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2025-08-31-accounts

Charity registration number: 1146064

The British Physics Olympiad Trust

Annual Report and Financial Statements

for the Year Ended 31 August 2025

The British Physics Olympiad Trust

Contents (continued)

Contents (continued)
Reference and Administrative Details 1
Trustees' Report 2 to 32
Statement of Trustees' Responsibilities 33
Independent Examiner's Report 34
Statement of Financial Activities 35 - 36
Balance Sheet 37
Notes to the Financial Statements 38-47

The British Physics Olympiad Trust

Legal and Administration Information

Registered charity name

The British Physics Olympiad Trust (also known as BPhO)

Charity registration number

1146064

Registered office

The British Physics Olympiad Trust Department of Physics University of Oxford Denys Wilkinson Building Oxford OX1 3RH

Trustees

Website

Dr Anson Cheung Mr Robin Hughes Dr Sian Tedaldi www.BPhO.org.uk

Independent examiner

Wenn Townsend Chartered Accountants 30 St Giles Oxford OX1 3LE

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The British Physics Olympiad Trust

Trustees' Report

The trustees present the annual report together with the financial statements of the charity for the year ended 31 August 2025.

The registered charity name is The British Physics Olympiad Trust. Throughout this report it is also know as BPhO. Information for this charity can be found on the website: www.BPhO.org.uk.

Reference and administration details

The Charity name is The British Physics Olympiad Trust, and is also known as BPhO. The Charity has the registered number 1146064, and its principal address is:

The British Physics Olympiad Trust

Department of Physics University of Oxford Denys Wilkinson Building Oxford OX1 3RH

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees:

Dr Anson Cheung Dr Sian Tedaldi Mr Robin Hughes

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The British Physics Olympiad Trust

Trustees' Report (continued)

Structure, governance and management

The charity is governed by a Trust Deed dated 11 January 2012. Trustees are appointed or reappointed at meetings of the Trustees. The organisation has a Child Protection Policy and a Data Protection Policy in place, and DBS checks are carried out on Trustees and on volunteers who interact with young people.

The British Physics Olympiad operates with the support of the Outreach Office of the Physics Department at the University of Oxford (Oxford Physics). One of the Trustees, Dr Sian Tedaldi, is based within the Outreach Office and, in her professional role at Oxford, oversees the BPhO’s outreach activities and manages the BPhO Administrator. The BPhO Administrator is an employee of the University of Oxford and supports the day-to-day running of the BPhO, devoting a proportion of their time to the administration of BPhO competitions and events.

Academic training, paper setting, and the delivery of educational activities are managed and carried out by a committed group of around 30–40 volunteers, primarily teachers (including some retired) and university students. Postgraduate students are employed on casual contracts as competition markers to manage the substantial volume of Round 1 scripts from UK and international participants. This blended model of volunteer expertise and targeted staffing enables the BPhO to deliver a high-quality, wide-reaching programme.

Charitable objects and main activities undertaken

The objects of the Charity are the advancement of education and engagement of students in physics, including:

There are five distinct strategic activities that underpin the running and development of the organisation. Each area is explored further in this report.

1. Competition papers

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The British Physics Olympiad Trust

Trustees' Report (continued)

2. Selection and training

3. Widening engagement

4. Operations and infrastructure

5. Sustainability and expansion

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The British Physics Olympiad Trust

Trustees' Report (continued)

Background

Problem solving is central to the BPhO’s mission, helping students build confidence, resilience, and independence when working with challenging material. Competitions, workshops and problem-solving events support both teachers and students in recognising that physics is demanding for everyone, while also highlighting the significant rewards of sustained engagement.

The BPhO promotes good practice in teaching extension and enrichment material, ensuring that students from all backgrounds can access high-quality opportunities beyond the classroom. By sharing resources and expertise developed over many years, the BPhO strengthens teaching provision and helps students develop the advanced skills needed for further study. As a national network linking teachers and schools, BPhO maintains regular contact throughout the year to support participation and the exchange of ideas. The skills developed through BPhO activities benefit students personally and contribute to the wider economic need for future physicists, engineers and scientific leaders.

Competition papers

The BPhO sets 13 competition papers each year, ensuring consistency, appropriate difficulty, and strong academic value. Information about all our papers can be found on the BPhO website. Individual reports containing detailed breakdowns of the paper results are also produced and made available to participating teachers.

These papers offer three levels of engagement, as outlined below, together with participation figures for the 2023/24 academic year.

• Participate (33,850 students)

Online, multiple-choice quizzes designed to spark interest in physics problem-solving, offering many easy questions alongside a few more challenging ones. There are five papers for ages 11–17 years, including the online Junior and Intermediate Physics Challenge papers and the online Junior Astro Challenge .

• Challenge (22,000 students)

Papers that foster deeper interest and understanding in problem-solving, requiring mathematical techniques and designed to stretch the most capable students. There are four papers for ages 14–18 years, including the Senior Physics Challenge and the Astro Challenge .

The participation figures reported for these papers represent a conservative estimate based on the number of schools ordering papers and submitting results for grading. We are aware that a significant number of schools use BPhO competition papers without submitting marks for grading before the deadline. While there is no reliable method of quantifying this additional participation, our understanding, based on correspondence and ongoing communication with schools, is that the actual level of engagement is higher than the figures reported.

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The British Physics Olympiad Trust

Trustees' Report (continued)

• Compete and select (4,070 students)

Our most advanced papers, such as BPhO Round 1 , identify and reward the best problem-solvers in UK schools and are used to select the UK teams for international competitions. There are two qualifying Round 1 papers for Physics and Astronomy, with subsequent Round 2 papers, for ages 17–18 years.

In addition, the Experimental Project (154 students) and the Computational Physics Challenge (130 entries and 1,200 students engaging online) develop students’ practical and analytical skills.

