Company registration number.. 02370578 Charity registration number.. 802385 THE BRITISH PARALYMPIC ASSOCIATION (Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 MARCH 2023 CONTENTS Legal and Administrative Information Truslees, Report Report of the Independent Audltor$ 19 Consolidated Statement of Financial Activities 22 Balance Sheets 23 Consolldated Statement of Cash Flows 24 Notes to the Consolidated Financial Statements 25 LEGAL AND ADMINISTRATIVE INFORMATION Charlty name: The British Paralympic Association Also known 8S.' ParalympicsGB BPA Charlty régistration nurnbgr.. 802385 Company registration numbgr: 02370578 Rogistarod offi¢0 101 New Cavendish Street London W1W6XH Trusto93 and Dirgctors Nick Webbom CBE Pippa Britton Christopher Brown Kate Adams Graham Edmunds Steve Ingham¢Fk Sally Hancock Fred Hargreaves& - Helene Raynsford David Ross Helen Rowbolham Anne Wafula Strike MBE Chair Vice Chair Senior Independent Director Chief ExoCUtIvo Offlcer David Clarke Company Secretary Adrian Stockman Executive Team David Clarke, CEO Adrian Stockman, Director of Finance and Corporate Services Penny Briscoe OBE. Director of Sport Verily Naylor MBE, Director of Operations Jenny Seymour, Commercial Director Anna Scotl-marshall. Director of Communi¢alions Auditors UHY Hacker Young Quadrant House 4 Thomas More Square London E1W 1YW Bankers HSBC 21 High Street Purley Surrey CR8 2RW Solicitors Hogan Lovells Adantic House Holborn Viaduct London EC1A 2FG Wgbsite address aral ics.o .uk TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present their annual report together with the audited flnancial statements for the year ended 31 March 2023. This Trustees Report is a Directors Report as requlred by $415 of the Companies Act All legal and 8dminislralive information relating to the British Paralympi¢ Association can be found on page 2 of the annual accounts. STRUCTURE, GOVERNANCE AND MANAGEMENT The Association is a charitable company limited by guarantee and registered as a charity. The Association Is bound by ils Articles of Association. These were most ￿centlY updated al the Annual General Meeting on 20 November 2019 (copies available on the Company's website). The purpose of the Association is lo select, prepare, enter. fund, and manage the Great Britain and Northern Ireland team at the Paralympic Games and to use the positive power of ParalympicsGB alhleles to inspire a bellerworld for disabled people. This responsibility reflects the Association's charitable objects and is delivered in line with ils values.. Excellence. Respect, and Integrity. The development of the AssocialDn is the responsSbility of the Board with advice from the National Paralympic Committee (membership of the Associalionl. The management team under the CEO holds executive responsibilityfor implementing the pdicies and strategies approved by the Board. All four Board meelings were well attended and quorate in the year. The Board may delegate all or any of the powers conferred on them under the Articles lo a committee Consisting of one or more of the Directors. A Flnance and Audit Committee is established under this power. Delegated authority also resides currently with a Qualrfic2lion and Selection Panel. Awards and Protocols Panel, and a Deals Panel whilst other Board sub-groups such as the Sport Committee, Social Impact Committee, International Relations Committee, Development Committee, Remuneration Committee. Nominations Committee and Classification Advisory Group, exist in an advisory capacity lo the Board. This Structure was last reviewed by the BPA Board in March 2022. All committees, groups and panels have appropriate terms of reference, which are regularty reviewed, and all maintain a record of meetsngs and decisions. The corporate membership of the AssoThalion (voting or non-votlngl Is open to any British governing body, sports spectfic body. disability sports body and disability body, subject lo the constraints of the constitution and aC￿ptance by the Board. Individual memborship of the Association {voling or non-volingl is open lo honorary members. lrfe members and ordinary members, subject lo the conslrainls of the constitution and acceptance by the Board. The Tnjstees of the A$$o¢iation are also the directors for the purposes of company law arKI comprise.. The Chair (Appointed by the Board following an open. publi¢ wruitmenl process). Six individuals elected by the Voting Members. Up to four members appointed by the Board following an open recruitment procedure {Ihis is following a skills assessment of the Board within months of any election meeting). The Chair of the BPA Athletes Commission, who is appointed lo Ihe Board ex officio. bl d) The term of office for all Directors is four years. However, lo ensure that the change of personnel on the Board is staggered, an election (for six elected Direclorsl and an appointment process Ithe Chair plus four appointed Direclorsl is held every two years. Four represenlalives will be elected for the Summer Quad {from end of one Summer Paralympic Games lo the nexll and Nvo will be elected after the end of the Winter Paralympic Games. Elections take place in October or November of each Summer or Winter Paralympic Games yeaf. Elected Directors are elected al an election meeting following norninalion from the membership. Similarly, the appointed directors to the Board are recruited through an open process in a three-tO￿ne ratio following the elections in Summer and Winter Games years and a Board skill$ analysis. The appointment of the Chairwill always lake place in the period following a Summer Paralympic Games. through an open recruitment process. Represenlalives of Voting Members may also be appointed by ordinary resolution lo fill a casual vacancy from lime to lime. to hold office until such lime as the person who was replaced was due to retire, in line with Article 23.3. Nomlnallons of individuals proposed for election as Trustees and Directors have to be made in writing lo the Company Secretary of the Association not later than one calendar month before the Election Meeting. Retiring Trustees and Directors are eligible for re-election provmling that they have nol already completed two consecutive lemis. As part of the BPA'S commitment lo equality and diversity, nominations for elected and applications for Co-opted Trustees and Directors are er￿ouraged from groups that are under-represented on the Board. This is in line with, and intended to support, the objectives sel out in the BPA'S Oiversity Action Plan. TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 New Iruslees are provided with an inf(Kmalion pack of policies and F)rocedures and meet with the Chaif, Chief Executive, Company Secretary and other key BPA personnel. These meetings cover the decision- making process, Trustee legal obligations under charity and Company law, the content of the Articles and the business plan. Al the first Board rneeling. there is an opportunity to meet members of staff and all Trustees are encouraged and supported to attend appropriate external training events where these facililale the undertaking of their role. The following persons served as Board members during the reporbng Period.. AppolntedlReslgned (If appllcable) Board Meetlngs Attended 3of4 3of3 Name Role Nick Webborn OBE David Clarke OBE Chair Vice Chair to 10 March 2023 Vice Chair (from 29 March 2023 Senior Independent Director Resigned 10 March 2023 Pippa Britton OBE 3of4 Christopher Brown 3of4 Kale Adams Forbes Dunlop 4of4 2of2 Resigned 28 November 2022 Appointed 28 November 2022 Graham Edmunds 2of2 S811 Hancock Fred Har re8ves Helene Ra nsford David Ross Helen ROWt￿tharn Anne Wafula Strike MBE 4of4 3of4 3of4 2of4 4of4 4of4 The Board meets a minimum of four times per year and on an ad hoc basis where required. The table below sets out the meetings held in the Reporting Period and summarises the key decisions laken.. Board Meètin Board Meeting (Hybrid, BPA London Office and virtual Board Meeting {Hybrid, BPA London Office and virtuall Datè 20 July 2022 To ics and Declslons Annual Budget, Risk Management Review, Governance Code Compliance, Safeguarding Policy Review. 12 October 2022 Soclal Imp8cI Strategy, Paris 2024 Planning inc. ParalympiesGB House, Diversity and Inclusion Ambitions, Approval of Annual Accounts, Revision of BPA Member Handbook. Paris Cycle Budget Reforecast, Review of Risk management Policy, Re-appoinlmenl of Chris Brown, Social Impact Strategy, Enviror7menlal Sustainability Plan. Cost of Living Crisis. International Relations Slrale UK High Performance System. BPA Outlook for LA and Brisbane Cycles, Paris Security Update. New CEO InlriKluclion. Annual Budget Approval, Appointment of Board Champions for Safely & Welfare and Equity, Diversity & Inclusion. E Inclusion and Diversi Action Plan, Re- Board Meeting (Virtual) 14 December 2022 Board Strategy Day IBPA London Office) 29 March 2023 Board Meeting (Hybrid, BPA London Office and Virtual 30 March 2023 appointment of Kate Adams. Appointment of Pippa Britton as Vice-chair. roval of Revisod Risk Polic OBJECTS. MISSION AND ACTIVITIES The British Paralympic Associatson's I'BPA'I Strategic Plan, 'Championing Change., was launched in December 202110 cover the period 2022- 2032 (copies available on the BPA'S website). 'Championing Change, presents the organisalion's long-lerm vision. mission, values and priorities from the final months of the Beijing 2022 Winter Paralympic Games cycle through the Paris 2024, Milan-cortina 2026. LA 2028, Winter 2030 (host lo be confirmed) and Brisbane 2032 Games. The BPA'S vision is slated "through sport. inspire a better world for disabled people.. The vision is driven by the BPA'S belief that. through the power and inspiration of the Paralympic Games. and the world class achievements of Paralympians, real change can be achieved in the perception of society as a whole and the way people individually think, feel and behave towards disabled people. The British Paralympic Association's mission through to 2032 is Yo enable world-leading performance at the Paralympic Games and to drive pos11ive, sustainable change in UK society". Our viS￿n and mission therefore fit within the charitable objects set out In our Articles.. l. To relieve people with physical, sensory. and learning disabilities by encouraging and facilitating their participation in sporting activities and assisting in the provision of training, facilities, and equipment for this purpose-, and 11. The relief of poverty and the advancement of education and such other purposes for the benefit of the community as shall be exclusively charitable. ACHIEVEMENTS AND PERFORMANCE Championing Change. our 10-year strategy for 2022-2032. highlights ￿ key and interwoven Siraleglc Priorities for the organisation's activity and delivery of its aim$. 