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2025-03-31-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 2025

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
Statement of Financial Activities 12
Balance Sheet 13 - 14
Statement of Cash Flows 15
Notes to the Financial Statements 16 - 28

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS HONORARY PRESIDENT AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

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
Peter Brazier, Trustee (appointed 1 July 2025)
Clive Harriss, Trustee (resigned 30 June 2025)
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 (resigned 31 December 2024)
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 2025

The year 2024/25 has been the second delivery year of our new 5-year strategy, ‘Becoming Seamlessly Inclusive 2023-28', a year of embedding ourselves into this programme of work, strengthening our valuable partnerships and celebrating Paris 2024. It has also been my first year of having the privilege of steering this small but dynamic and ambitious charity. We said goodbye to the Chair of Trustees Nigel Purse and Chair of Finance Rachel Maguire both of whom provided 6 years of excellent steerage and support. Professor Nick Webborn also said goodbye having been a great champion of our work, alongside donating his personal Paralympic collection from many years with his close involvement in the Games. It was the Trust’s eighth 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.

The start of the year saw the implementation of the new organisational structure with some new appointments which have given us a robust and more efficient operation, with a really strong and skilled team. It has also been a year of launches of exciting new products that widen access to the inspirational Paralympic heritage. A few highlights from the year include:

Of course, none of this would be possible without our Chief Executive Officer, her team, our volunteers, our community partners and many business partners who continue to be part of our development and learning, and innovation.

Also, I extend my thanks to my fellow Trustees and our Founding Partners ParalympicsGB, WheelPower – British Wheelchair Sport and Buckinghamshire Council.

Whilst we have a very good financial position for the end of the year, and for the year ahead, we are reaching that phase of needing to look at new multi-year grant applications in advance of 26/27 but have been preparing for that by starting on a new fundraising strategy for 25/26 giving us plenty of time to plan. We are indebted to our existing funders, who continue to support and trust us, including the Arts Council England, the Rothschild Foundation, the National Lottery Heritage Fund, Art Fund, Museums Association (Esmée Fairbairn Collections Fund), Garfield Weston Foundation, the Wolfson Foundation, Heart of Bucks Community Foundation, and Mitsubishi Corporation (London Branch).

Philip Dart Chairman (appointed 1 September 2024)

Page 2

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report together with the financial statements of the Charity for the year 1st April 2024 to 31st March 2025. 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 2025

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 b e:

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 2025

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 2025 is the Trust’s eighth operational year of the organisation and we continue to deliver through a blend of face-to-face and digital engagement reaching over 150,000 people.

In line with our 2024-25 ‘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 2025

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 2025

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 2025

Financial review

a. Operating model and risk

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. Just over 85% of funds required for next year are in place, and planning for another round of applying for multi-year funding will get underway early in the next financial year. Fundraising is 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 project funding achieved in 2023/24 is due to complete during 2026/27 so plans are underway to replace these to complete the 5-year strategy. Multi-year funders include the Rothschild Foundation, the National Lottery Heritage Fund, the Wolfson Foundation, the Museum Association (Esmée Fairbairn Collections Fund), Art Fund and the National Archives. Alongside this are smaller but very valuable grants from trusts and foundations including the Heart of Bucks Community Foundation, funding from our founding partners Buckinghamshire Council, WheelPower and ParalympicsGB, and a generous unrestricted grant from the Garfield Weston Foundation.

In addition, we have been building relationships with the commercial sector and have received two significant donations from the Mitsubishi Corporation in London to date, with further support confirmed for 2025/26. 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 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 £505,342 which was an 11% increase on the previous year (2024: £455,250). Expenditure for the period was £539,768 (2024: £461,832) and includes depreciation of £62,895 (2024: £62,895). The result was a pre-depreciation surplus of £28,469 (2024: surplus £56,313) and a post depreciation deficit of £34,426 (2024: defict £6,582).

Income has increased year on year for the last 3 years and our reserves levels and bank balance figures remain consistent. We have a diversified and stable income stream including several multi-year grants. Whilst most grants are received in advance of expenditure, agreement with one restricted grant funder is for payment in arrears which results in a deficit for the programme at the year-end and contributes to the post depreciation deficit above.

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.

Page 8

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

d. Reserves policy

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

Total reserves amount to £503,141 (2024: £537,567) but over half are represented by fixed assets (mainly within the museum's infrastructure).

As at 31 March 2025, the Trust had £156,187 (2024: £255,658) of restricted funds and £346,954 (2024:£281,909) of unrestricted funds. Restricted funds are utilised in accordance with the donor agreement. On occasion there will be timing differences between when the income is received and when it is spent, resulting in balances being held in these funds at year-end.

