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2023-12-31-accounts

Company number: 03485236 Charity number: 1078832

National Space Centre

Report and financial statements For the year ended 31 December 2023

National Space Centre

Contents

For the year ended 31 December 2023

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 3 Independent auditor’s report ....................................................................................................... 19 Consolidated statement of financial activities .............................................................................. 25 Balance sheets .............................................................................................................................. 26 Consolidated statement of cash flows ........................................................................................... 27 Notes to the financial statements ................................................................................................. 28

National Space Centre

Reference and administrative information

For the year ended 31 December 2023

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 (resigned 30/11/23)
Stuart Martin Chair of Trustees (appointed 1/12/23)
N P Siesage
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 (resigned 30/11/23)
K Thomas (resigned 3/4/23)
J Fry
J Wheeler
V Hancock
WA Haley
P Coates
M Cannon (resigned 9/2/24)
P S Bate
Dr Rhanna Starling (appointed 1/12/23)
Andrew Shilliam (appointed 12/2/24)
Joanne Badge (appointed 27/2/24)
Company Secretary J Barnacle
Bankers Virgin Money
3 Eastgates
LEICESTER
LE1 5YA

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National Space Centre

Reference and administrative information

For the year ended 31 December 2023

Solicitors Gateley Legal Knightsbridge House Lower Brown Street LEICESTER LE1 7EA Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane LONDON EC1Y 0TG

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2023

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 2023.

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 directors 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 over 5m visitors, including 1.2m school children, to its attraction site in Leicester.

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

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2023

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

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Trustees’ annual report

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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.

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 year ended 31 December 2023

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 2023 was 14.

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 year ended 31 December 2023

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. This company board is composed of Non-executive directors and Operational Executive Directors. It is led by Mike Kapur, Chairman and 4 other Non-Executive Directors including one Trustee representative. The executive company board members are Mr C St H Bishop, Chief Executive and Mr B Bhakri, Finance Director.

The charity’s governance is kept under review by a number of committees, both formal and informal, 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:

Formal Committees of the Board

  1. 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.

  2. 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.

Informal Committees to support Executive Team

  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.

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For the year ended 31 December 2023

  1. 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.

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. 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 9 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 17 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.

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2023

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.

Strategic report

Achievements and performance

National Space Centre Visitor Attraction

The Centre had 330,731 visitors in 2023, compared to 291,957 in 2022, an increase of 13.3%. The 2023 visitor volumes set a record surpassing the previous record set in 2019 of 328,415 which was the last full year of pre pandemic operation.

The visitor volume cap that was introduced in 2021 and retained in 2023, 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.

NSC Discovery

In 2023 we have seen an uplift in school visitors from 66,000 students visiting the Centre on school visits in 2022 to more than 78,000 in 2023, over 52,000 participating in an onsite activity such as a workshop (this is well over the 50% target for activity participation). This equates to more than 50,000 participation hours through onsite programmes.

The team also delivered outreach activities in schools and SEND settings, reaching over 3,500 participation hours. The team also ran 2 KS2 careers events to over 300 local students. These were specifically funded for Leicester city schools understand STEM opportunities available to them. The Tetrastar spaceport is now fully tested for schools visitors and we welcomed our first paying schools at the end 2023, and have significant future bookings for 2024.

To contextualise 2023 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 Community Engagement team continues to go from strength to strength. In 2023 there have been over 6,800 students participating in the wider community engagement programmes being delivered across the city of Leicester. The team has expanded to allow extra provision to be able to provide activities in a variety of settings including, local schools, library hubs and alternative

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Trustees’ annual report

For the year ended 31 December 2023

provision services. 126 of the young people we work with have now completed more than 5 separate engagements with the team. In 2024 we will build on this success and create further learning opportunities to scaffold the transition to KS3/4 provision and pathways to further education.

The Space Communications team continues to add additional value to a visitor’s day, and the opportunity to raise science capital with our family audiences. In 2023 the team led planetarium shows to over 56,000 visitors, which provide the options to explore our solar system and beyond, whilst also incorporating up to date space news. The team also provided live space talks to more than 37,000 visitors highlighting, the fun and unusual side of space travel and topical space mission updates, alongside hands on busking sessions where the team are able to have more in depth discussion 1 on 1 with visitors - and had over 50,000 interactions of this kind in 2023. On top of this the team run immersive space mission experiences in the Tetrastar spaceport and have had over 61,000 visitors travel to Mars in this simulator in 2023.

In addition, the team collaborates with the Education and Community Engagement team to provide extra support for learning in other environments, as part of outreach and in the Centre when required. Working in collaboration with the Education team this year, the team visited 10 Downing Street to provide space activities, for specially selected schools as part of Mrs Sunak’s ‘Lessons at 10’. They also collaborated as part of an exhibition at ExCel centre for New Scientist Live.

National Space Academy

The National Space Academy had a year of both delivery and expansion. In January the Academy secured, from UK Space Agency (UKSA), UK national funding to significantly expand its UK delivery to disadvantaged schools and students, called the Space to Learn project. £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.

From January until August, the core team increased from six to ten, driven by the Space to Learn project in addition to its other usual areas of activity. In addition, around 30 “Space Advocates” (outstanding teachers in schools across the country) were recruited and their time will be bought out of their schools to deliver the masterclasses. £100,000 worth of experimental and inspirational kit were bought for the delivery of these experiences.

Delivery of the Space to Learn project began in September and between these and those in the first part of the year, the Academy has given masterclasses to over 6,574 students, delivering more than 17,456 participant hours of such teaching. This is in addition to numerous careers events and an ATHENA week-long space camp with 30 year-6 students and 20 year-12 students.

