Company Reglstratlon Number: 06272889 Registered Charlty Number: 1122080 British Olympic Foundation (Limited by Guarantee} Report and Financlol Statemenls For the year ended 31 December 2021
Brftlsh Olymplc Foundallon Report and financlal statements 2021 Contents Page Referonee and adminlstrithve Infomi(thon Report of the Trustees Trusteo$' r•$p¢n$lbiliffes $talem•nt io Independent audlloT'$ report statemerrt ol tlnanclal actlvlHes 15 Balance Sheet 16 stotemenl ol cash flows 17 Analysls ot change In net lunds 18 Nole5 to Ihe accounts 19
Brlllsh Olymplc Foundallon Report and Flnanclal Slalements 2021 Reference and adminislratlve Information Truslees and Dlreclors Chalr Dovid Ross (Appointed 27 May 20221 Dr Neil Townshend IRe5igned 24 November 20211 Senlor Independent Dlreclor Vicky Grlffiths Dlrectors Andy Anson OBE IApp(Mnled 29 October 20211 Bom Borikor Kate Fery (Appointed 27 May 20221 Richord Lemon OBE Sam Shove Shahab Uddin M8E IAppointed 6 October 20211 Manoglng Dlreclor SaTah Lamplovgh IResigned 15 ju 20221 Company Secretary Kevin Shouler (Resigned 12 Augusl 20221 Jamie Piggins (Appiinled 12 Seplember 2022) Legal status The Brilish Olympic Foundalion Is a company fimited by guaronlee wth compony no. 06272889 ond registered charity no. 1122080. Charfty address 101 New Cavendish Slreet London WIW 6XH BankeTs Lfoyds Bank PLC 4th Floor 25 Gresham Street London EC2V 7HN Soncllois Wilhers LLP ) Old Boiley London EC4M 7AN
Brltlsh Olymplc Foundation Report and Financial Statements 2021 Reference and administrative informallon {conllnued) Auditor BDO LLP Chortered Accountants & Slatufory Auditor 55 Boker Street. London WIU7EU
Brltlsh Olymplc Fovndatlon Report and Financlal Stalements 2021 Report of Ihe Trustees The Truslees ore responsible lor PTeparing Ihe Trustees, Report and the ffnonciol stolements in accordar)ce wilh applicable low and regulations. The Trustees submit Iheirreport along with the linonciol statements of the British Olympic Foundolion "Ihe Foundation") for the year ended 31 December 2021. These ffinancial slotemenls have been prepored in occordance with the accounting policies sel out on page 19. The financial statements comply with the provisions of the Stalement of Recommended Practice ISORPI 'Accounting and Reporling by Chorities. applicable lo charities preparing Iheir accounts in accordance with the Financial Reporling Standard opplicable in the UK ond Republic of Ireland IFRS 1021. The financial slotements have been prepared under the historical cost convention and Ihe Companies Act 2006. The Trustees are responsible for the maintenance ond integrity of Ihe corporate and financial intormotion included from lime lo lime on Ihe website of the BTilish Olympic Association I'BOA"). the BOA being the National Olympic Committee of Great Britoin and Northern Irelond responsible for selecting Team GB at the Olympic Games and also for piomoling the volues of Ihe Olympic Movement within the lerritory of Ihe United Kingdom. Legislalion in Ihe Uniled Kingdom governing the preparation ond dissemination of the finoncial statemenls may differ from legi510lion In other juri5diction5. structure, Governance and Management The Foundolion is the succe550r to Iwo predecessor charilies - the Brilish Olympic Foundation loriginally named the Brilish Olympic Education Trustl which wos esloblished as a charitable trust in 1982 with registered charity no. 2861061"Former BOF") and the British Olympic Medical Trust which wos established os a charitable tnjsl in 1986 wth registered charity no. 327386. Following o review of the5elru5ts ond in light ol the anticipaled increase in charitable aclivitybefore ond after the London 2012 Olympic Gomes, the Foundation was incorpototed on 7 June 21X)7 under a Memorandum of Associalion, wlh Ihe legal form ot a company limited by gvoranlee Icompany no. 062728891 ond registered as a charity Icharity no. 11220801. The assets ol the FOrrn BOF ond Ihe British Olympic Medicol Tru51 were tronsletTed to the Foundothon on l April 2008 and 23 May )8 respeclively. The charitable objects of Ihe Foundotion include the object5 of its two predecessors, as well os other relofed objects relevant to the place ol sport in modern society and Ihe proposed WO of Ihe Foundalion. such 0$ the promotion of health through porticipathon in sporting activities and advice on nulritron and lifestyle. The Truslees have overall resPQn5ibility for She direction. management ond control of Ihe Foundation. The oppoinlmenl of Ttuslees must be mode by the currenl Truslees at a special meeting. There is on open recruitment process for Trustees. wth the exceplion of the BOA nominated Trustee. All oppoinlments must be approved by the BOA. The Foundation recognises thot an effective board of Tru51ee5 15 essenlial if the Foundation 15 lo achieve its objectives. The board must seek to be representative ol the people wilh whom the Foundation works and musl have available lo It all the knowledge and skli Is required to run the Foundotion. Individual Trustees must have sufficient knowledge. bolh of Trusteeship in general and ol the Foundalion's aclivities. lo enable them to carry out their role and lo represenl the Foundation at meelings and other events. The Managing DireGtor is resrK)nsible lor ensullng that the induction process for new Tw5tees 15 aanged and completed. A Iraining programme is in Fdace lo ensure that any newly appointed Trustees receive training on all malters necessary to enoble them to perform ther duties effectively. The programme includes: govemance and mar)ogemenl; histoty and currenl aclivilies of Ihe organisalion,. ffnancial accounls ond reporting procedures lo enable Trustees to exercise effective flscol oversight and an explanation of oll charity policies including those reloling to Trustee's expenses and how they con be claimed.
