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2023-12-31-accounts

Charity number: 1193601

Sweaty Betty Foundation

Report and unaudited financial statements For the year ended 31 December 2023

Sweaty Betty Foundation

Contents

Reference and administrative information ....................................................................................................... 2 Trustees’ annual report ..................................................................................................................................... 3 Independent examiner’s report ...................................................................................................................... 14 Statement of financial activities (incorporating an income and expenditure account) .................................. 15 Balance sheet ................................................................................................................................................... 16 Statement of cash flows .................................................................................................................................. 17 Notes to the financial statements ................................................................................................................... 18

1

Sweaty Betty Foundation

Reference and administrative information

For the year ended 31 December 2023

Charity number 1193601
Country of registration England & Wales
Registered office and Wolverine Worldwide
Operational office Kings Place
90 York Way
London
N1 9AG
Trustees Trustees who served during the period and up to the date of this report
were:
Tamara Hill-Norton
Heidi Coppin
Amman Johal
Chantel-Mariee Lewis
Omoefe Odeka
Melissa Mullen
Yoon Gi Yang
Key management Nicola Marshall, Director (until July 2023)
personnel Afsana Lachaux, Director (appointed October 2023)
` Sophie Planes
Bankers HSBC
21 Kings Mall
Hammersmith
London W6 0QF
CAF Bank [insert address]
Solicitors Farrer & Co LLP
66 Lincoln's Inn Fields
London WC2A 3LH
Independent Judith Miller
Examiner Sayer Vincent LLP, Chartered Accountants
110 Golden Lane
LONDON
EC1Y 0TG

2

Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2023

The trustees present their report and the unaudited financial statements for the year starting 1 January 2023 and ended 31 December 2023.

Reference and administrative information set out on page 2 forms part of this report. The financial statements comply with current statutory requirements, the charity's constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The Foundation’s objects are to advance in the interests of social welfare the opportunities for women and girls to engage in physical activity, in particular for those who may experience specific challenges or difficulties in accessing those opportunities and which will improve their conditions of life by promoting their physical, mental and social well-being in particular (but without limitation) by providing advice and assistance and organising and supporting programmes of activity for women and girls to engage in physical activity.

The Foundation was launched in February 2021, and has now delivered a range of activities to support girls and help them to get active. Globally, only 15% of teenage girls are doing enough physical activity. The changes to girls’ bodies during puberty, especially starting their periods and their breasts developing, has a huge impact on their body confidence and their confidence doing physical activity. The Foundation wants to change this so will be working across three pillars to empower girls to get active.

Pillar 1: Schools

Research shows that many girls, especially the least active, don’t feel confident taking part in physical activity at school. For many girls this is their only chance to get active. Our dream is for every girl to get active at school every day, both within and outside of physical education lessons.

Pillar 2: Community

We know that activities run in local communities, by people from those communities, are great ways to empower people to get more active. Our dream is that every girl takes part in fun, inclusive physical activities in her community.

Pillar 3: Digital

Girls spend a huge amount of time online, but for many it’s not a safe, welcoming space that helps them feel more confident about their bodies and being active. Our dream is that every girl is welcomed in an online world that helps her get active and stay active independently.

Research

In addition to co designing participatory grants programmes, we also invest in impactful and innovative research to help inform sector best practice and system change.

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Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2023

Approach to achieving impact

As a predominantly grant-making Foundation, we seeks out organisations with great ideas and a strong track record under one or more of these pillars. The Foundation awards grants to further its objects and purpose. The trustees have ultimate responsibility for all grant-making decisions in line with agreed priorities.

As well as providing grants, the Foundation designs and implements a small number of projects itself, some of which are in partnership with our key partner the activewear company, Sweaty Betty.

The trustees review the aims, objectives and activities of the charity each year to ensure the charity remains focused on its stated purposes. The Foundation is now in its third year and can report on tangible outcomes and benefits from the partnerships it has developed since its inception in 2021.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance during 2023

The Foundation empowers women and girls from all backgrounds to achieve lifelong health and activity through grant-making programmes and initiatives.

In 2023, the Foundation empowered women and girls to get active and stay active for life. Together, with our partners, we created over 2,000 opportunities for the least active girls to participate in a wide range of activities, from hiking and dance to football. We supported fourteen organisations[1] delivering impactful programs in schools, communities, and online. Through our partnership with Sporting Equals, we further empowered seven additional community-based organisations. We also supported girls in obtaining coaching qualifications. Our partner Sweaty Betty donated 2,761 sports bras helping thousands of girls to feel more confident and be active.

The Foundation made significant grants during the period totalling £234,480. Grants were awarded 11 organisations:

  1. Greenhouse Sports extension

  2. Sporting Equals

  3. Access Sport

  4. Make Space for Girls

  5. London Sport

  6. Friends of Rowntree Park

  7. Scottish Sports Futures (received 2 grants including Girls on the Pitch)

  8. This Girl Can Leeds (Girls on the Pitch)

  9. Milk Honey Bees (received two grants including Girls on the Pitch)

  10. Youth Excellence Academy (Girls on the Pitch)

  11. Muslimah Sports Association (Girls on the Pitch)

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Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2023

This included five small grants (up to value of £3,000) through our participatory grants programme ‘Girls on the Pitch’.