11 both reflects on the near-lerm challenges and pressures and looks further ahead, setting ambitions for a ten-year period. Thinking beyond the four-year Paralympic cycle allows us lo raise our ambitions as a worfd4eading Paralympic team and as a force for change for disabled people aGross the UK. London 2012 kindled a passion for disability sport and demonstrated the power of the Paralympics lo inspire a shift in perceptions of disability and ability. This strategy builds on that through the continued success of ParalympicsGB and by delivering real and sustainable improvements to the lives of éisabled people across the UK over the next ten years. From a perforrnance perspective, 202212023 saw the National Governing Bodies INGBS) return to more 'normal' eompelilion schedules and conditions which was a welcome relief for all involved after ￿ years of disruption due lo the COVID-19 pandemic. High performance sport began lo return lo normal, in lemis of athletes, training and competition. A number of NGB'S kicked off their Paris 2024 qualification campaign with the first ParalympicsGB slots secured by equestrian {four $lols- max quota) and shooting lone slot}. However. the marginalisation of disabled people in many aspe¢ls of daily life that became so apparent during the pandemic induding health, social interaction 2nd access to physical activity persists lor many. We made good progress in our scoping our ambition and areas of focus on social impact, strongly helped by relatively new colleagues who have brought a blend of experience and passion to this aspect of our strategic delNery. Existing projects have been revisited and $lrenglhened and n8w projects have been launched. The BPA'S three core organisational values drive everything the staff tèam delivers and is measured by.. Excellence: Everything we do refiecls our ambition lo be world leading. We care deeply about what we do and bring a flexible, posilNe and progressive approach to our interactions with others. Like the alhleles that we support, we will a￿VaYS challenge OLtrselves and others lo do better. Respect: Our relationships with each other, our partners and the wider community are based on respect, trust, and a deep-seated belief in diversity, inclusion and the value of our drfferences. Integrlty: We demand the highest standards from ourselves and others, seeking always to do the right thing and to engage with openness and transparency in all that we do. The summary below outlines our achievements against those strategic objectives and the underpinning aims of the BPA Ih8t will help those objeelives lo be mel. Strateglc prforlty l.. Best Prepared Team. To continue to deliver 8 'best prepared. approach to Games leadershlp, preparatlon and delivery ofParalympicsGB at the Summer and ￿InterPoralYrnp1c Games Best prepar￿ Team: Pari¥ 2024 {281h August- 8th September} Following two Games in six months (Tokyo Summer Games Augusl-seplember 2021 & Beijing Winter Games March 2022}. the performance and operations teams. focus from April 2022 onwards turned lo fast tracking planning for Paris 2024 land Milan Cortina 20261. With. effectively. a two and a half year planning and delivery cycle the team have been working hard lo idenlfy ParalympicsGB's Games 'masterplan' (it's Games footprint in UK, Paris, Sainl-Germain-En-L8ye, Clichy, Chaleauroux and Libournel and the structure to delNer the 51rategy. Whllsl Paris is a 'proximal Games, it should certainly r￿t be considered in the same tems as London 2012 - our 'home Games,. It is a complex maslerplan with security considerations featuring highly in all aspects of planning. Masterplan complexity is mirrored by equally complex travel and logistical plans across up to 22 sports all with different preferences and support needs. Our planning continues to be driven by our world leading cross direclorale 'Games readiness, process which ensures understanding of all environments, team readiness and priority support requirements. A significant number of planning visits look place lo determine pre-Games preparation requirements of the national governing bodies (NGBsl, over half {111 choosing lo prepare in the UK., multiple hotels that will fulfil our out of village accommodation requirements,. and our ParalympicsGB House, a critic81 mulli- functional facility that will be 'home' foi alhleles and their friends and family, for media, for hosting and commercial aclNalion and for many team support members,. and our village allocation where accredited team members will live dLtring the Games. With the Games m8slerpl8n idenlrfie¢J. our allenlion turned lo developing the structure to deliver the strategy. At G8mes-lime our team support functs'on grows from the c45 BPA staff lo c170 essential roles to deliver across all UK and France based environments. Developing the structure and recruiting the team is a critical part of our role. The first task was to idenlrfy which roles BPA staff should fill tefore starting lo idenlrfy lead roles across the slruclure. In a similar lime frame, our Paris team devdopment programme kicked off with a series of modules for the senior leaders. At year end, Paris planning had progressed signrficantly, but with the Games now being 'next year, the team are continuing to work hard in pursuit of our'best prepared team, ambition. Besl Prepared Team: Mllanlortlna (MICo} 202616th_ 1&h MarGh 2026) The Milan-cortina Winter Paralympics will lake place 5th_ 15tn March 2026. Ceremonies and competits'on venues will be split across a number of locations including in Milan. Verona. Cortina ané Preddazo. The Mico Organising Committee hosted ils first NOC & NPC 'Open Days. in January 2023. BPA wefe represented by the Director of Sport and Director of Operations who have responsibility for the 'best prepared team, strategy and were joined by the Head of Sport Phil Smith. {Chef de Mission for Beijing 2022). Th￿ first site visit provided important insight into the ¢omplex maslerplan and supported relationship development wllh OCOG colleagues. Regular on4ine planning meetings are being held with the OCOG as we progress the 'besl prepared team, strategy for the next Winter Games. Best Prepared Team: Los Angeles 2028 The LA Games will lake place 15th_ 27th August 2028. Whilst LA will be hosting ils third Olympics {1932 & 1984}. this is the first lime the ctty will have hosted the Paralympics. Led by the Director of Sport and Director of Operations, the organisalion's first planning visit look place across Califomia in August 2022. Timit)g of this visit was critical lo gel our'fulure Games planning, back on track ahead of Paris 2024.. a long lead-in being the foundation of our strategy frorn which masterplan development and detailed planning develop. A number of potential pre-Games preparation camp options were identified. and vital intelligence gathered specrfically relating lo the challenges of the next cycle Summer Games. Some of the challenges include= costs 1£ struggling against $ as well as ger¢eral costs including flights, accommodation. costs for pre- Games preparation elcl. long haul travel and travel falwe. climate and acclimalisation and limited I no experience of competing in wesl Coast USA. Strateglc Prlorlty 2. Soclal Impact To use the positive power of ParalympicsGB athlotes to inspire social changa. Medla. Dlgltal. Brand Ulilising the insight and learning from tsvo recent Paralympic Games with Tokyo in 2021 and Beijing in 2022 an audience growth strategy was developed and subsequent communications plan lo better meet the ¢xganlsation's Championing Change strategy and lo increase engagement with priority audiences. Significantly disabled people themselves aF)d younger audiences. A brand update was also developed lo ensure that the ParalympicsGB brand is contemporary and bul accessible and forward-thinking. The annlversary of the London 2012 Paralympic Games allowed for a number of media, content and publlc engagement opportunities. ParaFympicsGB chose lo celebrate and look forwards to the growth of the Paralympi¢ movement and continuing lo improve the lives of disaNed people. The development of content focused on Paralympic athlete stories from their point of view was a focus and issues of 8blei$m, race, mental health and access were discussed for the first lime on ParalympicsGB platforms. Intemotional rolations & Publlc Affalffs There was a focus on developing the bid alongside UK Sport and Manchester City Council to host World Para Athletics and World Para Swimming International Federations in the UK moving from the International Paralympic Committee. The change of governance is something the BPA has long called for so support for successful transition of two of the biggest Para sports is an important goal. A public affairs plan and greater engagement with MPS, Government Ministers, Peers and stakeholders has helped to cement the BPA'S position within being a more active advocate for improving the experiences in the UK for disabled people WFlhin sport and society. So¢Sal Impact strategy. development and programmes Governance structures and an increasè in staff have helF*d the BPA embed social impact within the organisation across a number of areas including Diversity, Equity & Inclusion. environmental sustainability and lo forge ahead wth improving existing programmes to deliver on our strategy and develop new prwammes. Got Sèt The Gel Sel schools programme campaign focused around the Beijing Games 'Bound for Beijing, continu￿￿ lo engage primary schools and families in physical aclivily. 1.643 schools engaged in the programme including 800 schools in England who had not engaged in our previous 'Travel lo Tokyo, C8mp8ign. Over 45k activits'es were logged on the gamified website inspiring pupils to tske part in physical activity. Every Body Moves A major rebrand based on insight from disabled people was implemented moving the programme from Parasport to Every Body Moves. The new brand identity was launched in March 23 wi(h a launch al Sheffield English Institute of Sport with a large participation event. Every Body Moves Lived Advisory Board provides insight and a steer for the programme. The programme continues to build more listings for activities across the country and is now focL¢sed on reaching more disabled people to provide the information. inspiration and motlV8tion they need. The programme is powered by Toyota who have been aclNely engaged in shaping the approach for the relaunch and forthcoming programme. Commercial Succ83$ The past 12 months have been a positive period lor the commercial directorate building on the relationships and partnerships made following the successful delivery of the Beijing Games and associated commercial activations. Attention has very much turned lo looking ahead to Paris 2024, with a longer-lerm outlook also being reviewed for the wider LA cycle. A 'non-Games' year has also enabled us greater fo￿$ and attention on our social impact objectives. There was a signifi¢anl period of time dedicated to recruilmenl following 8 number of departures from commercial colleagues. We were delighted with commercial offitsr appointments lJune I September) and one commercial manager (November) which ensured a full-slrenglh team and a slight re-allocation of responsibilities across the work force. Within our ¢orporale work we signed and launched wth two new partners, both at Gold Partrwship level. Bupa joining our healthcare partner, and John Wesl Foods joining as our protein partner. These businesses complement our existing partner family and are Committed lo supporting ParalympicsGB both on and off the field of play. Partners utilised partnership righ15 and benefits across the year lo enable colleagues lo feel a doser connection ParalympicsGB and a150 dedicated time lo plan their aclivalions for the next summer Games. Launched in the previous financial