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2024-12-31-accounts

Company number: 03485236 Charity number: 1078832

National Space Centre

Report and financial statements For the year ended 31 December 2024

National Space Centre

Contents

For the year ended 31 December 2024

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 3 Independent auditor’s report ....................................................................................................... 20 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 2024

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:
S Martin Chair of Trustees (appointed 1/12/23)
N P Siesage (resigned 30/11/24)
Prof S M Sharma (resigned 30/11/24)
A M Kapur Chair of NSSC Operations Limited to 31/12/24
C SH Bishop Chief Executive
G Moss
J Fry (resigned 30/11/24)
J Wheeler
V Hancock (resigned 30/11/24)
W A Haley
P Coates
P S Bate
Dr R Starling
A Shilliam (appointed 12/2/24)
J Badge (appointed 27/2/24)
M Cannon (resigned 9/2/24)
K Harris (appointed 1/12/24)
I Borley (appointed 1/12/24)
D Brunton (appointed 1/12/24)
Prof S Davies (appointed 1/12/24)
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 2024

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 2024

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 2024.

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 Charity delivers its aims and objectives through employed management and staff. In 2024, everybody was employed by the subsidiary NSSC Operations Ltd which took responsibility for all daily operations. A governance review during the year means that from 2025 The Charity becomes the employer and NSSC Operations Ltd will be a trading subsidiary limited to the delivery of the noncharitable areas of the business such as the shop, cafe, venue hire, license sales and car park operations.

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2024

The four business units set out below help The Charity to achieve its aims and objectives: -

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.

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2024

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

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

National Space Centre Group Structure

Parent

This is the registered charity and company limited by guarantee.

Subsidiaries

This company was established to deliver the objectives of the charity including running the visitor attraction, educational and community outreach programmes and developing creative content in furtherance of raising awareness of space science. From 1.1.25 it will deal with the non-charitable aspects of the business only.

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 2024

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 2024 was 15.

In 2024, 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. All Trustees are issued with a Trustee handbook which contains documentation and information that they need to be aware of.

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2024

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. In 2024, the executive company board members are Mr C St H Bishop, Chief Executive and Mr B Bhakri, Finance Director. Mr Bhakri resigned from his post on 10.1.2025.

Compliance with the Charity Governance Code for Larger Charities

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 and Risk Committee: this committee supports the Boards of National Space Centre and NSSC Operations Ltd 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.

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2024

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.

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

  3. Programmes Committee: this committee supports the Executive Team in overseeing the development of programmes over a value of £25,000 or otherwise in need of expert opinion.

With effect from 1[st] January 2025, and following an extensive governance review, a revised governance model has been implemented. National Space Centre runs its charitable activities, and its trading subsidiary (NSSC Operations Ltd) runs its non-charitable activities. Profits from the latter will be gifted to The Charity to help further its charitable objectives.

In 2025 (the transition year), an Operation’s Committee made up of a number of Trustees (who are all non-executive directors of NSSC Operations Ltd) will be formed to oversee the charitable activities and to report to the main Board of Trustees.

During 2025, a skills audit will help determine membership of the Trustco Board, Trustco Operations Committee and NSSC Operations Ltd Board from 1 December 2025.

Charitable activities include the visitor attraction, education, National Space Academy and creative Immersive Design course. Non –Charitable activities include venue hire, cafe, creative commissions and license sales, shop and car park.

Pay Policy

The Remuneration Committee meets at least once a year. Members of the committee in 2024 were 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.

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2024

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 the Directors of NSSC Operations Ltd.

In setting remuneration for all staff, including senior staff, several 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. In 2024, 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. 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. 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.

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 11.

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2024

Strategic report

Achievements and performance

National Space Centre Visitor Attraction

The Centre had 314,013 visitors in 2024 compared to 330,731in 2023, a decrease of 5%. This is the third best year on record but volume trends, both up and down, are always analysed to assess market forces and the impact of external factors such as the weather and prevailing economic climate. In this case the volume of ‘general visitors’ over the summer and October half term holidays was noticeably down year-on-year, driven by both dry weather and ongoing cost-of-living concerns, whereas the volume of visitors in formal school groups grew by 5%.

The visitor volume cap, introduced in 2021 and retained thereafter, has been well-received in that it underpins a consistent quality of experience. The net promoter score (a core key performance indicator) has been steady at around 70 all year (which is considered by the industry to be ‘excellent’). Most tickets are sold on-line in advance, with ‘walk-ups’ always being admitted even if there is a short delay.

NSC Discovery

2024 saw a 4% uplift in school visitors from 78,437 in 2023 to 81,844. Over 50,000 participated in an onsite activity such as a workshop or live talk, achieving the 60% target for activity participation (and seeing ongoing growth since the 33% achieved in 2019). Tetrastar Spaceport workshops are a new addition and are being well received. Evaluation indicates that a workshop boosts confidence and attainment in the classroom.