The Academy brought to its conclusion the international project work in South Africa, funded by the Lloyds Register Foundation (LRF). Having inspired and taught in township schools, the project

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2023

has also left a legacy of training and equipment for the South African National Space Agency. In July, the Academy’s work was featured as LRF’s exemplar project.

The Academy has continued to have its expertise recognised and, during the year, has been asked to work with Number 10 Downing Street, The White House, UK Space Command and the UK National Space Conference. It has provided training and built partnerships with the RAF Air Cadets, Prospero Fellowship and the Air and Space Institute.

The Academy has continued to deliver its flagship Space Engineering course, in partnership with Loughborough College. In 2023 there were 35 students across both year groups in the first half of the year, rising to 40 in the autumn. 15 graduated in the summer. The total number of graduates to have completed the course over 10 cohorts is 137. Of these, 101 have gone on to a degree, 16 to a degree apprenticeship, 10 to HNC/HND/training and to a gap year/work/other. The progression to level 4 and above is now 90%, which is higher than that for independent schools.

The quality of the course and its outcomes have been recognised in the Queen’s Anniversary Prizes. These prizes are part of the UK’s national Honours system, recognising outstanding work by UK colleges and universities which demonstrates excellence and innovation and delivers real benefit to the wider world.

NSC Creative

Confidence in the international planetarium market has returned post-pandemic and is evidenced by the 2[nd] best historical show sale income year to date. Detailed market research was conducted in 2023 and the next 2 dome shows content was decided based on demand. The first will be on the subject of the Solar System launching in Q2 2024 and the second starting development in Q1 2024 with a 2025 release will be on the subject of human spaceflight.

NSC Creative has played a key role in the development of a new major exhibition development process that is more inclusive at all phases of the process seeking consultation from a range of internal and external stakeholders. The first project to be delivered within this new framework is the Outer Solar System gallery due for completion in 2025.

The NSC Immersive Academy was launched in September 2022 with the first cohort of 14 students studying on a 2-year, 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. As of September 2023, a 2[nd] cohort has been recruited taking the total to 30 students. Academic and career pathways for the students via relationships with local Universities and industry will be further strengthened and established as the first cohort graduate in Summer 2024.

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]

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For the year ended 31 December 2023

anniversary of its first album release and since launch in Q2 2023 has been licensed to 80+ planetariums internationally. This has helped to strengthen NSC Creative’s position as a leading producer of immersive content. In July 2024 the International Planetarium Conference will be held in Berlin, Germany. It will be the first in-person edition of this conference since 2018 and be a key opportunity to engage with old and new customers and generate new opportunities.

New Developments

2024 sees the launch (at Easter) of a new planetarium show about the Solar System. It will play onsite and licenses will be sold to planetariums worldwide. In parallel the Exhibition Development Team is designing a new Outer Solar System gallery for launch in 2025. Other ongoing refreshments include screen-based content throughout the galleries.

NSC Discovery will continue to expand its community engagement programme including its Alternative Provision programme for children not in formal education for whatever reason.

The National Space Academy continues to expand its client base for commercial programmes and professional development; particularly in support of the newly defined Midlands Space Cluster. This incorporates Space City; the rapidly developing science park for which the National Space Centre was the catalyst. By summer 2024 it will be surrounded by 100 science, engineering and hi-tech businesses.

Beneficiaries of our services

All visitors to the National Space Centre are beneficiaries, getting excited about space and becoming more informed, science-literate citizens. Some will carry this knowledge into the classroom in support of their studies. 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 year ended 31 December 2023

Financial review

Charity Group Performance

The Group’s net assets at 31 December 2023 were £28,162,401 compared to £28,793,067 at the start of the year.

Our total income of £8,682,243 was significantly more than last year (£7,214,088). Admissions income, including Gift Aid, increased by £731,256 over 2022 performance, as visitor demand continued to remain strong throughout 2023. The charity also received grants totalling £825,296.

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

Total expenditure at £9,313,000 showed an increase on last year (£7,469,000)). This 25% increase in costs was due to higher payroll and operating expenditure, particularly insurance costs.

In 2023, the Group expended £590,711 on fixed assets, mainly on new seating for the Planetarium, IT and website upgrades and lift replacement.

Operating Subsidiary Financial Performance

NSSC Operations Ltd made a profit of £17,000 (2022 profit of £342,000). The reduction in profit is the result of higher costs, particularly insurance and payroll costs, and a one off loss of £153,000 on the gift of solar panels to a green community company.

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:

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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.

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, to maintain the visitor attraction site to a safe, efficient standard and to work towards net zero targets.

Total funds at year end were £28.2m (2022: £28.8m), which includes £303,000 restricted income funds, £21,772,000 restricted capital funds, relating to fixed assets which can only be realised by disposing of the tangible fixed assets, and £6,088,000 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.

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For the year ended 31 December 2023

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 and with our carbon zero ambitions. Over the next 3 years, the Charity has budgeted £1.6m 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 £1.7m, 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 uncertainties relating to the 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 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.

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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.

In 2024 the new Development Officer will focus her work on raising the balance of £1.5m to cover the cost of the proposed Outer Solar System gallery. At the start of the year the total raised to date is £0.37m from two sources: a legacy gift (£0.17m) and a £0.2m grant from the Garfield Weston Foundation.

NSC Discovery is benefitting from funds (rising to £0.08m) from the Esmee Fairbairn Foundation in support of its Alternative Provision programme for children not in formal education for whatever reason.

The National Space Academy has a £1.455m grant from the UK Space Agency to deliver its masterclass programmes to 35,000 students over five terms from 2023-2025 with a pitch for a renewal of terms thereafter.

