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2025-12-31-accounts

Company number: 03485236 Charity number: 1078832

National Space Centre

Report and financial statements For the year ended 31 December 2025

National Space Centre

Contents

For the year ended 31 December 2025

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 3 Independent auditor’s report ....................................................................................................... 22 Consolidated statement of financial activities .............................................................................. 27 Balance sheets .............................................................................................................................. 28 Consolidated statement of cash flows ........................................................................................... 29 Notes to the financial statements ................................................................................................. 30

National Space Centre

Reference and administrative information

For the year ended 31 December 2025

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
A M Kapur
C SH Bishop Chief Executive
G Moss (resigned 30/11/25)
J Wheeler
W A Haley (resigned 10/7/25)
P Coates
P S Bate
Dr R Starling
A Shilliam
J Badge
K Harris
I Borley (resigned 1/7/26)
D Brunton Chair of NSSC Operations Ltd
Prof S Davies
H Badger-Mistry (appointed 4/2/26)
Company Secretary J Barnacle
Bankers Virgin Money
3 Eastgates
LEICESTER
LE1 5YA
Solicitors Gateley Legal
Knightsbridge House
Lower Brown Street
LEICESTER
LE1 7EA

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National Space Centre

Reference and administrative information

For the year ended 31 December 2025

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 2025

The trustees, who are also directors of the charitable company for the purposes of the Companies Act, submit their annual report, the strategic report and the financial statements for the period ended 31 December 2025.

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, inspire curiosity and boost STEM skills by making space accessible, educational and fun for all ages.

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. On 1[st] April 2025, all staff became employed by the Charity (previously employed by the subsidiary NSSC Operations Ltd). This was due to a governance review that resulted in charitable activities being the responsibility of The Charity (National Space Centre) and NSSC Operations Ltd being a trading subsidiary limited to the delivery of the non-charitable areas of the business such as the shop, cafe, venue hire, license sales and car park operations.

National Space Centre

Trustees’ annual report

For the year ended 31 December 2025

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 but 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 2025

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 in December 2000. From 1[st] January 2025, it deals with the non-charitable aspects of the business only.

 NSSC Property Limited (Dormant)

This company was established to raise finance for the construction of the National Space Centre. It has remained dormant since 2001 when the Centre construction was completed.

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2025

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 2025 was 13.

With effect from 1[st] January 2025, and following an extensive governance review, a revised governance model was implemented. National Space Centre runs its charitable activities, whilst 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.

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 Chair, who is assisted by other trustees 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 2025

Governance and Decision-Making Arrangements

The Board of Trustees have overall responsibility for the following:

NSSC Operations Limited, its subsidiary company, is responsible for all non-charitable areas of the business. In 2025 this company board was composed of non-executive directors and operational Executive Directors. It was led by David Brunton, Chair and Trustee, and 4 other Non-Executive Directors including three other Trustee representatives. In 2025, the executive company board members were Mr C St H Bishop, Chief Executive and Mr B Bhakri, Finance Director. Mr Bhakri resigned from his post on 10.1.2025.

With effect from 1[st] January 2025, and following an extensive governance review, a revised governance model was implemented. National Space Centre runs the charitable activities, and its trading subsidiary (NSSC Operations Ltd) runs the 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 Operations Committee made up of a number of Trustees (who are all non-executive directors of NSSC Operations Ltd) was formed to oversee the charitable activities and to report to the main Board of Trustees.

During 2025, following an intensive interview and selection process two deputy CEOs were appointed from existing staff to provide additional support to the CEO and to assist with succession planning.

The CEO is assisted in his role by a senior and experienced Executive Team. This comprises of the Finance Director, Company Secretary, Operations and Estates Director/ Deputy CEO, Discovery Director/ Deputy CEO, NSC Creative Director, National Space Academy Director and Commercial Director.

During 2025, a skills audit helped determine membership of the Boards and Committees from 1 December 2025.

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National Space Centre

Trustees’ annual report

For the year ended 31 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.

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 trading subsidiary (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. Operations Committee: this committee was established in January 2025 as a result of a governance restructure. Its role is to oversee delivery of all charitable activities, including visitor attraction, education, space communications, community engagement, National Space Academy, Immersive Design and Space Engineering courses. It will consider progress against plan and key performance indicators, review key strategic risks, and make appropriate recommendations to the Board. It was put in place for one year (the Transition Year) and its effectiveness was reviewed in November 2025. Trustees and Members agreed that it had fulfilled its purpose and it will be predominantly dormant in 2026, meeting only to discuss in detail specific topics at the request of the Trustees and to authorise expenditure in the range £40,001 to £100,000.

  2. 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.

  3. Remuneration Committee: this committee supports the Board to ensure that the remuneration of members of the Executive Team and all other employees is 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 2025

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.

Pay Policy

As part of the governance review all staff became employees of National Space Centre from 1 April 2025. They were previously employed by NSSC Operations Ltd.

The Remuneration Committee meets at least once a year. Members of the committee in 2025 were the Chair of National Space Centre, the Chair of NSSC Operations Ltd, the Chair of Operations Committee and two further Trustees from the Parent Charity. The Committee’s main responsibilities are to consider pay policy for all staff and to agree the basis for any annual increases in pay. The aim of our pay policy, which applies to all employees, is to offer remuneration that is fair and appropriate for the roles they perform and the responsibilities they undertake to deliver our charitable aims.

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 2025, both the Chief Executive and the Chair of the Operations Committee, who are also trustees of the charity were remunerated for their services provided to the charity and its 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 8 to the accounts.

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2025

In 2025, as stated previously, NSSC Operations Limited was responsible for all the non-charitable activities. It remits any accumulated profit it generates to the charity by way of gift aid. A summary of the trading results is shown in note 16 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.

Strategic report

Achievements and performance

National Space Centre Visitor Attraction

The Centre had 295,136 visitors in 2025 compared to 312,603 in 2024, a decrease of 5.6%. This fall in visitor numbers did peak at 12% down at the end of May but recovered somewhat over the second half of the year. Volume trends, both up and down, are always analysed to assess market forces and the impact of external factors such as the weather. A prolonged dry and warm spring and summer suppressed daily volume, and the prevailing economic climate affected the wider hospitality and visitor attraction economy. Visitor numbers from June- December 2025 were in line with 2024, arresting the decline seen in the first 5 months.

