DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E Company Registration Number". 06272889 Regislered Charity Number: 1122080 British Olympic Foundation (Limited by Guarantee) Report and Flnanclal Statements For the year ended 31 December 2023
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and flnanclal slalemenls 2023 Contents Page Reference and admlnlstratlve Informatlon Report of the Trustees Truslees, responslbllllles statement Independenl ouditor's report 12 statement of flnanclal actlvltles 17 Balance sheet 18 stalemenl of cosh flows 19 Analysls of changes In net funds 20 Notes lo Ihe occovnts 21
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E Brilish Olymplc Foundatlon Report and Financial Statements 2023 Reference and administrative information Trvstees and Directors Chair David Ross Senlor Independenl Dlrector Victorio Griflilhs Directors Andrew Anson OBE (Resigned 14 Jun 20231 Born Barikor Kate Ferry Sam Shave Alistoir Brownlee Shahab Uddin MBE Lauren Sleadmon (Appointed 21 Feb 20241 Managlng Dlrector Jamie Piggins (Resigned 05 Feb 20241 Jennifer Rouse (Appointed 05 Feb 20241 Company Secretary Jamie Piggins Legol status The British Olympic Foundation is o company limited byguoranteewith compony no. 06272889 and registered charity no. 1122080. Charity addrèss l 01 New Covendi5h Street London WIW 6XH Bankers Lloyds Bank PLC 4th Floor 25 Gresham Street London EC2V 7HN Solicitors Withers LLP 20 Old Bailey London EC4M 7AN
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E Brilish Olymplc Foundatlon Report and Financial Statements 2023 Reference and administrative information (continued) Avditor BDO LLP Chartered Accounlonts & Statutory Auditor 55 Baker Street. London WIU7EU
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E Brilish Olympic Foundation Report and Financial Statements 2023 Report of the Trustees The Trustees are responsible lor preparing the Trustees, Report ond the financial statements in accordance with opplicable law and regulations. The Trustees submit their report along with the financial statements ol the British Olympic Foundation 'the Foundotion") for Ihe yeor ended 31 December 2023. These linonciol statements hove been prepared in occordonce with the occounting policies set out on poge 21 . The financial statements comply with the provisions of the Statement of Recommended Practice ISORPI 'Accounting ond Reporting by Chorities, opplicoble to chorities preporing their occountS in occordonce with the Financiol Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The linanciol statements hove been prepared under the historical cost convention and the Componies Act 2006. The Trustees are responsible for the maintenance and integrity of the corporate ond linanciol inlormotion included from time to lime on the website of the British Olympic Associotion I'BOA'I, the BOA being the Notional Olympic Committee of Great Britain and Northem Irelond responsible lor selecting Team GB at the Olympic Games and also for promoting the values of the Olympic Movement within the territory of the United Kingdom. Legislation in the United Kingdom governing the preparotion and disseminotion of the finonciol stotements may differ from legislation in other jurisdictions. structure. Governance and Monogement The Foundation is the successor lo two predecessor charities the British Olympic Foundation (originally nomed the British Olympic Education Trust) which was established os o choritable trust in 1982 with registered charity no. 2861061 Former BOF") and the British Olympic Medicol Trust which was established as a charitable trust in 1986 with registered charity no. 327386. Following a review of Ihe5etrusls ond in light ol the onticipoted increose in chorilable octivily before ond after the London 2012 Olympic Gomes, the Foundation was incorporoted on 7 June 2007 under a Memorandum ol Association. with the legal form of a company limited by guarantee (company no. 062728891 and registered as a charity (charity no. 11220801. The assets ol the Former BOF and the British Olympic Medicol Trust were transferred to the Foundation on l April 2008 ond 23 May 2008 respectively. The choritoble objects of Ihe Foundotion include the objects of it5 Iwo predece550rs, os well as other related objects relevanl to the place of sport in modern society and the proposed work of the Foundation. such as the promotion ol health through participation in sporting activities and advice on nutrition and lifestyle. The Trustees have overall responsibility for the direction. management ond control of the Foundation. The oppointment of Trustees must be mode by the currenl Twstees ot o speciol meeting. There is an open recruitment process for Trustees, with the exception of the BOA nominated Trustee. All appointments must be approved by the BOA. The Foundation recognises that an effective board of Trustees is essential if the Foundation is to achieve ils objectives. The boord must seek to be representotive ol Ihe people wilh whom the Foundolion works ond must have available to it all the knowledge and skills required to run the Foundotion. Individual Trustees must hove sufficient knowledge. both of Trusteeship in general and of the Foundation's activities. to enoble them to corry out their role ond lo represent Ihe Foundotion ot meetings ond other evenl5. The Managing Director is responsible for ensuring that the induction process for new Trustees is orronged ond completed. A Iroining progromme 15 in ploce to ensure thot ony newly oppointed Trustees receive troining on all mollers necessary to enable them to perform their duties effectively. The progromme includes.. governance and management.. history and current activities ol the orgonisotion.. finonciol occounts ond reporting procedures lo enable Trustees to exercise effective fiscal oversight ond on explanation ol all charity policies including those relating to Trustee's expenses and how they can be claimed.
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E Brilish Olympic Foundation Report and Financial Statements 2023 Report of the Trustees (continued) The Foundolion is assisted in performing ils duties by five personnel, employed by the British Olympic Association and port seconded to the Foundation. who carry out its objectives and deol with the doy-lo-doy odministrotion ond monogement ol the Foundation under the guidonce ol the Trustees. Risk manogemenl ond going concern The major risks the Foundotion is exposed to. os identified by the Trustees are grant Iroud and repulotionol risk. These ore subjecl to regvlor review. The noture ol those risk5 ond Ihe systems to mitigate them are also subject to regular review. The principal uncertainties for Ihe Foundotion ore those surrounding the unpredictable noture of funding and revenue. Without sufficient funding, its projects would have lo be cul back or put on hold. Financial projections lor the overall operolions ol the Foundation for the next 12 months indicate that there will be o deficit during that period but that this can be funded by reserves. Trustees and Dlreclors The compony is limited by guarantee ond the liability of Ihe Trustees on winding up is limiled to £1 per Trustee. The Directors who served in the yearwere.. David Ross Victoria Griffilhs- Senior Independent Director Andrew Anson (Resigned 14 June 20231 Born Barikor Kate Ferry Som Shave Alistair Brownlee Shahob Uddin MBE The Directors are the charity Trustees of the Foundation.
