## intoTRI (Charitable Incorporated Organisation) Charity No: 1163918 Annual Report & Financial Statements Financial Year 2019/2020 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS ## TABLE OF CONTENTS ## TABLE OF CONTENTS |**1**||TRUSTEE REPORT**.............................................................................................................................. 3**| |---|---|---| ||1.1|REFERENCES AND ADMINISTRATIVE DETAIL................................................................................. 3| ||1.2|OBJECTIVES, ACHIEVEMENTS & PERFORMANCE.......................................................................... 4| |||_1.2.1_
_Pre-season Planning ........................................................................................................................ 4_| |||_1.2.2_
_Impact of Covid-19 ........................................................................................................................... 6_| |||_1.2.3_
_Volunteers & Partners ..................................................................................................................... 6_| ||1.3|STRUCTURE, GOVERNANCE AND MANAGEMENT....................................................................... 7| ||1.4|FINANCIAL REVIEW.......................................................................................................................................... 8| |**2**||INDEPENDENT EXAMINER’S REPORT**...................................................................................... 10**| |**3**||STATEMENT OF FINANCIAL ACTIVITIES**............................................................................... 11**| |**4**||BALANCE SHEET**.............................................................................................................................. 12**| |**5**||NOTES TO THE FINANCIAL STATEMENTS**........................................................................... 13**| 2 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS ## TRUSTEE REPORT ## **1** TRUSTEE REPORT ## **1.1** REFERENCES AND ADMINISTRATIVE DETAIL Trustees Michael Burkert Simon J Dodd Coralie F Davison Christian Penfold Simon D Currey Frederique Sullivan Karen L Sherry Principal Office 216 Eastcote Avenue West Molesey KT8 2EX Organisation intoTRI is a Charitable Incorporated Organisation (CIO), Charity No 1163918, governed by its Foundation Model Constitution. 3 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS ## TRUSTEE REPORT The Trustees present their report along with the financial statements of the charity for the year ended 31 October 2020. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of recommended practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), (effective 1 January 2015), Charities SORP (FRS102). ## **1.2** OBJECTIVES, ACHIEVEMENTS & PERFORMANCE In this fifth period of operation, intoTRI was aiming to build on the experience from previous years, delivering a range of event formats to further the charity’s mission to ‘ Inspire active lives through triathlon’. Core objectives: - Promote community participation in healthy recreation by providing facilities for swimming, cycling and running and the opportunity to participate in triathlon, duathlon, aquathlon and cross triathlon events (facilities means organising sporting activities, equipment, buildings and land). - Advance the education of the public primarily, but not exclusively, in the subject of training and nutrition, injury prevention and recovery, swimming and running technique, bicycle handling and maintenance. intoTRI provides an introduction to triathlon for primary and secondary school age children, as well as an opportunity for later adopters across a diverse set of communities. By offering event distances from Scootathlon (5-8 years), Mini Tri (816 years) to Super Sprint and Sprint distance events, intoTRI engages with the whole family unit, embedding a lifestyle change towards active, healthy living. The removal of social and financial barriers, either through free entry (Free Tri Series, Mermaid Cup) or 50-100% discounts for participants bringing a volunteer to the events (Cornish Tri Series), allows for participants from all backgrounds to try a triathlon within a safe, professional environment. ## **1.2.1 Pre-season Planning** The off-season during the winter months was spent in preparation for three event formats: FreeTri Series: To promote healthy recreation, intoTRI established and manages the world’s first free entry triathlon