Over time the Development Officer’s remit will be expanded to accommodate other fundraising activities. In the meantime there are a number of colleagues experienced in fundraising who will support her work. Although The Charity does not raise funds directly from the public, it follows the Fundraising Code of Practice in all of its work.

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:

Equal Opportunities; and Health & Safety; and

Stress and Mental Wellbeing at Work.

The National Space Centre’s Equal Opportunities Policy includes details for the recruitment of disabled persons. The Charity also runs regular Equality, Diversity and Inclusion training to ensure staff are up to date with current requirements. Reasonable adjustments and use of Occupational Health consultants are undertaken where necessary.

During 2023, a Stress and Mental Wellbeing at Work policy was introduced. Mental Health Awareness training for managers was completed and Mental Health First Aiders were introduced to the business. The business is a member of Charter for Employers Positive above Mental Health, part of the Mindful Employer Plus scheme.

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For the year ended 31 December 2023

Plans for the future

The National Space Centre has exciting plans for the future as set out in its Ten Year Vision (currently Vision 2030). This document is refreshed every five years to articulate 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. The Charity’s Space for Everyone philosophy appears prominently on-site, on-line and in literature. Its adherence to a net zero plan and employee wellbeing programmes is embedded in its business plan.

On site, the Charity has a core objective of sustaining 324,000 visitors through great content, great service and great marketing. In 2024 it will launch a new planetarium show called The Great Solar System Adventure. In 2025 it will launch a new exhibition gallery called the Outer Solar System and a new planetarium show dedicated to the future of human spaceflight. In 2027 it will refresh its Into Space gallery; possibly to reflect the Artemis programme that will see humans return to The Moon.

Off-site, the National Space Centre will reach 10,000 young people in disadvantaged Leicester and Leicestershire communities in 2024. Its Space Mile programme will focus on the six schools that sit within a one mile radius of the National Space Centre. The National Space Academy’s Space to Learn programme, funded by the UK Space Agency, concludes in March 2025 by which time 45,000 students from schools in disadvantaged communities across the UK will have taken part in masterclasses, career conferences and space camps. The Team will work hard to convince the UK Space Agency that the programme should be extended for a further two years. Two post-16 courses (Space Engineering and Immersive Design) are mature and there is an intention to grow this provision with existing and new college partners.

NSC Creative sells its services worldwide and would anticipate licenses for its new planetariums shows continuing to sell in hundreds of venues in over 60 countries.

The National Space Centre is now part of Space City, with over 100 organisations in the Space Park Leicester and Dock units to its immediate north and south. There is one final plot – Abbey Court – available for development, and one window of opportunity for the National Space Centre to expand beyond its current footprint. At the time of writing a brief is being drafted to help fulfil a feasibility study and scope what might be achievable; possibly to give the National Space Academy its own home. The provision of student pathways ‘from pre-school to post-doc’ makes Space City unique.

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).

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National Space Centre

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For the year ended 31 December 2023

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:

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.

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National Space Centre

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For the year ended 31 December 2023

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 9 July 2024 and signed on their behalf by

Stuart Martin 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 2023 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.

20

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:

21

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.

22

Independent auditor’s report

To the members of

National Space Centre

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:

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.

23

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)

12 July 2024

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

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

24

National Space Centre

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

For the year ended 31 December 2023

Note
Income from:
2
3
4
6
7
8
Reconciliation of funds:
Total income
Expenditure on:
Donations and legacies
Charitable activities:
Other trading activities
Admissions
Space Academy
Investments
CJRS income & Covid 19
Grants:
Raising funds
Net (expenditure) / income 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
Schools 'Space to Learn'
Exhibition Development
Community Engagement
Space Masterclasses
Schools Education Delivery		 Unrestricted
funds

£
1,735
4,407,407
-
-
-
-
-
-
42,796
3,309,132
95,877		 Restricted
funds
£
-
-
519,796
200,000
50,000
43,500
12,000
-
-
-
-		 Capital
restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-		 Year ended 31
December
2023
£
1,735
4,407,407
519,796
200,000
50,000
43,500
12,000
-
42,796
3,309,132
95,877		 Unrestricted
funds
£
170,118
3,676,151
-
-
-
-
-
6,000
66,732
2,895,632
33,021		 Restricted
funds
£
-
-
-
-
341,448
24,986
-
-
-
-
-		 Capital
restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-		 Period ended
31 December
2022
£
170,118
3,676,151
-
-
341,448
24,986
-
6,000
66,732
2,895,632
33,021
7,856,947 825,296 - 8,682,243 6,847,654 366,434 - 7,214,088
(2,592,771)
(5,229,811)		 -
(868,131)		 -
(622,196)		 (2,592,771)
(6,720,138)		 (2,157,087)
(3,668,388)		 -
(1,023,109)		 -
(620,293)		 (2,157,087)
(5,311,790)
(7,822,582) (868,131) (622,196) (9,312,909) (5,825,475) (1,023,109) (620,293) (7,468,877)
34,365
-		 (42,835)
-		 (622,196)
-		 (630,666)
-		 1,022,179
2,115,000		 (656,675)
-		 (620,293)
-		 (254,789)
2,115,000
34,365
-		 (42,835)
-		 (622,196)
-		 (630,666)
-		 3,137,179
254,844		 (656,675)
(254,844)		 (620,293)
-		 1,860,211
-
34,365
6,053,314		 (42,835)
345,964		 (622,196)
22,393,789		 (630,666)
28,793,067		 3,392,023
2,661,291		 (911,519)
1,257,483		 (620,293)
23,014,082		 1,860,211
26,932,856
6,087,679 303,129 21,771,593 28,162,401 6,053,314 345,964 22,393,789 28,793,067

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.

