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2020-12-31-accounts

Company Registration Number: 06272889 Registered Charity Number: 1122080

British Olympic Foundation

(Limited by Guarantee)

Report and Financial Statements

For the year ended 31 December 2020

British Olympic Foundation

Report and financial statements 2020

Contents Page
Reference and administrative information 1
Report of the Trustees 3
Trustees’ responsibilities statement 10
Independent auditor’s report 11
Statement of financial activities 15
Balance sheet 16
Statement of cash flows 17
Analysis of change in net funds 18
Notes to the accounts 19

British Olympic Foundation

Report and Financial Statements 2020

Reference and administrative information

Trustees and Directors

Chair

Dr Neil Townshend

Senior Independent Director

Vicky Griffiths (Appointed 6 February 2020)

Director

Born Barikor (Appointed 6 February 2020)

Richard Leman OBE

Sam Shave (Appointed 6 February 2020)

Managing Director

Sarah Lamplough

Company Secretary

Kevin Shouler

Legal status

The British Olympic Foundation is a company limited by guarantee with company no. 06272889 and registered charity no. 1122080.

Charity address

101 New Cavendish Street London W1W 6XH

Bankers

Lloyds Bank PLC 4[th] Floor 25 Gresham Street London EC2V 7HN

Solicitors

Withers LLP 20 Old Bailey London EC4M 7AN

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Reference and administrative information (continued)

Auditor

BDO LLP Chartered Accountants & Statutory Auditor 55 Baker Street, London W1U 7EU

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Report of the Trustees

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

The Trustees submit their report along with the financial statements of the British Olympic Foundation (“the Foundation”) for the year ended 31 December 2020. These financial statements have been prepared in accordance with the accounting policies set out on page 16.

The financial statements comply with the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The financial statements have been prepared under the historical cost convention and the Companies Act 2006.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included from time to time on the website of the British Olympic Association (“BOA”), the BOA being the National Olympic Committee of Great Britain and Northern Ireland responsible for selecting Team GB at the Olympic Games and also for promoting the values of the Olympic Movement within the territory of the United Kingdom. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.

Structure, governance and management

The Foundation is the successor to two predecessor charities - the British Olympic Foundation (originally named the British Olympic Education Trust) which was established as a charitable trust in 1982 with registered charity no. 286106 (“Former BOF”) and the British Olympic Medical Trust which was established as a charitable trust in 1986 with registered charity no. 327386. Following a review of these trusts and in light of the anticipated increase in charitable activity before and after the London 2012 Olympic Games, the Foundation was incorporated on 7 June 2007 under a Memorandum of Association, with the legal form of a company limited by guarantee (company no. 06272889) and registered as a charity (charity no. 1122080). The assets of the Former BOF and the British Olympic Medical Trust were transferred to the Foundation on 1 April 2008 and 23 May 2008 respectively.

The charitable objects of the Foundation include the objects of its two predecessors, as well as other related objects relevant to the place of sport in modern society and the proposed work of the Foundation, such as the promotion of health through participation in sporting activities and advice on nutrition and lifestyle.

The Trustees have overall responsibility for the direction, management and control of the Foundation. The appointment of Trustees must be made by the current Trustees at a special meeting. There is an open recruitment process for Trustees, with the exception of the BOA nominated Trustee. All appointments must be approved by the BOA. The Foundation recognises that an effective board of Trustees is essential if the Foundation is to achieve its objectives. The board must seek to be representative of the people with whom the Foundation works and must have available to it all the knowledge and skills required to run the Foundation. Individual Trustees must have sufficient knowledge, both of Trusteeship in general and of the Foundation's activities, to enable them to carry out their role and to represent the Foundation at meetings and other events.

The Managing Director is responsible for ensuring that the induction process for new Trustees is arranged and completed. A training programme is in place to ensure that any newly appointed Trustees receive training on all matters necessary to enable them to perform their duties effectively including: governance and management; history and current activities of the organisation;

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Report of the Trustees (continued)

financial accounts and reporting procedures to enable them to exercise effective fiscal oversight and explanation of all charity policies including those relating to trustee's expenses and how they can be claimed. If the new Trustee is to take on any specific duties, training needs in relation to these will also be assessed.

The Foundation is assisted in performing its duties by five personnel, employed by the British Olympic Association and part seconded to the Foundation, who carry out its objectives and deal with the day-to-day administration and management of the Foundation under the guidance of the Trustees.