A major focus of the 2024/25 year was the development and implementation of BPhO Round 0. Continued growth in participation in BPhO Round 1, with entries reaching approximately 3,800 students, had made the volume of scripts increasingly difficult to mark within the required timescales. The design, testing, administration, and launch of Round 0 therefore required a significant investment of time and volunteer effort throughout the year. Launched in October 2025, Round 0 was developed as an accessible selection paper that broadens participation while ensuring that Round 1 remains sustainable to administer and mark. This initiative represents an important step in supporting the long-term growth and sustainability of the competition.

Selection and training

Two teams of five students are selected to represent the UK in the international Olympiad competitions for both Physics and Astronomy through a five-day Easter residential held at the University of Oxford. The event supports motivated students in developing advanced problem-solving and analytical skills. Further training is provided through a programme of mentoring that includes both in-person and online activities.

The 2025 International Physics Olympiad was held in Paris in July. The five British participants were very successful, returning with two Silver medals and three Bronze medals. The 2025 International Olympiad on Astronomy and Astrophysics was held in Mumbai in August. The UK team achieved an exceptional result, returning with four Gold medals and one Silver medal.

These competitions provide participants with unique opportunities to engage with talented young scientists from around the world, develop their problem-solving and communication skills, and represent the United Kingdom on the international stage. Participation often has a lasting impact on students’ academic development, confidence, and future aspirations in physics and related disciplines.

We have continued to involve a growing number of former Olympiad participants in the delivery of training activities across both the physics and astronomy programmes. Their recent experience of the competitions provides current students with valuable peer support and mentoring, while also helping to broaden the pool of volunteers involved in BPhO activities and strengthen the long-term sustainability of the organisation.

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The British Physics Olympiad Trust

Trustees' Report (continued)

Widening engagement

The BPhO programme of enrichment activities continued to support students and teachers across the UK during 2024/25. During the year, we delivered two dedicated outreach events reaching 84 young people; the Year 10 Physics Taster Day and the Year 12 Physics Masterclass at St John’s College, Oxford. Working closely with the University of Oxford, we select students using widening participation criteria such as FSM eligibility, POLAR4 data, gender, and ethnicity, helping to ensure that students from underrepresented groups are able to access these opportunities.

Teachers play a critical role in widening engagement and supporting students to develop their interest in physics. During the year, we delivered four events for teachers, providing opportunities to develop subject knowledge, problem-solving skills, and confidence in preparing students for BPhO competitions. Demand for these activities remains strong. In particular, our teacher event in Oxford attracted 57 participants from different schools, demonstrating continued enthusiasm for high-quality physics enrichment and professional development opportunities.

We continue to provide a wide range of freely available resources to support teachers and students, including past papers and accompanying materials. The BPhO Round 1 question bank, developed and piloted in the previous year, remains available to teachers, allowing problems to be searched by topic and used flexibly in the classroom. Our online BPhO Round 1 training materials continue to be particularly popular, providing students with accessible support as they prepare for the competition. The first video in the Round 1 training series released during the reporting year has been viewed more than 3,600 times, demonstrating the strong demand for accessible competition preparation resources. The annual BPhO lecture is also published online to reach a wider audience.

BPhO remains committed to widening participation, particularly through increasing engagement with state-funded schools and supporting a broader range of students to access enrichment and competition opportunities. We will continue to work with teachers, schools, universities, and other partners to ensure that talented young physicists from all backgrounds are able to engage with advanced physics and fulfil their potential.

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The British Physics Olympiad Trust

Trustees' Report (continued)

Operations and infrastructure

The online competition and marking platforms introduced in recent years continue to support the efficient delivery of BPhO activities. The competition platform enables the issuing of competition papers and the delivery of online challenges, while the marking platform supports the distribution of scripts and collection of marks. Together, these systems provide a scalable digital infrastructure capable of supporting continued growth in participation.

Funding from G-Research continues to support dedicated payroll and accounting services, strengthening administrative capacity and helping to ensure the effective operation of the charity. As participation across competitions, training activities, and outreach programmes continues to grow, these systems and services remain essential to the effective administration of BPhO activities.

Alongside these operational activities, the BPhO continues to maintain and review its safeguarding and risk-management procedures to support the safe delivery of competitions, training camps, events, mentoring activities, and international participation.

Sustainability and expansion

The operational and digital infrastructure described above continues to provide a strong foundation for the delivery and future development of BPhO activities. Ongoing support from G-Research remains central to the charity’s work, enabling the continued delivery of competitions, training programmes, outreach activities, and the British Astronomy and Astrophysics Olympiad.

Income from overseas purchases of BPhO competition papers, Round 1 entry fees, and international partnerships continues to make an important contribution to programme delivery and financial sustainability. In particular, the charity’s long-standing collaboration with an educational organisation in China remains a significant source of support for core activities. Work is ongoing to secure additional partnership opportunities to support the long-term sustainability and growth of the charity’s activities.

The charity maintains unrestricted reserves equivalent to approximately two to three years of operating costs. These reserves are held in interest-bearing accounts to provide financial stability, meet unexpected expenditure, and support future development where appropriate. The combination of sponsorship, competition income, international partnerships, and prudent financial management places the charity in a strong position to continue delivering and developing its activities without reliance on reserves.

The trustees continue to review the skills and experience represented on the Board. The charity is currently progressing the appointment of Dr Gareth Conduit as a trustee. His experience and expertise would further strengthen the Board and support the charity’s continued development, governance, and long-term sustaina

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The British Physics Olympiad Trust

Trustees' Report (continued)

Evaluation and impact

As part of BPhO’s ongoing commitment to evaluation and continuous improvement, work commenced during the year to establish an annual stakeholder survey. With the support of independent evaluator Laura Thomas, the first survey was launched during the first term of the 2025/26 academic year. Although completed after the reporting period covered by this Trustees’ Annual Report, the survey gathered feedback from teachers (N = 142) on their experiences of BPhO activities over a number of years, including activities delivered during the reporting period. A summary of the BPhO Annual Teacher Survey is presented in Appendix A.

The survey forms part of a wider programme of evaluation and learning. Follow-up focus groups and further analysis are planned to explore emerging themes in greater depth and to better understand the impact of BPhO activities on students, teachers, and schools. Together, this work will contribute to a comprehensive evaluation report and support the continued development and improvement of the charity’s activities.