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 62 all year which is considered by the industry to be ‘excellent’ (2024 = 70). Most tickets are sold on-line in advance, with ‘walk-ups’ always being admitted even if there is a short delay.

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2025

NSC Discovery

During 2025 there was a similar trend to school numbers as 2024, with 81,116 school visitors in 2025 compared to 81,844 in 2024. Over 50,000 participated in an onsite activity such as a workshop or live talk, exceeding the 60% target for activity participation (and seeing stability in numbers since the 33% achieved in 2019). TetraStar Spaceport workshops numbers have grown in 2025 and achieved our target numbers. Independent and internal evaluation indicates that a workshop boosts confidence and attainment in the classroom.

The Discovery team delivered outreach activities to more than 3,000 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 Public Programmes Team adds value to the visitor experience through its live presentations and science ‘busking’ in the exhibition. In 2025 the team delivered planetarium shows to over 46,000 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 30,000 visitors highlighting the fun and unusual side of space travel and topical space mission updates. Hands-on ‘busking’ sessions, in which the team can have more in depth 1-2-1 discussion with visitors, had over 36,000 interactions in 2025. The TetraStar Spaceport activity took nearly 48,000 travellers to Mars on a simulated space trip. The team had a total of 164,760 interactions during 2025.

The Community Engagement Team delivered over 10,000 interactions to families in targeted communities 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 shops. An alternative provision service for young people not in formal education for behavioural reasons has been supported by the Esmee Fairbairn Foundation and the Leicestershire Police & Crimes Commissioner fund. The team is currently working with the Development Officer to investigate further funding opportunities to ensure the continuity of funding in these areas.

National Space Academy

The National Space Academy (NSA) completed Phase 1 of its £1.9m Space to Learn programme on behalf of the UK Space Agency in March 2025. It was awarded a further £0.75m for Phase 2 delivery, to be completed by March 2026 and then the programme was subsequently extended to 31 December 2026 with a further award of £0.375m. Over the course of the two phases, it will present space masterclasses, space camps and careers conferences to over 25,000 students in disadvantaged communities UK-wide.

In parallel the NSA team has grown its paid-for programmes with masterclass delivery for industry on behalf of companies including Lockheed Martin and Viasat. The post-16 Space Engineering Programme, delivered in partnership with Loughborough College, continues to attract students that may be more confident in their vocational rather than their academic ability but want to keep their options open. 91% of students progress to high quality degrees and degree apprenticeships; 175 have now graduated from the course and are all tracked as part of an intensive longitudinal study.

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2025

NSC Creative

A new planetarium show called One Step Beyond, about the future of human spaceflight, was launched in summer 2025. Licenses for its predecessor - The Great Solar System Adventure – were strong and contributed to a record £671k income for a calendar year. Licenses for The Dark Side of The Moon, produced on behalf of Pink Floyd to celebrate the 50[th] anniversary of the album, continued to sell and global distribution rights have been extended to 31 December 2027.A small commission (£100k) for Framlingham University in the US was secured and was completed in 2026.

The Creative Team will complete the Outer Solar System gallery development in 2026 and has a new planetarium show in production: see ‘New developments’ below. The NSC Immersive Academy was launched in September 2022. The second cohort of students graduated in summer 2025 and progressed to good university courses or jobs and it has become clear that this course can be sustained.

New Developments

£950,000 was secured to cover all external costs for the new Outer Solar System gallery, which opened in Summer 2026. Visitors can look forward to visiting the four outer planets, their moons, the world of comets and much else. Once complete, attention will switch to smaller refreshment projects until the next major development - the Into Space gallery – in 2030.

A new planetarium show dedicated to Black Holes was in development at the end of 2025 and is scheduled for completion in October 2026, subject to commissioned work being secured, for which (confidential) negotiations are ongoing.

NSC Discovery will continue to broaden its on-site content delivery including the development of a TetraStar Spaceport experience for corporate team building and birthday parties (carried over from 2025). It will sustain its community engagement programme with funding success at the start of 2026 (a £40k grant from the Randal Charitable Foundation) and a target to sustain 10,000 engagements.

After securing an extension to the end of 2026, the National Space Academy is in fresh dialogue with the UK Space Agency to continue its Space to Learn programme beyond December 2026. 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 ran a third careers’ conferences on behalf of the Midlands Space Cluster in Q1 2026 and continues to develop relationships with some of the science, engineering and hi-tech businesses in the surrounding Space City.

Behind the scenes, capital work continues to keep the building and plant in good working order. The planetarium projectors were replaced in Q4 2025, Pick Everard (consultant) has been appointed to advise on the performance of the building plant and fabric with a view to presenting an appropriate replacement schedule that will include the chillers, boilers and roof. Negotiations continue with prospective funders, and the work will be underwritten by reserves and bank borrowing. The Charity’s NetZero aspirations will be taken into consideration.

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2025

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 2025

Financial review

Charity Group Performance

The Group’s net assets at 31 December 2025 were £27,119,254 compared to £27,306,358 at the start of the year.

Our total income of £9,889,999 was significantly more than last year (£8,915,636) bolstered by restricted funds of £556,000 towards the development of the new exhibition (Outer Solar System). Admissions income, including Gift Aid, decreased by £324,947 over 2024 performance, as visitor demand fell in 2025. The charity also received grants totalling £1,368,550, including restricted funds towards the development of the new exhibition, educational programmes support and community engagement

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

Total expenditure at £10,077,103 showed an increase on last year (£9,771,679). This 3% increase in costs was due in the main to the annual pay increase.

In 2025, the Group expended £1,358,850 on fixed assets, mainly on expenditure on the new exhibition (Outer Solar System) and on an upgrade to planetarium projectors.

Operating Subsidiary Financial Performance

NSSC Operations Ltd made a profit of £370,312 (2024: £15,474). The increase in profit is due to the lower costs associated with the trading activities used to support charitable activities. The Operating Subsidiary only dealt with non-charitable activities in 2025.