year, our social impact programme 'Beyond the Podium. was a $ignrficant focus for the team. In May we ran a forum event that focused on what businesses can do to ensure that workplace inclusion networks are sel up lo thrive. Speakers from leading indusion organisalions joined the day as well as a number of P8ralympicsGB athletes who spoke about Iheir own person81 experiences within the workplace. Also silting under our social impact umbrella, we rebranded our Parasport programme lo sil under the new name of'Every Body Moves. and we were delighted that Toyota remained as the headline partner. In phi18nlhropy. we extended our ￿e￿Ork and reached out to many new Individuals and organisations in the UK and abroad. We shared our plans for Paris 2024, social impact work and their impact- both part of our ambitious ten-year strategy launched in 2022. We remain incredibly grateful to our donors 8nd Parallel Club members. who ￿M21n hugely supportive of ParalympicsGB. We were delighted lo thank many of them in person at 8 f8nla$ti¢ reception held al the British Museum hosted by one of the founding members of the Parallel Club. We ¢onlinued our work with the David Ross Education Trust where our athletes worked with a network of Schools lo provide students with inspiration encouragement and advice on how to pursue Ihelr dreams. A Hlgh-Perfomilng organlsatlon. The BPA is subject lo the UK Sportlsport England Code for Sports G0Veman￿ and was Inltially fecognised by UK Sport as being Code compliant in December 2017. The organisalion continues to be fully commilled to the highest standards of corporate governance, and adherence lo the Code specrfically. and is actively focused on ensuring best practice within ils govemance more widely. The Board has acknowledged the revisions lo the Code announced in December 2021 and the organisalion is taking appropriate steps lo maintain compliance with the revised Code requirements. Be￿een July and September 2022, the Board undertook an internal evaluation of ils skills and performance. The Board and the Senior Executive team were positive about the contribution newly recruited Directors have made to the Board dynamic. and expressed the belief that the Board had an appropriate and beneficial balance of skill. knowledge. and experience. The evaluation remained positive about the structure of the Board and ils committees, though aCkno￿edged that Committee compositions need to be revieweé following changes to the overall make-up of the Board. Respondents remained confident that the Board fulfils its role effectively and m8ke$ a positive contribution lo the organisalion. Refiecling on previous areas for improvement. the Board is confident it has improved the balan￿ of strategic and operational discussions. after previous concern that the balance had shrfted towards board Involvement in in operational discussion as a result of the challenging impact of the COVID-19 pandemic. Progress has also been made lo improve the scheduling of Board and Committee meetings, though there is Still room for improvement in the effectiveness of meeting schedules and agenda setting. Board expressed the desire lo have more in-person meetings, noting that although remote or hybrid meetings have positive aspects, such as accessibility and practicality during the rail strikes, the effectiveness of meetings is enhanced when al least some are in-person. Additionally, the team spirit and inter-personal connections across the Board and wrth staff greatly benefit from meeting in person. The Board last commissioned an independent, external evaluation of rts own effectiveness in 2019, and will do so again in 2023 to maintain compliance with requirement 4.3 of the revised Code for Sports Governance. During the year, the BPA was selected by UK Sport to undergo a routine Finance and Governar Assurance Review. This process is a requirement of UK Sport Investment and lakes place once in each Paralympic Cycle. The review was undertaken by BDO, on behalf of UK Sport. between August and November 2022. The BPA received an Overall Opinion of 'Meeting Standards. in respect of Finance and 'Good" in respecl of Governance. The findings and recommendations reflected known shortcomings and are not considered a major cause of concern by the Board. The Executive has put in place an action plan lo implemenl the recommendations made by the Assurance Review over the coming year. During the year, the Board reviewed several of the organisalion's pOI￿leS, in line with the agreed Policy Review Schedule. This included a review of policies regarding Safeguarding and Risk Management, the BPA Member Handbook, and the Athlete Commission Temis of Reference. Our 10-year strategy makes clear that we regard the recruitment. development and motivation of excellent staff as being the essence of a high-performing organisalion. Our progress and ambition is set out in our People Plan, Champions of Change, finalised in the summer of 2023. We have done a lot to make our re￿ul1MenI and induction pro￿sseS for new staff infomialive and welcoming. There has been an increased focus on Learning and Development, including almost half of our slaff taking up the offer of online coaching sessions. We upgraded and relaunched our stsff benefits package and despite the financial conslrainls we work within, were able lo implement salary reviews that whilst not being able lo match the current rates of price inflation, were highly competitive compared lo increases elsewhere in the sector. Recognising how important it has become for our colleagues, work-lrfe balance and overall wellbeing, we have continued our commitment to flexible working and have been proactive in identifying ways to ensure staff have a comfortable and safe home-working environment. Our Equity, InclusDn and Diversty IEIDI Group has worked hard to candidly assess where the organisats'on needs lo improve lo make the BPA a truly inclusive environment where people can thfsve regardless of background or identity. As members of Inclusive Ernployers, we have access to well- informed support in thls area and indeed, Inclusive Employers facililaled a series ol Listening Circles where small groups of staff were able to talk openly and safely about their perceptions of lrfe at the BPA. As was gelling a lot of positive feedback from these groups. we 8150 gained some very valuable insights about how people felt the experien￿ of working for the BPA could be improved and made more inclusive.. the EID Group has made use of this feedback, as well as research into good practice elsewhere to inform our detailed Equity. Inclusion and Diversity Action Plan. We have plans and ambitions to do even more in all aspects of recrutting. developing and molivaling our staff over the coming years,. eqiJ8lly, we are proud of what we have been able lo achieve with limited staff resources. Flnanclal The Financial Statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard 102 {FRS 102) and the revised Charity Slalemenl of Recommended Practice. applicable UK Accounting Standards and the Companies Act 2006. The group consists of the parent undertaking, the British Paralympic Association, and ils subsidiary undertakings, British Paralympic Enterprises Limited (BPEI. British Paralympic Performance Services Limited {BPPS), and Paralympic Worfd Cup Limited {PWCI. BPE. BPPS, and PWC are wholly owned 10 subsidiaries. PWC was domiant in this and the previous year. The BPA is also a shareholder in a joint venture '2016 Crest Holding Limited, with the British Olympic Association. with the liability of each organisation limited to £10. The company holds the rights lo the crest th8t featured on the Adidas kil for the Rio Paralympic Games {and which has the potential lo feature OTr future kit, depending on creative decisions). The group's total income for the year was £5.3 million12022.. £11.1 million), 2nd total expenditure was £4.1 million12022.. £9.3 million). These large decreases compared to last year are strongly related lo the delivery of a Summer and a Winter Paralympic Games within the previous financial year. The BPA'S financial rhythms are more in tune with the 4-year cycle of the Games than any year-on-year fluctuations and we would always expect lo see income and expenditure both peak in a Games year. That effect was heightened by having ￿ Games in the same year éuring 2021122. The BPA is very grateful lo UK Sport for the strongly supportNe way they have engaged with us in these very challenging limes and continue lo engage in a relationship that demon51rales mutual respect and understanding. The support provided by the Conlinuily Award of £1.38 million over the 2020121 and 2021122 financial years was instrumental in allowing us lo focus on best prepared teams for the Games as well as the organisation's ongoing sustainability. The BPA values immensely all the support we receive from grant funders, commercial partners, trust and foundations, and individual donors and other individuals., that support ensures we can send best-prepared teams lo the Paralympic Games. play a leading role in the international Paralympic movement and be an effective force for good in the lives of disabled people across UK society. Amongst other grants, we were very happy and grateful lo re￿1ve grants from these funders during the year: Boshier Hinton Foundation., Davrd Ross Education Trust., Disabllity Sports Development Trust As reported last year, in response to the pandemic and the postponement of the Games, a deep and broad review of all planned activities and expenditure was undertaken. The BPA was very proud lo complete that task having removed very significant sums from planned spending whilst revising plans in a way that allowed us lo send very well-prepared teams to Tokyo and to Beijing, with the welfare of alhleles being the highest priority. The charity also invested in new staff roles to provide capacity for our slated intent lo elevate our social impact activity. That focus on strategic achievement balanced with financial $u$lainability continued throughout 2022123 and we closed the ye8r in a very healthy financial position with reserves of £6.1 million. That reserves position will reduce as costs increase closer lo the 2024 Paralympic Games, bul il still represents a very good position for this stage of the cycle. The charity's expenditure on charitable objectives totalled £3.1 million 12022.. £8.3 million). with expenditure on iaising funds being £1.0 million 12022.. £1.0 million). As explained above, charitable expenditure 'spike$' in a Games year and last year actually included the costs of a Winter Games and a Summer Games, so this decrease in charitable activities is entirely consislenl with patterns expected over the 4 years of a ¢yde. Fundraising activity accounted for 25% of our total spend and 200A of our income. It should be noted that this per￿nIage moves signrficanlly during a cycle.. in particular. our income increases by a large percentage in the year of a Summer Paralympic Games and the fundraising percentage is lower. Across a four-year cycle. our fundraising activities account for approximately 15¥0 of our lot21 income. Having weathered a very Challenging period through COVID-19 and the postponement of the Tokyo Paralympic Games, mainly as a result (rflhe strong relationships with ourfunders and a