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2022-12-31-accounts

Company number: 03485236 Charity number: 1078832

National Space Centre

Report and financial statements For the period ended 31 December 2022

National Space Centre

Contents

For the period ended 31 December 2022

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 3 Independent auditor’s report ....................................................................................................... 19 Consolidated statement of financial activities .............................................................................. 24 Balance sheets .............................................................................................................................. 25 Consolidated statement of cash flows ........................................................................................... 26 Notes to the financial statements ................................................................................................. 27

National Space Centre

Reference and administrative information

For the period ended 31 December 2022

Company number 03485236
Country of incorporation United Kingdom
Charity number 1078832
Country of registration England & Wales
Registered office National Space Centre
and operational address Exploration Drive
Leicester
LE4 5NS
Trustees Trustees, who are also directors under company law, who served
during the year and up to the date of this report were as follows:
Prof Sir M Sweeting Chair of Trustees
N P Siesage
Prof D J Southwood (resigned 8/11/22)
Prof S M Sharma
A M Kapur Chair of NSSC Operations Limited
C SH Bishop Chief Executive of NSSC Operations Limited
G Moss
Prof E Yeoman
K Thomas (resigned 3/4/23)
J Fry
J Wheeler
V Hancock
WA Haley
G Turnock (resigned 8/11/22)
P Coates
M Cannon
P S Bate
Company Secretary J Barnacle
Bankers Virgin Money
3 Eastgates
LEICESTER
LE1 5YA
Solicitors Gateley Legal
Knightsbridge House
Lower Brown Street
LEICESTER
LE1 7EA

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National Space Centre

Reference and administrative information

For the period ended 31 December 2022

Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor Invicta House 108-114 Golden Lane LONDON EC1Y 0TL

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National Space Centre

Trustees’ annual report

For the period ended 31 December 2022

The trustees, who are also directors of the charitable company for the purposes of the Companies Act, submit their annual report and the strategic report and the financial statements for the period ended 31 December 2022.

Reference and administrative information set out on pages 1 and 2 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a director’s report as required under company law and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Purpose, Aims and Charitable Activities of Public Benefit

Vision – Space for Everyone

Mission – To get people excited about space and help develop the next generation of scientists and engineers.

Aims

Charitable Activities of Public Benefit

The Trustees consider that they have complied with their duties under section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit in deciding which activities the charity should undertake.

The National Space Centre aims to advance the education of space and planetary science, astronomy and technology and their significance to life on Earth. Since its inception in 2001, it has attracted around 4.5m visitors, including 1.2m school children, to its attraction site in Leicester.

The Charity, through its subsidiary NSSC Operations Limited, runs three business units; all of which help it achieve its aims and objectives.

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National Space Centre

Trustees’ annual report

For the period ended 31 December 2022

National Space Academy programmes are aimed at secondary, FE and higher education students and teachers and are delivered by a team of 6 full time employees based at the National Space Centre and a network of 35 seconded teachers, research scientists and industrial engineers across the UK. Delivery is locally, regionally, nationally and internationally.

The NSC Education and Space Communications teams focus on informal and primary education as well as public understanding of space science. Delivery is at the National Space Centre, in local schools and in community partnership events and there is a total of 18 fulltime and 5 part-time and University members of both these teams.

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National Space Centre

Trustees’ annual report

For the period ended 31 December 2022

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

Structure, Governance and Management

Nature of governing document

National Space Centre became a registered charity in England and Wales (charity number 1078832) on 10 January 2000. It is a charitable company with no issued share capital being limited by guarantee. Its governing instrument is its Articles of Association dated 18[th] December 1997. There are 3 members, - Leicester City Council, University of Leicester and East Midlands Chamber of Commerce. Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up.

The charity’s object as stated in the Articles of Association is:

The advancement of education for the public benefit, in particular but not exclusively, in relation to space & planetary science, astronomy and technology and their significance to life on Earth.

National Space Centre Group Structure

Parent

This is the registered charity and company limited by guarantee.

Subsidiaries

This company was established to deliver the objectives of the charity including running the visitor attraction, educational and community outreach programmes and developing creative content in furtherance of raising awareness of space science.

● NSSC Property Limited (Dormant)

This company was established to raise finance for the construction of the National Space Centre. It has remained dormant since 2001 when the Centre construction was completed, and operational management was handed over to NSSC Operations Limited.

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National Space Centre

Trustees’ annual report

For the period ended 31 December 2022

Board of Trustees

The National Space Centre is led by a diverse and experienced Board of Trustees who are also directors of the charitable company for the purposes of the Companies Act. The total number of trustees as at 31st December 2022 was 15.

The Board of Trustees has delegated the charity groups’ operational activities to the Board and in particular, its executive directors, of its operating subsidiary, NSSC Operations Limited, to support the delivery of the charity groups’ objectives and aims.

Recruitment and appointment of Trustees

The trustees are appointed by the members of the company. They can either be nominated representatives of the members of the company or can be co-opted in recognition of their special expertise being valuable to the work of the Board.

The Memorandum and Articles of Association provide that one third of the trustees retire by rotation at each annual general meeting and may offer themselves for re-appointment for a maximum of three terms. The following are nominating members and, as such, have the right to a number of nominations, such nominations to be of their choice, to be appointed to act as trustee:

Each nominating member has the right to replace from time to time its nominated trustees. In addition, the Board may appoint and remove additional trustees. As nominating members, these three members have overall control of the company.

Qualifying indemnity provision is in place for the benefit of all trustees of the charity.

Induction and Training

As part of its strategic planning activities, the Charity’s needs are identified and where there are gaps against current trustee skills, then the Charity will seek to make an appointment using its existing trustee network or through an interview and selection process. The Charity continues to consider putting in place succession arrangements for the ongoing development of the Board. All new Board members are inducted by the Chairman, who is assisted by other trustees and the executive directors of the subsidiary company to ensure that each trustee understands their role on the Board and their responsibilities as Board members.

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National Space Centre

Trustees’ annual report

For the period ended 31 December 2022

Governance and Decision-Making Arrangements

The Board of Trustees have overall responsibility for the following:

Matters not reserved for decision by the Board of Trustees are delegated to NSSC Operations Limited, its subsidiary company, to manage. The company board is composed of a Trustee, non-executive directors and Operational Executive Directors. It is led by Mike Kapur, Chairman and 5 NonExecutive Directors including one Trustee representative, who make up the NSSC Operations Ltd Board. They are supported by the executive team of Mr C St H Bishop, Chief Executive, Mr B Bhakri, Finance Director and Prof A Ojha, NSC Discovery Director.

The charity’s governance is kept under review by a number of committees, to ensure that the Board of Trustees, its Operating Vehicle (NSSC Operations Limited) and governance structures and procedures are fit for purpose as the charity and the environment evolves. The Board has reviewed the Charity Governance Code and considered the impact and timing of full compliance during the year.

The remit of the committees includes:

  1. Finance Committee: this committee supports the Executive Team in overseeing, monitoring and keeping under review the financial position of the charity and its subsidiaries to ensure long and short-term viability, having regard to the Charity’s overall strategy and risk tolerance parameters.

  2. Capital Projects Committee: this committee supports the Executive Team in overseeing the approach to generating sufficient and sustainable income and the delivery plans to meet its needs today, and in the future. The committee will meet to consider capital projects over a value of £25,000 or otherwise in need of expert opinion. Projects will be analysed through the various stages of adoption, procurement, contract award and delivery to ensure that all appropriate controls are in place.

  3. Audit Committee: this committee supports the Trustee Board to ensure the integrity, balance and transparency of published financial information and related and supporting narrative information. Ensuring effective internal control and risk management systems and that the organisation is operating within approved policies and the law. Review of insurance requirements and adequacy. It also recommends the approval of the appointment of auditors.

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National Space Centre

Trustees’ annual report

For the period ended 31 December 2022

  1. Remuneration Committee: this committee supports the Board to ensure that the remuneration of members of the Executive Team and other employees are responsibly managed and are consistent with the achievement of the charity’s strategic objectives and in accordance with National Space Centre Ethos and Values.

Pay Policy

The Remuneration Committee meets at least once a year. Members of the committee are the Chair of NSSC Operations Ltd, two further NSSC Operations Ltd non-executive Directors and a Trustee from the Parent Charity. The Committee’s main responsibilities are to consider pay policy for all staff including the Executive Directors and to agree the basis for any annual increases in pay.

The aim of our pay policy, which applies to all employees, is to offer remuneration that is fair and appropriate for the roles they perform and the responsibilities they undertake to deliver our charitable aims. The key management personnel of the charity comprise the trustees and all of the Directors of NSSC Operations Ltd.

In setting remuneration for all staff, including senior staff, a number of criteria are used including consideration of the nature and responsibilities of specific roles, local and national sector averages and other market factors.

Related Parties and cooperation with other organisations

Remuneration of trustees is contrary to general charity law. Approval has been obtained from the Charity Commission under Section 198 of the Charities Act 2011, since such remuneration is considered to be in the best interests of the charity and both the Chief Executive and the Chair of NSSC Operations Limited, who are also trustees of the charity were remunerated for their services provided to the charity’s subsidiary company, NSSC Operations Limited. Any remuneration paid or expenses reclaimed from the charity are set out in note 8 to the accounts.

As stated previously, NSSC Operations Limited carries out the day-to-day activities of the charity. It will remit any accumulated profit it generates to the charity by way of gift aid. A summary of the trading results is shown in note 15 of the accounts.