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E Brilish Olympic Foundation Report and Financial Statements 2023 Report of the Trustees (continued) The Audit Committee, sel up in 2020 continued to function during the year, comprising ol ol leost three members. at least two of which being non-executive directors and meets al leost twice o year. The members. appointed by the board of Directors. are sel out below.. Directors.. Kale Ferry- Choir Born Borikor Victoria Grilfiths David Ross The Committee regularly inviles the Monoging Director, the Compony Secretary and Ihe externol audit lead partner to attend its meetings. The Audit Committee meets privately with the external oudilor ot leost once a yeor and lioises with manogement in considering oreos for review. A Nominotion5 Committee wos Sel up in 2021 ond compri5e5 Qt least 3 members. al least 2 ofwhich having to be independent members,. the Committee Chair should be an independent trustee oppointed by the Board due to their experience in the fields covered by Ihe Committee. Membership of the Committee is reviewed annually. The members, appointed by the board ol Directors, are set oul below.. Directors.. Victoria Griffilhs Chair Dovid Ross Shahab Uddin As the Foundation does not employ any staff there is no Remuneration Committee. Objectives and activilies The Foundation is o registered charity. Its main objectives include the promotion and odvoncement of oll o5pects of the Olympic Movement through public educotion in 5POrt, sporting activity and other forms of physical education and recreation. Public benefil In shoping the Foundotion's objectives for the yeor ond its plonning octivities. Ihe Trustees hove considered the Charity Commission'5 guidonce on public benefit, 05 Stoted in Section 17 of the Charities Act 12011 l. The Foundation relies on donations from individuals and the British Olympic Association and public benefit is derived through the public involvement in sport. physicol education and the Olympic Movement regordless of oge. background or social slotus.
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E Brilish Olympic Foundation Report and Financial Statements 2023 Report of the Trustees (continued) Gel Set Actlvltles The Foundotion continued to deliver Olympic and Porolympic resources to young people in the UK through its flagship programme, Get Sel. Across the Get Sel projects we saw increased engagement. bolstered by porticipotion in the Palh to Pons initiotive ond through additional Portner Progrommes with BOA commercial sponsors. Overall. the Gel Sel programme was delivered across 46.219 users in 2023. with 8.744 new users and 5,313 new schoo15 regislered ocross the yeor. Path lo Porls The Foundation's flagship programme across 2023 and 2024 will be the Polh to Paris Programme, which seeks to use the inspiration of the Poris 2024 Olympic ond Paralympic Games to increase phy5icoI octivity levels of 5-1 l yeor olds ond their familie5. The programme is funded by Sport England to ollow delivery in England, ond the Spirit 012012 Trust lo allow lor delivery in the Home Nations. In lolal the Foundation will receive £2.240.636 from Sport England l£1,214.614 received in 20231 and £180.458 from Ihe Spirit of 2012 Trust1£88.086 received in 20231 lo deliver Ihe Polh lo Pons Progromme. Poth to Poris will be delivered ocross three Tiers of Aclivity, os detailed below.. Tier 3 allows lor onyone in Great Britain and Northern Ireland lo engage in the programme through on online. virtual ond gomified journey around Ihe world. powered by physicol octivity. Participants register os team5 and log any physical octivity they undertoke on the online plalform, which unlocks new locations, challenges and rewards along the way. The programme is supported by various National Governing Bodies and Sports Development portners to incentlV15e porticipation. Tier 2 sees the Foundation partner with a number of national organisations that are experts in delivering sociol impact progrommes to ot least one of the four key cohorts ol sociely that Poth to Paris specifically targets. These ore groups of individuals thot are least likely lo participate in physical activity, ond ore.. Young People with a Disability, Young People from Black and A5ion backgrounds. Young People from Lower Socio-economic groups, and Young Gids ond their mothers. The Tier 2 partners secured are: The Royol National Institute for the Blind, Street Gomes, The Youth Sport Trust, Our Parks, and the Holiday Activity and Food Programme. Across each partnership. the Foundation has developed a targeted delivery plan. which will commence in 2024. Tier I gees the Foundation partner with 6 Active Partnerghips across 8 locations lo deliver toilored, region Specific progrommes thal meet the needs ol each local population. These locations were chosen due to them being areas where physical activity amongst young people is low. as well as them being areas ol depravolion. The areas chosen were.. Sundedand. Sollord. Rochdale. Birmingham. Swindon. Essex. Tower Homlets ond Brenl. Throughout 2023 the Foundation ogreed a delivery plon and identified locol delivery partners wilh each Active Portnership, with delivery due to start in 2024. The Path to Paris programme lounched in September 2023 with the fier 3 virtual journey going live and supporting resources being made ovailable. Between launch on the 20th September ond the 31st December 2023. 115.077 engaged in the progromme. of which 80.343 were from Schools with High Pupil Premium. The Path to Poris progromme aims to reoch 680,000 young people by the end 012024. Gel Sel lo Eat Fresh (GSTEF) The Get Set to Eat Fresh programme is lully delivered by BOF and within the financial statements ond in portnership with Aldi. uses the inspiration ol Team GB ond PorolympicsGB to promote heolthv food hobits and teach young people obout fresh, Iow-cost foods. Across the year there were 449
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E Brilish Olympic Foundation Report and Financial Statements 2023 Report of the Trustees (continued) new schools and 2,060 new users registered through the website. By the end of the year ending 2023. 2.646.916 students had been reached by the programme. with 14.605 active registrants ocioss 11 .624 active schools. The key octivotion for 2023 was the Design A Lorry competition. which chollenged students to design on Aldi lorry, with the winning designs being turned into actuol lorries that deliver food ocr055 the UK. In total, over 12,WO entries were received, with the 3 winners being presented wilh their designs by Olympic and Paralympic athletes Emily Campbell, Sam Crosg ond Melonie Woods. Across 2023 0 number of Get Set to Eat Fresh Campaigns were delivered, including 'Let's Cook,, 'Eat Fresh With, and 'Eat Fresh Talks.. Each programme included a sel of resources that feature Teom GB ond PorolympicsGB olhletes. ond increo5e students, knowledge ol heolthy, olfordoble eating. 'Let's Cook, provided students with resources thot educated them on the importance of developing cooking skills. ond explore the barriers that make it more difficult lor some. 'Eat Fresh With, saw Team GB and ParalympicsGB athletes share their favourile recipes that allow them to train and compete at their besl. 