Registered number: 09765432 Charity number.. 1165416 NATIONAL PARALYMPIC HERITAGE TRUST (A Company Limited by Guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
NATIONAL PARALYMPIC HERITAGE TRUST (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Detaffils of the Charity, its Trustees and Advisers Chaimian's Slatemenl Trustees. Report Independent Examiner's Report Statement of Financial Activities 10 Balance Sheet 11- 12 Notes to the Financial Statements 13-24
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021 Honorary President Sir Philip Craven MBE Honorary Vice Presidents Sir Henry Aubrey-Fletcher Baroness Tanni Grey-Thoffipson DBE DL Tim Hollinosworth 08E Baron Chris Holmes MBE Sir David Lidinglon KCB CBE Ev8 Loeffler OBE Paul Mainds 8EM Tim Reddish CBE Olivef Slocken CBE Trustees Nigel Purse, Chair Helen Adams, Twstee Emma Boggi5, Trustee CINe Harriss, Trustee (appointed 30 June 2020) Elaine Jewell, Trustee (resigned 3 May 2020) Gaele Lalahy, Trustee (appointed 26 February 2021) Jessica Macbeth. Trustee {appointed 26 February 2021) Rachel Maguire. Trustee Martin McElh8tton, OBE, Ttustee Susan Moore, Trustee (resigned 24 September 2021) Howard Mordue, TnGstee (resigned 29 June 2020) Sophie Payne, Tnjstee {appointed 4 May 2020) Anna Scott-marshall, Trustee Susan Wo15tenholme. OBE, Trustee Company register•d number 0976S432 Charity registered number 1165416 Registered office stoke Mandeville Sports Stadium Harvey Road Aylesbury Buckinghamshire HP219PP Chief executive officer Wicky Hope-walker Independent examiner Martin Bailey FCA Goodman Jones LLP 29130 Fitzroy Square London W1T6LQ Page 1
NATIONAL PARALYM PIC HERITAGE TRUST IA Company Limited by Guarantee) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 The chairman presents his statement for the year. 2020121 was our fourth year of a five-year proglamme lo celebrate. Cherish, and bring the Paralympic Herltsge and sts stoiies of human endeavour to life. Like so many cultufal organisations, the National Para)ympic Heritage Tnjst {"NPHT) has been 8ffected by the pandemic, yel unlike many similaf entib'es, and desFMte Covid-19, we have managed to cont'nue with much of our work, minimising disruption to our plans, through sheer hard work aT7d re-imagining how we deliver services. This, of course, has been made possible through positive relationships with OUT funders and their flexibility in our delivery of work, especially the National Lottery Heritage Fund, the Rothschikj Foundation, and HS2 Cornmunity Fund. We are also indebted to many other supporters and 11 continue to honour our relationship wth them. alongside develoiing new ones. It has not been an easy year but owng to alr6ady having strong digital engagement in place, lo ensufe broad inclusion and access. the team managed to reconfigure tours and events lo a complete online offering, allow us to avoid furloughing staff, though we delayed on the appointment of some new staff and the delivery of new projects. Our digi181 success has led lo us sharing our work across several major industry conferences and we should feel proud of oui achievements. It is truly amaang to think Ihat we have continued to do tours by moving through the Heiitage Centre virtually, showcasing it to people from all over the country and, in fact, the World. In ad¢Jition, virtU81 events like 'Meet the Paralympian, have been able lo welcome audiences the size of which we couldn't physicalty house on sile. Six hundred chiklren attended our last event.. an incTedible achievement. We have also managed to kick off two exciting programmes of work. The fiTSt, Digital Explorab"ons, invo5ved training disablod groups in 3D photography, working tOW8rds paid seNices and the creation of a virtlsal gallery. The second, 'Stories from Buckinghamshire,, has us working with communities along the route of HS2, collecting Paralympic stories such as 'The Finmere, show that supported the Paralympic Games with fundraising for over 40 years. We have also taken advantage of this time to Ihink about building resilience. reflecting on our business model and producing a new I0-year strategy that responds to the impact of the pandemic and provides us with the tools and direction to secure the long-term future of the Trust. Financial sustainabilrty is and remains our primary goal, bltt destite the sleep uplift in the challenge we feel that we are betteT prepared through the work we have undert8ken and the vision we have cryslallised over this past year. With any crisis comes opportunity and, for us, many people connected to the Paialympic movement found themselv8S With timè on theiT hands. leading to personal histories being written, objects being donated, and oral histories being captured. We have received tr0 very important collections this year.. one from Caz Walton OBE who donated her complete