25

National Space Centre

Company no. 03485236

Balance sheets

As at 31 December 2023

As at 31 December 2023
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		 2023
2022
£
£
70,310
36,350
19,471,265
20,055,401
7,594,820
7,593,085
-
-
27,136,395
27,684,836
125,437
108,623
378,514
381,666
548,438
532,569
1,670,778
2,847,857
2,723,167
3,870,715
(920,048)
(1,300,435)
1,803,119
2,570,280
28,939,514
30,255,116
(777,113)
(1,462,049)
28,162,401
28,793,067
21,771,593
22,393,789
303,129
345,964
5,991,783
5,892,871
95,896
160,443
6,087,679
6,053,314
28,162,401
28,793,067
The group		 2023
2022
£
£
59,350
36,350
18,385,811
18,887,203
7,594,820
7,593,085
2
2
26,039,983
26,516,640
-
-
1,355,933
1,444,665
-
-
670,589
671,317
2,026,521
2,115,982
-
-
2,026,521
2,115,982
28,066,505
28,632,622
-
-
28,066,505
28,632,622
21,771,593
22,393,789
303,129
345,964
5,991,783
5,892,869
-
-
5,991,783
5,892,869
28,066,505
28,632,622
The charity
27,136,395
125,437
378,514
548,438
1,670,778		 27,684,836
108,623
381,666
532,569
2,847,857		 26,039,983
-
1,355,933
-
670,589		 26,516,640
-
1,444,665
-
671,317
2,723,167
(920,048)		 3,870,715
(1,300,435)		 2,026,521
-		 2,115,982
-
1,803,119 2,570,280 2,026,521 2,115,982
28,939,514
(777,113)		 30,255,116
(1,462,049)		 28,066,505
-		 28,632,622
-
28,162,401 28,793,067 28,066,505 28,632,622
21,771,593
303,129
5,991,783
95,896		 22,393,789
345,964
5,892,871
160,443		 21,771,593
303,129
5,991,783
-		 22,393,789
345,964
5,892,869
-
6,087,679 6,053,314 5,991,783 5,892,869
28,162,401 28,793,067 28,066,505 28,632,622

Approved by the trustees on 9 July 2024 and signed on their behalf by

Stuart Martin Chairman

26

National Space Centre

Consolidated statement of cash flows

For the year ended 31 December 2023

For the year ended 31 December 2023 For the year ended 31 December 2023 For the year ended 31 December 2023
Note
£
£
(630,666)
(95,877)
69,373
988,221
152,666
-
(1,735)
(16,813)
3,152
(76,026)
392,295
95,877
(556,751)
Purchase of intangible fixed assets
(33,960)
(494,834)
(69,373)
(989,296)
(1,058,669)
(1,161,208)
3,380,426
2,219,218
Analysis of cash and cash equivalents and of net debt
At 31
December
2022
Cash flows
£
£
Cash at bank and in hand
2,847,857
(1,177,079)
Short term deposits
532,569
15,869
Total cash and cash equivalents
3,380,426
(1,161,208)
Loans falling due within one year
(346,826)
304,360
Loans falling due after more than one year
(1,462,049)
684,936
Total net debt
1,571,551
(171,913)
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
2023
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 (expenditure)/income for the reporting period
Net cash provided by operating activities
(as per the statement of financial activities)
(Decrease)/increase in creditors
Loss on gift of solar panels
Interest receivable
Interest payable
Depreciation of tangible fixed assets
Increase in stocks
Decrease/(increase) in debtors
Waiver of loan
Items donated		 £
1,860,211
(33,021)
40,095
949,721
-
(2,115,000)
(130)
(17,052)
(105,759)
209,039
33,021
(508,816)
(36,350)		 £
2022
392,295
(494,834)
(1,058,669)		 788,104
(512,145)
(384,705)
(69,373)
(989,296)		 (40,095)
(344,610)
At 31
December
2022
£
2,847,857
532,569		 Other non-
cash
changes
£
-
-
(1,161,208)
3,380,426		 (108,746)
3,489,172
2,219,218 3,380,426
Cash flows
£
(1,177,079)
15,869		 At 31 December
2023
£
1,670,778
548,438
3,380,426 (1,161,208) - 2,219,218
(346,826)
(1,462,049)		 304,360
684,936		 -
-		 (42,466)
(777,113)
1,571,551 (171,913) - 1,399,639

27

National Space Centre

Notes to the financial statements

For the year ended 31 December 2023

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

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 July 2025 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) 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.

28

National Space Centre

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

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.

h) Operating revenue recognition

Income from admission fees is recognised on the date of admission for entry tickets. Income from shop and café sales is recognised at the point of sale. Income from show licence sales for NSC Creative is recognised at the date of installation. Project income for NSC Creative becomes due according to agreed milestones and income is recognised at these dates. Space Academy income, excluding grants, donations and sponsorships, is recognised on the date of delivery.

Visitors may convert their admission tickets to annual passes. Income from these visitors is recognised on the date of the first visit.

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.

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:

l) Fund accounting

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:

5 years

Amortisation is charged in the year of asset being brought into use.

29

National Space Centre

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

n) 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:

Freehold land is not depreciated.

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 charged in the year of the asset being brought into use.

o) Heritage assets

The group possesses a significant international collection of space artefacts, which is displayed in the National Space Centre. These artefacts include:

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.

p) Stocks

q) Cash and bank balances

r) Short term deposits

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

s) Operating lease rentals

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

t) 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.

u) 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.