The charity’s other wholly owned subsidiary, NSSC Property Limited, remained dormant throughout the year.

In order to best deliver its objectives, the charity is committed to working in partnership with a range of organisations from the public, private and charity sectors, in particular, the University of Leicester has assisted the charity in fulfilling its objectives.

As a recognised partner and contributor in the field of space and science education and awareness, the charity is a proud member of UK Association for Science & Discovery Centres.

The Charity has several related party relationships, which are discussed in note 12.

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National Space Centre

Trustees’ annual report

For the period ended 31 December 2022

Strategic report

Achievements and performance

National Space Centre Visitor Attraction

The Centre had 291,957 visitors in 2022, compared to 133,278 in 2021, an increase of 119%. This performance was driven by higher by opening for a full 12 months whereas in 2021, 154 days were lost due to Covid -19 restrictions. The 2022 visitor volumes are still lower than 2019, which was the last full year of pre pandemic operation. In 2019, the centre received over 326,000 school and family visitors, but above expectations for a year in which we recovered from the Covid-19 effect on visitor behaviour.

The visitor volume cap that was introduced in 2021 and retained in 2022, has been well-received in that it offers a consistent quality of experience: The net promoter score (a core key performance indicator) has risen to a high of 77 against a target of 70. Tickets are sold on-line in advance which reduces the impact of the weather.

School volumes were higher by 222% on 2021 volumes, due to a full year opening schedule, compared to the reduced opening available in 2021.

NSC Discovery

In 2022, despite some schools restricting external visits as a priority due to the impact of the extended pandemic period we have seen a very healthy initial recovery with over 66,000 students visiting the Centre on school visits, over 44,000 participating in a workshop (well over the 50% target for workshop participation) and with over 5,000 students participating in the wider community engagement programmes being delivered.

To contextualise 2022 performance, in 2019, (which is the last full year pre pandemic for which comparative figures are meaningful) the NSC Discovery Education team welcomed a total of 28,858 students participating in workshops, equal to 33% of total schools’ visitors that year (88, 000).

The National Space Academy team had one of its busiest years ever in the 2018-19 academic year – the last academic year for which comparative figures are meaningful. Please note that due to the tight focus of Academy programmes with the UK school academic curriculum and calendar, metrics for Academy programmes focus on the academic rather than calendar year.

In 2020-21, all in-person Academy delivery ceased due to the pandemic, with the exception of the Space Engineering Course which had 35 students during that timeframe. In 2022, a total of 1,900 students participated in UK Academy masterclasses with the new metric of participant-hours yielding over 6,000. Including our international work funded by Lloyds Register Foundation and targeted at deprived areas in South Africa with the South African National Space Agency, a total of

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National Space Centre

Trustees’ annual report

For the period ended 31 December 2022

4,000 students participated in 8,000 participant hours of masterclasses. In addition, 800 UK students participated in UK careers conferences (in-person and virtual) and 350 UK teachers participated in intensive CPD training programmes. 35 students (Year 12 and 13) were enrolled on the Level 3 Space Engineering course run in partnership with Loughborough College.

Of great significance strategically was the Academy’s securing at the end of 2022, from UK Space Agency (UKSA), of UK national funding to significantly expand its UK delivery to disadvantaged schools and students. £1.46M funding has been secured for the period January 2023 – March 2025 which will see the Academy delivering fully-funded masterclasses, extended non-residential space schools and careers conferences to 40,000 students across the UK from schools which have significant levels of challenge as evidenced by metrics including levels of pupil premium. Delivery will commence from September 2023, but the Academy will continue, in parallel, its commercial work with other non-eligible schools through its existing suite of masterclasses and teacher training programmes in addition to the new funded UKSA programme. This is the largest single education investment that UKSA has ever made, and the programme will be a national flagship programme for the Agency.

NSC Creative

In July 2022 NSC Creative launched We Are Guardians, its first new planetarium show since 2019. The show was added to the attractions public programme to enhance the visitor experience with content on the important subject of the climate crisis. The show has been screened at fulldome festivals across the world and picked up its first award. It is being licensed commercially to other planetariums nationally and internationally as part of the NSC Creative show library.

NSC Creative led the creation of the new Tetrastar Spaceport experience as part of the Extended Reality for New Audiences project, where the build aspect of it was completed in November 2021. 2022 has seen the completion of the content and show programming for the public and ongoing testing and fixes. The school’s content and programming were also completed, and initial tests completed by the end of the 2022. Full test missions were run in early 2023, and it will be moved to a paid for offer with schools once robust.

The NSC Immersive Academy was launched in September 2022 with the first cohort of 14 students studying on a level 3 course, Immersive Design & Development via a collaboration with Leicester College. NSC Creative provide industry input and a specialist teaching space called the Reality Lab which is fitted out with the latest immersive technology production tools. This will grow to 2 concurrent cohorts on the course in September 2023. Academic and career pathways for the students via relationships with local Universities and industry will be further strengthened and established.

A major commission was secured to produce a fulldome planetarium show for Pink Floyd, an internationally acclaimed band. The material was used by the band to celebrate the 50[th] anniversary of its first album release and licensed to planetariums internationally. This has helped

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National Space Centre

Trustees’ annual report

For the period ended 31 December 2022

to strengthen NSC Creatives position as a leading producer of immersive content as it continues to search for new opportunities. This project was completed in Q2 2023.

New Developments

2023 sees the launch of the TetraStar Spaceport education missions for students aged 8-13 incorporating a one-hour science lesson in a replica space station. An exhibition audit will be completed at the start of the year to help determine priorities for (a) the refreshment of exhibits that could work better and (b) the replacement of exhibits and galleries that are out of date. The latter will include the Outer Solar System and Into Space galleries. Scoping and design work in 2023 will pave the way for construction in 2024 and 2025.

Beneficiaries of our services

The most visible manifestation of the education charitable impact of the Centre’s work is through the work of NSC Discovery. Through its suite of informal, formal and community education programmes – which are aimed at students, teachers and family communities, the work of NSC Discovery has been shown to:

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National Space Centre

Trustees’ annual report

For the period ended 31 December 2022

Delivery against Objectives

There has been considerable progress by the team in delivering against its objectives. This has included 7,610 secondary school students attending careers focussed conferences.

Over 6,500 UK teachers have been trained on space science related material as part of their educational toolkits.

99 students have completed the two-year Space Engineering course with the majority (55%) coming from Widening Participation backgrounds with no family history of progression into Higher Education. More than 75% of students have then gone on to university courses.

Financial review

Charity Group Performance

The Group’s net assets at 31 December 2022 were £28.8m compared to £26.9m at the start of the year. During the year, the group carried out a full review of all heritage assets and decided to adopt a policy of recognising heritage assets in the balance sheet at historical cost, or in the case of donated items, at a fair value, since this was deemed to best reflect their value to the group. The positive net movement in funds during the year was achieved due to a return to a normal operating business environment following the pandemic, together with the close monitoring of the finances.

Our total income, before exceptional item, of £7.2m, was significantly more than last year (£6.3m) as the charity group returned to normalised business activity post pandemic. Admissions income, including Gift Aid, increased by £1.9m over 2021 performance, but compared to 2019 performance (our last full operating year pre pandemic), we generated an additional £0.2m (3%) in admission income. The charity also received an unrestricted legacy of £0.17m and grants totalling £0.4m.

During the year, Leicester City Council agreed to waive historical loans owing by the charity, agreeing that the conditions relating to the loans had been fulfilled. This resulted in exceptional income of £2.1m.

Details of grants received in the year are listed in note 3 of the accounts.

Total expenditure at £7.5m showed an increase on last year (£5.7m). This 30% increase in costs was due to higher payroll and operating expenditure, as the centre remained fully operational for the whole of 2022.

In 2022, the Group expended £0.6m on fixed assets, mainly on the Home Planet Exhibition, with significant spend also on IT upgrades, website and fire prevention remedial works.

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National Space Centre

Trustees’ annual report

For the period ended 31 December 2022

Operating Subsidiary Financial Performance

NSSC Operations Ltd made a profit of £0.3m (2021 profit of £0.4m). The trading company has now returned to fulltime operation following the pandemic, with a consequent increase in payroll and other operating costs.

Principal risks and uncertainties

Trustees review the major risks faced by the charity as part of their annual cycle of business. Systems of internal financial control have been put in place, which are designed to safeguard the charity’s assets, ensure that proper accounting records are maintained and provide reliable and timely financial information.

Trustees are satisfied with these arrangements and a detailed risk register has been established, covering the key areas of:

This risk register is updated by the Chief Executive and the management team and reviewed by the audit committee on a regular basis. The likelihood of risks occurring is evaluated along with an assessment of any impacts arising. Safeguards are identified and a plan of action is implemented in respect of all manageable risks where the likelihood of occurrence and the financial or operational impact are assessed as high.

A Strategic Issues Register is updated monthly to guide the operating company in its most pressing decision-making areas and keep Trustees informed of its actions.

The major risks recognised by The Charity relate to the funding of, and likely return from, capital and programmatic developments. There are growth aspirations in both cases, including the intention to address capacity issues on-site through the introduction of new gallery space and a building extension for live presentations, workshops, temporary exhibitions and corporate events.

The objective is to deliver a better visitor experience and new surpluses. The National Space Academy and NSC Creative are also the focus of attention in this regard as the Charity seeks to spread its risk across a broader range of funders and income-generating opportunities. The arrival of the University of Leicester’s Space Park on adjacent land also offers opportunities for joint programme development.

