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2024-03-31-accounts

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 2024

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Honorary President and 1
Advisers
Chairman's Statement 2
Trustees' Report 3 - 10
Independent Examiner's Report 11 - 12
Statement of Financial Activities 13
Balance Sheet 14 - 15
Notes to the Financial Statements 16 - 27

(A Company Limited by Guarantee)

NATIONAL PARALYMPIC HERITAGE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS HONORARY PRESIDENT AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Honorary President Sir Philip Craven MBE
Honorary Vice Presidents Sir Henry Aubrey-Fletcher
Baroness Tanni Grey-Thompson DBE DL
Tim Hollingsworth OBE
Baron Chris Holmes MBE
Sir David Lidington KCB CBE
Eva Loeffler OBE
Paul Mainds BEM
Tim Reddish CBE DL
Oliver Stocken CBE
Trustees Philip Dart, Chair (appointed 1 September 2024)
Helen Adams, Trustee
Clive Harriss, Trustee
Ian Jenkins, Trustee (appointed 1 September 2024)
Gaele Lalahy, Trustee
Jessica Macbeth, Trustee
Rachel Maguire, Trustee (resigned 30 August 2024)
Martin McElhatton, OBE, Trustee
Sophie Payne, Trustee
Nigel Purse, Trustee (resigned 30 August 2024)
Anna Scott-Marshall, Trustee
Professor Nick Webborn CBE DL, Trustee
Susan Wolstenholme, OBE, Trustee
Company registered
number
09765432
Charity registered
number
1165416
Registered office
Stoke Mandeville Sports Stadium
Harvey Road
Aylesbury
Buckinghamshire
HP21 9PP
Chief executive officer
Vicky Hope-Walker
Independent examiner
Martin Bailey FCA
Goodman Jones LLP
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN

Page 1

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

CHAIR'S SUMMARY FOR THE YEAR ENDED 31 MARCH 2024

The year 2023/24 has been the first delivery year of our new 5-year strategy, ‘Becoming Seamlessly Inclusive 2023-28', a year of change, positive challenge and development, building new programmes of work with exciting new funding relationships and working partnerships. It was the Trust’s seventh fully operational year on our mission to celebrate, cherish and bring the Paralympic Heritage and its stories of human endeavour to life, and in doing so to challenge negative attitudes towards disability. It is a year of implementing many new ways of working where how we do things, more inclusively, is as important as what we do. It is also our first year as a National Portfolio Organisation with support from Arts Council England, that has helped us build other funding partnerships.

What strikes me most about the past year is the hard work that the team have put in place and the challenges they have overcome dealing with the organisational growth and the change required to implement the new strategy. Of course, none of the achievements would be possible without our many community partnerships. A few highlights from the year include:

My sincere thanks go to our Chief Executive Officer, her team and our volunteers who have helped us develop, achieve our goals, in a year of reorganisation and change, and to the many partnerships and business supporters. Also, I extend my thanks to my fellow Trustees and our Founding Partners – The British Paralympic Association, WheelPower – British Wheelchair Sport and Buckinghamshire Council.

This has been my sixth year as Chair of this great Trust, and I am moving on this Autumn, but I am delighted that Philip Dart, a newly appointed Trustee will take over my role. Philip knows our work well, comes with a wonderful CV and I am confident that I am leaving the Trust in great hands. I am hugely proud of all the work we have achieved over the past year and am very excited about the new team members that have been recruited, under a new organisational structure, making us fit for purpose to deliver a very innovative programme of work. We have some financial security for the next year and a half, with support from the Arts Council, England, Rothschild Foundation, Arts Fund, Museums Association Esmee Fairbairn Collections Fund, the National Lottery Heritage Fund, Garfield Weston Foundation and the Wolfson Foundation, Heart of Bucks, and Mitsubishi Corporation (London Branch).

Funding of course remains a challenge, trying to reach our targets each year and we can never rest on our laurels, but with a truly inspirational programme of work, professional fundraisers, a dynamic team alongside Arts Council England and further Rothschild Foundation and National Lottery Heritage Fund support, the Trust has an excellent start for the 23-28 programme. There is another £1.2m to raise and a good plan is in place to reach this goal.