Paralympic Uniform collections from athlete 8t Tokyo 1964 through to Rio 2016", the other, from Tony Sainsbury OBE, with a long career in Pafalympic Games management. Collections sit at the heart of ourwork, and withoutth8m we cannot a museum. l am very pleased to announce that we compleled OUT application to be a Nationally Styled Accredited Museum, another key milestone in our original strategy and so important for our professional status. Over the course of the next year we will be working closely wtth the Arts Council England on the assessment of our application which. once achieved, will give us an excellent professional reference. My sincere thanks go to our Chief Executive Officer, her small team, and our volunteers who remained on board and engaged during the last 15 months. One dedicated volunteer, Shaun Fine9an, sadty passed away earlier this year; a shock to us all and a very sad105s lo our leaTning programme. Also, l extend my thanks to my fellow Trustees and our founding partners The British Paratympic Association, WheelPower British Vvheelchair Sport, and Buckinghamshire Councll. Page 2
NATIONAL PARALYMPIC HERITAGE TRUST (A Company Limited by Guarantee) CHAIRMAN'S STATEMENT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 This has been my third year as Chairman of this great Trust. In IvJht of the extended par5demic, l arn hugely proud of the work we have managed to achieve over the past year and the creative iesponse. utilising our lime isely and for the benefit of years lo come. We have a challenging years ahead of u5. That said we are equipped well wth adapted programmes of work that are innovative, exciting and, for oui scale, place us at the forefront of museum work. Nigel Purse Chairman Date: 61xll12021 Page 3
NATIONAL PARALYMPIC HERITAGE TRUST {A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2021 The Trtsstees present their annual reFKJrt together with the fin8nci81 ststements of tt)e Charity for the year 1 April 2020 to 31 March 2021. The Annual Report serves the purposes of tM)th a Truslees. Report and a Directors. Report under company law. The Trustees confirm that the Annual Report and 'financial statements of the charitable Company Gomply with the CUTrenl statutory requirements, lh8 requirements of the chalitable compally's governing document and the provtsions of the Staletnent of Recommended Practice ISORP) applicable to charities Preparing their accounts in accordance with the Financial ReFM)rting Standard applicable in the UK and Republic of Ireland (FRS102} (effecltve 1 January 20191. Since the Charity qualifies as small under section 382 of the Companies Act 2006. the Strategic Report required of medium and large companies under the Companies Acl 2006 {Str8tegic Report and Directors. Report) Regulations 2013 has been omitted. Objectives and activities . Purposes and aims The objects of the Ch8rity are.. The advancement of cutture and heritage, and in parbcular the culture and heritage of the ParaMpl¢ movement in the United Kingdom 8nd the Tole of Stoke Mandeville as the lirthplace of the Paratympic Movement, and the promotion of public understsnding and enjoyment of the same,. and The promotion of positive publlc prceptions and grealer understanding of disability at both national and international levels. The Charity may also 8dvance such other purposes that are excluslvety charitable 8ccording to the law of England and Wales as the Trustees in their absolute discretion Ihink fit. In setting objectives and planning for actwities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. iunning charity (P821'. b. Objectives and strategies Th8 Charity's mission is Xo enlighten and inspire future generations by celebraling. cherishing and bringing Ihe Paralympic Herrtage and its stories of human ende8vour to life,. The project deliverables trom 2017 to the end Maich 2023 have been defined and adjust9d as a result of the pandemic as follows: Eslablishmenl of an accredited coll8ction and archive of national and international importance, preserving history that would otherwise be lost Establi%hmenl of a permanent Heritage Centre at Stoke Mandeville Stsdium Regional exhibitions nationwde including Nomich, Bradford. Bath, London Developmenl of a virtually augmented exhibition enabling small scale venues to celebrate their Paralympic and disability sport histories in permanent virtual displays Pop-up displays that lour Ihe country An interactive display for patients at the Nelional Spinal Injuries Centre at stoke Mandeville Hospital A website and virtual museurn which will allow people to upload and share their own stories Establishmenl of creative leafning and engagement resources and an associated progTamme Ch8fitable objectives which allow for expansion of responsibility for delivering the Heiitage Flame Llgmlng ceremonies 81 Stoke Mandeville for both summer and wnter P8ralymii¢s Underpinning all the above will be the assurance of the highest access and equality standards. Page 4
