Company registration number: 07196230
COMPANY INFORMATION
CONTENTS
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 directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
Page 1
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The loss before tax for the year was -£0.5m (2025: -£0.9m) on turnover of £4.1m (2025: £4.1m).
Demand for laboratory space, and for healthcare research and development space more broadly, remained subdued during the year. This reflects the continuing challenges faced by early phase biotechnology start-ups in securing funding, particularly in the cell and gene therapy sector, together with an oversupply of available space.
Despite these challenging market conditions, Stevenage Bioscience Catalyst increased overall tenant occupancy during the year. This was supported by competitive pricing, the quality of laboratory and office space, and the provision of ancillary services, including business development and networking and investor events.
A continued focus on cost control also contributed to an improvement in the operating loss, which reduced to -£0.49m from -£0.99m in 2025.
Looking ahead to 2027, the market outlook remains cautious, although there are moderate signs of recovery. The Directors believe that the business is well positioned to maintain its trajectory of occupancy growth.
Shortly after the year end, on 2 May 2026, the Company's Chief Executive Officer, Dr Sally Ann Forsyth OBE DSc, sadly died following a period of illness. Dr Forsyth oversaw the development of Stevenage Bioscience Catalyst into a successful and thriving community of companies, generating significant economic impact both locally and nationally. Her dedication to her role and passion for the Company will be greatly missed. Andrew Waters has been appointed as Chief Executive Officer and continues to lead the business.
Demand for laboratory space, and for healthcare research and development space more broadly, remained subdued during the year. This reflects the continuing challenges faced by early phase biotechnology start-ups in securing funding, particularly in the cell and gene therapy sector, together with an oversupply of available space.
Despite these challenging market conditions, Stevenage Bioscience Catalyst increased overall tenant occupancy during the year. This was supported by competitive pricing, the quality of laboratory and office space, and the provision of ancillary services, including business development and networking and investor events.
A continued focus on cost control also contributed to an improvement in the operating loss, which reduced to -£0.49m from -£0.99m in 2025.
Looking ahead to 2027, the market outlook remains cautious, although there are moderate signs of recovery. The Directors believe that the business is well positioned to maintain its trajectory of occupancy growth.
Shortly after the year end, on 2 May 2026, the Company's Chief Executive Officer, Dr Sally Ann Forsyth OBE DSc, sadly died following a period of illness. Dr Forsyth oversaw the development of Stevenage Bioscience Catalyst into a successful and thriving community of companies, generating significant economic impact both locally and nationally. Her dedication to her role and passion for the Company will be greatly missed. Andrew Waters has been appointed as Chief Executive Officer and continues to lead the business.
Page 2
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The directors who served during the year were:
The auditors, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 3
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEVENAGE BIOSCIENCE CATALYST
We have audited the financial statements of Stevenage Bioscience Catalyst (the 'Company') for the year ended 31 March 2026, which comprise the Statement of Comprehensive Income, the Statement of Financial Position and the related notes, 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 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Page 4
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEVENAGE BIOSCIENCE CATALYST (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' Report 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.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
Page 5
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEVENAGE BIOSCIENCE CATALYST (CONTINUED)
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 Auditors' 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.
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 Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.
•We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We assessed the extent of compliance with these legal and compliance procedures as part of our procedures on the related financial statement items.
•The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
•We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. We identified the risk of override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed by the engagement team included:
•Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
•Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
•Challenging assumptions and judgments made by management in its significant accounting estimates; and
•Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
The assessment did not identify any issues in these areas.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-complance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
•We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We assessed the extent of compliance with these legal and compliance procedures as part of our procedures on the related financial statement items.
•The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
•We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. We identified the risk of override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed by the engagement team included:
•Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
•Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
•Challenging assumptions and judgments made by management in its significant accounting estimates; and
•Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
The assessment did not identify any issues in these areas.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-complance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEVENAGE BIOSCIENCE CATALYST (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Richmond House
Walkern Road
Herts
SG1 3QP
Page 7
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
Page 8
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
Page 9
STATEMENT OF FINANCIAL POSITION (CONTINUED)
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 11 to 21 form part of these financial statements.