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Trustees’ annual report

For the period ended 31 December 2022

Reserves and the position at the end of the year

It is the intention of the Trustees that surplus funds, will be retained to further the objects of the Charity as an inclusive, science educational resource, for the renewal of the exhibits and to maintain the visitor attraction site to a safe, efficient standard.

Total funds at year end were £28.8m (2021: £28.6m), which includes £0.3m restricted income funds, £22.4m restricted capital funds, relating to fixed assets which can only be realised by disposing of the tangible fixed assets, which are the basis on which we operate, and £6.1m unrestricted funds.

The Trustees recognise the updated guidance on Charity Reserves issued by the Charity Commission in January 2016, which describes the required disclosure of the needs of the Charity to build resilience in reserves, the level of reserves needed by the Charity, the steps taken to establish reserves and the arrangements for reviewing the policy.

The Trustees intention is to have reserves appropriate to the level of activity and financial risks of the Charity. In light of the new post Covid financial risks, reserves will need to be sufficient to cover unexpected revenue shortfalls, significant increases in costs and the impact across the emerging 3-year business planning period.

The Trustees will look to use reserves to keep responding to evolving community needs, invest in refreshing our exhibitions and our building in line with our capital plan. Over the next 3 years, the Charity has budgeted £2.1m of estates and digital capital expenditure outside of the annual operational budget. The Trustees have therefore established a target whereby the unrestricted charity funds not invested in tangible fixed assets (the free reserves) should be £1.1m. Free reserves for the Charity itself are currently £1.8m, so comfortably in excess of this minimum. However, the charity will be reviewing this as part of its annual business planning process to ensure sufficient funds are in place to fund its operating and capital expenditure requirements.

Going Concern

Given the impact of COVID19 on our finances in 2020 and 2021, along with uncertainties relating to the post-pandemic global economic outlook and cost-of-living increases, our assessment of the Group as a going concern has been arrived at following a thorough review of the business environment and our financial resilience.

We have prepared detailed financial projections to forecast the Group’s financial performance and cash flow position under a variety of possible scenarios, all of which indicate that we should have adequate cash balances to be able to continue to trade as a going concern for at least 12 months following the date of this report.

We will continue to closely monitor the impact of government decision making on our operations and the economic recovery on our operations and activities. Whilst uncertainty exists, the Trustees

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National Space Centre

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For the period ended 31 December 2022

believe that this does not pose a material uncertainty that would cast doubt on the charity’s ability to continue as a going concern.

The Covid Pandemic has been as good a test of our resilience as we have faced in recent history and the way we have responded as an organisation, gives a great deal of confidence in this assertion. The trustees, therefore, consider it appropriate for the accounts to be prepared on a going concern basis.

Financial Instruments

The Charity does not currently invest charity funds in stocks or shares and Trustees review this policy on an annual basis. It is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through credit control procedures. The trustees do not consider any other risks attaching to the use of financial instruments to be material to an assessment of its financial position or performance.

Fundraising Strategy

The Charity covers its operating costs and some capital costs from earned income and seeks to raise additional funds for larger capital projects, education programmes and community engagement work from other sources.

From 2020-22 £4.2m was raised for new exhibition content and visitor services. A further £0.3m p.a. was secured from the UK Space Agency and Lloyds Register Foundation to support the work of the National Space Academy both domestically and overseas. A fresh grant of £1.5m has been awarded by the UK Space Agency to expand National Space Academy delivery from 2023-25 to students in disadvantaged communities UK-wide. The Lloyds Register Foundation’s support has helped with programme delivery in South Africa townships. Negotiation for enhanced funding gets underway in 2023.

A programme called IGNITE! is being used to encourage support from Leicester and Leicestershire businesses to help fund the Community Engagement Programme. A company called Embark CSR is helping with approaches; the success of which will be assessed in 2023.

The new Outer Solar System and Into Space gallery developments are anticipated to cost circa £0.5m and £1.0m respectively. A legacy grant of £0.17m from a Leicestershire resident gets fundraising off to a good start. An initial six grant funding bodies have been identified for approaches in 2023 and more will follow. Most fundraising (see paragraph above) is undertaken by internal staff. National Space Centre has observed the Fundraising Regulator’s Code and uses the Code’s principles to guide ethical considerations in relation to fundraising. The Charity does not approach individuals and there have been no complaints regarding fundraising activity.

All fundraising is undertaken by internal staff, with no professional fundraisers or commercial participators. National Space Centre has observed the Fundraising Regulator’s Code and uses the

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Code’s principles to guide ethical considerations in relation to fundraising. As usual, there have been no complaints regarding fundraising activity this year.

Policy for employment of disabled persons

Staff Communication meetings are held for presentations and discussion of key areas including business updates and projects.

The National Space Centre have a number of policies and procedures in relation to all personnel matters including:

In 2021 it has introduced Equality, Diversity & Inclusion training for all employees. The recruitment and training of staff is undertaken in accordance with the charity’s equal opportunities policy and in line with the Equality Act 2010.

Plans for the future

The National Space Centre is a forward-looking organisation that will deliver increasing impact sustainably. Its strategy, Vision 2030, was completed in 2021 and sets the long-term ambition. It incorporates a reflection on how the National Space Centre should behave as a place to work, to visit, as a provider of trusted information and with whom to do business. Its Space for Everyone philosophy is being freshly articulated and its adherence to net zero and employee wellbeing programmes is embedded in its business plan. It focuses on the quality and growth of activities on site but also the ability of the organisation to live up to its national brand positioning through an expansion of its education network with three new regional managers.

The National Space Centre is unique as a science centre in providing pathways for young people that include formal post-16 courses in Space Engineering and Immersive Design in partnership with Loughborough and Leicester College respectively. The intention is to ensure that young people from disadvantaged communities have the same opportunity as everybody else to follow these pathways into further and higher education and into the world of work.

The launch of the University of Leicester’s Space Park Leicester in close proximity sheds a light on the wider development of the site that will become known as Space City in 2023. Levelling Up funding has been secured by Leicester City Council to complete the site with new buildings and services to encourage the space industry to engage. Partnerships with Government, academia, industry and the military will continue to provide new services to new audiences with an emphasis on those that are underrepresented and underserved.

On-site capital development is raised elsewhere with the profile of the National Space Centre inevitably enhanced if humans return to the Moon as planed in circa 2025. Robotic visits to the

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Trustees’ annual report

For the period ended 31 December 2022

planets always stir interest and the tantalising prospect of finding life elsewhere will one day become reality. The National Space Centre will retain its ability to translate a difficult subject into language people can understand and be on hand to tell the news in an exciting format, including its ever-growing online presence.

The National Space Centre building is over 20 years old and needs attention. The Rocket Tower lifts will receive a maintenance overhaul in 2023 and there is a likelihood that the polystyrene roof insulation will need to be replaced to satisfy the insurance market. The Charity is confident that it can fund this work from earned income and will sustain its reserves policy to cover all eventualities. The Rocket Tower ETFE (plastic) pillows receive an annual inspection and minor faults receive attention. At some future point – post-2030 – it will need to be replaced at a cost of over £4.0m. This eventuality will continue to be reviewed and a sinking fund will be initiated in good time.

Statement of responsibilities of the trustees

The trustees (who are also directors of National Space Centre for the purposes of company law) are responsible for preparing the trustees’ annual report including the strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company or group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware:

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The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The trustees are officers of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Auditor

Sayer Vincent LLP was the charitable company's auditor during the year and has expressed its willingness to continue in that capacity.

The trustees’ annual report which includes the strategic report was approved by the trustees on 13 July 2023 and signed on their behalf by

Prof Sir M Sweeting Chairman

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Independent auditor’s report

To the members of

National Space Centre

Opinion

We have audited the financial statements of National Space Centre (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the period ended 31 December 2022 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the 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 FRS 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the group financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' 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 National Space Centre'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 trustees with respect to going concern are described in the relevant sections of this report.

19

Independent auditor’s report

To the members of

National Space Centre

Other Information

The other information comprises the information included in the trustees’ annual report, including the strategic report, other than the group financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the group 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 group 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 group 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:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report, including the strategic report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

20

Independent auditor’s report

To the members of

National Space Centre

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the parent charitable company for the purposes of company law) 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 trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable 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 trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charites Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

21

Independent auditor’s report

To the members of

National Space Centre

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-compliance. 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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

22

Independent auditor’s report

To the members of

National Space Centre

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Fleur Holden (Senior statutory auditor)

14 July 2023

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

23

National Space Centre

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the period ended 31 December 2022