Principal risks and uncertainties

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

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

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2025

This risk register is updated by the Chief Executive and the wider 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 major future building repair/replacement work whilst maintaining charitable ambition. An Estates survey has helped to identify priorities, timeframe and work is ongoing to obtain cost estimates. The Charity is working with other science centres to make a combined appeal to government departments and the National Lottery to try and secure funding for future work on the building. Should these approaches be unsuccessful the National Space Centre is likely to begin the process to gain museum accreditation. One of the benefits of this will be eligibility to apply for previous funding streams currently closed to us.

There are also growth aspirations, including the intention to address capacity issues on-site through the introduction of new gallery space, catering facilities and a building extension for live presentations, workshops, temporary exhibitions and corporate events, but there must be a good business case on each occasion to ensure The Charity doesn’t stretch itself beyond its means.

The objective is to deliver a better visitor experience and improved 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.

There are financial risks relating to uncertain trading conditions affecting visitor numbers, lack of Creative commissions and the availability of grant funding for educational programmes and community engagement work. To mitigate risk costs, including payroll costs, are regularly reviewed and strictly controlled with an ‘essential spend only’ approach. Contingency plans are developed to cope with various scenarios.

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2025

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 £27.1m (2024: £27.3m), which includes £74,055 restricted income funds, £20,527,201 restricted capital funds, relating to fixed assets which can only be realised by disposing of the tangible fixed assets, and £6,517,998 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 £1.576m of estates and digital capital expenditure outside of the annual operational budget.

In 2025 the Trustees revisited the reserves level and concluded that, for the years 2025-27 and noting the need for regular reviews to accommodate changing circumstances, a range of £0.9-1.2m is appropriate to cover a likely range of scenarios. In setting a reserves policy The Charity considered normal trading, sensitivity in income generation and a zero-income scenario. Free reserves for the Charity itself are currently £1m, so in excess of this minimum (2024: £1.2m).

Going Concern

Given the uncertainties relating to the global economic outlook and cost-of-living increases, our assessment of the Group as a going concern has been arrived at following a thorough review of the business environment and our financial resilience.

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

We will continue to closely monitor the impact of government decision making on our operations and the economic recovery on our operations and activities. Whilst uncertainty exists, the Trustees believe that this does not pose a material uncertainty that would cast doubt on the charity’s ability to continue as a going concern. The trustees consider it appropriate for the accounts to be prepared on a going concern basis.

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2025

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. Its core fundraising resource is a part-time Development Officer, with support from the CEO and other managers.

In early 2025 the Development Officer focused her work on raising £1.00m to cover the cost of the proposed Outer Solar System gallery. The project started in Q2 2025 with £0.95m raised from the Wolfson Foundation, Garfield Weston Foundation, 1851 Royal Commission, Kirby Laing Foundation, a legacy gift and £0.5m underwritten by The Charity.

As the year progressed the Development Officer switched her attention to the work of NSC Discovery and raised funds specifically for the Community Engagement Programme. Several funds were secured and the Charity underwrote The Programme to the value of £80k. Four small awards (£34k in combined value) had been raised by the end of the year for 2026 activity and a £40k award from the Randal Charitable Foundation was secured in January 2026 to help cover costs before bids for bigger awards declare in Q2 2026. After school clubs, Alternative Provision and the development of a community space garden are all recipients of funding for the benefit of young people in Leicester and Leicestershire.

The National Space Academy has had successive grants totalling £2.205m from the UK Space Agency to deliver its masterclass programmes to 35,000 students over seven terms from 2024-2026. A further £375,000 was secured to extend the programme until the end of 2026. A pitch for a renewal of terms/new contract from 2027 will be made in Q4 2026.

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2025

Although The Charity does not raise funds directly from the public, it follows the Fundraising Code of Practice in all its work.

During the year:

Policy for employment of disabled persons

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

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

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.

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2025

Plans for the future

The National Space Centre has exciting plans as set out in its new Ten-Year Vision (currently Vision 2035). 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 decarbonisation 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 2026 it launched a new exhibition gallery called the Outer Solar System and a new planetarium show dedicated to the future of human spaceflight. In 2030 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. The National Space Academy’s Space to Learn programme, funded by the UK Space Agency, concludes in December 2026 by which time 45,000 students from schools in disadvantaged communities across the UK will have took part in masterclasses, career conferences and space camps. The Team will work hard to convince the UK Space Agency that the programme should be extended for a further three 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 80 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.

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National Space Centre

Trustees’ annual report

For the year ended 31 December 2025

Statement of responsibilities of the trustees

The trustees (who are also directors of National Space Centre for the purposes of auditor) 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:

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.

20

National Space Centre

Trustees’ annual report

For the year ended 31 December 2025

Auditor

Sayer Vincent LLP was the charitable company's auditor during the year.

The trustees’ annual report which includes the strategic report was approved by the trustees on 5 August 2026 and signed on their behalf by

Stuart Martin Chairman Date: 5 August 2026

21

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 2025 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.

22

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:

23

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.

24

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.

25

Independent auditor’s report

National Space Centre

To the members of

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.

Jonathan Coyle (Senior statutory auditor)

Date: 06 August 2026

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

26

National Space Centre

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

For the year ended 31 December 2025

Note
Income from:
2
3
4
6
7
24
Reconciliation of funds:
Total income
Expenditure on:
Donations
Charitable activities:
Other trading activities.
Admissions
Space Academy
Investments
Exhibition Development
Total funds brought forward
Total funds carried forward
Transfers between funds
Net movement in funds
Raising funds
Net income/(expenditure) for the year
Total expenditure
Charitable activities
Schools 'Space to Learn'
Community Engagement
Schools Education Delivery		 Unrestricted
funds