'Eat Fresh Tolks, built on Aldi's Christmo5 compoign to locilitale discussions in classrooms around sustainable diets, accessibility in cooking and the positive impact of shoring on mental wellbeing. Gel Sel for Poslllve Energy Creoted in portnership with British Go5 and PorolympicsGB ond delivered by the BOA, Get Set lor Positive Energy is a cross-curricular learning programme thal empowers young people and their communities lo understand the role they can all play in saving energy and creating o greener lulure. The programme oims to reach I million children by the end 012028. Get Sel for Positive Energy launched in October 2023 with an Energy Saver Challenge. which taught sludenls about how much energy household opplionces use by converting their energy volues into equivolent physical energy. Students were tasked with showcasing how they could reduce the energy usoge ol their homes and schools. with the challenge winners receiving Team GB and ParalympicsGB kit. In 2023 11,584 young people engoged with the programme, with 71 schools and 50 parents registered lo Get Set for Positive Energy. Get Set to Bulld a Communlty Get Set to Build a Community, delivered vio the BOA ond in partnership wilh Persimmon Homes, features cross.curricular activities aimed at students aged 11-14. In small teams, students lake on real roles at Persimmon Homes. lo create a development inspired by Team GB athletes, with a legocy to benefit the whole community. The progromme feotvres resources oimed at increosing knowledge of the construction industry, developing teamwork, ond making value led decisions. Gel Sel to Go Green Delivered via the BOA and in partnership with Birds Eye Green Cuisine. the Get Set to Go Green progromme oims to empower primary school children oged 7 - 1 I to understand biodiversity and its importance, build love and respect lor our ecosystems, and odvocote lor green, healthy habits. In 2023 the progromme creoted o number of Get Curious activities, which sow Teom GB olhletes educote students on topics such os woodland and river ecosystems, and the power of plants. The programme was supported by numerous competitions where students had the opportunity lo win Team GB prizes. Olymplc Day The Olympic Doy octivotion on 23rd June 2023 was delivered ocros5 4 ore05 of octivity.. Creolion of Olympic Doy Get Sel resources Support ol physical activity efforts
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E Brilish Olympic Foundation Report and Financial Statements 2023 Report of the Trustees (continued) Delivery ol an athlete visit lo Riems. France Support ol IOC Olympic Doy messaging through social channe15 Through the Get Set programme. the Foundotion created ond distributed new Olympic Doy resources, which provided students with 4 activities lo undertake in the classroom. These resources chollenged students to creole their own Olympic rings from common classroom items, design on Olympic flag. create an Olympic Mollo and think ol the next Olympic Sport. These resources were downlooded 47 time5 by school5. Through an incentive of Olympic Day t-shirls. educotional settings were challenged lo undertake o sports doy on Olympic Doy. Those settings Ihot committed to this weie provided with free adidas t-shirts to support their participation. 7 schools and l university delivered activity days ranging from sports days to trail walks. In total 4.73? people look part in these organised activities. To promote the upcoming Olympic Games in Paris, the Foundation supporled Ihe delivery of an alhlele visit to Riems in France. Teom GB gymnast Gianni Regini-morgan delivered a Q&A session ond othletic demonstrotion lo o local school and gymnastics club. This session wos delivered to 150 children, who took port in o gymnostlC5 circuit to increase physicol aclivity. To promote the Olympic Doy celebration. IOC messaging was shored ocr05s Teom GB social channe15, encouraging physical octivity and promoting the sociol impact of the Olympic Games. European Youth Olympic Feslivols Two European Youth Olympic Festivals IEYOFI took ploce during 2023.. the Winter EYOF in Friuli Venezia Giulio. and the Summer EYOF in Moribor. Both events were financed through the British Olympic Foundotion, allowing the Teom GB olhletes ond 5UPPOrt slofl to compete. Friuli Venezio Giulio Europeon Youth Winter Olympic Festivol The Games took place between 21-28 Januory 2023. The GB Team consisted ol.. 17 athletes I I Sport Team Leoders and Coaches 7 HQ staff members l Youth Olympic Ambassador The 9 disciplines thot were represented were Alpine Skiing, Biothlon, Figure Skating. Freestyle Skiing, Freeslyle Snowboord, Short Trockskating, Ski Cross, Snowboard Alpine and Snowboard Cross. Team GB won 2 medals al the event. with Charlie Lane winning Gold in the Snowboard Slopeslyle and Silver in the Snowboord Big Air. Athletes ond stolf were olforded the opportunity lo experience o Team GB environment oheod of the 2026 Winter Olympic Gomes in Milan-cortino. Maribor European Youth Summer Olympic Festival The Games look place between 23-29 July 2023. The GB Team consisted of.. 39 athleles 14 Sport Teom Leoders ond Coaches 9 HQ staff members l Youth Olympic Ambassador The 5 disciplines that were represented were ArtlStic Gymnoslics, Judo, Mountoin Bike, Rood Cycling and Swimming. Teom GB won a total of 24 medals across the competition 17 Golds, 10 Silvers. 7 Bronzesl. with at least one medal in each sport Team GB competed in. The Games were hugely successful from both o medol and development perspective. with athletes ond stoff olforded the opportunity to experience the Team GB environment ahead of senior competitions.
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E Brilish Olympic Foundation Report and Financial Statements 2023 Report of the Trustees (continued) Flnanclal revlew The statement ol linonciol activities on poge 17 summarises the octivitie5 of the Foundation. The cost ol the Foundotion's activilies of £1.904.680 12022.. £928.101 I was financed by grants of £1,778,70012022.' £647,527) and donations of £146,98512022: £323,476). 01 the lotol expendilure for the year £1,883.295 12022.. £906.7641 wos spent on Youth Education Project5. The nel income lor Ihe year wos £27.37412022'. nel income £44.0131. This cons1Sted of £142.787 net expendilure on unrestricted funds ond £170,161 net income on restricted funds, olter tronsfers and absorbing overheods. Restricted funds are received and utilised lor specific projects, notably the Get Set progromme of octivities. The surplus in restricted funds includes £197.325 of gront income lor Gel Set Poth to Poris which wos recognised in the Stalement of Finonciol Aclivities I'SOFA I but will not be disbursed until 2024, and similarly £39,681 01 donation income towards Gel Set core activities. Net assets for the year were £797,52712022'. £770,154), consisting of fixed os5efs £Nil 12022.. £Nill, current assets £918,41312022'. £882,158). and creditors £120,88512022-. £112.0041. Reserves pollcy The Foundotion's policy is to retoin odequote reserves to cover expenditure orising from doy-to- day activity for o period of at least 12 months and therefore the financial stalements are prepared on a going concern bosis. As ot 31 December 2023 the Foundolion, ond os shown in note l O, held totol reserves of £797,528 12022.. £770.1541, of which £560,521 12022,. £703.3081 relate to unrestricted reserves which represent 25 months of doy lo doy expenditure. These ore in excess of the reserves required for funding doy to doy octivity for 12 months because they in port include funds to cover future youth events, such as the 2024 Winter Youth Olympic Games in Gangwon, South Korea, for which oddilional funding may not be ovailable. In colculating the reserves figure. £237.007 01 reslricled income funds have been excluded, os Ihese will be used to fund expenditure in 2024 in connection with the restricted Get Sel projecls. Consequently, the Truslees consider the reseNes to be at o reasonable level. These reserves are held in cash and the level of cash balances held as at 28 February 2024 was £923.150. Fundralslng Section 1620 ol the Charities Act 2011 requires chorities to moke 0 5totement regarding fundraising activities. Although the Foundation does not undertake widespread fundraising from the generol public. Ihe legislation defines fundraising as 's01iciling or otherwise procuring money or olher property for choritoble purposes. Such omount5 ore presented in our accounts as voluntory income and include donolions, legacies and grants. In relation to the above, any solicitations are managed internally. without involvement of commercial participators or professional fundraisers or third porties. Plans for the fulvre The Foundation intends to continue ils esloblished format of activities and is oclively pursuing odditionol Sources of finonce to enoble it to extend and expond its present ronge ol octivities. The key events ond aims for 2024 include.. sending youth teoms to the Winter Youth Olympic Gomes in Gangwon, South Korea., continuation of the Path lo Paris programme, which is o new Get Set progromme. olong with the other Get Set Progrommes.