NATIONAL PARALYM PIC HERITAGE TRUST IA Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Achievements and perfomiance a. Main achievemonts of the Charity The year to 31 March 2021 is the fourth year of the original >year development strategy for the projeGt funded the National Lottery Heritage Fund. During this year. we have been unable to open the Heritsge Centre, pivoting to undertaking all our work digitalty. Despite the restrictions there have been some considerable achievements over the past year. stren then or anisational sustainabilit Creation of a new 0-year strategy in response to Covid-19 Completion and submission of Accreditation appli¢ation to the Arts Council EnglarFd Creation and implementation of a succession plan Reciuitment and appointment of two new Trustees Buikl stron fundi artnershi Creation of a new financial suslainaEMlity plan The continued building of existing and new partnerships Exceeding the fundraising larget to date, despite the difficulties brought on by Covid-19 in and buildin lo al audiences Revised audience development plars Evaluation of the first four years of the programme of work to shape diiection Coverage and great engagement IhroL¢gh collaborations wilh 'Rising Phoenix, (Neffiix) and Great Bribsh RaIaY Journeys {B8CI 60,000 website users. a fecord number Significant audience building through so¢ial media impressions over 70.000 3 Newsletters 100% increase in followers Collections catal uin dvancement lannin Revised archives and collections plans Creation and implementation of a new donations records system 8 more donated collections including the first gold medal won for GB by the 18te Margaiet Maughan and significant collections from ParalympTan Caz Warton OBE and Tony Sainsbury OBE 32 new oral stories collected The recruilmenl and training of 8 volunteers to SUFVOrt the cataloguing work and oral history work Online sharing of the collections catalogued to date The completion of the cataloguing of 5 collections and delive ami ro mm Appointrnent of a Learning Officer Review of learning programme and development of a new strategy Review of exhibition programme and development of new strategy The PTomotion of led and self-led virtual tOUfS with 7,000 engagefflents for the Heritage Centre and 3,000 for the rnodular regional exhibitions of Gunnersbury Park Museum, Cliffe Castle and Cathright Hall. 10 live, led virtual tours Delivery of 47 vKleo blogs engaging virtual audiences in collections and creative activitieslworkshops Delivery of 20 virtual events Delivery of 5 'Meet the Paratympi8n' events on Zoom wth growing audiences peaking at 600 children in the March 2021 session su orted a stron volunteer bas Page 5
NATIONAL PAIULYMPIC HERITAGE TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Achievements and perfomiance {conlinuedl Collatx)ration with Calibre Books to create and launch an audio book of the biography of Di Guttrnann Continued volunteers recruilmenl development and training, enabling them to support virtual programmes of work Development 8nd delivery of school curriculum resources leading to 8 sharp increase in downloads fiom the website Stsff Ifaining including Princ8s2 Events Managemerrt, Cultural Leadehlp, Safeguarding and Cataloguing collections Achieving a meeting point grant for an Arts Commission and the completion of art commissioning training for o members ofslaff Establishment of the 'Digital Exploration, Rothsohild irnpacl grant Prograrnme, including the recruitment of groups and delivery of all the training programmes lo support the creation of the 3D photographed collections gaIry, lo be delNered in 2022. EslablBhment of the 'Stortes From... Buckinghamshire, the HS2 community projèct. appointing a project manager, getting all the administrative systems in place and securing the partnerships. Recruitmenl of new staff fof project work Support of our PhD students with continued delivery of their work virtually, and 6 blcgs. CTealion and start ol the implementation of a digitsl strategy Adaptation of all policies to encompass digitsl vision Development and promotion of learning resources with 200 downloads in the first Iwo months Cornplete transfer of all f8ce-to-face delivery work to online Financial review a. Operating model and risk The Trust is supported by the National Lottery Heritsge Fund ('NLHF') and there is an initial six year 'dolivery period, wth the NLHF which runs from 2017-2023. In broad terms the NLHF provides 56Qh of all expendrture th the other 440A being Provided by the founder mernbefs and Ihird party trusts. benefactors and donations. The greatest risk for the NPHT is achieving on-going financial sustainabifity and meeting