Britlsh Olympic Foundation Report and Flnanclal Statements 2021 Report of the Trv51ees (continued) The Foundation is assisted in performing ils duties by five personnel, employed by the BTilish Olympic Associalion and part seconded to the Foundation, who corry out ils objectives and deol with the day-to-day administration and management of Ihe Foundation under the guidance ot the Tpjslees. Ri$k manogement ond going concem The major risks the Foundation is exposed to, os idenlified by the TnJstees are grant fraud and reputational risk. These ore subjecl to regular review. The nature of those ris and the systems to miligate them are a150 Subject to regvlar review. The principal uncertointies for the Foundation are those Surrounding the unpredictable nature of funding and revenue. Wilhouf sufficient funding. ils projects would have to be cut back or put on hold. The Covid-19 pondemic conlinued lo make its effect5 fell during Ihe year. 11 continues to be the opinion of the Trustee5 that the Covid-19 pandemic does not pose a major threol lo the going concern status ol the Foundation owng lo the fact that the Get Set programmes, which conslitute the Foundation's youth projecls to promote the Olympic Values. are only delivered wth funding already secured ond in ploce. To that eflecl, both funding and expenditure ore constantly monitored in regularfy updated forecasts and reported on in monlhly ond quarteTly management accounts so as to ensure there is no overall overspend on Ihe prograrnmes or thal spend does not toke ploce ohead of income being received. The Same applies to the other non-restricled youth education project5 run by Ihe Foundation. Non project costs, such as overheads ond odministrollon costs are sufficiently low that they can be met out of existing reserves. 11 is eslimoled that the overheads ond committed cosls of the Foundation could be lunded loral least41 months. wthout ony hjrther revenue5 during that time. as referenced in the section under the 'Reserves Policy, below. Financial projections lor the overall operalior15 of Ihe Foundation for the nexl 12 months indicate that there will be a modest deficit during that period but thot this can be easily funded by reseNes. Trustees and Dlrectorg The company 15 limiled by guarantee and the liability of the Trustees on winding up is limited lo £1 per TnJstee. The Direclors who served in the year were: DT Neil Townshend - Chair IRe5igned 24 November 20211 Vicky Griffiths- Senior Independent Direclor Andy An50n OBE IAppoinled 29 Oclober 20211 Bom Barikor Richard Leman OBE Sam Shave Shahab Uddin MBE (Appointed 6 October 20211 The Directors are the charity Trustee5 of the Foundotion.
British Olymplc Foundatlon Report and Financlal Statements 2021 Report of the Trustees {continued) The Audit Committee. set up in 2020 continued lo fvjnclion during the year. comprising of at leost three members. al leasl Iwo of wfmch being non-execvlive direclors and meets ol least twice a yeor. During Ihe year it met on I l August and 24 November 2021. The members. appointed by the board of Directors. are set oul below: tlredors.. Kale Fery- Choir (Appoinled May 27. 20221 Born Barikor (Appointed Interim Chair 24 November 2021. resigned os Interim Chair May 27. 202211 Vicky Griffiths Iresigned 05 Chair 24 November 20211 Dr Neil TownsherKI Iiesigned 24 November 20211 The Committee regularty invites Ihe Mar)aging Director. the Company Secretary and the exFernal audil lead parlner to atlend its meetings. The Audit Committee meets privotety wlh the exlernal audilor al leasl once a year and liai5e5 With rrK]nogemenl in considering areas for review. A Nominations Commitlee was set up in )27 and comprises ot least 3 members. at leasl 2 of which having lo be independent members; the Committe6 Chair st¥)uld be an independent trustee appoinled by the Boord due to their experience in the lields covered by Ihe Commiltee. MeMbehIp of the Committee 15 reviewed onnually. The members. appoinled by the board of Directors. are set oul below: Directors: Vicky Griffilhs- Inlettm Cha Richard Leman Shahab Uddin As Ihe Foundalion does not employ ony slaff Ihere is no Remuneration Committee. Objecllves and actlvlNes The Foundation is a registered charity. Its main objeclive5 include the promotion and advancement ol all aspects of the Olympic Movement through PLtslic educallon In sport. sporting activity and other forms of physical educalion and recreotion. The currenf series of Gel Set programmes Io Fxomote Otympic Volues in schools was a notable mean5 of fulfilling Ihe Foundalion's objectives. The year 2021 w05 on Olympic Year with the Tokyo Olympics, postponed from the prevlous yeor. being held in July and Augusl. ffte oim was to focus on Ihis event in the various project5 undertoken by Ihe Foundation lo maximise Ihe number of schoo15 and individuals signing up lo participate in these projecls. The Get Set to Travel to Tokyo project alone reached more Ihan a quarter of primary schoo15 across the UK, lotalling 963.(K)O pupils. The target for 2021 was to reach 500.OCKJ young people. In 2022, the Gel Set programmes will focus on the Beijing Winter 0mpIcS- nolably wtfh the Bound lor Beijing project wlh emphasis being pul on sustoinobility. Other activities planned ore the development ol a Pari5 2024 pg[arnme in connection wth the Paris Olympics due to be held in 24 whilst the Get Set Core Programmes would be odapted lo celebrate the London 2012 ]( yeai annivers(Yy with celebrolions across schools. Elsewhere. the Get Sel to Eat Fresh progromme 11 include a 'food legacies, programme. looking at how food has chonged across the three diflerent London Games and whol food wdl look like ol a fuhjre Games. Slvdenls will be asked to create a heollhy Snack lor 2022.
Brilish Olympic Foundation Report and Flnanclal Statemenls 2021 Report of the Trustees (continued) Public b•neffit In Shaping the Foundation'5 objectives for the year and its planning activities, the Trustees have considered the Charity Commission's guidonce on public benefit. 0$ stoled in 5eclion 17 of the ChalieS Act12011 l. The Foundation relies on donations from individuals and the British Olympic Association and public benefit is derived through the pvblic involvement in sport, physical educalion and Ihe Olympic Movemenl regardless of age, background or sociol slotus. Our activities during 2021 to further the charitoble purposes for public benefit have been reviewed under the heoding "Achievements ond performance below. Achlevements and perfomianca The Get Set Programmes were extremely active throughout 2021, bolstered by the postponed 2020 Olympic and Paralympic Game5. Duè fro Ihis. the moin focus fot Gel Set was Ihe Trovel lo Tokyo progromme, which hod been supported Ihrough a funding extension from Sport England and Spirit of 2012 through lo October 2021. From October 2021, attention tumed to the Bound for Beijing Programme, which ran through lo May 2022 and has also been supported through a funding extension from Sport England and Spirit of 2012. Supporting these. the Get Set Core programmes continued to provide opportunities lor schools and individuals to engage in activities throvgh the online resources. In tolal a minimum 013,638 schoo15 were engaged in Get Set Core prograrnmes, which represents 1,599.390 pupils on roll. Travel lo Tokyo The Travel to Tokyo progromme ho5 focused on inactive children aged 5-1 l and their families. The ogramme used Ihe inspiration of the Tokyo 2020 Olympic and Paralympic Games to encouroge children to get active, involving their families and local communilies on their 'joumey' lo Tokyo ond helping familie5 to discover new way5 of being active tog&ther. on a more regular basis. Due to COVID-19, and the full and partiol school closures. the Twstees saw on opportunlty to re- FX)5ilion Ihe programme and open it up to families across Ihe UK. regordless of whether their school had already regislered or not. This was achieved through: digitol platform, aulr*crealing school sized teams for every eligible school., supporting materials, creating a home-learning pack,. marketing. Ljsing Team GB social channels and outdoor billbrds. othlete ombossodors, creating more film. sociol medio and behind the scenes content; ond reward5 and recogr)ilion. weekly prize draw5 prizes being sent directly to families. Key achlevements for the programme include: 4,81X) schools in the UK reached through Ihe programme," 951,445 pupils in the UK reoched, including 258,506 from high pupil premium schools., 208,431,090 minutes logged through programme res0Ces. and 11.266 teachers in the UK signed up for the progromme Bound for Beijing Following the end of Travel to Tokyo. resources have been repurposed for Winter Olympic and Paralympic sports a5 part of the Bound for Beijing Campaign. Using feedback and learnings trom the Travel to Tokyo progromme. some ol the most popular elements of the Tokyo piogramme were adapted for a winter audience, inclvding Ihe highly successful 'Tokyo Tens, aclivilie5. Winler athlete5 Millie Knight and Joel Feoron were also signed as athlete ambassadors for the programme. engaging in school visits and crealing activity promotional videos.