detailed ￿scoplng exercise to significantly reduce expenditure, we closed the 201212022 in a healthy position. We have kept a very strong emphasis on financial suslainabilily with our forecasts looking ahead lo the 2028 Los Angeles Games and beyond. We increased our posl-PafiS reserves target lo £2.5 million and our current forecasts predict we will exceed that by March 2025, leaving us in a good position for the next 4 years, which will undoubtedly be more expensive. Consequently, we are confident of the ¢harty'$ financial sustainability and its going cor￿rn status for the foreseeable future. In¢ome Revlew The majority of the BPA'S income Come5 from commercial arrangements with ils corporate partners. In lolal, commercial partners supported the BPA through sponsorship and promotional rights arrangement5 with BPE tolalling £2.974K (2022.. £3,093K} in cash. and a further £313K {2022.' £2,707KI in the form of value in kind i.e. donated goods and services. The large decrease in value in kind income reflects the agreement with Adidas to provide kil for the ParalympicsGB team at the Tokyo and Beijing Games as well as with Asos to provide fomial wear for the Games., 811 of that income was recognised in 2021122, a year in which 2 Paralympic Games happened. The cash component of our commercial income is on track lo deliver our best ever 4-year cycle result. Many relationships were renewed after Tokyo for the Paris cycle and we have also secured some new partnerships. Looking ahead, we have a number of ongoing discussions with potential new commercial partners and are very oplimislic that new contracts will be signed in the coming year. There is a lot of interest and support for our Beyond the Podium Diversity and Inclusion programme from iyjr commercial partners. Our partners, workforces and customers indude many millions of people. Beyond the Podium will mob￿lIS8 the power and the commitment of our partners lo diversity and inclusion and will build on the inspiration of ParalympicsGB athletes. 11 is a long-term programme that will see the BPA and our partners become leading voices in disability inclusion across society and broadens our conversations with current and future partners lo beyond the valuable commercial rights associated with the Paralympic Games. The BPA also recognised £250,00012022.' £520,000) from Toyota Great Britain to continue to SUPPK)rt the Every Body Moves website, engagement with community-level sport opportunities for disabled peoplè and activity to promote the website. The BPA receives a signifi¢anl grant from UK Sport which is restricted to fund specrfic elements of the BPA'S athlete preparation and Games-related activity over the four-year Paralympic Games cycle lo Paris 2024. UK Sport grants recognised in the year tolalled £71 OK12022.. £2,041 K including a one-off award £1.131 K from UK Sport'$ Continuity Awards lo help SLtpport organisalions through the pandemic). Philanthropy and Individual fundraising totalled £546K12022.. £584KI, with one donor accounting for the majority of that income in 2022 and in 2023. We do still see this area as having strong potential to enable the BPA to increase its impact within all of our strategic aims and we are putting a lot of effort into meeting potential supporters and into strengthening our case for support. The BPA'S relationship wrth Loughborough University continues to thrive, including a value in kind contract providing the BPA with an office space in a key location for the high-performance sport sector. We also work closdy wth the University in areas such as recruiting our Games-time team and in developing our environmental planning. Brltlsh Par8tymplc Enterprises Limited This is a wholly-owned trading subsidiary of BPA whose principal activity is sports adminislralion and Iradlng. Durlng the year, the company generated a profit of £2,950K 12022-. £3,662KI. The company focused on commercial relationships which generate cash and value in kind income in return for granting commercial rights linked to the ParalympicsGB team. Brftish Paralymplc Perfom78nce servI￿s Limited British Paialympic Performance Services Limited {BPPSI, a wholly owned subsidiary. provides performance servlces to Paralymptc athletes and their sports, primarily within the parameters of the aclivlties supported by a grant awarded by UK Sport. During the year the key strategy and focus for BPPS activlties was the preparation and delivery strategies for Paris 2024 as well early-stage preparations for Milan-cortlna Winter Games in 2026. Risk The Board continuously reviews business risk in all Ils operations and has created a number of risk minimisalion tools Including Risk Registers for the organisalion as a whole and specific identified projects (including each Summer and Winter Paralympic Games). An updated risk policy was apwoved in March 2023 under whlch risks are reviewed monthly by the Executive Team, with the organisation's Risk 12 Dashboard being reviewed quarterly by the Board. Signrficant changes in high level risks are also shared with the Board more frequently. In response to the unique conditions created by COVID-19 and the uncertainties following Ihe postponement of the Tokyo Games. the organisalion created a risk register specifically lo address the risks created by the pandemic. This register was used as a central working tool by the Trustees and the Executive team to guide the charity through the high levels of uncertainty experienced throughout the year and beyond. Now that the COVID situation is becoming less restrictive and the Games have taken place, Tnjstees and Executive have pr￿UCed a new and current risk register that reflects 04Jr current outlook and environment. The highest rated risk5 on the register are.. Com ressed aration eriod for Paris 2024 Typically. our preparations and planning for a Summer Games begin 5 or 6 years in advance. The extraordinary circumstances for around years have meant that we had less lime in Ihe early parl of the planning horizon to focus on the Paris Games and very limited opportunities lo tmvel to Paris. During 202W23. we worked hard to make up lost lime twl there remains a risk to our key strategic aim lo have best-prepared team ready to compete at the 2024 Games. We are mitigating the risk by prioritising resources lo ensure we can fund fixed-lerm roles with a strong focus on accelerated planning and preparation, as well as retaining staff with valuable experience in preparing for Previous Paralympic Games. We are also placing very high importance on building essential relationships with the British Embassy in Paris, local officials in the region where our team will be based and with the Organising Committee. Additionally. we are investing extra time ar7d resource into Team Development and working closely with sports. NGBS so that we can produce a Games Masterplan that dovetails with the plans of each participating sport. Income does not meet our lon -term strat ic aims and mid-term o eralional lans Like any mulli-year planning framework, there is bound lo be some uncertainly al)oul whether we will secure all the income needed to meet our aspirations. We also recognise that future planning cycles will need to fvnd higher levels of costs as well as our own increased ambition for social change. Some of our projections rely on developing income streams 5ignrfrAntly beyond their current levels, such as philanthropy. There is always a risk that commercial partners change their prioritie5 after a Games and not renew beyond Paris 2024 > The global economic outlook is very unsettled. the competition for charitable funds is high - securing new sUPPQrt and maintaining existing support will be challenging Our approach lo building a case for support. whether commercial or philanthropic is becoming increasingly sophislicaled and has moved far beyond a sole focus on a Paralympic Games. The Games will always be a highly prized asset that will be integral to income generation but we have cultivated deep relationships with funders that provide all parties with strong benefits throughout the relaltonship period. We are increasingly engaging supporters with the social impact of the BPA'S slrale9y, enabling us lo engage with new supporters and lo strengthen relationships with existing supporters whose corporate and personal values align with our own. We have recruited staff with an expertise in social impact and are able to broaden our value proposition. We are also developing a fan database which will in turn be￿rne an asset that has value for commercial partners. SeGu threats in Paris 2024 The safety and wellbeing of the entire ParalympicsGB team is of paramount importance. For every Paralympic Games, assessing and the level of security risk and prepaiing appropriately is a high priority task making use of expert input from security specialist advisors and government sources (UK and the host nalionl. The risk of a terrorist attack around the 2024 Paris Games is considered lo be high. Additionally. Paris carries a risk of street crime and political disturbances. We are managing these risks by engagin9 highly experienced Security advis(Ks with a background that includes previous Olympic and Paralympic Games 13 and by taking their advice very seriousty in our planning. We are also building close operational relationships with the LIK government. the British Embassy in Paris and the Games Organising Committee. C ber Thfeals The threat of cyber-attack has lo be ackno￿edged by every organisalion. Our cyber defences were slrenglhened signffjicantly as part of our preparations for the Beijing 2022 Games and have been maintained since then. We have also invested in 8 Cyber Threat Management Service that includes vulnerabilty scanning. dark web monitoring, staff education and email phishing lesls. As well as these preventative measures, we also have cyber insurance which provides cover for consultancy to recover in the evenl of an attack. How we p8y Staff The British Paralympic Association is committed lo ensuring that we pay our staff fairfy and in a way which ensures we attract and relain the right skills to have the greatest impact on delivery of our strategy. The Board operates a Remuneration Committee, with the principal responsibilities being as follows.. upon the recommendation of the Chair of Board. determine and agree the remuneration of the BPA'S Chief Executive off￿er.. determine the policy for, and scop8 of, pay and pension arrangements for all staff.. upon the recommendation of the CEO, endorse the remuneralion of the BPA'$ Exeajlive Team. Fundraising The British Paralympic Association has signed up lo the Fundraising Regulator and Is committed to following the highest fundraising standards. In the year there have been.. no failures lo comply with the standard (2022.. none). no complaints received by the charity about activities by the charlty or by a person on behalf of the charity for the purpose of fund-raising12022.' none). The charity sets out lo protect vulnerable people and other membors of the public from unreasonable behaviour related lo its fundraising by com ￿YIng with the standards sel by the Institute of Fundraising. managed by the Fundraising Regulator. The BPA is registered with the Information Commissioner's Office and strives lo be compliant with GDPR and the 2018 Data Protection Act. Reserves The cyclical nature of the Chaiity's activities {where activity and expenditure both build towards a Summer and - to a less degree - Winter Paralympic Games) means that the level of reserves required varies throughout the four-year cyde. The Trustees, primary aim is lo build reserves to the highest level that is required al any time in the cycle, which is normally in the year in which the Summer Paralympic Games takes place, whilst also managing the level of funds at a level appropriate lo an organisalion the size an scale of the BPA. Total reserves at 31 March 2023 were £6.1 million (2022= £4.9 million). The cuNenl level of unrestricted reserves is £6.1 million {2022.. £4.9 million). with restricted reserves of £22K 12022.. £6K negative reserves) carried forward to the next year as restricted funds. Restricted reseN8s represent unused grants with restricted purposes recognised as income bul not yel fully expended. The BPA'S Reserves Polw $els out a minimum level of reserves equal to approximately six months of the charity's running expenses, as well as a target for reseNes at the end of each financial year lo be within 20¥0 of the level forecast as part of the agreed budget. This additional target has been included In the Policy in recognition that there are large fluclualions in the level of reserves across the four-year cycle. when historically funds have been accumulated in the early years of the cycle, followed by significant expenditure in year four- the year of the Summer Paralympic Games. 