Nigel Purse Chairman until 30 August 2024

Page 2

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2023 to 31st March 2024 .The Annual Report serves the purposes of both a Trustees' Report and a Directors' Report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

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 Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Purposes and aims

The objects of the charity are:

The charity may also advance such other purposes that are exclusively charitable according to the law of England and Wales as the Trustees in their absolute discretion think fit.

b. Objectives and strategies

The charity’s mission is ‘to enlighten and inspire future generations by celebrating, cherishing and bringing the Paralympic Heritage and its stories of human endeavour to life’.

Vision 2023-2028:

The vision and focus for the next five years are exciting and ambitious, developed through input from audiences, stakeholders, and our team. It draws on our strengths, widening the collections, and delivering a range of engagement locally, across the UK and some overseas. We shall ensure that the theme of inclusion, across the full range of Paralympic sport, shapes what we deliver, how we deliver it and to whom we deliver it, as well as remaining a dynamic organisation that can respond to opportunity.

The work programme has three interacting themes that will be delivered both physically and virtually, through local, regional, national, international and academic partnerships. They are Collections of worldwide importance, Engagement encompassing innovative learning and exhibitions working both nationally and internationally and Sustainability securing the Trust’s future. Central to all three is Inclusion, aiming to become ‘seamlessly inclusive’ whereby our work is accessible to all, challenging barriers along the way.

Page 3

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Objectives and activities (continued)

Collections – the treasure at the heart of all great museums. By 2028 there will be:

Engagement

Learning – Perpetuating personal growth and understanding through learning and partnerships. By 2028 there will be:

Exhibitions – The sharing of stories that change lives for disabled people, and the attitude of others. By 2028 there will be:

Sustainability – Being fit for purpose financially, through human resourcing & infrastructure enabling a dynamic business model that can respond to new opportunities. By 2028 we will have:

c. Public benefit

The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission. The Trustees have considered the requirements of the public benefit test and are satisfied that the charity’s activities meet these criteria.

Page 4

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Objectives and activities (continued)

d. Volunteers

Volunteers – who 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, as well as supporting exhibitions, learning and engagement. The volunteer base has continued to grow and diversify considerably in the past year, and with a whole team playing a major role in the box listing and recording of collections.

Achievements and performance

a. Main achievements of the Charity

The year to 31 March 2024 is the Trust’s seventh operational year of the organisation and we continue to deliver through a blend of face-to-face and digital engagement.

In line with our 2023-24 ‘Becoming Seamlessly Inclusive’ business plan we have achieved the following over the past year:

Collections supported by a strong volunteer base

Page 5

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance (continued)

Learning and exhibitions programme supported by a strong volunteer base Learning:

Exhibitions:

Page 6

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance (continued)

Sustainability: Organisation:

Finance:

Audience Development:

Page 7

(A Company Limited by Guarantee)

NATIONAL PARALYMPIC HERITAGE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Financial review

a. Operating model and risk

The end of one strategy period and the start of a new one naturally presented the NPHT with risk to financial stability. The pressure on charities to achieve funding in a difficult economic and politically uncertain environment continues. NPHT faces these challenges by carefully managing its fundraising and expenditure activities. Fundraising for 2023-28 began in the autumn of 2022, and continued in earnest throughout the whole of the last year headed up by the two part-time fundraisers appointed in August 2022.

A three-year funding agreement with the Arts Council England as a National Portfolio Organisation was achieved in April 2023, providing a starting point for attracting further income. Multi-year funding has been achieved over the past year from the Rothschild Foundation, the Museums Association (Esmée Fairbairn Collections Fund), Art Fund, the Wolfson Foundation and the National Lottery Heritage Fund. Alongside this are smaller but very valuable grants in including the Heart of Bucks Community Foundation and a generous unrestricted grant from the Garfield Weston Foundation. We also are grateful to the continued financial support from our Founding Partners – The British Paralympic Association, WheelPower – British Wheelchair Sport and Buckinghamshire Council.

In addition, we have been building relationships with the commercial sector resulting in two significant donations from the Mitsubishi Corporation in London. NPHT’s Heritage Centre is a small museum and does not receive income from museum entry fees or shop sales. Fundraising targets against actuals are reported to the quarterly Board meetings quarterly alongside mitigation reports on dealing with potential or actual shortfalls and the Board is aware that fundraising for the start of a new strategy is easier than the following years.

b. Financial result for the year

Income for the year totalled £455,250 (2023: £377,049). Expenditure totalled £461,832 (2023: £454,105). Overall, the Charity had a deficit for the year of £6,583 (2023: £77,056).