£
23,848
4,185,792
-
-
-
-
74,286
4,200,433
37,090
8,521,449
(3,759,200)
(4,757,222)
(8,516,422)
5,027
556,000
561,027
5,956,971
6,517,998		 Restricted
funds
£
-
-
768,791
556,000
30,050
13,709
-
-
-
1,368,550
-
(938,485)
(938,485)
430,065
(556,000)
(125,935)
199,990
74,055		 Capital
restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
(622,196)
(622,196)
(622,196)
-
(622,196)
21,149,397
20,527,201
2025
£
23,848
4,185,792
768,791
556,000
30,050
13,709
74,286
4,200,433
37,090
9,889,999
(3,759,200)
(6,317,903)
(10,077,103)
(187,104)
-
(187,104)
27,306,358
27,119,254		 Unrestricted
funds
£
990
4,510,739
-
-
-
-
39,989
3,293,882
73,667
7,919,267
(2,597,855)
(5,417,404)
(8,015,259)
(95,992)
(34,716)
(130,708)
6,087,679
5,956,971		 Restricted
funds
£
-
-
943,369
-
43,500
9,500
-
-
-
996,369
-
(1,134,224)
(1,134,224)
(137,855)
34,716
(103,139)
303,129
199,990		 Capital
restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
(622,196)
(622,196)
(622,196)
-
(622,196)
21,771,593
21,149,397
2024
£
990
-
4,510,739
943,369
-
43,500
9,500
39,989
3,293,882
73,667
8,915,636
(2,597,855)
(7,173,824)
(9,771,679)
(856,043)
-
(856,043)
28,162,401
27,306,358

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.

27

National Space Centre

Company no. 03485236

Balance sheets

As at 31 December 2025

----- Start of picture text -----
The group The charity
2025 2024 2025 2024
Note £ £ £ £
Fixed assets:
Intangible fixed assets 13 65,793 79,484 65,793 71,416
Tangible assets 14 19,094,744 18,791,159 19,076,394 17,741,186
Heritage assets 15 7,579,416 7,595,740 7,579,416 7,595,740
Investments 16 - - 2 2
26,739,953 26,466,383 26,721,605 25,408,344
Current assets:
Stock 18 202,533 151,154 - -
Debtors 19 545,247 424,564 602,579 711,760
Cash at bank and in hand 1,619,586 1,996,415 1,030,082 1,167,633
2,367,366 2,572,133 1,632,661 1,879,393
Liabilities:
Creditors: amounts falling due within one year 20 (1,321,822) (998,962) (1,367,716) (50,747)
Net current assets 1,045,544 1,573,171 264,945 1,828,646
Total assets less current liabilities 27,785,497 28,039,554 26,986,550 27,236,990
Creditors: amounts falling due after one year 22 (666,243) (733,196) - -
Net assets 23 27,119,254 27,306,358 26,986,550 27,236,990
Capital funds
Restricted funds 20,527,201 21,149,397 20,527,201 21,149,397
Income funds
Restricted funds 74,055 199,990 74,055 199,990
Unrestricted income funds
General funds 6,385,294 5,887,603 6,385,294 5,887,603
- -
Non-charitable subsidiary funds 132,704 69,368
Total unrestricted funds 6,517,998 5,956,971 6,385,294 5,887,603
Total funds 23 27,119,254 27,306,358 26,986,550 27,236,990
----- End of picture text -----

The deficit of the Charity for the year ended 31 December 2025 was £250,440 (2024: Deficit £829,523)

Approved by the trustees on 5 August 2026 and signed on their behalf by

Stuart Martin Chairman

28

National Space Centre

Consolidated statement of cash flows

For the year ended 31 December 2025

Note
£
£
(187,104)
(37,090)
50,931
1,049,120
19,836
-
(15,865)
(51,379)
(120,683)
309,566
1,017,332
37,090
(1,305,510)
(15,006)
Purchase of intangible fixed assets
(6,145)
(1,289,571)
(50,931)
(53,659)
(104,590)
(376,829)
1,996,415
1,619,586
Analysis of cash and cash equivalents and of net debt
At 31 December
2024
Cash flows
£
£
Cash at bank and in hand
1,996,415
(376,829)
Total cash and cash equivalents
1,996,415
(376,829)
Loans falling due within one year
(43,929)
(13,294)
Loans falling due after more than one year
(733,196)
66,953
Total net debt
1,219,290
(323,170)
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
2025
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
Purchase of heritage items
Net (expenditure) for the reporting period
Net cash provided by operating activities
(as per the statement of financial activities)
Increase in creditors
Loss on disposal of fixed assets
Interest receivable
Interest payable
Depreciation of tangible fixed assets
(Increase) in stocks
(Increase) in debtors
Items donated
Amortisation of intangible fixed assets		 £
(856,043)
(73,667)
60,627
1,015,232
14,062
2,171
(920)
(25,717)
(46,050)
77,459
73,667
(337,305)
-
(23,236)
(60,627)
(42,454)
Other non-
cash
changes
£
-
-
-
-
-		 £
167,154
(286,874)
(103,081)
(222,801)
2,219,216
1,996,415
At 31 December
2025
£
1,619,586
1,619,586
(57,223)
(666,243)
896,120
2024

29

National Space Centre Notes to the financial statements

For the year ended 31 December 2025

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.

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 August 2027 which indicate that the group and charitable company have sufficient cash to sustain its business for at least 12 months from the date of the trustees signing the financial statements, thus supporting the assertion to prepare the accounts on a going concern basis.

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

Income from government 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.

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

30

National Space Centre Notes to the financial statements

For the year ended 31 December 2025

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

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

l) Fund accounting Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects. Restricted funds are those funds which have been given for particular purposes and projects. Capital restricted funds are those funds which are retained for the charity's use in furtherance of its charitable purposes. Income restricted funds are those funds which are applied or spent in furtherance of one or more of the charity's charitable purposes.

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

 Finance System (iPlicit) 5 years Amortisation is charged in the year of asset being brought into use.

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

Freehold land is not depreciated.

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

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

Depreciation is charged when the asset is brought into use.

31

National Space Centre Notes to the financial statements

For the year ended 31 December 2025

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

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

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

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

s) 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) 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.

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.

w) 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.