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E Brilish Olympic Foundation Report and Financial Statements 2023 Report of the Trustees (continued) stalemenl of information given lo audilor Each of the persons who is a Trustee al the date ol approvol of this report confirms that.. I I so lor os the Trustee is aware, there is no relevant audit information of which the choritable company's auditor is unaware., and 21 the Trustee hos loken all the Steps thot helshe ought to hove taken as a Trustee in order to make himselflhersell aware ol any relevant audit information and to establish that the charitable company's oudilor is aware ol this inlormolion. The confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. Auditor The Trustees will re-appoint BDO LLP as auditors ol the Foundation's forthcoming Annual General Meeting. Small Companles Exempllon This report h05 been prepored in accordance with the speciol provisions ol section 415A ol the Componies Act 2006 relating to small companies. Approved by the Board of Trustees ond signed on their beholf Do¢u81gn•d by.. ss BF206895¢DB . David Ross Choir Dale 9th September 2024
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 Trustees, responslbllltles statement The Trustees Iwho are also Directors of The British Olympic Foundation for the purposes of company lowl ore responsible for preporing the TnJ5tees' Annvol Report ond the finonciol stotements in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees lo prepare financial statements lor each financial year which give a true and lair view of the stale ol offairs ol the charitable company and of the incoming resources ond opplicolion ol resources. including the income ond expenditure, of Ihe chorilable company lor that period. In preparing these financial statements, the Trustees are required to.. select suitable occounling policies and then opply them consislenlly.. observe the methods and principle5 in the Chorities SORP.. make judgements ond estimates thol are reosonable ond prudent.. state whether applicable UK Accounting Standords hove been followed subject to any material departures disclosed ond explained in the linonciol slatements., and prepare the financial statements on the going concern basis unless il is inappropriale to presume that the charitable company will continue in business. The Trustee5 are responsible for keeping proper and adequate accounting records that disclose with reasonable accuracy at any time the financial position of the chariloble company and enoble them to ensure that the financial stalements comply with the Companies Act 2006. They ore also responsible lor safeguarding the 05sets ol the charitable company ond hence for toking reasonable steps for the prevention and detection ol fraud and other irregularities.
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 Independent audltor's report to the members of the Brltlsh Olymplc Fovndatlon Oplnlon on the ftnanclal statements In our opinion, the financial statements.. give o true ond foir view of Ihe stote of the Choritoble Company's olfairs os ot 31 December 2023 and of its incoming resources and application of resources for the year then ended,. have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the linonciol stotements ol British Olympic Foundotion I'the Choritoble Compony") for the year ended 31 December 2023 which comprise the Statement of Financial Activities. Balance sheet. statement of Cashflow ond notes to the finoncial slatemenls. including o summory ol signiliconl accounting policies. The linonciol reporting Iromework thot hos been opplied in their preparotion is opplicoble low ond United Kingdom Accounting Slondard5, including Financial Reporting Stondard 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland (United Kingdom Generally Accepted Accounting Practice). Basls for oplnlon We conducted our audit in occordonce with Intemotionol Standard5 on Auditing IUKI IISA5 IUKII and applicoble law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the oudit of the financial statements section ol our report. We believe thot the oudit evidence we have obtained is sufficient ond oppropriote lo provide o bosis lor our opinion. Independence We remain independent of the Charitable Company in accordonce with the ethical requirements that ore relevant to our oudit of the linonciol statements in the UK, including the FRC'S Ethical standard, and we hove fulfilled our olher ethicol responsibilities in accordonce with these requirements. Conclvsions related to going concem In auditing the linonciol statements. we have concluded thal the Tnjstees, use of the going concern basis ol accounting in the preparation of Ihe financial statemenls Is oppropriole. Bosed on the work we hove performed, we hove nol idenlilied ony moteriol uncertointies reloting to events or conditions thot, individuolly or collectively, may cost significont doubt on the Charitable Company's ability lo continue as o going concern for o period ol al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities ol the Trustees with respect to going concern are described in the relevant sections of this report. other Inlormatlon The Trustees ore responsible for the other informotion. The other information comprises the information included in the Reporl and Financial Stalements, other than the financial stolements and our oudilor's report thereon. Our opinion on the financial slalemenls does not cover the other informotion ond, except to the extent othepNi5e explicilly sloted in our report, we do not
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 Independent audltor's report to the members of the Brltlsh Olymplc Foundatlon (continued) express ony form ol ossuronce conclusion thereon. Our responsibility is to reod the other information and, in doing so, consider whether the Report ol the Trustees other information is materially inconsistent with the linonciol statements or our knowledge obtained in the course of the audit. or otherwise appears to be moteriolly misstoted.11 we identify such materiol inconsistencies or opporent moteriol misstotements, we ore required to determine whether this gives rise lo o moleriol misstatement in the financial slotemenls themselves.11, based on the work we hove performed. we conclude that there is a material misstatement ol this other inlormotion. we are required to report that loct. We have nothing lo report in this regard. Other Companles Act 2006 reportlng In our opinion, based on the work undertaken in the course of the audit.. the informotion given in the Trustees, Report. which includes the Directors, Report prepared lor the purposes ol Compony Law, for the finonciol year lor which the finonciol slotemenls are prepared is consistent with the financial statements.. and the Strategic report and the Directors, Report, which ore included in the Tru5tees' Report, have been prepared in accordance with applicable legal requirements. In the light ol the knowledge ond understonding of the Choritoble Company ond its environmenl obtained in the course of the audit, we have not identified molerial misslotemenl in the Strategic reporl or the Trustees, report. We have nothing lo report in respect ol the following mallers in relotion to which the Compa nies Acl 2006 requires us to report to you if. in our opinion.. adequate accounting records have not been kept by the parent, or returns odequale lor our audit have not been received from branches not