Regi5tar9d number: 09766432 Charity nurnber: 1165416 NATIONAL PARALYMPIC HERITAGE TRUST (A Company Llmlted by Guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
l+lATIONAL PARALYMPIC HERITAGE TRUST (A Company Limited by Guarant•è) CONTENTS Page Referen and Adminislrative Delails of thè Charlty, its Trustees and Advisers Chainnan'$ SLitem•nt Trustees. Raport Independerbt Examiner's Report St*ement of Financial Acliviiies 10- 11 12 Balanc• Sheet 13-14 Notes to thè Flnancial Slotemènts 15-25
NATIONAL PARALYMPIC trIERITAGE TRUST {A Company Llmited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FQR THE YEAR ENDED 31 MARCH 2023 Honorary Pre$ldent Sir Philip Craven MBE Honorary Vlc• Presidents Sir Henry Aubrey-Fletcher Baiones5 Turiiii GIey-TliutTiOl DBE DL Tim Hollingswoth OBE Baron Chris Holmes MBE Sir David Lidinuton KCB CBE Eva Loeffler OBE Paul Mainds BEM Tirn Red(*sh CBE DL Oler Stocken CBE Truste•s Nlgel Purse, Chair Helen Adams, Trustee Clive Harriss. Trustee Ga¢le Lalahy, Tnt3t¢e Jessica Macbeth, Trustee Rachel Maguire, Trustee MaTtin McElhatton, OBE. Truslee Sophle Payne. Trustee Anna Scott-marshall, Trustee Prof•¥$or Nick Vvebbom CBE DL, Tw$te¢ (appointed 1 January 20221 Susan Wolstenholme, OBE, Trustee Company registered number 09765432 Charfty registered number 1165416 Reglstered office Stoke mandevie Sports Stadium Harvey Road Aylesbury 8uckingham8hire HP21 9PP Chi8f executive oifKer Vi¢ky Hope-walker IndeyTrdent examiner Man Bailey FCA Goodman Jones LLP 29130 Fit2roy Square Ltsndon WIT 6LQ Page 1
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Limlted by Guaranleel CHAIR'S SUMMARY FOR THE YEAR ENDED 31 MARCH 2023 2022123 represents the National Paralympic Heritage Trust's INPHT'S tsr the Trust's) sixth fulty operational year on our mission to celebrate, Chefish and bring the Poralymplc Heritsge and Its stories of human endeavour lo Ilfe, Bnd tn doing eo to ohallenge negativè attitudes towarde disabTrlty. It m*rks the end of our fir¥t 5-y•a¥ strategy and the final draw down ol our National Lottery Heritage Fund foundational glant that put us on our feet in April 2017 provlding 500/) of the fvnds required in our first six year5. Ajongside this Important milestone we also completed the innovative 'Digital Explorations, programme of work supported by the Rothschlld Foundation. Therefore, it has been a year of reflection, evalualion, and celebiation, alongside the excitement of planning our next fivè-year phase of work. Though this report 18 fo¢u$ed on the year 20221231 feel It Is Wofth reflecting on th¢ first 6-year period through the word$ ol our independent evaluators, Bright Culture, who carried out a number of Interviews, focus group8 and $urveyE, 888essing our achievement against our original ambitions in 2017. "The award, in 2017, of £7. 124M from the National Lottery Haritage Fund was a foundational grant that has 811owed the Tst to meet and exceed its initial ambitions, to ¥$oure addthonal funding trom trusts such as the Rothschild Foundation and HS2 Communty frust, to exp8nd its achievemants into ground-br88king digital and ¢reotive proj6cts. and to secure lh8 n8Xtpha$o ofits work as part orrne Arts CounGiI England Natlonal FortrolAO. In the six years from 2017-2023. which includes the period of the Covid.19 pend8mic, the Trust has engaged with over 500,000 people through rfs Heritage Centre, six r8gional exhibititrns, p8nnanent displays at the National Spinal Injuries Centre, learning and engagement progr8mmes and digital content, including six innovative virtual exhibits'ons. NPHT hos become a leader in heritag& praGli¢e around dis8bilty access, with tho Heritage Centre demonstratA'ng what is possible wh&n 8CC8s$ r?quir8m8nts are planned from the start with th8 aclivo involvemant of disabled people, and how thAS improves the visitor experience forall. NPHT has saved 104 collections of Paralympic 8rtefacts and seGur8d the future for over 620 boxes of archive material, working with Discover Bucks Mu$&um and Buckinghamshire Archive to stert the process of conserving 8nd cataloguing them. The use of these collections and archiv8s for research, publiG engag8m&nt and media work is already demonstrating thwr significance and helping to address th8 lack of disability representation in musèum and archive collech"ons. One of the alms of the frusl is to change attiludes towards dis8bility.' through ts work NPHf has raised awareness of Stoke M8nd8ville Stadium es tho birthplace of the in18mats"orJ81 Paralympic Movement and 72Yo of sufrvey respondents fell that their understanding of disability had been widened Dr changed by its work. Its projects have worked with disabled PartiPants to create meaningfvl opportunities. to bulld new skills 8nd confi'denc&, and to CO+curats ¢xhibifyons from the perspectiv8 of thgir lived exparience. At the c8ntr8 of thi$ work is tho Herito98 Centre. basgd at Stok8 Mand8ville Stadium, 8 fvlly aSSIble Sports facility that continues to promote Sports and competition for 811. Although being based within a modern-day $ports cgntre brings Ghallenges, its locah.on places the Heritage Centre right at tho place where Ihe Paralympic mov8ment started 8nd where Ihe18g8cy of acees$ible sporting achievoment is maintained. In its appI8'0n lo the National Lottery Herilag8 Fund, the Tnist outlined its ambitions for how its work would dèliver positive outcomes across heritage, people, and communitl8s. Through six years of consistent deliv8ry of Ats work, 8 commitment to W6serying Poralympic Heritage, to sharing this heritage widely through its 8ngagement programme, and to meeting the high851 stendards of disability ac¢ess, NPHT has mL)r8 than achieved these ambitions. All of this has bean Gf&8ted by a small team of staff, trustees and volunlaers with vision, big ambAtnS and a willingness to experiment with new approaches to how w8 tell the stori&$ of shared sporting heritag&.' Bright Culture July 2023 Paoe 2