The team delivered outreach activities to 3,500 students in their school and in Special Educational Needs and Disabilities (SEND) settings. It also ran Key Stage 2 careers events to over 300 local students. These were specifically funded for Leicester city schools.

The Space Communications Team adds value to the visitor experience through its live presentations and science busking in the exhibition. In 2024 The Team delivered planetarium shows to over 56,000 visitors, providing the opportunity to explore the Solar System and beyond whilst also incorporating up-to-date space news. The Team provided live space talks to more than 37,000 visitors highlighting the fun and unusual side of space travel and topical space mission updates. Hands-on busking sessions, in which The Team is able to have more in depth 1-2-1 discussion with visitors, had over 50,000 interactions of this kind in 2024. A further 61,000 visitors travelled to Mars from the TetraStar Spaceport.

The Community Engagement Team met almost 8,000 young people in targeted community in Leicester and Leicestershire; many of whom have neither the means nor confidence to otherwise visit or take part in programmes. Settings include libraries, community venues, schools and disused

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2024

shops. An alternative provision service for young people not in formal education for behavioural reasons has been supported by the Esmee Fairbairn Foundation and a Leicestershire Police & Crimes Commissioner fund. This success will be built on in 2025 as a fresh fundraising resource (the Development Officer) is novated to the NSC Discovery Team.

National Space Academy

The National Space Academy is close to fulfilling its £1.9m contract to deliver its Space to Learn programme on behalf of the UK Space Agency. Over the course of two years it has presented space masterclasses, space camps and careers conferences to over 15,000 students in disadvantaged communities UK-wide. The original contract (£1.46m) was supplemented to provide students with free transport and free food; the cost of which was proving a barrier to engagement. Two space camps (in Cambridge and Inverness) were able to offer SCUBA diving for the first time to provide a simulation of working in the microgravity of space.

In parallel The Team has grown its paid-for programmes with masterclass delivery on behalf of Lockheed Martin and the Prospero Programme.

The post-16 Space Engineering Programme, delivered in partnership with Loughborough College, won the prestigious Queen’s Anniversary Prize for Higher & Further Education. 91% of students progress to high quality degrees and degree apprenticeships; 157 have now graduated from the course and are all tracked as part of an intensive longitudinal study.

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 has also left a legacy of training and equipment for the South African National Space Agency.

NSC Creative

The Great Solar System Adventure (planetarium show) was launched in summer 2024 and won rave reviews, picking up three international awards. License sales have exceeded expectation and the order book for 2025 remains healthy.

The Dark Side of The Moon, produced on behalf of Pink Floyd to celebrate the 50[th] anniversary of the album, has continued to play to packed houses in 100 planetaria worldwide. A deal with Sony Music confirms NSC Creative as national/international distributor for a further two years to 31 December 2026.

The Team starts 2025 focussing its efforts on two new planetarium shows and the Outer Solar System gallery development: see ‘New developments’ below.

The NSC Immersive Academy was launched in September 2022. The first cohort of 14 students graduated in summer 2024 will good grades and have progressed to exciting university courses or

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2024

employment. The second and third cohorts are progressing with excellent retention rates. Work on recruitment in 2025 will try and boost numbers, with a ceiling of 18 students each year.

New Developments

Design work for a redevelopment of the Outer Solar System gallery is complete. At the time of writing, £910,000 grant funding has been secured with one major donor still to declare. Trustees have approved a small commitment from reserves to ensure that all external costs are covered and to allow a preferred lead contractor to be appointed. The contract is due to be signed by 31 March 2025 to allow construction work to start on site in Q4 2025 to prepare for a launch in Q1 2026. Thereafter, attention will switch to the Into Space gallery in preparation for a prospective return of humans to the Moon over the next few years.

A new planetarium show dedicated to the future of human spaceflight will be launched in Q2 2025 and licenses will be sold worldwide. The show already in early development for 2026 will be dedicated to the subject of Black Holes.

NSC Discovery will continue to broaden its on-site content delivery including the development of a TetraStar Spaceport experience for corporate team building. It will expand its community engagement programme with a target of 8,000 interactions in 2025.

The National Space Academy is in dialogue with the UK Space Agency to continue its Space to Learn programme beyond March 2025. In parallel it will continue to grow its client base for paid-for programmes including its work with management teams and new starters to the space sector. It is running two careers’ conferences on behalf of the Midlands Space Cluster in Q1 2025 and continues to develop relationships with some of the science, engineering and hi-tech businesses in the surrounding Space City. In March 2025 it is running a space camp for the children of Unst (Shetland Islands) from which Europe’s first vertical rocket launch is due to take place sometime in 2025 or 2026.

Behind the scenes, capital work continues to keep the building and plant in good working order. The planetarium projectors will be replaced in Q4 2025 alongside kitchen equipment, lighting and the telephone system. The chillers are now obsolete and will be replaced either like-for-like or (together with the boilers) with air source heat pumps. This work will be funded through bank borrowing. The Charity’s aspiration to be Net Zero by 2030 will be taken into consideration.

