
		12,379	15,481

Creditors: amounts falling due within one year	13	1,090		1,090
		--------		--------
Net current assets			11,289	14,391
			--------	--------
Total assets less current liabilities			11,289	14,391
			--------	--------
Net assets			11,289	14,391
			--------	--------

Funds of the charity

Unrestricted funds		11,289	14,391
		--------	--------
Total charity funds	14	11,289	14,391
		--------	--------

For the year ending 31 December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 24 September 2025 , and are signed on behalf of the board by:

Professor S Medhat
Director

STEM Foundation

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 22 Mathecombe Road, Slough, England, SL1 5FG.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apprortioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

4. Limited by guarantee

The company is limited by guarantee and has no authorised or issued share capital.

5. Donations and legacies

Unrestricted Funds	Total Funds 2024	Unrestricted Funds	Total Funds 2023
£	£	£	£

Donations

Institute of Innovation and Knowledge Exchange	7,900	7,900	7,400	7,400
	-------	-------	-------	-------

6. Expenditure on charitable activities by fund type

	Unrestricted Funds	Total Funds 2024	Unrestricted Funds	Total Funds 2023
	£	£	£	£
Support costs	11,002	11,002	11,265	11,265
	--------	--------	--------	--------

7. Expenditure on charitable activities by activity type

	Support costs	Total funds 2024	Total fund 2023
	£	£	£
Research & Related Activities	7,407	7,407	9,861
Governance costs	3,595	3,595	1,404
	--------	--------	--------
	11,002	11,002	11,265
	--------	--------	--------

8. Analysis of support costs

	Support costs	Total 2024	Total 2023
	£	£	£
Communications and IT	2,228	2,228	2,506
Office administration support	–	–	1,000
Sundries	928	928	921
Travelling	4,251	4,251	5,434
	-------	-------	-------
	7,407	7,407	9,861
	-------	-------	-------

9. Staff costs

The average head count of employees during the year was Nil (2023: Nil).

No employee received employee benefits of more than £60,000 during the year (2023: Nil).

10. Trustee remuneration and expenses

During the year trustees received £0 (2023: £0) in remuneration.

During the current and the previous financial year none of the trustees received expenses reimbursements.

11. Tangible fixed assets

	Equipment	Total
	£	£
Cost
At 1 January 2024 and 31 December 2024	1,463	1,463
	-------	-------
Depreciation
At 1 January 2024 and 31 December 2024	1,463	1,463
	-------	-------
Carrying amount
At 31 December 2024	–	–
	-------	-------
At 31 December 2023	–	–
	-------	-------

12. Debtors

	2024	2023
	£	£
Other debtors	12,361	14,569
	--------	--------

13. Creditors: amounts falling due within one year

	2024	2023
	£	£
Accruals and deferred income	840	840
Other creditors	250	250
	-------	-------
	1,090	1,090
	-------	-------

14. Analysis of charitable funds

Unrestricted funds

	At 1 January 2024	Income	Expenditure	At 31 December 2024
	£	£	£	£
General funds	14,391	7,900	(11,002)	11,289
	--------	-------	--------	--------

	At 1 January 2023	Income	Expenditure	At 31 December 2023
	£	£	£	£
General funds	18,256	7,400	(11,265)	14,391
	--------	-------	--------	--------

15. Analysis of net assets between funds

	Unrestricted Funds	Total Funds 2024
	£	£
Current assets	12,378	12,378
Creditors less than 1 year	(1,090)	(1,090)
	--------	--------
Net assets	11,288	11,288
	--------	--------

	Unrestricted Funds	Total Funds 2023
	£	£
Current assets	15,481	15,481
Creditors less than 1 year	(1,030)	(1,030)
	--------	--------
Net assets	14,451	14,451
	--------	--------

16. Related parties

During the year the Charity received £7,900 (2023: £7,400) Donations from the Institute of Innovation and Knowledge Exchange. At the year end STEM Foundation was owed £12,361 (2023: £14,569) by IKE Group Ltd and owed Dr Saad Medhat £250 (2023: £250).