## intoTRI (Charitable Incorporated Organisation) Charity No: 1163918 Annual Report & Financial Statements Financial Year 2020/2021 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........................................................................................................................... 5_| |||_1.2.2_
_Impact of Covid-19 .............................................................................................................................. 6_| |||_1.2.3_
_Volunteers & Partners ....................................................................................................................... 8_| ||1.3|STRUCTURE, GOVERNANCE AND MANAGEMENT........................................................................ 8| ||1.4|FINANCIAL REVIEW............................................................................................................................................. 9| |**2**||INDEPENDENT EXAMINER�S REPORT**.......................................................................................11**| |**3**||STATEMENT OF FINANCIAL ACTIVITIES**................................................................................12**| |**4**||BALANCE SHEET**................................................................................................................................13**| |**5**||NOTES TO THE FINANCIAL STATEMENTS**............................................................................14**| 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 2021. 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 sixth period of operation, intoTRI was aiming to build on the experience from previous years, delivering a �a��e �� e�e�� ����a�� �� �����e� ��e c�a������ ������� �� �I�����e ac���e ���e� ������� ���a������. 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 (8-16 years) to Super Sprint, Sprint and Olympic 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. The build-up of a series of events with points accumulated throughout the season (Cornish Tri Series, Mermaid Cup, Cornish Triathlon School League) has proven to boost regular participation. A retention rate of over 80% shows that intoTRI is delivering on its aim to promote healthy recreation. Operating in locations that range from some of the most deprived areas in the UK to the leafy areas outside London, intoTRI events increase social cohesion, creating a community and support network of athletes and volunteers actively pursuing healthy lifestyles. 4 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS ## TRUSTEE REPORT ## **1.2.1 Event Formats** Event formats have included: ## _**Virtual Events**_ To keep our audience engaged over the winter lock-down period and encourage an active lifestyle, intoTRI offered virtual challenges for 11x swim-bike-run courses across Cornwall, Devon & Surrey. While taking on the courses in their own time, athletes were able to challenge virtual leaderboards on Strava, or take on the competition from the comfort of their home on Zwift. A swag bag including race numbers, medals and personalized awards postcards were posted to all finishers. Junior participants were encouraged to take to the park around the corner or the local gym with handy DIY TRI packs, which included race kit, print at home course signage and finish flags. All virtual event entries were offered at cost. ## _**FreeTri Series**_ To promote healthy recreation, intoTRI e��ab����ed a�d �a�a�e� ��e ����d�� ����� ��ee entry triathlon series, hosting monthly events at Walton-on-Thames, open to people of all ages, abilities and social backgrounds. Now in its sixth year, the series was scheduled to run from April to September. Covid-19 related restrictions until late May 2021 and operational hurdles for a restart at our pool provider, PfP Leisure, meant the season eventually only encompassed two events: A Duathlon (run-bike-run) in July and a Triathlon in September. Overall athlete sign ups per event showed a considerable drop of 30% vs. pre-Covid levels, predominantly driven by an over 50% drop in junior entries (see 1.2.2 for details). The FreeTri Series benefitted from the successful delivery of a junior triathlon camp in August, word of mouth promotion and the continuing appeal of the roll out of a bespoke NFC chip timing system in 2019. This was evidenced by strong demand for �S�a��e� K���� from athletes new to intoTRI and the FreeTri Series. 