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 and the National Space Academy. Through their suite of informal, formal and community education programmes – which are aimed at students, teachers and family communities, their work has been shown to:

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2024

Financial review

Charity Group Performance

The Group’s net assets at 31 December 2024 were £27,306,350 compared to £28,162,401 at the start of the year.

Our total income of £8,915,636 was significantly more than last year (£8,682,243). Admissions income, including Gift Aid, increased by £102,832 over 2023 performance, as visitor demand continued has remained steady throughout 2024. The charity also received grants totalling £996,369.

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

Total expenditure at £9,771,687 showed an increase on last year (£9,312,909)). This 49% increase in costs was due to higher payroll and operating expenditure, particularly insurance costs and utilities.

In 2024, the Group expended £360,533 on fixed assets, mainly on new servers, lift replacement and upgrades to systems.

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2024

Operating Subsidiary Financial Performance

NSSC Operations Ltd made a profit of £15,500 (2023 profit of £17,000). The reduction in profit is the result of higher costs, particularly insurance, utilities and payroll costs. There has been a consistent, modest growth in turnover from last year.

Principal risks and uncertainties

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

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

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

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

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

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

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2024

Reserves and the position at the end of the year

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

Total funds at year end were £27.3m (2023: £28.2m), which includes £199,990 restricted income funds, £21,149,000 restricted capital funds, relating to fixed assets which can only be realised by disposing of the tangible fixed assets, which are the basis on which we operate, and £5,957,000 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.

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

The Trustees will look to use reserves to keep responding to evolving community needs, invest in refreshing our exhibitions and our building in line with our capital plan. Over the next 3 years, the Charity has budgeted £1.1m of estates and digital capital expenditure outside of the annual operational budget. The Trustees have therefore established a target whereby the unrestricted charity funds not invested in tangible fixed assets (the free reserves) should be £0.9m. Free reserves for the Charity itself are currently £1.6m, 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

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Trustees’ annual report

For the year ended 31 December 2024

to continue as a going concern. The trustees consider it appropriate for the accounts to be prepared on a going concern basis.

Financial Instruments

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

Fundraising Strategy

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

In 2025 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 2024-2025 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 its work.

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2024

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, Inclusion and Accessibility training to ensure staff are up to date with current requirements. Reasonable adjustments and use of Occupational Health consultants are undertaken where necessary.

During 2024, 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.

Plans for the future

The National Space Centre has exciting plans 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 it’s 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

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2024

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).

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

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

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2024

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

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

Auditor

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

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

Stuart Martin Chairman Date: 24 September 2025

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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 2024 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) Date: 24 September 2025 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 2024

Restricted
funds
£
-
-
943,369
-
-
43,500
9,500
-
-
-
-		 Capital
restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-		 Year ended
31 December
2024
£
990
4,510,239
943,369
-
-
43,500
9,500
500
39,989
3,293,882
73,667		 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
£
-
-
-
-
-
-
-
-
-
-
-		 Period
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
7,919,267 996,369 - 8,915,636 7,856,947 825,296 - 8,682,243
(2,597,855)
(5,417,412)		 -
(1,134,224)		 -
(622,196)		 (2,597,855)
(7,173,832)		 (2,592,771)
(5,229,811)		 -
(868,131)		 -
(622,196)		 (2,592,771)
(6,720,138)
(8,015,267) (1,134,224) (622,196) (9,771,687) (7,822,582) (868,131) (622,196) (9,312,909)
(96,000)
(34,716)		 (137,855)
34,716		 (622,196)
-		 (856,051)
-		 34,365
-		 (42,835)
-		 (622,196)
-		 (630,666)
-
(130,716)
6,087,679		 (103,139)
303,129		 (622,196)
21,771,593		 (856,051)
28,162,401		 34,365
6,053,314		 (42,835)
345,964		 (622,196)
22,393,789		 (630,666)
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 24 to the financial statements.