NATIONAL PARALYMPIC HERITAGE TRUST (A Company Limbted by Guarantee) CHAIR'S SUMMARY (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 For me personally there are So many highlights from Ihis past year, but those that have pethaps moved me most and illustrate the ethos of our work, building communlty partnershlps and providing opportunitses for disabled people are.. The development of Ihe Meet the Paralympian event online for s¢hools. We sell out the 1.500 spaces nearly every time antl were awarded the Best Sportng Heritage Event of the year. The Completion of an oral history projeot, capturing over 40 new stories. The collaboration %Mth '1 Have A Voice Too,, an adult learning needs theatre group, composing a song th musician and Paralymp¢an Robin Surgeoner, celebrating the Queen's and her famlly's involvement and support of the Paralympic Games over thts yeais, linked into her Jubilee celebrations. The song called 'Jubilation' was $ung In over 40 venue5 a¢ro85 Buckinghamshlre an¢J enabled the theatre group to build new members and contacts. On the back of this project we were also one of three in the County glfted a tree by the Lord Li8ulenant from the 'Tree of Tree, Sculpture that sat outside Buckingham Palace for the Jubilèe celebrations. The art commission film by Jordon Baseman, whlch was incredibly thought provoklng in terms of how diaebility=port is r8pr8sènted in films. The huge amount of work done on our collections by a growing dive¢ team of voluntèer8. meaning that a half of all the early collections are now boxlisled. The pilot monthly open drop4n session for disabled people to meet in the Heritage Centre for informal ¢onversation, games and engagement. Becoming an Arts Council National Portfollo Organlsalon, what a way to 8ee in our next phasel My sincere thanks go to our Chief Executive Officer, her small team. the volunteers. tsur stakeholders. and users who have helped us grow, achieve, surpass our goals. and lay exciting plans for the fvture. Also, l extend my thanks to my fellow Trustees and our Founding Partners - The British Paralympic Association, Wheelpower - British Wheelchair Sport and BLsckinghamshire Council. Thi5 has been my fifth yèar as Chalr of this great Trust, and it wll be time for me lo move on in 2024.1 am hugely proud of all the work have achieved over the past year. the imagination and innovation of the whole team that stands us in good slead for the years to come. Funding of Course remains a challenge. but an inspirational PTogramme of work. professional fundraiser5 now in place, alongside Arts Council and fvther Rothschild Foundation support, we have an excellenl start for our next phase. Nigel Purse Chairman Date.. Page 3
NATIONAL PARALYMPIC HERITAGE TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARGH 2023 The Trustees present their annual report together with the finan¢ial statements of the Charity for the year 1 April 2022 to 31 March 2023. The Amnual Report seNes the purposes of both a TrLtstees' Report and a Directors. Report under MpanY law. The Trustees confirm that the Annual Report and finanoial statements of the ch4ritablo rompany comply wlh the current Statutory requirements. the requirements of the ¢hafitable compan¥$ governirtg document and Ihe provlsions of the Statement ot Recommended PiaGti¢¢ IVORPI dpplioablè to charities preparlng theif accounts in accordance wth the Financlal Reporting Standard appllcable in the UK and RepubliG of Ireland {FRS102) (effe¢t¢ve l January 2019). Since the Charity quallfies a$ Small under seclion 3B2 of the Companies Act 2006, the Strategic Report requlred of medlum and large cornpanies under the Comparbies Act 20C6 Istrategic Report and Dire¢tors' Report) Regulations 2013 has been omitted. Objedives and actlvitles . Purposes and aim¥ The objects of the charity are.. The advancement ol eulture and herltage, and in partiGular the culbjre and heritage of the Paralympic movement in the United Kingdom and the role of Stoke Mandeville as the birthplace of Ihe ParalympiG Movement, and the promotiofb of public understanding antl enjoymeni of the same., The promotion of positive public perceptions and greatsr understsnding of dlsability at both national and intemational levels. The charity may also advance 6u¢h Olher purpeS thot are exclusively chailtable according to the law of England and Wales as the Tru51ee$ in their absolute dlscrellon thlnk fit. b. Objectives and strategies The charlty's mi8sion 1$ 'to enlighten and inspire future gerseTadons by celebiating, cherishing and bringing the Paralympic Heiitage and rtS Stories of human endeavour to life,. The proje¢t deliverables from 2017 to Ihe end March 2023 have b¢en defin¢d and adju¢tad aE a result of th pandemic as follows: Establishment of 8ccredted colledon and archive of national and internafjonal importance, preserving history that would otherwse be lost. Establishment of a perman1 Heritage Centre at Stoke Mandeville Stadlum. Re9ion81 exhibitions nationvAde inGluding Notwch, Bradford, Keighley, Bath, London, and Milton Keynes. Development of a virtually augmented oxhlbition enabling $m811 scalè venues to celeb¥ate their Paiatympic and disability 8POrt hislories in permanent VI31 dlsplay8. Pop-up displays that tour the Country. PeTmanent displays for patients and vistors to the National Splnal Inluries Centre at Stoke Mandevllle Hospital. A website and Vir81 museum whl¢h 11 allow people to upload and share their own $tories. Establishment of creative learning and engagement resources and an assoc18ted programme. Charitable objecttves which allow for expansion of responsibility for delivering the Herllage Flame Lighting ceremonies at Stoke Mandeville for both summer and nter Paratympi¢s. Underpinning all the above has been the assurance of the highest access and equality slandards, maintsinlng our lead across the heritage sector in this field. In addition, over the past year we have continued to develop and share OUT pioneering pilot work in disability access with and for people with $eveTe Sensory needs and neurodivergence. Thls WOTK playF d key part in OUF n¢Xt S year strat89y. Page 4
