Registered number: 07708659
(A Company Limited by Guarantee)
FOR THE YEAR ENDED 31 MARCH 2026
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The High Value Manufacturing (HVM) Catapult is a strategic research and innovation hub for UK manufacturing, helping academia, industry and government solve the world’s toughest engineering challenges. Established and supported by key stakeholder, Innovate UK, its network of centres work together to accelerate industrial transformation, tackling key objectives in support of net zero, healthy living and national security.
It operates its activities through six centres of innovation: Centre for Processing Innovation (CPI), Manufacturing Technology Centre (MTC), National Manufacturing Institute Scotland (NMIS), NCC, University of Sheffield Advanced Manufacturing Research Centre (AMRC) and Warwick Manufacturing Group (WMG).
HVM Catapult is limited by guarantee, being a not-for-profit organisation. The organisation applies for and manages funding from external sources on behalf of the HVM Catapult network and issues grants with the funding received in order to achieve its company objectives in line with needs of key stakeholders.
It operates its activities through six centres of innovation: Centre for Processing Innovation (CPI), Manufacturing Technology Centre (MTC), National Manufacturing Institute Scotland (NMIS), NCC, University of Sheffield Advanced Manufacturing Research Centre (AMRC) and Warwick Manufacturing Group (WMG).
HVM Catapult is limited by guarantee, being a not-for-profit organisation. The organisation applies for and manages funding from external sources on behalf of the HVM Catapult network and issues grants with the funding received in order to achieve its company objectives in line with needs of key stakeholders.
Establishing and maintaining the network of national centres with world-leading technical capabilities requires a sustained investment from the public and private sectors. The centres also need to create a critical mass of activity surrounding them which will anchor the activities of globally mobile companies in the UK.
The six centres that form HVM Catapult receive funding from HVM Catapult for long-term investment in infrastructure, expertise and skills development; collaborative research and development projects (CR&D), funded jointly by the public and private sectors and awarded on a competitive basis; and business funded research and development (R&D) contracts. The HVM Catapult model requires the centres to invest the core funding they receive to ensure their asset base and capability is at the leading edge. That capability is used to support industry on commercially funded projects and, together with industry, win competitive funding for collaborative research projects.
The six centres that form HVM Catapult receive funding from HVM Catapult for long-term investment in infrastructure, expertise and skills development; collaborative research and development projects (CR&D), funded jointly by the public and private sectors and awarded on a competitive basis; and business funded research and development (R&D) contracts. The HVM Catapult model requires the centres to invest the core funding they receive to ensure their asset base and capability is at the leading edge. That capability is used to support industry on commercially funded projects and, together with industry, win competitive funding for collaborative research projects.
S172 statement
Directors' statement of compliance with duty to promote the success of the company
The directors of HVM Catapult must act in accordance with a set of general duties which are detailed in section 172 of the Companies Act 2006. These duties include a duty by the directors of HVM Catapult to act in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of the stakeholders as a whole and, in doing so, have had regard to and recognise the importance of considering all stakeholders and other matters set out in section 172 of the act in its decision making.
Engagement with our Stakeholders
Government stakeholders
These stakeholders are key to the future success of the business, providing the financial framework which aids business growth and stability. The directors provide information on company strategy and performance, being honest and transparent at all times.
These stakeholders are key to the future success of the business, providing the financial framework which aids business growth and stability. The directors provide information on company strategy and performance, being honest and transparent at all times.
Customers
The primary customer providing grant income is Innovate UK. A good working relationship is maintained through regular tactical meetings and formal quarterly review sessions on operations and strategy. All obligations under the grant funding agreement are being met appropriately. Its experienced staff are dedicated to ensuring the Catapult continues to exceed in the areas of governance and delivery.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Engagement with our Stakeholders (continued)
Members
The members of the HVM Catapult company represent the network of national centres which provide research and innovation capabilities to support UK manufacturing industries. The directors engage closely with the member representatives on areas of national and regional strategic priority and in the development of HVM Catapult long-term mission and goals in order to facilitate transformative collaboration with partners across key sectors and industries.
Suppliers
The company operates with limited suppliers for goods and services. Suppliers are paid promptly within their payment terms.
Employees
The majority of HVM Catapult employees work on a hybrid basis from home and from its offices in Birmingham and London. The organisation engages with employees through established internal communication channels, including monthly online meetings, quarterly in-person team days, an online newsletter and news portal and quarterly employee surveys.
During the year, the Executive Leadership Team (ELT) continued to support the embedding of HVM Catapult’s purpose, values and behaviours, shared organisational updates and strengthened team cohesion.
Volunteering leave is provided to employees to contribute positively to their communities, with colleagues contributing 107 hours of volunteering time.