14 Al the year-end, the minimum and target reserves requirements were both exceeded comfortably. Our yearend reserves position gives the BPA a good platform as we look ahead to the Paris Game5 in 2024 and lo investing more in developing our key strategic priority of bringing about social change for disabled people. Looking further ahead, we are very aware that the 2028 Paralympic Games in Los Angeles are likely lo be more expensive than Paris 2024 and with that in mind, Trustees have increased the minimum reserves level in the reserves policy to be achieved by March 2024 10 £2.5 million, so that we start that cycle in strong position. This is a one-off change to the reserves policy. not a permanent change. The guiding principles of remaining cash positive al all times and lo comply with the reserve poltcy's minimum requirements were adhered lo even during the challenges of COVID-19 and the poslponemenl of the Tokyo Paralympic Games and have remained non-negotiable commitments throughout the year lo 31 March 2023. Our forecasts predict that they will continue to be met for the foreseeable future and we are confident of starting the next 4-year planning ¢yde with reserves exceeding the pOI￿Y'S £2.5 million requirement. PLANS FOR FUTURE PERIODS Championing Change. the BPA'S 10-year strategy for 2022- 2031 shapes our plans to give us the best possible chance of achieving the strategy's ambitious outcomes. namely.. Ensuring we are able lo send a besl-prepared team lo th8 Palis 2024 Games in 3 years ¥￿th athlete welfare being a top priority Ensuring the BPA creates a strong impact on the lives of disabled people in the UK by a combination of partner activities. our ability lo inspire by telling Paralympians, slorles and by developing the BPA'S social impact WlNk Developing the BPA further as a high-performing and inclusive oryanisalion in all aspects of operation Ensuring the BPA'S financial health and sustainability More specifically, thi5 means- Close engagement and strong relationships with all stakeholders in the preparations for Paris 2024. We have a lol of time to make up.. relationships with the International Paralympic Comrnillee, the Organising Committee. the British Embassy and others will be pivotal. Equally, our operations team will expect lo spend a lol of lime this year on the ground in Paris building up IcKal knowledge and making operational decisions. Linked to this will be regular open dialogue with the Paralympic sports, governing bodies (all of whom are members of the BPAI, lo ensure that our planning is consistent with that of the sports and with the well-being of all alhlele$. Our Alhleles Commission will continue to be extremely important as we ensure the voices of athletes are heard and respected. Meliculous plannlng of the logistic5 and detailed pieparations for the Pans Games. whilst ensuring the preparatory visits and research are on track for Milan-cortina 2026 and Los Angeles 2028. Continuing our investment of time and energy in developing relationships with current and potential supporters, demonslraling the slrollg social and commercial impact of supporting the BPA. We will woik closely with our commercial partners lo ensure we are delivering great value for money within these partnerships and demonslraling strong benefits from their support of the BPA. Build on our strong relationships with the media, particularly with Channel 4 who continue to show very strong commitment to the BPA. As well as keeping good levels of awareness and 15 antlcipatlon for the Paris Games, these relationships allow the powerful and inspirational stories of the Pardympics and Paralympians to be told. Funded by a generous donation in 202312024. we will commission the production of promotional video 'Harder Than You Think., lo celebrate what the BPA has achieved and lo inspire support for our future work. Challenge oÈJr8elve$ to increase our impact on the lives of disabled peoplo, whether through access to and participation in community-level physical activity as part of our Every Body Moves onllne resource. or by using our communications and media relationships lo lead and support ¢ampaigns to address issues faced by disabled people. We will develop an Alhlele Communty database for Paralympians past and present, with a view lo giving them the chance to engage in social impact campaigns and lo glve them the potential lo link up with others wilh similar interests in the social change arena. We will finalise the development of a new database specrfically for managing athlete data necessary for participating in Paralympic Games. This tod will be far easier for alhleles to use. will be usable as a phone app and will be integrated with our kitting operations. Equity, Inclusion and Diversity will continue lo be a strong focus for us this year.. we wlll finalise our Action Plan addressing all aspects of inclusion, as well as looking lo achieve the highest level in the Disability Confident scheme. Embedding the principles of Equtty, Inclusion and Diversity throughout our operation and culture will be a continual process over a number of year$ and having completed the plan. we will increasingly focus on tangible acllons. We will bring an even greater fttus on staff learning and development, augmenting role-specific training with a framework of career development leaming and experiences. We wlll also ensure all staff have a Games-Time role and that there are plentiful development opportunitie5 to help staff be prepared for those roles. We will continue our emphasis around governance and compliance, including completing the remaining steps to ensure full compliance with the additional requirements of the revised Code for Sports Governance. All of this will need lo be delivered within budgets that ensure we meet our reserves targets and look ahead lo ensure financial sustainability over the lrfe of the strategy. EQUITY, INCLUSION, AND DIVERSITY The British Paralympic As50cialion is fully commltted to the principles of equality of opportunlty and is responsible for ensuring that no employees, Board members, volunteers, supporters, participants, job applicants or members (are unlawfully discriminated against because of grounds of age, gender reassignment, religion or beliof, sex, sexual orientation, race, marriage and civil partnershlp. pregnancy and maternity, or disability. This is reflected in the BPA'S Equity, Inclusion and Diverslty Pollcy (available on the BPA'S website). The Charity has been a Disability Confident Committed Employer since 2019 and is commltted to achieving Disability Confident Leader status by 2024. Throughout 2022123. the organisallon's Equity, Inclusion and Diversity Working Group has been reviewing the BPA'S Equity. Inclusion and Dlversity Ambitions and developing a new Equity, Inclusion and Diversity Plan, which we intend lo publish by Autumn 2023. This is a Tequiremenl of the new Code for Sports Governance, although tyjr commitment to the principles goes beyond compliance with the Code. The Plan's Ambition Statement sets out what we want lo achieve and why.. 16 The British P8r81ympIcAss￿iafion (BPA) recognises the centrality ofequity, diversty 8nd inclusion to our viS￿n 8nd mission. l. Inclusive. Welcoming Environment We aspirp to create a truly inclusive, welcoming environment where every member of our Ipam and every stakeholder can thrive and where every individual feels that the ntribution matters, regardless of their identity or background. 2. Diverse Composition We charnp￿n diversity in all its forms, and it is our ambition the Gomposition of our organisalion to reflect the diver&ty of our stskeholders and of British SO￿&ty. 3. Disability Confident We are Disability Confident Committed, refiecling our particular passion for dAsabilily inclusion, and we aim to become a Disability Confident Leader in advan￿ ollhe Paris 2024 Sumn7er Paralympic Games. 4. Confidence & Understanding We wanteveryone within ourorganisation to fee1conf￿entln their understanding ofdiversity and inclusion issues and their ability to apply inclusive practices in theK evgryday work. Thg BPA is Committed to prov￿Ing the learning and development opportunit￿S necessary to support this. 5. Leading by Example Our Board and Senior Leadership team are committed lo leading by gxample. champM)ning an inclusive approach to all areas of the 8PA's operatAons. We know that achieving these ambitions is crucial lo our position as a high-performing organisation. We also recognise that doing so will require concrete action and commitment from across the organisation. To this end, we have developed an Equity, Inclusion and Diversity Plan, linked lo our existing strategic and operational plans, to outline the specrfic actions the BPA will lake lo achieve and maintain our ambitions and the KPIS we'll use to monitor progress. We are very excited about our Beyond the Podium Diversty and Inclusion programme for our commercial partners. Our partners. workforces and customers include many millions of people. Beyond the Podium mobilises the P¢)wer and the commitment of our partners lo diversity and inclusion. with a particular focus on disabled people, and builds on the inspiration of ParalympicsGB athletes. 11 is a long-term programme that will See the BPA and our partners become leading voices in disability inclusion across society. The most re￿nI monitoring data of both em ￿0yeeS and Board member5 15 set out below.. Ethnicity- Staff & Board While British 89.80A,' White Other 3.40A.. BlacklBlack British African 3.4ts￿., Other back rounds 3.40/0 Gender- Staff & Board Female 61 %,' Male 39¥0, Other gender self-idenlificalion 0% Dlsabilty- Staff & Board Yes 200/0- No 77%., Prefer not lo say 3Q Sexual orientslion Staff and Board Bisexual 5.1 %.' Homosexual 3.4¥o= Heterosexual 89.8¥¢'. Prefer not lo answer 1.7% CHARITABLE PURPOSE The Trustees confirm that they have complied with the duty in section 17 of the CharTties Act 2011 to have due regard lo the Charity Commission's general guidance on public benefit. 