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Limlt•d by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Objective5 and activities (continued) Public b•nellt The Truyteos have complied wlh their duty to have due regafd to the guidance on public benefit published by the Charity Commission. The Trustees have considered the requirements of the publlc benefit tesi and are 5aU5fied that the charrws actimties meet these criteria. d. vont9r5 Volunteers- vtho include the Trustees- form a key part of the organisation. Volunteers have already carried out considerable work in developing the new website and researching into collections and relevant interesting stories, a8 well as supporting exhibitions, leaming and engagement. The volunteer base has conlinued to grow and diversify considerably in the past year. and w1h a whole team playing a major role in the box Ilsting and recording ol collections. Achievements and perfomu¢# a. Maln achigvornents of the Charty Th8 year to 31 Morch 2023 is the 81xth year of the oiiginal 5. becomlng a 6-year, development strategy for the National Lottery Heritsge funded project a$ a resu of the impact of the Covid pandemi¢. This sixth year is the second full year of re-opening sln¢e the pandemi¢ and we have seen Heritage Centre vtsilor numbers steadlly grow, increased our outreach lo communities. recognislng in particular schools, budgetsry constraints with rislng INing costs, Ythi15t maintaining Ihe option for virlual engagement. In line with our 2021-2023 bLt8lness plan we have athieved Ihe following over the pasl ygar.. heni nisa ional sustaina Created a dynamic new five-year stralegy for 2023-28 '8ecomlng seamlessly inclusive, Achieved Arts Council England National Portfolio Organisation Ihreeyear funding Developed and implemented a new organisational strure to enable us to dellver the new 5-year strategy Successfully implemented tr)e ffirst phase of our new S-year fijndraising strategy RecTUrted and appointed a Trust Fundraiser and a Commercial Fundraiser The continued building of existing and new partner8hip$ Met OLtrr fundr8i$ing largets Introduced a Sage financial management SyBtem Developed a new S-year budgetary plan for 2023-28 Launched OLtr local business dub membership scheme DICE {8tanding for the Paralympie values of determination, inspiration. ¢ouiage and equality) Developed a corporate away day package fc¢r testing Ongoing evaluation Major 6-year evaluation review by an independent evaluator, 8dght Cultrjre, incorporating focus groups, 1 to 1 inteNiews and survey Integration of audience reflections and needs into the new strategy Evaluation of the 'Digilal Exploration, projed, helping Shape fijture plans 30,600 website visits, 54Oh International from 195 nations 104 events including 18 formal Hèritsgè C8ntr• tours and $9 OUtreCh and online. events reaching nvr 310,OQO people. This is an exceptsonal number due to the vlsitors b the Velopark. Olympic Park exhibilion in Pagè 5
NATIONAL PARALYMPIC HERITAGE TRUST (A Company Llmited by Guarantèe) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Achievements and p•rfomMn¢e {¢ontinu•d) London (260,000 plus) ond level of HS2 pioject work. 25,000 visitors to the Heritage Centre120,000 2021122) Social medla targels met, though slight decrease in some areas. that oppear as market trends Co ons calalo uin advancement lannin Collection'$ policy review Revised collections plan 32 mofe collections donated 7 new boxlisting volunteers SO% of Collections, now fully boxli$ted 950h of 8ritish Pafalympic Assoaation collection boxlbted 40 new oral stories Collected Online sharing of the colle¢ltons catalogued to date S mini oollection display5 in the community display cases and delive arnin and exhibitions Yo rammes volunteer base The delivery of physical and virtual activities for 104 groups induding schools, universities. families, spe¢ial education and disability groups and adults Actwites included 11 Meet the Paralympian events wth a mix of virttjal and face-to-face sessions, 6t familylholiday events, 10 artist mini-residenoies, 9 spèclal events, 18 face-to-face tours and work wlth 28 School classes Continued volunteer recruitment development and training, enabling them to support colleclions. learning, tours. virbjal and outreach yrk Development and delivery of school curriculum resources Development of learning resources for the National Spinal Injuries Centre Establishment of monthly handling table activibes at the Nal¢onal Spinal Injuries Centre The setbng up of a pilot monthly dropin Gameslengagement session for people vAth dw6abiliknes. ststt training In¢luding rtlsablllry awareness, tront of house dlsablllty GDnfidenl. Dittl liislT)ty, rnaikE(Illyi collections ¢are, safeguarding, use of ladders, as$e$sment and guided touring Launch of thè Meeting Point art Commission Intemational a$t Jordon Boseman, an inspirational and thought-provoking art film Completlon of the 'Digilal Exploratton, Rothschild