25

National Space Centre

Company no. 03485236

Balance sheets

As at 31 December 2024

As at 31 December 2024
Balance sheets		 Company no. 03485236 Company no. 03485236
Note
Fixed assets:
Intangible fixed assets
13
14
15
16
Current assets:
18
19
Liabilities:
20
22
23
Total unrestricted funds
23
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		 2024
2023
£
£
79,484
70,310
18,791,159
19,471,265
7,595,740
7,594,820
-
-
26,466,383
27,136,395
151,154
125,437
424,564
378,514
-
548,438
1,996,415
1,670,778
2,572,133
2,723,167
(998,970)
(920,048)
1,573,163
1,803,119
28,039,546
28,939,514
(733,196)
(777,113)
27,306,350
28,162,401
21,149,397
21,771,593
199,990
303,129
5,887,596
5,991,783
69,368
95,896
5,956,964
6,087,679
27,306,350
28,162,401
The group		 2024
2023
£
£
71,416
59,350
17,741,186
18,385,811
7,595,740
7,594,820
2
2
25,408,344
26,039,983
-
-
711,760
1,355,933
-
-
1,167,632
670,589
1,879,393
2,026,522
(50,755)
-
1,828,638
2,026,522
27,236,982
28,066,505
-
-
27,236,982
28,066,505
21,149,397
21,771,593
199,990
303,129
5,887,596
5,991,783
-
-
5,887,596
5,991,783
27,236,982
28,066,505
The charity
26,466,383
151,154
424,564
-
1,996,415		 27,136,395
125,437
378,514
548,438
1,670,778		 25,408,344
-
711,760
-
1,167,632		 26,039,983
-
1,355,933
-
670,589
2,572,133
(998,970)		 2,723,167
(920,048)		 1,879,393
(50,755)		 2,026,522
-
1,573,163 1,803,119 1,828,638 2,026,522
28,039,546
(733,196)		 28,939,514
(777,113)		 27,236,982
-		 28,066,505
-
27,306,350 28,162,401 27,236,982 28,066,505
21,149,397
199,990
5,887,596
69,368		 21,771,593
303,129
5,991,783
95,896		 21,149,397
199,990
5,887,596
-		 21,771,593
303,129
5,991,783
-
5,956,964 6,087,679 5,887,596 5,991,783
27,306,350 28,162,401 27,236,982 28,066,505

Approved by the trustees on 24 September 2025 and signed on their behalf by

Stuart Martin Chairman

26

National Space Centre

Consolidated statement of cash flows

For the year ended 31 December 2024

For the year ended 31 December 2024 For the year ended 31 December 2024 For the year ended 31 December 2024
Note
£
£
(856,051)
(73,667)
60,627
1,015,232
14,062
2,171
(920)
(25,717)
(46,050)
77,459
167,146
73,667
(337,297)
Purchase of intangible fixed assets
(23,236)
(286,866)
(60,627)
(42,454)
(103,081)
(222,801)
2,219,216
1,996,415
Analysis of cash and cash equivalents and of net debt
At 1 January
2024
Cash flows
£
£
Cash at bank and in hand
1,670,778
325,637
Short term deposits
548,438
(548,438)
Total cash and cash equivalents
2,219,216
(222,801)
Loans falling due within one year
(42,466)
(1,463)
Loans falling due after more than one year
(777,113)
43,917
Total net debt
1,399,637
(180,347)
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
2024
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 disposal of fixed assets
Interest receivable
Interest payable
Depreciation of tangible fixed assets
Increase in stocks
Decrease/(Increase) in debtors
Items donated
Amortisation of intangible fixed assets		 £
(630,666)
(95,877)
69,373
988,221
-
152,666
(1,735)
(16,813)
3,152
(76,028)
95,877
(556,751)
(33,960)		 £
2023
167,146
(286,866)
(103,081)		 392,293
(494,834)
(1,058,669)
(60,627)
(42,454)		 (69,373)
(989,296)
At 1 January
2024
£
1,670,778
548,438		 Other non-
cash
changes
£
-
-
(222,801)
2,219,216		 (1,161,210)
3,380,426
1,996,415 2,219,216
Cash flows
£
325,637
(548,438)		 At 31 December
2024
£
1,996,415
-
2,219,216 (222,801) - 1,996,415
(42,466)
(777,113)		 (1,463)
43,917		 -
-		 (43,929)
(733,196)
1,399,637 (180,347) - 1,219,290

27

National Space Centre

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies

a) Statutory information

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

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

b) Basis of preparation

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

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

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

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

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

c) Basis of consolidation

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

d) Reduced disclosures

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.

28

National Space Centre

Notes to the financial statements

For the year ended 31 December 2024

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.

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.

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.

29

National Space Centre

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies (continued)

j) Gifts in kind

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

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

k) Expenditure

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

Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects. Restricted funds are those funds which have been given for particular purposes and projects.

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

m) Intangible fixed assets

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.

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.

30

National Space Centre

Notes to the financial statements

For the year ended 31 December 2024

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 when the asset is 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.

q) Cash and bank balances

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

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

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

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.