series, hosting monthly events at Walton-on- 4 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS ## TRUSTEE REPORT Thames, open to people of all ages, abilities and social backgrounds. Now in its fifth year, the series was scheduled to run from April to September. Strong event sales up to March 2020 showed two clear trends: - The appeal of the FreeTri Series continues to benefit significantly from the roll out of a bespoke NFC chip timing system in 2019. This was evidenced by strong demand for ‘Starter Kits’ from athletes new to intoTRI and the FreeTri Series. ‘Starter Kits’ contain NFC bracelets, allowing athletes to track and compare their performance throughout the season. As all NFC bracelets are designed to be used again and again at future events free of charge, the timing system strengthens the community feel of the Free Tri events, sparking healthy competition within the community across all age groups. - The popularity of the FreeTri Series leads to earlier event bookings. Athletes booked events months in advance, rather than last minute as in the previous seasons, to ensure their place. Several events in the 2020 season were sold out by March already. Triathlon School League: intoTRI introduced the UK’s first Triathlon School League, the Mermaid Cup, as part of the Surrey School Games calendar in 2017 and added a sister series in Cornwall in 2018, The Cornish Triathlon School League. Under the banner of the Mermaid Cup and Cornish Triathlon School League, intoTRI planned to deliver 10x inter-school events, multiple free assemblies and intraschool events in 2020, aiming to introduce 2,000+ school children to the thrill of triathlon. Cornish Tri & Mini Tri Series: Over the past years, intoTRI built the Cornish Tri and Mini Tri Series into South West England’s biggest triathlon event series, comprising multiple locations across the South West. In 2020, 6 events, including duathlons (run-bike-run), pool and open water triathlons were planned from March to September, spanning locations from Falmouth to Tavistock. 2020 saw the introduction of a ‘Race Pass’, allowing athletes to enter multiple events in the Cornish Tri Series at a discount, to incentivise regular physical exercise through training and event participation. Due to the Coronavirus pandemic (see Covid-19 section below), intoTRI was only able to deliver the first scheduled event of the Cornish Tri Series in Par in early March. Participation figures showed a 5% increase from the previous year, with 130 adults and 150 children taking part. The impact of the early stages of the Coronavirus pandemic (Covid-19) on consumer behaviour, however, could already 5 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS ## TRUSTEE REPORT be felt as the majority of participants signed up last minute and strong pre-season sales of ‘Race Passes’ came to a halt. ## **1.2.2 Impact of Covid-19** The outbreak of the Coronavirus pandemic (Covid-19) significantly impacted leisure activities and in-person events in England throughout the year. Based on government, NHS and British Triathlon guidance, intoTRI initially suspended all organised triathlon activity from April until the end of July to help protect the health and wellbeing of athletes, volunteers and spectators and to alleviate the risk of an additional burden on the emergency services. A brief respite in infection numbers in July and August allowed intoTRI to promote a successful 3-day Duathlon Camp for children aged 8-16 years, focused on bike and run drills, race craft and nutrition. Strict social distancing and hygiene rules limited the number of participants to 18, broken down in three bubbles of six, kept separate throughout all camp activities. Higher infection rates towards the end of August and operational hurdles for our partners, GLL and PfP Leisure, ranging from staffing to hygiene requirements, led to the cancellation of all further Cornish Tri and Free Tri events for the season. Breaking with the example set by the wider events community, intoTRI offered all athletes a choice between full refunds and credits for future events. Over 80% of athletes chose to convert their entry fees into credits for future events, showing their ongoing support for our charity’s work. Ongoing lockdowns and social distancing requirements are expected to impact participation numbers for at least the first half of 2021. However, the Board of Trustees hopes to stage 2-4 FreeTri and 3-5 CornishTri events in 2021, providing safe and