Risk management

The major risks the Foundation is exposed to, as identified by the Trustees are grant fraud and reputational risk. These are subject to regular review. The nature of those risks and the systems to mitigate them are also subject to regular independent review.

The principal uncertainties for the Foundation are those surrounding the unpredictable nature of funding and revenue. Without sufficient funding, its projects would have to be cut back or put on hold.

The Covid-19 pandemic led to an unprecedented lockdown across the UK and much of the whole world during 2020 as well as the postponement of the 2020 Tokyo Olympic Games to 2021. It was felt by the Trustees that the Covid-19 pandemic does not pose a major threat to the going concern status of the Foundation owing to the fact that the Get Set programmes, which constitute the Foundation’s youth projects to promote Olympic Ideals, are only delivered with funding already secured and in place. To that effect, both funding and expenditure are constantly monitored in regularly updated forecasts and reported on in monthly and quarterly management accounts so as to ensure there is no overspend on the programmes or that spend does not take place ahead of income being received. The same applies to the other non-restricted youth education projects run by the Foundation. Non project costs, such as overheads and administration costs are sufficiently low that they can be met out of existing reserves. It is estimated that the overheads and committed costs of the Foundation could be funded for at least 41 months, without any further revenues during that time, as referenced in the section under the ‘Reserves Policy’ below. Financial projections for the overall operations of the Foundation for the next 12 months indicate that there will be a modest deficit during that period but that this can be easily funded by reserves.

Trustees and Directors

The company is limited by guarantee and the liability of the Trustees on winding up is limited to £1 per Trustee.

The Directors in the period were:

Dr Neil Townshend (Chair)

Vicky Griffiths (Senior Independent Director)

Richard Leman OBE

Sam Shave

Born Barikor

The Directors are the charity Trustees of the Foundation.

During the year, the Foundation set up an Audit Committee, comprising of at least three members, at least two of which being non-executive directors.

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Report of the Trustees (continued)

Its first meeting was held 1 October 2020, followed by a second on 26 November 2020.

The members, appointed by the board of Directors, are set out below:

Directors: Vicky Griffiths (Chair) Born Barikor Dr Neil Townshend

The Committee regularly invites the Managing Director, the Company Secretary and the external audit lead partner to attend its meetings. The Audit Committee meets privately with the external auditor at least once a year and liaises with management in considering areas for review.

As the Foundation does not employ any staff there is no Remuneration Committee.

Objectives and activities

The Foundation is a registered charity. Its main objectives include the promotion and advancement of all aspects of the Olympic Movement through public education in sport, sporting activity and other forms of physical education and recreation.

The current series of Get Set programmes to promote Olympic Ideals in schools was a notable means of fulfilling the Foundation’s objectives. The year 2020 was originally an Olympic Year with the Tokyo Olympics being due to be held in July and August. The aim was to focus on this event in the various projects undertaken by the Foundation to maximise the number of schools and individuals signing up to participate in these projects. The target for 2020 was to reach 500,000 young people.

Public benefit

In shaping the Foundation’s objectives for the year and its planning activities, the Trustees have considered the Charity Commission’s guidance on public benefit, as stated in Section 17 of the Charities Act (2011). The Foundation relies on donations from individuals and the British Olympic Association and public benefit is derived through the public involvement in sport, physical education and the Olympic Movement regardless of age, background or social status. Our activities during 2020 to further the charitable purposes for public benefit have been reviewed under the heading “Achievements and performance” below.

Achievements and performance

The Get Set programmes were extremely active during 2020, despite the fact that in March 2020 the decision was taken to postpone the Tokyo Olympics to 2021. The main focus was the Travel to Tokyo programme aimed at ensuring that schools, youth groups and families were excited and inspired by the Tokyo 2020 Games, despite their postponement. Across the Get Set programmes, we engaged a minimum of 1,212,274 students from 7,753 schools. The total initial award of £2.6m from Sport England made in 2019 for the Get Set to Travel to Tokyo project meant the Foundation now fell into Tier 3 of the Government’s ‘A Code for Sports Governance’, which required a full audit of policies, procedures and Board composition to ensure compliance. This review, which began in 2019, has now been completed and has resulted in the appointment in early 2020 of three new independent Trustees who are listed on page 1 of this report.