The evaluation explored the following themes:

In addition to gathering feedback on BPhO activities more broadly, the survey included a detailed evaluation of the newly introduced Round 0 competition. As Round 0 was launched after the reporting period covered by this Trustees’ Annual Report, the findings from that evaluation will be reported and discussed in the 2025/26 Annual Report.

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The British Physics Olympiad Trust

Trustees' Report (continued)

Summary of Findings

Strong teacher support and satisfaction

Benefits for students

Teachers reported that participation helps students develop problem-solving ability, confidence, resilience and independent learning skills.

Benefits for teachers and schools

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The British Physics Olympiad Trust

Trustees' Report (continued)

Challenges and opportunities for improvement

Overall, the survey indicated that teachers regard the British Physics Olympiad as a highly valued programme of enrichment and challenge, reporting positive benefits for students, teachers and schools across the UK. The findings from the survey will be explored further through planned focus groups and additional analysis, contributing to a broader evaluation report and helping to inform the future development of BPhO activities. The survey also provided early feedback on new initiatives introduced after the reporting period, which will be considered as part of future evaluation and review.

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Appendix A

British Physics Olympiad Annual Teacher Survey - Summary Findings, Laura Thomas (Ondata Research)

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Summary Findings from the British Physics Olympiad Annual Teacher Survey 2025/2026

Laura Thomas, February 2026

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1. Introduction

This report summarises the findings from the Annual Teacher Survey which was disseminated to British Physics Olympiad (BPhO) schools at the end of 2025. The survey closed at the end of January 2026 with one hundred and forty two responses. The respondents were asked to indicate how long they had been taking part in the British Physics Olympiad and Table 1 below shows the distribution.

----- Start of picture text -----
n %
1-2 years 29 20.4%
3-5 years 34 23.9%
6-10 years 26 18.3%
10+ years 53 37.3%
142
----- End of picture text -----

Table 1. Responses to the question: “How many years have you been taking part in the British Physics Olympiad?”

There were three sections to the survey. One had a set of questions about their experiences of BPhO competitions as a whole, the second focussed on the Year 7/8 competition and the third section looked at their experiences of the newly introduced Round 0.

Out of the 142 overall responses, 129 respondents answered questions about Round 0 and 25 respondents answered questions about the Year 7/8 competition.

At the end of the survey, teachers were able to share their e-mail addresses if they were happy to be contacted for a follow-up discussion. 55 teachers provided their contact details for a follow-up. It is proposed that a series of focus groups takes place in March.

Based on my experience of evaluating other, similar programmes, this is a fantastic response rate, especially the proportion of respondents who are willing to have a follow up conversation.

The report goes on to provide a summary of general findings (section 2), feedback on Round 0 (section 3), feedback on Year 7/8 challenges (section 4). It concludes with a summary of the next steps (section 5). The survey questions themselves can be found in Appendix A.

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2. Summary of general findings

2.1 Motivation to get involved

To begin with we review the responses to the question “What motivated you to get involved in The British Physics Olympiad?” Teachers were able to provide a text response and these were then categorised into themes. Some responses indicated more than one reason and each part of the responses were categorised into the relevant theme. Table 2 shows the broad range of motivations of why teachers chose to get involved.

The three most common reasons were: to challenge or stretch their highest attaining students, to provide an opportunity for physics-related extra-curricular activities and because there has been student interest. The Table is ordered from most common response to least.

----- Start of picture text -----
n %
Challenge/stretch highest attaining students 30 32.6%
Opportunity for physics-related extra-curricular activities 11 12.0%
Student request/enthusiasm/interest 10 10.9%
Opportunity for students to develop problem solving skills 7 7.6%
Positive experience for students to participate in and have sense of
7 7.6%
achievement
Experience for university applications and CVs. 7 7.6%
BPhO provides opportunity for students to experience ‘real physics’ 5 5.4%
Problem solving would help with PAT/ESAT/interview preparation 3 3.3%
Opportunity to raise aspirations of pupils 3 3.3%
Teacher enjoyed taking part as a student 3 3.3%
BPhO seen as prestigious. 2 2.2%
Established practice at the school/college 2 2.2%
Wanted to develop teaching practice by incorporating different styles of
1 1.1%
questions into teaching
Encourage uptake of physics amongst female students 1 1.1%
92
----- End of picture text -----

Table 2. What motivated you to get involved in The British Physics Olympiad?

Some of these points are illustrated through this selection of quotes from teachers. Each quote is followed in brackets by an indication of the number of years a teacher has been involved with the British Physics Olympiad.

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2.2 Recent changes

The next question looks at the changes that have occurred in recent years and was targeted at those who had more than 5 years’ of experience with the British Physics Olympiad. Table 3 shows the categories that the responses have been grouped into in terms of what positive changes there have been.

In general, the move to online competitions, the use of the online platform and introduction of Round 0 have had the most impact but there are a broad range of changes which have been well received. One aspect which was a common response, was the continued high standard of the questions.

----- Start of picture text -----
n %
Introduction of R0 positively received, especially as a way to speed up selection
25
process but also widen participation 36.8%
Online platform makes it easy to participate in competitions 21 30.9%
Introduction of multiple choice and online competitions 18
26.5%
Extension of competitions to younger years very positive 12 17.6%
Standard of questions continues to be high, considered to be consistently
7
challenging and interesting for teachers and students
10.3%
Communication from BPhO and website have improved 4
5.9%
Introduction of webinars and online competitions has opened up involvement to
2
more students 2.9%
More past papers to work with and mark schemes have improved and are easier
2
to follow 2.9%
Generally easier to enter and manage, including entries and payments. Like
1
being able to choose paper entries or online entries.
1.5%
Introduction of BAAO 1 1.5%
68
----- End of picture text -----

Table 3. The British Physics Olympiad has grown over last few years. How does your current experience with the British Physics Olympiad compare to when you first got involved? What developments have stood out along the way?