'Charilable purposes and Public Benefif. The public benefit of the British Paralympic Association is the promotion and engagement of the communty in Paralympic Swt. This is refiecled in the key objectives of the charity. COMPLAINTS AND WHISTLEBLOWING The Association has an established Complaints procedure and Investigation of Public Interest Disclosure Iwhislleblowingl Policy. In the Reporting Period there were no complaints lo the Association and there were no instances of public interest disclosure (whislleblowingl. GOING CONCERN Al the time of approving the financial statements, the Trustees and Directors hav8 a strong expectalion that the group has adequate resources lo continue in operational existence for the foreseeable future. The impact of COVID-19 and the FA)slponement of the Tokyo Paralympic Games undoubtedly created a significant financial challenge for the BPA. However, the strength of our relationships with ourfunders and commercial partners, together with a very thorough review of operational plans and associated costs has resulted in the organisation being In a healthy financial position. After giving due consideration and making enquiries, the Trustees and Directors have a strong expectation that the group has adequate resources, reserves and cash available to cover the requiremer71s for working capital and capital expenditure for the foreseeable future. TRUSTEES, STATEMENT OF RESPONSIBILITIES The trustees {who are also directors of The British Paralympic Association for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the slalo of affairs of the charitable company and of the group and of the incoming resources and application of resources, includin9 the income and expenditure, of the group for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them con$i$lenlty- observe the methods and prindples in the Charities SORP,. make judgments and accounbng eslimales that are reasonable and prudent,. slate whether applicable UK Accounting Standards have been followed. sublecl lo any material departures disclosed and explained in the financial stalemenls.. and prepare the financial statemen15 on the going concem basis unless il Is Inappropriate lo presume that the group will continue in business. The Trustees are responsible for keeping adequate accounting records which dlsclose with reasonable accuracy al any lime the financial position of the Charity and the Group and lo enable them lo ensure that the Financial Statements comply with the Companies Act 2006. They ale also responsible for safeguarding the assets of the group and for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Iruslees confirm that so far as they are aware. there is no relevant audll information of which the charity's auditors are unaware. They have taken all the steps that they ought lo have taken as trustees in order lo make themselves aware of any relevant audit information and lo establish that the charity's audttors are aware of that inforniation. The trustees are responsible for the Maintenar￿ and integrity of the corporate and financial infonnation included on the charitable company's website. Legislation in the Unileé Kingdom governing the preparation and dissernination of financial slalements may differ from legislation in other jurisdictions. In preparing thi8 report the directors have taken advantage of the exemptions available to small companies. By Order of the Board ALL Nick Webbom Trustee 4 October 2023 18 iINY H•(k•r Lip Quadrant House 4 Thomas MLYe &4uare London EIW 1 Hackeryoung Chartered Aicountants INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE BRITISH PARALYMPIC ASSOCIATION Oplnlon We have audited the financial statements ofThe British Paralymplc Association {'Ihe Group'l for the year ended 31 March 2023 which comprise the Consolidated Slalement of Financial Aclivilies, the Consolidated Balance Sheet. the Charitable Company Balance Sheet. the Consolidated Statement of Cash Flows and the notes lo the financial stalemenls, Including a Summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Including Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland {Uniled Kingdom Generally Accepted Accounting Practice),. In our opinion the financial slatement5'. give a true and fair view of the slalg of the group and the ¢haritable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, inctuding ils income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounling Practi¢e,' and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemalional Standards on Auditsng {UK) {ISAs {UKI) and applic8ble12w. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section of our report. We are independent of the Group in 8eeordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the Financial Reportillg Council's IFRC'sl Ethical Standard, and we have fuwilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slatemenls, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statement is appropriate. Based on the work we have performed, we have not identified any material un¢ertainlies relatsng lo events or conditions that, individually or collectively, may cast Significant doubl on the group or parent charitable company's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the annual report, other than the financial slalements and our auditor's report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not coverlhe other information and, except to the extent otherwise explicitly staled in our ￿port, we do not express any form of assurance conclusion Ihereon. 19 UHY Hacker Yaun9 UP Quadrant House 4 Thomas Mtye &Jua London E1W IIW Hackeryoung Chartered Acwuntants INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE BRITISH PARALYMPIC ASSOCIATION Our responsibility Is to read the other information and. in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the 8udit. or otherwise appears lo be materially misstated. If we identify Such material inconsistencies or apparent material misstalemenls. we are required to determille whether there is a materi81 misslalemenl in the financial slalements or a material misstatement of the other information. If. based on the work we have performed. we condude that there is a material misstalemenl of Ihis other information, we are required lo ￿pOrt that fact. We have nothing to ￿k￿)rt in this regard. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Group and its environment obtained in the ¢ourse of the audit, we have not identrfied material misslalemenls in the Trustees Report. We have nothing lo report in respect of the followng matters in relatson lo which the Companies Act 2006 requires us lo report lo you if. in our opinion.. the information given in the Trustees, Report is inconsistent in any materfal respe¢l with the financial stalemenls.. sufficient accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and retums., or we have not received all the information and explanations we require for our audit. Responsibilities of Trustg0S As explained more fully in the Trustees, slalemenl of responsibilities, the Trustees, are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the Trustees, determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial stalemenls, the Trustees, are responsible for assessing the Group's ability lo continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the Trustees, either intend lo liquidate the Group OY to cease operation$, or have no realistic alternative bul to do 50. Auditor's rosponsibilities for the audlt of the flnan¢ial statgmgnts Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misstatement, whether due lo fraud or error, and to issue an audilorfs report that indudes our opinion. Reasonable assurance is a high level of assurance, bul is not a guar8nlee that an audit conducted in accordance with ISAS {UKI will always delect a material misstslement when il exists. Misslatemenls can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be 8xpecled to influence the economic decisions of users taken on the basis of these financial $tatement5. Irregularities, includillg fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material misslatemenls in respeel of irregularities, including fraud. The exlenl to which our procedures are capable of detecting irrewl8rilies, including fraud is detailed below.. Based on our understanding of the group and the industry in which it operates, we identified that the principal risks of non-eompliance with laws and regulations related to the acts by the group, which were contrary lo applieable laws and regulations including fraud, 2nd we considered the extent lo 20 wh￿h nonwcompliance might have a material effect on the financial $18tements. We also considered those laws and regulations that have a direct impact on the preparation of the financial slalem8nls such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial stalemer71s (including the risk of override of controls}. and determined that the principal risks were related lo infialed revenue and the group's nel income for the year. Audit procedures performed induded.. review of the linancial stslemenl disclosures to underlying supporting documentation, review of correspondence with legal advisors, enquiries of management. testing of journals and evaluating whether there was evidence of bias by the Iruslees that represented a risk of material misslalemenl due lo fraud. There are inherent limitations in the audit Pro￿dureS described above and the further removed non- compliance with laws and regulations is from the events and transactions rdecled in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from erfor, as fraud may involve deliberate concealment by. for example, forgery or intentional misrepresentations. or through collusion. A fijrther description of our responsibilities for the audit of the financial slalemenls is located on the FRC'S website at: http'.Ilwww.frc.org.uklaudilorsreSponsibilil￿. This descr¢plion forms part of our auditor's report. Use of our report This report is made solely to the charitable company's Members. as a body. in accordance wrth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the charitable company s Members those mallers we are required to stale lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and ils Members as a body. for our audit wcKk, for this report. or for the opinions we have formed. Subama Banèrjoo (S•nior Stalutory Auditor) for and on bfrhalf of UHY Hackor Young Chartered A￿ountants and Statutory Auditor Quad￿nI House 4 Thomas More Square London E1W 1YW United Kingdom 16 October 2023 21 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 INCOME AND EXPENDITURE ACCOUNT Unrestricted Funds Réstrictod Funds Total 2023 Total 2022 Note (As restated) {nole 2) Incomlng Resources Income and endowmgnts from: Donations and legacie5 Charitable activities Other Iraéing activities Investment income 954,432 2,452 3.537,948 31.086 791,843 2.308.790 2,452 2.975.433 31,086 4,327,582 6,780,413 345 Total Income 4.525,918 791,843 5.317.761 11,108,340 Expenditure on: Raising funds Charitable activil {1,020,834) (20,0001 {1.040,634) 1974,434) {2,343,998) {743,132} (3,087,130) 18,306,582) Total expendlture {3,364,632) 1763.132) {4,127,7641 19,281,016) Not Income 1,161,286 28.711 1,189,997 1,827,324 Net rnovement In funds 10 1,161,286 28,711 1,189,997 1,827.324 Rgconclllatlon of funds FLJnd Balances Brought Forward at 1 April 2022 4,912,536 {6.4531 4,906,083 3,078,759 Funds Balances Carrled FoThvafd at 31 March 2023 6,073,822 22.258 6,096,080 4,906.083 22 BALANCE SHEETS AT 31 MARCH 2023 Group Company Note 2023 2022 2023 2022 FIXED ASSETS Tangible Fixed Assets Investment in Subsidiaries 12 13 89,306 67.466 38,237 24,374 89.306 67.466 38.243 24,380 CURRENT ASSETS D&blors 14 1.531.981 1,856,835 1,012,583 2,062,046 Cash at Bank and in Hand 8.001.923 7.042.139 4,350,510 2.692.859 9.533.904 8,898,974 5,363,093 4.754.905 CREDITORS- Amounts Falling Due Within One Year 15 {3.527,130) (4.060,3571 12,255,627) 13.535.240) NET CURRENT ASSETS 6.006,774 4,838,617 3,107,466 1.219.665 NET ASSETS 6.096,080 4,￿6,083 3,145,709 1,244,045 FUNDS Restrlcted Income Funds Unrestricted Funds 18 22,258 6.073,822 16.453) 4.912,536 22,258 3,123,451 (6,4531 1.250,498 Total Charity Funds 19 6.096.080 4,906.083 3,145,709 1,244,045 These financial statements have been prepared in accordance with the provisions applicable lo companies sublecl to the small companies, regime. These Financial Statements were approved and authorised for issue by the Board of Trustees on 4 October 2023 and signed on its behalf by.. Nick Webborn Trusteo Company Registration.. 