30

National Space Centre

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

v) 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.

w) 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.

x) 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

Income from donations and legacies
Donations
Legacies		 Unrestricted
£
-
1,735		 £
-
-
Restricted		 2023
Total
£
-
1,735		 Unrestricted
£
169,988
130		 £
-
-
Restricted		 2022
Total
£
169,988
130
1,735 - 1,735 170,118 - 170,118

3a Income from charitable activities (current year)

Income from charitable activities (current year)
CJRS income & Covid 19 grants
Admissions
Space Academy
Sub-total
Grants:
UK Space Agency
Air and Space Power Association
Science Technology and Facilities Council
Association for Science and Discovery
Space to Learn
Esmee Fairbairn Collection Fund
Garfield Weston - Outer Solar System Gallery
Lloyds Register Foundation
Severn Trent Community Fund
Sub-total for grants
Total		 Unrestricted
£
4,407,407
42,796		 Restricted
£
-
-		 Capital
restricted
funds
£
-
-		 2023
£
4,407,407
42,796		 2022
£
3,676,151
66,732
4,450,203
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
50,000
10,000
2,000
519,796
43,500
200,000		 -
-
-
-
-
-
-
-
-
-
-		 4,450,203
-
-
-
-
50,000
10,000
2,000
519,796
43,500
200,000		 3,742,883
6,000
146,425
195,023
24,986
-
-
-
-
-
-
- 825,296 - 825,296 372,434
4,450,203 825,296 - 5,275,499 4,115,317

31

National Space Centre

Notes to the financial statements

For the year ended 31 December 2023

3b Income from charitable activities (prior year)

Income from charitable activities (prior year)
CJRS income & Covid 19 grants
Sub-total for grants
Admissions
Space Academy
Sub-total
Grants:
UK Space Agency
Lloyds Foundation Trust
Severn Trent Community Fund
Total		 Unrestricted
£
3,676,151
66,732		 Restricted
£
-
-		 Capital
restricted
funds
£
-
-		 2022
£
3,676,151
66,732
3,742,883
6,000
-
-
-		 -
-
146,425
195,023
24,986		 -
-
-
-
-		 3,742,883
6,000
146,425
195,023
24,986
6,000 366,434 - 372,434
3,748,883 366,434 - 4,115,317
Income from other trading activities
Unrestricted
£
Trading activities
882,220
1,623,389
776,240
27,283
3,309,132
Other
Retail
Catering/Corporate
Creative Services
United Kingdom
Rest of World
Income is attributed to geographical markets as follows:
Europe
Analysis of income		 Unrestricted
£
882,220
1,623,389
776,240
27,283		 £
-
-
-
-
Restricted		 2023
Total
£
882,220
1,623,389
776,240
27,283		 Unrestricted
£
827,930
1,621,722
336,839
109,141		 £
-
-
-
-
Restricted		 2022
Total
£
827,930
1,621,722
336,839
109,141
3,309,132 - 3,309,132 2,895,632 - 2,895,632
2023
£
8,354,893
165,676
161,674		 2022
£
7,079,031
68,700
66,357
8,682,243 7,214,088

5 Analysis of income

32

National Space Centre

Notes to the financial statements

For the year ended 31 December 2023

6a Analysis of expenditure (current year)

Costs of raisingfunds of raisingfunds
Raising
donations and Other trading activities Charitable
other income Retail Catering activities Support costs Governance 2023 Total 2022 Total
£ £ £ £ £ £ £ £
Staff costs (Note 10) 291,475 64,225 716,354 2,948,466 715,822 - 4,736,342 4,088,920
Depreciation - - - 886,408 101,813 - 988,221 949,721
Loss on disposal of fixed assets - - - 257 152,408 - 152,665 -
Costs of sales 589 415,041 468,747 195,595 - - 1,079,972 941,414
IT and licences 1,906 468 529 167,948 30,672 - 201,523 162,590
Utilities - - - 371,397 - - 371,397 312,134
Insurance and rent - - - 740 431,013 - 431,753 126,980
Maintenance - - 3,601 184,697 12,446 - 200,744 174,204
Running and sundry 1,183 5,462 41,321 408,249 10,663 - 466,878 247,999
Marketing 71,865 - 2,870 13,952 - - 88,687 73,115
Financing - - - 27 162,122 - 162,149 97,369
Cleaning and waste disposal - - 6,024 80,094 - - 86,118 72,404
Audit, legal and consultancy - - 30 6,184 29,739 43,623 79,576 58,158
Training and recruitment - 1,574 - 51,684 8,812 - 62,070 83,124
Telephone and internet 174 - 174 23,592 - - 23,940 22,890
Space Academy - - - 104,432 - - 104,432 10,671
Postage and stationery - - - 4,769 11,858 - 16,627 16,614
Creative services 19,268 - - - - - 19,268 5,650
Travel 182 928 2,182 36,364 891 - 40,547 24,920
386,642 487,698 1,241,832 5,484,855 1,668,259 43,623 9,312,909 7,468,877
Support costs 84,859 107,039 272,555 1,203,806 (1,668,259) - - -
Governance costs 2,220 2,799 7,127 31,477 - (43,623) - -
Total expenditure 2023 473,721 597,536 1,521,514 6,720,138 - - 9,312,909 -
Total expenditure 2022 367,398 559,827 1,229,862 5,311,790 - - 7,468,877

33

National Space Centre

Notes to the financial statements

For the year ended 31 December 2023

6b Analysis of expenditure (prior 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
Costs of raising funds
Raising
donations and
other income
Other trading activities		 £
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
Charitable
activities		 Support
£
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
2022 Total
£
£
-
4,088,920
-
949,721
-
941,414
-
162,590
-
312,134
-
126,980
-
174,204
-
247,999
-
73,115
-
-
-
97,369
-
72,404
35,136
58,158
-
83,124
-
22,890
-
10,671
-
16,614
-
5,650
-
24,920
35,136
7,468,877
-
-
(35,136)
-
-
7,468,877

34

National Space Centre

Notes to the financial statements

For the year ended 31 December 2023

7 Exceptional item

During 2022 Leicester City Council agreed to waive loans owing by the charity amounting to £2,115,000.