visited by us.. or the porenl financial stalemenls are not in agreemenl with the accounling records and returns.. or certain disclosures of Directors, remuneration specified by law are not made., or we hove not received all the information ond explonotion5 we require for our oudil. Responsibilities of Trustees As explained more lully in the Trustees, responsibilities slotemenl. the Trustees (who ore also the directors of the charitable company for the purposes of company lowl are responsible lor the preparation of the financial statements and for being satisfied that they give a true and lair view, and for such inlernol control os the Trustees determine is necessary to enable the preparation of linanciol statements that are free from material misstatement. whether due to fraud or error. In preparing the financial stolements, the Trustees are responsible for assessing the Charitable Company's ability lo continue as a going concern. disclosing. as applicoble. matters related to going concern and using Ihe going concern basis of occounling unless the Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 Independent audltor's report to the members of the Brltlsh Olymplc Foundatlon (continued) Audilor's responsibilities for Ihe ovdit of the finonciol slatements We have been appointed os auditor under the Companies Act 2ffl6 and report in occordance with the Act ond relevanl regulations mode or having effect thereunder. Our objeclives ore lo obtain reosonoble assurance about whether the linanciol statements as o whole ore free from moteriol misstotement, whether due to frovd or error. and to issue on audilor's report thal includes our opinion. Reasonable assurance is a high level ol assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will alwoys detect o moteriol misstotement when it exist5. Misstotements can arise from fraud or error ond ore considered material if, individuolly or in the oggregote, they could reasonably be expected to influence the economic decisions of users taken on the basis of these finonciol slatemenls. Extent to which the audit was copoble of detecting irreguloritie5, including fraud Irregulorities. including froud. are instances of non-complionce with lows and regulotions. We design procedures in line with our responsibilities. outlined obove, to detect moteriol misstatements in respect ol irregularities. including froud. The extent lo which our procedures are capable of delecting irregulorities. including fraud is detoiled below.. Non-compliance with laws and regulations Bosed on.. Our understonding of the Choritable Company and Ihe sector in which it operotes.. Discussion with management and those charged with governance.. and Obtaining and understanding of the Charitable Company's policies and procedures regarding compliance with laws and regulolions. We determined that Ihe m05t signilicanl which are directly relevant to specific assertions in the linanciol statements are those related to the financial reporting framework including but not limited to United Kingdom Generally Accepted Accounting Practice. the Charities Act 2011 and the Companies Act 2006 and lax legislation. The Choritoble Company is 0150 subjecl to lows ond regulotions where the consequence of non- compliance could hove a material effect on Ihe omount or disclosure5 in the finoncial slatemenls, lor example through the imposition ol lines or litigations. We identified such laws and regulations lo be the Data Protection Act 2018 and Bribery Act 2010. Our procedures in respect of Ihe above included.. Review ol minutes of meeting of those charged wilh governance for any instances ol non-compliance with laws and regulations,. Review ol correspondence with regulatory ond tox outhoritie5 for any instonce5 of non- compliance with laws and regulolions,. and Review ol finonciol stotement disclosures ond ogreeing to supporting documentotion., Fraud We asgessed the susceptibility of the financial statements to material misslatemenl, including Iroud. Our risk assessment procedures included: Enquiry with management and those charged with governonce regording any known or suspected instances of fraud:
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 Independent audltor's report to the members of the Brltlsh Olymplc Foundatlon (continued) Audilor's responsibilities for the ovdit of the finonciol slotements (continued) Obtoining an understonding of the Choritoble Company's policies and procedures reloting to.. Detecting and responding to the risks of fraud: and Internal controls established to mitigate risks reloled to fraud. Review ol minutes ol meeting of those chorged with governonce for any known or suspected inslonces of fraud,. Discussion amongst the engagement team as to how and where fraud might occur in the linanciol statements.. and Performing analytical procedures to identify any unusual or unexpected relationships that may indicole risks of material misstatement due to fraud., Bo5ed on our risk assessment, we considered the ore05 m05t susceptible to fraud to be management override ol controls and improper income recognition. Our procedures in respect of Ihe above included.. Tesling o somple of joumol entries throughout Ihe yeor, which met a defined risk crileria, by agreeing to 5UPPOrting documentation., and Reviewed the opplicotion of judgemenls ossocioted with accounting estimotes lor indication ol potential bi05 and tested the applicotion of cut-off and revenue recognition. We olso communicated relevonl idenlified laws ond regulations ond potenliol froud risks to oll engagement team members and remained alert to ony indications of fraud or non-compliance with lows and regulations throughout the audit. Our oudit procedure5 were designed to respond to risk5 of materiol misstotement in the financiol slatemenls, recognising that the risk ol not delecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by, for exomple, forgery, misrepresentotions or through collusion. There ore inherent limitations in the audit procedures performed and Ihe further removed non-compliance with lows and regulations is from the events and transoclions reflected in the financial slotemenls. the less likely we ore lo become owore ol il. A further description ol our responsibilities for the oudit of the financial slotemenls is located al the Financial Reporting Council's I"FRC's"I website at.. hltps'.l/www.Irc.org.uklauditorsresponsibililies. This description forms part of our auditor's report.
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 Independent audltor's report to the members of the Brltlsh Olymplc Foundatlon (continued) Use of our report This report is made solely to the Choritable Compony's members. os a body. in occordance wilh Chapter 3 01 Port 16 01 the Companie5 Act 2006. Our oudit work hos been undertaken so Ihot we might state to the Charitoble Company's members those matters we ore required to state to them in on auditor's report and for no other purpose. To the fullest exlenl permitted by law. we do nol occept or ossume responsibility to onyone other Ihon the Choritoble Company ond the Charitoble Company's members as o body, lor our oudit work, for this report, or for the opinions we have formed. Do sNdbY.. C9A7C73B6A3Y56 Laurence Ellioll15enior Statutory Auditor) For ond on behalf ol BDO LLP, slalutory ouditor Gatwick. UK Date.. 30 September 2024 BDO LLP is o limited liability porlnership registered in England and Wales Iwilh registered number OC3051271.
