Company registration number 10002698 (England and Wales)
GLASS FUTURES LTD
A NOT FOR PROFIT COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
GLASS FUTURES LTD
A NOT FOR PROFIT COMPANY LIMITED BY GUARANTEE
COMPANY INFORMATION
Directors
A Curry - Independent, UK (Chair from 9 July 2025)
D Dalton - British Glass, UK
Prof A P Hollander - University of Liverpool, UK
R Katz - Glass Futures, UK
S Murphy - Encirc, UK
M Houghton - Siemens, UK
(Appointed 25 April 2024)
J Ivorra - Guardian Glass, USA/Spain
(Appointed 26 August 2024)
J Kelly - Glass Futures, UK
(Appointed 9 July 2025)
Company number
10002698
Registered office
Glass Futures Ltd
James Roby Way
St. Helens
Merseyside
England
WA9 5DT
Auditor
BHP LLP
Albert Works
Sidney Street
Sheffield
S1 4RG
Bankers
Barclays Bank
Corporate Banking Manchester & Merseyside
11th Floor
20 Chapel Street
Liverpool
L3 9AG
Solicitors
Shoosmiths LLP
1 Bow Churchyard
London
EC4M 9DQ
GLASS FUTURES LTD
A NOT FOR PROFIT COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Directors' report
1 - 3
Independent auditor's report
4 - 6
Income and expenditure account
7
Statement of financial position
8
Notes to the financial statements
9 - 15
GLASS FUTURES LTD
A NOT FOR PROFIT COMPANY LIMITED BY GUARANTEE
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -

The directors present their annual report and financial statements for the year ended 28 February 2025.

Principal activities

Glass Futures is a not-for-profit membership-based research and development organisation, established in collaboration with several of the world’s leading glass producers, their supply chains, and major UK universities. Based in St Helens, Merseyside, Glass Futures serves as a Global Centre of Excellence for R&D, Innovation, and Training principally in the Glass Industry and increasingly also for other foundational industries such as Ceramics and Metals.

Glass Futures’ core mission is to deliver, on behalf of its members, an open-access experimental hot-glass pilot plant and a cold-end research hub. These facilities explore and test alternative manufacturing methods, materials, low carbon fuels, and intelligent coatings. The aim is to boost productivity while eliminating carbon dioxide from the manufacturing process—contributing directly to global climate change mitigation efforts.

Membership is open to glass manufacturers, their supply chains, and relevant academic institutions worldwide.

Overview of the year

Throughout the year, the Company secured multiple contracts with Innovate UK (IUK) to advance the Centre of Excellence. Additional significant contracts were awarded via IUK and the UK Government’s Department for Energy Security and Net Zero (DESNZ), in conjunction with several Glass Futures’ members. The Company is currently awaiting decisions on further submissions through appropriate agencies.

Glass Futures experimental combustion testbed facility, previously in Brinsworth, was relocated to the St Helens site during the year. Following installation, further hydrogen-fired process trials across the ceramics and steel sectors were successfully carried out.

Significant development work was undertaken to establish the pilot line, including:

- Construction of the steelwork frame for the furnace

- Furnace refractories installed

- Installation of gas lines

- Pipe bridge to the abatement plant erected

- Cooling system installation

- Delivery and setup of control panels and systems

- Delivery and installation of the roll plate machine, lehr, and crusher

- Activation of the hydrogen compound

- Installation of the liquid oxygen system

- Delivery and installation of the main low-voltage board

- Substantial completion of the flat glass line and container glass line

Expansion of activities beyond the pilot line continued, including:

- Large-scale international circular economy projects with brand members

- Successful industrial fuel switching demonstrations at several UK Members’ sites

- Research into smaller-scale industrial processes to support a future project pipeline

Glass Futures participated in both the Conservative and Labour Party Conferences within secure zones, playing an active role in net-zero discussions. These engagements led to several high-level political conversations, further raising the organisation’s profile in climate and energy policy circles.

During the year Founder and CEO Richard Katz advised he wished to step down as Chief Executive and, following a comprehensive search, Justin Kelly was appointed Chief Executive. Richard Katz was appointed President and continues involvement with the Company.

GLASS FUTURES LTD
A NOT FOR PROFIT COMPANY LIMITED BY GUARANTEE
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 2 -
Director Movements

During the year, R. Hulme, B. McMillian, and M. Higham stepped down from their roles as directors. The Company extends its sincere thanks to them for their valuable guidance and support over the years. We were pleased to welcome M. Houghton and J. Ivorra to the Board.

Following the year end, L. Valette retired from the Board. The Company is grateful to Ludovic for his tremendous contributions and advice. We were delighted to welcome Justin Kelly to the Board; Justin has served as CEO of Glass Futures since November 2024. Additionally, after the year end. A. Curry was elected Chair. The Company would like to thank M. Houghton for his leadership during his term as Chair—Mike will continue to serve on the Board.