As funding came from Sport England, marketing the programme was restricted to England only. Due to this, an application was submitted to the Spirit of 2012 Trust to roll the programme out across the Home Nations to ensure the whole of the UK could benefit from the programme.

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Report of the Trustees (continued)

The application was successful and the Foundation was awarded £193,780 from Spirit of 2012 to support this.

After the postponement of the Tokyo 2020 Games to 2021, Sport England and Spirit of 2012 were approached to see if they would support an application to extend the programme through to the end of 2021. They were both supportive and gave further awards of £249,463 and £60,260 respectively.

Despite the uncertain times, resulting in full and partial schools closures and the postponement of the Tokyo 2020 Olympic Games, the Get Set programme has not been negatively impacted and continued to operate well. With the programmes being delivered online, they have proven themselves to be well-adapted for use during the period when schools were closed, with teachers and pupils using home tutoring methods and with families and individuals being able to make use of the practical information on fitness and well-being.

In terms of funding, the Get Set to Eat Fresh programme is committed to run until the 2024 Paris Games, with funding secured. The Get Set to Travel to Tokyo Programme, which was already set to run until March 2021, will now be extended until the end of 2021.

Research conducted in the Summer of 2020 by EdComs (now known as EverFi) reported that 92% of teachers using Get Set gave positive feedback of the programme. 68% of teachers used the resources to encourage pupils to be more active in their school through a combination of a wider range of opportunities available, an increase in the number of young people taking part, an increase in sports leadership opportunities, and an increase in the hours of sport/physical education (PE) undertaken.

The benefits don’t stop with PE and sport. Teachers reported significant impacts on their pupils in other ways as a result of the programme:

Travel to Tokyo with Team GB and ParalympicsGB (funded by Sport England & Spirit of 2012)

The focus of this programme has been on inactive children aged 5-11 and their families. The programme has been using the inspiration of the Tokyo 2020 Olympic and Paralympic Games to encourage children to get active, involving their families and local communities on their ‘journey’ to Tokyo and helping families to discover new ways of being active together, on a more regular basis.

Due to COVID-19, and the full and partial school closures, the Trustees saw an opportunity to reposition the programme and open it up to families across the UK, regardless of whether their school had already registered or not. This was achieved through:

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Report of the Trustees (continued)

Key achievements for the programme include:

Get Set to Eat Fresh (Aldi)

Get Set to Eat Fresh, funded by Aldi and launched in October 2015, now has over 22,000 registrants. The programme is for 5–14year-olds and supports young people in learning about nutrition, cooking, and healthy eating. Get Set to Eat Fresh uses Team GB athletes to help students understand how healthy, fresh food powers us all to perform at our best.

The Get Set to Eat Fresh programme has been extended to run until 2024 as part of the wider Team GB partnership. Before the end of 2020 the programme surpassed its target of reaching 1.2 million young people by 2020, having reached over 1.8 million young people since its creation in 2015.

The programme featured in the following awards:

Think Real (funded by Sport England)

The Think Real campaign launched in September 2018 and aims to inspire young people, sporty or not, to make good personal choices when taking part in physical activity, building a healthy attitude to nutrition, recovery (including sleep) and healthy training/anti-doping. Working with partners including Sport England, UK Anti-Doping (UKAD), UK Sport and NGBs, the campaign acknowledges the recommendations of the ‘Tailored Review of UK Anti-Doping’, specifically point 20 on creating a values-based programme focusing on ‘healthy training’. The campaign also supports the ‘Duty of Care in Sport Review’ (2017), particularly around providing information to schools and supporting talented young athletes who are trying to balance their education and being on a talent pathway.

The programme featured in the following awards:

Get Set for the Spirit of Sport (funded by UKAD)

This re-launched in 2019 with a new, modern look and feel. The programme provides young people with the chance to learn about the values of sport and the rules and guiding principles which govern clean sport around the world. It challenges young people to consider their behaviour, and the behaviours of others, and to make the right decisions on and off the field of play. All resources were redesigned to reflect the new branding and content was developed to focus on two different age categories. Resources were available on the Get Set platform throughout 2020.

The Foundation also funded Team GB’s entry to participate in the Youth Olympic Games, in Lausanne in January 2020. 28 young people aged 15-18 consisting of 14 males and 14 females

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Report of the Trustees (continued)

took part across 7 sports, in 11 disciplines: alpine skiing, biathlon, bobsleigh, curling, cross country skiing, freestyle skiing, ice hockey, Nordic combined, short track speed skating, ski jumping and speed skating. In addition to the sporting activities, the young people took part in a variety of cultural and education schemes.