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 statement of Flnanclal Actlvltles for the year ended 31 December 2023 Noles Unreslricled Restricted Funds Funds Totol Funds 2023 Total Funds 2022 Income from Donalions and legocies Choritoble activities- gronts ond progrommes 146,985 146,985 323.476 1,778,7CO 1,778,700 647,527 146.985 1.778.7CO 1.925.685 971.003 Inveslmenl Income Interest received 6.369 6.369 153.354 1.778.700 1.932.054 Total Income 972.114 Expendlture on Charltable actlvltles Youth Education Projects Olympic Day Other 227.646 3.985 1.655.649 1.883.295 3.985 906.764 5.041 17,400 249,031 17.400 16,296 928.101 Totol expenditure 1,655.649 1,904,680 Net (expendltvre)Ilncomlng resources belore transfers Transfers Nel (expendlture)Ilneome for the yeor 195,6771 123,051 27,374 44,013 147,1101 47,110 1142,7871 170,161 27,374 44,013 Reconciliolion of funds Funds brought lopNord 703.308 66.846 770,154 726.141 Funds corried forword 560.521 237.007 797.528 770.154 All amounts relate to continuing choritoble activitie5. The statement of financial activities includes all gains and losses recognised in the period. The notes on pages 21 to 31 form an integral part of the financial slolemenls.
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 Balance Sheet As at 31 December 2023 2022 (As reslated) Notes 2023 Flxed assets Tangible assets Current assets Debtors Current Investments195-doy nolice deposit) Cash at bonk ond in hand 151.688 49.133 259.864 253.495 506,861 918,413 579,530 882,158 Credltors: omovnts lalllng due wlthln one yeor Net current assets 1120,8851 1112,0041 797.528 770.154 Net assets 797.528 770.154 Total funds as at 31 December Unrestricted Funds Reslricled Funds 560.521 703,308 237,007 66.846 Total funds as at 31 December 797,528 770.154 These financiol stotements hove been prepared in accordance with the special provisions for smoll companies under part 15 of the Companies Act 2CO6. The finonciol stotements of the Britlsh Olympic Foundotion Iregistered compony number 062728891 were opproved and authorised for issue by the Trustees on 9th September 2024 and signed on their beholf. Do¢uSlgn•d by.. ss 8F206395¢DB . David Ross Choir 18
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 The notes on pages 21 to 31 form an integral part of the financial statements.
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 statement of cash flows Year ended 31 December 2023 2023 2022 (As reslated) Cash flows (used In) operatlng actlvltles Nel cosh (used in) operoting octivities 172,6691 1295,5631 Cash flows from investing activities Interest received Change In cash and cash eqvlvalents In the reportlng perlod 172,6691 1295,5631 Cash and cash equivalents ot the beginning of the reporting period 579,530 875.093 Cash and cash equlvalents at the end of the reportlng perlod 506,861 579.530 Reconclllallon of net Income to net cash flow (used in)/from operoting aclivities Net Income for the reportlng perlod 27.374 44.013 Adjustments for: Depreciation charges Increase in debtors IncreasellDecreosel in creditors Interest received 1102,5561 8.882 16,3691 122,3381 1316.1271 Net cash {v$ed in) operating actlvttles 172.6691 1295.5631 20
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 Analysls of changes In net funds Year ended 31 December 2023 At start of year Cash flows At end ol year Cash 579.530 172,6691 506,861 Cash Equivalents 579.530 172.6691 506.861 Loons falling due within one year Loans falling due ofter more than one yeor Total 579.530 172,6691 506,861 21
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 Notes to the Accovnts Accounllng policles British Olympic Foundalion is a public benefit enlity and o compony limiled by guorontee, company number 06272889. registered in Englond and Wales. British Olympic Foundation is also a charity, registered with the Charity Commission (charity regislralion number 11220801. The registered office ond its principal place ol business is l 01 News Cavendish Street. London WIW 6XH. British Olympic Foundolion's moin objective5 include the promotion ond odvancement of oll ospects of the Olympic Movement through public educalion in sport, sporling activity and other forms of physicol educolion and recreation. These financial statements have been prepored under the historic cost convention in accordonce with Accounting ond Reporting by Charities.. Statement of Recommended Proclice opplicoble to chorities preporing their occounts in occordonce with the Financial Reporting Stondord applicable in the UK and Republic of Ireland IFRS 1021 ond the Companies Act 2006. The Financial Statemenls are prepared in Pounds Slerfing 1£), the Foundation'5 functional currency and rounded to the nearest £1. The preporotion of financial statement5 in conformity with FRS 102 requires the use of certoin criticol occounling estimoles. It olso requires management lo exercise its judgement in the process ol applying the accounting policies selected for use by the Foundation. Use of available information and applicalion ol judgement ore inherent in the lormotion of estimoles. Actual outcomes in the future could differ from such estimates. The particulor occounting policies adopted, which hove been applied consistenlly in the current year and prior year, are described below. Accovnting convention These accounts are prepared under the historical cost convention. Expenditure is recognised when it is incurred. nol when physically paid. Golng concern The Trustees have considered the financial position and resources of the Foundolion for the foreseeoble future. The current nationwide supply chain issues and inflationary pressures in the economy could create cost pressures. These risks hove been elevoted on the Company's risk register ond ore being actively managed by the management team, with oversight from the Audit Committee Owing to Ihe fact Ihat the Gel Set programmes are only delivered with funding already secured and in place. Should lulure funding be reduced or costs increase subslontiolly. all progromme spending will be managed within Ihe secured funds. To thal effect. both funding and expenditure ore con5tontly monitored in regulody updoted forecosts ond reported on in monthly ond quarlerfy management account5 SO 05 to ensure there is no overspend on the programmes or thol spend does not lake place ahead ol income being received. The same opplies to the olher non-reslricted yovlh educotion projects run by the Foundation. Non- project COSts, such as overheads ond administration costs are sufficiently low that they can be mel out of existing reserves.11 is estimated that the overheads and commilled costs of the Foundalion could be funded for al least 25 months. wilhout any further revenues during Ihat time. as referenced in the Section under the ' Reserves Policy,. 22
