i[(virr us ANNUALACCOUNTS TO 31" DECEMBER2024 Virtus, Mailbox 13 Alison Business Centre, 39 Alison Crescent, Sheffield, 52 1A5 tl +44 845 600 9890 el enquiries@tyirtus.sport wl virtus.sport Page I CONTENTS Page 3 Legal and administrative information Page 4 Trustees report Page 5 Independent examination report Page 6 Statement of financial activities Page 7 Balance Sheet Page 8 Notes to the accounts Page 2 LEGAL AND ADMINISTRATIVE INFORMATION Charity number 1173901 Registered office Mailbox 13 Alison Business Centre 39 Alison Crescent Sheffield S2 1AS Great Britain Bankers Yorkshire Bank Fargate Sheffield S1 1LL Great Britain President Vice President Secretary General Member at Large Member at Large Member at Large Member at Large Member At Large Member At Large Member At Large Co-opted Member Co-opted Member Co-opted Member Directors (at 31.12.2024) Marc Truffaut CLH (FRA) Vacant Barry Holman (USA) Birol Aydin (TUR) Yossi Romano (ISR) Patrick Chan MH {HKG) Amal Mobadda (EGY) Humberto Ferreira (BRA) Aaron Benjamin (IND) Helen Croxford IAUS) Prof. Jan Burns MBE (GBR) lan Conyers (USA) Robyn Smith OAM (AUS) Principal Officer Executive Director Nick Parr (GBR) Independent Examiner Norma Martin (GBR) Page 3 TRUSTEES REPORT On behalf of the Governing Board, l am delighted to present our annual accounts for St the year to 31 December 2024. The year of the Paralympic Games corresponds to the smallest year in the four-year cycle for Virtus competition and therefore lower income expectations. This is balanced against the higher-than-average receipts in the previous year (Global Games) and following year (World Championships) and therefore is budgeted accordingly. 2024 also saw an expansion of the staff team with recruitment to the Sport Manager position and in projects including IDEAL2 which culminates in early 2025. For a full overview of Virtus activities please refer to the full annual report. Virtus, financial performance for the year was entirely in line with budget set by the Governing Board in early 2023 and although our unrestricted reserves, at 65%, are slightly lower than the target (75%) this can be sustained through the substantial event programme expected in 2025. On behalf of the Governing Board I would like to thank everyone who has supported Virtus in 2024- a year where our membership continued to grow to record levels and our influence and reach extended to more nations and therefore more athletes than ever before. Mr Marc Truffaut VIRTUS President Page 4 INDEPENDENT EXAMINERS REPORT I report on the accounts of the Organisation for the year ended 31 December 2024, which are set out on pages 6 to 7. Res ective res onsibilities of the overnin board and examiner The charity's governing board is responsible for the preparation of the accounts. The charity's governing board considers that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: examine the account5 under section 145 of the 2011 Act; to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5){b) of the 2011 Act; and to state whether particular matters have come to my attention. Bas15 of inde endent examiner's re ort My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below. Inde endent examiner's statement In connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 130 of the 2011 Act., and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met,. or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 20.3.2025 Date Norma Martin Page 5 Statement Of Financial Activities for 12 months to 31.12.2023 2024 2023 Unrestricted £GB Restricted £GB Unrestricted £GB Restricted £GB Opening Balance Notes 226773 21259 124259 64089 Income Fees Income Generation Events, Projects & Grants Other 104774 2387 97596 384 18661 2500 166813 TOTAL INCOME 125823 2500 264793 Expenditure Governing Board & Committee Costs Events, Projects & Development Marcomms 4321 23492 19357 4347 5234 2968 19953 33993 12080 6250 Fundraising Memberships Office costs Staffing costs Staff travel & meetings Volunteers 3168 1218 1721 243 13628 1822 66240 144539 24500 4966 2010 Insurance 6407 6073 Professional & management fees Bank charges & exchange rate variances Depreciation Other TOTAL EXPENDITURE 756 429 1518 2811 1073 162280 187932 22073 42830 Difference -62109 -19573 -14592 -42830 Final Closing Balance 1 fv166 1686 109667 21259 Page 6 Balance Sheet for 12 months to 31.12.2024 2024 2023 Notes £GBP £GBP Fixed Assets Tangi ble assets Current Assets Cash at bank and in hand Debtors Prepayments TOTAL ASSETS 157748 95842 8620 152191 166368 248033 Current Liabilities Cred itors and accruals Loans TOTAL LIABILITIES Net Current Assets 166368 248033 Funds Unrestricted Funds Restricted Funds 164683 1686 166368 226774 21259 248033 Page 7 NOTES TO THE ACCOUNTS Income from membership fees and athlete licensing. Fees are set out in the Schedule of Fees available at virtus.sport. 2. Income from the Virtus event programme and grants towards projects and development. 3. Costs associated with supporting our voluntary governing board and sub- committees. Costs met by member organisations who nominate individuals to committees (ie. in-kind) are not included. 4. Includes salary/on-costs and consultant support. Note: prior to 2024, consultancy support was shown under Marcomms. 5. Debtors comprised a single amount due in respect of 2024 event entry. The amount was received by Virtus in January 2025. 6. Includes grant income received for specific (restricted) projects. This primarily includes the EU Erasmus grant funding the IDEAL2 project. RESERVES POLICY The VIRTUS reserves policy allows for reserves equivalent to a maximum of 75% of one years running costs and is intended to secure the continued delivery of projects and activities in the event of an unforeseen fall in income. VOLUNTARY AND MEMBER ORGANISATION CONTRIBUTION Each year VIRTUS benefits from a significant contribution from its many volunteers and member organisations who meet the travel and accommodation of expenses associated with VIRTUS Governing Board and sub-committee meetings. These costs are estimated to be approximately £100,000 each year of in-kind support. Page 8