Most of our funding is restricted funding, and we our very grateful to all of our funders for their support, including: National Lottery Heritage Fund, British Paralympic Association, Wheelpower - British Wheelchair Sport, Buckinghamshire Council, Vale of Aylesbury Housing Trust, Heart of Bucks, Rotary Club, Rothschild, Groundwork/HS2, Royal Pavilion, and Garfield Weston Foundation.

c. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

d. Reserves policy

The charity may hold reserves for a variety of reasons, including but not limited to:

The Trust’s reserves policy is to ensure that there are sufficient reserves to cover a minimum of six months’ worth of operating costs. As at 31.03.24, the Trust had £255,658 of restricted funds and £248,233 of unrestricted funds (£537,567 total) and aims to have 12 months of reserves by March 2028.

Page 8

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

e. Principal risks and uncertainties

The Trustees have implemented a new risk management strategy, which comprises:

This work has identified key risks relating to:

Structure, governance and management

a. Governing Document

The NPHT is a company limited by guarantee, incorporated on 7 September 2015 and governed under its Memorandum and Articles of Association. The NPHT was registered with the Charity Commission on 3 February 2016.

b. Appointment of Trustees

The strategic management of the charity is the responsibility of the Trustees (the "Board") who are appointed by its members under the terms of the Articles of Association.

c. Trustee induction and training

A general introduction to the NPHT, its organisation and structures is offered to all Trustees. Updates on significant changes in charity law and taxation including Trustees’ responsibilities are covered at Trustee meetings as appropriate.

d. Organisation

The NPHT is managed by a Board of Trustees which meets four times a year. The Finance & Development Committee, a sub-committee of the Board of Trustees, 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 specific areas. The Trust liaises closely with its lawyers, accountants and other professional advisers.

Members' liability

The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.

Page 9

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Companies Act 2006. They 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.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ Philip Dart Chair

Date: 18-12-24

Page 10

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024

Independent Examiner's Report to the Trustees of National Paralympic Heritage Trust ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024.

Responsibilities and Basis of Report

As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Since the Charity'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 Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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

  1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or

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

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

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.

This report is made solely 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 state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Page 11

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Signed:

Dated: 19-12-24

Martin Bailey FCA Goodman Jones LLP 1st Floor Arthur Stanley House 40-50 Tottenham Street London W1T 4RN

Page 12

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
Income from:
Donations and legacies
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net (expenditure)/income
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
47,484
47,484
103,156
103,156
(55,672)
33,676
(21,996)
303,905
(21,996)
281,909		 Restricted
funds
2024
£
407,766
407,766
358,676
358,676
49,090
(33,676)
15,414
240,244
15,414
255,658		 Total
funds
2024
£
455,250
455,250
461,832
461,832
(6,582)
-
(6,582)
544,149
(6,582)
537,567		 Total
funds
2023
£
377,049
377,049
454,105
454,105
(77,056)
-
(77,056)
621,205
(77,056)
544,149

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 16 to 27 form part of these financial statements.

Page 13

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee) REGISTERED NUMBER: 09765432

BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Investments
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
15
Unrestricted funds
15
Total funds		 63,097
3,493
188,603
255,193
(35,525)		 2024
£
317,899
317,899
219,668
537,567
537,567
537,567
255,658
281,909
537,567		 242
3,493
193,035
196,770
(33,415)		 2023
£
380,794
380,794
163,355
544,149
544,149
544,149
240,244
303,905
544,149

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

Page 14

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee) REGISTERED NUMBER: 09765432

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

Philip Dart Chair

Date: 18-12-24

The notes on pages 16 to 27 form part of these financial statements.

Page 15

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. General information

The National Paralympic Heritage Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Stoke Mandeville Sports Stadium, Harvey Road, Aylesbury, HP21 9PP. The objects of the Charity are set out in the Trustees' Report.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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

The accounts are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

2.2 Going concern

The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, including the annual budget, known and anticipated future income, and future cash flows in making their assessment. Based on these assessments and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the accounts.