Brltlsh Olympic Foundatlon Report and Flnanclal Statements 2021 Reporl of Ihe Truslees (contlnued) From the end of October 2021 to the stort of the year. Bound for Beijing engaged 341 schools to partrcipate in its active challenges. wlh o torget of 1,5(Xl schools engaged by the end of May 2022. A portner5hip with UK Active was confirmed, based off the Travel to Tokyo Engagemenl. to promole tt)e programme during the Februory 2022 half term. Gel Set (Core) The Cote piogrammes for Gel Set continued to encourage young people to participate in Olympic and Parolympic related oclivitie5. In total a minimum of 3.638 Schools were engaged in Gel Sel Core programmes in 2021, which represents 1.599,390 pupils on roll. 2021 saw o minimum of 5,406 new registrations lo the Get Set website. as well as increases from 2020 in both user loglns114.772 compared to 9.5781 ond user downloads 119.749 compared lo 18.0051. The Share your Pride campuign encouraged schools ond communities lo unite and Show their support for Team GB ond ParalympicsGB before. during and after the Games. The campaign was delivered through a nvrnber of octivities and interactions. including Ihe Design o Trainer competition. which had over 1.800 enlries. Get Set also supported the l am Team GB initiolive. which encouraged people across the nation lo get aclive. In tolol over 2.J0 people engaged in activities wth over 250. minutes logged on the websile. Get 5e* to Eal Fresh (Ald) The Gel Set lo Eal Fresh programme. in partnership wlth Aldl. enjoyed another successlul ye(x of engagement and octivotions. Ahead of the postponed 2020 Olympic and Parolympic Games. the programme launched o Design o Lorry initiative, which encouraged young people oged 5-14 to design an Aldi lorry which celebraled fresh. healthy food. The competition atliacled over 24.5CM) enlrie5, Wth the Iwo wnning submissions featuring on their own Aldi lorries. The Get Set lo Eat Fresh Programme attracted a minimum of 3.671 new regislralions across 21. Ih over 2(Ki.529 page views on the website. This repre5enled on increase in poge views ol over 50.ow from 2020. There was olso on increase in user downloads compared lo 2020. wilh 16,264 in 2021 compaied to 11.185 the previous year. 2021 saw the total number of regislralions to Get Sel to Eat Fresh incieose lo 25.786, wilh all time user downloads increasing to 37.665. Get Set for the Splrll olsport (funded by UKAD) Building upon the programme relaunch in 2019. Get Set for the Spirit of Sport launched 24 new resources in 2021, wth g creoled specifically for at-home learning, and 15 for the claswoom. The programme provide5 young people with the chance to learn about Ihe values ol sport and Ihe rules ond guiding principles which govein cleon sport around Ihe world. It challenge5 young people to consider their behamour. and the behoviours of others. and to make the right decisions on ond off the field of play. The programme benetilled Irom the new resources for 2021, with it5 pages receiving o combined 7.061 views in 2021. Across all progromme resoUrS there were 3.331 downloads and 607 video ploys.
Brltlsh Olymplc Foundalion Report and Flnanclal Statements 2021 Report of Ihe Trustee$ (continued) Flnan¢ial review The statement of financial activitie5 on page 15 summarises the activilieg of the Foundation. The cost of the Foundotion'5 activities of £1,372,259 12020.. £1,704.334 was financed by grants of £1,306,51112020= £1.428,6101 and donations of £203.04412020.' £162.5011. £1.357,40512020= £1.688.7291 of the total expenditure lor the year wa5 spent on Youth Education Project5, mostly in connection wth the Get Set Legacy programme which conlribuled towords the objecls of the Foundation. The net income lor Ihe year was £137.420 12020: nel expenditure £112,6541- Thi5 consisted of £147,920 net income on unre5tficted funds and £10.5Q) net expenditure on restricted funds. after transfer5 ond absorbing overheod5. Restricted fund5 are received and utili5ed for specific projects, notably She Get Set programme of aclivities. ffte deficit in restricted funds includes £1 I,IX4 ot donation income from Aldi towards Get Set to Eat Fresh which was recognised in the Slalement of Financial Activities I'SOFA") bul will not be disbursed until 2021. and similorly £26,562 of donation income toword% Get Sel core aclivilies. Net assets lor the year were £726,141 12020: £588.721, consisling ol fixed osset5 £Nil12020: £4161. current assels £ 1,154,27212020- £ 683.385, and creditors £428.131 12020- £95,0801. ReseNe$ pollcy The Foundalion's policy is lo retain adequate re5eryes to cover expenditure arisirng from doy-lo- day octivily lor a period of al least 12 months and therefore the tinanciol slotements ore prepoied on a going concern basss. As ot 31 December 2021 the Foundation held total reserves of £726,141 12020,. £588.7211, of which £688.5751202D: £540,655) relate to unrestricted reserves which represent 53 months of day to day expenditure. These are in excess ol Ihe reserves required for funding day lo day activity for 12 months because they in part include furid51o cover lulure youth events, such as the 2022 European Youlh Olympic Festivals held in Vuokatti, Finland and Banska, Slovakia. for which additionol funding may not be available. In calculating the reserve5 figure, £37,566 ot restricted income funds have been excluded, as Ihese will be used to fund expenditure in 2022 in connection with the reslricted Get Set projects. Consequently. the Trustees consider the reserves to be ot a reasonoble level. These reserves are held in cash and the level ol cash bolonce5 held as Qt April 2021 was £1,127.477 Fundralslng Seclion 162a ol the Charities Acl 2011 require5 charities to make a statement regarding fundraising activities. Although the Foundation does not undertoke wdespread fundraising from Ihe general public. the legislation defines fundroi5ing 05 '501icithng or otheThMse procvring money or other property lor choritable purp05e5." Such omount5 are presented in our accounts as voluntary income and include donalion5, legacie5 and grants. In relation to the above, any solicitations are managed internally, without involvement ol commercial particip0t0 or professional fundroi5ers or third portie5. Plans for Ihe fulvro ffte Foundation intend5 to continue its established formot of octivlties ond Ss octively pursulng additional sources of finance to enable it to exlend and expond its present ronge of acltvities. It is not fell thol the now diminished uncertainties suirounding the Covid-19 Pandemic would signific0nY impoct on the Foundation's future activitie5. The key events and aims lor 2022 include.. sending youth teams to the European Youth Olympic Winter Fe51ivol in Vuokolti, Fir)land and the European Youth Olympic Festivol in Bonsko, Slovakio; completion of the Bound for Beijing progromme. which is on extension ol the Get Set to Travel lo Tokyo programme. along with Ihe other Gel Sel Progrommes.