enjoyable events for all age groups and abilities. ## **1.2.3 Volunteers & Partners** The trustees would like to extend a big thank you to all the amazing volunteers supporting our work. Under the leadership of the Chair of Trustees, volunteers play an instrumental role in the delivery of all intoTRI events. With 10-75 volunteers needed for each event in the calendar, the build-up and maintenance of a network of over 500 volunteers over the course of the season continues to be one of the biggest challenges and achievements of the charity. The Board of Trustees would also like to express its gratitude to all benefactors, event partners, schools and participants. In particular: 6 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS ## TRUSTEE REPORT - PfP Leisure (Xcel Leisure Complex, Walton) for agreeing to make their facilities available to us at preferential rates. - GLL for allowing us use their facilities at locations across Cornwell - Karen Spooner Sports & Remedial Massage for her generous support as event partner and sponsor ## **1.3** STRUCTURE, GOVERNANCE AND MANAGEMENT intoTRI is governed by the board of trustees who are the only voting members of the charity. New trustees are nominated by existing trustees and appointed under a deed of appointment. The names of trustees are set out on page 3. The information on page 3 forms part of this report. The governing document of the charity is the Constitution of a Charitable Incorporated Organisation (Foundation Model Constitution), dated 09-Oct 2015. The day to day management of the charity is undertaken by the Chair of Trustees, Michael Burkert. ## Risk Management The trustees have assessed the major risks to which the charity is exposed, in particular, those risks related to the operation and finances of the charity, and are satisfied that systems are in place to mitigate exposure to the major risks, although it is recognised that systems can only provide reasonable, not absolute, assurance that the underlying risks are being appropriately managed. These systems are reviewed at least once a year. The trustees have identified specific risks pertaining to event delivery, safeguarding, governance, finance, reputation and compliance. To the extent practicable, these risks have been mitigated through the charity’s procedures, policies and reporting structures and are monitored by the board of trustees through an annual review process. ## Key Management Personnel The trustees, and Chair of Trustees in particular, are the key management personnel of the charity, in charge of directing, controlling and operating the charity on a day to day basis. All trustees give their time freely and no trustee has received remuneration for their role as trustee in the year. Details of payments to trustees for services provided to the charity outside the scope of their trustee role and trustee expenses are disclosed in the notes to the financial statements. 7 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS ## TRUSTEE REPORT ## **1.4** FINANCIAL REVIEW During the year ended 31 October 2020, total income was £9,881 (2019: £88,456) and expenditure was £22,978 (2019: £83,379). The charity therefore made a loss of £13,097 for the year (2019: £5,077 profit). This has reduced the cumulative surplus achieved in previous periods to £487. Significant reductions in triathlon related activities and participation numbers were expected across the board for the 2020 season due to the Coronavirus pandemic. Furthermore, profitability is expected to be negatively impacted for the foreseeable future as further lockdowns and social distancing requirements lead to event cancellations. ## Reserves Policy The trustees have considered the need for reserves to be maintained by the charity and have concluded that, at normal levels of activity, an appropriate target would be to build up reserves to an amount equivalent to the operational costs of two cancelled Cornish Tri Series event. This would amount to approximately £10,000. As accumulated reserves at 31 October 2020 were only £487, rebuilding reserves will be a priority for intoTri as soon as the pandemic allows activities to be restarted. ## Going Concern intoTRI’s nimble and community driven approach to event management, with low fixed costs, as well as proactive renegotiation of contracts with third party service providers, allowed the charity to preserve its cash position throughout a Covid-19 disrupted event season. Taking into account existing cash balances