All employees have continued to complete mandatory training within the required timeframes with a 94.33% completion rate with the shortfall being new starters.
HVM Catapult remains committed to equality, diversity, inclusion and human rights, reflected in its policies, its approach to modern slavery compliance and its status as a signatory to the Inclusivity in Innovation Charter. Engaging with employees remains fundamental to creating an inclusive culture and positive working environment.
Employees
The majority of HVM Catapult employees work on a hybrid basis from home and from its offices in Birmingham and London. The organisation engages with employees through established internal communication channels, including monthly online meetings, quarterly in-person team days, an online newsletter and news portal and quarterly employee surveys.
During the year, the Executive Leadership Team (ELT) continued to support the embedding of HVM Catapult’s purpose, values and behaviours, shared organisational updates and strengthened team cohesion.
Volunteering leave is provided to employees to contribute positively to their communities, with colleagues contributing 107 hours of volunteering time.
All employees have continued to complete mandatory training within the required timeframes with a 94.33% completion rate with the shortfall being new starters.
HVM Catapult remains committed to equality, diversity, inclusion and human rights, reflected in its policies, its approach to modern slavery compliance and its status as a signatory to the Inclusivity in Innovation Charter. Engaging with employees remains fundamental to creating an inclusive culture and positive working environment.
In a time of global uncertainties HVM Catapult has not been directly impacted by global economic challenges - for example around energy costs due to the nature of its business. There has been an impact as a result of the increase in national insurance.
The results for HVM Catapult for the year show a pre-tax loss of £0.4m driven by minor timing differences on expenses incurred and claim eligibility (2025: pre-tax profit £3.8m).
Turnover, including revenue grants, is £169.5m (2025: £160.4m). The company had net current liabilities of £0.8m (2025: £0.6m).
In the period from April 2025 to March 2026 HVM Catapult delivered against £169.5m in grant funding. This compares with £160.4m achieved in the previous year. The £169.5m comprises of £163.6m of core funding and £5.9m of R&D projects income.
At the heart of the Catapult's offer is access to leading-edge, full-scale manufacturing equipment and the expertise to develop new processes and technologies.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Turnover, including revenue grants, is £169.5m (2025: £160.4m). The company had net current liabilities of £0.8m (2025: £0.6m).
The board believes KPIs provide a comprehensive understanding of the performance and development of the business in its complex environment of public and commercial activities.
The execution of HVM Catapult's strategy and the management and operation of the business are all subject to a number of risks. These are reviewed regularly by the board and the Audit and Risk Committee and mitigating actions implemented. Principal risks and uncertainties are:
∙Changes in UK government policy, innovation priorities or the wider innovation landscape which could require significant changes to strategic plans, operating model, funding arrangements or delivery priorities;
∙Future Grant Funding Agreement case development and confirmation - current funding cycle runs to March 2028;
∙Failure to demonstrate sufficient impact and value for money for strategic investment as technological and industrial needs evolve, resulting in reduced confidence from stakeholders;
∙Geopolitical, economic and market uncertainty or shocks leading to reduced industrial investment in research, development and innovation resulting in weaker commercial demand and financial pressure across the network;
∙Cyber security and information security failures potentially resulting in business disruption, losses, contractual breaches or reputational damage;
∙HVM Catapult and its network partners do not invest in future capabilities at the appropriate speed, scale or direction of innovation and capability relevance diminishes, reducing ability to deliver impact for customers/stakeholders; and
∙Dependency on certain key investors, sectors or large organisations and any risks or external impacts that may affect those sectors would pose a financial risk for parts of the network.
During 2026, HVM Catapult marks its fifteenth year of operation. Looking ahead, the network will continue to work closely with UK Research and Innovation (UKRI) and Innovate UK to support the development and implementation of their evolving strategies. HVM Catapult will also contribute to the development of plans for the next phase of the Catapult Network, supporting delivery of the UK Government's industrial strategy and continued investment in innovation-led economic growth.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
The loss for the year, after taxation, amounted to £0.4m (2025: £3.8m profit).
The directors who served during the year, and up to the date of signing this report, were:
Subsequent to the year end, S Harris and L O'Hare were appointed as directors on 1 April 2026, H Atkinson and A Floyer-Lea were appointed as directors on 1 July 2026. C Ennis was appointed as director on 1 September 2026.
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HIGH VALUE MANUFACTURING CATAPULT
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The company made no political donations during the year or previous period.
The company does not need to comply with energy reporting as its usage is less than 40,000kWh a year.
Whilst not currently required to provide any statutory carbon reports, the HVM Catapult is seeking to develop a broader sustainability strategy, which will also enhance the Catapult's environmental data capture, enabling carbon reporting and carbon reduction in future.