Brltlsh Olympic Foundallon Report and Flnanclal Statements 2021 Report ol the Trustees (continued) stakèment of Informatlon glven to oudltor Each of the persons who is a Tru51ee at the date of approval of Ihls report contlmis that: I I so far as Ihe Truslee is awore. there is no relevont audit information ol which the chaiitable company's audit( is unaware: or)d 21 the Trustee hos taken oll the steps that he/5he oughf to have laken as a Trustee in order lo make himselflherself aware of ony ielevanl audil information and to establish Ihal the choriloble company's auditor is aware of this information. The conlirmation is given and should be interpreted in accordance with Ihe provtsions of $418 of the Companies Act 2006. Audllor The Trustees will re-oppoint BDO LLP as auditors al the Foundalion's forthcoming Annual General Meeting. Small Componles Exempffon This report has been prepared in accordance wth Ihe special provisions of section 415A of the Companies Act 26 relating lo small companies. Approved by the Board of Tru51ees and signed on their behalf David Ross Chair Dote: 12 September 2022
Britlsh Olympic Foundation Report and Financial Statements 2021 Trustees, responsibilities statemenl The Trvslees (who are also Directors ol The British Olympic Foundation for the purposes ol company lowl ore responsible for prepaiing the Tiustee5' Annu(Jl Report ond Ihe financial 5totement5 in accordance wlh applicable low and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company low requires the Tnjstees lo prepare finoncial slatements for each financial year which give a tnJe and fair view ol the Stale of affairs ol the charitable company and of the incoming resources and opplication ol resources. including the income and expenditure, of the charitable company for that period. In preparing these financial slolemenls, Ihe Truslees ore required to.. select 5Ultable accounling policies and then opply them consistently; observe the methods and principles in the Charities SORP; moke judgmen15 ond estimoles thot are re050noble ond prudent., 51afe whether applicable UK Accounting Standords hove been followed subject to any material departures disc5osed and explained in the financial stalements.. and prepare the financial stolements on the going concern bosis unless it is inoppropriate lo PTe5ume thafr the chaiilable compony will continue in business. The Truslees ore responsible lor keeping proper and adequate accounting records that disclose with rea50noble accuracy ot ony time the finoncial position of the choriloble company and enable them to ensure Ihat the financial statemenls comply with the Companies Act 20D6. They are also responsible for safeguarding the assets ol the charilable company ond hence for laking reosonoble steps for the prevention and detection of froud and other iryegularitie5. 10
Brlllsh Olympic Foundation Report ond Flnanclal Statements 2021 Independent audltor's report to the members of the Billlsh Olympic Foundatlon Oplnion on the Ilnanclal stalemènts In our opinion. the financial statements.. give a true and foir view of the stole ol the Chariloble Company's affairs as at 31 December 2021 and of its incoming resources ond applicolion of resources lor the year then ended: have been woperly prepared in accordance with United ngdoM Generally Accepted Accounting Practice- and have been prepored in accordance with the requiremenls of Ihe Companies Acl 2006. We hove audited the financial statements ol Ihe British Otympic F(xJndalion {"the Charitable Compony") for Ihe year ended 31 December 2021 which comprise Ihe Statemenl of Financial Activities, Balance Sheet. 51atemenl of Cash flows and notes to the financial statement5. irkcluding o summary of significant accounting policies. The finonclol reporting framework that ha5 been applied in their preporotion is applicable law and United Kingdom Accounting Standcwds. including Financiol Reporling Stondard 102 The Financial Reporting Standafd applicoble in Ihe UK and Republic of Ireland Iunited Kingdom Generolly Accepted Accounting Praclicel. Bosls lor oplnlon We conducted our audit in accordance WTth Inlernalional Standards on Auditing IUKI IISA5 IUK}I ond applicable low. Ovr responsibilities under those standards are hNlher described in the Avdilor's responsibilities for the oudil ol Ihe finoncial slolements seclion of our report. We are independent ol Ihe Charilable Compony in accordance with the ethicol requirements relevanl to our audit of the financial statements in the UK. including the FRC'S Elhicol Standard. and we have fullilled our other elhical responsibililies in occordance with these requirements. We believe that the audit evidence we have obtoined is sufficient and opprorKiate lo provide a basi5 for our oplnlon. Independence We are independent of Ihe Chorilable Compony in occordance with the ethical requirements that are relevont to audil of the linancial slatements in the UK, including the FRC'S Ethical Slandard. and we have fulfilled our olher ethical responsibilities in accordonce wth Ihese reqvirem8nls. Concluslon$ leked to golng concem In oudiling the financiol slotements. we have concluded that the Trustees, use of the going concem basis of accounting in the preporolton of the financial statements is appropriate. Based on Ihe work we hove performed, we have nol identified any material uncerlainlies relating to evenls or conditions that. individually or colleclively. may cast significant doubt on Ihe Charifable Company's ability to continue as a going concern for a perfod of ot least e1Ve months from when the financial stalements are auknorised lor issue. Our responsibilities and the responsibilities of the Twstees with respect lo going concem ore described in the relevanl 5eclions ol thi5 report. other Infomi(rflon The Trustees are responsible for the other information. The other information comprises the informalion included in the Annuol Report, olher Ihon the financial slalemen15 and our avditor's
