REGISTERED NUMBER: 13233546 (England and Wales)

Benchmark Intelligence Group Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements For The Year Ended 31 December 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

S D Moores

A J Miller

P Khandelwal

REGISTERED OFFICE:

2-4 Idol Lane

London

Greater London

EC3R 5DD

REGISTERED NUMBER:

13233546 (England and Wales)

AUDITORS:

Kingswood Allotts Limited, Statutory Auditor

Chartered Accountants

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The principal activity of Benchmark Intelligence Group Limited ("BIG") is that of a holding company. The Group's core business activities include market pricing, supply chain data, forecasting, and strategic advisory services that support the technologies and infrastructure central to the global energy transition.

The Group operates through its subsidiaries, primarily Benchmark Mineral Intelligence Limited and, from June 2024, Rho Publishing and Consulting Ltd ("Rho Motion"). The business is anchored by its IOSCO-assured price assessments and proprietary data covering critical minerals, lithium-ion batteries, and EV supply chains.

Group revenue is primarily generated through subscription services, which remain embedded in client workflows, long-term contracts, and investment models. Secondary revenue streams continue to include events and strategic consultancy services.

For the year ended 31 December 2024, the Group generated revenues of £17.8 million (2023: £16.4 million). Subscription revenue remained the principal driver of growth, while consulting and events revenues were stable year-on-year. EBITDA before exceptional items was -£6.6 million, (2023: £0.7 million); however, the Group reported a net loss for the period due to a continued programme of investment in people, product development, and technology infrastructure, as well as the impact of acquisition-related costs.

A major milestone in the year was the Group's acquisition of Rho Motion in June 2024. Rho enhances the Group's strategic positioning by expanding visibility into the downstream components of the energy transition-spanning EV deployment, powertrain technologies, recycling, and energy storage systems. The integration of Rho Motion has been well-executed, with research operations now aligned under Benchmark Mineral Intelligence to maximise operational efficiency and support commercial synergies.

The Group continued to strengthen its leadership team during the year through key executive appointments. Adam Panayi, formerly CEO of Rho Motion, assumed the newly created role of Chief Research Officer. In this role, he oversees the combined research and consulting teams across the Group, driving consistency, analytical depth, and scalable delivery quality. The Group also appointed a Finance Director, further strengthening financial oversight, governance, and operational discipline.

In addition, the Board approved a planned leadership transition effective January 2025. Andrew Miller, formerly Chief Operating Officer, was appointed Chief Executive Officer, reflecting his leadership of the Group's operational scaling and strategic execution. Caspar Rawles, previously Chief Data Officer, was appointed Chief Operating Officer, succeeding Andrew Miller. This transition ensures continuity while reinforcing the Group's focus on data integrity, product delivery, and operational excellence as the business scales.

Spectrum Equity remains a committed minority shareholder in the Group and continued to provide strategic support throughout the year, particularly in the areas of subscription growth, financial planning, and operational scalability.

Notwithstanding, the Board acknowledges that 2025 will see lower growth within the commodities, battery, automotive and government sectors that Benchmark operates in.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group is exposed to a range of commercial, financial, and operational risks. These include shifts in market sentiment and policy direction, which can influence client budgets and investment horizons, as well as competitive intensity in pricing and data services.

As the Group expands, technology and data resilience remain essential, requiring continued investment in platform robustness and cybersecurity. Talent retention, particularly across commercial, data science, and senior leadership roles, is also a key factor in sustaining delivery and innovation.

The Group's status as an IOSCO Type 2-assured price reporting agency brings with it high expectations for transparency and governance, and the Board maintains strong internal controls and assurance processes accordingly.

These risks are monitored on a regular basis by the Board, supported by close engagement with clients and stakeholders, continued investment in infrastructure, and a flexible cost base that enables the business to respond quickly to changing market conditions.

