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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

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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

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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

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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

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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.

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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.

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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.

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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

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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

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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.

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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.

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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
BF20￿689￿5¢DB .
David Ross
Choir
Dale 9th September 2024

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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.

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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
s￿NdbY..
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
8F20￿639￿5¢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