British Olympic Foundalion Report and Financial Statements 2021 Independent audltor's report to the members of the Brltlsh Olymplc Foundatlon (contlnued) other intormollon (eontinuÈd) report Ihereon. The other informalion comprises the Report of the Trustees. Our opinion on the financiol statements does nol cover the other inlormotion ond. except to the extent otherwise explicitly slated in our report. we do not expre55 any form of assurance conclusion thereon. Our responsibility is lo read the other inlormalion and. in doing so, consider whether the other information is materially incon5iStent wilh the financial statements or our knOedge obtained in the oudit or othewse oppeors to be moterially misstoted. If we identity such materiol inconslstencies or apparent material misslalements, we are required to detennine whether there is a material misstotemenl in the financial statements or a material misstatement of the other informotion. If. based on the work we hove pertormed. we conclude thot there is a moteriol mlsstotement ot this other Informothon, we ore requlred to report Ihat fact. We have nothing lo report in this regard. Other Companies Act 21x16 reportlng In our opinion, based on the work underlaken in the course of the audit- the information given in the Report of the Trustees, which includes the Directors, Report prepared for the purp05e5 01 Company Law, for Ihe financial year for which Ihe financial slalements are prepared is consistent with Ihe financial 5talements- and Ihe Directors, Report. which is included in Ihe Report of Ihe Trustees, hos been prepared in accordance with applicable lsgal requirements. In the light of the knowledge ond vnderstonding of the Chorftoble Compony ond its environment obtoined in the course of the audil. we hove not identified material misstolemenls in Ihe Report of the Trustees. We hove nolhing lo report in respect of Ihe following matters in relation lo which Ihe Companies Acl 2006 require5 US to report lo you if, in our opinion.. adequate accounting records have not been kept. or returns adequate for our audil have not been received from branch8s not visited by us.. or Ihe financiol slatements (Ye not in agreement with the accounling rec(yds ond retums; or certain disclosures of Direclors, remuneralion specified by law are nol made; or we have not received all the information and explanations we require for our audit; or Ihe tTUStees were not entitled lo prepore the financial stotements in accordance wth the small companies regirne and take advantage of the small companies. exemptions in preparing the directors, report and from Ihe requirement to prepare a sfrategic report. Respon$lbllltles of Trustees As explained more fully in the Trvslees, responsibllities statement, the Truslees Iwho are also the direclor5 of the charitable company for Ihe purposes of company lawl are responsible for the preparation of the financial statements and for being solisfied that they give a true and lair view. ond for such internal control os the Trustees determines is necessory to enoble the preparotion of rinanclol statements that are fff e from molerlal misstatement, whether due to fraud or error.
Btitfsh Olymplc Foundaflon Report ond Flnanclal Slatements 2021 Independent audltor's report to Ihe members of the British Olymplc Foundallon (contlnued) Re5ponslbSllfles ol Tfustees (conllnued) In preparing the linanciol statements. the Trv5tees ale responsible for assessing the Chariloble Compony's ability to conlinue as a going concem. disclosing. 0$ opplicable. matters related to going concern ond using the going concern basis of accounting unle55 Ihe Twstees either intend lo liquidate the Charilable Company OT to cease operulions, or hove no realistic alleTnalive but to do so. Audltor's responslbllllles lor thè avdll of thè financlal stotements We have been oppoinled os audifor under the Componies Act 2CM)6 and report in accordance with the Acl and relevant regulations made having effect thereunder. Our objeclives are lo obtain reosonable assurance oboul wh8ther the linanciol slatemenls os a whole are free from material misslalemenl. whelher due to froud or error. and lo issue an auditor's report that includes our opinion. Reosonoble assuronce is a high level ol assurance. bul is not a guoTanlee that an oudil conducted in accordance wth ISA5 IUKI will always delect o materiol misslalemenl when it exists. Misslatemenls can artse from fvovd or eor and are considered material if. individually or in the aggregate. they could reosonobly be expected to influence tt)e economlc declslons of usets taken on the basis ol Ihese financial 5talemenls. Extent to which the audit was capoble of detecting iffegularitie& including froud lThegularities. including fraud, are inslance5 of non-compliance with laws and regulations. We design proGeduies in line wilh OUT responsibilities. outlined above. to detecl material misstatements in respect of irregularities. including Iroud. The extent to which our procedures are capable of detecling irregularities. including fraud is detalled below.. We obtained an understanding of Ihe legol and regulotory frameworks Ihrough our accumulated knowledge and consideration ot sector informalion that is applicable to the Charttoble Company. We delemiined that the most signithcanl which afe direclly relevant to specific osserlions in the linoncial slatements are those related to Ihe financial reporting framework including but not limited lo Uniled Klngdom Generally Accepted Accounting Praclice, the Chorities Act 2011, the Componies Act 2(K)6. Dola Piotection Acl 2018. Bribery Act 2010 and tax legi51olion. We understood how the Chorilable Company is complying with those legal and regulatory frameworks by making enquiries lo management and those responsible for legal and complionce procedures. We CoObor0Ied our enquiries Ihrough our review OF minute5. We 0s5essed Me susceplibility of the Charitable Company's financial slotements lo material mis51atement, including how [d might occur by discussing wilh management where il is considered there was a susceptibility ol froud reloling to management override of conlrols ond improper income recognition. In addressing the risk ol frovd, including the managemenl override of conlro15 and improper income recognition. we tested the opproprioteness of certain manual journals, including on elemenl of unprediclabilily, reviewed the opplicolion ofjudgemenls associaled with accounting estimates lor the indication ol potential bio5 and lested Ihe applicotion of cvt-ofl and revenue recognilion. 13