The Trustees have established a general reserves policy to have a level of comfort in the Charity’s ability to provide continuity of activities in the event of material fluctuations in income. The Trustees therefore aim to maintain reserves at a minimum level of six months running costs (approximately £250,000) in a normal year.

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.

Page 9

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management (continued)

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.

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: 08-12-25

Page 10

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025

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 2025.

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.

Signed:

Dated: 08-12-25

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

Page 11

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Note
Income from:
Donations and legacies
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net income/(expenditure)
Transfers between funds
16
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
248,383
248,383
217,014
217,014
31,369
33,676
65,045
281,909
65,045
346,954		 Restricted
funds
2025
£
256,959
256,959
322,754
322,754
(65,795)
(33,676)
(99,471)
255,658
(99,471)
156,187		 Total
funds
2025
£
505,342
505,342
539,768
539,768
(34,426)
-
(34,426)
537,567
(34,426)
503,141		 Total
funds
2024
£
455,250
455,250
461,832
461,832
(6,582)
-
(6,582)
544,149
(6,582)
537,567

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

The notes on pages 16 to 28 form part of these financial statements.

Page 12

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee) REGISTERED NUMBER: 09765432

BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed assets
Tangible assets
10
Current assets
Debtors
12
Investments
13
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
14
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
16
Unrestricted funds
16
Total funds		 50,062
3,493
259,215
312,770
(64,633)		 2025
£
255,004
255,004
248,137
503,141
503,141
503,141
156,187
346,954
503,141		 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

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 13

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee) REGISTERED NUMBER: 09765432

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025

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

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

Philip Dart Chair

08-12-25 Date:

The notes on pages 16 to 28 form part of these financial statements.

Page 14

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Net cash provided by investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages16 to 28form part of these financial statements		 2025
£
70,612
-
-
70,612
188,603
259,215		 2024
£
(4,432)
-
-
(4,432)
193,035
188,603

Page 15

(A Company Limited by Guarantee)

NATIONAL PARALYMPIC HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 2025

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 upon the completion of the relevant performance-related conditions. Other grants that are not subject to performance-related conditions are credited to the Statement of Financial Activities as the grant proceeds are received. Grants received prior to the revenue recognition criteria being satisfied are recognised as a liability.

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 2025

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 2025

4. Income from donations and legacies

Unrestricted
funds
2025
£
Grants
149,087
Partners
30,000
Corporate membership & sponsorship
3,023
Donations
66,273
248,383
Total 2024
47,484		 Restricted
funds
2025
£
234,157
-
22,802
-
256,959
407,756		 Total
funds
2025
£
383,244
30,000
25,825
66,273
505,342
455,250		 Total
funds
2024
£
387,936
30,000
33,000
4,314
455,250

5. Analysis of expenditure on charitable activities Summary by fund type

Unrestricted
funds
2025
£
NPHT Activities
217,014
Total 2024
103,156		 Restricted
funds
2025
£
322,754
358,676		 Total
2025
£
539,768
461,832		 Total
2024
£
461,832

Page 19

(A Company Limited by Guarantee)

NATIONAL PARALYMPIC HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

6. Analysis of expenditure by activities

NPHT Activites
Total 2024		 Activities
undertaken
directly
2025
£
86,742
48,173		 Support
costs
2025
£
453,026
413,659		 Total
funds
2025
£
539,768
461,832		 Total
funds
2024
£
461,832

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
Consultancy
Total 2024		 NPHT
Activities
2025
£
269,931
62,894
11,805
1,779
7,709
9,859
4,508
11,206
-
6,329
303
805
12,897
14,000
5,760
33,241
453,026
413,659		 Total
funds
2025
£
269,931
62,894
11,805
1,779
7,709
9,859
4,508
11,206
-
6,329
303
805
12,897
14,000
5,760
33,241
453,026
413,659		 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

Page 20

(A Company Limited by Guarantee)

NATIONAL PARALYMPIC HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £2,400 ( 2024 - £2,250 ).

8. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2025
£
244,186
20,559
5,186
269,931		 2024
£
214,576
15,838
3,508
233,922

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

2025 2024
No. No.
Employees 12 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 (2024 - £NIL) .

During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL) .

Page 21

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10.
Tangible fixed assets
Cost or valuation
At 1 April 2024
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Fixtures and
fittings
£
632,379
632,379
314,480
62,895
377,375
255,004
317,899

11. Heritage assets

The Charity holds heritage assets that are of historical and cultural significant and are maintained principally for their contribution to Paralympic Heritiage. These assets are held in the museum run by the Charity.