impact grant programme, wth the training of 26 neurodiverse people and the scanning of another SO objects, wth the18un¢h of the 30 virtual gallery. The valuation evidenced huge transformative impact for the p8rts¢Spants and helped $hape our next stratsgy. Tho gallery was a breakthrough, managing to host 3D objects. not just 2D and film Delivery of 8 more programmes of work as part of the 'Stories From.. Buckinghamshire, the HS2 community project, including artist residencies, workshops, meeting Paralympians, assemblies, new displays for Ihe Pop- Up museum and vlsits to the Heritage Centre. Of parb¢ular note 15 the completion of the work the Finmere community, and extended project Ihat uncovered the remarkable story of the Finmere show, Paralympic Games fvndraisers for over 50 yeafs Key Stage 1 learning resources developed and tested and mad& ready for use Support of our one PhD student and 3 more academics using our ¢ollection8 The implementation of'sing for the Queen. a collaboration .1 Have A Voice Too, Gelebfating the late Queen's Jubilee through the creation ol 8 song 'Jubilation'. that as performed al more than 40 venues, and is now on Spotify Partnerships Talkback. Prfnce's Trust, Oas18 Partnorship on opportunities for people 8en$ory needs and neurodivergence Collaboration with Bucks Culture on a prolect ¢alled 'Together we build, ¢elebiating 10 years Since London Page 6
NATIONAL PARALYMPIC HERITAGE TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCtrI 2023 Achievements and perfommnce l¢ontinued) 2012, wth 12 cultural venues acros5 8uckingham$hiTe displaying 12 objects from our collection, ¢urated by 12 local dlsablèd people and the hosting of 12 accessible events OLrtreaGh to HMP Erleslone prison with handllng colleclions as part of disability awareness Pio ital delive and en ement Pathership5 Wth Bucks cUlre, l Have A Voice Too, the Commonwealth Games and 8eijing 2022 Winter Games torch relays 3D object Gallery developrnent and launch providing trainlng and employment foi 6 disabledlneurodivergent people and finding excitsng new ways to share Collections appeal to youth audlen¢es. Development of pages to share the stories belng uncovered in the 'Stories from Bu¢kinghamshire work., 3D object scans and new oral histories Holiday digital downloads for those who cannot travel to visit Website review and updating Some academic dlscussions on the value of 'engagement and learnlng. through social media engagement th a view to fvbjre univ¢rsity partnershipt5 Finan¢HI review a. Operatlng model and risk The Trust has been supported by the National Lottery Heritage Fund {'NLHF? in an initial slx year 'delivery period, syith the NLHF which ran Irom 2017- end March 2023. this financlal year. In broad terms the NLHF provided 50Qfi of all expenditure wrth the other Sooh beir¢g provided by the Founder Members and third-paity trusts. benefactors, and donations up to this point The end of this NLHF fsnandal support presents the greatest rfsk for the NPHT in a¢hieving on-going financial sustainability and meeting income targets. The pressure on charities to achieve funding In an already difficult e¢onomi¢ and pOlGallY uncertain envlronment was magnlfied by the ongoing impact of the Cowd-19 pandemic. NPHT fece$ th¢sc ohalleng¢ by carafully managSng its fundraiGin9 9nd •xpenditurÈ 2etiviti•s. In thi$ p2St year the NPHT has begun implementing its new fvndraislng 8trategy by appointing professional fundraisers and achieving a three-year funding agreement with the AJts Council England as a National Portfolio Organisatlon. This. alongside the evidence of the impact of its work and diverse approa¢h lo delivery, has placed the Trust in ood position for other fvndraising successes. NPHT'S Heritage Centre is a small museum and does not receive income from museum enty fees or shop sales. b. Financial result forlhe year Income for the year totalled £377,049 12022.. £375,004). Expenditure totslled £454,105 (2022.. £337,144). Overall, the Charity made a deficit fof the year of £77,056 (2022.. £37.860 surplus). Most of our lunding is restricted nding, and we our very grateful to all of our fundeTS for thelr support, incllsding.. National Lottery Heritsge Fund, British Paralympio Association. WheelpoweT Bfitssh Wheelchair Sport, Buckinghamshire Council, Vale of Ae$bury Housing Trust, Heart of Bucks, Rotary Club, Rothschild, GrOUn¢fvrkJHs2, Royal Pavilion, and Garfield Weston Foundation. c. Golng concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in oper8tional exislence for the foreseeable fvlure. For this reason, they conlnue to adopt Ihe going concern bas1$ In preparlng Ihe llnanclal statements. Furthei detoilt IEyaitJSiiy adoptiDn of die yviiiy concem ba818 can be found in the accounting pollc4e8. Page 7
NATIONAL PARALYMPIC HERITAOE TRUST (A Company Limit by Guarantsg) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 d. Reseryes policy The Tiust's reseNe3 policy is to ensure that there are sufficient reserves to cover a mlnlmum of six months, worth of operating costs. As al 31.03.23. the Trust had funds in excess of this. e. Principal ri$k$ ond un¢ertainli¢s The Trustees have implemented a new fl8k management strategy, vthich cctmprlses.. an annual review of the risks vknich the oharity may face the establishment of systems and procedures to mitigate those risks identified in the rewew implementation of pro¢edures designed to minimise any potential impact on thè charity, ghould any of those risks malerialise This work has identified key rlsks relattng to.. achieving revenue targets, vknich is mitigated by focus on and regular scrutiny of income and potential Income stream$ safeguarding