An update on the next step in Spaceport Cornwall; Funding available for innovate businesses through Innovate UK; R&D Tax Credits

1. S P A C E P O R T C O R N W A L L A N D I N N O V A T I O N
I N C O R N W A L L A N D I S L E S O F S C I L L Y
( “ C I O S ” )

2. SPACEPORT CORNWALL
AND INNOVATION IN CIOS
Introduction
RICHARD WADMAN
CORPORATE FINANCE DIRECTOR
E: RICHARD.WADMAN@PKF-FRANCISCLARK.CO.UK
T: 01872 246595

3. HOUSEKEEPING
@pkfFrancisClark

4.  Spaceport Cornwall: an update and what this could mean for business community in
Cornwall – Miles Carden (Director) and Melissa Thorpe (Head of Engagement)
 Innovation in the far SW – Matt Silver, Innovate UK
 Other funding and business support for innovative businesses – Richard Wadman, PKF
Francis Clark
 R&D Tax Credits – Richard Tyler, PKF Francis Clark
 Other news/ Future events
 Q&A
AGENDA

5. P K F F R A N C I S C L A R K
 UK member firm of PKF International
 Led by 58 partners, with over 750 people
 Largest regional accountancy firm in England & Wales
 Operates from 8 offices in the South
 >20,000 clients across the UK
 Integrated tax service also providing technical support
to over 400 accountancy firms around the UK
 Award winning Corporate Finance, Tax and Audit services
PKF REACH
P K F I N T E R N A T I O N A L
 One of the world's leading organisations of
independent assurance, tax and advisory firms
 Combined turnover of over $1 billion
 400 offices based in over 150 countries
USA
 41 offices
 29 partners
 1,843 staff
N. IRELAND
 4 offices
 13 partners
 181 staff
UAE
 10 offices
 13 partners
 162 staff
AUSTRALIA
 14 offices
 85 partners
 608 staff
NEW
ZEALAND
 12 offices
 16 partners
 142 staff
CHINA
 45 offices
 63 partners
 1,999 staff

6. 01392 667000
Exeter
01722 337661
Salisbury
01823 275925
Taunton
01803 320100
Torquay
01872 276477
Truro
01752 301010
Plymouth
01202 663600
Poole
Bristol
0117 403 9800

7. • Designed for family
businesses
• A structured approach for
identifying opportunities
and increasing wealth for
the family
• Our advisers will work
with you depending on
your requirements, pace
and priorities
Step inside …….. Family Business Connect

8. Information Classification: CONTROLLED
Miles Carden| Director, Spaceport Cornwall
Melissa Thorpe| Head of Engagement, Spaceport Cornwall
8
SPACEPORT CORNWALL
Launching the UK to Space

9. Information Classification: CONTROLLED
9
SPACE IS CHANGING

10. Information Classification: CONTROLLED
10
LAUNCH MARKET

11. Information Classification: CONTROLLED
11
Historically places for launch were state funded vertical launch rockets - Vast, Remote or Coastal
Now the launch industry is seeking:
 Lower cost access to space
 Design, build and launch capability
in UK
 Dedicated launch for small satellites
 Safe well connected location for
launch with established industry
ecosystem
THE SPACEPORT MARKET

12. Information Classification: CONTROLLED
12
UK SPACE SECTOR
SPACEPORT 1
Shetland Space Centre
PRESTWICK
UK Gov has targeted UK capturing 10% of
the global space economy by 2030
The UK Produces a large majority of the world’s
small satellites
BUT
No current launch capability

13. Information Classification: CONTROLLED
13
UK GOVERNMENT SUPPORT
UK VERTICAL LAUNCH
SUTHERLAND
SPACEPORT 1
Shetland Space Centre
PRESTWICK
 DfT – 2014 Spaceport location and
criteria
 UKSA Launch UK Investment Call
 £10m call
 Required joint proposal Spaceport
and Operator
 Legislation
 Space Industry Act – March 2018
 Consultation secondary Legislation
 Industrial Strategy - £50m to
support Launch in UK “to enable
new satellite launch services and
low gravity spaceflights from UK”