income taigels. The pressure on charities to achieve funding in an already difficutt economic and politicalty uncertain environment has teen magnified by the impact of the Covid-19 pandemic. NPHT faces these challenges by carefulty managing its fundraising and expenditure 8Ctivities. It is worth noting that NPHT does not receive income from museum entry fees or shop sales and so lockdown has not had a material impact on income from this perspective. Meantime, the Trust is using the exiger7cy of Covid-19 as an opportunity to strengthen its digital offering. b. Financial result for the year Income for the year totalled £224,047 12020.. £411,755}. The decrease is predominanuy a result of reslalement of the prior year figures (as detailed in note 761. Expenditure lotalled £252,657 {2020= £214,023). Overall. the Chaiity made a deficit for the year of £28,610 (2020.. £197,732 surplus). Most of our funding is iestricled funding, and we our very grateful to all of our lunders for their support, including.. Natsonal Lottery Heritage Fund, British Paralympic Association, INheelpower British Wheel¢hair Sport, Buckinghamshire Council. V81e of Aylesbury HoLtsing Trust, Heart of Bucks. Rotary Club, Rothschild. GroundworklHS2, and Royal Pavilion. Page 6
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 . Going concern After making appropriate enquilles, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operationèl existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in prepaiing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. d. Reserves policy The Trust's reserves policy is lo onsure that by the end of the financi81 year 2021122 Ilhe end of the initial five- year delivery period), sufficient reserves wll axisl to cover a minimum of six months, worth of operating costs. The Trust will aim lo extend this to tsvelve months if at all F)ossible. As at 31.03.21, the Trust had in excess of the minimum resevve. e. Principal risks and uncertainties The Trustees have implemented a risk management strategy, which comprises- an annual review of the risks which the charity may face the establishment of systems and procedures to mitsgate those risks identified in tho review implementation of procedures designed to minimise any potential impact on the charity, should any of those risks matefialise This work has identified koy risks r8latir¥J to= achieving revenue targets, which is mitigated by focus on and regular scruknny of income and potential income streams safeguarding of the ParatymFiC heritage collection. archiving wo¥k and the ongoing provision of space and support for the permanent Heritage Centre located at Stoke Mandeville. To mitigate the risk, seNice level agreements are in place or are being considered th the appropriate parties Structure, govemance and management a. Constitution The National Paralympic Her(iage Trust {NPHT) is a company limited by guarantee. incorporated on 7 SoPtembeT 201 S and governed under its Memorandum and Articles of Association. The NPHT was registered th the Charities Commission on 3 Febtuary 2016. b. Appointment of Truslees The strategic management of the cha¥ity is Ihe responsilility of the Trustees lthe 'Board") who 8re appointed by its Members under the terms ofthe Articles of Association. Organisational struclure and de¢ision4naking policies The NPHT is managed by a Board of Trustees which meets four times a year. The Finance & Development Committee, a sutFcommitte8 of the Board of TrLFStees, meets at a minimum of four times a year and reports back to the Board. A Chief Executive Officer is appointed by the Trustees to manage the day to day operations of the Trust and additional persons are contracted to manage speo¢fic areas. The Trust liaises closely with its lawye, accounl8nls, and olheT professional advisefs. Page 7
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Structure, governance and management Icontinuedl d. Trustee induction and training A general introduction to the NPHT, its oFganisation and structures is offered to all Trustees. Uyjates on significant changes in charity law and taxation including Trustees. responsitmlities are covered at TTUStee meetings as appropriate. e. Volunteers Our volunteers - who include thg Trustees - form a key part of the organisation. Volunteers have already carried out considerable work in developing the new website and researching into co1ctionS and relevant interesting stories, as well as supporting exhibitions, learning and engagement. The volunteer base has grown and diversified considerabty in the past year, and several are plaYir a major role in the cafe of collections. Statement of Truste8s' responsibilities The Trustees (who are also the directors of the Charity lor the purposes of company law) are responsible for preparing the Trustees, Report and the finarF¢ial statements