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
a￿anged 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.
MeMbe￿hIp 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 0￿mpIcS- nolably wtfh the Bound
lor Beijing project wlh emphasis being pul on sustoinobility. Other activities planned ore the
development ol a Pari5 2024 p￿g[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
Cha￿lieS 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 billb￿rds.
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 res0￿Ces. 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 2￿1.
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 resoUr￿S 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
signific0n￿Y 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 2￿6 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$ lek￿ed 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 knO￿edge 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 e￿or 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 Co￿Obor0Ied 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
repo￿ng 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 requ￿eS 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 fIr￿ncIal 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 Co￿eSpOndIng 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 e￿stIng reSe￿eS. 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 CO￿espOndIng 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
I26￿15
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