2.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or 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 restricted fund is set out in the notes to the financial statements.

Page 16

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.4 Income

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.

Grants are included in the Statement of Financial Activities 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 entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.6 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities as the related expenditure is incurred.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Fixtures and fittings - 10% Straight line

Page 17

(A Company Limited by Guarantee)

NATIONAL PARALYMPIC HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 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 opening of the deposit or similar account.

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.11 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The Trustees have identified the following estimates and assumptions that are considered to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Income Recognition

The Charity receives income from performance grants. These agreements include various quantitative and qualitative milestones and performance conditions to be met in order for the Charity to have entitlement to the funds. The Charity makes various assumptions in determining the stage of completion of these performance grants.

Page 18

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

4. Income from donations and legacies

Grants via trusts and foundations
Partners
Corporate membership & sponsorship
Donations
Total 2023		 Unrestricted
funds
2024
£
10,170
30,000
3,000
4,314
47,484
79,194		 Restricted
funds
2024
£
377,766
-
30,000
-
407,766
297,855		 Total
funds
2024
£
387,936
30,000
33,000
4,314
455,250
377,049		 Total
funds
2023
£
336,355
35,000
1,500
4,194
377,049

5. Analysis of expenditure on charitable activities

Summary by fund type

NPHT Activities
Total 2023		 Unrestricted
funds
2024
£
103,156
40,000		 Restricted
funds
2024
£
358,676
414,105		 Total
2024
£
461,832
454,105		 Total
2023
£
454,105

Page 19

(A Company Limited by Guarantee)

NATIONAL PARALYMPIC HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6. Analysis of expenditure by activities

NPHT Activites
Total 2023		 Activities
undertaken
directly
2024
£
48,173
84,713		 Support
costs
2024
£
413,659
369,392		 Total
funds
2024
£
461,832
454,105		 Total
funds
2023
£
454,105

Analysis of support costs

Staff costs
Depreciation
Travelling expenses
Equipment and materials
Legal and professional
Advertising
Insurance
Office expenses
Website
Other
Bank charges
Repairs and maintenance
IT expenses
Collections and Archivist consultants
Office Rent
Total 2023		 NPHT
Activities
2024
£
233,922
62,894
7,643
544
34,312
11,297
4,442
12,323
10,028
5,251
224
3,281
8,723
5,361
13,414
413,659
369,392		 Total
funds
2024
£
233,922
62,894
7,643
544
34,312
11,297
4,442
12,323
10,028
5,251
224
3,281
8,723
5,361
13,414
413,659
369,392		 Total
funds
2023
£
184,505
62,894
8,309
420
48,826
10,112
4,001
2,649
8,840
4,712
218
1,115
7,716
25,075
-
369,392

Page 20

(A Company Limited by Guarantee)

NATIONAL PARALYMPIC HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

7. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £2,160 ( 2023 - £2,160 ).

8. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
214,576
15,838
3,508
233,922		 2023
£
167,930
13,539
3,036
184,505

The average number of persons employed by the Charity during the year was as follows:

2024 2023
No. No.
Employees 7 7

No employee received remuneration amounting to more than £60,000 in either year.

During the year, total remuneration, including employer's national insurance and pension contributions, incurred in respect of key management personnel totalled £52,694 (2023: £51,152).

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .

Page 21

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10.
Tangible fixed assets
Cost or valuation
At 1 April 2023
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
11.
Debtors
Due within one year
Trade debtors
Prepayments and accrued income
12.
Current asset investments
Investments		 2024
£
20,583
42,514		 Fixtures and
fittings
£
632,379
632,379
251,585
62,895
314,480
317,899
380,794
2023
£
-
242
242
2023
£
3,493		 Fixtures and
fittings
£
632,379
632,379
251,585
62,895
314,480
317,899
380,794
2023
£
-
242
242
2023
£
3,493
63,097 242
2024
£
3,493		 2023
£
3,493

Page 22

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2024
£
23,858
3,246
721
7,700
35,525		 2023
£
16,556
3,318
706
12,835
33,415

14. Financial instruments

2024 2023
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 188,603 193,035

Financial assets measured at fair value through income and expenditure comprise cash balances.