in accofdance th 8pplicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the TTuslees to prepare financial statements for each financial . Under company law. the Trustees must not approve the financial statements unless they are satisfied that they give a tiue 8nd fair view of the stste of affairs of the Charity and of its incoming resources and applicalion of resources. including its income and expenditufe, for that period. In prepartng these financial statements, the Tru5tee5 are required to.. select suitable accounting polictes and then appty them consistenlty; observe the methods and principles of the Charities SORP (FRS 102)., make judgements and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements,. prepaie the financial statements on the going concern basis unless tt is inappropriate to presume that the Charity will continue in business. The TTUStees are responsible fo¥ keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with Teasonable accuracy at any time the financial t*)silion of the Charity and enable them to eDsure that the financial statements comply wilh the Companies Act 2006. They are also reswnsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other iTFggularities. Approved by order of th embers of the board of Trustees and signed on their behalf by.. Nigel Purse Chair Date.. Page 8
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Limited by Guaranteel INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021 Independent Examinerfs Report to the Trustees of National Paralympic Heritage Trust llhe Charity'l I rewrt to the charity Trustees on my ex8mination of the accounts of the Charity for the year ended 31 March 2021. Responsibilities and Basis of Report As the Trustees of the Chartty (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance th the requirements of the Companies Act 2006 {Ihe 2006 Act'l. Having satisfied mysell that the accounts of the Charity are not required lo be audited under Part 16 of the 2006 Act and aro eligible for independent examination, I report in respecl of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 (Ihe 207 1 Act?. In carrying out my examination I have foltowed the Directions given by the Charity Commission under section 145(5l(b) of the 2011 Act. Independent Examinerfs Statement I have completed my exarnination. I wnfirm that no matters have come to my attention in connection wilh the examinah.on giving me cause to believe.. 8ccounting recotds were not kept in respect of the Charity as required by section 386 of the 2006 Act. or the accounts do not accord with those iecoids., or the accounts do not comply with Ihe accountir¥J requirements of section 396 of the 2006 Act other than any requirement that the accounts give 8 Irue and fair. view which is not a matter Considered as part of an independent ex8mination', or the accounts have not been prepared in accordance with the methods and prinaples of the Statement of Recommended Practice for accounling and reporbng by charities lapplicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard 8pplicable in the UK and Republic of Ireland (FRS 102)1- I have no concerns and have come across no olher matters in connection with the examination lo which attents.on should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solety to the Charity's Trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports} Regulations 2008. My work has been undertaken so that I might stale to the Charity's Trustees those matter5 1 am required to state to them in an Independent Examiner's Report and for no olhei purFKise. To the fullest èxtent permitted by law, I do not accept or assume responsibility to anyone other than the Chaiity and the Charity's Trustees as a body. for my work or for this ieport. Signed.. Dated.. 07-12-21 Martin Bailey FCA Goodman Jones LLP 29130 Fitzroy Square London W1T6LQ Page 9
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Limltèd by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2021 As restated Tot81 funds 2020 Unrestricted funds 2021 Restricted funds 2021 Totsl lunds 2021 Note Incomefrom: Don8tions and legacies 33,512 190.535 224,047 411,755 Total income 33,512 190,535 224,047 411, 755 Expenditure on: Charilable activilieg 252.657 252,857 214,023 Total expendbture 252,657 252,657 214,023 Net intomellexpenditurel Tfansfers beeen funds 33,512 29,900 162,122) 129,900} 128,6101 197,732 14 Net movement in lunds 63,412 192,0221 128.610} 197,732 Reconciliation of funds". Total funds brought fOard Nel movement in funds 45,109 63,412 566,846 {92.0221 611,9S5 128,6101 414,223 197. 732 Total funds carried fonvard 108.521 474,824 583,345 611,955 The Statement of Financial Activitses indude5 all gains and losses recognised in the year. The notes on pages 13 10 24 form part of these financial statements. Page 10