32

National Space Centre

Notes to the financial statements

For the year ended 31 December 2025

2 Income from donations

Unrestricted
£
Donations
23,848
23,848
3a
Schools Education Delivery:
3b
4
Trading activities
5
All income from other trading actvities is unrestricted
Police and Crime Commissioner - Alternative Space
Sub-total for grants
Admissions
Space Academy
Sub-total
Grants:
Space to Learn
Esmee Fairbairn Collection Fund
Total
Institute of Physics (STEAM) - Community Programme
Income from charitable activities (prior year)
Association for Science and Discovery
Other
Royal Commission - Outer Solar System Gallery
Kirby Laing - Outer Solar System Gallery
Association for Science and Discovery - Community &
Admissions
Schools 'Space to Learn'
Wolfson Foundation - Outer Solar System Gallery
Exhibition Development:
Income is attributed to geographical markets as follows:
Income from charitable activities (current year)
Income from other trading activities
Total
Retail
Catering/Venue Hire
Creative Services
United Kingdom
Esmee Fairbairn Collection Fund
Rest of World
Europe
Analysis of income
Space Academy
Community Engagement:		 £
-
-
Unrestricted
£
4,185,792
-
-
-
-
-
-
-
-
74,286
4,260,078
Restricted		 2025
Total
£
23,848
23,848
Restricted
£
-
768,791
500,000
36,000
20,000
30,050
-
9,719
3,990
-
1,368,550
Unrestricted
£
4,510,739
39,989
4,550,728
-
-
-
-
4,550,728		 Unrestricted
£
990
990
Capital
restricted
funds
£
-
-
-
-
-
-
-
-
-
-
Restricted
£
-
-
-
9,500
943,369
43,500
996,369
996,369		 £
-
-


2025
£
4,185,792
768,791
500,000
36,000
20,000
30,050
-
9,719
3,990
74,286
5,628,628
Capital
restricted
funds
£
-
-
-
-
-
-
-
-
2025
£
802,177
2,275,437
1,120,734
2,085
4,200,433
2025
£
8,886,283
444,932
558,784
9,889,999
Restricted
Total		 2024
Total
£
990
990
2024
£
4,510,739
943,369
-
-
-
9,500
43,500
-
-
39,989
5,547,097


2024
£
4,510,739
39,989
4,550,728
9,500
943,369
43,500
996,369
5,547,097
2024
Total
£
828,107
1,852,960
579,554
33,261
3,293,882
2024
£
8,519,696
148,878
247,062
8,915,636

33

National Space Centre

Notes to the financial statements

For the year ended 31 December 2025

6a Analysis of expenditure (current year)

Retail
Catering
Venue Hire
£
£
£
£
Staff costs (Note 9)
360,207
95,819
382,532
399,513
Depreciation
-
-
-
-
Loss on disposal of fixed assets
-
-
-
-
Costs of sales
-
371,642
325,033
214,748
IT and licences
6,464
-
1,376
2,710
Utilities
-
-
-
-
Insurance and rent
-
-
-
48
Maintenance
-
545
1,348
1,276
Running and sundry
1,115
(72)
5,965
2,384
Marketing
62,039
-
-
5,919
Financing
-
-
-
-
Cleaning and waste disposal
-
-
5,661
-
Audit, legal and consultancy
-
-
-
-
Management has stress tested thei
40
349
98
1,763
Telephone and internet
155
-
-
135
Space Academy
-
-
-
-
Postage and stationery
-
-
505
-
Creative services
-
-
-
-
Travel
810
1,937
-
7,485
430,830
470,220
722,518
635,981
Support costs
282,879
308,741
474,398
417,580
Governance costs
3,061
3,341
5,133
4,518
Total expenditure 2025
716,770
782,302
1,202,049
1,058,079
Total expenditure 2024
565,485
539,569
846,813
645,988
Cost of raising funds
On other income
On donations		 £
2,710,114
5,656
-
361,092
90,963
27
-
13,760
132,761
30,894
2,014
-
25,590
7,092
29,746
302,683
15,514
-
69,610
3,797,516
2,493,408
26,979
6,317,903
7,173,824
Charitable
activities		 Support costs
£
1,566,084
1,063,299
-
11,068
74,539
450,843
219,960
199,575
127,394
-
119,026
72,742
-
23,218
21,522
-
19,346
-
8,390
3,977,006
(3,977,006)
-
-
-		 Governance
£
-
-
-
-
-
-
-
-
-
-
-
-
43,032
-
-
-
-
-
-
43,032
-
(43,032)
-
-		 2025 Total
£
5,514,269
1,068,955
-
1,283,583
176,052
450,870
220,008
216,504
269,547
98,852
121,040
78,403
68,622
32,560
51,558
302,683
35,365
-
88,232
10,077,103
-
-
10,077,103		 2024 Total
£
5,229,744
1,029,294
2,171
1,025,901
192,281
499,416
236,095
180,263
428,703
132,342
143,945
93,644
174,714
37,038
24,976
202,514
10,858
45,753
82,027
9,771,679
-
-
-
9,771,679

34

National Space Centre

Notes to the financial statements

For the year ended 31 December 2025

6b Analysis of expenditure (prior year)

Retail
Catering
Venue hire
£
£
£
£
Staff costs (Note 9)
369,300
69,971
411,189
327,645
Depreciation
-
-
-
-
Loss on disposal of fixed assets
-
-
-
-
Costs of sales
1,143
385,065
285,611
207,723
IT and licences
3,867
462
808
1,899
Utilities
-
-
-
-
Insurance and rent
-
-
-
-
Maintenance
-
-
3,733
-
Running and sundry
(8,152)
5,484
11,688
8,147
Marketing
70,657
-
4,994
Financing
-
-
13
-
Cleaning and waste disposal
-
-
5,868
-
Audit, legal and consultancy
107
-
436
-
Management has stress tested th
1,143
130
7,000
375
Telephone and internet
191
-
-
174
Space Academy
-
-
-
-
Postage and stationery
244
47
-
22
Creative services
45,753
-
-
-
Travel
795
1,659
12
3,120
485,048
462,818
726,358
554,099
Support costs
77,434
73,885
115,958
88,458
Governance costs
3,003
2,866
4,497
3,431
Total expenditure 2024
565,485
539,569
846,813
645,988
Cost of raising funds
On other income
On donations		 £
3,299,256
972,604
1,399
146,359
151,341
499,416
1,183
154,157
397,660
56,691
71
87,776
64,998
21,280
24,611
202,514
(2,363)
-
74,430
6,153,383
982,343
38,098
7,173,824
Charitable
activities		 Support
£
752,383
56,690
772
-
33,904
-
234,912
22,373
13,876
-
143,861
-
57,278
7,110
-
-
12,908
-
2,011
1,338,078
(1,338,078)
-
-		 Governance
£
-
-
-
-
-
-
-
-
-
-
-
51,895
-
-
-
-
-
-
51,895
-
(51,895)
-		 2024 Total
£
5,229,744
1,029,294
2,171
1,025,901
192,281
499,416
236,095
180,263
428,703
132,342
143,945
93,644
174,714
37,038
24,976
202,514
10,858
45,753
82,027
9,771,679
-
-
9,771,679