Unrestricted
funds
Note
£
Income from:
2
170,118
3
3,255,956
420,195
6,000
66,732
4
2,786,491
109,141
33,021
6,847,654
(2,157,087)
(3,668,388)
6
(5,825,475)
1,022,179
7
2,115,000
8
3,137,179
254,844
3,392,023
Reconciliation of funds:
2,661,291
29
-
2,661,291
6,053,314
Total income
Expenditure on:
Donations and legacies
Charitable activities:
Other trading activities
Admissions
Gift Aid
Grants
Space Academy
Sponsorship
Investments
Raising funds
Net income / (expenditure)
for the year
Total expenditure
Charitable activities
Net income / (expenditure)
before exceptional item
Exceptional item
Total funds brought forward
Total funds carried forward
Transfers between funds
Net movement in funds
Prior period adjustment
Total funds brought forward		 Unrestricted
funds
Note
£
Income from:
2
170,118
3
3,255,956
420,195
6,000
66,732
4
2,786,491
109,141
33,021
6,847,654
(2,157,087)
(3,668,388)
6
(5,825,475)
1,022,179
7
2,115,000
8
3,137,179
254,844
3,392,023
Reconciliation of funds:
2,661,291
29
-
2,661,291
6,053,314
Total income
Expenditure on:
Donations and legacies
Charitable activities:
Other trading activities
Admissions
Gift Aid
Grants
Space Academy
Sponsorship
Investments
Raising funds
Net income / (expenditure)
for the year
Total expenditure
Charitable activities
Net income / (expenditure)
before exceptional item
Exceptional item
Total funds brought forward
Total funds carried forward
Transfers between funds
Net movement in funds
Prior period adjustment
Total funds brought forward		 Restricted
funds
£
-
-
-
366,434
-
-
-		 Capital
restricted
funds
£
-
-
-
-
-
-
-		 Period ended
31 December
2022
£
170,118
3,255,956
420,195
372,434
66,732
2,786,491
109,141
33,021		 Unrestricted
funds
£
75
1,547,604
247,854
686,036
57,113
1,546,897
25,510		 As restated
Restricted
Capital
restricted
funds
funds
£
£
-
-
-
-
-
-
1,449,652
717,631
-
-
-
-
11,625
-
1,461,277
717,631
-
-
(1,111,760)
(550,605)
(1,111,760)
(550,605)
349,517
167,026
-
-
349,517
167,026
-
-
349,517
167,026
907,966
20,603,783
-
2,243,273
907,966
22,847,056
1,257,483
23,014,082		 As restated
Restricted
Capital
restricted
funds
funds
£
£
-
-
-
-
-
-
1,449,652
717,631
-
-
-
-
11,625
-
1,461,277
717,631
-
-
(1,111,760)
(550,605)
(1,111,760)
(550,605)
349,517
167,026
-
-
349,517
167,026
-
-
349,517
167,026
907,966
20,603,783
-
2,243,273
907,966
22,847,056
1,257,483
23,014,082		 Period
ended 26
December
2021
£
75
1,547,604
247,854
2,853,319
57,113
1,546,897
37,135
6,847,654 366,434 - 7,214,088 4,111,089 1,461,277 717,631 6,289,997
(2,157,087)
(3,668,388)		 -
(1,023,109)		 -
(620,293)		 (2,157,087)
(5,311,790)		 (1,239,871)
(2,823,672)		 -
(1,111,760)		 -
(550,605)		 (1,239,871)
(4,486,037)
(5,825,475) (1,023,109) (620,293) (7,468,877) (4,063,543) (1,111,760) (550,605) (5,725,908)
1,022,179
2,115,000		 (656,675)
-		 (620,293)
-		 (254,789)
2,115,000		 47,546
-		 349,517
-		 167,026
-		 564,089
-
3,137,179
254,844		 (656,675)
(254,844)		 (620,293)
-		 1,860,211
-		 47,546
-		 349,517
-		 167,026
-		 564,089
-
3,392,023
2,661,291
-		 (911,519)
1,257,483
-		 (620,293)
23,014,082
-		 1,860,211
26,932,856
-		 47,546
2,613,745
-		 349,517
907,966
-		 167,026
20,603,783
2,243,273		 564,089
24,125,494
2,243,273
2,661,291
6,053,314		 1,257,483
345,964		 23,014,082
22,393,789		 26,932,856
28,793,067		 2,613,745
2,661,291		 907,966
1,257,483		 22,847,056
23,014,082		 26,368,767
26,932,856

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 25 to the financial statements.

24

National Space Centre

Company no. 03485236

Balance sheets

As at 31 December 2022

As at 31 December 2022
Balance sheets		 Company no. 03485236 Company no. 03485236
Note
Fixed assets:
Intangible fixed assets
14
15
16
17
Current assets:
19
20
Liabilities:
21
23
24
Total unrestricted funds
24
Total funds
Cash at bank and in hand
Short term deposits
Tangible assets
Investments
Creditors: amounts falling due within one year
Net current assets
Net assets
Creditors: amounts falling due after one year
Restricted funds
Unrestricted income funds
General funds
Non-charitable subsidiary funds
Income funds
Restricted funds
Heritage assets
Total assets less current liabilities
Stock
Debtors
Capital funds		 As restated
2022
2021
£
£
36,350
-
20,055,401
20,496,306
7,593,085
7,592,955
-
-
27,684,836
28,089,261
108,623
91,571
381,666
275,907
532,569
527,318
2,847,857
2,961,854
3,870,715
3,856,650
(1,300,435)
(1,088,312)
2,570,280
2,768,338
30,255,116
30,857,599
(1,462,049)
(3,924,743)
28,793,067
26,932,856
22,393,789
23,014,082
345,964
1,257,483
5,892,871
2,403,220
160,443
258,071
6,053,314
2,661,291
28,793,067
26,932,856
The group		 As restated
2022
2021
£
£
36,350
-
18,887,203
19,216,293
7,593,085
7,592,955
2
2
26,516,640
26,809,250
-
-
1,444,665
1,904,293
-
-
671,317
76,240
2,115,982
1,980,533
-
-
2,115,982
1,980,533
28,632,622
28,789,783
-
(2,115,000)
28,632,622
26,674,783
22,393,789
23,014,082
345,964
1,257,483
5,892,869
2,403,218
-
-
5,892,869
2,403,218
28,632,622
26,674,783
The charity
27,684,836
108,623
381,666
532,569
2,847,857		 28,089,261
91,571
275,907
527,318
2,961,854		 26,516,640
-
1,444,665
-
671,317		 26,809,250
-
1,904,293
-
76,240
3,870,715
(1,300,435)		 3,856,650
(1,088,312)		 2,115,982
-		 1,980,533
-
2,570,280 2,768,338 2,115,982 1,980,533
30,255,116
(1,462,049)		 30,857,599
(3,924,743)		 28,632,622
-		 28,789,783
(2,115,000)
28,793,067 26,932,856 28,632,622 26,674,783
22,393,789
345,964
5,892,871
160,443		 23,014,082
1,257,483
2,403,220
258,071		 22,393,789
345,964
5,892,869
-		 23,014,082
1,257,483
2,403,218
-
6,053,314 2,661,291 5,892,869 2,403,218
28,793,067 26,932,856 28,632,622 26,674,783

Approved by the trustees on 13 July 2023 and signed on their behalf by

Prof Sir M Sweeting Chairman

25

National Space Centre

Consolidated statement of cash flows

For the period ended 31 December 2022

For the period ended 31 December 2022 For the period ended 31 December 2022 For the period ended 31 December 2022
Note
£
£
1,860,211
(33,021)
40,095
949,721
-
(2,115,000)
(130)
(17,052)
(105,759)
209,039
788,104
33,021
(508,816)
Purchase of intangible fixed assets
(36,350)
(512,145)
(40,095)
(344,610)
(384,705)
(108,746)
3,489,172
3,380,426
Analysis of cash and cash equivalents and of net debt
At 27
December
2021
Cash flows
£
£
Cash at bank and in hand
2,961,854
(113,997)
Short term deposits
527,318
5,251
Total cash and cash equivalents
3,489,172
(108,746)
Loans falling due within one year
(343,742)
(3,084)
Loans falling due after more than one year
(3,924,743)
347,694
Total net debt
(779,313)
235,864
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Net cash used in financing activities
Change in cash and cash equivalents in the year
Interest paid
Repayment of bank loans
2022
Cash flows from operating activities
Cash flows from financing activities:
Net cash used in investing activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Net income for the reporting period
Net cash provided by operating activities
(as per the statement of financial activities)
Increase in creditors
Loss on disposal of fixed assets
Interest receivable
Interest payable
Depreciation of tangible fixed assets
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Waiver of loan
Items donated		 £
564,089
(1,693)
33,880
860,408
409
-
(75)
4,416
406,632
77,433
1,693
(919,708)
-		 As restated
£
2021
788,104
(512,145)
(384,705)		 1,945,499
(918,015)
(255,400)
(40,095)
(344,610)		 (33,880)
(221,520)
At 27
December
2021
£
2,961,854
527,318		 Other non-
cash
changes
£
-
-
(108,746)
3,489,172		 772,084
2,717,088
3,380,426 3,489,172
Cash flows
£
(113,997)
5,251		 At 31 December
2022
£
2,847,857
532,569
3,489,172 (108,746) - 3,380,426
(343,742)
(3,924,743)		 (3,084)
347,694		 -
2,115,000		 (346,826)
(1,462,049)
(779,313) 235,864 2,115,000 1,571,551

26

National Space Centre

Notes to the financial statements

For the period ended 31 December 2022

1 Accounting policies

a) Statutory information

National Space Centre is a charitable company limited by guarantee and is incorporated in England.

The registered office address and principal place of business is National Space Centre, Exploration Drive, Leicester, LE4 5NS.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

National Space Centre meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are presented in sterling which is also the functional currency of the Charity.