14. Information Classification: CONTROLLED
14
SPACE IN CORNWALL

15. Information Classification: CONTROLLED
15
A RUNWAY, AN AIRCRAFT (+ROCKET), AND MISSION CONTROL

16. Information Classification: CONTROLLED
16
 £20M secured
 First Launch Oct 2021
 Orbital Launch Spaceflight system
 Small satellite Launch
 Boeing 747 aircraft carrier launch
vehicle
 LauncherOne is an expendable two
stage rocket –200kg – 300kg
satellites
 Based in Long Beach California
Cornwall will be Virgin’s European Hub
and first location outside of the USA
(Other Locations planned: Guam,
Japan, Australia and Florida)
VIRGIN ORBIT AND SPACEPORT CORNWALL

17. Information Classification: CONTROLLED
17
BENEFITS
SPACEPORT 1
Shetland Space Centre
PRESTWICK
Benefits to Cornwall & the UK:
 Jobs & GVA
• 150 direct jobs, £200M GVA
• For every 100 employees, a further 179 jobs
are supported
 Commercial profit and revenue - fees
• Global network of Spaceports, first mover
 Cornwall Space Sector
• Productivity in sector is 2.6 times UK’s
average
 New Technologies
 Skills: hugely inspirational
 Trade and Investment
 Profile & Tourism

18. Information Classification: CONTROLLED
18
SPACE SECTOR GROWTH IN CORNWALL
Space Sector in Cornwall:
• 55 active businesses in 2017. The
number of businesses has risen by
243% since 2010.
• Employment has risen by 234%
since 2010.
• Spaceport will be a catalyst to
further growth

19. Information Classification: CONTROLLED
19
SPACE AND CLIMATE CHANGE
Space/Satellite Applications
• Lowering cost of accessing space
• More efficient GPS, pollution monitoring,
climate change data, crop distribution
Launch Location
• Altitude (35,000ft) & distance from Land (350
miles)
Reuse
• Improve existing Airport Site
• System 50% reuse, Up-cycled Aircraft
New Technology
• Opportunity for further reuse Cornwall can lead
the centre of this new Tech development –
cleaner and greener
Low Frequency
• Year One: 1 launch , Year 5: max 12 launches
Cornwall , and the UK, can take a global lead in
more sustainable launch

20. Information Classification: CONTROLLED
20
SPACE AND CLIMATE CHANGE

21. Information Classification: CONTROLLED
21
INSPIRE A GENERATION
SPACEPORT 1
Shetland Space Centre
PRESTWICK
British ESA astronaut Tim Peake:
"Cornwall's launch facility will
showcase the latest space
technology. It will inspire children in
Cornwall and across the UK to study
science, technology, engineering and
maths, and deliver job opportunities
in a high-growth industry."

22. Information Classification: CONTROLLED
22
PROJECT TIMELINE
UK VERTICAL LAUNCH
SUTHERLAND
SPACEPORT 1

23. Information Classification: CONTROLLED
23
THANK YOU

24. The importance of Innovation to
the South West
Matt Silver
Regional Manager South West
@cornishsilver

25. 25
Innovate UK drives productivity and
economic growth by supporting
businesses to develop new ideas.
We connect businesses to the people
that can help them, and fund businesses
and research collaborations in all
economic sectors, value chains and
UK regions to accelerate innovation.
Innovate UK

26. 8,500unique
organisations
involved
Up to
£6-7for every
£1 we’ve
invested
£2.5bnsince 2007
We’ve funded around
11,000projects
Up to
£18bnin added value
to the economy
Investment of Industry match funding
taking
the total value of
projects above
£4.3bn
70,000jobs created in total
9 jobs
for each
organisation
involved