02370578 Charity registration number- 80238S 23 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Cash flows from operatlng activrties N&t cash gen8rat8d from operating aGtivities 992,929 2,804,196 Cash flows from Invest5ng actlvitl88 Interest received Purchase of fixtures, fittings and equipment Disposal of assets 31,087 163,458) 774 345 19,2101 Net cash used in Investing activit￿S 8,865 Ch8nge in cash 8nd cash equwalenls in the reporting period 959,784 2,795,331 Cash and cash equivalents al 1 April 7,042,139 4,246,808 Cash and Gash equivalents at 31 March 8,001,923 7,042,139 Reconciliatlon of nel Income lo net cash flow from operating activities 2023 2022 Nel Income for the reporting period Depreclation charges Interest received Decrease In debtors Decrease In credllors 1,189,997 42,392 {31.0871 324.854 533,227 1,827,324 88,637 {3451 977,889 89,309 992.929 2804 196 Cash and cash equivalents 2023 2022 Total cash and cash equivalents 8,001923 7042 139 24 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 1 ACCOUNTING POLICIES Judgmonts in applying accounting policies and key sourc98 of gstimation uncertainty The preparation of the financial slalemenls requires management lo make judgments, eslimales and assumptions that affect the amounts reported for assets and liabilities as al the balance sheet dale and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could drffer from those eslimates. There are no material key sources of eslimalion untsrtainty that could have an impact on the financial stslemenls. al Statement on Publlc Benefit The British Paralympic Association is a public benefit entity under the Financial Rewrting Standard 102 {FRS 1021. b) Going Concern The financial statements of the charitable company and subsidiary companies have been prepared on the going concern basis and adequate cash resources will be available lo cover the requirements for working capital and capital expenditure for al least the ￿xI Nvelve months. The Trustees are not aware of any other factors which could pul inlojeopardy the charitable company's or subsidiaries going concern status during or beyond this period. c) Basls of Ac¢ountlng The financial statements have been prepared under the historical cost convention, in accordance with the Slalemenl of Recommended Practice.. A¢¢ounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland {FRS 102) and the Companies Act 2006. d) Fund ac¢ountlng The gioup's accounts are a consolidation of funds which are defined as follows'.- unreStr￿ted funds comprise acc#Jmulaled surpluses and deficits on general funds. They a available for use at the discretion of the Trustees in furtheran￿ of the general charitable objectives. RestriGled fvnds are funds subject to specific reslrlcted conditions imposed by the donors. el Incomlng rgsources All incoming resources are accounted for when the Association has enlillement, there is certainty of receipt and the amount is measurable. Income Is deferred in respect of UK Lottery funding where the funding is over the 4 year cycle for the Games In order to match il lo the expenditure profile. The specffiG base5 used are as follows= 25 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 el Incoming resources {ContInu￿) Donat￿nS 8nd legacies Comprises all incoming resources from grants. donatlons (both monetary and Value In Kind), legacies and membership subscriptions. Grants are recognised in the Statement of Financial Activities when received or when the conditions for receipt have been complied with. Donations and members, annual subscriptions are recogni$ed when recewable. Donated facilities is irKluded al the value to the Asso¢ialion where this can be quantrfied. Charitable 8Ctivities Comprises income receivable frorrt charitable trading. Other trading Comprises trading income from non-charitable trading, including sponsorship income from the BPA'S commercial partners. Investn￿nt income Bank interest is accounted for on a receivable basis. Resourcés Expended Expenditure is recognised when a liability is incurred. Conlraclual arrangemenls and performance related grants are recognised as services are supplied. Costs of generafing fundsare those costs incurred in attracting voluntary income. and those incurred in trading activities that raise funds. Chantable activities comprises those ¢osls incurred by the charity in the delivery of ils activities and services for ils beneficiaries. 11 includes both costs that can be allocated directly lo suGh activities and those costs of an indirect nature necessary to support them. Governan￿ costs include those associated with me81ing the conslllutional and statutory requirements of the Association and include the audit fees and costs linked lo the strategic management of the Charity. Support costs indude central functions and have been allocated lo activity cost categories on basis designed lo refiect the use of the resources. Costs relating lo 8 particular activity are allocated directly and others are apportioned on an appropriate basis - eslimaled usage. gl Debtors, Cash at Bank and Credltors Debtors - short term debtors are measured al transaction price. less any Impairment losses. Cash and cash equivalents - cash and cash equivalents comprise cash at bank and in halld and demand deposits with banks. Creditors - short term creditors are measured at the transaction price. h} Gift aid paymgnts Grft Aid paymonls are recognSsed when the charity's right to receive such payments from ils trading subsidiaries is established by a cash distribution from dislribulatje reserves. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 il Financlal Instruments The Charity only enters into basic finan¢ial instruments transactions that result In the recognlllon of financial assets and liabilities su¢h as debtors and creditors. Financial instruments are initially measured al transaction value. They are assessed al the end of each reporting period for objective evidence of impairment. If objective evidence of Imp8irmenl 1$ found, an impairment loss is recognised in the Slalement of Financial Actlvilles. Il Basls of Con$olldatlon These financial statements consolidate the financial slalemenls of the charltable company and its subsidiary undertakings, British Paralympic Enterprises Limited and British Paralymplc Performance Services Limited on a line by line basis. A separate Sialemenl of Financi81 Aclivilies, or income and expenditure a￿O￿nt. for the charitable company ilseff is not presented because the charitable company has taken advantage of the exemptions offered by Section 408 of the Companies Act 2006. k) Tanglbla Fixod Assot$ and DgprgGSation ExpendIlU￿ of a ¢apital nature over £700 per item is capilalised at cost. Dep￿cIatiOn is provided on all tangible a$sels in order to WTile off their cost over Ihelr expected usefvl lives. The principal rale adopted is as follows:. Office Equipment Software Lease Improvemen15 25¥0 slraighl line 33Yo slraighl line 25Vo straight line 11 Investments In Subsldlarfos (tho ¢harity) Investments in subsidiaries are re¢ognised in the charity's balance sheel al original ¢ost le$$ any provision necessary for impairment lo Ihal cost. ml Pension Pension costs represent payments lo Individual personal pension schemes of employees. Penslon costs are charged to the Statement of Financial Activities in the period in which they are paid. n) Holiday Pay Accrual A liability is recognised to the exlenl of any unused pay enlidemenl which is accrued al the Balan Sheet dale and carried forward lo future periods. This is measured al the undiscounted salary cost of the future holiday entitlement accrued at the Balance Sheet date. o) Foreign Currencles The transactions of the chanty denominated in foreign currencies are translated into sterfing al the dale of the transaction. Amounts receivable and payable in foreign Cufrencies al the balance sheet dale are translated al rates ruling at that date. The translation dIfferer￿eS are included in the Statement of Financial Activities. p) VAT Income and expenditure is slated nel of VAT to the extent that it 1$ recoverable. 27 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 2 PRIOR YEAR ADJUSTMENTS During the year. it was identified that value in kind from commercial and other commercial income totally £3.606.726 had been incorrectly classrfied as income from Donations and legacies in the consolidated sl8temenl of financial activities for the year ended 31 March 2022. The result of this correction is to increase income from Other Iraéing activities and decrease income from Donations and legacies for the year ended 31 March 2022 by £3,606,726. 3 DONATED FACILITIES ANO SERVICES Donated facilities and seryices is included within incoming resources. Equivalent 8mounls within resource$ expended are accounted for in IT costs, legal costs and support with Sports Science Medicine Equipment stock control system and management. The total value of these goods and services 15 assessed at £334,11612022.. £2,801,871). 4 INVESTMENT INCOME l of the group's investment Income arises from interest bearing deposit accounts. 