of the Paratympic Heritage collection, archiving work and the ongoing provision of space and SLtpport for the permanent Heritage Centre located at Stoke Mandeville. To mrbgate the fisk, service level agreements are in place or are being considered w6th the appropriate parties Structyrny governance and managemonl Constitution The NPHT is a company limited by guarantee, Incorporated on 7 September 2015 and govemed under its Memorandum and Articles of Asw¢iation. The NPHT was registered the Charity Commission on 3 February 2016. b. Appolnlment ol Trusteos The strategic management of the charlty is the responsibil of the TTUStees (the 'Board'? are appointed by its Members under the terms of the Arti¢le$ of Association. ¢. Trustée induction ond tmlnlng A general introduction to the NPHT, tts organlsation and structures Is offefed to 811 TTU8tse8. Update8 on Slgnificant Changes in charity law and tsxation including Trustees, responsibilities are covered at Truslee meetings as approprlote. d. Oryanisation and deci51on maklng The NPHT is monaged by a Board of Trustees whlch meets four times a year. The Finance & Development Committee, a sub.¢ommlttee of the Board of Trustees, meets al a minlmum of four time8 a year and reports back to the 8oard. A Chief Executive Officer r6 appointed by the Twstee8 lo manage the day-lo-day operations of the Trust and addonal persons are contracted lo manage specific areas. The Trust liai$es ¢losely with its laWrS, accountants and other professional advisers. Page 8
NATIONAL PARALYMPIC HERITAGE TRUST (A C¢)mpany Limit by Guarantee) TRUSTEES, REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2023 Slatement of Tru$tees' Tgspon$ibilities The Trustees l¥tho are also Ihe directors of the Charity for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance wih applible law and United lfjngdom Aowunting Standards (United 'ngdoM Generèlly Accepted A¢counllng Practice). Company law requires the Trustees to prepare ffinancial Statements for each financial year. Under company law, the Trustees musl not approve the financial ststements unless they are satisfied that they give a true and falr view of the stste of affairs of the Charty and of its incoming resources and application ol iesources, including its Income and expenditure, for that p8riod. In preparing the$e ffinan¢ial statsments. the Trustees ale requlred lo.. select suitable a¢countin9 policies and then apply them con8lStenly- observe the methods and principles of the Charities SORP (FRS 1021; make judgements and accountino estimates that are reasonable and prLtdent- state whether appllcable UK Accounting Standards (FRS 1021 have been foll¢)wed, subjecl to any material departures disclosed and explalned in the financial statements., prepare the financial statements on the going concem basis unless r( is inappropriate lo presume that the Charity V11 continue in business. The Trustees are responsible for keeping adequate accounting re¢ords that are sufficient to ¥how and explain the Charity'$ tronsadons and disclose reasonable accuracy at any time tt)e financial position of the Charity and enable them to ensure that the financial statements comply wth the Compartie5 Act 20C6. They are also responsible for safeguarding the assets of the Charity 8nd hence for taking reasonable steps for the prevention and dete¢tion of fraud and other irregularities. )proved by order of the membeT8 of the board of Twstees and signed on their behalf by.. Nigel Purse Chair Date.. Page 9
NATIONAL PARALYMPIC HERITAGE TRUST (A Company Limit¢d by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 Independont Examlnèr's Report to the TYu$ts•s of Natk>nal Parnlympic Hèritage TTUSt Ilh• Charity,) I report to the ¢harity Tru8tee$ on my examlnation of the accounts of the Charity for the year ended 31 March 2023. Responsibilities and Basls of Report As the Trustee8 Ot the Charity (and its directors foi the purposes of company law) you are responsible for the preparation of the accounts in accordance 1th the requlrements of the Companles Act 2006 Ilhe 2006 Acfl. Having salsfled myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Acl and are eligible for independent examination, I report in respect of my examination of the Charivs accounts carried OLrt under section 145 of the ChatieS Act 2011 Ilhe 2011 Act'l. In Carng OLrt my examination I have followed the Directions given by the Charity Commi$slon under 5edon 1451Sllbl of the 2011 Act. Ind•p8ndont Examin8rfs Statwnont Since the Charltys gross Income exceeded £250.000 your examiner musl be a member of a body It8ted section 145 of the 2011 Act. l confirm that l am qualified to undertake the examinalion because l am a member of Institute of Chartered Accountants in England and Wales. whlch is one of the li8ted bodies. I have completed my examination. I confirm that no mattels have come to my attention in connection VTth the examinatson giving me ¢au$e to belie¥e= a¢¢ounling records wer& not kept in respect of the Charity as required by $e¢tion 386 of the 2006 Act; or the accounts do not accord wth those record8: or the a¢UnIS do not comply hth the accounting requirements of section 396 of the 2006 Act other than any reqLtirement that the accounts give a Irue and fair, eW 1¢h is not a matter considered as part of an independent examination.. or the aocounl$ have not been prepared in accordance Nith the methods and principles of the Statement of Re¢ommended Pfa¢t4¢e for accounting and reporting by charities lapplicable to charities preparing thoir accounts in accordance the Financial Reporting Stsndard applicable In the UK and Republic of Ireland {FRS 10ZII. I have no concems and have come a05$ no other matter8 in conneclon 1th the examination to which attention should be dra in this report In order to enable a PToper understanding of the accounts lo be reaobed. This report 18 made lelY to the Charllvs Trustees. as a body. in ac¢ordan¢e wth Part 4 of the Charities (Aocounts and Reports) Regulations 2008. My work has been undertaken $0 that I might state to the char.$ Trustees those matters l am required to slate to them in an Independent Examlner'8 Report and for no other purpoge. To the fullest extent permitted by law, I do not aeeept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for thls report. Page10