FUTURE DEVELOPMENTS

The Board acknowledges that trading conditions through 2025 have remained challenging. However, the Group enters 2026 with an expanded market footprint and a stronger product portfolio, particularly following the successful integration of Rho Motion. Subscription revenues are expected to remain the principal growth engine, driven by cross-sell potential, enhanced data coverage, and sustained industry demand for contract-grade intelligence.

While consulting and event revenues are expected to remain cyclical, they continue to provide valuable client engagement, brand visibility, and strategic insight. The Group remains focused on product innovation, technology investment, and global positioning to capture growth across an increasingly complex energy supply chain.

With the leadership team strengthened and platform foundations in place, the Board believes the Group is well positioned to deliver long-term, scalable growth and to reinforce its role as the leading independent authority across the battery and energy transition value chain.

ON BEHALF OF THE BOARD:

S D Moores - Director

23 December 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

S D Moores

A J Miller

P Khandelwal

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

S D Moores - Director

23 December 2025

Opinion

We have audited the financial statements of Benchmark Intelligence Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 group's and of the parent company affairs as at 31 December 2024 and of the group's loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

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

-	the parent company 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

-

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 group through discussions with directors and

-

other management, and from our commercial knowledge and experience of the sector;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation, anti-bribery, employment, environmental, and health and safety legislation;

-

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

-

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 group'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.

To address the risk of fraud through management bias and override of 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 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;

-

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

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

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 a Report of the Auditors 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.

Mark Garrison BCom FCA DChA (Senior Statutory Auditor)

for and on behalf of Kingswood Allotts Limited, Statutory Auditor

Chartered Accountants

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

23 December 2025

TURNOVER

3

17,839,562

16,354,518

Cost of sales

7,520,500

5,064,206

GROSS PROFIT

10,319,062

11,290,312

Administrative expenses

18,177,277

10,628,818

(7,858,215

)

661,494

Other operating income

1,290

-

OPERATING (LOSS)/PROFIT

5

(7,856,925

)

661,494

Exceptional items

6

103,902

955,050

(7,960,827

)

(293,556

)

Interest receivable and similar income

7

38,147

12,917

(7,922,680

)

(280,639

)

Interest payable and similar expenses

8

269,420

-

LOSS BEFORE TAXATION

(8,192,100

)

(280,639

)

Tax on loss

9

(65,195

)

193,649

LOSS FOR THE FINANCIAL YEAR

(8,126,905

)

(474,288

)

OTHER COMPREHENSIVE INCOME

Currency translation loss

(13,108

)

(6,732

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(13,108

)

(6,732

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(8,140,013

)

(481,020

)

Loss attributable to:

Owners of the parent

(8,126,905

)

(474,288

)

Total comprehensive income attributable to:

Owners of the parent

(8,140,013

)

(481,020

)

FIXED ASSETS

Intangible assets

12

23,059,428

-

Tangible assets

13

226,934

193,609

Investments

14

-

-

23,286,362

193,609

CURRENT ASSETS

Debtors

15

4,206,709

4,504,138

Cash at bank

2,643,603

5,264,149

6,850,312

9,768,287

CREDITORS

Amounts falling due within one year

16

14,404,260

6,923,340

NET CURRENT (LIABILITIES)/ASSETS

(7,553,948

)

2,844,947

TOTAL ASSETS LESS CURRENT LIABILITIES

15,732,414

3,038,556

CREDITORS

Amounts falling due after more than one year

17

(9,279,219

)

-

PROVISIONS FOR LIABILITIES

20

(1,027

)

-

NET ASSETS

6,452,168

3,038,556

CAPITAL AND RESERVES

Called up share capital

21

953

900

Share premium

22

11,673,541

119,969

Other reserves

22

(19,840

)

(6,732

)

Retained earnings

22

(5,202,486

)