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 Notes to the Accovnts {contlnved) Accounllng policles (contlnued) Financial projections for the overall operations of the Foundation for the next 12 months indicole thot there will be o deficit during thot period but thol thi5 con be funded by reserves. Given the Foundation's nel assels Position and expected net incoming resources based on detoiled future budgets, the Trustee5 deem thot the Foundotion will be oble to meet its future obligations os they fall due. Therefore, the Trustees have concluded that the going concern basis ol accounting continues to be appropriate. Fund accountlng The Foundotion's general fund is unrestricted and consists of lund5 which the Foundotion may use for its purposes at the discretion of the Trustees in the furtherance of the objects ol the Foundolion. Such funds may be held in order lo finance both working capital and copilal investment. Restricted funds are to be used lor specific purposes as laid down by the donor. Expenditure which meets this criterion is chorged to the fund. logether with o loir allocation ol management and support costs. Where resources expended for restricted funds exceed incoming resources for a specific project, the shortfall will be met by a transfer from the general fund. Income The following specific policies apply lo cotegories of income.. Donolions ore recognised in the SOFA in the period in which they ore received. Donoted services relate to stolf employed by the BOA ond BOA office space donated free ol charge. The value ol these services is the cost to the BOA of employing those slalf and the rental income forsaken. All grants are included in the SOFA when the Trusl is legally entitled lo the income and the amount is probable and can be quantified with reasonable accuracy. If a grant has performance related condition5 attoched to il then income is only recognized to the extent thot the Foundations has met those conditions. Included in grants are instances where contractually the relationship is between the BOA and a 3rd Porly and the BOA then seeks the BOF lo fully deliver that service ond record oll income and costs in Ihe BOF financial stolements. Unconditionol gronts ond donolions ore recognized upon receipt. Cost of charitable acllyilies This includes all expenditure directly related to the objects of the Foundation. It also includes support costs ond ossocioted cosls. All expenditure is accounted lor on an occruols basis and hos been classified under heodings that aggregote oll costs related to that calegory. Where costs cannot be directly attributed to porticulor heodings they have been allocoted to octivities on o bosis consistent with use of resources. Governance costs Governance cosls are the cosls ossocialed with the governance arrongemenls ol Ihe Foundalion. Operatlng leases Rentals under operating leases are charged on a straight-line basis over the lease term. 23
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 Notes to the Accovnts {contlnved) Accounllng policles (contlnued) Irrecoverable VAT Irrecoverable VAT is chorged as on expense in the statement of financial oclivities. Fixed assets The Foundation's computer equipment is volued ot cost less occumuloted depreciation on the balonce sheet. Computer equipment is depreciated on o stroight-line bosi5 over a useful economic life of three years. Financiol instruments The only financial instruments held by the Foundation are debtors ond creditors. These are cotegorised as 'bosic' in occordance with Section I l of FRS 102 ond ore initiolly recognised at transaction price. These are subsequently measured at their transaction price less any impairment. Crltlcal Judgements and estlmotes No crilicol judgements or estimotes hove been mode by monogement in opplying the Foundolion's accounting policies. Prior Year Adjvstments Following the review of the classification of cash equivalent5 and short-term investments, it was identified thot £253.495 01 short-term deposits with 0 95 doy term hod been incorrectly included os part ol 'cash ond cash equivalents, in the previously reported numbers at 31 December 2022. These should hove been classified 05 short-term investmen15 and therefore the financial statements have been restated to reflect this error. The eflecl of this on the financial statements is as follows.. Balance sheet- to increase short lerm investments at 31 December 2022 by £253,495 ond reduce the cosh ond cosh equivolents by £253.495. 21 Cash Flow Statemenl - to reduce the cash and cash equivalenls at 31 December 2022 by £253,495 and to increose 'new current Q5set investments, by £253,495 within the Investing activities. The restotement of cash and cosh equivalenls and short-lerm deposits has no impact on the Slatemenl of Comprehensive Income or Reserves. 24
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 Notes to the Accounts (contlnved) Income from Donotions ond Legacies ond Gronl Income Unrestrlcted Restrlcted Funds Funds Total Funds 2023 Donotions and legacies Choritoble octivitie5- gronts 146,985 146,985 I,718.7 1,778,700 1,778,7ffl 1,925,685 146,985 2022 Donalions ond legocies Charitable octivities- grants 323.476 323.476 647,527 971.003 647.527 647.527 323.476 Income from donotions ond legocies tololling £146.98512022.. £323.4761 comprises £132,632 12022.. £310,409) received from the British Olympic Association. of which £30,000 was in cash ond £82.728 was value in kind. ond £19.90412022: £13.0671 from other sources. Grant income of £1,778,70012022= £647,527) comprises £251 ,00012022= £252,250) received from Aldi via ils contractual relationship with the BOA for the Gel Set lo Eat Fresh project. £225,WO12022.. 225.0001 from vorious sources including privole donalions and Porolympic5GB lor the Get Set core octivities ond £1,302,70012022'. nil, project began in 20231 lor Get Set Path lo Paris from Sport England and Spirit 012012 Trust. Grant income has been spent and allocoted against the relaled projec15. 25
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 Notes to the Accounts (continued) Support costs of charitoble oclivilies 2023 2022 Support cost5 comprise.. Administration costs Motor and travel Governance cosls 129,867 286 17.400 97,650 205 16.296 147.553 114.151 The administration costs included live 12022.. seven) employees ol the Brilish Olympic Association who donated £82,728 12022= £73.40?) ol their serdices lo the Foundation, this amount also being reflected in donations income from the British Olympic Association. Governance costs relate to lee5 payable for the onnuol audit. Below is a further analysis ol how the support cogls, consisting of adminislralion expenses. have been allocoted ocross expenditure on charitoble octivities.. Motor and Travel Expènse ActlvtNes Admlnlstratton Undèrtakèn Expènsè other Expendilurè Total Expènditurè Acllvlty 2023 Youlh Educotion Projecls.. Youth Festivo15 Gel Set Projects Olympic Doy Govemance cost5 211,946 1,541,471 3,710 15,665 113,928 274 35 250 227,646 1,655,649 3.985 17,400 17,400 Totals 1.757.127 129.867 286 17.400 1,904.680 26