Monetary amounts in these financial statements are rounded to the nearest whole £, except where otherwise indicated.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are set out below:

c) Basis of consolidation

The group accounts consolidate the financial statements of the Charity and its trading subsidiary undertakings. Intra-group transactions and balances are eliminated on the consolidation.

d) Reduced disclosures

In accordance with FRS 102, the parent Charity has taken advantage of the exemptions from the following disclosure requirements:

The financial statements of the parent Charity are included within these consolidated financial statements. A separate Statement of Financial Activities (SOFA), or Income and Expenditure Account for the Charity itself is not presented because the Charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

e) Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the group and charitable company have adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Management has stress tested their forecasts to 31 December 2024 which indicate that the group and charitable company have sufficient cash to sustain its business for at least 12 months from the date of the trustees signing the financial statements, thus supporting the assertion to prepare the accounts on a going concern basis.

f) Donations and legacies

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

g) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Income from government (including CRJS claims) and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

27

National Space Centre

Notes to the financial statements

For the period ended 31 December 2022

j) Sponsorship income

Sponsorship income is recognised when invoiced, provided that the group has fulfilled its obligations under the sponsorship agreement. Where obligations are not fulfilled, income is deferred.

k) Gifts in kind

The group benefits from many hours given freely by trustees, patrons and other supporters. In addition, the group has received the benefit of services of secondees from organisations including Leicester City Council and University of Leicester. The Group is extremely grateful for all of these gifts in kind. It is impractical to place a value on the time gifted and accordingly it is not included within the Statement of Financial Activities.

Assets donated to the group are included within the Statement of Financial Activities in the year in which they are donated.

l) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects.

Restricted funds are those funds which have been given for particular purposes and projects.

Capital restricted funds are those funds which are retained for the charity's use in furtherance of its charitable purposes. Income restricted funds are those funds which are applied or spent in furtherance of one or more of the charity's charitable purposes.

Intangible assets are recognised as intangible fixed assets if, and only if:

Amortisation is provided at rates calculated to write of the cost of the asset evenly over its useful expected life as follows:

 Website 5 years

Amortisation is not charged in the year of purchase

o) Tangible fixed assets and depreciation

Fixed assets are recorded at cost or, in the case where assets have been donated to the group, at valuation at the time of acquisition which is taken to be deemed cost. Depreciation is provided on all capitalised tangible fixed assets excluding freehold land, at rates calculated to write off the cost, less estimated residual value, based on values prevailing at the date of acquisition, of each asset evenly over its expected useful life, as follows:

50 - 150 years 50 years 5 to 10 years 5 to 10 years 5 years

5 years 10 years

2½ years

Freehold land is not depreciated.

27

National Space Centre

Notes to the financial statements

For the period ended 31 December 2022

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be reasonable. Residual value is assessed at each reporting date, after estimated costs of disposal for the asset as if it were at the age and in the condition expected at the end of its useful life.

Fixed assets are capitalised where the value exceeds £1,000.

Depreciation is not charged in the year of purchase

p) Heritage assets

Where such artefacts have been purchased, the purchase and installation costs are capitalised in the balance sheet.

In accordance with FRS 102, the group includes heritage assets at historical cost. Donated assets are included at a fair value which is ascertained using market based evidence.

Where reliable valuations or information relating to their cost is unavailable and cannot be obtained at a cost which is commensurate with the benefits to users of the financial statements, those assets are not recognised on the balance sheet. The majority of the Charity’s heritage assets are considered to be held for long term use. On this basis they are not depreciated unless, in the trustees’ opinion, they have a finite life. The trustees will review the useful economic life attributable to each heritage asset on a regular basis where they will revise existing valuations and assess for any indicators of impairment.

q) Stocks

Stocks comprise catering supplies and goods for resale and are stated at the lower of cost and estimated selling price less costs to complete and sell.

Cash and bank balances includes bank overdrafts and cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition.

Short term deposits comprise cash held on deposit which has a maturity date of more than 3 months from the date of acquisition.

Operating lease rentals are charged to the Statement of Financial Activities on a straight line basis over the lease term.

u) Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All exchange differences are taken to the Statement of Financial Activities.

v) Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the group to the fund in respect of the period.

w) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

27

National Space Centre

Notes to the financial statements

For the period ended 31 December 2022

1 Accounting policies (continued)

x) Financial assets and liabilities

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument.

Financial liabilities are classified according to the substance of the financial instrument’s contractual obligations, rather than the financial instrument’s legal form.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), unless the arrangement constitutes a financing transaction. A financial asset or financial liability that is payable or receivable in one year is measured at the undiscounted amount expected to be received or paid net of impairment, unless it is a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and financial liabilities are offset only when there is a current legally enforceable right to set off the recognised amounts and the intention to either settle on a net basis, or to realise the asset and settle the liability simultaneously.

y) Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no critical accounting estimates and areas of judgement to note.

2 Income from donations and legacies

All income from donations and legacies was unrestricted in both periods.

3a Income from charitable activities (current year)

UK Space Agency
Lloyds Register Foundation
Wellcome Trust
Leicester & Leicestershire Enterprise Partnership
Kirby Laing Foundation
Garfield Weston Foundation
Severn Trent Community Fund
Cultural Recovery Fund
Admissions
Gift Aid
CJRS income & Covid 19 grants
Space Academy
Sub-total
Grants:
Other grants
Sub-total for grants
Total		 Unrestricted
£
3,255,956
420,195
6,000
66,732		 Restricted
£
-
-
-
-		 Capital
restricted
funds
£
-
-
-
-

2022
£
3,255,956
420,195
6,000
66,732		 2021
£
1,547,604
247,854
686,036
57,113
3,748,883
-
-
-
-
-
-
-
-
-		 -
146,425
195,023
-
-
-
-
-
24,986
-		 -
-
-
-
-
-
-
-
-
-		 3,748,883
146,425
195,023
-
-
-
-
-
24,986
-		 2,538,607
40,140
168,061
717,631
462,195
100,000
500,000
78,000
99,944
1,312
- 366,434 - 366,434 2,167,283
3,748,883 366,434 - 4,115,317 4,705,890

27

National Space Centre

Notes to the financial statements

For the period ended 31 December 2022

3b Income from charitable activities (prior year)

Unrestricted
£
827,930
1,621,722
336,839
Sponsorship/project grant funding:
-
87,361
21,780
2,895,632
Space Academy
Ogden Trust
Sub-total for grants
Other grants
Admissions
Gift Aid
CJRS income & Covid 19 grants
Space Academy
Sub-total
Grants:
Leicester & Leicestershire Enterprise Partnership
Kirby Laing Foundation
UK Space Agency
Lloyds Foundation Trust
Income from other trading activities
Other
Retail
Catering/Corporate
Creative Services
United Kingdom
Wellcome Trust
Garfield Weston Foundation
Cultural Recovery Foundation
Severn Trent Community Fund
Europe
Analysis of income
Rest of World
Total
Income is attributed to geographical markets as follows:		 Unrestricted
£
827,930
1,621,722
336,839
Sponsorship/project grant funding:
-
87,361
21,780
2,895,632
Space Academy
Ogden Trust
Sub-total for grants
Other grants
Admissions
Gift Aid
CJRS income & Covid 19 grants
Space Academy
Sub-total
Grants:
Leicester & Leicestershire Enterprise Partnership
Kirby Laing Foundation
UK Space Agency
Lloyds Foundation Trust
Income from other trading activities
Other
Retail
Catering/Corporate
Creative Services
United Kingdom
Wellcome Trust
Garfield Weston Foundation
Cultural Recovery Foundation
Severn Trent Community Fund
Europe
Analysis of income
Rest of World
Total
Income is attributed to geographical markets as follows:		 £
-
-
-
-
-
-
Restricted		 Unrestricted
£
1,547,604
247,854
686,036
57,113		 Restricted
£
-
-
-
-		 Capital
restricted
funds
£
-
-
-
-

2021
£
1,547,604
247,854
686,036
57,113
2,538,607
-
-
-
-
-
-
-
-
-		 -
40,140
168,061
-
462,195
100,000
500,000
78,000
99,944
1,312		 -
-
-
717,631
-
-
-
-
-
-		 2,538,607
40,140
168,061
717,631
462,195
100,000
500,000
78,000
99,944
1,312
- 1,449,652 717,631 2,167,283
2,538,607 1,449,652 717,631 4,705,890
2022
Total
£
827,930
1,621,722
336,839
-
87,361
21,780		 Unrestricted
£
407,513
704,479
434,905
-
-
25,510		 £
-
-
-
9,625
-
2,000
Restricted		 2021
Total
£
407,513
704,479
434,905
9,625
-
27,510
2,895,632 - 2,895,632 1,572,407 11,625 1,584,032
2022
£
7,079,031
68,700
66,357
Total		 As restated
2021
Total
£
6,169,284
27,012
93,701
7,214,088 6,289,997

4 Income from other trading activities

5 Analysis of income

27

National Space Centre

Notes to the financial statements

For the period ended 31 December 2022

6a Analysis of expenditure (current year)