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Limited by Guarantee) REGISTERED NUMBER: 09765432 BALANCE SHEET AS AT 31 MARCH 2021 As restated 2020 2021 Note Fixed assets Tangible assets 10 45S.571 514.510 455.571 514.510 Current assets Deblors Cash at bank and in hand 11 3,832 140,593 37,860 97,722 144,425 135, 582 Cr&1ilors'. amounls falling due within one year 12 116,651) (38, 137) Net current assets 127,774 97,445 Total assets less current liabilities 583,345 611,955 Net assets excluding penslon assèt 583,345 611.955 Total net assets S83,345 611,955 Charity funds Restricted funds Unrestricted funds 14 14 474,824 108.521 566,846 45,109 Total funds 583.345 611,955 The Chanty was entitled to exemption from 8udit under section 477 of tho Companies Act 2006. The memb&rs have not required the company to obtain an audit for the year in question in accordance with seclion 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for comptying with the requirements of the Act respect to accounting records and preparation of financial ststements. The financial slalements have been prepared in accordance th the provisions applicable to entities subjgcl to the small companie5 regime. Page11
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Limited by Guarantee) REGISTERED NUMBER.. 09765432 BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2021 The financial ststements we¥& approved and authorlsed for issue by the Trustees and signed on their behalf by.. Nigel Purse Date.. The notes on pages 13 to 24 form part of these financial statements. Page 12
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 General infomiation The National Paralympic HeTitage Trust15 a prNate company limited by guarantee incorporated in England and Wales. The registered office is Stoke Mandeville Sports Stadium, Harvey Road, Aylesbury, HP21 9PP. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have en prepared in accordan with the Charities SORP IFRS 102) - Accounting and Reporting by Charities.. Statement of Recornrnended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard app5icable in the UK and Republic of Ireland {FRS 102) {efteclive 1 J*nuary 20191. the Financial Reporting Stsndaid applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. The National Par8tympic Herilage Tiust meets the definition of a Pltblic benefit entity under FRS 102. Assets and liabilittes are initially recognised at historical cost or transaction value unless othewse stated in the relevant accounting policy. The accounts are prepared in sletling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are roursded to the nearest £. 2.2 Going concern The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relev8nt information, including the annual budget, known and anticipated future income. and future cash flows in making their assessment. In particular, in response lo the COVID- 19 pandemic. the Trustees have tested the cash flow analysis to take into ac¢ount the impact on the Charity of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken lo mitigate the current adverse conditions, and the cuirent resources available, the Trustees have concluded that they can continue lo adopt Ihe going concern basis in piep8ring the accounts. 2.3 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustses in furtherance of the general objectives of the Charity and whioh have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by doriors of which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restrided fund is set out in the notes to the financial statements. Page 13
NATIONAL PARALYMPIC HERITAGE TRUST (A Company Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accounting polieies (continued) 2.4 Income All income is recognised once the Charity has enb"tlement to the income. it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Slatement of Financial Activib'es on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of enlillement of receipt, its recoJnition is deferred and included In creditors as deferred income. Whefe entitlement OCCUTS before incomo is received, the incorne is accrued. Income tax recoverable Ir7 relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 2.5 Expenditure Expenditure is iecognised once Ih8re is a legal or corsstruclive obligation lo transler economic benefit lo a third party, il Is PTob8ble that a transfer of economic benefits will be required in settlement and the 8mounl of the obligation can measured reliably. Expenditure on charitable aclivities is incurred on directty undertaknr¢g the activrties which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.6 Tangible f ixed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognltion, under the cost model. tangible rixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended worknng condibon shoukl be included in the measurement of cost. At each reporting date the Charity assesses whether Iheie is any indication of impairmenl. If Sltch indication exists, the recoverable amount of the asset is determined to be the higher of ils fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceedg the recoverable amount. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over th8ir 8sts'mated useful lives. Depreciation is provided on the followng basis. Fixtures and fitbngs 10% Straight line 2.7 Debtors Tr8de and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. Page 14