This is stated after charging / (crediting):

This is stated after charging / (crediting):
Contributions to defined contribution pension scheme
Other
Foreign exchange losses or (gains)
Depreciation
Interest payable
Property
Trustee emoluments and key management remuneration
Audit
Non-audit services
Trustees' emoluments
Loss on gift of solar panels
Operating lease rentals:
Auditor's remuneration (excluding VAT):		 2023
£
988,221
152,666
69,373
27,000
4,704
24,850
1,600
12,090
2023
£
157,717
16,220		 2022
£
949,721
-
40,095
27,000
-
22,550
1,450
(17,413)
2022
£
134,537
14,284

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 £142,717 and £15,000 (2022: £119,537 and £15,000 ) respectively for qualifying services in those capacities and £16,220 and £nil (2022: £14,284 and £nil ) respectively for contributions to a defined contribution pension scheme.

During the period £785 (2022: £683) was paid to 2 trustees (2022: 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 £565,653 (2022: £516,269 restated to include social security contributions previously not included).

10 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:
Social security costs
Salaries and wages
Redundancy and termination costs
Employer’s contribution to defined contribution pension schemes		 2023
£
4,174,350
2,000
348,970
211,022
4,736,342		 2022
£
3,585,031
10,497
307,733
185,659
4,088,920

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:

2023 2022
No. No.
£60,000 - £69,999 3 2
£70,000 - £79,999 1 1
£80,000 - £89,999 1
£110,000 - £119,999 - 1
£140,000 - £149,999 1 -

The average number of employees (head count based on number of staff employed) during the year was 190 (2022 - restated: 174).

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

Staff are split across the activities of the charity as follows (full time equivalent basis):
Administration
Operations		 2023
No.
54
71
125		 2022
No.
48
68
116

35

National Space Centre

Notes to the financial statements

For the year ended 31 December 2023

12 Related party transactions

National Space Centre

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

Association of Science and Discovery Centres £2,670 (2022: £2,872 ). Charles Bishop is a Director of National Space Centre and a Trustee of Association of Science and Discovery Centres.

Leicester Shire Promotions Holdings Limited £954 (2022: £nil). Charles Bishop is a Director of both National Space Centre and Leicester Shire Promtions Limited.

University of Leicester £4,480 (2022: £10,720). Professor Emma Yeoman was a Director of National Space Centre until her resignation in November 2023 and is an employee of the university. Dr Rhaana Starling is a Director of National Space Centre and is an employee of the university. (UoL Representative).

Leicester City Council £7,486 (2022: £12,017). Miranda Cannon was a Director of National Space Centre (LCC Representative) and an employee of Leicester City Council.

During the year, £516,746 (2022: £nil) was recognised by the Charity to deliver the Space to Learn project. This was funded by UK Space Agency. Paul Bate, a trustee of National Space Centre, is Chief Executive and Accounting Officer for UK Space Agency.

NSSC Operations Limited

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

Association of Science and Discovery Centres £2,650 (2022 : £2,872). Charles Bishop is a Director of NSSC Operations Limited and a Board member of Association of Science and Discovery Centres.

Leicester Shire Promotions Limited £954 (2022: £nil). Charles Bishop is a Director of both NSSC Operations Limited and Leicester Shire Promotions Limited.

University of Leicester £4,480 (2022: £10,720). Professor Sarah Davies is 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:

UK corporation tax at 22.375% (2022:19%)

2023 2022
£ £
- -
14
Amortisation
Net book value
Net book value
At the start of the year
Amortisation
Net book value
Net book value
At the start of the year
At the end of the year
At the start and end of the year
The charity
Cost
At the start of the year
Additions in year
The group
Cost
Intangible fixed assets
At the end of the year
At the end of the year
At the start and end of the year
Additions in year
At the end of the year
Transfer from assets in the course of construction
Transfer from assets in the course of construction
At the start of the year		 Website costs
£
-
7,460
36,350		 Assets in course of
construction
£
36,350
26,500
(36,350)
26,500
-
26,500
36,350
Assets in course of
construction
£
36,350
16,500
(36,350)
52,850
-
52,850
36,350		 Total
£
36,350
33,960
-
43,810 70,310
- -
43,810 70,310
- 36,350
Website costs
£
6,500
36,350		 Total
£
36,350
23,000
-
6,500 59,350
- -
6,500 59,350
- 36,350

36

National Space Centre

Notes to the financial statements

For the year ended 31 December 2023

15 Tangible fixed assets

Tangible fixed assets
The group
Long leasehold Challenger
Freehold land & land & Plant & building &
buildings buildings Exhibition fit out equipment Motor vehicles equipment Total
£ £ £ £ £ £ £
Cost
At the start of the year 27,014,672 1,108,000 11,120,885 2,553,356 25,995 724,818 42,547,726
Additions in year 43,047 - 104,651 409,053 - - 556,751
Disposals in year - - (24,835) (303,430) - - (328,265)
At the end of the year 27,057,719 1,108,000 11,200,701 2,658,979 25,995 724,818 42,776,212
Depreciation
At the start of the year 10,671,221 177,145 9,110,927 1,782,219 25,995 724,818 22,492,325
Charge for the year 524,333 7,387 330,196 126,305 - - 988,221
Eliminated on disposal - - (24,835) (150,764) (175,599)
At the end of the year 11,195,554 184,532 9,416,288 1,757,760 25,995 724,818 23,304,947
Net book value
At the end of the year 15,862,165 923,468 1,784,413 901,219 - - 19,471,265
At the start of the year 16,343,451 930,855 2,009,958 771,137 - - 20,055,401

Land with a value of £680,000 (2022: £680,000) is included within freehold land and buildings and not depreciated.