Retail
Catering
£
£
£
Staff costs (Note 10)
221,992
60,579
537,740
Depreciation
-
-
-
Costs of sales
-
391,139
422,460
IT and licences
780
-
-
Utilities
-
-
-
Insurance and rent
-
-
-
Maintenance
-
-
396
Running and sundry
5,962
1,350
28,909
Marketing
61,790
-
1,603
Outreach and other projects
-
-
-
Financing
-
-
-
Cleaning and waste disposal
-
-
5,604
Audit, legal and consultancy
-
-
-
Training and recruitment
-
320
-
Telephone and internet
179
-
154
Space Academy
-
-
-
Postage and stationery
-
-
-
Creative services
5,650
-
-
Travel
1,483
443
138
297,836
453,831
997,004
Support costs
67,834
103,362
227,072
Governance costs
1,728
2,634
5,786
Total expenditure 2022
367,398
559,827
1,229,862
Total expenditure 2021
243,849
296,840
699,182
Othertrading activities
Costs of raisingfunds
Raising
donations and
other income		 £
2,398,514
837,906
127,815
116,062
312,134
-
163,809
194,736
9,722
-
-
66,800
3,345
16,455
22,557
10,671
3,288
-
22,259
4,306,073
980,729
24,988
5,311,790
4,486,037
Charitable
activities		 Support costs
£
870,095
111,815
-
45,748
-
126,980
9,999
17,042
-
-
97,369
-
19,677
66,349
-
-
13,326
-
597
1,378,997
(1,378,997)
-
-
-		 Governance
costs
£
-
-
-
-
-
-
-
-
-
-
-
-
35,136
-
-
-
-
-
-
35,136
-
(35,136)
-
-		 2022 Total
2021 Total
£
£
4,088,920
3,051,033
949,721
860,408
941,414
649,427
162,590
184,699
312,134
168,332
126,980
117,479
174,204
113,784
247,999
284,424
73,115
26,657
-
64,197
97,369
65,855
72,404
42,008
58,158
28,879
83,124
24,904
22,890
23,109
10,671
8,354
16,614
4,099
5,650
4,327
24,920
3,933
7,468,877
5,725,908
-
-
-
-
7,468,877
-
5,725,908

National Space Centre

Notes to the financial statements

For the period ended 31 December 2022

6b Analysis of expenditure (prior year)

Retail
Catering
£
£
£
Staff costs (Note 10)
169,129
52,214
344,730
Depreciation
-
-
-
Costs of sales
57
182,008
178,020
IT and licences
1,269
258
1,750
Utilities
-
-
-
Insurance and rent
-
-
-
Maintenance
-
-
470
Running and sundry
2,377
3,126
22,505
Marketing
17,257
-
8,287
Outreach and other projects
-
-
-
Financing
-
-
-
Cleaning and waste disposal
-
-
3,829
Audit, legal and consultancy
-
-
-
Training and recruitment
-
-
-
Telephone and internet
471
-
92
Space Academy
-
-
-
Postage and stationery
-
-
-
Creative services
4,327
-
-
Travel
320
21
28
195,207
237,627
559,711
Support costs
47,666
58,025
136,672
Governance costs
976
1,188
2,799
Total expenditure 2021
243,849
296,840
699,182
Costs of raisingfunds
Raising
donations and
other income
Othertrading activities		 £
1,764,248
748,589
289,342
120,276
168,332
3,750
108,498
246,192
1,113
64,197
-
38,179
107
4,574
22,546
8,354
-
-
2,873
3,591,170
876,905
17,962
4,486,037
Charitable
activities		 Support
costs
£
720,712
111,819
-
61,146
-
113,729
4,816
10,224
-
-
65,855
-
5,847
20,330
-
-
4,099
-
691
1,119,268
(1,119,268)
-
-		 Governance
costs
2021 Total
£
£
-
3,051,033
-
860,408
-
649,427
-
184,699
-
168,332
-
117,479
-
113,784
-
284,424
-
26,657
-
64,197
-
65,855
-
42,008
22,925
28,879
-
24,904
-
23,109
-
8,354
-
4,099
-
4,327
-
3,933
22,925
5,725,908
-
-
(22,925)
-
-
5,725,908

National Space Centre

Notes to the financial statements

For the period ended 31 December 2022

During the year Leicester City Council agreed to waive loans owing by the charity amounting to £2,115,000. (See note 23).

This is stated after charging / (crediting):

This is stated after charging / (crediting):
9
Operating lease rentals:
Auditor's remuneration (excluding VAT):
Depreciation
Interest payable
Property
Contributions to defined contribution pension scheme
Trustee emoluments and key management personnel
Audit
Non-audit services
Trustees' emoluments
Foreign exchange (gains) or losses		 2022
£
949,721
40,095
27,000
22,550
1,450
(17,413)
2022
£
134,537
14,284		 2021
£
860,408
32,187
23,362
20,500
1,300
(59)
2021
£
130,518
14,132

Remuneration of trustees is contrary to general charity law. Approval has been obtained from the Charity Commission under section 198 of the Charities Act 2011 since such remuneration is considered to be in the best interests of the charity. Details of the specific individuals is included below.

The Chief Executive of NSSC Operations Limited, C SH Bishop, and the Chairman of NSSC Operations Limited, A M Kapur, who are both trustees of the National Space Centre, were paid £119,537 and £15,000 (2021: £117,368 and £12,750) respectively for qualifying services in those capacities and £14,284 and £nil (2021: £14,132 and £nil ) respectively for contributions to a defined contribution pension scheme.

During the period £683 (2021: £389) was paid to 2 trustees (2021: 2) for the reimbursement of travel and subsistence expenses.

The total compensation including national insurance and pension contributions payable to key management personnel of the Group, which includes the above trustee directors was £469,922 (2021: £442,275).

Staff costs were as follows:

Staff costs were as follows:
Employer’s contribution to defined contribution pension schemes
Social security costs
Salaries and wages
Redundancy and termination costs		 2022
£
3,585,031
10,497
307,733
185,659
4,088,920		 2021
£
2,670,823
2,545
224,758
152,907
3,051,033

The above amounts reflect the remuneration of individuals who have contracts of employment and exclude payments made to individuals contracted on a consultancy basis.

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

year between:
2022 2021
No. No.
£60,000 - £69,999 2 1
£70,000 - £79,999 1 -
£110,000 - £119,999 1 1

During the period, retirement benefits were accruing to 4 employees whose emoluments amounted to over £60,000 (2020: 1), the contributions in the year amount to £26,370 (2021: £17,792).

National Space Centre

Notes to the financial statements

For the period ended 31 December 2022

11 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 174 (2021: 148).

Staff are split across the activities of the charity as follows (full time equivalent basis):

Administration
Operations		 2022
No.
48
68
116		 2021
No.
54
42
96

12 Related party transactions

National Space Centre

During the period, the following were paid or were payable to:

Association of Science and Discovery Centres £2,872 (2021: £1,468). Charles Bishop is a Director of National Space Centre and a Trustee of Association of Science and Discovery Centres.

University of Leicester £10,720. Professor Emma Yeoman is a Director of National Space Centre (UoL Representative) and is an employee of the university.

Leicester City Council £12,017. Miranda Cannon is a Director of National Space Centre (LCC Representative) and an employee of Leicester City Council.

Leicestershire County Council £1080. Surinder Sharma is a Director of National Space Centre and an Advisor to Leicestershire County Council.

NSSC Operations Limited

During the year £146,425 was received as grant income by Space Academy division of NSSC Operations Limited from UK Space Agency. Professor David Southwood, who served as a trustee of National Space Centre until 8 November 2022, is the Chair of the Steering Board of UK Space Agency. Paul Bate, a trustee of National Space Centre, is Chief Executive and Accounting Officer for UK Space Agency.

During the period, the following were paid or were payable by NSSC Operations Limited to:

Association of Science and Discovery Centres £2,872 (2021: £1,288). Charles Bishop is a Director of NSSC Operations Limited and a Board member of ASDC.

Redshift Associates Ltd £1,250 (2021: £4,250). Alan Wells is a Director of NSSC Operations Limited and a Director of Redshift Associates Ltd.

University of Leicester £10,720. Professor Sarah Davies is a Director of NSSC Operations Limited and an Executive Board member of the university.

NSSC Operations Limited generated sales income from a range of organisations with which some trustees, directors and/or senior management are connected. These were all conducted in the ordinary course of business on an arm’s length basis.

All of the above transactions were conducted at arm's length.

13 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity's trading subsidiary NSSC Operations Limited distributes under Gift Aid available profits to the parent charity. Its charge to corporation tax in the year was:

2022 2021
£ £
UK corporation tax at 19% - -

14 Intangible fixed assets

Amortisation
Net book value
Net book value
At the start of the year
At the start of the year
Additions in year
At the end of the year
At the start and end of the year
At the end of the year
The Group and the
Charity
Cost		 Website costs
£
-
36,350
36,350
-
36,350
-

National Space Centre

Notes to the financial statements

For the period ended 31 December 2022

15 Tangible fixed assets

The group

The group
At the start of the year
Cost
Net book value
At the start of the year
Additions in year
At the end of the year
At the end of the year
At the start of the year
Charge for the year
At the end of the year
Depreciation		 Freehold land &
buildings
£
26,997,499
17,173
27,014,672
10,165,447
505,774
10,671,221
16,343,451
16,832,052		 Long leasehold
land &
buildings
£
1,108,000
-
1,108,000
151,542
25,603
177,145
930,855
956,458		 Exhibition fit
out
£
10,795,823
325,062
11,120,885
8,812,987
297,940
9,110,927
2,009,958
1,982,836		 Plant &
equipment
£
2,386,775
166,581
2,553,356
1,661,815
120,404
1,782,219
771,137
724,960		 Motor
vehicles
£
25,995
-		 Challenger
building &
equipment
£
724,818
-
724,818
724,818
-
724,818
-
-		 Total
£
42,038,910
508,816
25,995 42,547,726
25,995
-		 21,542,604
949,721
25,995 22,492,325
- 20,055,401
- 20,496,306

Land with a value of £680,000 (2021: £680,000) is included within freehold land and buildings and not depreciated.