35

National Space Centre Notes to the financial statements For the year ended 31 December 2025

7 Net expenditure for the year

This is stated after charging :

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Depreciation|1,049,120|1,015,232| |Amortisation|19,836|14,062| |Loss on disposal of fixed assets|-|2,171| |Interest payable|50,931|60,627| |Operating lease rentals:| |Property|27,000|27,000| |Other|-|4,704| |Auditor's remuneration (excluding VAT):| |Audit|30,925|25,600| |Non-audit services|11,087|12,650| |Foreign exchange (losses)/ gainsg|9,918|3,669| |Trustee emoluments and key management remuneration| |2025|2024| |£|£| |Trustees' emoluments|161,185|156,852| |Contributions to defined contribution pension scheme|17,542|17,022|

----- End of picture text -----

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 £146,185 and £15,000 (2024: £141,422 and £15,250 ) respectively for qualifying services in those capacities and £17,542 and £nil (2024: £17,022 and £nil ) respectively for contributions to a defined contribution pension scheme.

During the period £91 (2024: £168) was paid to 1 trustee (2024: 1) 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 £705,026 (2024: £644,683 restated).

Staff costs were as follows:

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Salaries and wages|4,760,525|4,602,031| |Social security costs|504,964|392,703| |Employer’s contribution to defined contribution pension schemes|248,780|235,010| |5,514,269|5,229,744|

----- End of picture text -----

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:

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |No.|No.| |£60,000 - £69,999|5|4| |£70,000 - £79,999|2|1| |£80,000 - £89,999|-|1| |£140,000 - £149,999|1|1|

----- End of picture text -----

10 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 201 (2024 : 193).

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

Administration Operations

----- Start of picture text -----
||| |---|---| |2025|2024| |No.|No.| |37|60| |115|71| |152|131|

----- End of picture text -----

36

National Space Centre

Notes to the financial statements

For the year ended 31 December 2025

National Space Centre

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

Association of Science and Discovery Centres £4,203 for membership & development fees (2024: £nil ). Bipon Bhakri was appointed trustee from September 2024 and remains on the board following his resignation from NSC in January 2025.

Leicester City Council £17,109 for rates and licensing (2024: £6,683). Andrew Shilliam appointed February 2024 (LCC Representative) and an employee of Leicester City Council.

East Midlands Chamber £1,100 for membersip. Kevin Harris is a Non Executive Director and the Chair of the Board of the East Midlands Chamber.

Leicester Shire Promotions Limited for publications and promotions £2,583 (2024: £954). Charles Bishop is a Director of both NSSC Operations Limited and Leicester Shire Promotions Limited.

During the year, £768,791 (2024: £943,369) 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.

University of Leicester £343 for room hire (2024: £53,766). Professor Sarah Davies is an Executive Board member of the university.

NSSC Operations Limited

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

Association of Science and Discovery Centres £NIL (2024 : £2,036). Bipon Bhakri is a Board member of Association of Science and Discovery Centres but resigned in January 2025 as Director of NSSC Operations Limited.

Leicester Shire Promotions Limited £48 for a ticket to an event (2024: £954). Charles Bishop is a Director of both NSSC Operations Limited and Leicester Shire Promotions Limited.

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:

13
Amortisation
Charge for the year
Net book value
Net book value
At the start of the year
Amortisation
Charge for the year
Transfers
At the end of the year
Net book value
Net book value
At the start of the year
At the start of the year
Additions in year
At the end of the year
At the end of the year
The group
Cost
At the start of the year
Cost
At the start of the year
UK corporation tax at 25% (2024:25%)
Intangible fixed assets
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
Transfers		 2025
£
-
Website costs
£
93,546
6,145
99,691
14,062
19,836
33,898
65,793
79,484
Website costs
£
83,286
6,145
10,260
99,691
11,870
19,836
2,192
33,898
65,793
71,416		 2024
£
-
Total
£
93,546
6,145
99,691
14,062
19,836
33,898
65,793
79,484
Total
£
83,286
6,145
10,260
99,691
11,870
19,836
2,192
33,898
65,793
71,416

37

National Space Centre

Notes to the financial statements

For the year ended 31 December 2025

14 Tangible fixed assets

Transfer from exhibition items
Cost
The group
At the end of the year
At the end of the year
At the start of the year
Charge for the year
At the end of the year
Disposals in year
At the start of the year
Additions in year
Depreciation
Net book value
Eliminated on disposal
At the start of the year		 Freehold land &
buildings
£
27,057,718
-
-
-
27,057,718
11,786,179
520,368
-
12,306,547
14,751,171
15,271,539		 Long leasehold
land &
buildings
£
1,133,660
-
-
-
1,133,660
173,585
7,333
-
180,918
952,742
960,075		 Exhibition fit out
£
11,265,776
789,975
-
47,195
12,102,946
9,741,961
309,082
-
10,051,043
2,051,903
1,523,815		 Plant &
equipment
£
2,548,103
515,535
-
-
3,063,638
1,512,373
212,337
-
1,724,710
1,338,928
1,035,730		 Motor
vehicles
£
25,995
-
-
-
25,995
25,995
-
-
25,995
-
-		 Challenger
building &
equipment
£
724,818
-
-
-
724,818
724,818
-
-
724,818		 Total
£
42,756,070
1,305,510
-
47,195
44,108,775
23,964,911
1,049,120
-
25,014,031
19,094,744
18,791,159

Land with a value of £680,000 (2024: £680,000) is included within freehold land and buildings and not depreciated. As part of the governance review effective the 1/1/2025 a number of assets were transferred to the Charity from the trading subsidiary at their net book value.