Within the responses there were also some challenges and barriers identified and these have been

combined with the answers to a specific question on this in a later section (2.5).

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2.3 Engaging students with the British Physics Olympiad

This sub-section reviews the categorised responses to the question, “How do you engage your students with British Physics Olympiad? We’re keen to understand how you promote the competitions with your students and the support available to them. Do they work independently or are there clubs or peer support available? Please give us as much detail as possible about your BPhO related activities in school” . The responses to this question varied in scope, therefore we are not highlighting what the most common answers are, instead we are comparing similar categories of response.

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2.4 Benefits to participating

This section moves onto examine the extensive responses received to the question: “What are the benefits of participation to you, your students and your school?” These areas are looked at in turn.

Benefits to teachers

Teachers have noted that engaging with BPhO is something they enjoy doing. They enjoy supporting their students and having the opportunity to push the most able students. They also appreciate having access to interesting and high quality questions and problems. This allows them to show their students the breadth of physics and in different and new contexts and also provides an opportunity to discuss physics beyond the curriculum. The experience also improves their own problem solving skills:

“I sit many of the papers whilst invigilating, which is good for me to be put under time-pressure. I generally go through the papers more slowly before I look at the solutions. This has improved my problem-solving over the years. I am working through the Round 1 papers as a way of developing my skills now that I have answered all the Isaac Physics Challenge questions (apart from the 25 or so that I haven't been able to work out !!).” Teacher (10+ years)

Teachers are also able to incorporate the resources into their own teaching practice.

Benefits to students

Teachers felt that students got the most out of participating. Commonly this was felt to relate to their skills development, including:

Teachers have observed that students also build confidence and resilience around physics, improving their

ability to tackle difficult questions at A-level:

“We have noticed an improved in problem solving and willingness to tackle less familiar problems from those who participate.” Teacher (1-2 years)

“Students develop their problem-solving in a time-pressured unsupported environment during the papers, which helps them experience challenges in a known environment and encourage them to be resilient.” Teacher (10+ years)

Students apply physics concepts in unfamiliar contexts “strengthening their ability to think critically rather than rely on recall” Teacher (3-5 years)

Students “learn not to be daunted by unfamiliar questions, but instead to think through possible routes to a solution” Teacher (10+ years)

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Students get a sense of pride, accomplishment and achievement from participating and this can motivate and inspire them to continue in physics-related study. This experience can also help them to get a sense of what physics at university might be like and if it is for them. Participation can raise their aspirations and offers opportunity to prepare for university applications and interviews outside of classes.

“Helps some students realise that they are probably equipped to take Physics at A level and others realise that they are better at physics than they may think, based on their topic assessments (which might require different skills).” Teacher (10+ years)

Participating in BPhO has been something students have enjoyed doing and they particularly like the competition aspect. The certificate provides recognition of their success in a prestigious national competition and can support university applications and demonstrate students’ interest in physics. Validation from national competition can be very motivating for students.

Benefits to schools/colleges

The most common benefit cited by teachers was that participation in BPhO raises profile of physics in the school.

“It raises the importance and significance of physics. Biology and chemistry have medicine to give them credibility.” Teacher (6-10 years) When student successes are shared this can boost interest and enthusiasm for physics. Schools enjoy being able to celebrate and showcase their talented physics students. There is also an acknowledgement that participation can support improved attainment and uptake of physics and is an excellent opportunity to stretch the most able:

“There has been an increase in appreciation of Physics as a stand-alone subject at KS3 and 4. A number of students have engaged with the Olympiad materials at KS5 to ensure better preparation. This all works to increase attainment in Physics” Teacher (6-10 years)

“I think that the opportunity to tackle interesting problems (beyond the scope of GCSE or A-level) is a key factor in them choosing to pursue physics and related subjects further.” Teacher (6-10 years)

For some schools there is an expectation that there will be a programme of extra-curricular activities available and BPhO helps to meet this need by giving a boost to a school/college’s enrichment programme. The opportunity to be part of a national competition is also a draw for students and their families. High ability students have an expectation that these sorts of opportunities are available to them and offering BPhO can help to attract students to a sixth form. Participation shows parents that the school/college is committed to supporting students beyond A-levels and this can provide support for helping with university entrance and interviews.

“The school gets to show they can challenge students. I get to read some interesting physics problems (love the one with tossing a book whilst on a train ride even if it's not the hardest). The students get to challenge themselves and see if they are as good as they think they are, especially those that find GCSE physics easy, or at least better than their friends. A few students are looking for an escape that they can get lost in as well.” Teacher (3-5 years)

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BPhO also provides opportunities to engage with physics at different ages.

“Students who achieve Top Gold in Round 1 (up to this year's changes at least) have met with a high level of success in their UCAS applications, which sends the message down the school that this is something worth working towards.” Teacher (10+ years)

“We have a lot of students who are very keen on STEM and want to do more and extend their knowledge and this allows them to do it at all stages of school.” Teacher (3-5 years)

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2.5 Challenges and barriers

This section discusses the responses to the question, “What are the challenges or barriers to participation?” along with some responses to the question about recent changes.

The most common issue is related to time. It was more likely that participation in BPhO would be outside of normal class time due to the lack of space in the curriculum. Teachers already have a high workload and therefore minimum time available to them to support their students in preparing for BPhO or limited time in administering the competitions. As we saw earlier, a large proportion of schools do not provide any specific sessions for their students. Teachers are not given additional admin time by their schools to support BPhO.

“There is a lot more administration involved these days with so many competitions. It has been hard to keep up with the various iterations of handing in the Round 1 papers over the years. It was definitely easiest when we put them in an envelope and posted them off!” Teacher (10+ years)

In terms of logistics, there is often a major challenge in relation to finding a suitable time and space for the students to sit papers, especially when teachers need to ensure there are enough computers or tablets for the online competitions. Some schools/colleges aren’t able to take part in all of the competitions they want to because of lack of available time and access to venues. Having to sit a paper on a specific date can be a challenge in terms of finding a suitable location and getting students out of classes. Having some flexibility would make a big difference to schools.