5 COSTS OF GENERATING FUNDS Unrestrlcted Funds RoStriGted Funds Total 2023 Total 2022 Fundraising costs Communications costs Salaries and National Insurance Commercial support and aclivalion 39,585 21.422 433.036 202.892 20,000 59.585 21.422 433,036 202,892 21.566 36,527 407.392 157.263 696,935 323.699 20,000 716.935 323.699 622.748 351.686 Support costs 1.020.634 20,000 1,040,634 974.434 6 DIRECT CHARITABLE EXPENDITURE Unrestrlcted Funds RoStrlGtgd Funds Total 2023 Total 2022 Planning. preparation and performance at Paralympic Games Activities lo promote social change regarding disability International representation 782,777 687,243 1,470,020 6,800,284 738,527 34.289 772,816 692.661 8,785 8,785 5,328 1,530.089 813,￿9 721,532 21.600 2,251,621 835,509 7.498.273 808,309 Support costs 2,343,998 743.132 3,087,130 8.306,582 28 OIOf>4-IG)>T¢n(noJ ) 0 12 J W o ¥UJ ooo OQ4)uIO)ONJaN)QRQts)(ofD cticiit7>CO*a z¥ o 6)L o¢D*kfD￿ t7)￿Tra uICJaLO wsoJw4nLnwtsiL4) W￿r>jo￿C0acJhjQ I&￿(0>PJ0￿0oL1)￿)LTh1J) oroti)cooN)ts)to Jtyj￿rO￿N)OaL￿l¢5)Q> w*4&fo¢nwu110th17)thuitrJLn )*O￿￿orD¢oN)￿) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 8 RESULTS FROM TRADING ACTIVITIES OF SUBSIDIARIES The group consists of the parent undertaklng. the British Paralympic Associallon. and its subsidiary undertakings, British Paralympic Enterprises Limited IBPEI, British Paralympic Performance Services Limited (BPPS), and Paralympic World Cup Limited IPWC)- BPE, BPPS, and PWC are wholly owned subsidiaries. PWC was dormant in this and the p￿VIouS year. Both British Paralymplc Enlerprlse8 Llmiled and British Paralympic Performance Services Limited Grft Aid their taxable profits lo the British Paralympic Association. All activities have been consolidated on a line by line basis. Brltlsh Paralymplc Enterprls88 Llmltod The Company's principal activity is sports administration and trading,. a summary of the results of this subsidiary is shown below.. 2023 2022 Turnover Direct Cost and Administrative Expenses 3,536,448 6,703,092 1594,300) 13.041.133} Operating Profit 2,942,148 3,661.959 lrileie$t Receivable Tax on Profit on Ordinary AclNilies 8,223 79 Profit gn Ordinary Activities after Taxation 2,950,371 3,662,038 The aggregate of the assets, liabilities and funds was.. 2023 2022 Assets Liabilities 5.852,093 6,526,914 {2,901,7201 (2,864,874) 2,950,373 3,662,040 Funds.. Share Capital Profil and Loss Account 2,950,371 3,662.038 2,950,373 3,662.040 30 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 8 RESULTS FROM TRADING ACTIVITIES OF SUBSIDIARIES {Conlinuedl Brltlsh Paralymplc Perfomianco Sorvl¢es Llmlted The Company's principal activity 1$ lo provide performance services lo Paralympic athletes and their Sports andlor disability organisalions. A summary of the results of this subsidiary is shown below: 2023 2022 Income Expendilu 485,243 {485.2421 915.615 {910,5791 Gross Profit 5,036 Adminislralive Expenses (3,4001 15,0911 Operating Result (3,3991 155) Intere$1 Receivable 3,399 55 Taxation on Surplus on Ordinary Actrvities Profrt on Ordinary Activities after Taxation The aggregate of the assets. liabilities and funds was.'- 2023 2022 Assets Liabilities 682.487 1,763,303 1682.485} (1.763.301) Funds: Share Capital Profit and Loss Account 31 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 g STAFF COSTS, DIRECTORS. REMUNERATION AND TRUSTEES REIMBURSED EXPENSES None of the Trusteesldireclors received any emoluments in respect of their services lo the Charity, 12022.. £Nill. Six {2022.' Six} Trusteesldireclors were reimbursed travel and subsistence expenses incurred in attending meetings and representing the Company, which in aggregate amounted to £4,08312022.' £7521. 2023 2022 Gross Salarles Employers, Nallonal Insurance Pension - Deff ned Contribution 1,952,369 113,240 244,100 1,825,819 182,441 209,428 2,309,709 2,217,688 The number of employees who earned £60.000 per annum or more (including taxable benefits bul exGluding employer pension conlribulions} during the year was 25 follows.. 2023 2022 £60.001 - £70,000 £70,001 - £80,000 £80.001 - £9),000 £90,001 - £100,000 £120.001 - £130,000 £140,(N)1 - £150,000 10 11 The key management personnel comprise gix executive team members and the total remuneration, benefits and defined benefit pension contributions paid in the year was £526,60212022.. £590.6081. The average number of employees during the year analysed by function was.. 2023 No. 2022 No. Charitsble Activities Cost of Generating Funds 33 40 32 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 10 NET MOVEMENT IN FUNDS Nel movement in funds is arrived at after charging.. 2023 2022 Depreciation of tangible fixed assets Foreign exchange loss l {gain) Auditors, remuneration 42,392 20,943 34.225 88.637 15,8211 18,908 The consolidated Statement of Financial Activities is for the Group as a whole. The figures below are the equivalent figures for the Charity only. excluding other Group companies.. 8. Charty only incoming resources for the year ended 31 Mar¢h 2023 were £1,284,449 12022.. £3,489.4981 excluding donations from subsidiaries. b. Charity only nel decrease in funds for the year was £1.901.667 {2022= £1,834,714>. 11 TAXATION No corporation lax is payable as the Assoclallon Is a reglstered ¢harity- A corporation lax liability of £Nil Is included in the subsidiary accounts (2022.. £ Nill. 12 TANGIBLE FIXED ASSETS Flxtures, Fittings and Equipment Group Company Cost At 1 April 2022 Additions Disposals 559,873 63,458 {100,061 } 370.263 30,872 {100,0611 Al 31 March 2023 523.270 301,074 Dopr•clatlon At 1 April 2022 Charge for the Year Eliminated on disposal 492.407 42,392 {100.8351 345.889 17,783 (100,835) At 31 March 2023 433,964 262.837 Net Book Value Al 31 March 2023 89,306 38,237 Al 31 March 2022 67,466 24.374 All fixed assets of the company are used for charitable purposes. 33 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 13 INVESTMENT IN SUBSIDIARIES Company 2023 Company 2022 British Paralympic Enterprises Limited British Paralympic Performance Setvices Llmlted Paralympic World Cup The Association has three wholly owned subsidiaries. British Paralympic Enterprises Limited company number 3008516, British Paralympic Performance Services Limited company number 4577740. and ParalympiG World Cup- company number 5362068. All companies were incorporated in Great Britain. 14 DEBTORS Group Company 2022 2023 2022 2023 Amounts Due from Group Companies Prepayments and Accrued Income Sundry Debtors Trade Debtors 556,848 447,121 500 8.114 1,653,202 349,129 59,715 1.523,367 500 8.114 1,797,120 59,715 1.531.981 1,856,835 1,012.583 2.062,046 15 CREDITORS Group Company 2023 2023 2022 2022 Amounts Falllng Duo Within One Year Amounts due lo group ¢ompanies Accruals and deferred income Other creditors Other taxes and S￿la1 security costs 735 3,315,181 457,694 286,747 1,755,852 234.848 149,014 115.913 2,450,590 342,974 454,929 286,747 3.214,423 196,794 115,913 3,527,130 4,060,357 2,255.627 3,535,240 Movement on Defèrr￿ Grant Income At 1 April Released lo SOFA in the year Deferred in the current period 1(Kl.759 (100.759) 121.835 400,057 1400,057) 100,759 371,815 1371,8151 121,835 100,759 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 16 FINANCIAL INSTRUMENTS Group Company 2023 2022 2023 2022 Financial assets that are debt instruments al amortised cost Debtors Group balances Sundry debtors Trade (Jeblors Cash at bank and in hand 556,848 1.653.202 500 500 59,715 8.114 8.114 8.001.923 7 042 139 4.350.510 2 692,859 59,715 8 010,537 7 101854 4 915 972 4 405 776 Financial liabilities measured at amortised cost Creditors Group balances Other creditors 735 1.755,852 2.450,590 625,625 264,927 622,860 312.707 312,707 626.360 2 020,779 3,073,450 17 DISCLOSURE OF COMMITMENTS Lease Paymen¢s Al the 31 March 2023 the amount of lease payments committed with respect lo the rentsl of offlce Spe￿ was £1,694.26512022- £1,988.9201. Group Company 2023 2022 2023 2022 Amounts due.. not later than one year later than one year and not later than five years later than five years 245.546 982.182 184.159 245.546 982.182 479.705 245.546 982.182 184.159 245.546 982.182 479.705 1,411,887 1,657,433 1.411.887 1,657.433 Lease payments recognised as expenses lolal £245,54612022'. £245,546). 35 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 18 RESTRICTED FUNDS Balance Movement In Funds: Transfars Balan 1 Aprll Incoming Resources Between 31 March 2022 Resources ExpgTrdgd Funds 2023 UK Sport- IRIS UK Sport- Paris & Milan-cortina Award UKS - World Federation Bid Support UKS - Athlete Network Recruilmenl Champions Film Series VIK (6,4531 21,000 664,243 (14,289) (485,243) 1179.000} 258 25,000 123,000) 2.000 20,000 40,000 334,115 20,000 {40.0001 {334.115) 16,453) 1,104,358 1896,6471 {179,0001 22.258 Funds expended on Gapilal items are transferred lo unrestricted fvnds once spent. During the year.. UK Sport provided the followrng awards.. > a multi-year award to support education, preparation and alhlele classffiication for the Paris 2024 Summer Paralympic Games with a contribution to similar costs for the Milan-cortina 2026 Winter Games. a £25K grant lo enable the BPA to help prepare bids for the creation of UK-Ioc8led World governance bodies for Pala Swimming and Para Alhlelics. a £20K grant to help create better Connectivity be￿en British Para Sports. lo help recnjit alhleles and support their development towards becoming Paralympic st8nd8rd athletes. the IRIS grant is a further award from UK Sport lo support the BPA'S engagement within the International Paralympic movement. An individual donor provided £40K lo fund the development phase of a video lo showcase the charity's achievements and ambitions. Value in Kind - this 1$ support from Commercial Partners in the form of value in kind. as sel out in Note 2, Donated Facilitie5 and Service5. 36 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 19 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS Unrestrictgd Funds Ro¥trictgd Funds Total Funds Fund Balances at 31 March 2023 are represented by.. Tangible Fixed Assets Current Assets Current Liabilrties 89,306 9.511,646 13,527.1301 89.306 9,533,904 (3,527,130) 22.258 Total Net Assets 6,073,822 22,258 6.096.080 20 COMPARATIVE FIGURES FOR ALL FUNDS The comparatives for both the Unrestricted and Reslricled Funds in 2022 are as follows.. Unrgstrict8d Funds R8strictgd Funds Total Funds Fund Balances al 31 March 2022 are represented by.. Tangible Fixed Assets Current Assets Current Liabillties 67,466 8.905.427 {4,060,3571 67.466 8,898,974 14,060.357) 16,453) Total Net Assots 4,912,536 {6,4531 4,906,083 21 RELATED PARTY TRANSACTIONS The balance due by the British Paralympic A$sociation lo British Paralympic Enterprises al 31 March 2023 was £1,755,852 {2022.. £2,449,855). The balance due by the British Paralympic Association to the Paralympic World Cup Limited at 31 March 2023 was £Nil (2022.. £735}- Amounts owed lo the British Paralympic Association by the British Paralympic Perfom)ance Services Limited were £556,84812022- £1,653,202). The British Paralympic Association hag a joint venture company with the British Olympic Associalion, "2016 Crest Holding Limited" {2016CHLI, a company limited by guarantee. The liability of each of the organisalions is limited to £10. The company holds the rights to the crest Ihatfealured on the kil for the 2016 Rio Paralympic Games land which has the potential to feature on fvlure kil, depending on creative decisions). The ￿[VItIeS of 2016CHL have not been consolidated. The balance due by the British Paralympic Association lo British Olympic Association was £Nil12022.. £68.4021. 37 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 22 DONATIONS FROM TRUSTEES The aggregate value of donations received from Trustees in the year was £Nil12022'. £NS1)- 23 SHARE CAPITAL The Company is limited by guarantee and has no share capital. The 34 {2022'. 341 voting members of the Company have undertaken to contrSbute an amount not exceeding £10 each lo Ihe assets of the Cofnpany in the event of il being wound up. 24 CONTROLLING PARTY The Company is under the control of ils voting members.