During the period, work also continued on the protection and development of Olympic history for educational purposes. The University of East London continues to manage and maintain the British Olympic Association archive, of which the majority has now been digitised and many memorabilia items are housed there.

Financial review

The statement of financial activities on page 15 summarises the activities of the Foundation.

The cost of the Foundation’s activities of £1,704,334 (2019: £2,433,193) was financed by grants of £1,428,610 (2019: £2,250,256) and donations of £162,501 (2019: £270,952).

£1,688,729 (2019: £2,421,729) of the total expenditure for the year was spent on Youth Education Projects, mostly in connection with the Get Set Legacy programme which contributed towards the objects of the Foundation.

The net expenditure for the year was £112,654 (2019: net income £90,225). This consisted of £87,082 net expenditure on unrestricted funds and £25,572 net expenditure on restricted funds, after transfers and absorbing overheads. Restricted funds are received and utilised for specific projects, notably the Get Set programme of activities. The deficit in restricted funds includes £43,149 of donation income from Aldi towards Get Set to Eat Fresh which was recognised in the Statement of Financial Activities (“SOFA”) but will not be disbursed until 2021.

Net assets for the year were £588,721, (2019: £ 701,375), consisting of fixed assets £416 (2019: £833), current assets £ 683,385, (2019: 726,440) and creditors £95,080, (2019: £25,898).

Reserves policy

The Foundation’s policy is to retain adequate reserves to cover expenditure arising from day to day activity for a period of at least 12 months and therefore the financial statements are prepared on a going concern basis.

As at 31 December 2020 the Foundation held total reserves of £588,721, of which £540,655 relate to unrestricted reserves (2019: £627,737) which represent 41 months of day to day expenditure. These are in excess of the reserves required for funding day to day activity for 12 months because they in part include funds to cover future youth events, such as the Winter European Youth Olympic Festival, scheduled to be held in Vuokatti, Finland in March 2022, and other youth events for which funding may not be available. In calculating the reserves figure, £48,066 of restricted income funds have been excluded, as these will be used to fund expenditure in 2021. The Trustees consider the

reserves to be at a reasonable level. These reserves are held in cash and the level of cash balances held as at 30 June 2021 was £978,170.

Fundraising

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. Although the Foundation does not undertake widespread fundraising from the general public, the legislation defines fundraising as “soliciting or otherwise procuring money or other property for charitable purposes.” Such amounts are presented in our accounts as voluntary income and include donations, legacies and grants. In relation to the above, any solicitations are managed internally, without involvement of commercial participators or professional fundraisers or third parties.

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Report of the Trustees (continued)

Plans for the future

The Foundation intends to continue its established format of activities and is actively pursuing additional sources of finance to enable it to extend and expand its present range of activities. It is not felt that the continuing uncertainties surrounding the Covid-19 Pandemic would significantly impact on the Foundation’s future activities. The key events and aims for 2021 include: Completion of the Get Set to Travel to Tokyo programme in connection with the 2020 Tokyo Olympics now being held in 2021, along with the other Get Set Programmes.

Statement of information given to auditor

Each of the persons who is a Trustee at the date of approval of this report confirms that:

The confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Auditor

The Trustees will re-appoint BDO LLP as auditors at the Foundation’s forthcoming Annual General Meeting.

Small Companies Exemption

This report has been prepared in accordance with the special provisions of section 415A of the Companies Act 2006 relating to small companies.

Approved by the Board of Trustees and signed on their behalf

Dr Neil Townshend

Chair

Date 13 August 2021

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Trustees’ responsibilities statement

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

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper and adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Independent auditor’s report to the members of the British Olympic Foundation

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of the British Olympic Foundation (“the Charitable Company”) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash flows and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Charitable Company in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and the provisions available for small entities, in the circumstances set out in note 1 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions related to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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Independent auditor’s report to the members of the British Olympic Foundation (continued)

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. The other information comprises the Report of the Trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:

In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion;

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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Independent auditor’s report to the members of the British Olympic Foundation (continued)

In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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Independent auditor’s report to the members of the British Olympic Foundation (continued)