The charity

The charity
Long leasehold Challenger
Freehold land & land & Plant & building &
buildings buildings Exhibition fit out equipment Motor vehicles equipment Total
£ £ £ £ £ £ £
Cost
At the start of the year 26,103,854 1,108,000 10,498,861 2,075,089 25,995 724,818 40,536,617
Additions in year 43,047 - 104,651 237,574 - - 385,272
Disposals in year - - (24,835) (772) - - (25,607)
At the end of the year 26,146,901 1,108,000 10,578,677 2,311,891 25,995 724,818 40,896,282
Depreciation
At the start of the year 10,607,413 158,928 8,664,632 1,467,628 25,995 724,818 21,649,414
Charge for the year 506,116 7,387 261,573 111,331 - - 886,407
Eliminated on disposal - - (24,835) (515) - - (25,350)
At the end of the year 11,113,529 166,315 8,901,370 1,578,444 25,995 724,818 22,510,471
Net book value
At the end of the year 15,033,372 941,685 1,677,307 733,447 - - 18,385,811
At the start of the year 15,496,441 949,072 1,834,229 607,461 - - 18,887,203

Land with a value of £680,000 (2022: £680,000) is included within freehold property and not depreciated.

All of the above assets are used for charitable purposes.

37

National Space Centre

Notes to the financial statements

For the year ended 31 December 2023

16 Heritage assets

Heritage assets
At the start of the year
Donations in year
Acquisitions
Total
Items included at fair value
Items included at cost
Cost or valuation
At the end of the year
Group and charitable company
The balance at the end of the year comprises:		 Artefacts
2023
£
7,593,085
1,735
-
7,594,820
241,447
7,353,373
7,594,820		 2022
£
7,592,955
130
-
7,593,085
241,447
7,351,638
7,593,085		 2021
£
7,592,880
75
-		 2020
£
7,592,780
100
-
7,592,880
241,217
7,351,663
7,592,880		 2019
£
7,572,715
4,565
15,500
7,592,955 7,592,780
241,317
7,351,638		 221,152
7,371,628
7,592,955 7,592,780

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 £2,195,000 (2022: £2,186,000) 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 £12,630,250 (2022: £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.

38

National Space Centre

Notes to the financial statements

For the year ended 31 December 2023

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.


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:
Profit on ordinary activities before taxation
Operating profit
Interest receivable and similar income
Interest payable
Profit for the financial year
Total retained earnings brought forward
Distribution under Gift Aid to parent charity
The aggregate of the assets, liabilities and reserves was:
Liabilities
Reserves
Amounts owed from the parent undertaking is shown in note 20.
Assets
Turnover
Operating expenditure
Management charge due from parent undertaking
Other operating income
Profit for the financial year
Taxation on profit on ordinary activities
Retained earnings
Total retained earnings carried forward		 2023
£
5,101,662
(8,318,936)
2,334,830
921,371
38,927
85,111
(107,310)
16,728
-
16,728
160,443
16,728
(81,276)
95,895
3,120,764
(3,024,868)
95,896		 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

18 Parent charity

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

2023 2022
£ £
Gross income 3,523,506 4,613,446
Result for the year (566,120) 1,957,839

39

National Space Centre

Notes to the financial statements

For the year ended 31 December 2023

19 Stock

19
Stock
Catering
20
21
Prepayments
Bank loans
Trade debtors
Debtors
Creditors: amounts falling due within one year
Accruals
Deferred income (note 22)
Trade creditors
Taxation and social security
Amounts owed by subsidiary undertakings
Other debtors		 2023
£
125,437
125,437
2023
£
130,460
120,648
-
127,406
378,514
2023
£
42,466
230,247
205,716
203,063
238,556
920,048
The
The
The		 2022
£
108,623
group		 2023
2022
£
£
-
-
-
-
2023
2022
£
£
-
-
28,224
25,490
1,327,709
1,419,175
-
-
1,355,933
1,444,665
2023
2022
£
£
-
-
-
-
-
-
-
-
-
-
-
-
The charity
The charity
The charity
108,623
2022
£
227,002
30,008
-
124,656
group
381,666
2022
£
346,826
276,236
244,802
138,690
293,881
group
1,300,435 -

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
Bank loans
Creditors: amounts falling due after one year		 2023
£
293,881
(287,805)
232,480
238,556
2023
£
777,113
777,113
The
The		 2022
£
254,865
(248,789)
287,805
group		 2023
2022
£
£
-
-
-
-
-
-
-
-
2023
2022
£
£
-
-
-
-
The charity
The charity		 2023
2022
£
£
-
-
-
-
-
-
-
-
2023
2022
£
£
-
-
-
-
The charity
The charity
293,881
2022
£
1,462,049
group
1,462,049 -

The amount of the bank loan repayable by instalments falling due after more than five years is £599,447 (2022: £678,806). This is fully repayable by 23 December 2038. Three bank loans were settled during the year (2022: none).The remaining loan has a term of twenty years and is repayable in monthly instalments. Interest is charged at Base Rate plus 2.43%.