Page 10
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Stevenage Bioscience Catalyst ('the company') is a private company limited by guarantee incorporated in England and Wales. Registered number 07196230. The registered office and principal place of business is Stevenage Bioscience Catalyst, Gunnels Wood Road, Stevenage, Hertfordshire, SG1 2FX.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors believe that the company is well placed to manage its business risks successfully and they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has net assets at the year end, of over £4.2m (2025: £4.3m), and the directors have performed a forward-looking review and are satisfied with the actions taken to support company operations for the foreseeable future. The director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Revenue represents rental income and amounts receivable for services provided to customers net of VAT and trade discounts. Amounts receivable for services are recognised on an accruals basis when they have been rendered. Rental income is accounted for on a straight-line basis over the term of lease to account for rent free periods.
Where services are exchanged for dissimilar goods or services in a transaction which has commercial substance, revenue is recognised at the fair value of the goods or services received, adjusted for any cash or cash equivalents transferred, where that fair value can be measured reliably. The corresponding cost of the goods or services received is recognised separately within expenses in accordance with its nature and function.
Where services are exchanged for dissimilar goods or services in a transaction which has commercial substance, revenue is recognised at the fair value of the goods or services received, adjusted for any cash or cash equivalents transferred, where that fair value can be measured reliably. The corresponding cost of the goods or services received is recognised separately within expenses in accordance with its nature and function.
Page 11
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
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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.
Rentals payable under operating leases are charge to income on a straight-line basis over the term of the relevant lease.
Grants are credited to deferred income when they become receivable and then recognised in income in accordance with the accruals model of FRS 102. Grants towards capital expenditure are released to income over the expected useful life of the assets. Grants towards revenue expenditure are released to income as the related expenditure is incurred.
Page 13
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Critical accounting estimates and assumptions
The Directors do not consider there to be any critical accounting estimates or assumptions in the financial statements.
Critical areas of judgement
A critical area of judgement has been applied in respect of the FRS 102 accounting requirement to recognise revenue where there is an exchange of services, Section 23 of FRS 102 'Revenue' requires revenue to be recognised when goods or services are exchanged which are dissimilar in a transaction that has commercial substance. The revenue recognised is measured at the fair value of the goods or services received if the fair value can be measured reliably.
The Directors have applied their judgement in determining that the buildings owned by Stevenage Bioscience Catalyst be treated as tangible fixed assets rather than as investment property. The basis for this reasoning being that while these buildings earn rentals they are also used in the supply of serviced lab and office space and creating a collaborative environment to support small businesses. Furthermore, Stevenage Bioscience Catalyst is itself a not-for-profit entity, therefore the buildings are not held for capital appreciation or as a long-term income stream.
Exchange of services
The Company has an arrangement with another party whereby the Company provides laboratory space, landlord services and access to meeting rooms in exchange for the other party fitting out a laboratory with its own equipment and allowing the Company access to the fitted-out laboratory when it is not being used by the other party as a show laboratory for its customers.
In previous periods, the income and corresponding cost arising from this arrangement were not presented separately within the financial statements, as the Directors considered that the exchange did not have sufficient commercial substance to warrant separate recognition.
During the current year, the Directors reassessed the commercial substance of the arrangement, including the wider economic benefits arising from the Company's access to the fitted-out laboratory and specialist equipment. The Directors consider that access to these facilities enhances the services and facilities available to existing and prospective occupiers and contributes to the Company's ability to attract and retain tenants. Accordingly, the Directors have concluded that the exchange has commercial substance and that the services exchanged should be recognised separately.
The fair value of the services exchanged during the year was £1,100,000. Revenue of £1,100,000 and a corresponding expense of £1,100,000 have therefore been recognised separately in the Statement of Comprehensive Income. This treatment has no impact on the Company's operating result for the year.
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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
8.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 18
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation. At 31 March 2026 there were 2 members (2025: 2).
As the company is limited by guarantee and by nature of voting rights there is no ultimate beneficial owner.
As the company is limited by guarantee and by nature of voting rights there is no ultimate beneficial owner.
Page 19
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 20
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 21