British Olymplc Foundallon Report and Financial Stalements 2021 Independent audltor's report to the members of the Brlllsh Olympic Foundatlon (continued) Audilor's responsibllltles tor the audlt of the financlal statements {contlnued} Our audit procedures were designed lo respond to risks ol material misslatement in the financial slalements, recognising that the risk ol nol delecling a material misstalement due lo fraud is higher thon the risk of not detecting one resulting from effor, as fraud moy involve deliberote concealment by, lor exomple, forgery, mi5repre5enlations or through collv5ion. There are inherent limilotrons in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events ond transactions reflected in the linancial stolements, Ihe less likely we ore to become oware of it. A further description ol our responsibilities for the audit of the financial statements is locot&d ol the Tinancial Reporting Council's I"FRC's"I website at.. https:Ilwww.tsc.org.uklauditorsresponsibililies. This description lonns part of our avditor's report. Use ol our report This report is made solely lo the Charitable Company's members, as a body, in accordonce with Chopter3 of Porf 16 of the Companies Acl 2(X)6. Our audit work has been undertaken so thot we might slate to Ihe Charitable Company's members those matters we are required to stale lo them in an auditor's report ond lor no other purpose. To the fullest extent permitted by law. we do not accept or ossume responsibility lo onyone other than the Chorilable Company ond the Charitable Company's members as a body, for our audit work, for this report. or for the opinion5 we have formed. S*Mdby.' C9A7C738&135456 Laurence Elliort Isenior Statutory Auditor) For and on beholf of BDO LLP, stotutw auditor London. UK Dale: 15 September 2022 BDO LLP is a limited liobility portnenhip registered in England and Wales (with registered number OC3051271. 14
Brltish Olympic Foundalion Report and Financlal Statement5 2021 stalement of Financial Activilies for Ihe year ended 31 December 2021 Noles Unrestrlcted Restricled Fund5 Funds Total Funds 2021 To*ol Funds 2020 Income from: Donatlon$ and lega¢le$ Chtsrllabl• octlvllle$ Granls Investment Income Interest received 203.044 203.044 162.501 1206.511 1.306.511 1.428.610 124 124 569 Total Income 203.168 1.306.511 1.509.679 1.591,680 Expèndlture on: Chorltable ocllvltles Youth Education Projects Olympic Day other 1.064 1.356.341 1.357.405 2.3&) 12.504 1.688,729 3,605 12.IXK) 12.504 Tolal expendlture 15.918 1,356a41 1 372,259 1,704,334 Nel Incomlngl(ovtgolng) resource5 before transfers Translet5 Net Incomel(expend5ture) for the year 187.250 149.8301 39,330 137,420 1112.6541 I39.01 147.920 110.5001 137.420 1112,6541 Reconclllatlon ol Ivnds Fund5 brought fotward 540.655 48.066 588.721 701.375 Funds carrled foThvard 10 688A75 37.566 726,141 588.721 All omounts relole to continuing charilable aclivities. The slatement of financial activilies includes oll gains and losses recognised in the period. The notes on poges 19 10 27 form on integrol part of the financial slatemenls. 15
British Olympic Foundallon Report and Flnanclal Statemenls 2021 Balance Sheel As at 31 December 2021 Notes 2021 2020 Hxed a55ets Tangible assets 416 CurTent assets Debtors 26,795 1,127,477 1,154.272 16,0(J) 667.385 683,385 Cash at bank and in harKJ Credilois: amounts fdling due wrlhin one yeor Net Cuwonl o$$ets 1428,1311 195.0801 726,141 588,305 Net assets 726,141 588,721 Totolfunds 0131 December Unre51ricted Fund5 Resfricled Fund5 688,575 37,566 726,141 540.655 48,066 588,721 Total funds al 31 December These financial 5totements have been prepared in uccordonce with the special provisions for small componie5 under port 15 of the Companie5 Act 2(X)6. The financial 5to*ements of the British Olympic Foundolion (registered compony number 062728891 were approved and aulhorfsed for issue by Ihe Trustee5 on 12 September 2022 and signed on their behalf. David Ross Choir The notes on pages 19 to 27 form an integral part of the financial statements.
Brltlsh Olymplc Foundation Reporl tsnd Financial Statements 2021 statemenl of cash flows Year ended 31 December 2021 2021 2020 Cosh flows froml(used In) operatlng actlvlHes Nef cash Fffovided byllvsed inl operating activities 459.968 116.3801 Cash flows from Invèsting acllvllles Interest received 124 569 Chonge In cash and cash eqvlvalent$ In the repong perfod 460.092 115.8111 Cash and cash equlvalenls at the beglnnlng of the reportlng perlod 667,385 683.196 Cash and cash •qufval•nt$ at the end of Ihe eportlng perlod .127.477 667.385 fteconclllalion of net IncoMel(expendllure) to nèt Cash tlow IromJ(u$ed In) operallng acllvllles Not Incom•/(oxpendllvro) for the reportlng perlod 137.420 1112.6541 Adjustments for. Depreciolion charges IlncreasellDecrease in debtor5 Increase in creditors Interest received 416 110.7951 &33.051 11241 416 27.245 69.182 15691 Net cash provlded by/(vsed In) opgrollng acflvlll•s 459.968 116.3801 17
Brftlsh Olymplc Foundatlon Report and Financial Statements 2021 Analys15 of changes In net funds Year ended 31 DecembeT 2021 Al start of year Cash flows Al end of ygor Cash 667,385 460.092 1,127,477 Tolal 667.385 460.092 1,127.477 18
Biitish Olymplc Foundallon Report and Flnanclal Stafemenls 2021 Notes to the Accounts Accounllng pollcles British Olympic Foundolion is o public benefit entity and a company limited by guarontee. company nutnbei 06272889. registered in England and Wales. British Olympic Foundation is also a charity. registered wth the Charity Commission Icharity registralion number 11220801. The regi51ered office and ils principal place of busine55 is 101 Ne Cavendish Street. London WIW 6XH. British Olympic Foundation's moin objectives include Ihe promotion ond advoncement of all aspects of the Olympic Movement through public education ir) sport. 5porling octivity and olher forms ol physical education and recreation. These financial stalemenls have been prepared under the historic cost convenlion in accordance th Accounting ond Reporting by Charities: Stolemenl of Recommended Practice applicoble to charilies preporing their accounts in accordance with Ihe Finoncial Reporling Slandafd applicable in Ihe UK and Republic of Ireland IFRS 1021 and the Companies Acl 2006. The finoncial Stotements are prepared in Pounds Sterling [£1. the Foundation's funclional currency and rounded to the nearest £1. The preparotion of financial statements in conformity wilh FRS 102 requeS the use of cerlain critical accounting e5timoles. It also requires management lo exercise ils judgement in the process of opplwng Ihe accounling policies selected for use by Ihe Foundation. Use of available infomation and applicalion of judgemenl are inherent in the formolion of eslimates. Aclual outcomes in the fulure could differ from such eslimales. The parlicular accounting policies adopted. which hove been applied consistenlly in the Cuffenl year and prfor year. are described below. A¢¢ovnllng Conventlon These accounts are prepared under the hi51orical cost conventÈon. Expenditure 15 recognised when it is incurred. not when physically paid. Golng concern The Trustees have considered Ihe fIrncIal posilion and resources of the Foundalion lor Ihe foreseeable future. As a resull of the in Ukraine. Ihere is on increosed level of uncertainty across Ihe financial morkets ond commercial busine55 in general. This could potenliolly impact on the Foundation's ability lo iaise funds. The ensuing supply chain i5sue5 and inllotionory pressures in the economy on account ol Ihe war could also create cost pressures. These iisks have been elevated on the Company'5 risk register and ore belng actlvely managed by Ihe management team. wilh oversight from the Audit Committee The Trustees consider that the (now diminished) effects of the Covid-19 pandemic would not pose o major threot to the going concern slalu5 of the Foundation owing to the foct that Ihe Gel Sel progrommes are only delivered wilh funding already secured and in ploce. Should fulure fvnding be reduced. 50 would the CoeSpOndIng expenditure. To thot effect, both funding ond expenditure are constanlly monilored in regularly updated forecasts and reported on in monthly and quarterfy management account5 $0 QS to ensure Ihere is no overspend on the programmes ot Ihol spend does nol lake place ahead ol income being received. The same applies lo Ihe other non-reshicted youth education projects lun by the Foundation. Non project costs. such as overhead5 and odmlnislrolion costs are sufffciently low that Ihey can be met oul of estIng reSeeS. 11 15 estimated thal the overheods and committed costs of the Foundation could be funded for al least months. wlhout any 19