48% of all entries into the FreeTri events held in 2021 included a �S�a��e� K���. �S�a��e� K���� c���a�� 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. To further encourage novices to take up the sport, intoTRI operates ��e���a���ed� transition zones at the Free Tri Series, allowing participants to change in a changing room, which has been shown to boost participation of novices and female participants �� �a���c��a�, ������� �� ���� ��e a��� �� S���� E���a�d�� #�hisgirlcan campaign. A lack 5 ## INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS ## TRUSTEE REPORT of cut-off times at all intoTRI events further encourages new adopters to have a go, promoting finishing over winning. ## _**Triathlon School League**_ intoTRI introduced ��e UK�� ����� T��a����� Sc���� Lea��e, ��e Me��a�d C��, as part of the Surrey School Games calendar in 2017 and added a sister series in Cornwall in 2018, The Cornish Tri School League. With the Mermaid Cup events, free school assemblies and intra-school events cancelled due to Covid-19 restrictions, intoTRI delivered 5x inter-school events in Cornwall as part of the Cornish Tri School League, introducing 686 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 E���a�d�� b���e�� ���a����� e�e�� �e��e�, comprising multiple locations across the South West. The 2021 Series featured 5 events, including pool and open water triathlons, from May to September, spanning locations from Falmouth to Tavistock. The offer of a �Race Pa���, a������� a���e�e� �� e��e� �������e e�e��� �� ��e C������ T�� Series at a discount, incentivised regular physical exercise through training and event participation. The expansion of non-timed scootathlon (scoot/bike/run) and micro duathlon (run/bike/run) events for 5-8 year olds to all Cornish Tri locations and the offer of shorter super sprint distances for all adult events continued to broaden the appeal of the series. Junior participation figures continued to be heavily influenced by the change in consumer behaviour due to Covid-19 (see 1.2.2 for details). However, adult participation for the full year surpassed pre-Covid sign ups (on a per event/like for like basis) by almost 30%, predominantly driven by a 50% increase at the season finale in Falmouth. Event entries across all 5 events in the Series averaged 140 children and 180 adults. ## **1.2.2 Impact of Covid-19** The Coronavirus pandemic (Covid-19) continued to significantly impacted leisure activities and in-person events in England throughout the year. Based on government, NHS and British Triathlon guidance, intoTRI suspended all organised triathlon activity until the end of May 2021, to help protect the health and wellbeing of athletes, volunteers and spectators and to alleviate the risk of an additional burden on the 6 ## INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS ## TRUSTEE REPORT ## emergency services. The resumption of organized swimming activities from 21-May 2021 allowed us to ��a�� ��e C������ T��a����� Se��e� a� GLL�� Leisure Centre in Wadebridge at the end of May and hold 5 Cornish Tri events throughout the season as scheduled. Due to operational hurdles faced by our partner, PfP Leisure, FreeTri events in Walton did not resume until July in a duathlon format, while a regular triathlon format was only possible for the last scheduled event of the Series in September. Consistently high infection rates in primary and secondary schools did not allow for any triathlon school assemblies or intra-school events in 2021. All intoTRI events in the 2021 season were held with strict, British Triathlon and Council approved safety and hygiene procedures in place. These included moving all event briefings online, self-marking for the swim at home, staggered registration and start slots to avoid crowds, spacious transition zones and stringent hygiene requirements. ## Impact on Participation Pent up demand and restrictions on international travel created a tailwind for our adult triathlon events. A 100% Covid-19 refund and deferral policy, covering Covid-19 related event cancellations, infection and self isolation requirements, further enhanced confidence amongst athletes to book events weeks/months ahead. As the roll-out of vaccinations progressed through the age groups, we saw a gradual pick up in demand throughout the season with participation figures picking up markedly and surpassing pre-Covid levels from July onwards. In sharp contrast to adult participation, junior entries remained subdued and 50% below pre-Covid levels throughout the season across our events in Cornwall and Surrey. The drop in participation is in line with figures posted by other races, junior parkruns and sports clubs across England. We believe a number of factors contributed to the development: - Loss of confidence as swimming pools remained closed for months and clubs were unable to offer regular training sessions - Lack of regular PE and extracurricular sports provisions, as schools focused on core subjects and tried to minimise close contact/crowds to contain the virus - Slow implementation of an immunisation program for primary and secondary school children - Parental focus on reducing non-essential activities to e����e c���d�e� ����� miss any more in person school days and avoid financially damaging and mentally challenging self-isolation requirements for the whole family - Lockdown induced increase in sedentary lifestyles among children / family unit 7 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS ## TRUSTEE REPORT - Lack of direct marketing opportunities as schools refrained from hosting external providers for assemblies Further lockdowns or social distancing requirements remain a key risk for at least the first half of 2022. However, the Board of Trustees hopes to stage 4-5 FreeTri and 5- 6 Cornish Tri events in 2022, 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: - 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 - S� M�c�ae��� Re���� �� Fa������ 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 8 ## INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS ## TRUSTEE REPORT 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 �a�e bee� �����a�ed ������� ��e c�a������ ���cedures, 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 dayto-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. ## **1.4** FINANCIAL REVIEW During the year ended 31 October 20201 total income was £54,071 (2020: £9,881, 2019: £88,456) and expenditure was £50,661 (2020:£22,978, 2019: £83,379). The charity therefore made a profit of £3,410 for the year (2020: £13,097 loss, 2019: £5,077). This has increased the cumulative surplus achieved in previous periods to £3,897 (2020: £487). Reductions in triathlon related activities and participation numbers were expected across the board for the 2021 season due to the Coronavirus pandemic. Furthermore, profitability may be negatively impacted for the foreseeable future as further lockdowns and social distancing requirements lead to event cancellations or loss of income from merchandising, day entries and sponsorships. ## 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 2021 were only £3,897, rebuilding reserves will be a priority for intoTri in the 2022 season. 9 ## INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS ## Going Concern ����TRI�� 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 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 on 2-February-2022 and signed on their behalf by: Karen L Sherry Trustee Frederique Sullivan Trustee Coralie F Davison Trustee Simon J. Dodd Trustee Christian Penfold Trustee Simon D. Currey Trustee Michael Burkert Chair of Trustees 10 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS ## INDEPENDENT EXAMINER�S REPORT ## **2** INDEPENDENT EXAMINER�S REPORT I�de�e�de�� e�a���e��� �e���� �� ��e �����ee� �� intoTRI Charitable Incorporated Organisation I report to the trustees on my examination of the financial statements of intoTRI C�a���ab�e I�c�����a�ed O��a���a���� (���e c�a�����) ��� ��e year ended 31 October 2021. ## 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 requ��e�e��� �� ��e C�a����e� Ac� 2011 (���e Ac��). I �e���� �� �e��ec� �� �� e�a���a���� �� ��e c�a������ ���a�c�a� ��a�e�e��� ca���ed ��� 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. ## I�de�e�de�� e�a���e��� ��a�e�e�� 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 ���a�c�a� ��a�e�e��� ���e a ����e a�d �a�� ��e� ���c� �� ��� a �a��e� c����de�ed 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: Name: L O C CORNWELL FCCA Address: 194 Stanley Road Teddington TW11 8UE Date: 15 December 2021 11 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS ## STATEMENT OF FINANCIAL ACTIVITIES ## **3** STATEMENT OF FINANCIAL ACTIVITIES 12 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS ## BALANCE SHEET ## **4** BALANCE SHEET Approved by the trustees on 2-February-2022 and signed on their behalf by: Karen L Sherry Trustee Simon J. Dodd Trustee Frederique Sullivan Trustee Christian Penfold Trustee Coralie F Davison Trustee Simon D. Currey Trustee Michael Burkert Chair of Trustees 13 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS ## NOTES TO THE FINANCIAL STATEMENTS ## **5** NOTES TO THE FINANCIAL STATEMENTS 14 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS pok*s Iconthuedl Fi¥tda55ets F￿ed a$5ets are stated atwst less accumukted dewedat Oeprecktbn Is prcvlded at rates cakukted t0%4Y1tedV￿ cosi ￿se51￿atrd res&knl ¥ak*deachasset leritse￿Cted Usef￿ life as folbws.. 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Fees ￿ya￿et0 IELforservices delivered in the yearamountedte £Z5IWI2019120.. £iopxII. In addition,during theyear, IELw3s re1m￿r5ed£3338 forexpen5es ircy￿Ed c(ThpHny onte￿I￿of d￿rity(2D1912O.. £1.1791. Servres by the charityto Intotri Events ￿M￿eddUrire￿Year ￿￿￿￿ed selling IELtiming devre5tt) athletes fc*use atcertain ofthe charity's triathlon events aNJ wemetinÉ one threeday knathlon campfc sch(K>l chI￿ren during the surnmer h(Aidays. Income re￿TrIed ￿ 1￿charity for￿Se serwitrs as an agentof IELwere £722 and £2,847 respeLtnfety. These amounts were pahl tolELaThl have not been irduded a5 Income oftr* tharfty. 7 Taxatk)n The charity 15 eXer￿Ptfr￿n corpordtiontaxas all it5 1￿C￿ne ￿ charTtabb2 and 15 3ppliedfwcha1lta￿e purw>ses. 8 FLxedassets EquSpment Webstte T(rtal Atstsrtofthp peri(xl Adjrtions "sp)sa 3,497 14905 Att￿eN1¢ftht peiw 3,497 14,905 rweflatknn Atstsrt ofthè peri(xl skKJsa thèryeforthe Pe￿ 3284 14A76 17,760 213 429 AItheer￿efthe perfc 3.497 14.905 N*Wva Althee￿I0fthe pefknl At￿sla￿0fthe ￿riod 213 429 642 INTOTRI ANNUAL REPORT & FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS 9 CredtL¥sath4 an￿￿￿la￿￿OJey￿thkn¢m¥ear 2021 2020 editors and3ccruak EventcrEdits Volunteercredits Senli￿5 provided by a trustee 2$2 6.021 2.454 938 8,823 851 8.727 15,612 10 MovemeM5 Ati At31 Ntrlemter 2020 Incthre E￿nd(tUre 2021 UmestrktsdluN￿. 54x171 50.661 3,897 Totsl westrktedluTh* 54x171 50,661 3.897 11 Le¥3lslkn ofthecharty The charity charitab￿ Inc0ryx)ratedOrgan￿ati¢￿1'Qo"1and has noshare(zFxtsl. 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