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Limited by Guaranteo) INDEPENDENT EXAMINER'S REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Signed.. Dated.. 13-12-23 Martin Bailey FCA Goodman Jones LLP 29130 Fitzroy Square London W1T6LQ Page11
NATIONAL PAFIALYMPIC HERITAOE TRUST (A Company Limited by Ouaranleel STATEMENT OF FINANCIAL ACTIVITIES UNCORPORATING INCOME AND EXPENDITURE ACCOUNT} FOR THE YEAR ENDED 31 MARCH 2023 Unre$trlcted funds 2023 Restri¢led funds 2023 Total fund$ 2023 Tolal fvnds 2022 Income from: Donation8 and legacle8 80.694 296,385 377,049 375,004 Total incomo 80,694 296,355 377,Q49 375,004 Expendilure on: Chaiitsble activilies 40,000 414,105 4S4,106 337,144 Total expendllurn 40,000 414,105 454,10S 337,144 Net inGomellexpendtlu¥¥l Transfers between fvnds 40.694 29259 1117,7¥0) 129,2591 177,0561 S7,8GO 15 Net movèment In funds 69,953 1147,009) {77.0561 37,860 Re¢on¢illalion of funds: Total frjnds brought forward Net movement in funds 233,952 69,953 387,263 1147,009) 621.205 IY7,OS61 583,345 37.860 Total funds carri•d fr*vMard 303,906 240.244 644.149 621,205 The Statement of FinanrAal Ale8 indude5 all gains and losses recognised in the yeor. The noles on pages 15 to 25 form part of these financial Statements. Page 12
NATIONAL PARALYMPIC HERITAQE TRUST IA Company Limited by Ouarantee) REGISTERED NUMBER: 0976S432 BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Note Fixed assets Tangible assets 10 380,794 443,688 380,794 443,688 Current assets Debtors Investments Cash at bank and in hand 242 3.493 193,035 13,585 3,493 198,375 12 1K.770 215.453 Cfe(fitors.' amounts falling due vitthin one yea 13 133.4151 (37,936) Net ¢urrent assets 163,355 177,517 Total assets less cuTr8nt liabilities 544,149 621,205 Net assets excludlng pension osset 644,149 621,205 Total net assets 544,149 621,205 Charity lunds Restricted ndS Unrestricted funds 240,2M 303,905 387,253 233,952 15 Total funds 544,149 621,205 The Charity was entitied to exempticffl from audit under sectlon 477 of the Companles Act 2006. The mombefs have not required the company to obtsin an audit for the year In question in accordance w se¢t¢on 478 of Companles Acl 2006. The Tw$lee$ acknowledge Iheir responsibilities for Complwng the requlrements of the A¢t wth respect lo accounting records and preparation of flnan¢ial statements. The financial statements have been prepared In accordance wlth the provisions applioable to entibes subject to the small companies regime. Page 13
NATIONAL PARALYMPIC HERITAGE TRUST (A Company Limited by Guarantéal REGISTERED NUMBER: 09765432 8ALANCE SHEET ICONTINUED) AS AT 31 MARCH 2023 The finanoial statements were approved and authorlsed for Issue by the Trustees and Signed on thelr behalf by.. Niggi Purse Date.. The notes on pages 15 10 25 form part of these ffinancial statements. Page 14
NATIONAL PARALYMPIC HERITAGE TRUST {A Company Limited by Guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Goneral infom)ation The National Paralympic Hwitage TnJ8t is a prbvate company limited by guarantee incorporated in Eng18nd and Wales. The iegistered office is Stoke Mandeville Sports Stadium, Harvey Road, Aylesbury, HP21 9PP. The obj¢¢ts of the Charity ale set out in th¢ Trust¢es' Report. Accounting poli¢ig9 2.1 Ba$15 of preparation of fman¢ial statements The finan¢ial stalements have been prepared in accordance the chare$ SORP {FRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accoTdan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in thè UK and Républic of Ireland IFRS 102) and the Companies Act 2006. The Nation81 Paralympic Heritage TNst meets the definibon of a publlc benefit entity under FRS 102. %sets and liabilities are inilialfy recognised at historical cost or transaction value unless otherwise $tsted in the relevant accounng policy. The accounts are prepared In sterting, %thich is the functional curren¢y of the charitable company. Monetsry amounts in these financial statements are rounded to the neare$t £. 2.2 Going concern The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant InformaOn, including the annual budget, knovm and anticipated fvture income, and fubjre cash flowE in making their assessment. Based on these assessments and the current resour¢es available, the TrLf$tees ha concluded that they can continue to adopt the going concem basis in preparing the accounts. 2.3 Fund accounting General funds are unrestricted fvnds vthich are available for use at the discretion of the Trustees in fvrtherance of the general objectives of the Charity and which have not been designated for other purposes. Restrlctèd fijnds are funds which are to be used in accordance 1th speciflc restriction8 imposed by donors or which have been raised by the Charity for particulai purposes. The costs of raising and administsring such funds are charged againsl the specific fjjnd. The aim and use of each restricled lund is set out in the notes to the financtal ststements. Page 15