In accordance with Section 34 of FRS 102 and the Charities SORP, the Charity has considered the recognition and measurement criteria for these assets. However, due to the unique nature of the items, the absence of comparable market values, and the prohibitive cost of obtaining valuations, it is not possible to measure their value reliably. As such, these assets have not been recognised on the balance sheet.

The Trustees consider that the cost of obtaining valuations would outweigh the benefits to users of the financial statements. Nonetheless, the Charity continues to preserve and maintain these assets in line with its charitable objectives.

A five-year summary of acquisitions and disposals of heritage assets is not provided as there have been no material transactions during the reporting period.

Page 22

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12. Debtors

Due within one year
Trade debtors
Prepayments and accrued income		 2025
£
50,062
-
50,062		 2024
£
20,583
42,514
63,097

13. Current asset investments

2025 2024
£ £
Investments 3,493 3,493

14. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2025
£
17,878
4,617
1,238
40,900
64,633		 2024
£
23,858
3,246
721
7,700
35,525

Included within accruals and deferred income above is deferred income of £35,000 (2024: £nil) representing funds received in advance of the Charity having entitlement.

15. Financial instruments

2025 2024
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 259,215 188,603

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 2025

16. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all funds
Restricted funds
NPHT activities
National Lottery Heritage Fund
- Seamlessly Inclusive
Rothschild Foundation - Digial
New Endeavours
The National Archives -
Archives Revealed
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 Esmée
Fairbairn Foundation
Collections Fund
Mitsubishi Corporation, London
Total funds		 Balance at 1
April 2024
£
281,909
194,041
-
17,547
-
1,317
188
20,618
-
(13,396)
35,343
-
255,658
537,567		 Income
£
248,383
-
68,589
70,000
22,615
-
-
-
25,604
47,349
-
22,802
256,959
505,342		 Expenditure
£
(217,014)
(24,208)
(68,589)
(68,060)
-
(1,317)
(188)
(14,749)
(25,604)
(65,654)
(31,583)
(22,802)
(322,754)
(539,768)		 Transfers
in/out
£
33,676
(33,676)
-
-
-
-
-
-
-
-
-
-
(33,676)
-		 Balance at
31 March
2025
£
346,954
136,157
-
19,487
22,615
-
-
5,869
-
(31,701)
3,760
-
156,187
503,141

Page 24

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16. Statement of funds (continued)

Statement of funds - prior 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 - Digial
New Endeavours
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 Esmée
Fairbairn Foundation
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 25

(A Company Limited by Guarantee)

NATIONAL PARALYMPIC HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16. Statement of funds (continued)

Restricted funds represent:

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. The transfers represent an amount equal to the depreciation charge on unrestricted assets purchased with restricted funds.

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

Seamlessly Inclusive - funding for learning and exhibitions.

Archives Revealed - funding to bring archives to the public.

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 Esmée Fairbairn Collections Fund - funding to develop strategies that progress NPHT and bring new Paralympic Collections closer to the people.

Mitsubishi Corporation (London Branch) - funding to support the Global Virtual Museum.

Negative fund balances are where funding is received in arrears after a detailed review and approval is undertaken.

Page 26

(A Company Limited by Guarantee)

NATIONAL PARALYMPIC HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
Restricted
funds
2025
£
£
Tangible fixed assets
118,846
136,158
Current assets
292,741
20,029
Creditors due within one year
(64,633)
-
Total
346,954
156,187
Analysis of net assets between funds - prior year
Unrestricted
funds
2024
Restricted
funds
2024
£
£
Tangible fixed assets
148,066
169,833
Current assets
169,368
85,825
Creditors due within one year
(35,525)
-
Total
281,909
255,658
18.
Reconciliation of net movement in funds to net cash flow from operating activities
2025
£
Net expenditure for the year (as per Statement of Financial Activities)
(34,426)
Adjustments for:
Depreciation charges
62,895
(Increase)/decrease in debtors
13,035
Increase in creditors
29,108
Net cash provided by/(used in) operating activities
70,612		 Total
funds
2025
£
255,004
312,770
(64,633)
503,141
Total
funds
2024
£
317,899
255,193
(35,525)
537,567
2024
£
(6,582)
62,895
(62,855)
2,110
(4,432)

Page 27

NATIONAL PARALYMPIC HERITAGE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2025
£
259,215
259,215		 2024
£
188,603
188,603

20. Analysis of changes in net debt

Cash at bank and in hand At 1 April
2024
£
188,603
188,603		 Cash flows
£
70,612
70,612		 At 31 March
2025
£
259,215
259,215

21. 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 £1,237 (2024: £721).

22. 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 2025.

23. 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 28