2,924,419

SHAREHOLDERS' FUNDS

6,452,168

3,038,556

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

S D Moores - Director

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

-

-

Investments

14

23,942,887

120,219

23,942,887

120,219

CURRENT ASSETS

Debtors

15

3,650

650

CREDITORS

Amounts falling due within one year

16

8,272,043

-

NET CURRENT (LIABILITIES)/ASSETS

(8,268,393

)

650

TOTAL ASSETS LESS CURRENT LIABILITIES

15,674,494

120,869

CREDITORS

Amounts falling due after more than one year

17

4,000,000

-

NET ASSETS

11,674,494

120,869

CAPITAL AND RESERVES

Called up share capital

21

953

900

Share premium

22

11,673,541

119,969

SHAREHOLDERS' FUNDS

11,674,494

120,869

Company's profit for the financial year

-

70,000

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

S D Moores - Director

Called up

share

Retained

Share

Other

Total

capital

earnings

premium

reserves

equity

£

£

£

£

£

Balance at 1 January 2023

900

3,468,707

119,969

-

3,589,576

Changes in equity

Dividends

-

(70,000

)

-

-

(70,000

)

Total comprehensive income

-

(474,288

)

-

(6,732

)

(481,020

)

Balance at 31 December 2023

900

2,924,419

119,969

(6,732

)

3,038,556

Changes in equity

Issue of share capital

53

-

11,553,572

-

11,553,625

Total comprehensive income

-

(8,126,905

)

-

(13,108

)

(8,140,013

)

Balance at 31 December 2024

953

(5,202,486

)

11,673,541

(19,840

)

6,452,168

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

900

-

119,969

120,869

Changes in equity

Dividends

-

(70,000

)

-

(70,000

)

Total comprehensive income

-

70,000

-

70,000

Balance at 31 December 2023

900

-

119,969

120,869

Changes in equity

Issue of share capital

53

-

11,553,572

11,553,625

Balance at 31 December 2024

953

-

11,673,541

11,674,494

Cash flows from operating activities

Cash generated from operations

1

(4,021,734

)

3,633,532

Tax received

299,883

(1,692,765

)

Net cash from operating activities

(3,721,851

)

1,940,767

Cash flows from investing activities

Purchase of tangible fixed assets

(95,579

)

(189,884

)

Purchase of subsidiary

(4,289,417

)

-

Cash acquired on purchase of subsidiary

421,678

-

Interest received

38,147

12,917

Net cash from investing activities

(3,925,171

)

(176,967

)

Cash flows from financing activities

Loan repayments in year

(1,940

)

-

Amount introduced by directors

5,009,314

-

Share issue

20,375

-

Equity dividends paid

-

(70,000

)

Interest paid

(1,273

)

-

Net cash from financing activities

5,026,476

(70,000

)

(Decrease)/increase in cash and cash equivalents

(2,620,546

)

1,693,800

Cash and cash equivalents at beginning of year

2

5,264,149

3,570,349

Cash and cash equivalents at end of year

2

2,643,603

5,264,149

1.	RECONCILIATION OF LOSS FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Loss for the financial year

(8,126,905

)

(474,288

)

Depreciation charges

77,793

29,824

Loss on disposal of fixed assets

17,258

-

Foreign translation reserve

(13,107

)

(6,732

)

Amortisation

1,171,023

-

Finance costs

269,420

-

Finance income

(38,147

)

(12,917

)

Taxation

(65,195

)

193,649

(6,707,860

)

(270,464

)

Decrease in trade and other debtors

750,367

3,091,341

Increase in trade and other creditors

1,935,759

812,655

Cash generated from operations

(4,021,734

)

3,633,532

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

2,643,603

5,264,149

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

5,264,149

3,570,349

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1.1.24

Cash flow

changes

At 31.12.24

£

£

£

£

Net cash

Cash at bank

5,264,149

(2,620,546

)

2,643,603

5,264,149

(2,620,546

)

2,643,603

Debt

Debts falling due

within 1 year

-

-

(4,161

)

(4,161

)

Debts falling due

after 1 year

-

1,940

(3,698

)

(1,758

)

-

1,940

(7,859

)

(5,919

)

Total

5,264,149

(2,618,606

)

(7,859

)

2,637,684

4.	MAJOR NON-CASH TRANSACTIONS

As disclosed in note 27, the company acquired Rho Publishing and Consulting Ltd during the year. The consideration included a share for share exchange valued at £11,533,250 and deferred consideration of £8,000,000.