31

National Space Centre

Notes to the financial statements

For the year ended 31 December 2024

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

Unrestricted
£
990		 £
-
Restricted		 2024
Total
£
990		 Unrestricted
£
1,735		 £
-
Restricted		 2023
Total
£
1,735
990
-
990
1,735
-
1,735

3a Income from charitable activities (current year)

Income from charitable activities (current year)
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
Admissions
Gift Aid
Space Academy
Sub-total
Grants:
Income from Royalties
Sub-total for grants
Total		 Unrestricted
£
4,510,239
500
39,989		 Restricted
£
-
-
-
-		 Capital
restricted
funds
£
-
-
-
-		 2024
£
4,510,239
-
500
39,989		 2023
£
4,407,407
-
-
42,796
4,550,728
-
-
-
-
-
-		 -
-
-
9,500
943,369
43,500
-		 -
-
-
-
-
-
-		 4,550,728
-
-
9,500
943,369
43,500
-		 4,450,203
50,000
10,000
2,000
519,796
43,500
200,000
- 996,369 - 996,369 825,296
4,550,728 996,369 - 5,547,097 5,275,499

32

National Space Centre

Notes to the financial statements

For the year ended 31 December 2024

the year ended 31 December 2024
Income from charitable activities (prior year)
Science Technology and Facilities Council
Sub-total for grants
Admissions
Space Academy
Sub-total
Grants:
Space to Learn
Garfield Weston - Outer Solar System Gallery
Association for Science and Discovery
Air and Space Power Association
Esmee Fairbairn Collection Fund
Total		 Unrestricted
£
4,407,407
42,796		 Restricted
£
-
-		 Capital
restricted
funds
£
-
-		 2023
£
4,407,407
42,796
4,450,203
-
-
-
-
-
-		 -
2,000
50,000
519,796
200,000
43,500
10,000		 -
-
-
-
-
-
-		 4,450,203
2,000
50,000
519,796
200,000
43,500
10,000
- 825,296 - 825,296
4,450,203 825,296 - 5,275,499

4 Income from other trading activities

4
Income from other trading activities
Unrestricted
£
Trading activities
828,107
1,852,960
579,554
33,261
3,293,882
5
Other
Retail
Catering/Corporate
Creative Services
United Kingdom
Rest of World
Income is attributed to geographical markets as follows:
Europe
Analysis of income		 Unrestricted
£
828,107
1,852,960
579,554
33,261		 £
-
-
-
-
Restricted		 2024
Total
£
828,107
1,852,960
579,554
33,261		 Unrestricted
£
882,220
1,623,389
776,240
27,283		 £
-
-
-
-
Restricted		 2023
Total
£
882,220
1,623,389
776,240
27,283
3,293,882 - 3,293,882 3,309,132 - 3,309,132
2024
£
8,519,697
148,878
247,062		 2023
£
8,354,893
165,676
161,674
8,915,637 8,682,243

33

National Space Centre

Notes to the financial statements

For the year ended 31 December 2024

6a Analysis of expenditure (current year)

ear)
4		 ear)
4		 ear)
4
Costs of raisingfunds £
3,299,256
972,604
1,399
146,359
151,341
499,416
1,183
154,157
397,668
56,691
71
87,776
64,998
21,280
24,611
202,514
(2,363)
-
74,430
Charitable
activities		 Support costs
£
752,383
56,690
772
-
33,904
-
234,912
22,373
13,876
-
143,861
-
57,278
7,110
-
-
12,908
-
2,011		 Governance
£
-
-
-
-
-
-
-
-
-
-
-
-
51,895
-
-
-
-
-
-		 2024 Total
£
5,229,744
1,029,294
2,171
1,025,901
192,281
499,416
236,095
180,263
428,711
132,342
143,945
93,644
174,714
37,038
24,976
202,514
10,858
45,753
82,027		 2023 Total
£
4,736,342
988,221
152,665
1,079,972
201,523
371,397
431,753
200,744
466,878
88,687
162,149
86,118
79,576
62,070
23,940
104,432
16,627
19,268
40,547
£
369,300
-
-
1,143
3,867
-
-
-
(8,152)
70,657
-
-
107
1,143
191
-
244
45,753
795
Raising
donations
and other		 Other tradingactivities
Retail
£
69,971
-
-
385,065
462
-
-
-
5,484
-
-
-
-
130
-
-
47
-
1,659		 Catering
£
738,834
-
-
493,334
2,707
-
-
3,733
19,835
4,994
13
5,868
436
7,375
174
-
22
-
3,132
485,048
77,435
3,004		 462,818
73,885
2,866		 1,280,457
204,415
7,928		 6,153,391
982,343
38,097		 1,338,078
(1,338,078)
-		 51,895
-
(51,895)		 9,771,687
-
-		 9,312,910
-
-
565,487 539,569 1,492,800 7,173,831 - - 9,771,687

34

National Space Centre

Notes to the financial statements

For the year ended 31 December 2024

6b Analysis of expenditure (prior year)

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

35

National Space Centre

Notes to the financial statements

For the year ended 31 December 2024

This is stated after charging :

This is stated after charging :
Contributions to defined contribution pension scheme
Other
Foreign exchange losses
Amortisation
Depreciation
Interest payable
Property
Trustee emoluments and key management remuneration
Audit
Non-audit services
Trustees' emoluments
Loss on disposal of fixed assets
Operating lease rentals:
Auditor's remuneration (excluding VAT):		 2024
£
1,015,232
14,062
2,171
60,627
27,000
4,704
25,600
12,650
3,669		 2023
£
988,221
-
152,666
69,373
27,000
4,704
24,850
1,600
12,090
2024
£
156,852		 2023
£
157,717
17,022 16,220

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 £141,422 and £15,250 (2023: £142,717 and £15,000 ) respectively for qualifying services in those capacities and £17,022 and £nil (2023: £16,220 and £nil ) respectively for contributions to a defined contribution pension scheme.