27. Innovation support in
the South West
- number of grants:
1417
- grant value:
£218,666,331
- KTP projects:
10
- collaborative R&D projects:
78
Fanzi Down, DPS Designs, Gloucestershire
27

28. 28

29. Place is key
to innovation.
Innovate UK funding
supports businesses
working across the UK.
Our regional managers
work closely with
stakeholders in every
region and nation.
Northern Ireland
Lorraine Acheson
Scotland
Bob Martin
West Midlands
Ewa Bloch
North West
Rick Holland
Wales
Jon Wood
South West
Matt Silver
East of England
Howard Partridge
East Midlands
Julian Bowrey
South East
David Legg
29
North East,
Yorkshire & Humber
Lee Viney

30. 30
- we found that just 1 in 7 applications for our
funding came from women, and one in 3 women
say their gender has negatively impacted their
career in innovation
- we are working to ensure women’s ideas are heard
and they have the support to turn them into
successful businesses, because the most disruptive
innovation happens when great and diverse minds
get the support to realise their ideas
- our first campaign saw a 71% uplift in women-led
applications for support
- Women in Innovation competition
Women in Innovation
Encouraging and supporting
diversity in innovation 1 in 7

31. Data underpins the economy, and
artificial intelligence (AI) provides
the power needed to generate
insight and boost productivity
across all sectors.
The UK has the opportunity to be
a global centre for AI and data
innovation, providing products and
services for growing export markets.
Grand Challenge:
AI and the data-driven economy
31

32. Ageing populations around the world will
create new demands for technologies,
products and services, including new and
affordable health and care technologies,
housing models, sources of safe, nutritious
food, and good and innovative savings
products for retirement.
We will support UK businesses
to lead the way in meeting that demand,
drawing on the UK’s outstanding research
in these areas.
Grand Challenge:
Ageing society
32

33. The global shift to clean growth
will transform many sectors of the
economy, including power, transport,
construction, energy-intensive industries
and agriculture.
We will support UK businesses
to take full advantage of this opportunity,
so that they can play a leading role in
providing the technologies, products,
services and infrastructure of the clean
economy to the UK and world markets.
Grand Challenge:
Clean growth
33

34. We are on the cusp of a profound
change in how we move people,
goods and services around our
country. This is driven by
extraordinary innovation in
engineering, technology and business
models.
We will support UK businesses to
improve customers’ experience, drive
efficiency and enable people to move
around more freely.
Grand Challenge:
Future of mobility
34

35. 35
Catapult centres
Fostering innovation to
drive economic growth
- established and overseen by Innovate UK
- part of a network of technology and
innovation centres
- bridge the gap between businesses,
academia, research and government
- transforming the UK’s ability to create
new products and services
- ensure global opportunities for the
UK and sustained economic growth
for the future

36. 36
High Value
Manufacturing Catapult
- 7 centres working with industry,
academia and government
- bringing the best research to market
- access to industrial-scale facilities and
engineers, scientists and technicians
- help with manufacturing capabilities:
raw materials, product development,
optimisation and automation
The go-to place for manufacturing
technology innovation in the UK.

37. 37
- helping UK businesses share closed data
more efficiently and securely
- building platform enablers for new ideas
- convening open innovation
- advancing innovation in 4 challenge
areas: closed organisational data,
personal data and trust, creative content,
and the Internet of Things
Advancing the UK’s best digital ideas
to create new products, services
and jobs for the UK economy.
Digital Catapult

38. 38
- network of knowledge exchange across
the UK
- providing business support and expertise
to SMEs
- access to ground and in-orbit test facilities
- giving businesses access to annual
European competitions
Bringing together teams to generate
ideas and solutions in an open
innovation environment to help
organisations use satellite technologies.
Satellite Applications
Catapult