Brltlsh Olymplc Foundalton Report and Financlal Statements 2021 Notes to the Accounts (contlnued) Accovnttng pollcles (contlnued} lurther revenue5 dufing Ihat lime, as referenced in the section under the 'Reserve5 Policy,. Fir)ancial projections for Ihe overall operations of Ihe Foundolion for the nexl 12 months indicate that there will be o deficit during thot period but thot this con easily be funded by reseNes. Given the Foundotion's net assets position and expected nel incoming resources based on detailed lulure budgets, the Trustees deem thal the Foundotion will be able to meet it5 future obligations as they fall due. Therefore. Ihe Trustees hove concluded that Ihe going concem basis of accounting continues to be appropriate. Fund accounting The Foundation's general fund is unrestricted and consists of funds which the Foundation moy use for its purposes at the discretion of Ihe Trustees in Ihe furtherarlce of the objecls of the Foundalion. Such funds may be held in order to finance bolh working capital and capital investment. Restricted fund5 are to be used for Specific purp05e5 a5 laid down by the donor. Expendilure which meets this criterion is charged to the tund, together wth a fair allocation ol managemenl ond support cosls. Where resources expended for restricted funds exceed incoming resources for o specific project. the shortfall will be met by o transfer from the general fund. Income The followng specific policies apply to categories of income.. Donations are recognised in the SOFA in the period in which they are receiv8d. Donaled services relale to slofl employed by the BOA and BOA office space donated fre& ol charge. The volue of Ihese services is the cost lo the BOA of employing those stoff ond Ihe renlol Income forsaken. All grants ore included in the SOFA when the Trust is legolly entitled to the income and the amount is probable and can be quantified with reasonable accuracy. If a grant ha5 performonce related conditions otloched lo it then income is only recognized to the extenl Ihat the Foundations h05 met those conditions. Unconditional grants and donations ore recognlzed upon receipt. Cost of charltable acAv5tles This includes all expenditure directly relaled to the objec15 of the Foundation. It also includes support costs and associated costs. All expendilure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo that category. Where costs cannot be direcmy aflributed lo particulor headings they hove been ollocated to activities on o bosis consislent wlh use of resource5. Govemonce Costs Governance cosls are the costs a550ciated with the govemance arrangements of the Foundation. OperrJNng leases Rentols under operating leases ore charged on a slraighl-line basis over the lease term.
Brftlsh Olymplc Foundatlon Report and Flnanclal Stalemenls 2021 Note$ to Ihe Accounts (conllnued) Accountlng pollcles (conllnued) Irrecoverablo VAT Irrecoverable VAT is charged as an expense in Ihe statemenl of linoncid activities. Flxed 05sets The Foundation's compvler equipmenl is valued at cost les5 occumulated depreciation on the balonce sheet. Computer equipment Is deprecioted on a straight-line basis over a useful economic life of three years. Flnanclal Instruments The only financial in5tnJments held by the Foundation are deblor5 and creditOf5. These ore categorised as 'bosic' in accordance wth Section I l of FRS 102 and ore initialW recognised al transaclion price. These are svbseqvently measured at their Iran50clion price less ony impaifmenl. cr[cal Judgernents and esllmotes No crilieal judgements (Y estimates have been made by monogemenl in applying the Foundation's accounling policies. Income Iiom Don¢Jllon$ and Legocles and Grant Income Unrestrlcled Resldcled Funds Funds Totol Ivnds 2021 t)onalions and legacies Choritable activities- grants 203.044 203.044 1.306.511 1,306.51 1.306,511 1,509,555 203,044 2020 Donotions and legacies Charitable actrviltes- grants 162,501 162.501 1.428.610 1.428,610 1.428.610 1,591,111 162,501 Income from donalions and legacies totolling £203.04412020: £162.5011 compri5e5 £191.387 12020.. £81,985) received trom the British Olympic Associotion. of which £1 l 0.{ was in cash and £81,387 wo5 value in kind, and £l1.65712020: £80.5161 from other sources. Granl income of £1.306.511 12020.. £1.428.6101 comprises £301.924 received from Aldi for the Get Set lo Eaf Fresh projecl. £225.CKIO from various sources for the Get Set core aclivilies and £779.587 for Gef Sel to Travel to Tokyo combined projects. Grant income has been spent and ollocoted against the relaled projects. 21
Biitish Olympic Foundalion Report and Financial Slatements 2021 Noles lo the Accounts (continued) Support costs of chathable actlvlNes 2021 2020 Support costs comprise.. Adminislrotion costs Motor and travel Governance cost5 92,080 93.326 562 12,CXX) 12,504 104,584 105,888 The odministration costs included five12020'. five) employee5 of the British Olympic Association who donated £81,38712020: £81,985) of their services lo the Foundation, this amount also being reflected in donations income, os well 05 £nil12020.. £nill rent ond service charges gifted by the British Olympic Association. Governance cosls relate lo fees payable for Ihe annual audit. Below is a further onalysis of how Ihe support costs. conslsting of admlnlstrolion expenses. have been ollocated across expenditure on charitable activities.. Motor and travel Olher Tolol axpens• Expendltur• expendlture Activttles Adminlslralion undertaken &xpense AcNvlly 2021 Youth Educolion Projecls: YoLJth Fe51ivols Get Set Proiecls Olympic Day Governance c051s 992 1,264,493 2,190 72 91,848 160 1.064 1.356,341 12,504 12,504 Tota15 1,267.675 92,080 12,504 1,372,259 Motor and Irovel Olher Totol expense Expendllure expendllure A¢llvMe$ Admlnlslrollon undertaken expense Aclfvlly 2020 Youth Education Projects.. Youth Feslivols Youth Educotion Prolects: Gel Set Projects Olympic Doy Govemonce costs 101,982 5.954 36 107.972 1,493.059 3,405 87,173 199 525 1,580,757 3,605 12,0 12,000 Tolals 1,598,446 93.326 562 I2,0 1,704,334