During the period £168 (2023: £785) was paid to 1 trustees (2023: 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 £638,435 (2023: £565,653 restated).

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		 2024
£
4,602,030
-
392,703
235,010		 2023
£
4,174,350
2,000
348,970
211,022
5,229,743 4,736,342

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:

2024 2023
No. No.
£60,000 - £69,999 4 3
£70,000 - £79,999 1 1
£80,000 - £80,999 1 1
£110,000 - £119,999 - -
£140,000 - £149,999 1 1

The average number of employees (head count based on number of staff employed) during the year was 193 (2023 : 190).

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		 2024
No.
60
71		 2023
No.
54
71
131 125

36

National Space Centre

Notes to the financial statements

For the year ended 31 December 2024

National Space Centre

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

Association of Science and Discovery Centres £nil (2023: £2,670 ). Charles Bishop is a Director of National Space Centre and a Trustee of Association of Science and Discovery Centres until resignation in September 2024. Bipon Bhakri was appointed trustee from September 2024.

Leicester City Council £6,683 (2023: £7,486). Miranda Cannon is a Director of National Space Centre (LCC Representative) and an employee of Leicester City Council. Miranda has resigned as Trustee of NSC in February 2024. Andrew Shilliam appointed February 2024 (LCC Representative) and an employee of Leicester City Council. During the year, £943,369 (2023: £516,746 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 £2,036 (2023 : £2,650). Charles Bishop & Bipon Bhakri is a Director of NSSC Operations Limited and a Board member of Association of Science and Discovery Centres.

Leicester Shire Promotions Limited £nil (2023: £954). Charles Bishop is a Director of both NSSC Operations Limited and Leicester Shire Promotions Limited.

University of Leicester £53,766 (2023: £4,480). 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.

12 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:


distributes under Gift Aid available profits to the parent charity. Its charge to corporation tax in the year was:
13
Amortisation
Charge for the year
Net book value
Net book value
At the start of the year
Amortisation
Charge for the year
At the end of the year
Net book value
Net book value
At the start of the year
At the start of the year
The group
Cost
At the end of the year
At the end of the year
At the start of the year
Additions in year
At the end of the year
The charity
Cost
Transfer from assets in the course of construction
Transfer from assets in the course of construction
At the start of the year
UK corporation tax at 23.5% (2023:22.375%)
Intangible fixed assets
At the start of the year
Additions in year
At the end of the year
At the end of the year		 Website costs
£
43,810
23,236		 2024
£
-		 2023
£
-
Assets in course
of construction
£
26,500
-		 Total
£
70,310
23,236
-
67,046 26,500 93,546
-
14,062		 -
-		 -
14,062
14,062 - 14,062
52,984 26,500 79,484
43,810 26,500 70,310
Website costs
£
42,850
23,936		 Assets in course
of construction
£
16,500
-		 Total
£
59,350
23,936
-
66,786 16,500 83,286
-
11,870		 - -
11,870
11,870 - 11,870
54,916 16,500 71,416
42,850 16,500 59,350

37

National Space Centre

Notes to the financial statements

For the year ended 31 December 2024

14 Tangible fixed assets

Tangible fixed assets
Eliminated on disposal
Cost
The group
At the end of the year
Disposals in year
At the start of the year
Additions in year
Depreciation
Net book value
At the end of the year
At the end of the year
At the start of the year
Charge for the year
At the start of the year		 Freehold land &
buildings
£
27,057,719
-
-		 Long leasehold
land &
buildings
£
1,108,000
25,660
-		 Exhibition fit out
£
11,200,701
70,856
(5,774)
11,265,783
9,416,288
327,970
(5,702)
9,738,556
1,527,227
1,784,413		 Plant &
equipment
£
2,658,979
240,781
(351,657)		 Motor
vehicles
£
25,995
-
-		 Challenger
building &
equipment
£
724,818
-
-		 Total
£
42,776,212
337,297
(357,431)
27,057,719 1,133,660 2,548,104 25,995 724,818 42,756,078
11,195,554
572,209
-		 184,532
7,387
-		 1,757,760
107,666
(349,558)		 25,995
-
-		 724,818
-
-		 23,304,947
1,015,232
(355,260)
11,767,763 191,919 1,515,868 25,995 724,818 23,964,919
15,289,956 941,741 1,032,235 - - 18,791,159
15,862,165 923,468 901,219 - - 19,471,265

Land with a value of £680,000 (2023: £680,000) is included within freehold land and buildings and not depreciated.