and an available undrawn loan facility of £10,000, the Board of Trustees believes the charity to be financially viable for the foreseeable future. For this reason, the trustees continue to adopt the going concern basis of accounting in preparing the annual financial statements. ## Conflicts of Interest The trustees have a system in place to identify any conflicts of interests that may occur. When a conflict of interest arises, the relevant trustee declares that interest and, if appropriate, agrees to withdraw from any subsequent discussion and decision. ## Fundraising 8 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS During the period under review, the charity has not engaged in public fundraising, has not used professional fundraisers or commercial participators and has not received any complaints relating to its fundraising practice. Approved by the trustees and signed on their behalf by: ## Michael Burkert Michael Burkert (Jan 18, 2021 13:41 GMT) Michael Burkert Jan 18, 2021 ## Chris Penfold Chris Penfold (Jan 18, 2021 13:43 GMT) Chris Penfold Jan 18, 2021 ## Frédérique Sullivan Frédérique Sullivan (Jan 20, 2021 11:06 EST) Frédérique Sullivan Jan 20, 2021 ## Karen Sherry (Jan 21, 2021 07:58 GMT) Karen Sherry Karen Sherry Jan 21, 2021 ## Coralie Davison Coralie Davison (Jan 21, 2021 10:54 GMT) Coralie Davison Jan 21, 2021 ## Simon Dodd Simon Dodd (Jan 22, 2021 14:05 GMT+4) Simon Dodd Jan 22, 2021 Simon Currey Jan 24, 2021 9 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS ## INDEPENDENT EXAMINER’S REPORT ## **2** INDEPENDENT EXAMINER’S REPORT Independent examiner’s report to the trustees of intoTRI Charitable Incorporated Organisation I report to the trustees on my examination of the financial statements of intoTRI Charitable Incorporated Organisation (“the charity”) for the year ended 31 October 2020. ## Responsibilities and basis of report As the trustees of the charity, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## Independent examiner’s statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. Accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. The financial statements do not accord with those records; or 3. The financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a ‘true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Signed: Tim Curry Tim Curry (Jan 24, 2021 12:58 GMT) Name: T J A Curry FCA Address: 8 Mount Ararat Road, Richmond, Surrey, TW10 6PA Date: Jan 24, 2021 10 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS STATEMENT OF FINANCIAL ACTIVITIES ## **3** STATEMENT OF FINANCIAL ACTIVITIES 11 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS BALANCE SHEET ## **4** BALANCE SHEET Approved by the trustees and signed on their behalf by: ## Michael Burkert Michael Burkert (Jan 18, 2021 13:41 GMT) Michael Burkert Jan 18, 2021 ## Frédérique Sullivan Frédérique Sullivan (Jan 20, 2021 11:06 EST) Frédérique Sullivan Jan 20, 2021 Chris Penfold Chris Penfold (Jan 18, 2021 13:43 GMT) Chris Penfold Jan 18, 2021 Karen Sherry (Jan 21, 2021 07:58 GMT) Karen Sherry Karen Sherry Jan 21, 2021 ## Coralie Davison Coralie Davison (Jan 21, 2021 10:54 GMT) Coralie Davison Jan 21, 2021 ## Simon Dodd Simon Dodd (Jan 22, 2021 14:05 GMT+4) Simon Dodd Jan 22, 2021 Simon Currey Jan 24, 2021 12 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS ## **5** NOTES TO THE FINANCIAL STATEMENTS 13 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMETrirs For the rlod ended 31 October 2020 l *£counttng pollcbÈs Icontlnuedl h) Support and gtyrtrnance costs All 5uppurr and governance ¢05ts are alkxated in iheir eniirety to the chariWs primary aciivity. Governance costs are the c05Es associated %*7th the goverrbance arrangemEnts of ihe charity. These costs are as50Clated wrth consiitutional and st￿￿10ry requirement5 and include any cosis associated with the strategic rnanagemeni of the charity's aaiviiies. Flxed *xs*ts Fixed assets are srated ai cost less acc￿MU1aled depreciation Oepfeciatlon t5 provided at rates cakulated io write the cost ￿s5 e5ts1nated residu￿ value of each asset over 115 expecied useful life a5 fol￿￿5". Equipment Website 2 vears 2 vears 11 Cash ￿ b￿k In hand Cash at bank and cash in hand includes cash and Short terffl h￿Jh￿ liquid invesifflents wth a short rnaiurity of three month5 or less from the dale of acquisiiK)n or opening of ihe depDsit or similar ￿{O￿nI. k) nnancw Snstrurmnts The charity ha5finar*rJl a55et5and 1rd￿￿[l￿$t1￿￿UJIrfy a5ba5*finanual InSt￿Ments. Ba5￿financIal instruments