39. 39
- helping UK companies exploit advances in
compound semiconductor technologies
- part of the world’s first compound
semiconductor cluster in south Wales
- providing business opportunities for power
electronics, RF/microwave and photonics
- part of CS-Connected, alongside the Institute
for Compound Semiconductors and the
Compound Semiconductor Centre
Helping the UK become a global leader in
developing and commercialising new
applications for compound semiconductors.
Compound Semiconductor
Applications Catapult

40. 40
- working with companies transforming
global energy systems
- accelerating technology-based solutions
- engaging government to address market
mechanisms and business models to
enable tech-based solutions
- focusing on electricity, heat and
combustible gases
Helping innovators bring new
energy systems products, services
and business models to market.
Energy Systems
Catapult

41. 41
- test and demonstration facilities and
engineering and research expertise
- sector convening and delivering applied
research to accelerate technology
development and reduce risk and cost
- headquartered in Glasgow, operating the
National Renewable Energy Centre in
Blyth, Northumberland and the
Levenmouth Demonstration Turbine
Accelerating the creation and
growth of UK companies in
offshore renewable energy.
Offshore Renewable
Energy Catapult

42. Innovation loans
A pilot programme of competitions to the end of
2020 aiming to ensure that businesses can access
funding at all stages of innovation.
Up to £50 million
available
Competitions
for UK SMEs wanting
to scale up
Can be used for late-
stage
R&D projects
Delivered by
Innovate UK
Loans Ltd.

43. 43
Innovate UK Smart funding
- enables businesses to apply for grant
funding regardless of technical or
industrial area of focus
- funding for the best proposals in a
competitive application process
- 4 open competitions run in 2019/20,
offering a total of £100 million funding
For businesses in any sector
Paul Holt, founder, Photocentric

44. Knowledge Transfer
Partnerships (KTP)
44
KTP partners Professor Udo Kruschwitz, Dr Miguel Martinez-Alvarez and David Benigson
- KTPs help UK businesses innovate
and grow by linking them with an
academic or research organisation
and a graduate
- a KTP enables a business to bring
in new skills and academic thinking
- the academic or research
organisation partner will help to
recruit a suitable graduate
- schemes last between 12 and
36 months

45. 45
Enterprise Europe Network is part of Innovate UK’s
connecting network. It helps growing businesses to:
- manage innovation, commercialise great
ideas and grow
- access long-term finance from the public
and private sectors
- connect to a network of advisors spanning
more than 60 countries
- connect to partners to develop products
or services
- expand into new countries with help
from local experts
Enterprise Europe Network
For growing, innovative businesses

46. 46
KTN is a network partner of Innovate UK. It
helps businesses get the best out of creativity,
ideas and the latest discoveries to strengthen
the UK economy and improve people’s lives.
KTN links new ideas and opportunities from
all sectors with expertise, markets and
finance through a network of businesses,
universities, funders and investors.
Knowledge Transfer
Network (KTN)
Find markets.
Find solutions.
Find funding.
KTN supported clean-tech company FeTu

47. 47
Smart-grid tech by Upside Energy
- tech connects energy-storing devices
- makes it easier to generate green
power consistently, reducing pressure
on National Grid
- Innovate UK has supported Upside
Energy from start-up
- grant funding allowed firm to hire
first member of staff
Success stories:
“A year ago we raised our first equity
round, but without Innovate UK funding
before that we would have never got to
the point of getting investors.”
Graham Oakes, CEO and founder, Upside Energy

48. 48
A solution to the microplastic problem
by Inheriting Earth
- 27-year-old Adam Root developing filter
system to reduce microfibre plastics entering
water system from washing machines
- Supported through Innovate UK’s Young
Innovators’ awards
- Adam invited to 2018 G7 Summit in Canada
Success stories:
“The ocean is such a passion of mine. I really
wanted to help, and I felt like I had the skills
and the ability to do something.”
Adam Root, founder, Inheriting Earth