Eliminated on disposal
Net book value
At the start of the year
Charge for the year
Depreciation
At the start of the year
At the start of the year
Additions in year
At the end of the year
Disposals in year
At the end of the year
Cost
The charity
At the end of the year		 Freehold land &
buildings
£
26,146,901
-
-		 Long leasehold
land &
buildings
£
1,108,000
25,660
-		 Exhibition fit out
£
10,578,677
70,856
(5,740)
10,643,794
8,901,370
293,257
(5,677)
9,188,950
1,454,844
1,677,307		 Plant &
equipment
£
2,311,891
220,991
(281,461)		 Motor
vehicles
£
25,995
-
-		 Challenger
building &
equipment
£
724,818
-
-		 Total
£
40,896,282
317,507
(287,201)
26,146,901 1,133,660 2,251,422 25,995 724,818 40,926,588
11,113,529
553,993
-		 166,315
7,387
-		 1,578,444
106,097
(280,125)		 25,995
-
-		 724,818
-
-		 22,510,471
960,734
(285,802)
11,667,522 173,701 1,404,416 25,995 724,818 23,185,403
14,479,379 959,959 847,005 - - 17,741,186
15,033,371 941,685 733,447 - - 18,385,811

Land with a value of £680,000 (2023: £680,000) is included within freehold property and not depreciated.

All of the above assets are used for charitable purposes.

38

National Space Centre

Notes to the financial statements

For the year ended 31 December 2024

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
2024
£
7,594,820
920
-
7,595,740
241,447
7,354,293
7,595,740		 2023
£
7,593,085
1,735
-		 2022
£
7,592,955
130
-		 2021
£
7,592,880
75
-		 2020
£
7,592,780
100
-
7,594,820 7,593,085 7,592,955 7,592,880
241,447
7,353,373		 241,447
7,351,638		 241,317
7,351,638		 241,217
7,351,663
7,594,820 7,593,085 7,592,955 7,592,880

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 (2023: £2,195,000) of loaned items are also held. In many cases these items have been obtained on permanent or long term loans from museums and similar institutions and the group may not sell or otherwise dispose of these items without the prior consent of the donor. The value of these items is not included on the balance sheet.

Preservation and management

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

Heritage assets are insured in total for £10,000,000 (2023: £12,630,250 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.

39

National Space Centre

Notes to the financial statements

For the year ended 31 December 2024

16 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.


be filed with the Registrar of Companies.
Company Country of incorporation Holding Investment Company Nature of
Number business
NSSC Operations Limited England and Ordinary 100% 04141856 Operation of
Wales shares National Space
Centre
NSSC Property Limited England and Ordinary 100% 03486099 Dormant
Wales shares

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

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

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

A summary of the results of NSSC Operations Limited is shown below:
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
The aggregate of the assets, liabilities and reserves was:
Liabilities
Reserves
Distribution under Gift Aid to parent charity
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		 2024
£
5,230,982
(8,684,835)
2,281,050
1,193,497		 2023
£
5,101,662
(8,318,936)
2,334,830
921,371
20,694 38,927
55,405
(60,627)		 85,111
(107,310)
15,472
-		 16,728
-
15,472 16,728
95,896
15,471
(42,002)		 160,443
16,728
(81,276)
69,366 95,895
2,327,217
(2,257,849)		 3,120,764
(3,024,868)
69,368 95,896

Amounts owed from the parent undertaking is shown in note 19.

40

National Space Centre

Notes to the financial statements

For the year ended 31 December 2024

17 Parent charity

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

The parent charity's gross income and the results for the year are disclosed as follows:
18
Catering
19
20
Other creditors
Accruals
Deferred income (note 21)
Debtors
Stock
Creditors: amounts falling due within one year
Trade creditors
Taxation and social security
Amounts owed by subsidiary undertakings
Trade debtors
Result for the year
Prepayments
Bank loans
Other debtors
Gross income		 2024
£
151,154
The g		 2023
£
125,437
roup		 2024
£
3,611,976
(829,523)		 2023
£
3,523,506
(566,120)
151,154 125,437 - -
2024
£
182,669
128,573
-
113,322
The g		 2023
£
130,460
120,648
-
127,406
roup
424,564 378,514 711,760 1,355,933
2024
£
43,929
97,753
256,932
20,623
256,575
323,158
The g		 2023
£
42,466
230,247
205,716
-
203,063
238,556
roup
998,970 920,048 50,755 -

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		 2024
£
238,556
(238,556)
323,158
The g		 2023
£
293,881
(287,805)
232,480
roup		 2024
2023
£
£
-
-
-
-
19,984
-
19,984
-
The charity		 2024
2023
£
£
-
-
-
-
19,984
-
19,984
-
The charity
323,158 238,556 19,984 -

41

National Space Centre Notes to the financial statements

For the year ended 31 December 2024

22 Creditors: amounts falling due after one year

Bank loans

2024
£
733,196
The g		 2023
£
777,113
roup		 2024
2023
£
£
-
-
-
-
The charity		 2024
2023
£
£
-
-
-
-
The charity
733,196 777,113 - -

The amount of the bank loan repayable by instalments falling due after more than five years is £544,013 (2023: £599,447). This is fully repayable on 23 December 2038 The 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.