Page 23

(A Company Limited by Guarantee)

NATIONAL PARALYMPIC HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all funds
Restricted funds
NPHT activities
National Lottery Heritage Fund
- Development Programme
National Lottery Heritage Fund
- Seamlessly Inclusive
Rothschild Foundation - Digital
Explorations
Arts Council England
Rotherchild Foundation -
Digital New Endeavours
Heart of Bucks Community
Fund
Sporting Heritage -
Photographic Collections
Work
Art Fund - Reimagine
Coventry university - Don't Dis
My Ability
Wolfson Foundation -Global
Virtual Museum
Museum Assocation Esmee
Fairbairn Communities and
Collections Fund
Mitsubishi Corporation,
London
Total funds		 Balance at 1
April 2023
£
303,905
240,244
-
-
-
-
-
-
-
-
-
-
-
-
240,244
544,149		 Income
£
47,484
-
60,428
41,466
14,500
100,000
70,000
9,735
188
26,312
19,794
-
35,343
30,000
407,766
455,250		 Expenditure
£
(103,156)
(12,527)
(60,428)
(41,466)
(14,500)
(100,000)
(52,453)
(8,418)
-
(5,694)
(19,794)
(13,396)
-
(30,000)
(358,676)
(461,832)		 Transfers
in/out
£
33,676
(33,676)
-
-
-
-
-
-
-
-
-
-
-
-
(33,676)
-		 Balance at
31 March
2024
£
281,909
194,041
-
-
-
-
17,547
1,317
188
20,618
-
(13,396)
35,343
-
255,658
537,567

Page 24

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds - all funds
Restricted funds
NPHT activities
Total funds		 Balance at
1 April 2022
£
233,952
387,253
621,205		 Income
£
80,694
296,355
377,049		 Expenditure
£
(40,000)
(414,105)
(454,105)		 Transfers
in/out
£
29,259
(29,259)
-		 Balance at
31 March
2023
£
303,905
240,244
544,149

Page 25

(A Company Limited by Guarantee)

NATIONAL PARALYMPIC HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. Statement of funds (continued)

NPHT Activities - this fund comprises of income received from various funders, as listed in the Trustees' Report, that fund and/or match fund the activities of the Charity, and are received towards all activities of the Charity.

NPHT - funding for the creation of the Heritage Centre, regional touring exhibitions, website development and learning programmes.

Seamlessly Inclusive - funding for learning and exhibitions.

Digital Explorations - funding to build a pilot digital gallery and developing digital skills for disabled participants.

Arts Council England - funding to be focused on diversifying the workforce to delivery of digital programmes of work in museums and schools.

Digital New Endeavours - Funds to work with SEND schools, building accessibility in musuems and offering work placements.

Heart of Bucks Community Fund - Grant to link Buckinghamshire SEND schools with heritage partners.

Photographic collections works - Funding for the purchasing of equipment to help scan historical documents and photographs.

Reimagine - Funding to create inclusive, meaningful voulunteer oppurtunities and employment pathways for disabled and neurodivergent people.

Don't Dis My Ability - Partner to Coventry University in a one-year pilot programme to diversify oral historians, to include those with disabilities and build an accessible oral historian toolkit.

Museum Association - Funding to develop strategies that progress NPHT and bring new Paralympic Collections closer to the people.

Mitsubishi Corporation - Funding to support the Global Virtual Museum.

Page 26

(A Company Limited by Guarantee)

NATIONAL PARALYMPIC HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
148,066
Current assets
169,368
Creditors due within one year
(35,525)
Total
281,909
Analysis of net assets between funds - prior period
Unrestricted
funds
2023
£
Tangible fixed assets
140,550
Current assets
196,770
Creditors due within one year
(33,415)
Total
303,905		 Restricted
funds
2024
£
169,833
85,825
-
255,658
Restricted
funds
2023
£
240,244
-
-
240,244		 Total
funds
2024
£
317,899
255,193
(35,525)
537,567
Total
funds
2023
£
380,794
196,770
(33,415)
544,149

17. Pension commitments

The Charity operates a defined contribution pension scheme. The charge for the year is set out in note 8 and the pension cost outstanding at the balance sheet date as included in creditors is £721 (2023: £706).

18. Related party transactions

The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 March 2024.

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 liability of the members of the company is limited to £1 per member.

Page 27