49. 49
Smarter fashion by Dressipi
- enables retailers to match customers with
products using machine learning and AI
- now working with 30% of retail womenswear
market – Arcadia, John Lewis and Shop Direct
- tech yields 5-8% increase in net incremental
revenue per visitor for retail clients
- Innovate UK grant funded 12-month
collaborative project with major retailers
Success stories:
“Having that funding and support from
Innovate UK allowed it to be a true R&D
project and these big retailers felt very
comfortable in that environment.”
Sarah McVittie, co-founder, Dressipi

50. 50
Three dimensional crop growth by Saturn Bioponics
- high-volume 3D crop growing technology
- proven to produce 4x more crop yield in same
amount of greenhouse space
- yields of crop almost 100% saleable
- participated in several Innovate UK-backed projects
Success stories:
“We’re aiming to position ourselves as the
number one commercial hydroponic
science company in the world.”
Alex Fisher, CEO of Saturn Bioponics

51. 51
Large-scale mapping by GetTrik
- uses drones to create 3D models
of structures, reducing
construction time and cost
- Founder, Natwilai Utoomprukporn,
received funding and support
through Innovate UK’s Women in
Innovation awards
- since hired 3 additional team
members and secured further
£300,000 Innovate UK funding
- Natwilai named on Forbes’ Europe
Industry list 2018
Success stories:

52. What’s open?

53. You aren’t in this alone…

54. Thank you
@cornishsilver

55. INNOVATION FUNDING
AND BUSINESS
SUPPORT
RICHARD WADMAN
CORPORATE FINANCE DIRECTOR
E: RICHARD.WADMAN@PKF-FRANCISCLARK.CO.UK
T: 01872 246595

56. OTHER SOURCES OF FUNDING AND BUSINESS
SUPPORT FOR INNOVATION IN CIOS -UPDATE
 Debt and/ or Equity and Crowdfunding Rewards
 See next slide
 R&D Tax Credits
Programme Website (but some need updating!) FC Blog (on current
programme)
Acceleration through
Innovation (ATI)
https://aticornwallinnovation.co.uk/
AeroSpace Cornwall https://aerospacecornwall.co.uk/ https://bit.ly/2SeWEdv
Agri-tech Cornwall https://www.agritechcornwall.co.uk/
Marine i https://www.marine-i.co.uk/

57. FUNDING OPTIONS: TYPES
Equity Debt Grants
Crowdfunding/ P2P RewardsCrowdfunded
Equity

58. BE PREPARED – GRANT ASSISTANCE?

59. FUNDING INNOVATION
Tax relief for expenditure on research and development
RICHARD TYLER
TAX SENIOR MANAGER
E: RICHARD.TYLER@PKF-FRANCISCLARK.CO.UK
T: 01752 981110

60. OVERVIEW
 Why make a claim for R&D tax relief?
 What is R&D for tax purposes?
 Some success stories…
 Can you claim?

61. WHY MAKE A CLAIM FOR R&D TAX RELIEF
Loss making SME Profitable SME Profitable large
company
Qualifying R&D expenditure 100,000 100,000 100,000

62. WHY MAKE A CLAIM FOR R&D TAX RELIEF
Loss making SME Profitable SME Profitable large
company
Qualifying R&D expenditure 100,000 100,000 100,000
Additional deduction against profits
under SME R&D tax relief scheme
130,000
Total R&D expenditure allowable
for tax
230,000

63. WHY MAKE A CLAIM FOR R&D TAX RELIEF
Loss making SME Profitable SME Profitable large
company
Qualifying R&D expenditure 100,000 100,000 100,000
Additional deduction against profits
under SME R&D tax relief scheme
130,000
Total R&D expenditure allowable
for tax
230,000
Repayable tax credit @14.5% 33,350

64. WHY MAKE A CLAIM FOR R&D TAX RELIEF
Loss making SME Profitable SME Profitable large
company
Qualifying R&D expenditure 100,000 100,000 100,000
Additional deduction against profits
under SME R&D tax relief scheme
130,000 130,000
Total R&D expenditure allowable
for tax
230,000 230,000
Repayable tax credit @14.5% 33,350