Transfer
Transfer
Net book value
At the start of the year
At the start of the year
Additions in year
At the end of the year
Disposals in year
Depreciation
At the start of the year
Charge for the year
Cost
The charity
Eliminated on disposal
At the end of the year
At the end of the year		 Freehold land &
buildings
£
26,146,900
-
-
910,818
27,057,718
11,667,721
520,368
-
118,458
12,306,547
14,751,171
14,479,179		 Long leasehold
land &
buildings
£
1,133,660
-
-
-
1,133,660
173,585
7,333
-
-
180,918
952,742
960,075		 Exhibition fit out
£
10,643,789
789,975
-
304,008
11,737,772
9,188,656
308,522
-
222,036
9,719,214
2,018,557
1,455,133		 Plant &
equipment
£
2,251,423
506,969
-
251,891
3,010,283
1,404,626
209,134
-
42,599
1,656,359
1,353,924
846,800		 Motor
vehicles
£
25,995
-
-
-
25,995
25,995
-
-
-
25,995
-
-		 Challenger
building &
equipment
£
724,818
-
-
-
724,818
724,818
-
-
-
724,818
-
-		 Total
£
40,926,585
1,296,944
-
1,466,716
43,690,246
23,185,401
1,045,357
-
383,093
24,613,851
19,076,394
17,741,186

Land with a value of £680,000 (2024: £680,000) is included within freehold property and not depreciated. As part of the governance review effective the 1/1/2025 a number of assets were transferred to the Charity from the trading subsidiary at their net book value.

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 2025

15 Heritage assets

At the start of the year
Donations in year
Acquisitions
Deaccessions
Total
The balance at the end of the year comprises:
Cost or valuation
At the end of the year
Group and charitable company
Items included at fair value
Items included at cost		 Artefacts
2025
£
7,595,740
15,865
15,006
(47,195)
7,579,416
241,447
7,337,969
7,579,416		 2024
£
7,594,820
920
-
-
7,595,740
241,447
7,354,293
7,595,740		 2023
£
7,593,085
1,735
-
-
7,594,820
241,447
7,353,373
7,594,820		 2022
£
7,592,955
130
-
-
7,593,085
241,447
7,351,638
7,593,085		 2021
£
7,592,880
75
-
-
7,592,955
241,317
7,351,638
7,592,955

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. De-accessioned items are removed from heritage assets and moved to fixed assets.

Approximately £2,195,000 (2024: £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 (2024: £10,000,000 including loan items).

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

39

National Space Centre

Notes to the financial statements

For the year ended 31 December 2025

16 Subsidiary undertaking

The Charity has two wholly owned subsidiaries which are incorporated in Great Britain. NSSC Operations Limited is responsible for the non-charitable aspects of business, whilst NSSC Property Limited did not trade during the period. A summary of the trading results of NSSC Operations Limited is shown below. Audited accounts of NSSC Operations Limited will be filed with the Registrar of Companies.

Company Country of incorporation Holding Investment Company Nature of
Number business
NSSC Operations Limited England and Ordinary 100% 04141856 Commercial
Wales shares aspects of NSC
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 non-charitable, commercial operations at 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, I J Borley, D Brunton and Prof S J Davies 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:

Turnover from sales to parent undertaking
Profit for the financial year
Interest receivable and similar income
Interest payable
Assets
Turnover
Operating expenditure
Management charge due from parent undertaking
Other operating income
Profit for the financial year
Taxation on profit
The aggregate of the assets, liabilities and reserves was:
Liabilities
Reserves
Retained earnings
Total retained earnings carried forward
Distribution under Gift Aid to parent charity
Total retained earnings brought forward
Profit before taxation
Operating profit		 2025
£
4,185,258
15,175
(3,805,202)
-
-
395,231
30,292
(55,211)
370,312
-
370,312
69,368
370,312
(306,976)
132,704
1,414,414
(1,281,710)
132,704		 2024
£
5,230,982
-
(8,684,836)
2,281,050
1,193,500
20,696
55,405
(60,627)
15,474
-
15,474
95,895
15,474
(42,001)
69,368
2,327,213
(2,257,845)
69,368

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 2025

17 Parent charity

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

18
19
20
Accruals
Deferred income (note 21)
Catering supplies and goods for resale
Prepayments
Bank loans
Trade creditors
Taxation and social security
Creditors: amounts falling due within one year
Other creditors
Other debtors
Amounts owed by subsidiary undertakings
Gross income
Trade debtors
Stock
Result for the year
Debtors		 2025
£
202,533
202,533
2025
£
422,498
11,569
-
111,180
545,247
2025
£
57,223
117,459
324,533
31,109
511,411
280,087
1,321,822
The g
The g
The g		 2024
£
151,154
151,154
2024
£
182,669
128,573
-
113,322
424,564
2024
£
43,929
97,753
256,932
20,615
256,575
323,158
998,962
roup
roup
roup		 2025
2024
£
£
5,659,274
3,611,976
(250,440)
(829,523)
2025
2024
£
£
-
-
-
-
2025
2024
£
£
301,311
-
-
128,573
197,389
576,437
103,879
6,750
602,579
711,760
2025
2024
£
£
-
-
112,265
-
788,505
-
31,107
20,615
373,918
10,148
61,921
19,984
1,367,716
50,747
The charity
The charity
The charity

21 Deferred income

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

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2025
£
323,158
(323,158)
280,087
280,087
The g		 2024
£
238,556
(238,556)
323,158
323,158
roup		 2025
2024
£
£
19,984
-
(19,984)
-
61,921
19,984
61,921
19,984
The charity

41

National Space Centre Notes to the financial statements For the year ended 31 December 2025

22 Creditors: amounts falling due after one year

Bank loans 2025
£
666,243
666,243
The g		 2024
£
733,196
733,196
roup		 2025
2024
£
£
-
-
-
-
The charity

The amount of the bank loan repayable by instalments falling due after more than five years is £nil (2024: £544,013). This is fully repayable on 11 January 2029.

The bank loan has a remaining trerm of 4 years and is repayable in monthly instalments with a final bullet payment due on the 11 January 2029. 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.