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at:

https://www.frc.org.uk/auditorsresponsibilities. This description 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 with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s members those matters we are required to state to 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 to anyone other than the Charitable Company and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Laurence Elliott (Senior Statutory Auditor)

For and on behalf of BDO LLP, statutory auditor

London, UK

Date: 25 August 2021

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

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Statement of Financial Activities for the year ended 31 December 2020

Notes
Income from
Donations and legacies
2
Charitable activities - grants
2
Investment income
Interest received
Total income
Expenditure on
Charitable activities
3
Youth Education
Projects
Olympic Day
Other
Total expenditure
Net (outgoing)/incoming
resources before transfers
Transfers
Net (expenditure)/income for
the year
Reconciliation of funds
Funds brought forward
Funds carried forward
10		 Unrestricted
Funds
£
Restricted
Funds
£
Total
Funds
2020
£
162,501
-
162,501
-
1,428,610
1,428,610
162,501
1,428,610
1,591,111
569
-
569
163,070
1,428,610
1,591,680
107,972
1,580,757
1,688,729
3,605
-
3,605
12,000
-
12,000
123,577
1,580,757
1,704,334
39,493
(152,147)
(112,654)
(126,575)
126,575
-
(87,082)
(25,572)
(112,654)
627,737
73,638
701,375
540,655
48,066
588,721		 Total
Funds
2019
£
270,952
2,250,256
2,521,208
2,210
2,523,418
2,421,729
3,364
8,100
2,433,193
90,225
-
90,225
611,150
701,375

All amounts relate to continuing charitable activities. The statement of financial activities includes all gains and losses recognised in the period.

The notes on pages 19 to 27 form an integral part of the financial statements.

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Balance Sheet

At 31 December 2020

Notes
Fixed assets
Tangible assets
7
Current assets
Debtors
8
Cash at bank and in hand
Creditors: amounts falling due within one
year
9
Net current assets
Net assets
Total funds at 31 December
Unrestricted Funds

Restricted Funds
Total funds at 31 December
10		 2020
£
416
16,000
667,385
683,385
(95,080)
588,305
588,721
540,655
48,066
588,721		 2019
£
833
43,244
683,196
726,440
(25,898)
700,542
701,375
627,637
73,638
701,375

These financial statements have been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006.

The financial statements of the British Olympic Foundation (registered company number 06272889) were approved and authorised for issue by the Trustees on 13 August 2021 and signed on their behalf.

Dr Neil Townshend

Chair

The notes on pages 19 to 27 form an integral part of the financial statements.

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Statement of cash flows
Year ended 31 December 2020
Cash flows from operating activities
Net cash (used in)/provided by operating
activities
Cash flows from investing activities
Interest received
Purchase of property, plant & equipment
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of the
reporting period
Reconciliation of net (expenditure)/income to net
cash flow from operating activities
Net (expenditure)/income for the reporting period
Adjustments for:
Depreciation charges
Decrease in debtors
Increase/(Decrease) in creditors
Interest received
Net cash (used in)/provided by operating activities		 2020
£
(16,380)
569
-
___
(15,811)
683,196
667,385
(112,654)
416
27,245
69,182
(569)
(16,380)		 2019
£
56,867
2,210
(1,249)
___
57,828
625,368
683,196
90,225
416
36,340
(67,904)
(2,210)
56,867

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Analysis of changes in net funds Year ended 31 December 2020

Cash
Cash Equivalents
Overdraft facility repayable on
demand
Loans falling due within one year
Loans falling due after more than
one year
Finance Lease Obligations
Total		 At start of year
£
683,196
-
-
683,196
-
-
-
683,196		 Cash flows
£
(15,811)
-
-
(15,811)
-
-
-
(15,811)		 At end of year
£
667,385
-
-
667,385
-
-
-
667,385

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Notes to the Accounts

1. Accounting policies

British Olympic Foundation is a public benefit entity and a company limited by guarantee, company number 06272889, registered in England and Wales. British Olympic Foundation is also a charity, registered with the Charity Commission (charity registration number 1122080). The registered office and its principal place of business is 101 News Cavendish Street, London W1W 6XH.

British Olympic Foundation’s main objectives include the promotion and advancement of all aspects of the Olympic Movement through public education in sport, sporting activity and other forms of physical education and recreation.

These financial statements have been prepared under the historic cost convention in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Financial Statements are prepared in Pounds Sterling (£), the Foundation’s functional currency and rounded to the nearest £1.