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 Notes to the Accovnts {contlnved) Svpport costs of charitoble octivities (continued) Motor nd travèl expense Activitiès Administration undertaken expense Other Total Expenditure expenditure Activity 2022 Youth Educotion Projects.. Youth Festivals Get Sel Projects Olympic Day Governonce costs 164.280 645.170 4,500 19.709 77,401 540 41 163 184.030 722.734 5,041 16.296 16,2?6 Totals 813.950 97,650 205 16.296 928.101 Below 15 an onolysis of restricted and unrestricted expenditure lor the prior year 2022.. Unrestrleted funds Restricted lunds Charllable acHvllles Total Youth Education Projects Olympic Academy Other 184,030 722,734 906,764 5.041 5.041 16,296 205,367 16,296 928.101 Total expendilure 722,734 Staff costs The Foundotion has no employees during 2023. However. services ore provided by certoin members ol staff who are employed by the British Olympic Associolion os referred lo in note 3 obove. None of the key management personnel received any remuneration. During 2023 the Monoging Director is employed by the Brit15h Olympic Association wilh their time spent working for the Foundotion donoted by the BOA ond included in the figure in note 3 above. 27
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 Notes to the Accovnts {contlnved) Net income for the year Net income lor the year is stated alter charging.. 2023 2022 Depreciation Operoting leases- lond ond building5 Fees payoble to the company's auditor lor annual audit The charge on the operating lease for land and buildings was waived during 2019 by the British Olympic Association and has instead been gifted. From July 2019 onwards, no chorge ond corresponding revenue were due. Informotion regarding Truslees None of the Trustees were remunerated in either 2023 or 2022 lor their work for the British Olympic Foundotion. During the year there were £16312022.. £nill reimbursements to one Trustee 12022.. none) in respecl of the Trustees, office ond Irovelling expenses. Tongible fixed assets Office equlpment Cost: At l Jonuory 2023 Additions Disposals 2.851 At 31 December 2023 2.851 Depreclallon: At l Jonuary 2023 Charge lor yeor Disposals 2.851 At 31 December 2023 2.851 Nel book value: At 31 December 2023 At 31 December 2023 The fully depreciated assets remain in the possession ol the Foundolion and continue lo be in use. 28
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 Notes to the Accovnts {contlnved) Debtors 2023 2022 Trode debtors Prepayments and accrued income Amount due from the British Olympic Associotion 5.0 116.688 30.0 10.250 36,883 2.0 151,688 49,133 io. Credllors: amounts falllng due wllhln one year 2023 2022 Trade Creditors Accruals and deferred income Amount due to the Brilish Olympic A550Clation 57,835 63.050 39.654 69.034 3.316 120,885 112.004 Reserves Asal Asol l January 2023 Incoming resources Ovtgoing resources Transfers befvieen funds 31 December 2023 Reslricled Funds.. Gel Set Core Activities 66,814 225,000 1215.2431 1253.4781 11 187.2511 323 136,8901 2,446 39,681 Get Set to Eot Fresh 32 251,000 Get Set to Poth lo Poris 1.302.700 81.877 197.326 Gel Set to Travel lo TokyolBound for Beijing 13231 Total Restricted Funds 66,846 1,778,700 11,655,649) 1249,0311 47,110 237,007 General reserves 703.308 153,354 147,1101 560,521 Total funds 770.154 1.932.054 11.904.6801 797.528 Note.. Although restricted uctivities show net incoming resources totolling £203.846. this is after absorbing £1 14,829 01 the support costs ol £130,893 (being all administration costs) as shown in note 3. Gel Set net revenue before absorbing overheads came to £237.22912022'. £2.447 net revenuel. The Get Sel projects ore described in full detoil in the Report of the Trustees obove. The Ironsler 29
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 Notes to the Accovnts {contlnved) Reserves (continued) between funds omounting to £47.11 O during the year relates to the transfer from unrestricted funds to oll three projects as shown in the toble obove. A comparative of the 2022 Reserves is shown below for information. 2022 comporative Asal Asal l January Incoming 2022 resources Ovtgoing resources Transfers between funds 31 December 2022 Restricted Fund5- Get Set Core Activities 26,562 225,000 1221,6381 1265,7371 1235.3591 36,890 66,814 Get Set to Eat Fresh 11,004 252,250 2,515 32 Gel Set to Trovel lo Tokyo/Bound for Beijing 170.277 65.082 Total Restricted Funds 37,566 647,527 1722.7341 1205,3671 104,487 66,846 General reserves 688,575 324,587 1104,4871 703,308 Totol funds 726.141 972,114 1928.1011 770.154 12. Anolysis of Net Assets Between Funds as al 31 December 2023 Unrestrlctèd Fund5 Re5tri¢ted Fund5 Totol Tongible fixed a55e15 Cash at bank and in hond Olher current QSse15 Current Investments195-day notice depositi Current liabilities 30?,854 111,688 197,W7 40,000 506,861 151,688 259.864 259.864 1120,8851 1120,8851 Totals 560,521 237,007 797,528 30
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 Notes to the Accovnts {contlnved) 12. Analysis of Net Assets Behyeen Funds os 0131 December 2022 (continued) Prevlous year 2022 Unrestrlcted Funds Restr5cted Funds Total Tangible fixed ossetS Cash at bank and in hond Other current osset5 Current Investments195-day notice depositi Current liabilities 512.684 49,133 66,846 579.530 49,133 253.495 253.495 1112,W41 1112,0041 Totals 703,308 66,846 770,154 13. Taxatlon As a charity. the Foundolion is exempl from lax on ils income and gains under chapter 3 of port I I to Ihe Corporation Tox Act 2010 ond s256 of the Copitol Goins Act 1992. to the extent that such income ond gains ore applied for charitable purposes. The Foundation's chief source of revenue is from donations leither reslricled or non-restrictedl ond as a result it does not make V AT-oble supplies and so is nol V AT registered. Consequentially. il sullers the VAT on its purchoses ond so hos lo obsorb oll input VAT os o cost. 14. Related portie$ The Choir is invited to attend the board meelingg of the British Olympic Association. The Trustees ore the ultimote controlling porty ol the Foundalion. but the Brilish Olympic A5SOCiQtion has the right lo nominote o director lo the board. Andrew Anson OBE is o Director of the BOA ond resigned as Trustee of the Foundation on 14 June 2023 and Shahab Uddin MBE is the BOA Company Secrelary and a Foundation Trustee. During 2023 the Managing Direclor and the Company Secretory to the Foundotion were employed by the British Olympic Association. As ot 31 December 2023 there wos a net balance due from the British Olympic Association of £30,WO12022.. £1,316 due lo the BOA from BOFI. The Foundation received a donation of £82.738 12022.. £73.4091 from the British Olympic Association in respect of staff who are employees of the BOA but who provide some of their services lo the Foundation. The Foundation also received £30,OCQ 12022= £235,COOI non- restricted cash from the BOA. The Get Set to Eat Fresh programme is lully delivered by the BOF with all income and costs recorded in the BOF'S financial statements. However. the contractual relationship is between the BOA ond Aldi ond the BOA seeks the BOF to deliver this progromme for the full lilespon of the programme. 31
DoGusign Envelope ID.. 23523F01-67AC4466-9BDE-AD146C9B9A9E British Olympic Foundation Report and Flnanclal Statements 2023 Notes to the Accovnts {contlnved) 15. Finonciol Inslrumenls The Foundation holds amounts of cash on deposit, olong with debtors and creditors as shown on the Balance Sheet as basic finoncial instruments. However. there were no other financial instrumen15 Qt yeor end. 32