Directors

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

A Curry - Independent, UK (Chair from 9 July 2025)
D Dalton - British Glass, UK
Prof A P Hollander - University of Liverpool, UK
R Katz - Glass Futures, UK
S Murphy - Encirc, UK
M Higham - Siemens, UK
(Resigned 25 June 2024)
M Houghton - Siemens, UK
(Appointed 25 April 2024)
B McMillan - Independent, UK
(Resigned 31 July 2024)
Dr R Hulme - Guardian Glass, USA
(Resigned 26 August 2024)
J Ivorra - Guardian Glass, USA/Spain
(Appointed 26 August 2024)
L Valette - O-I, USA
(Resigned 9 July 2025)
J Kelly - Glass Futures, UK
(Appointed 9 July 2025)
Post year end activities

Following the year end, the principal Pilot Plant was lit for the first time in a formal ceremony by Steve Rotheram, Metro Mayor of the Liverpool City Region Combined Authority.

Glass Futures was also honoured by a visit from the UK Prime Minister, Sir Keir Starmer KCP KC MP with live TV coverage on both the BBC and Sky News. Additionally, the Company was delighted to host Sarah Jones MP, Minister of State for Industry across both the Department for Energy Security and Net Zero, and the Department for Business and Trade. Visits were also made by many civil servants including the Government’s Chief Scientific Advisors for both the Department for Energy Security and Net Zero, Paul Monks, and the Department for Business and Trade, Julia Sutcliffe.

Auditor

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

Statement of directors' responsibilities

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 surplus or deficit of the company for that period.

GLASS FUTURES LTD
A NOT FOR PROFIT COMPANY LIMITED BY GUARANTEE
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -

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; and

- 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.

Statement of disclosure to auditor

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.

Going Concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the Company possesses sufficient resources to maintain operations for the foreseeable future. Accordingly, they continue to adopt the going concern basis in the preparation of the financial statements.

This assurance is grounded in ongoing, demonstrable support from Government, the Liverpool City Region Combined Authority, and our industry partners, whose commitment remains consistently strong year after year.

Underscoring our strategic significance, Glass Futures was recently named in the Government’s new 10-Year Industrial Strategy as a key Government-funded Research Centre and recognised as a National Asset. This designation affirms our leadership role in advancing innovation, sustainability, and industrial transformation across the UK and beyond.

Small companies exemption

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

On behalf of the board
J Kelly - Glass Futures, UK
Director
22 October 2025
GLASS FUTURES LTD
A NOT FOR PROFIT COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GLASS FUTURES LTD
- 4 -
Opinion

We have audited the financial statements of Glass Futures Ltd (the 'company') for the year ended 28 February 2025 which comprise the income and expenditure account, the statement of financial position 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 28 February 2025 and of its surplus 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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 directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

GLASS FUTURES LTD
A NOT FOR PROFIT COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GLASS FUTURES LTD (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport. 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 directors' 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 and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

Auditor's responsibilities for the audit of the financial statements

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with management and directors, and from our knowledge and experiences of the sector;

- we focussed on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, data protection, environmental permitting law, employment and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management;

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

GLASS FUTURES LTD
A NOT FOR PROFIT COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GLASS FUTURES LTD (CONTINUED)
- 6 -

To address the risks of fraud through management bias and override controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees’ and other management.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.

Daniel Varley (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
Albert Works
Sidney Street
Sheffield
S1 4RG
28 October 2025
GLASS FUTURES LTD
A NOT FOR PROFIT COMPANY LIMITED BY GUARANTEE
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
2025
2024
Notes
£
£
Income
11,876,409
7,223,468
Cost of sales
(5,898,532)
(2,547,926)
Gross surplus
5,977,877
4,675,542
Administrative expenses
(5,905,848)
(4,469,700)
Operating surplus
72,029
205,842
Interest receivable and similar income
17,966
8,327
Interest payable and similar expenses
(24,422)
-
0
Surplus before taxation
65,573
214,169
Tax on surplus
5
422,424
229,621
Surplus for the financial year
487,997
443,790

The income and expenditure account has been prepared on the basis that all operations are continuing operations.