1.	STATUTORY INFORMATION

Benchmark Intelligence Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

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 company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.

The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted are set out below.

Going Concern

The directors acknowledge the group loss for the year and the net current liability position at the year end. The business has been adversely affected by macroeconomic and geopolitical factors that have delayed the expected growth of the business. The company will report a loss for 2025. Operational cash flows have been affected as the business built for scale throughout 2024. In addition, at the balance sheet date, the company had deferred liabilities of £4m due on 31 January 2025 and £4m due on 31 January 2026.

Acknowledging these factors, the Board have taken steps in 2025 to strengthen the group's financial position and improve its operating performance, by reducing the cost base of the group. During 2025, the directors have secured ongoing financial support from shareholders totalling £10.6m to provide additional working capital funding while these initiatives take effect, and to settle deferred liabilities due in January 2025. A director has made a commitment to provide further capital funding to settle the deferred liability of £4m due in January 2026 and to cover operating shortfalls should the need arise. The group continues to have no third-party debt.

The group has produced detailed profit and cash flow forecasts for the year ending 31 December 2026, considering a range of outcomes. The outcome based on the most conservative assumptions shows that the group has sufficient operating funds.

Based on these mitigating actions, the directors do not believe that a material uncertainty casting significant doubt upon the group's ability to continue as a going concern exists.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Benchmark Intelligence Group Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases. Control is the power to govern the financial and operating policies of an entity to obtain economic benefits from its activities.

Overseas subsidiaries, whose financial statements are prepared in currencies other than pounds sterling, are translated upon consolidation into the group's financial statements. At each reporting date, assets and liabilities are translated at the rates prevailing on the reporting date. Profit or loss for the reporting period is translated at the average rate for the period. The associated translation differences are recorded in the foreign exchange reserve.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

-

the amount of revenue can be measured reliably;

-

it is probable that the group will receive the consideration due under the contract;

-

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

-

the costs incurred and the costs to complete the contract can be measured reliably.

The services provided by the group to the lithium ion batteries and rare earth elements industry include subscriptions, consultancy and events.

Revenue from subscriptions is recognised on a straight line basis over the subscription period.

Revenue from consultancy services is recognised in line with the delivery of the associated work.

Revenue from events is recognised at the time of hosting the respective event.

All sales are made with credit terms. The element of financing is deemed immaterial and disregarded in the measure of turnover.

Goodwill

Goodwill represents the difference between the cost of a business combination and the group’s interest in the fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses (which are not reversed).

Goodwill can be subsequently adjusted for changes to estimates of contingent considerations given in a business combination.

Goodwill is amortised on a straight-line basis over its useful economic life. This is assessed individually for each acquisition taking into account the period over which the group expects to realise the synergies from the combination. The useful economic life of goodwill has been set to ten years.

Included within goodwill are brand portfolio and customer relationships, which do not meet the criteria under FRS 102 to be recognised as individual intangible assets. The useful economic life of these is as follow:

Brand portfolio

15 years

Customer relationships

20 years

Intangible assets

Intangible assets are initially recognised at cost. Subsequent to initial recognition intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. Intangible assets are amortised over their useful economic lives using a straight-line method as follows:

Technology

5 years

If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations.

The group assesses at each reporting date whether there is any indication that the intangible asset may be impaired. If any such indication exists, the group estimates the recoverable amount of the intangible asset and recognises an impairment loss for any shortfall below carrying amount.