Teachers observed that students can find the level of questions too hard and this can be off-putting to them, especially if they score low on one competition. More generally, some students lack confidence and/or have a fear of failure and the idea of the competition can feel intimidating to them. In some schools, leadership tend to want a focus on bringing up the attainment of borderline students rather than there being a focus on pushing the able students.

In terms of the timeline for the competitions, some teachers felt there was a long wait for results, which can be a challenge. Also there were several comments about the timing of the rounds and that for some the dates mean that it is too late for some to include on their UCAS applications. For A-level students this can also be a busy time of the year as they have a challenging workload and the commitment required for BPhO can be off putting. Many students will prioritise the university application preparation. In general, the content and timing is oriented strongly towards English curriculum which can make it very challenging for Scottish pupils.

There were also some observations that the website and e-mail documentation can feel complex, especially the website information relating to the competitions. Teachers often find this difficult to follow and some have suggested a table of competitions in date order to help them navigate. It has been observed that the website can be out of date or be updated shortly before competitions run making it difficult to plan ahead.

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The cost associated with participation was not a common barrier but was mentioned as a significant aspect for some. This was often linked to the numbers qualifying for Round 1 this year following Round 0. See the discussion in the later section for more detail on this.

There were a small number of individual comments to highlight.

2.6 Other comments

When asked about future participation, 122 respondents (91.7%) would participate again with 10 (7.5%) saying not sure and 1 person (0.8%) saying no. The reasons for those responding not sure or no was down to the timing of rounds, lack of rewards for round 0 (discussed in more detail in the following section), cost and the difficulty level of the questions being too challenging for their students.

At the conclusion of the survey respondents were able to add their own additional comments and there were many who expressed their appreciation for the efforts that go into running the competitions.

“I would like to thank the Oxford BPhO team for all their efforts in running the competition, communication is efficient and I enjoy giving students the opportunity to challenge themselves beyond the A Level curriculum. The work behind the scenes must be immense but it's always a pleasure to run”. Teacher (3-5 years)

“Thank you for continuing to maintain and provide this very valued resource and set of challenges. The students who take part take a huge amount from it.” Teacher (10+ years)

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3. Round 0 Feedback

This section looks at the 129 responses to the Round 0 related questions. Round 0 has been received very positively The introduction of Round 0 has achieved its goal, it has reduced the entries into Round 1, it has reduced teacher workload and it has also more generally widened participation.

3.1 Benefits and successes

Teachers were asked to sum up both theirs and their students’ experiences of Round 0 and if they enjoyed the paper. The text responses were categorised into the following:

Yes, students
enjoyed the paper		 Challenging/
difficult experience		 Mixed experience Negative
experience
n 66 36 9 5 116
% 56.9% 31.0% 7.8% 4.3%

Table 4. Teacher and student feedback on their experiences of Round 0

Teachers felt that it had been an enjoyable experience for students.

“There seemed to be a nice buzz after the paper with students wanting to discuss answers etc.” Teacher (6-10 years)

When responding that the experience was challenging or difficult, this was not necessarily seen as a negative. This was often a positive reinforcement of them seeing the British Physics Olympiad as something that does stretch their students. Some teachers reported a mixed experience, with them observing that the students with more confidence and more preparation had a better experience over those who had gone into it unprepared. A small number reported a negative experience and this was for a mix of reasons, including a lack of students progressing into Round 1 when the school or college would normally have multiple entrants. There was also an aspect of lack of enjoyment due to the level of difficulty.

“Not sure 'enjoy' is the correct word. For some with less confidence and ability it can reinforce the idea that they can't do physics (which is why I make it entirely optional). Most of the students who have a go get something out of the Challenge. My worry is that it will put some students off Physics if they feel that it's too difficult, but I don't have any evidence for that!” (Teacher 6-10 years)

However, I would caution that it’s up to the teachers’ professional judgement of how best to support a student who may feel that the challenge is too difficult. Although another teacher commented on Round 0 that it was “Better than Round 1 at not putting students off.” Teacher (1-2 years).

Teachers were explicitly asked whether they had seen similar numbers compared to previous years. Responses were categorised and are summarised in Table 5.

First
time		 Similar Less More
14 48 9 52 123
11.4% 39.0% 7.3% 42.3%

Table 5. Have you seen similar numbers of participation compared with previous years or has this

changed?

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For those who had less students than normal this seemed to be related to the timing of the Round 0 and that it had to take place on a set day and this was felt to be set a quite short notice. In a small number of instances, the lack of certificate or Gold/Silver/Bronze reward put off some others from wanting to take part. There were some other comments about the name of the competition, Round 0, being an issue and offputting for students.

For some state schools who have had more success than expected this has increased the entry costs they are liable for. For example, one school had more take part in Round 0 which was an expected cost. More then qualified for Round 1 when previously the school budgeted for a number of additional paid for spaces above the 4 free ones and this is an issue. These schools may have to revisit their approach due to cost.

For those with large increases in participation, they felt Round 0 as a multiple choice question paper made it much less intimidating. One teacher commented that they would go back to selecting students as they felt Round 0 was a negative experience for those who lacked confidence.

Some schools were already running their own qualifying round and this has replaced this. This was also a good opportunity for students to practice multiple choice questions and this will help with exam preparation. In terms of the level of the paper, the majority thought the level was suitable and accessible for their whole cohort with the expected students making it through and in others it was thought to be too difficult with no students progressing into Round 1 or students they hadn’t expected making it through. In terms of numbers of entries, teachers were more comfortable having more students participate because “It seemed lower stakes and commitment from the students”. Teacher (1-2 years)

“I have liked to change to having a round zero this year for the Olympiad, it has encouraged a wider range of participation and some surprising outcomes with who did/didn't get through. I prefer it to the Y13 challenge which I think is better suited to problem solving discussion (weaker students found it much less accessible than round 0)” Teacher (6-10 years)

“Fantastic. Really differentiated between students and made organising the R1 far easier in terms of pupil numbers and finding a venue within school.” Teacher (10+ years)

Teachers have reported that Round 0 has been very straightforward to administer, although there were issues with the expectation of individually scanned PDF files for each student rather than a batch scan to one PDF file. There also seemed to be a lot of confusion amongst the students of how to fill out their names on the answer sheet. Teachers now know what to expect when it comes to the collation of entries so are reasonably happy going into next year. However, in terms of the portal for submission, teachers would have appreciated some kind of confirmation that they had successfully uploaded the files as this wasn’t clear. Many teachers are thinking ahead to next year to help prepare students for Round 0.