65. WHY MAKE A CLAIM FOR R&D TAX RELIEF
Loss making SME Profitable SME Profitable large
company
Qualifying R&D expenditure 100,000 100,000 100,000
Additional deduction against profits
under SME R&D tax relief scheme
130,000 130,000
Total R&D expenditure allowable
for tax
230,000 230,000
Repayable tax credit @14.5% 33,350
Tax saving as a result of additional
qualifying expenditure
24,700

66. WHY MAKE A CLAIM FOR R&D TAX RELIEF
Loss making SME Profitable SME Profitable large
company
Qualifying R&D expenditure 100,000 100,000 100,000
Additional deduction against profits
under SME R&D tax relief scheme
130,000 130,000 n/a
Total R&D expenditure allowable
for tax
230,000 230,000 n/a
Repayable tax credit @14.5%/
RDEC @12%
33,350 12,000
Tax saving as a result of additional
qualifying expenditure
24,700

67. WHY MAKE A CLAIM FOR R&D TAX RELIEF
Loss making SME Profitable SME Profitable large
company
Qualifying R&D expenditure 100,000 100,000 100,000
Additional deduction against profits
under SME R&D tax relief scheme
130,000 130,000 n/a
Total R&D expenditure allowable
for tax
230,000 230,000 n/a
Tax credit @14.5%/ RDEC @12% 33,350 12,000
Tax saving as a result of additional
qualifying expenditure
24,700
Net tax saving as a result of RDEC
claim
9,720
Effective tax saving on initial
expenditure
33.35% 43.70% 9.72%

68. WHAT IS R&D FOR TAX PURPOSES
Research and development takes place when:
1. A project seeks to achieve an advance in
science or technology
2. Through the resolution of scientific or
technological uncertainty

69. WHAT IS R&D FOR TAX PURPOSES
 Create a process, material, device, product or service which incorporates
or represents an increase in overall knowledge or capability in a field of
science or technology
 Make an appreciable improvement to an existing process, material,
device, product or service through scientific or technological change
 Use science or technology to duplicate an existing process, material
device, product or service in a new or appreciably improved way
 Key questions:
 What is the advance being sought?
 What uncertainties were encountered?

70. WHAT IS R&D FOR TAX PURPOSES

71. REAL LIFE EXAMPLES
Product development and pilot production processes (£87,000 tax savings
over three years)
Developing new food production processes, recipe reformulation, plastic
reduction in packaging (£45,000 tax saving over two years)
Use of new materials, redesigning components to reduce weight, improve
performance or longevity (£15,000 tax savings)
Software development - changes are being made in the underlying
technology (£95,000 tax saving over two years)

72. CAN YOU MAKE A CLAIM?
Do you use technology to improve your products or processes?
Failure is not a barrier to making a claim!
A claim may still possible even if the R&D is grant funded, or if you are
undertaking R&D for a customer.
You have up to two years for the end of the accounting period in which the
qualifying costs were incurred in which to make a claim via the company’s
corporation tax return.

73. COMPLEMENTARY SERVICES
SEIS / EIS Fundraising
International Expansion
Equity Incentives
Exit & Succession

74. SPACEPORT
CORNWALL AND
INNOVATION IN CIOS
Wrap up and mention of future events…
RICHARD WADMAN
CORPORATE FINANCE DIRECTOR
E: RICHARD.WADMAN@PKF-FRANCISCLARK.CO.UK
T: 01872 246595