The charity

The charity
Charge for the year
Depreciation
Cost
Additions in year
At the end of the year
At the end of the year
Disposals in year
At the start of the year
At the end of the year
At the start of the year
Eliminated on disposal
Net book value

At the start of the year		 Freehold land &
buildings
£
26,086,681
17,173
-
26,103,854
10,101,639
505,774
-
10,607,413
15,496,441
15,985,042		 Long leasehold
land &
buildings
£
1,108,000
-
-
1,108,000
151,541
7,387
-
158,928
949,072
956,459		 Exhibition fit
out
£
10,173,799
325,062
-
10,498,861
8,435,315
229,317
-
8,664,632 -
1,834,229
1,738,484		 Plant &
equipment
£
1,908,508
166,581
-
2,075,089
1,372,200
95,428
-

1,467,628
607,461
536,308		 Motor
vehicles
£
25,995
-
-		 Challenger
building &
equipment
£
724,818
-
-
724,818
724,818
-
-
-
724,818
-
-
-		 Total
£
40,027,801
508,816
-
25,995 40,536,617
25,995
-
-		 20,811,508
837,906
-
25,995 21,649,414
- 18,887,203
- 19,216,293

Land with a value of £680,000 (2021: £680,000) is included within freehold property and not depreciated. All of the above assets are used for charitable purposes.

National Space Centre

Notes to the financial statements

For the period ended 31 December 2022

For the period ended 31 December 2022
16
Group and
At the start of the year
- as previously reported
Prior period adjustment (see note 29)
Donations in year
Acquisitions
Total
Cost or valuation
At the end of the year
Items included at cost
Items included at fair value
Heritage assets
The balance at the end of the year comprises:		 Artefacts
2022
£
5,349,607
2,243,348
130
-
7,593,085
241,447
7,351,638
7,593,085		 As restated
2021
£
5,349,607
2,243,273
75
-
7,592,955
241,317
7,351,638
7,592,955		 As restated
2020
£
5,349,607
2,243,173
100
-		 As restated
2019
£
5,349,607
2,223,108
4,565
15,500
7,592,780
221,152
7,371,628
7,592,780		 As restated
2018
£
5,349,607
2,175,148
6,095
41,865
7,592,880 7,572,715
241,217
7,351,663		 173,192
7,399,523
7,592,880 7,572,715

Various donated items, including flight suits, models, food and clothes, were valued by Art Dula, an American aerospace lawyer with expertise in acquiring and selling historical space items, in August 2000. The valuations are on a fair market value / replacement value on those parts of the collection where it is felt such a valuation can be reasonably made. The Trustees consider there to be no material impairment on the present market values / replacement values compared to those stated.

The National Space Centre maintains a register for its collections of heritage assets which records the nature, provenance and current location of each asset. The National Space Centre uses artefacts to help interpret storylines in the exhibition. The curatorial work collects, conserves, records and makes publicly available material telling the story of British and World Space exploration in the past, present and future.

This purpose will be achieved through:

a) acquisitions, organisation and preservation of objects, manuscripts, pamphlets, photographs.

b) informing, inspiring and entertaining its users through the provision and promotion of interpretative displays and related services. c) undertaking, enabling and publishing research relevant to the subject area of the National Space Centre.

These are items of scientific importance which are held for the furtherance of the National Space Centre’s objects and are considered to be heritage assets.

Assets are only disposed of where, in the opinion of the Trustees, an item does not contribute to the interest and diversity of the National Space Centre’s collection or, in exceptional circumstances, where the disposal will provide the National Space Centre with funding that, in the opinion of the Trustees, is considered essential to the National Space Centre’s being able to fulfil its charitable objects in the future.

Approximately £2,186,000 (2021: £2,015,000) of loaned items are also held. In many cases these items have been obtained on permanent or long term loans from museums and similar institutions and the group may not sell or otherwise dispose of these items without the prior consent of the donor. The value of these items is not included on the balance sheet.

Preservation and management

Expenditure which in the Trustees’ view is required to preserve or clearly prevent further deterioration of individual collection items is recognised in the Statement of Financial Activities when it is occurred. The Charity has an on-going programme of conservation.

Heritage assets are insured in total for £10,000,000 including loan items.

The environmental conditions in which the assets are held are continually monitored by a building management system and a network of dataloggers. Relative humidity, temperature and light exposure are measured and remedial action taken if necessary. Heritage assets are also inspected regularly and any maintenance required is carried out promptly. Specialist care and advice is sought as needed from a variety of experts including the National Science Museum. The collection is held at the National Space Centre, on display for the public to view. The collection is protected by a security team. Some of the articles are available for handling by the public, most being in display cases or behind barriers.

National Space Centre

Notes to the financial statements

For the period ended 31 December 2022

17 Subsidiary undertaking

The Charity has two wholly owned subsidiaries which are incorporated in Great Britain. NSSC Operations Limited operates the National Space Centre, whilst NSSC Property Limited did not trade during the period. A summary of the trading results of NSSC Operations Limited is shown below. Audited accounts of NSSC Operations Limited will be filed with the Registrar of Companies.

Company Country of incorporation Holding Investment Company Nature of
Number business
NSSC Operations Limited England and Ordinary 100% 04141856 Operation of
Wales shares National Space
Centre
NSSC Property Limited England and Ordinary 100% 03486099 Dormant
Wales shares

The registered office address of these companies is Exploration Drive, Leicester, LE4 5NS.

NSSC Operations Lmited is used for the operation of the National Space Centre. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are distrbuted under Gift Aid to the parent charity.

The trustees C H Bishop & A M Kapur are also directors of NSSC Operations Limited. C H Bishop is the sole director of NSSC Property Limited. A summary of the results of NSSC Operations Limited is shown below:

A summary of the results of NSSC Operations Limited is shown below:
Total
Total retained earnings brought forward
Profit on ordinary activities before taxation
Profit for the financial year
Liabilities
Reserves
Distribution under Gift Aid to parent charity
The aggregate of the assets, liabilities and reserves was:
Assets
Turnover
Operating expenditure
Management charge due from parent undertaking
Other operating income
Profit for the financial year
Taxation on profit on ordinary activities
Operating profit
Interest receivable and similar income
Interest payable
Retained earnings		 2022
£
4,408,020
(6,554,140)
1,375,163
1,158,620
387,663
31,679
(76,828)
342,514
-
342,514
258,071
342,514
(440,142)
160,443
4,342,097
(4,181,653)
160,444		 2021
£
2,133,309
(4,693,316)
1,248,240
1,713,007
401,240
1,693
(33,880)
369,053
-
369,053
311,430
369,053
(422,412)
258,071
5,014,177
(4,756,105)
258,072

Amounts owed from the parent undertaking is shown in note 20.

National Space Centre

Notes to the financial statements

For the period ended 31 December 2022

18 Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

19
Catering
20
21
Accruals
Deferred income (note 22)
Trade creditors
Taxation and social security
Creditors: amounts falling due within one year
Debtors
Amounts owed by subsidiary undertakings
Prepayments
Bank loans
Gross income
Result for the year
Trade debtors
Other debtors
Stock		 2022
2021
£
£
108,623
91,571
108,623
91,571
2022
2021
£
£
227,002
139,307
30,008
55,434
-
-
124,656
81,166
381,666
275,907
2022
2021
£
£
346,826
343,742
276,236
351,384
244,802
67,263
138,690
71,058
293,881
254,865
1,300,435
1,088,312
The group
The group
The group		 2022
2021
£
£
108,623
91,571
108,623
91,571
2022
2021
£
£
227,002
139,307
30,008
55,434
-
-
124,656
81,166
381,666
275,907
2022
2021
£
£
346,826
343,742
276,236
351,384
244,802
67,263
138,690
71,058
293,881
254,865
1,300,435
1,088,312
The group
The group
The group		 2022
2021
£
£
4,613,446
3,798,848
1,957,839
617,372
2022
2021
£
£
-
-
-
-
2022
2021
£
£
-
-
25,490
46,245
1,419,175
1,858,048
-
-
1,444,665
1,904,293
2022
2021
£
£
-
-
-
-
-
-
-
-
-
-
-
-
The charity
The charity
The charity		 2021
£
3,798,848
617,372
1,088,312 -

22 Deferred income

Deferred income comprises grant and sponsorship income, corporate events, NSC Creative and online sales.

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2022
2021
£
£
254,865
298,740
(248,789)
(298,740)
287,805
254,865
293,881
254,865
The group		 2022
2021
£
£
254,865
298,740
(248,789)
(298,740)
287,805
254,865
293,881
254,865
The group		 2022
2021
£
£
-
-
-
-
-
-
-
-
The charity		 2022
2021
£
£
-
-
-
-
-
-
-
-
The charity
254,865 -

National Space Centre

Notes to the financial statements

For the period ended 31 December 2022

23 Creditors: amounts falling due after one year

Creditors: amounts falling due after one year
Bank loans
Loan note
Other loan		 2022
2021
£
£
1,462,049
1,809,743
-
2,000,000
-
115,000
1,462,049
3,924,743
The group		 2022
2021
£
£
-
-
-
2,000,000
-
115,000
-
2,115,000
The charity
3,924,743 2,115,000

The amount of bank loans repayable by instalments falling due after more than five years is £678,806 (2021: £710,089).

The loan note was repayable to Leicester City Council. On 22 November 2022, Leicester City Council entered into a deed of waiver with the company in regard to this note.

The other loan was repayable to Leicester City Council. On 22 November 2022, Leicester City Council entered into a deed of waiver with the company in regard to this note.