24

3.2 Challenges and barriers

In terms of challenges and barriers relating to the introduction of Round 0 there were four main areas of feedback:

  1. The timeline being revealed at short notice and there being limited time between Round 0 and Round 1 with several schools reporting they missed deadlines for entry to Round 1 due to half term. It was also felt that there was limited time available to prepare for the Round 0 style questions and then that those who progressed into Round 1 also did not have much time to prepare. Some students had already been preparing for Round 1 type questions for a year and were then faced with a different question style. One commenter said that it would be even easier to organise if the testing time was reduced for 50 minutes as opposed to one hour as this would allow it more easily to fit in a lesson block. Teachers recognise that is this is the first year there will likely be more support and resources for preparing for the next time Round 0 runs. Teachers also asked for the paper to be on any day other than a Friday. There were also several comments about renaming the rounds as Round 0 was seen by some to be a negative.

  2. Lack of awards or certificates to recognise achievement in Round 0. One of the motivations for participating is to reward the success of their physics students and to raise the profile of physics in the school/college. Without an award this was felt to diminish this aspect and also perhaps put some students off from participating altogether.

“Format (MCQs) is fine but I thought questions were too hard or barrier to Round 1 was set too high. In the old system we used to get circa 3 golds, 3-4 silver, 7-10 bronze. This year we only got 3 students into round 1. This would be fine if there were certificates for round 0, but there aren't.” Teacher (6-10 years)

One school commented that in previous years they would have taken up the full 4 free places for Round 1 but no one qualified this year and there were not any awards when previously they would have had a range of Bronze, Silver and Gold. The teacher is concerned that “the lack of reward will make students even less willing to give it a go in future” as it also means that they aren’t able to list a BPhO award as an achievement in their UCAS applications.

  1. There was feedback that some entrants into Round 0 were disadvantaged because some of the topics (e.g. capacitors) are not taught until much later in the course. There were also comments about the timeline of Round 0 and Round 1 more generally as there are clashes with UCAS applications and associated activities.

“Students that want to participate have not been exposed to much of the content in the competition when BPhO Round 0 / Round 1 occurs. Both Year 12 and Year 13 students need to self-study or work in peer groups to learn content ahead of their physics course plan. This requires additional support from myself, the physics teacher.” Teacher (3-5 years)

25

  1. There was also some concern about students progressing into Round 1 due to lucky guesses. Several teachers felt that there were some students who progressed that they wouldn’t have expected to and others who they felt should have gone through but missed qualification. Some suggested that negative marking for wrong answers could help with this. In some instances schools had many more progress into Round 1 than expected, increasing the cost. In others, schools had no one go through when in previous years they would have taken up several spaces and staff and students were disappointed with this result. Also some concern about the different style of questions from Round 0 to Round 1 and that some teachers felt that some students who didn’t go through would have been more successful with the Round 1 question style.

  2. “Round 0 was good - but ended with 30 of my students taking round 1, with cost the department a fortune. Previously I only 'selected' the top 5 to take round 1. We are a state school, so get some free papers, but this was a cost not budgeted for and we will have to think hard about whether we do it again.” Teacher (10+ years)

One teacher expressed concern about the proportion of state schools progressing into Round 1 compared

with previous levels of participation and this would certainly be something to monitor.

26

5. Year 7/8 Challenge Feedback

There were 25 respondents answering questions about their involvement in the Year 7/8 challenges. All of the respondents to this section of the survey said they would participate in the Year 7/8 challenges again. It seemed to be fairly common for teaches who used the challenge to run it for their whole year group in class time (n=11) but also for a significant proportion to make it optional (n=9).

“Brilliant engagement, exciting students about Physics as a subject and an opportunity to solve some complex questions which they do not always have during their lessons taught by nonspecialists” Teacher (6-10 years)

“It is great to promote Physics at an early age to our students and for them to achieve early success.” Teacher (10+ years)

Overall the introduction of the online competitions for younger years has enabled them to increase

participation amongst students and encouraged them to consider participating in the other competitions as they get older. Some schools have established multi-year participation.

“The inclusion of online multiple choice papers has been very positive. It allows me to engage many more students and persuade more of them to take the written papers.” Teacher (10+ years)

“High participation with the on-line competitions and greater participation with the paper based competitions because more students are aware of the competitions and are motivated to take part.” Teacher (6-10 years)

“I really enjoy that the challenge has expanded to include every year group (except the Y9s!). Many of my students have moved through the challenges (Y10, Y11 and now Y12) as they progressed through their educational journey and look forward to the following year!” Teacher (6-10 years)

One teacher has requested a team challenge for Year 9s to ensure full coverage of all the different year groups.

27

The following Table summarises the reasons why teachers have been involved in running the Year 7/8 challenge. As before, the text responses have been categorised and some responses could be counted across multiple categories. In general, the motivations mirror those for the British Physics Olympiad in general although at this stage, the promotion of physics and engagement with physics outside of the curriculum is more important than providing an opportunity to challenge high achieving students.

----- Start of picture text -----
Item n %
Promote physics 10
28.6%
Opportunity to engage pupils in problem solving and physics
9
outside of the curriculum 25.7%
Opportunity to achieve in a national competition 7
20.0%
Fun activity 4 11.4%
Challenge high achieving students 3
8.6%
Develop confidence in physics 2
5.7%
35
----- End of picture text -----

Table 6. Reasons for engaging with Y7/8 challenge

There were a number of benefits to the Year 7/8 competition:

28

Teachers felt that the multiple choice style was particularly suitable for this age group.