75. NEXT…
Q&A but first (4 slides)
Future breakfasts
• Family Business Connect
• Other
• Export, Block chain etc.
• Green Cornwall – 5 March 2020 (with Fourth Element)
• Projections and Management Accounts – 1 April 2020
Future breakfasts – Sector specific / one off
• Food and Drink – September/ October 2020
Other events
• Finance in Cornwall – 12 May 2020 (see over)
• Festival of Finance – May 2020 (TBC)
And do not forget our blog, which contains details of new funds/
sources of SME funding that come to our attention, and our
Finance in Cornwall factsheet
And we are sponsoring a number of events associated with
Health and Wellbeing, including…

76. BUDGET 2020
Date: 12 March 2020
Time: 7:45am to 9:45am
Location: The Alverton Hotel, Tregolls Road, Truro
Details and to book a space: https://www.pkf-
francisclark.co.uk/events/truro-budget-2020/

77. CYBER SECURITY
Date: 18 March 2020
Time: 8:30am to 11:00am
Location: Lanhydrock Hotel and Golf Club
Details and to book a space: https://www.pkf-
francisclark.co.uk/events/bodmin-cyber-security-breakfast-briefing/

78. FINANCE IN
CORNWALL 2020
Date: 12 May 2020
Time: 8am to 1pm (followed by lunch)
Venue: Newquay Cinema
Theme: Juxtaposition / Transition from old
(grant) to new (debt and equity)
Covering (TBC):
• CIOS LEP – Local Industrial Strategy and
Great South West Prospectus
• Grants, Debt, Equity and Crowdfunding
• Business Support
• UK Shared Prosperity Fund
Image from BAIT courtesy of BFI

79. Q&A
And then if time permits some networking/ one to one
questions

80. Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the
actions or inactions on the part of any other individual member firm or firms.
01392 667000
Exeter
01722 337661
Salisbury
01823 275925
Taunton
01803 320100
Torquay
01872 276477
Truro
01752 301010
Plymouth
01202 663600
Poole
Bristol
0117 403 9800

81. © copyright PKF Francis Clark, 2019
You shall not copy, make available, retransmit, reproduce, sell, disseminate, separate, licence, distribute, store electronically, publish, broadcast or
otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and / or any services provided
by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licence.
To the maximum extent permitted by applicable law PKF Francis Clark excludes all representations, warranties and conditions (including, without
limitation, the conditions implied by law) in respect of these materials and /or any services provided by PKF Francis Clark.
These materials and /or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark.
The content of these materials and / or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours
to ensure that the materials and / or any services provided by PKF Francis Clark are correct, we do not warrant the completeness or accuracy of the
materials and /or any services provided by PKF Francis Clark; nor do we commit to ensuring that these materials and / or any services provided by PKF
Francis Clark are up-to-date or error or omission-free.
Where indicated, these materials are subject to Crown copyright protection. Re-use of any such Crown copyright-protected material is subject to current
law and related regulations on the re-use of Crown copyright extracts in England and Wales.
These materials and / or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time, a
copy of which is available on request.
Our liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct, indirect or consequential
loss or damage arising in connection with these materials and / or any services provided by PKF Francis Clark, whether arising in tort, contract, or
otherwise, including, without limitation, any loss of profit, contracts, business, goodwill, data, income or revenue. Please note however, that our liability for
fraud, for death or personal injury caused by our negligence, or for any other liability is not excluded or limited.
PKF Francis Clark is a trading name of Francis Clark LLP. Francis Clark LLP is a limited liability partnership, registered in England and Wales with
registered number OC349116. The registered office is Sigma House, Oak View Close, Edginswell Park, Torquay TQ2 7FF where a list of members is
available for inspection and at www.pkf-francisclark.co.uk. The term ‘Partner’ is used to refer to a member of Francis Clark LLP or to an employee.
Registered to carry on audit work in the UK and Ireland, regulated for a range of investment business activities and licensed to carry out reserved legal
activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales. Partners acting as insolvency
practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales. A partner appointed as Administrator or Administrative
Receiver acts only as agent of the insolvent entity and without personal liability. Francis Clark LLP is a member firm of the PKF International Limited
network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member
firm or firms.