No portion of the income of the company shall be paid or transferred to any members of the company except where it is payment in good faith for remuneration for services rendered or core grant allocation funding or repayment of out-of-pocket expenses to directors.
The Strategic Report includes the Business Review, s172 compliance statement, Employee engagement and engagement with suppliers and customers, Key Performance Indicators, Principal risks and uncertainties and future developments.
For the year ended 31 March 2026, the company reported a deficit of £373,000 and, at that date, net liabilities of £696,000. The net liability position principally reflects the timing of income recognition, working capital movements and the historical funding model under which the company operates. The Directors have considered the impact of these factors as part of their assessment of the company's ability to continue as a going concern.
High Value Manufacturing Catapult has secured core grant funding from Innovate UK to support its activities until 31 March 2028, following approval of the organisation's current five-year business and delivery plan. The current funding settlement provides for total committed funding of approximately £813 million across the Catapult Network over the period to March 2028. HVM Catapult continues to engage closely with Innovate UK regarding future funding arrangements, and the risk associated with successor funding is actively monitored through the company's risk management and governance processes.
The Directors have reviewed detailed cash flow forecasts through to 30 September 2027, extending to within six months of the end of the current Grant Funding Agreement period. These forecasts indicate that the company will have sufficient financial resources to meet its obligations as they fall due.
Accordingly, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of approval of these financial statements. The financial statements have therefore been prepared on a going concern basis.
High Value Manufacturing Catapult has secured core grant funding from Innovate UK to support its activities until 31 March 2028, following approval of the organisation's current five-year business and delivery plan. The current funding settlement provides for total committed funding of approximately £813 million across the Catapult Network over the period to March 2028. HVM Catapult continues to engage closely with Innovate UK regarding future funding arrangements, and the risk associated with successor funding is actively monitored through the company's risk management and governance processes.
The Directors have reviewed detailed cash flow forecasts through to 30 September 2027, extending to within six months of the end of the current Grant Funding Agreement period. These forecasts indicate that the company will have sufficient financial resources to meet its obligations as they fall due.
Accordingly, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of approval of these financial statements. The financial statements have therefore been prepared on a going concern basis.
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HIGH VALUE MANUFACTURING CATAPULT
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
There are no significant events affecting the company post year end.
The auditor, Grant Thornton UK LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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GOVERNANCE REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The HVM Catapult model requires centres invest the Innovate UK core funding they receive through the HVM Catapult to maintain world leading facilities, assets and capabilities in areas of strategic priority. These capabilities support industry through commercially funded projects and enable centres to secure competitive collaborative research and development funding, helping to drive innovation and growth in UK manufacturing. The core funding is governed by a grant funding agreement and HVM Catapult is responsible for governance around this arrangement and the prompt and accurate reporting to its stakeholders.
The Board comprises a non-executive Chair, seven independent non-executive directors and two executive directors. Each non-executive director (NED) serves for an initial three-year period and may serve up to nine years subject to the Board being satisfied with a director's performance, independence and commitment. The Board's policy is to appoint and retain NEDs who can apply leading knowledge and experience to the governance of HVM Catapult, and to review and refresh regularly the skills and experience the Board requires across industry, research and policy backgrounds. The process for appointing new directors is conducted by the Nominations Committee.
The Board meets on a quarterly basis to cover matters relating to governance, risk, performance and Board responsibilities. The Board also recognises the importance of close engagement with the six HVM Catapult centres. During the year, centre CEOs attended a number of Board meetings and strategy discussions to contribute to sessions on network performance, strategic opportunities and delivery challenges.
The Board is committed to high standards of corporate governance, which it considers are critical to business integrity and to maintaining stakeholders' trust in the company. HVM Catapult expects all directors and employees to act with honesty, integrity and professionalism and to uphold the highest standards of business conduct.
The Chair is responsible for ensuring the Board discharges its responsibilities and for facilitating full and constructive contributions from each member of the Board in determination of the company's strategy and overall objectives. The Chief Executive Officer is responsible for the vision for the strategic direction of the company and to ensure the company has sufficient resources to be able to deliver its strategy and goals.
The Board is supported by its Audit & Risk Committee, Remuneration Committee and Nominations Committee, each of which operates under approved terms of reference. These committees provide detailed oversight and assurance in their respective areas and report regularly to the Board.
The summary of attendance at meetings for year ending 31 March 2026 was as follows:
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HIGH VALUE MANUFACTURING CATAPULT
(A Company Limited by Guarantee)
GOVERNANCE REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
A Board effectiveness review is undertaken annually, led by the Chair, together with an annual strategic performance review undertaken with the core funding stakeholder. An externally facilitated, independent Board effectiveness review is undertaken every third year.