“there were high level of engagement from both Year 7 and 8 students, and we were effectively able to identify several highly motivated and talented young physicists” Teacher (3-5 years)

“the questions were interesting and the students enjoyed the challenge.” Teacher (1-2 years)

There were some challenges running the competition such as getting students to give up their lunchtime to take part and that in some cases printing and writing the certificates was time-consuming especially when whole cohorts are taking part.

29

6. Next steps

There has been excellent engagement with the survey and teachers have clearly put time and effort into answering the questions with detail allowing an insight into their experiences. A set of four focus groups are proposed for March 2026. One for those participating in Year 7/8 challenges and the other three will cover general questions. A set of questions for each type of focus group have been made available alongside this report for review and comment.

Once the focus groups have been run, the final format of reporting will be agreed with British Physics Olympiad Colleagues.

30

Appendix A: Survey questions

  1. How many years have you been taking part in the British Physics Olympiad?

  2. Which types of competition paper have your students participated in? (tick all that apply)

  3. What motivated you to get involved in The British Physics Olympiad?

  4. The British Physics Olympiad has grown over last few years. How does your current experience with the British Physics Olympiad compare to when you first got involved? What developments have stood out along the way?

  5. How do you engage your students with British Physics Olympiad? We’re keen to understand how you promote the competitions with your students and the support available to them. Do they work independently or are there clubs or peer support available? Please give us as much detail as possible about your BPhO related activities in school.

  6. What are the benefits of participation to you, your students and your school?

  7. What are the challenges or barriers to participation?

  8. Have your students taken part in our newest competitions? (tick all that apply)

  9. Why did you decide to run the Year 7/8 Physics Challenge Online? What were you hoping to get out of it?

10. Were your expectations met?

  1. How was it promoted to your students? Was it incorporated into lessons or as an option as part of a club?

  2. What were the benefits of having this competition for Year 7/8?

  3. What were the challenges of running the competition?

  4. Do you think there was any impact or contribution to students’ attitudes towards problem solving or their level of interest in physics?

  5. Would you participate again?

16. Please explain.

  1. What are your impressions of the format of the paper? Was this suitable?

  2. In terms of the process of marking and collating the multiple choice mark sheets for BPhO, were there any challenges or issues?

  3. Following the introduction of Round 0 has your approach to preparing for Round 1 changed or stayed the same? Please tell us about what you have been doing in school to support students’ participation.

  4. Round 0 has been used as a way of selecting a number of students to progress into Round 1 but BPhO are also aiming to encourage more students to participate. Have you seen similar numbers of participation compared with previous years or has this changed?

  5. Are there other barriers to participation you would like to share with us?

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  1. How would you sum up you and your students’ experiences of Round 0? Did students enjoy the paper?

  2. Would you participate again?

  3. Please explain.

  4. Are there any other comments or suggestions about the BPhO competitions you would like to share?

  5. We would like to undertake some further discussions with teachers on their experiences via a thirty minute online interview. If this is something you’d be interested in doing please enter your e-mail address below.

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The British Physics Olympiad Trust

Trustees' Report (continued)

The annual report was approved by the trustees of the charity on 30 June 2026. and signed on its behalf by:

Mr Robin Hughes Chairman and trustee

33

The British Physics Olympiad Trust

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Approved by the trustees of the charity on 30 June 2026 and signed on its behalf by:

Mr Robin Hughes Chairman and trustee

34

The British Physics Olympiad Trust

Independent Examiner's Report to the trustees of The British Physics Olympiad Trust

I report to the trustees on my examination of the accounts of The British Physics Olympiad Trust for the year ended 31 August 2025.

Responsibilities and basis of report

As the charity trustees of The British Physics Olympiad Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the The British Physics Olympiad Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

Since The British Physics Olympiad Trust's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of The British Physics Olympiad Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

...................................... Ajay Bahl FCA Wenn Townsend Chartered Accountants

30 St Giles' Oxford OX1 3LE

30 June 2026

35

The British Physics Olympiad Trust

Statement of Financial Activities for the Year Ended 31 August 2025

Note Unrestricted
Total
funds
2025
£
£
Income and Endowments from:
Other trading activities 2 269,811
269,811
Investment income 3 6,012
6,012
Total income 275,823
275,823
Expenditure on:
Raising funds (108,771)
(108,771)
Charitable activities 4 (248,393)
(248,393)
Total expenditure (357,164)
(357,164)
Net income (81,341)
(81,341)
Net movement in funds (81,341)
(81,341)
Reconciliation of funds
Total funds brought forward 425,739
425,739
Total funds carried forward
12		 344,398
344,398
Note Unrestricted
Total
funds
2024
£
£
Income and Endowments from:
Other trading activities
2		 296,616
296,616
Investment income
3		 6,231
6,231
Total income 302,847
302,847
Expenditure on:
Raising funds (89,925)
(89,925)
Charitable activities
4		 (141,754)
(141,754)
Total expenditure (231,679)
(231,679)
Net income 71,168
71,168
Net movement in funds 71,168
71,168
Reconciliation of funds
Total funds brought forward 354,571
354,571
Total funds carried forward
12		 425,739
425,739

36

The British Physics Olympiad Trust

Statement of Financial Activities for the Year Ended 31 August 2025 (continued)

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown is shown in note 12.