NATIONAL PARALYMPIC HERITAOE TRUST (A Company Limited by Guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting poli¢iva Icontinued) 2A Incomtt AJI income is recoani$ed once the Ch8rSty ha8 entiement to the Income, r( 1$ probable that the income will be received and the amount of income receivable can be measured iellably. Grants are included in the Staternent of Finan¢ial A¢tivitte$ on a r&¢eivable bas18. The balance of Income received for specific purposes but not expended during the period is shown in the relevant fvnds on the Bolan¢e Sheet. Where in¢ome is received in advance of entitlement of receipt, its recognitlon is deferred and Included in Creditors as deferred income. Where enlilement occurs before 1ftme 1$ received, the Income is accrued. Income tsx recoverable in relalion to donations received under Gift Aid or deeds of covenant Is recognised at the Ume of the donailon. 2.5 EKpendlture Expendire is iecognised once there is a legal or con8tru¢tlve obligation to transfer economic benefit to a third party. it is probable that a transfer of e¢onomi¢ benefits vill be required in settlement and the amount of the obligation can be measured reliably. Expenditrjre on charitable activthes Is Incurred on directly undertaklng the actsvilies which further the Charity's obje¢tive$, as well as any associated 8UPPOrt costs. All expendlture is inclusive of irrecoverable VAT. 2.6 Govemment grants Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial A¢tivTbes over the expe¢ted useful lives of Ihe assets concemed. Other grants are credited to the Statsment ol Financial Acbvitses as Ihe related expen¢Jlture is incurre¢. 2.7 Tangible fixed as$ets and deprnGiation Tangible fixed assets are InlJalty recogni5ed at cost. After recognltion. under the oosl model, tonble fixed assets are measured at cost less accumulated depreciallon and any a¢Gumulated impairment losses. Al costs incurred lo bring a tsngible fixed 8&8et into its intended working condition should be Included in the measurement of cost. At each reportlng dale the Chafty assesses whether there Is any indication of impairment. If such indication exists, the recoverable amount of the asset is delermined to be the higher of its fair value less costs to sell and tts value in Lbse. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Dgpreciation 18 ¢harged so as to 8llocale the cost of tsngible fixed as$ets less thelr resldual value over their estimated useful Ilves. Depreciatr'on is provided on the followlng basis.. Fixiur¢s and fittings 10% Stralght Ilne P8ge16
NATIONAL PARALYMPIC HERITAGE TRUST {A Company Limited by Guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting poll¢igs (Gontinued) 2.8 D8btor# Trade and other debtors are recognised at the sewement amount after any trade discount offered. Prepayments are valued at the amounl prepaid net of any trade discounts due. 2.9 Cash at bankand in hand Cash at bank and in hand includes cash and Short-term highly liquid investments with a short matur of three months or le¥s from the date of acquisition or opening of the deposit or similar a¢oount 2.10 LlabllitEe$ and provlsions Liabilities are rectsgnlsed %then there Is an ObligaOn al the 8alance Sheet date as a result of a past event. il is probable that a transfer of economic benefit will be requiied in settlement, and the amount of the 8etUement can be estimale¢J reliably. Liabilides are recognised ot the amount that the Charity antielpates It wll pay to setue the debt or the amount it has recelved a8 advanced payments for the goods or $ervices11 must provide. 2.11 Financial in$trum•nts The Charity only has financial assets and finan¢ial liabilities of a kind that qualify as bas1¢ financlal nstruments. Basic financial instruments are initially recognised al transacb'on value and subsequently measuied at their settlemenl value with Ihe exception of bank loans which are Subsequenly mea$uTed at 8mortised cosl using the effe¢tlve Interest method. 2.12 Pensions Tha Charity ¢•perat•$ a definèd contribution p•nsion $eh•mo #nd thè p•n$lon ¢harge represents the amounts payable by the Charity to ihe fund in respect of the yeor. Critical accountlng eslimates and area5 of judgement Estimates and ludg&ments are continualty evaluated and are ba8èd on hlslodcal experience and other factors, Including expecon$ of future events that are believed to be rea$onabl¢ under the circumstances. The Charity makes esumates and as$umptlon8 concemlng the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related acbjal results. The Tru8tees have not identified any e8timate8 and assumptions that care considered to have a significant risk of ¢au$ing material adlustment to the ¢arrying amounts of a85ets and liabililies wthin the next financial year. Page 17
NATIONAL PARALYMPIC PIERITAGE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2023 Incomg from donatlon$ and l•gacie$ Unrestricted Restrlcted fvnds funds 2023 2023 Total funds 2023 roto1 lunds 2022 Grants via trusts and foundations Partners Corporate membershlp Donations 40,000 35,000 1,500 4,194 296.355 336,355 35,000 1,500 4,194 335, 779 35,000 4.225 80.694 296,355 377,049 3T5,004 Total 2022 g5. 851 279, 153 375,004 Analysi$ of expendilur• on chaTitablo activitias Summary by fund type Unrgstricted Restricted funds funds 2023 2023 Total 2023 rotal 2022 NPHT Activities 40,000 414,105 454,10S 33T.144 rot812022 33T,744 337,144 Anatysis of expenditurn by actfvities Actlvitles undertaken drllY 2023 Support osts 2023 ToLg1 funds 2023 rolal fvnds 2022 NPHT Aclfvltes 84.713 369,392 464,10S 337,744 Total 2022 8,308 328, 836 337,144 Page18