Long term liabilities
Net current assets
Long term liabilities
Intangible fixed assets
Net assets at 31 December 2024
Heritage assets
Tangible fixed assets
Heritage assets
Analysis of group net assets between funds (prior year)
Intangible fixed assets
Tangible fixed assets
Net current assets
Net assets at 31 December 2025		 General
unrestricted
£
65,793
6,146,959
-
971,489
(666,243)
6,517,998
General
unrestricted
£
79,484
5,177,534
59,968
1,373,181
(733,196)
5,956,971		 Income
restricted
funds
£
-
-
-
74,055
-
74,055
Income
restricted
£
-
-
-
199,990
-
199,990		 Capital restricted
funds
£
-
12,947,785
7,579,416
-
-
20,527,201
Capital restricted
funds
£
-
13,613,625
7,535,772
-
-
21,149,397		 Total
funds
£
65,793
19,094,744
7,579,416
1,045,544
(666,243)
27,119,254
Total
funds
£
79,484
18,791,159
7,595,740
1,573,171
(733,196)
27,306,358

23b Analysis of group net assets between funds (prior year)

42

National Space Centre

Notes to the financial statements For the year ended 31 December 2025

24a Movements in funds (current year)

Total restricted funds - revenue
Capital
Total restricted funds - capital
General funds
Non-charitable subsidiary funds
Police and Crime Commissioner - Alternative Space
Wolfson Foundation - Outer Solar System Gallery
Space to Learn
Esmee Fairbain Collection Fund
Lloyds Register Foundation Stage 1
Total unrestricted funds
Unrestricted funds:
Garfield Weston Foundation
Lloyds Register Foundation Stage 2
Restricted funds - revenue:
Air and Space Power Association
Science Technology and Facilities Council
Royal Commission - Outer Solar System Gallery
Kirby Laing - Outer Solar System Gallery
Institute of Physics (STEAM) - Community Programme
Total funds
Association for Science and Discovery - Community &
Education Programmes		 £
1,326
22,784
78,866
28,151
7,459
4,862
-
56,542
-
-
-
-
-
199,990
21,149,397
21,149,397
5,887,603
5,887,603
69,368
27,306,358
At 1 January
2025		 £
-
-
-
-
-
30,050
768,791
-
9,719
500,000
36,000
20,000
3,990
1,368,550
-
-
4,290,724
4,290,724
4,230,725
9,889,999
Income &
gains		 £
(1,326)
-
(78,866)
(870)
-
(16,900)
(788,967)
(41,837)
(9,719)
-
-
-
-
(938,485)
(622,196)
(622,196)
(4,349,033)
(4,349,033)
(4,167,389)
(10,077,103)
Expenditure &
losses		 £
-
-
-
-
-
-
-
-
-
(500,000)
(36,000)
(20,000)
-
(556,000)
-
-
556,000
556,000
-
-
Transfers		 £
-
22,784
-
27,281
7,459
18,012
(20,176)
14,705
-
-
-
-
3,990
74,055
20,527,201
20,527,201
6,385,294
6,385,294
132,704
27,119,254
At 31 December
2025

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

24b
Total restricted funds - revenue
Total restricted funds - capital
General funds
Non-charitable subsidiary funds
Movements in funds (prior year)
Garfield Weston - Outer Solar System Gallery
Lloyds Register Foundation Stage 2
Air and Space Power Association
Science Technology and Facilities Council
Association for Science and Discovery Centres
Space to Learn
Esmee Fairbain Collection Fund
Total funds
Capital restricted fund
Restricted funds - capital
Restricted funds - revenue:
Garfield Weston Foundation
Lloyds Register Foundation Stage 1
Total unrestricted funds		 At 1 January
2024
£
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		 Income &
gains
£
-
-
-
-
-
9,500
943,369
43,500
-
996,369
-
-
2,615,607
2,615,607
8,760,937
12,372,913		 Expenditure &
losses
£
-
(35,631)
(515)
(9,634)
-
(5,228)
(978,085)
(17,099)
(88,032)
(1,134,224)
(622,196)
(622,196)
(2,685,071)
(2,685,071)
(8,787,465)
(13,228,956)		 Transfers
£
(13,284)
-
-
-
-
-
34,716
-
13,284
34,716
-
-
(34,716)
(34,716)
-
-
-		 At 31 December
2024
£
1,326
22,784
78,866
28,151
7,459
4,862
-
56,542
-
199,990
21,149,397
21,149,397
5,887,603
5,887,603
69,368

27,306,358

43

National Space Centre

Notes to the financial statements For the year ended 31 December 2025

Movement of funds

24c

Purposes of funds

Purposes

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

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 Associaton for Science and Discovery (ASDC) has provided a number of grants to support, 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 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, negative balances on the fund are due to timing and are covered by future funding. The Lloyds Register provided funding to develop a scoping project to build on existing international space education/research partnerships to increase access to impactful STEM engagement interventions in disadvantaged communities.

The Police and Crime Commissioner for Leicestershire provided funding for an alternative provision pathway, a practical activity programme to create a positive learning experience for young people who might find it difficult to engage in more "traditional" provision and ways of working to include STEM content and mentoring. The Wolfson Foundation provided funding towards the redevelopment of the Outer Solar System Gallery (OSS). The transfer from restricted funds relates to the assets capitalised in relation to the the OSS exhibition development with the restriction satisfied at the point of acquisition.

The Royal Commission for the Exhibition of 1851 provided funding towards the redevelopment of the Outer Solar System Gallery (OSS).The transfer from restricted funds relates to the assets capitalised in relation to the the OSS exhibition development with the restriction satisfied at the point of acquisition.

The Kirby Laing Foundation provided funding for the redevelopment of the Outer Solar System Gallery (OSS).The transfer from restricted funds relates to the assets capitalised in relation to the the OSS exhibition development with the restriction satisfied at the point of acquisition.

The Institute of Physics provided funding for the delivery of a project to explore science through creative movement.

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
Capital commitments
One to five years
Over five years
Contracted for, but not provided in the financial statements		 2025
2024
£
£
27,000
27,000
108,000
108,000
20,250
47,250
155,250
182,250
Property		 2025
£
-
-
-
-
2025
£
75,594
Ot		 2024
£
4,704
-
-
4,704
2024
£
40,000
her

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