37

The British Physics Olympiad Trust

(Registration number: 1146064) Balance Sheet as at 31 August 2025

Note 2025
2024
£
£
Current assets
Debtors
8		 -
35,000
Cash at bank and in hand
9
362,103
421,289
362,103
456,289
Creditors: Amounts falling due within oneyear
10		 (17,705)
(30,550)
Netassets 344,398
425,739
Funds of the charity:
Unrestricted income funds
Unrestricted funds 344,398
425,739
Total funds
12		 344,398
425,739

The financial statements on pages 14 to 22 were approved by the trustees, and authorised for issue on 30[th] June 2026 and signed on their behalf by:

Mr Robin Hughes Chairman and trustee

38

The British Physics Olympiad Trust

Notes to the Financial Statements for the Year Ended 31 August 2025

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

The British Physics Olympiad Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Changes in accounting policy

The previous years accounts were prepared using the receipts and payments basis. As the revenue threshold for the receipts and payments basis has been surpassed, the accounts for this year have been prepared on an accruals basis.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be reliably measured by the charity; this is normally upon notification of the interest paid or payable by the bank or deposit taking institution.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

39

The British Physics Olympiad Trust

Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the creditor does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

40

The British Physics Olympiad Trust

Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)

2 Income from other trading activities

2
Income from other trading activities
Unrestricted
funds
Total
General
funds
£
£
Events income;
Other events income 269,811
269,811
Total for 2025 269,811
269,811
Total for 2024 296,616
296,616
3
Investment income
Unrestricted
funds
Total
General
funds
£
£
Interest receivable and similar income;
Interest receivable on bank deposits 6,012
6,012
Total for 2025 6,012
6,012
Total for 2024 6,231
6,231
4
Expenditure on charitable activities
Unrestricted
funds
Total
Note General
funds
£
£
Governance costs 248,393
248,393
Total for 2025 248,393
248,393
Total for 2024 141,754
141,754

41

The British Physics Olympiad Trust

Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)

5 Analysis of governance and support costs

Governance costs

Governance costs Governance costs
Other staff costs
Other fees paid to examiner
Legal and professional fees
Marketing and publicity
Othergovernance costs
Total for 2025
Total for 2024
6
Staff costs
The aggregate payroll costs were as follows:		 Unrestricted
funds
Total
General
funds
£
£
Other staff costs 10,305
10,305
Other fees paid to examiner 3,967
3,967
Legal and professional fees 22,811
22,811
Marketing and publicity 1,770
1,770
Othergovernance costs 209,540
209,540
Total for 2025 248,393
248,393
Total for 2024 141,754
141,754
6
Staff costs
2025
2024
£
£
Staff costs during the year were:
Wages and salaries (raising funds) 108,771
89,925
Other staff costs 10,305
6,804
119,076
96,729

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

2025
2024
No
No
Employee Average 22
21

No employee received emoluments of more than £60,000 during the year

42

The British Physics Olympiad Trust

Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)

7 Taxation

The charity is a registered charity and is therefore exempt from taxation.

8 Debtors

2025
£
2024
£
-
35,000
2025
£
2024
£
362,103
421,289
2025
£
2024
£
14,270
13,543
185
3,195
-
12,048
3,250
1,764
17,705
30,550
Trade Debtors
9
Cash and cash equivalents
Cash at bank
10 Creditors: amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals

11 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £Nil (2024 - £Nil).

43

The British Physics Olympiad Trust

Notes to the Financial Statements for the Year Ended 31 August 2025 (continued)

12
Funds
Balance at 1 Incoming Resources Balance at 31
September 2024 resources expended August 2025
£ £ £ £
Unrestricted funds
General 425,739 275,823 (357,164) 344,398
Balance at 1
September 2023
£		 Incoming
resources
£		 Resources
expended
£		 Balance at 31
August 2024
£
Unrestricted funds
General 354,571 302,847 (231,679) 425,739
13
Analysis of net assets between funds
Unrestricted Total funds at
funds 31 August
General 2025
£ £
Current assets 362,103 362,103
Current liabilities (17,705) (17,705)
Total net assets 344,398 344,398
Unrestricted Total funds at
funds 31 August
General 2024
£ £
Current assets 456,289 456,289
Current liabilities (30,550) (30,550)
Total net assets 425,739 425,739

44

The British Physics Olympiad Trust

Statement of Financial Activities by fund for the Year Ended 31 August 2025

Total
Total
Unrestricted
Unrestricted
Funds
Funds
2025
2024
£
£
Income and Endowments from:
Other trading activities 269,811
296,616
Investment income 6,012
6,231
Total income 275,823
302,847
Expenditure on:
Raising funds (108,771)
(89,925)
Charitable activities (248,393)
(141,754)
Total expenditure (357,164)
(231,679)
Net income (81,341)
71,168
Net movement in funds (81,341)
71,168
Reconciliation of funds
Total funds brought forward 425,739
354,571
Total funds carried forward 344,398
425,739

45

The British Physics Olympiad Trust

Detailed Statement of Financial Activities for the Year Ended 31 August 2025

Total
Total
2025
2024
£
£
Income and Endowments from:
Other trading activities (analysed below) 269,811
296,616
Investment income(analysed below) 6,012
6,231
Total income 275,823
302,847
Expenditure on:
Raising funds (analysed below) (108,771)
(89,925)
Charitable activities(analysed below) (248,393)
(141,754)
Total expenditure (357,164)
(231,679)
Net income (81,341)
71,168
Net movement in funds (81,341)
71,168
Reconciliation of funds
Total funds brought forward 425,739
354,571
Total funds carried forward 344,398
425,739

46

The British Physics Olympiad Trust

Detailed Statement of Financial Activities for the Year Ended 31 August 2025 (continued)

----- Start of picture text -----
Total Total
2025 2024
£ £
Other trading activities
Exhibitions 269,811 296,616
269,811 296,616
Investment income
Interest on cash deposits 6,012 6,231
6,012 6,231
Raising funds
Wages and salaries (108,771) (89,925)
(108,771) (89,925)
Charitable activities
Volunteer expenses (10,305) (6,804)
Insurance (2,052) (1,918)
Registration fees - (1,931)
Office expenses (1,523) (380)
Computer software and maintenance costs (12,939) (4,403)
Printing, postage and stationery (1,180) (1,968)
Presentations (27,134) (22,106)
Trade subscriptions (8,071) (10,048)
Travel and subsistence (65,376) (64,428)
Accommodation (20,313) (16,668)
Advertising (1,770) (1,422)
Accountancy and bookkeeping fees (13,211) (7,400)
Independent examination fees (3,967)
Legal and professional fees (9,600) (1,638)
Bank charges (903) (640)
Events and competitions (20,641)
Other expenses (49,408)
(248,393) (141,754)
----- End of picture text -----

47