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the accounting policies selected for use by the Foundation. Use of available information and application of judgement are inherent in the formation of estimates. Actual outcomes in the future could differ from such estimates.

The particular accounting policies adopted, which have been applied consistently in the current year and prior year, are described below.

Accounting convention

These accounts are prepared under the historical cost convention. Expenditure is recognised when it is incurred, not when physically paid.

Going concern

The Trustees have considered the financial position and resources of the Foundation for the foreseeable future. The Trustees consider that the Covid-19 pandemic would not pose a major threat to the going concern status of the Foundation owing to the fact that the Get Set programmes are only delivered with funding already secured and in place. Should future funding be reduced, so would the corresponding expenditure. To that effect, both funding and expenditure are constantly monitored in regularly updated forecasts and reported on in monthly and quarterly management accounts so as to ensure there is no overspend on the programmes or that spend does not take place ahead of income being received. The same applies to the other non-restricted youth education projects run by the Foundation. Non project costs, such as overheads and administration costs are sufficiently low that they can be met out of existing reserves. It is estimated that the overheads and committed costs of the Foundation could be funded for at least 41 months, without any further revenues during that time, as referenced in the section under the ‘Reserves Policy’ below. Financial projections for the overall operations of the Foundation for the next 12 months indicate that

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British Olympic Foundation

Report and Financial Statements 2020

Notes to the Accounts (continued)

1 Accounting policies (continued)

there will be a modest deficit during that period but that this can be easily funded by reserves.

Given the Foundation’s net assets position and expected net incoming resources based on detailed future budgets, the Trustees deem that the Foundation will be able to meet its future obligations as they fall due. Therefore, the Trustees have concluded that the going concern basis of accounting continues to be appropriate.

Fund accounting

The Foundation’s general fund is unrestricted and consists of funds which the Foundation may use for its purposes at the discretion of the Trustees in the furtherance of the objects of the Foundation. Such funds may be held in order to finance both working capital and capital investment.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criterion is charged to the fund, together with a fair allocation of management and support costs. Where resources expended for restricted funds exceed incoming resources for a specific project, the shortfall will be met by a transfer from the general fund.

Income

The following specific policies apply to categories of income:

Donations are recognised in the SOFA in the period in which they are receivable. Donated services relate to staff employed by the BOA and BOA office space donated free of charge. The value of these services is the cost to the BOA of employing those staff and the rental income forsaken.

All grants are included in the SOFA when the Trust is legally entitled to the income and the amount is probable and can be quantified with reasonable accuracy. If a grant has performance related conditions attached to it then income is only recognized to the extent that the Foundations has met those conditions. Unconditional grants and donations are recognized upon receipt.

Cost of charitable activities

This includes all expenditure directly related to the objects of the Foundation. It also includes support costs and associated costs.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of resources.

Governance costs

Governance costs are the costs associated with the governance arrangements of the Foundation.

Operating leases

Rentals under operating leases are charged on a straight-line basis over the lease term.

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Notes to the Accounts (continued)

Irrecoverable VAT

Irrecoverable VAT is charged as an expense in the statement of financial activities.

Fixed assets

The Foundation’s computer equipment is valued at cost less accumulated depreciation on the balance sheet. Computer equipment is depreciated on a straight-line basis over a useful economic life of three years.

Financial instruments

The only financial instruments held by the Foundation are debtors and creditors. These are categorised as ‘basic’ in accordance with Section 11 of FRS 102 and are initially recognised at transaction price. These are subsequently measured at their transaction price less any impairment.

Critical judgements and estimates

No critical judgements or estimates have been made by management in applying the Foundation’s accounting policies.

2. Income from Donations and Legacies and Grant Income

2020
Donations and legacies
Charitable activities – grants
2019
Donations and legacies
Charitable activities – grants		 Unrestricted
Funds
£
Restricted
Funds
£
Total
Funds
£
162,501
-
162,501
-
1,428,610
1,428,610
162,501
1,428,610
1,591,111
270,952
-
270,952
-
2,250,256
2,250,256
270,952
2,250,256
2,521,208

Income from donations and legacies totalling £162,501 (2019: £270,952) comprises £ 81,985 (2019: £249,560) received from the British Olympic Association and £80,516 (2019: £21,392) from other sources.