Bank loans consist of four bank loans. One has a term of twenty years, one has a term of ten years, one has a term of seven years and the last one, a CBILS loan, has a five year term. All loans are repayable in monthly installments. Interest on the first loan is charged at Base Rate plus 2.43%. Interest on the other two loans is charged at Base Rate plus 2.5% and interest on the CBILS loan is charged at Base Rate plus 2.75%.

The bank loans are secured over the assets of the National Space Centre and NSSC Operations Limited with a charge over the premises at Exploration Drive, Leicester.

24a Analysis of group net assets between funds (current year)

Analysis of group net assets between funds (current year)
Heritage assets
Intangible fixed assets
Tangible fixed assets
Net current assets
Long term liabilities
Net assets at 31 December 2022		 General
unrestricted
£
36,350
5,197,384
57,313
2,224,316
(1,462,049)
6,053,314		 Income
restricted
funds
£
-
-
-
345,964
-		 Capital
restricted
funds
£
-
14,858,017
7,535,772
-
-
22,393,789		 Total
funds
£
36,350
20,055,401
7,593,085
2,570,280
(1,462,049)
345,964 28,793,067

24b Analysis of group net assets between funds (prior year) - As restated

Income Capital
General restricted restricted Total
unrestricted funds funds funds
£ £ £ £
Tangible fixed assets 5,017,996 - 15,478,310 20,496,306
Heritage assets 57,183 - 7,535,772 7,592,955
Net current assets 1,510,855 1,257,483 - 2,768,338
Long term liabilities (3,924,743) - - (3,924,743)
Net assets at 26 December 2021 2,661,291 1,257,483 23,014,082 26,932,856

National Space Centre

Notes to the financial statements

For the period ended 31 December 2022

25a Movements in funds (current year)

Movements in funds (current year)
Total restricted funds - revenue
Capital
Total restricted funds - capital
General funds
Non-charitable subsidiary funds
Total funds
Restricted funds - revenue:
Extended Reality for New Audiences
Garfield Weston Foundation
National Space Academy Stage 2
Unrestricted funds:
National Space Academy Stage 1
Total unrestricted funds
Project Marble		 As restated
£
115,286
151,730
400,000
-
590,467
1,257,483
23,014,082
23,014,082
2,403,220
2,403,220
258,071
26,932,856
At 26
December
2021		 £
146,425
-
-
195,023
24,986
366,434
-
-
4,393,437
4,393,437
4,575,210
9,335,081
Income &
gains		 £
(245,834)
(157,339)
(247,406)
(17,530)
(355,000)
Expenditure
& losses		 £
-
5,609
-
-
(260,453)
(254,844)
-
-
254,844
254,844
-
-
Transfers		 £
15,877
-
152,594
177,493
-
At 31
December
2022
(1,023,109) 345,964
(620,293) 22,393,789
(620,293) 22,393,789
(1,158,630) 5,892,871
(1,158,630) 5,892,871
(4,672,838) 160,443
(7,474,870) 28,793,067

The transfer to unrestricted funds comprises expenditure on fixed assets of £270,973 to fulfill the Project Marble programme and an overspend of £16,129 on the Inspiring Science Fund and Project Marble programmes.

The narrative to explain the purpose of each fund is given at the foot of the note below.

25b Movements in funds (prior year) - As restated

Movements in funds (prior year) - As restated
Total restricted funds - revenue
Total restricted funds - capital
General funds
Non-charitable subsidiary funds
Cultural Recovery Fund
Restricted funds - revenue:
Restricted funds - capital
National Space Academy
Education Awards Scheme
Garfield Weston Foundation
Project Marble
Capital restricted fund
Total funds
Total unrestricted funds
Extended Reality for New Audiences		 At 27
December
2020
£
9,218
-
212,615
-
-
686,133
907,966
22,847,056
22,847,056
2,302,315
2,302,315
311,430
26,368,767		 Income &
gains
£
-
217,826
3,312
500,000
78,000
662,139
1,461,277
717,631
717,631
1,618,595
1,618,595
2,492,494
6,289,997		 Expenditure
& losses
£
(9,218)
(102,540)
(64,197)
(100,000)
(78,000)
(757,805)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 At 26
December
2021
£
-
115,286
151,730
400,000
-
590,467
(1,111,760) 1,257,483
(550,605) 23,014,082
(550,605) 23,014,082
(1,517,690) 2,403,220
(1,517,690) 2,403,220
(2,545,853) 258,071
(5,725,908) 26,932,856

National Space Centre

Notes to the financial statements

For the period ended 31 December 2022

Purposes of funds

Purposes of restricted funds - revenue

The National Space Academy has the dual goals of engaging young people with the sciences and maths using the inspirational context of space and facilitating pathways into space sector careers by working with industry, academia, and secondary, further and higher education. The Academy works in the following areas towards these goals:

Extended Reality for New Audiences, funded by a £1.9m Inspiring Science Fund award and with further support from the LLEP Local Growth Fund, Fidelity UK Foundation, Garfield Weston Foundation and 1851 Royal Commission, has combined significant capital development with the engagement of young people in disadvantaged Leicester communities in STEM subjects and the co-creation of gallery content. The core output is the TetraStar Spaceport facility which delivers simulated space missions to family and school audiences. In parallel, a new ‘XR Lab’ houses student groups including those on an Immersive Design & Development BTEC course which is run in partnership with Leicester College.

Project Marble is a capital programme with five constituent deliverables. Home Planet is a new exhibition gallery dedicated to the health of The Planet and the use of satellite applications to monitor and help offset human impact. We Are Guardians is a planetarium show about climate change for presentation on site and to generate license sales to planetarium operators worldwide. Three new school workshop spaces, a Changing Places facility for disabled guests and a new audio system complete the programme. A transfer of £270,973 was made from restricted income funds to unrestricted funds during the year to reflect expenditure on fixed assets to fulfill the requirements of the programme.

Garfield Weston Foundation invited bids from past grant recipients for unrestricted funds to cover costs during and after closure. The National Space Centre bid for, and received, £500,000 in support of its education and community engagement activities.

The (Heritage Fund) Culture Recovery Fund award of £78,000 was made to cover the cost of re-opening the business after 14 months when it was mostly closed. The costs that were covered were associated with the upkeep and safe display of The Charity’s heritage assets and the recruitment of people into essential positions made redundant during closure. Funding was applied to existing staff salaries to cover roles whilst recruitment was underway.

Purposes of restricted funds - capital

Capital funds are restricted grants from the Millennium Commission and East Midlands Development Agency (EMDA) for the design and build of the National Space Centre.

The Millennium Commission and Leicestershire Economic Partnership provided funding for the Human Space Flight Gallery and John Eggleston Suite. The Millennium Commission and the Welcome Trust provided funding for the Astronaut planetarium show and the refurbishment of the planetarium. EMDA and Science and Technology Facilities Council (STFC) provided funding for the Space Now gallery.

26 Operating lease commitments payable as a lessee

The group's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:

27
One to five years
Over five years
Contracted for, but not provided in the financial statements
Less than one year
Capital commitments		 2022
2021
£
£
27,000
27,000
108,000
108,000
101,250
128,250
236,250
263,250
2022
2021
£
£
301,000
89,686
Property		 2022
2021
£
£
27,000
27,000
108,000
108,000
101,250
128,250
236,250
263,250
2022
2021
£
£
301,000
89,686
Property
263,250
2021
£
89,686

28 Legal

The National Space Centre is incorporated under the Companies Act 2006 as a company limited by guarantee having no share capital. The liability of members to contribute towards the debts of the Charity in the event of a deficit on winding up is limited to £10 each.

National Space Centre

Notes to the financial statements

For the period ended 31 December 2022

29 Prior period adjustment

Funds restated
Reserves position (prior year)
Adjustments on restatement
Funds restated
Adjustments on restatement
Change of accounting policy with respect
to heritage assets (see note below)
Net income as restated
Reserves position (current year)
Funds previously reported
Adjustments on restatement
Funds previously reported
Net income as previously reported
Impact on income and expenditure
Change of accounting policy with respect to heritage assets (see note below)
Change of accounting policy re heritage assets (see note below)		 Unrestricted
£
2,403,145
75
2,403,220
Unrestricted
2,302,315
-
2,302,315
Unrestricted
£
47,471
75
47,546		 Restricted -
revenue and
capital
Non charitable
subsidiary
funds
£
£
22,028,292
258,071
2,243,273
-
24,271,565
258,071
Restricted -
revenue and
capital
Non charitable
subsidiary
funds
£
£
21,511,749
311,430
2,243,273
-
23,755,022
311,430
Revenue
restricted
Capital
restricted
£
£
349,517
167,026
-
-
349,517
167,026
For year ended 26 December 2021
at 26 December 2021
at 27 December 2020		 Total
£
24,689,508
2,243,348
26,932,856
Total
£
24,125,494
2,243,273
23,755,022 26,368,767
Revenue
restricted
£
349,517
-
For year ended		 Total
£
564,014
75
349,517 564,089

Details of adjustment

Change of accounting policy with respect to heritage assets

The group previously adopted a policy of valuing heritage assets at either valuation - where information regarding their value was readily available; or cost - where assets were not valued but information regarding their cost price was readily available. During the year, the group carried out a full review of all heritage assets and decided to adopt a policy of recognising heritage assets in the balance sheet at historical cost or, in the case of donated items, at a a fair value, since this was deemed to best reflect their value to the group. This represents a change of accounting policy and, accordingly, a prior period adjustment has been recognised in the capital funds brought forward.