GLASS FUTURES LTD
A NOT FOR PROFIT COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2025
28 February 2025
- 8 -
28 February 2025
29 February 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
6
31,648,843
19,737,400
Current assets
Stocks
78,168
-
Debtors
7
8,419,455
4,611,676
Cash at bank and in hand
1,312,263
1,857,836
9,809,886
6,469,512
Creditors: amounts falling due within one year
8
(13,192,809)
(7,009,484)
Net current liabilities
(3,382,923)
(539,972)
Total assets less current liabilities
28,265,920
19,197,428
Creditors: amounts falling due after more than one year
9
(25,277,668)
(16,904,673)
Provisions for liabilities
(207,500)
-
0
Net assets
2,780,752
2,292,755
Reserves
Income and expenditure account
2,780,752
2,292,755
Total members' funds
2,780,752
2,292,755

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

The financial statements were approved by the board of directors and authorised for issue on 22 October 2025 and are signed on its behalf by:
J Kelly - Glass Futures, UK
Director
Company registration number 10002698 (England and Wales)
GLASS FUTURES LTD
A NOT FOR PROFIT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 9 -
1
Accounting policies
Company information

Glass Futures Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Glass Futures Ltd, James Roby Way, St. Helens, Merseyside, England, WA9 5DT.

1.1
Accounting convention

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 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 a mounts 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.

1.2
Income and expenditure

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.

Project income is recognised by reference to the stage of completion of the project activity at the reporting end date.

Any surplus made by the company is held for re-investment into further research, subject to the legal requirements around administration.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
4 years straight line

Assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

GLASS FUTURES LTD
A NOT FOR PROFIT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 10 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

GLASS FUTURES LTD
A NOT FOR PROFIT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 11 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Taxation

The company has both a mutual and non-mutual trading status for the purposes of corporation tax. The mutual trade is exempt from corporation tax as it is not carrying on business for the purposes of making a profit. The non-mutual trading is subject to corporation tax and qualified for relevant R&D tax credits.

1.9
Employee benefits

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

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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 lease s asset are consumed.

GLASS FUTURES LTD
A NOT FOR PROFIT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 12 -
1.12
Government grants

Government grants are recognised at the fair value of the asset receive d 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.

2
Judgements and key sources of estimation uncertainty

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Project income

The company participates in project related research and development, the length of projects varies and at year end estimations as to the level of completion of projects with references to milestones are performed to ensure income and expenditure i s fairly stated. These estimations are subject to management judgment. At the year end amounts included in accrued income total £177,270 (2024: £202,675).

3
Employees

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

2025
2024
Number
Number
Total
54
49
4
Directors' remuneration
2025
2024
£
£
Remuneration paid to directors
122,800
112,281
GLASS FUTURES LTD
A NOT FOR PROFIT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 13 -
5
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
(379,226)
(87,478)
Adjustments in respect of prior periods
(250,698)
(142,143)
Total current tax
(629,924)
(229,621)
Deferred tax
Origination and reversal of timing differences
207,500
-
0
Total tax credit
(422,424)
(229,621)
6
Tangible fixed assets
Assets under construction
Plant and machinery
Total
£
£
£
Cost
At 1 March 2024
19,737,400
-
0
19,737,400
Additions
11,868,801
44,214
11,913,015
At 28 February 2025
31,606,201
44,214
31,650,415
Depreciation and impairment
At 1 March 2024
-
0
-
0
-
0
Depreciation charged in the year
-
0
1,572
1,572
At 28 February 2025
-
0
1,572
1,572
Carrying amount
At 28 February 2025
31,606,201
42,642
31,648,843
At 29 February 2024
19,737,400
-
0
19,737,400
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Service charges due
7,167,635
3,939,154
R&D tax recoverable
379,226
87,478
Other debtors
872,594
585,044
8,419,455
4,611,676

GLASS FUTURES LTD
A NOT FOR PROFIT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 14 -
8
Creditors: amounts falling due within one year
2025
2024
£
£
Obligations under finance leases
639,086
-
0
Trade creditors
7,519,400
4,422,382
Taxation and social security
108,923
71,955
Deferred income
10
3,670,015
1,419,617
Other creditors
31,767
-
0
Accruals
1,223,618
1,095,530
13,192,809
7,009,484
9
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
1,273,097
-
0
Deferred income
10
24,004,571
16,904,673
25,277,668
16,904,673
10
Deferred income
2025
2024
£
£
Government grants
26,766,678
17,028,720
Arising from Membership income
907,908
1,295,570
27,674,586
18,324,290
Included in the financial statements as follows:
Current liabilities
3,670,015
1,419,617
Non-current liabilities
24,004,571
16,904,673
27,674,586
18,324,290

I ncluded in government grants and procurement contract are amounts held in respect of fixed assets under construction and will be released in line with the depreciation policy when the asset becomes operational.

11
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
111,258
52,784

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

GLASS FUTURES LTD
A NOT FOR PROFIT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 15 -
12
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of S tatutory Members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

13
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
10,759,553
9,216,025
14
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
2,155,164
4,774,138
15
Related party transactions

During the year consultancy costs of £nil (2024: £16,235) were incurred to Mr B McMillan who is a director of the company. At the year end £nil (202 4: £nil) was owed and is within trade creditors.

Consultancy costs of £8,009 (202 4: £7,509) were incurred to Richard Katz, a director of the company. At the year end £nil (202 4: £nil) was owed.

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