Grant income of £1,428,610 (2019: £2,250,256) comprises £250,000 received from Aldi for the “Get Set to Eat Fresh” project, £258,400 from various sources for the Get Set core activities and £920,210 for Get Set to Travel to Tokyo combined projects.

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Report and Financial Statements 2020

Notes to the Accounts (continued)

2. Income from Donations and Legacies and Grant Income (continued)

Grant income has been spent and allocated against the related projects.

3. Support costs of charitable activities

Support costs of charitable activities
Support costs comprise:
Administration costs
Motor and travel
Governance costs		 2020
£
93,326
562
12,000
105,888		 2019
£
95,700
15,540
8,100
119,340

The administration costs included five (2019: five) employees of the British Olympic Association who donated £81,985 (2019:£59,886) of their services to the Foundation, this amount also being reflected in donations income, as well as £nil (2019: £9,675) rent and service charges gifted by the British Olympic Association. Note regarding the rent and service charges that from July 2019 onwards, no charge and corresponding revenue were due. Governance costs relate to fees payable for the annual audit.

Below is a further analysis of how the support costs, consisting of administration expenses and motor and travel, have been allocated across expenditure on charitable activities:

Motor
Activities Administration and travel Other Total
Activity 2020 undertaken expense expense Expenditure expenditure
£ £ £ £ £
Youth Education Projects:
Youth Festivals 101,982 5,954 36 - 107,972
Youth Education Projects:
Get Set Projects 1,493,059 87,173 525 - 1,580,757
Olympic Day 3,405 199 1 - 3,605
Governance costs - -
 - 12,000 12,000
Totals 1,598,446 93,326 562 12,000 1,704,334

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Report and Financial Statements 2020

Notes to the Accounts (continued)

3. Support costs of charitable activities (continued)

Motor
Activities Administration and travel Other Total
Activity 2019 undertaken expense expense Expenditure expenditure
£ £ £ £ £
Youth Education Projects:
Youth Festivals 221,308 9,153 1,486 - 231,947
Youth Education Projects:
Get Set Projects 2,089,335 86,414 14,032 - 2,189,781
Olympic academy
Seminars 3,210 133 22 - 3,365
Governance costs - - - 8,100 8,100
Totals 2,313,853 95,700 15,540 8,100 2,433,193

Below is an analysis of restricted and unrestricted expenditure for the prior year 2019:

Charitable activities
Youth education
Projects
Olympic Academy
Other
Total expenditure		 Unrestricted
funds
£
Restricted
funds
£
Total
£
231,948
2,189,781
2,421,729
3,364
-
3,364
8,100
-
8,100
243,412
2,189,781
2,433,193

4. Staff costs

The Foundation has no employees. However, services are provided by certain members of staff who are employed by the British Olympic Association as referred to in note 3 above. None of the key management personnel received any remuneration. The Managing Director is employed by the British Olympic Association with her time spent working for the Foundation donated by the BOA and included in the figure in note 3 above.

5. Net expenditure for the year

Net expenditure for the year is stated after charging:


Depreciation
Operating leases – land and buildings
Fees payable to the company’s auditor for annual audit		 2020
£

416
-

12,000
 2019
£
416
9,675
8,100

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Report and Financial Statements 2020

Notes to the Accounts (continued)

5. Net expenditure for the year (continued)

The charge on the operating lease for land and buildings was waived during 2019 by the British Olympic Association and has instead been gifted. From July 2019 onwards, no charge and corresponding revenue were due.

6. Information regarding Trustees

None of the Trustees were remunerated in either 2020 or 2019 for their work for the British Olympic Foundation.

During the year £749 (2019: £451) was reimbursed to one (2019: one) Trustee in respect of the Trustees’ office and travelling expenses.

7. Tangible fixed assets

Office equipment

Cost:
At 1 January 2020
Additions

Disposals

At 31 December 2020
Depreciation:
At 1 January 2020
Charge for year
Disposals

At 31 December 2020
Net book value:
At 31 December 2020
At 31 December 2019
 £
2,851
-
-
2,851
2,019
416
-
____
2,435
416
833

The fully depreciated assets remain in the possession of the Foundation and continue to be in use.