Xe inrtla1￿ recrwised ar vansxtk)n val*. Credlrors and provlslons Crediror5 and provi5ioDs are Tetognised where The tharity has a PTesenT obligation resultin9 from a past eveni rhar vlill protsab￿ re5uli in the iransfer of fU￿J5 TO a third pany and IhE a￿￿U￿t duE to Settle thE obligation can be measured or esiimatelj reliabty. Creditors and provisions are n￿mal￿ recognised ai thelr settletnent arDount aftEr allowing foT arry tr*J¢ discounts due. 2020 2,019 t*Jnaiions froffl event pawTicipants Event entry fee5 Inet of event and volunteer credits) Merchandise Inet proieedsl Commercial partr*rships Payment processiwj fees Vendor fee5 Othef incorne 1.976 6.547 50 150 8.644 75.224 2.374 400 391 1.340 83 50 Incom* 9.881 88.456 2020 2.019 Event rnanagement sery￿e$ (Note 5) Event C05t5 Payrnent processin9 COSIS Advertising and promotion costs Lkenses and peimils Volunteer Incen1￿e$ Rent of facilstie5 and equipmeni Award5 and pnze5 Tra*el. accommodatson and other expenses Insurance Weblsoftware mainienante Depfeciaison Import duties Oiher costs Tot￿ expendlwr• iO.(*X+ 2.363 403 54 45.000 18.302 358 450 477 2.567 1.791 4.620 1.298 634 799 6.022 660 401 83.379 1630) 4.922 530 3.774 122 220 All governance seThKes are prov•Jed free of charge 14 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMETrirs Forthe rt¢>d •nded 31 O£rober 2020 N¢1 Incom• fDrth• wriod This is slated after charying.. 2020 2019 Service5 provided by a tru5Eee (Noie S) Depreciation Independent examlrtrfs remuneraiw) io,000 3,774 45.000 6.022 TFu¥te¢ rTnwner•lon. b¢n¢fft5 •nd w*n¥es No tru51ee has paid ary remunerniion or received any othEr benefits or reimbur5ernEllt of expense5 for Their role as a irusree. The charity has enterEd Into a seM£e a9T*ft*ni ￿th IntO¢rb Events knmtred fiEL-l. a comparty cor¥trolled bv the chair of trustees. Michael BurkÈrt. Under this agreemÈnt. thÈ se￿ICeS to bÈ provided Incl￿de design and maintenance of the chanty'5 v￿bSIte and the design. promtion and delwery of the rnajority of the charity's evenis. Fee5 payable ro IEL for Services del￿ered In Ehe yeaT afflouThted to £lO.000 12018 119. £45.000). In addition. during the ¥ear, IEL was reimbursed £l,i 79 for expenses incurred the company on behalf of the chantv (2018119". £S.4661. Service5 provided by the chanty to Intotri Events Lifflrted durin9 the year included selling IEL ￿rning devtces to athletes for use ai Certain of ihe chariEqs tnwhlon events and promoting one Three day tna¢hlon camp for school childrÈn dunn9 ihe summer holidays. IncomÈ ￿Cell￿d ￿ the charity for thesÈ servites as an agent of IEL Y￿re £925 and £2.148 respe(tr¥e￿. These arrwnt5 ￿Te paid to IEL and have not bEen included a5 income of thE chariEy. T￿ll¢n The charity is exempt from torpDratKJn tax as all its incomÈ is (haritsble and is aP￿led for chantable purw5es. xed assets EquipmEnt WÈbsite Tot Ai Start of rhe period Additions DisrKJsals 7.454 427 14.3841 14,038 867 21.492 1.294 (4.3841 Al the et)d of the peri￿ 3.497 14.905 18,402 At start of the period Disposals Charge for thE period S.919 (4.3841 1.749 12.451 18.370 (4.1841 3.774 2,025 Ai the end of the period 3,284 14,476 17,760 Net bDDk ￿ue At tht end of the pÈrlod 214 429 643 Ar the start of the per 1.535 1.587 3.122 15 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMETrirs 2020 2019 Creditors aryl xrr¥¥5 E%*ni (T￿rtS Voluntttr crodits ServKts prty￿ed vus¢•* 938 &823 851 405 1.500 15.612 I.(￿)3 10 In fwwJ5 At31 Ortob•r 2020 2019 Itxomè Expendlturt 13.584 9.881 122.978) 487 13.584 9.881 122.978) 487 charrty is a Ch•ritsWe rcM)7 sh•ffe ￿￿tal. The n*rnbt￿ of ihe 00 arn the t￿￿0*5. 11 the CM) Is up, thè n￿rnbe￿ hm rK+ IMbik"ty to rorrtribute io ts asvis and no PEf50Thal for rt5 deL%s lithlrtie5. 16 ## intoTRI Annual Report_2019-2020 Final Audit Report 2021-01-24 Created: 2021-01-24 By: Michael Burkert (intotri.team@gmail.com) Status: Signed Transaction ID: CBJCHBCAABAAXR5lqhdYFXILgtCq4QlaKAX--9K01Stj ## "intoTRI Annual Report_2019-2020" History Document created by Michael Burkert (intotri.team@gmail.com) 2021-01-24 - 10:56:12 AM GMT- IP address: 82.24.95.99 Document emailed to Tim Curry (tim.curry.home@gmail.com) for signature 2021-01-24 - 10:57:40 AM GMT Email viewed by Tim Curry (tim.curry.home@gmail.com) 2021-01-24 - 12:57:32 PM GMT- IP address: 92.238.215.35 ## Document e-signed by Tim Curry (tim.curry.home@gmail.com) Signature Date: 2021-01-24 - 12:58:58 PM GMT - Time Source: server- IP address: 92.238.215.35 Agreement completed. 2021-01-24 - 12:58:58 PM GMT