The bank loan is 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)
General Income Capital restricted Total
unrestricted restricted funds funds funds
£ £ £ £
Intangible fixed assets 70,310 - - 70,310
Tangible fixed assets 5,235,445 - 14,235,821 19,471,266
Heritage assets 59,048 - 7,535,772 7,594,820
Net current assets 1,499,990 303,129 - 1,803,119
Long term liabilities (777,113) - - (777,113)
Net assets at 31 December 2023 6,087,680 303,129 21,771,593 28,162,402

40

National Space Centre

Notes to the financial statements

For the year ended 31 December 2023

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

24b
Analysis of group net assets between funds (prior year)
25a
Total restricted funds - revenue
Capital
Total restricted funds - capital
General funds
Non-charitable subsidiary funds
Total unrestricted funds
Garfield Weston - Outer Solar System Gallery
Unrestricted funds:
Tangible fixed assets
Heritage assets
Restricted funds - capital
Garfield Weston Foundation
Lloyds Register Foundation Stage 2
Restricted funds - revenue:
Air and Space Power Association
Science Technology and Facilities Council
Association for Science and Discovery Centres
Space to Learn
Esmee Fairbain Collection Fund
Lloyds Register Foundation Stage 1
Intangible fixed assets
Net assets at 31 December 2022
Total funds
Movements in funds (current year)
Net current assets
Long term liabilities		 £
15,877
152,594
177,493
-
-
-
-
-
-
345,964
22,393,789
22,393,789
5,892,871
5,892,871
160,443
28,793,067
At 1 January 2023		 General
unrestricted
£
36,350
5,197,384
57,313
2,224,316
(1,462,049)
6,053,314
£
-
-
-
50,000
10,000
2,000
519,796
43,500
200,000
825,296
-
-
2,698,211
2,698,211
8,357,865
11,881,372
Income &
gains		 Income
restricted funds
£
-
-
-
345,964
-		 Capital restricted
funds
£
-
14,858,017
7,535,772
-
-
22,393,789
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Transfers		 Total
funds
£
36,350
20,055,401
7,593,085
2,570,280
(1,462,049)
345,964 28,793,067
£
(1,267)
(94,179)
(98,112)
(12,215)
(2,541)
(1,410)
(519,796)
(13,359)
(125,252)
Expenditure &
losses		 £
14,610
58,415
79,381
37,785
7,459
590
-
30,141
74,748
At 31
December
2023
(868,131) 303,129
(622,196) 21,771,593
(622,196) 21,771,593
(2,599,299) 5,991,783
(2,599,299) 5,991,783
(8,422,412) 95,896
(12,512,038) 28,162,401

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

25b
Total restricted funds - revenue
Total restricted funds - capital
General funds
Non-charitable subsidiary funds
Total funds
Total unrestricted funds
Lloyds Register Foundation Stage 2
Project Marble
Restricted funds - capital
Garfield Weston Foundation
Lloyds Register Foundation Stage 1
Restricted funds - revenue:
Extended Reality for New Audiences
Movements in funds (prior year)
Capital restricted fund		 At 26 December
2021
£
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		 Income &
gains
£
146,425
-
-
195,023
24,986
366,434
-
-
4,393,437
4,393,437
4,575,210
9,335,081		 Expenditure &
losses
£
(245,834)
(157,339)
(247,406)
(17,530)
(355,000)		 Transfers
£
-
5,609
-
-
(260,453)
(254,844)
-
-
254,844
254,844
-
-		 At 31
December
2022
£
15,877
-
152,594
177,493
-
(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

41

National Space Centre

Notes to the financial statements

For the year ended 31 December 2023

Movement of funds

25c

Purposes of funds

Purposes

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 was 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 net transfer of £254,844 was made from restricted income funds to unrestricted funds in 2022 to reflect expenditure on fixed assets to fulfill the requirements of the programme.

Garfield Weston Foundation has provided funds for staff costs in respect of community engagement to communicate science to atypical audiences.

The Esmee Fairbairn Collection Fund is to fund 'Space for Everyone' - a pathway programme for excluded young people experiencing an Alternative Education.

The Outer Solar System Gallery is a new exhibition funded by Garfield Weston, which was added during 2023.

The Associaton for Science and Discovery has provided funding for Destination Space, a project to engage, inspire and involve school-aged children, their families and their teachers with a sense of curiosity, inspiration and identity about the UK’s role in space exploration, discovery and applications and to build on the previous phases of Destination Space and effectively support science capital for families and communities across the UK by promoting the personalised and localised relevance of UK space science to daily life, through science centres and their regional partnerships.

The Air and Space Power Association (ASPA) has provided a grant of £50,000 to the National Space Academy to deliver a programme of free pupil masterclasses and CPD for teachers on PGCE courses.

The Association for Science and Discovery Centres has provided a grant of £10,000 for our STFC Impact Project to support equitable community partnerships and STFC science engagements taking place across our network of UK science and discovery centres and museums.

The UK Space Agency has provided a grant for the Space to Learn Project to contribute to certain expenditure reasonably incurred by the Charity in undertaking the space to Learn project. This is a United Kingdom wide project to promote and educate careers and interest in space science.

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:

Less than one year
One to five years
Over five years
Contracted for, but not provided in the financial statements
Capital commitments		 2023
2022
£
£
27,000
27,000
108,000
108,000
74,250
101,250
209,250
236,250
Property		 2023
2022
£
£
27,000
27,000
108,000
108,000
74,250
101,250
209,250
236,250
Property		 2023
2022
£
£
4,704
-
4,704
-
-
-
9,408
-
2023
2022
£
£
96,000
301,000
Equipment		 2023
2022
£
£
4,704
-
4,704
-
-
-
9,408
-
2023
2022
£
£
96,000
301,000
Equipment
236,250 -
2022
£
301,000

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.

42

National Space Centre Notes to the financial statements

For the year ended 31 December 2023

43