The Audit & Risk Committee oversees the effectiveness of the internal control and risk management framework. The committee reviews the risk register at each meeting and reports regularly to the Board, with a full Board review of principal risks undertaken at least annually. The committee also oversees compliance, assurance and audit activity and maintains an annual programme of assurance reviews covering key policies, controls and governance arrangements.
The committee has established a programme of engagement with the audit committees and equivalent governance bodies within the HVM Catapult centres to support the sharing of risk and assurance information and good practice across the network.
The Nominations Committee supports the Board by ensuring it has the appropriate balance of skills, experience, independence and diversity to discharge its responsibilities effectively. The committee oversees Board and committee succession planning and appointment processes and monitors Board effectiveness through annual reviews and periodic external evaluations.
The Remuneration Committee supports the Board by overseeing remuneration policies and practices to ensure they are aligned with strategic objectives and principles for HVM Catapult. The committee provides assurance that remuneration decisions are transparent, proportionate and appropriately governed.
Health and safety remains a key area of focus for the Board. Responsibility for maintaining safe working practices rests with management and employees throughout the organisation. Centres operating with HVM Catapult funding are expected to uphold high standards of health and safety management and to pursue continuous improvement in performance.
The Board is committed to promoting equality, diversity and inclusion and respecting human rights throughout HVM Catapult and the wider network. This commitment is reflected in the organisation's policies, the Inclusivity in Innovation Charter and its approach to modern slavery compliance.
The Chair presents his report for the period.
NameS Bagshaw
Chair
Chair
Date17 September 2026
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HIGH VALUE MANUFACTURING CATAPULT
We are responsible for concluding on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.
In our evaluation of the directors' conclusions, we considered the inherent risks associated with the company's business model, including effects arising from macro-economic uncertainties, such as inflationary pressures, changes in government funding priorities and supply chain disruption. We assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period.
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HIGH VALUE MANUFACTURING CATAPULT
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HIGH VALUE MANUFACTURING CATAPULT (CONTINUED)
Conclusions relating to going concern (continued)
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.
In our opinion, based on the work undertaken in the course of the 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.
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HIGH VALUE MANUFACTURING CATAPULT
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HIGH VALUE MANUFACTURING CATAPULT (CONTINUED)
Matters on which we are required to report by exception
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HIGH VALUE MANUFACTURING CATAPULT
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HIGH VALUE MANUFACTURING CATAPULT (CONTINUED)
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HIGH VALUE MANUFACTURING CATAPULT
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HIGH VALUE MANUFACTURING CATAPULT (CONTINUED)
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.
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
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PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2026
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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BALANCE SHEET
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 34 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
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STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
High Value Manufacturing Catapult is a private company limited by guarantee, incorporated in England and Wales. Its registered number is 07708659, and its registered head office is located at iCentrum, 6 Holt Street, Birmingham, England, B7 4BP.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
For the year ended 31 March 2026, the company reported a deficit of £373,000 and, at that date, net liabilities of £696,000. The net liability position principally reflects the timing of income recognition, working capital movements and the historical funding model under which the company operates. The Directors have considered the impact of these factors as part of their assessment of the company's ability to continue as a going concern.
High Value Manufacturing Catapult has secured core grant funding from Innovate UK to support its activities until 31 March 2028, following approval of the organisation's current five-year business and delivery plan. The current funding settlement provides for total committed funding of approximately £813 million across the Catapult Network over the period to March 2028. HVM Catapult continues to engage closely with Innovate UK regarding future funding arrangements, and the risk associated with successor funding is actively monitored through the company's risk management and governance processes.
The Directors have reviewed detailed cash flow forecasts through to 30 September 2027, extending to within six months of the end of the current Grant Funding Agreement period. These forecasts indicate that the company will have sufficient financial resources to meet its obligations as they fall due.
Accordingly, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of approval of these financial statements. The financial statements have therefore been prepared on a going concern basis.
Functional and presentation currency
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Transactions and balances
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The company's capital and reserve is as follows:
Profit and loss account
The company is limited by guarantee and its governing document is its Memorandum and Articles of Association. The directors hold no shares in the company. Each member of the company is a guarantor of the company, to an amount not exceeding £1, in the event of a winding up of the company.
The core grant funding provided to the company is governed by a grant funding agreement between the company and Innovate UK. Under certain circumstances, the grant funding provides Innovate UK with limited step-in rights.
The core grant funding provided to the company is governed by a grant funding agreement between the company and Innovate UK. Under certain circumstances, the grant funding provides Innovate UK with limited step-in rights.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 32
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 33
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Transactions with key management personnel
Total compensation of key management personnel including employer NI costs in the year amounted to £1,095k (2025: £850k). Key management personnel consists of Non-executive and Executive directors of the company.
There are no significant events affecting the company post year end.
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