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accounting policies lcontinuedl 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opaning of the deposit or similar account. 2.9 Liabilities and provisions Li8bilties ale recognised when there is an obligation at the Balance Sheet dato as a Tesult of a past event, it is piobable that a transfer of economic benefrt will be required in settlement, and the amount of the settlement can be estimated reliabty. Liabilities are recognised at the amount that the Charity atipate$ it will pay to settle the debt or the amount it has received as advanced payments foi the goods or seNices il must provide. 2.10 Financial Instruments The Charity onty has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their setttement value with the exception of bank loans which 8re subsequenlty measured at amortised cost using the effective interest method. 2.11 Pensions The Charity operales a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in re3peet of the year. Critical accounting estimates and areas of judgement Estimates and judgements are continually evalu8ted and are based on ttislorscal experience and other factors. including expeclabons of futuie events that are believed to be reasonable undoi the cirGumstances. Critical accounting estimates and assumptions- The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seklom equal the related actual res$. Trustees have not idents'fied any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liatrililies within the next financial year. Page 15
NATIONAL PARALYMPIC HERITAGE TRUST (A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Income from donations and legacies As restaled Total furKIs 2020 Unrestricted Restricted funds funds 2021 2021 Total funds 2021 Donations and gifts Twsts Partners 132,035 58,500 132,035 58,500 33,512 93,475 55,000 263,280 33,512 33,512 190,535 224.047 411,755 Tot812020 as restated 411, 755 411,755 Analysis of expenditure on ¢harilable activities Summary by fund type Unrestricted Restricted funds funds 2021 2021 Total funds 2021 Total funds 2020 NPHT Activities 252,657 252,657 214.023 Tot812020 49,253 164, 770 214,023 Analysis of gxpenditur6 by activitles Activities undertaken directly 2021 Support eosts 2021 Total funds 2021 Total funds 2020 NPHT Activttes 26,597 226,060 252,657 214,023 Total 2020 18,438 195, 585 214,023 Page 16
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STA TEM ENTS FOR THE YEAR ENDED 31 MARCH 2021 Analysis of expenditure by activities Icontinued) Analysis of support costs NPHT Activities 2021 Total funds 2021 Tolal funds 2020 Staff costs 92,878 58,938 92,878 58,938 41,702 51.288 47, 130 2,123 4,800 4.913 5,067 22, 744 638 Depreciation Subcontractors Training and recruitment Travelling expenses Equipment and maleriats Lgarning and engagement Legal and professior¢al Advertising Insurance Office expenses Website 673 950 9,775 20,836 30 3,426 11,906 26,064 584 673 950 9.775 20,836 30 3,426 11,906 26,064 584 3, 122 5, 722 6,336 Other 226,060 226,060 195,585 Total 2020 195.585 195, 585 Independent èxaminerfs remuneration The independent examinerfs remuneration amounts to an independent examiner fee of £2,160 {2020 £1,500). Page 17
NATIONAL PARALYM PIC HERITAGE TRUST IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 staff costs 2021 2020 Wages and salades Social security costs Contribution to defined cont¥ibution pension schemes 83,272 8.144 1,462 40,328 694 680 92.878 41,702 The aver&Je number of persons employed by the Charity during the year was as follows.. 2021 2020 No. EmFioyees No employee received remuneiation amountiNJ to more than £60,000 in either year. During the year, total remuneration. including employer's national insurance and pension contributions, curred in respect of key man8gement peisonnel totalled £46,163 (part year 2020.. £23,685). Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2020- £NILJ. Duriro the year ended 31 March 2021. no Trustee expenses have beer¢ Incurred (2020- £51J. Page 18
NATIONAL PARALYMPIC HERITAGE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 10. Tangible fixed assets Fixtures and fittings Cost or valuation At 1 April 2020 581,367 At 31 MarGh 2021 581,367 Depreciation Al 1 April 2020 Charge for the year 66,857 58.939 Al 31 March 2021 125.796 Net book value At 31 March 2021 4S5,S71 At 31 March 2020 514,510 11. Debtors 2021 2020 Due within one year OtheT debtors 34,374 3.486 Piepayments and accrued income 3.832 3.832 37,8fj0 Page 19