Britlsh Olympic Foundallon Reporl and Flnanclal Statemenls 2021 Notes lo the Accounls (contlnued) Support cost5 Ot chorftable ocllvllle5 (conllnued) Below is an analysis of reslricted ond vnreslricted expenditure for the prior yeor 2020: Unreslrlctèd fund5 Charllable a¢tlvltle$ Restrlcted lunds Tot Youlh educallon Projects Olympic Academy other 107.972 1.580,757 1.688,729 3.605 12,0 1.704.334 12.(XX) Tolol expendlture 123,577 1.580.757 staff ¢0515 The Foundation has no employees. However. seThices ore provided by certoin members of stoff who are employed by the British Olympic Association os referred to in note 3 above. None of Ihe key management personnel received any remuneration. the Managing Director is employed by the Brili5h Olympic A550cialion with their lime spent working for Ihe Foun(lothon donoled by Ihe BOA and included in the figure in note 3 above. Nel Income for Ihe year Net income for the year is Staled ofter chorging: 2021 2020 Deprecialion Operating lease5- lond and bulldings Fees payable to the company'5 auditor for annual audit 416 416 12 The charge on the operaling lease for lond and buildings was waived during 2019 by Ihe British Olympic Associalion ond has instead been gifted. From Juw 2019 onwards. no charge ond COespOndIng revenue were due. Informatlon iegardlng Truslees None of the Truslees were remuneroted in either 2021 or 2020 f Iheir w(xk for the 8rilish Olympic Foundotion. During the year there were £nil12020.. £7491 reimbursements to Twslees12020: one) in respect of the Trvslees, olfice ond travelling expenses. 23
Brlllsh Olymplc Foundallon Report and Financial Statemenls 2021 Notes lo the Accounts {contlnued) Tanglble Ilxed assets Office equlpmenl Costr. Al l January 2021 Additions Disposals 2.851 Al 31 December 2021 2,851 Depre¢iolion: Al l Januory 2021 Charge for year Disp05015 2.435 416 At 31 December 2021 2.851 Net book value: At 31 December 2021 At 31 December 2Q20 416 The fully deprecioted ossets remain in the possession of the Foundation and continue to be in use. Debtors 2021 2020 Trade debtors Prepaymenls and occrued income 18,795 26,795 16,tKIO Creditors: amounts falllng dve wtthln one year 2021 2020 Trade Credilor5 Accruals Amaunl due to the British Olympic AsSOClQtion 386.888 40,843 4fXI 95,080 428,131 95.080 24
British Olymplc Foundatlon Report and Financlal Statements 2021 Notes lo the Accounls (conlinued) 10. Rosèrvws Asot Asal l January Incomlng 2021 resources Oulgolng resources Transfers belween lunds 31 December 2021 Restricted Funds: Get Set Core Aclivilies 225.(MX) 1198,4381 26.562 Get Sel fo Eol Fresh 48.066 301.924 1338,9861 1818,9171 11.004 Get Set to Travd to Tokyo 779.587 39.3) Total Restricted Fund5 48.066 1.306.511 11.356,3411 115.9181 39.330 37,566 General reserves 540.655 203.168 139a301 688,575 Total funds 588.721 1,509.679 11,372,2591 726,141 Nole: Allhough restricted activities show net incoming resources totalling £37,566. this is alter absorbing £91.847 of the support costs of £92.080 (being all administration cos151 as shown in note 3. Net Get Set revenue belote absorbing overheads came lo £41018 12020: £64.449 nel expenditurel. The Gel Sel projecls are described in full delail in the Report of the Trustees above. The Ironsfer belween funds amounting to £39.330 during the year relates enliiely to the Iranster from unreslricfed funds lo finance o deficit on a restricted fund (Gel Sel to Travel to Tokyol as shown in the toble above. A comparative of Ihe 2020 Reserve5 15 Shown below for informalion. 2020 comparallvé Asat Agat l January Incomlng 2020 re50vrce5 Oulgolng iesour¢e$ Transfets befvieen funds 31 December 2020 Reslricted Funds: Get Set Core Activttie5 1273,6191 15.219 Gel Set lo Eat Fresh 4.917 1206,8511 11.100.287) 48.066 Gel Set to Travel lo Tokyo 68.721 920.210 Illa56 Total Resfricted Funds 73.638 1.428.610 11.580.757) 1123,5771 I2615 48,066 Generol reseryes 627.737 163.070 1126,5751 540.655 Tolol funds 701.375 1,591,680 11.704,3341 588.721 25
BTlt15h Olympic Foundation Report and Flnancial Stalements 2021 Notes to the Accounts (continved) I l. Analysls of Net Assets Belween Funds as at 31 December 2021 Unrèslilcted Fvnd5 Reslrlcted Funds Total Tangible fixed assels Cash ol bonk and in hand other current 055els Current liabilities 1.089,911 26,795 1428.1311 37,566 1.127,477 26.795 1428,1311 Totals 688,575 37.566 726,141 Previovs ye(x 2020 Unrestrl¢l¢d Funds Restrlded Funds Total Tangible fixed assets Cash ut bank and in hand other current assets Current liabililies 416 619,319 16.IYXJ 195,0801 416 667,385 16,CM)O 195.0801 48,066 Totals 540,655 48.066 588,721 12. Taxallon As a charity, the Foundation is exempt from tax on ils income and gain5 under chapler 3 of part I I to the Corporation Tox Act2010 ond s256 of the Capital Gains Acl 1992 lo the extent thal such income and gains are applied for chorilable purposes. The Foundotion's chief source of revenue is from donations leither restricted or non-restricledl and as a resull it doe5 not make VA T-able supplies and so is not VAT registered. Consequentially. it Suffe the VAT on it5 purchases and 50 hos to obsorb oll input VAT as a C05t. 13. Related parlies The Chair is invited to attend the board meetings of the British Olympic Association. The Trustees ore the ultimule conlrolling party of Ihe Foundation. but the British Olympic Association has the right to nominate a director to the boord. Andrew Anson OBE 150 Directorof the BOA ond Twstee of Ihe Foundation ondshohob Uddin MBE is the BOA Company Secrelary ar)d o Foundotlon Trustee. The Managing Direclor and the Company Secretary lo the Foundation are employed by the British Olympic Associotion. 26
Brltlsh Olymplc Foundation Report and Flnancial Statements 2021 Notes to the Accounts (contlnued) 13. Related parNes (Continued) A5 0131 December 2021 there was a balance due to the Brilish Olymptc Association of £41X> 12020= £nill. The Foundation received a donatron of £81.38712020.- £81,985) from the British Olympic Associalion in respect of stofl who ale employees of the BOA but who provide some of Iheir services lo the Foundation. The Foundalion also received £1 l 0.(0(2020= £nill non- restricted cash from the BOA. 14. Flnanclol Instruments The Foundation holds amounls of cash on deposit. along with debtors and creditors 05 shown on Ihe Balance Sheet as basic financiol in5fruments. However, there were no olher financial in5trumenls at yeor end. 27