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Limitod by Ouarant•e) NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2023 Anaty$i$ of expenditure by activili¢s Icontinuedl Analy$is of Support costs NPHT Total fund$ 2023 Tol81 funds 2022 Activitios 2023 Staff ¢08ts Depreciatlon Travelling expenses Equipment and mt¢rS&1s Learning and engagement Legal and professional Advertising Insuiance Office expenses Web8ite 184,S05 62,894 8,309 2,8S7 184,505 62,894 8,309 2,857 118,942 62,894 5,674 1,486 6.091 98,178 24.289 3.810 3.220 3.511 46,389 10,112 4,001 2,649 8,840 4,712 218 1,115 7,716 25,075 46.389 10,112 4,001 2.649 8,840 4.712 218 1,115 7,716 25,076 other Bank ¢hargo$ Repairs and maintenance IT expenses Colle¢tions and Archivist consultants 369,392 369,392 328.836 Total 2022 328.836 328,836 Independent examine5 remuneratlon The independent examinerfs remuner8tlon amounts to an independent examiner fee of £2,160 {2022 £2,16G). Page 19
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Limited by Guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Staff Costs 2023 2022 Wage$ and salaries Social security ¢osts ContribLrtion to Oefined contrlbutlon penslon 8cheme8 167,930 13,539 3.036 110,983 5,594 2.365 184,605 118.942 The average number of persons employed by the Charlty during the year was as follows.. 2023 2022 Employ¢¢$ No employee received remuneration amoun15ng to more than £60.000 In either yèar. During the year, total remuneration. including employer's national insurance and pension contribution8, in¢urred in respect ot key management personnel tolalled £51,15212022: £51,1 $2). Trustsè$' remuneration and expen$a$ During the year. no Trustee8 recelved any remuneration or other benefits (2022- £NIL). During the year ended 31 March 2023, no Trustee expenses have been inwrred (2022- £NIL). Page 20
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Llmited by Gu8rantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 10. Tanglble fixgd assets Fixtsres and fittings Cost or valuation At 1 ri1 2022 632,379 At 31 March 2023 632,379 Dopreciation At 1 April 2022 Charge for the year 188,691 62,894 At 31 Marth 2023 251.585 Nèt book value At 31 March 2023 380,794 At 31 March 2022 443,688 11. Debtors 2023 2022 Due wlthin on• year Other d&blor8 13,264 321 Prepayments and a¢crued income 242 242 13,585 12. Current asset iTrve$tnts 2023 2022 Investments 3.493 3,493 Page 21
NATIONAL PARALYMPIC HERITAGE TRUST (A C¢>mpany Llmited by Guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 13. Creditors: Amounts falling due within one year 2023 2022 Trade credStors Olher taxation and social security Other creditors Accrual8 and deferred income 16,556 3,318 706 12,836 6,9T6 30.960 33.415 37,936 14. Financlal in$truments 2023 2022 Flnanclal assets Financial assets measured at fair value through income and expenditure 193,036 198,375 Flnandal assets measured at fair value through income and expendtture comprlse ¢8sh balances. Page 22
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Limited by Guarantae) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARGH 2023 16. SLitemont of funds SL*emont of funds - cuThenl year Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Income Expenditure Unrestricted funds General Fund8- all fvnds 233,952 80,694 140,0001 29,2S9 303,90S Reslfl¢ted funds NPHT aGtivities 387,253 296,356 1414.1051 129,2591 240,244 Tolal fund$ 621.200 377.049 1454,1081 544,149 Page 23
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Limited by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 15. Statement of funds {continuad) Statemonl of fund$ - pritir year 8818nc8 at 31 March 2022 Balance at l April 2021 rransfers in/oul Income Expendrtur8 Unreslricted funds General Funds- all funds 108.527 95, 851 29.580 233,952 Restricted funds NPHT activthes Royal Pavilion Bucks Open Weekend Groundwork 472.898 1.926 277.903 (333,968) (1.926J (250) (1.000) (29,580) 387.253 250 474. 824 279, 153 (337, 144) (29.580) 387,253 Total funds 583.345 375, 004 (337, 144) 621,205 NPHT Activities - this fvnd comprises of income received from variou5 fijnders, as listed in the Trustees. Report, that fund *ndlof m•t¢h fvnd th¢ activities of th• Ch4rty, and aro recoiv•d toward6 all activitiè¢ of the Charity. Royal Pavilion th18 fund represents two grants toward8 convervation costs and towards the reopenlng and being Covid safe. Other small funds- $mall donations received for speoific purposes. Page 24
NATIONAL PARALYMPIC HERITAGE TRUST IA Company Llmlted by Guarant•e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 16. Analys1$ of nèt assels between funds Analys1$ of net a$sots between fund$ - Gurrent year Unrestrieted funds 2023 Restrictad fund5 2023 Tc*tsl funds 2023 Tangible fixed assets Current assets Creditors due withln one year 380,794 143,474) 133,4151 380,794 196,770 133,415) 240,244 Total 303,905 240,244 $44,149 Anaiysl$ Of net assets berween funds - prior year Unrestricked funds 2022 R8$tn'cted ftsnds 2022 Tofal funds 2022 Tangible fixed a58ets Current assets CfeditOTS due wthin one year 443,688 (177,800) f37,936) 443,688 215,453 (37,936) 387.253 T¢)tal 233,952 387,253 621.205 17. Penslon commitments The Charity operates a defined Contribution penslon scheme. The pension cost outstanding at the balance sheet date and included in creditors wa8 £7{2022= £598). 18. Rolated party transactlons The Charity has not entered into any related party transaction during the year, nor are there any outstsnding balances owing betsveen related partles and the Charity at 31 March 2023. 19. Controlling party and Company 5tatss The Charlty 1$ controlled by its Trustees. The Charity is a company limited by guarantee. In the event of a windlng up of the Company, the liability of the mèmbers of the company is limited to £1 per member. Page 25