23a Analysis of group net assets between funds (current year)

23a
Analysis of group net assets between funds (current year)
23b
Net assets at 31 December 2022
Heritage assets
Long term liabilities
Tangible fixed assets
Heritage assets
Net assets at 31 December 2024
Net current assets
Long term liabilities
Analysis of group net assets between funds (prior year)
Intangible fixed assets
Intangible fixed assets
Tangible fixed assets
Net current assets		 General
unrestricted
£
79,484
5,177,534
59,968
1,373,173
(733,196)		 Income
restricted
funds
£
-
-
-
199,990
-		 Capital restricted
funds
£
-
13,613,625
7,535,772
-
-		 Total
funds
£
79,484
18,791,159
7,595,740
1,573,163
(733,196)
5,956,963 199,990 21,149,397 27,306,350
General
unrestricted
£
70,310
5,235,444
59,048
1,499,990
(777,113)		 Income
restricted
£
-
-
-
303,129
-		 Capital restricted
funds
£
-
14,235,821
7,535,772
-
-		 Total
funds
£
70,310
19,471,265
7,594,820
1,803,119
(777,113)
6,087,679 303,129 21,771,593 28,162,401

42

National Space Centre

Notes to the financial statements

For the year ended 31 December 2024

24a Movements in funds (current year)

Total restricted funds - revenue
Capital
Total restricted funds - capital
General funds
Non-charitable subsidiary funds
Total funds
Total unrestricted funds
Garfield Weston - Outer Solar System Gallery
Unrestricted funds:
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		 £
14,610
58,415
79,381
37,785
7,459
590
-
30,141
74,748
303,129
21,771,593
21,771,593
5,991,783
5,991,783
95,896
28,162,401
At 1 January
2024		 £
-
-
-
-
-
9,500
943,369
43,500
-
Income &
gains		 £
-
(35,631)
(515)
(9,634)
-
(5,228)
(978,085)
(17,099)
(88,032)
Expenditure &
losses		 £
(13,284)
-
-
-
-
-
34,716
-
13,284
Transfers		 £
1,326
22,784
78,866
28,151
7,459
4,862
-
56,542
-
At 31
December
2024
996,369 (1,134,224) 34,716 199,990
- (622,196) - 21,149,397
- (622,196) - 21,149,397
2,615,607 (2,685,079) (34,716) 5,887,596
2,615,607 (2,685,079) (34,716) 5,887,596
8,760,937 (8,787,465) - 69,368
12,372,914 (13,228,964) - 27,306,350
The narrative to explain the purpose of each fund is given at the foot of the note below. The narrative to explain the purpose of each fund is given at the foot of the note below.
24b Movements in funds (prior year)
At 31
At 31 December Income & Expenditure & December
2022 gains losses Transfers 2023
£ £ £ £ £
Restricted funds - revenue:
Lloyds Register Foundation Stage 1 15,877 - (1,267) - 14,610
Garfield Weston Foundation 152,594 - (94,179) - 58,415
Lloyds Register Foundation Stage 2 177,493 - (98,112) - 79,381
Air and Space Power Association - 50,000 (12,215) - 37,785
Science Technology and Facilities Council - 10,000 (2,541) - 7,459
Association for Science and Discovery Centres - 2,000 (1,410) - 590
Space to Learn - 519,796 (519,796) - -
Esmee Fairbain Collection Fund - 43,500 (13,359) - 30,141
Garfield Weston - Outer Solar System Gallery - 200,000 (125,252) - 74,748
Total restricted funds - revenue 345,964 825,296 (868,131) - 303,129
Restricted funds - capital
Capital restricted fund 22,393,789 - (622,196) - 21,771,593
Total restricted funds - capital 22,393,789 - (622,196) - 21,771,593
General funds 5,892,871 2,698,211 (2,599,299) - 5,991,783
Total unrestricted funds 5,892,871 2,698,211 (2,599,299) - 5,991,783
Non-charitable subsidiary funds 160,443 8,357,865 (8,422,412) - 95,896
Total funds 28,793,067 11,881,372 (12,512,038) - 28,162,401

43

National Space Centre

Notes to the financial statements

For the year ended 31 December 2024

Movement 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.

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 commenced in 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.

25 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:

26
Less than one year
One to five years
Over five years
Contracted for, but not provided in the financial statements
Capital commitments		 2024
£
27,000
108,000
47,250
Prop		 2023
£
27,000
108,000
74,250
erty		 2024
£
4,704
-
-
Oth		 2023
£
4,704
4,704
-
er
182,250 209,250 4,704 9,408
2024
£
40,000		 2023
£
96,000

27 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.

44