8. Debtors

Trade debtors
Prepayments and accrued income		 2020
£

8,000
8,000
16,000		 2019
£
34,445
8,799
43,244

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British Olympic Foundation

Report and Financial Statements 2020

Notes to the Accounts (continued)

9 . Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Accruals
Amount due to the British Olympic Association
 2020
£
95,080
-
95,080		 2019
£
16,032
9,866
25,898

10. Reserves

Reserves
As at As at
1 January Incoming Outgoing Transfers 31 December
2020 resources resources between 2020
funds
£ £ £ £ £
Restricted Funds:
Get Set Core Activities - 258,400 (273,619) 15,219 -
Get Set to Eat Fresh 4,917 250,000 (206,851) - 48,066
Get Set to Travel to Tokyo 68,721 920,210 (1,100,287) 111,356 -
___ ___ _____ ____ _____
Total Restricted Funds 73,638 1,428,610 (1,580,757) 126,575 48,066
General reserves 627,737 163,070 (123,577) (126,575)
540,655
Total funds 701,375 1,591,680 (1,704,334) - 588,721

Note: Although restricted activities show net incoming resources totalling £48,066, this is after absorbing a proportion of the total support costs amounting to £93,888 (£93,326 administration and £562 motor and travel) as shown in note 3. Net Get Set expenditure before absorbing overheads came to £64,449 (2019: net revenues £160,921). The Get Set projects are described in full detail in the Report of the Trustees above. A comparative of the 2019 Reserves is shown below for information.

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British Olympic Foundation

Report and Financial Statements 2020

Notes to the Accounts (continued)

10. Reserves (continued)

2019 comparative

2019 comparative
As at As at
1 January Incoming Outgoing Transfers 31 December
2019 resources resources between 2019
funds
£ £ £ £ £
Restricted Funds:
Get Set Core Activities - 273,800 (286,963) 13,163 -
Get Set to Eat Fresh - 277,168 (272,251) - 4,917
Get Set to Travel to Tokyo - 1,699,288 (1,630,567) - 68,721
_____
___		 _____ ____ _____
Total Restricted Funds - 2,250,256 (2,189,781) 13,163 73,638
General reserves 611,150 273,162 (243,412) (13,163)
627,737
Total funds 611,150 2,523,418 (2,433,193) - 701,375

11. Analysis of Net Assets Between Funds as at 31 December 2020

Tangible fixed assets

Cash at bank and in hand

Other current assets

Current liabilities
Totals
 Unrestricted
Funds
£
416
619,319

16,000
(95,080)
540,655
 Restricted Funds
£
-

48,066

-

-
48,066		 Total
£
416
667,385
16,000
(95,080)
588,721

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British Olympic Foundation

Report and Financial Statements 2020

Notes to the Accounts (continued)

11. Analysis of Net Assets Between Funds as at 31 December 2020 (continued)

Analysis of Net Assets Between Funds

Previous year 2019

Tangible fixed assets
Cash at bank and in hand
Other current assets
Current liabilities
Totals		 Unrestricted
Funds
£
833
609,558
9,011
(25,898)
593,504		 Restricted Funds
£
-
73,638
34,233
-
107,871		 Total
£
833
683,196
43,244
(25,898)
701,375

12. Taxation

As a charity, the Foundation is exempt from tax on its income and gains under chapter 3 of part 11 to the Corporation Tax Act 2010 and s256 of the Capital Gains Act 1992, to the extent that such income and gains are applied for charitable purposes. The Foundation’s chief source of revenue is from donations (either restricted or non-restricted) and as a result it does not make VAT-able supplies and so is not VAT registered. Consequentially, it suffers the VAT on its purchases and so has to absorb all input VAT as a cost.

13. Related parties

The Chair is invited to attend the board meetings of the British Olympic Association. The Trustees are the ultimate controlling party of the Foundation, but the British Olympic Association has the right to nominate a director to the board. The Managing Director and the Company Secretary to the Foundation are employed by the British Olympic Association.

As at 31 December 2020 there was a balance due to the British Olympic Association of £nil (2019: £9,866).

The Foundation received a donation of £81,985 (2019: £59,886) from the British Olympic Association in respect of staff who are employees of the BOA but who provide some of their services to the Foundation. The Foundation also received donations of £nil (2019: £9,675being £8,062 plus VAT) in relation to waived licence fee and £nil (2019: £180,000) nonrestricted cash from the BOA.

14. Financial Instruments

The Foundation holds amounts of cash on deposit, along with debtors and creditors as shown on the Balance Sheet as basic financial instruments. However, there were no other financial instruments at year end.

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