NATIONAL PARALYMPIC HERITAGE TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 12. Creditors: Amounts falling due within one year As reslated 2020 2021 Trade creditors other tsxation and social security A¢cruals and deferred income 12.991 35,T47 1,531 859 3,660 16,651 38.137 13. Financial instruments 2021 2020 Financial assets Financial assets measured at fair value through income and expenditu 140,593 97,722 Financial assets measured at fair value through income and expenditure compTise c8sh balances. Page 20
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 14. Statement of fund5 Statement of funds - current yèar Balance at 31 March 2021 Balance at 1 April 2020 Transfers inlout Income Expenditure Unrestricted funds General Fund5 4S,109 33.512 29,900 108,521 Restricted funds NPHT activities R Calllngham Foundatlon Roy81 Pavilion other small misc 565.726 1,000 188,484 (251,412) {1,000) {29,9001 472,898 1.926 125 1,926 120 1245) 566.846 190,53S 1252,6571 129.900) 474,824 Total funds 611,955 224,047 1252.6571 583,345 Page 21
NATIONAL PARALYMPIC HERITAGE TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 14. Statement of funds {continuedl stalement of funds - prior year As restated Transfers in/out Balance al 31 M8rch 2020 8818nce al As reststed As restated l Awil 2019 Income Expendilure Unrèstricted funds General Funds 3, 108 18,249 23, 752 45,109 Restricted funds NPHT activities R C811ingham Foundation Bradford County Council SE Museums Other small funds 407, 115 392, 105 1,000 (209, 74¥ (23, 752) 565. 726 (2,000) (2,(M>) (281J 401 120 411,115 393,506 (214,023) (23, 752) 566,846 Total funds 414.223 411, 755 (214,023) 611,955 NPHT Activie$ - this fund compllses of income re¢eFved from various lunder3. as listd in the Truste8S' Report, that fund andlor match fund the activitie5 Of the Charity, and are received towards all activities of the Charity. Royal Pavilion secure. this fund represerrt5 incume received for the re-opening the museum to be Covid other small funds - small donations received for specific Purposes. Page 22
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 15. Analysis of net assets between funds Analysis ol net assets between funds- Current yeai Unrestricted Restricted funds funds 2021 2021 Total funds 2021 Tangl1e fixed assets Current assets Creditors due within one y8ar 455,571 (330,399) (16,651) 455,571 144,42S 116.6511 474,824 Total 108,521 474,824 S83,345 Analysis of net assets between funds - prior yoar Unrestrided funds 2020 Restricted funds 2020 Total funds 2020 Tangible fixed assets Current assets Credilors due withln one year 514,510 90,473 (38. 137) 514,510 135,582 138, 137) 45, 109 Total 45, 109 566,846 611,955 16. Prior yèar adjustments The Charity has restated its comparative information to be in accordance wtth accounting twealments specified In the Charities SORP (FRS102). The following adjustments have been made.. 1) Recognition of capital grants received - Pfeviousty these had been treated as deferred income and released lo income on an accruals basis. The finanual statements have been restated to show these as income in the period in which the grants are received, with a correspondin9 adjustment between restrided and unrestricted funds in respect of the depretiation charge for the period on the capital items. As a result of this adjustment, £175,173 has been restated into restricted funds bld for the year ended 31 March 2019, and £92,479 has been restated into income for the yeaT ended 31 March 2020. 2) Anatysis of restricted funds - the finanaal statements have been restated to classify correctty certain items of income, and associated expenditure, previously treated as unrestricted funds. Theie is no impact on the resutt for the year, or on total funds, as a result of this adjustment as it is purety a reclassification between funds. The total amount reclassified was £296,059. P8ge 23
NATIONAL PARALYMPIC HERITAGE TRUST IA Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 17. Pension commitments The Charity operates 8 defined contribution pension scheme. The pension Cost outstanding at the year end included in creditors was £nil, (2020.. £nil). 18. Related party transactions The Charity has not entered into any related party tiansaction during either the curient or prior years, nor are there any outstanding balances owing between related part>es and the Charity al 31 March 2021. 19. Controlling party and company status The Charity is controlled by its Trustees. The Charity is a company limited by guarantee. In the event of a winding up of the company, the lialty of the memb8rs ofthe Gompany is limited to £1 per MernT. Page 24