In 2023 it wasn’t possible to run the highly successful Bra for Bra campaign due to organisational changes within Sweaty Betty and the Foundation. However, we donated a total of 2,761 sports bras from Sweaty Betty allowing us to help thousands of girls feel more confident and comfortable being active.

Set out below is an overview of the impact achieved from key projects during 2023 (Some of these projects were accounted for within the 2022 financial year but continued to deliver and/or completed in 2023). Other projects were approved and accounted for in the 2023 financial year and are either fully or part delivered.

Pillar 1: Schools

Pillar 2: Communities

5

Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2023

In addition to the above, Scottish Sports Futures, Friends of Rowntree Park and London Sport delivered a range of activities under this pillar.

Pillar 3: Digital

Girl on The Pitch

The Foundation ran one ‘Girls on the Pitch’ event in March inviting organisations to ‘pitch’ their ideas to trustees from the Foundation and staff from Sweaty Betty. Five organisations successfully bid to this programme. Small grants totalling £10,460 were awarded to Youth Excellence Academy, Scottish Sports Futures, Milk Honey Bees, This Girl Can Leeds and Muslimah Sports Association to support over 47 girls in their communities to get more active.

Research

Make Space for Girls: Campaigns for facilities and public spaces for teenage girls. The Foundation supported a ground breaking research initiative – Parkwatch, a citizen science project which counted how many teenagers, particularly girls, were using local park facilities. The results highlighted how girls are often designed out of parks, emphasising the need for more inclusive spaces.

Access Sport: The Empowering Disabled Teenage Girls Research Project in partnership With Women in Sport and Nuffield Health engaged over 160 sector partners and individuals to share the research with their networks. The project received 150 survey responses from disabled girls aged

6

Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2023

11-19 years and held 2 listening lab workshops with 9 girls with a range of different disabilities. The research will be launched in Spring 2024.

Cross-Pillar Activity

Girls’ anxieties and body confidence issues associated with PE kit and sportswear is a key factor in preventing girls from being active. Together with our partner, Sweaty Betty, the Foundation made major in roads in tackling the issue of kit through its distribution of 2761 bras and recrafting the sports hijab to enable more Muslim girls to take part in sports and physical activity.

Sports Bra roadshows workshops were jointly delivered with Greenhouse sports and enabled 602 girls to take part in receiving education and awareness as well as product donation. We also trialled our sports hijab with partner organisations as part of our market testing for the hijab charity product.

The Foundation paused grant activity during July – October whilst recruitment was underway for a new director.

The Foundation works in close collaboration with project partners to ensure the greatest impact of funds by planning project objectives and milestones. These are mutually agreed at the start of each project and are confirmed in a signed grant agreement. Progress against project objectives is monitored through regular reports and meetings.

Financial review

Sweaty Betty Foundation’s corporate member is Sweaty Betty Limited. The Foundation is primarily funded through donations from Sweaty Betty Limited with an increasing amount of donations received from Sweaty Betty’s customers and staff. Sweaty Betty Foundation receives quarterly donations from Sweaty Betty Limited based on an annual funding agreement.

During the reporting period, Sweaty Betty Foundation received £322,821 in donations. The primary sources of funding were:

A donation of £150,000 from Sweaty Betty Limited

Additional sources of funding included:

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Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2023

In addition to the funding received, Sweaty Betty donated sports bras with a value of £13,805 to the Foundation to distribute to girls in schools and community groups.

The Foundation’s expenditure is predominantly focussed on providing grant funding to partners, funding our own projects and on internal costs including staff.

The charity accounts for all grant funding at the time at the grant commitment is entered into; grant commitments in the year totalled £234,480.

Staff costs totalled £103,716. Staff costs are allocated between charitable activities and costs of raising funds.

The Foundation started the financial year with considerable free reserves which were accumulated over the first two years of the Foundation. The Foundation is planning to spend this on achieving its charitable objectives and the board therefore expected a deficit in the current and previous financial years.

Since the Foundation’s funding model is reliant on annual cash donations from Sweaty Betty Limited, the Foundation has a very limited appetite for financial risk. Foundation funds are therefore held in accessible cash bank accounts.

Principal risks and uncertainties

The Trustees have conducted a review of the major risks to which Sweaty Betty Foundation is exposed. Risks are assessed on the basis of their likelihood and potential impact, and mitigation strategies are put in place to manage them in line with the board's risk appetite. They are recorded in a risk register which is regularly reviewed by the Trustees and updated and approved annually. Where appropriate, systems or procedures have been established to manage the risks the charity faces. The Foundation Director continually monitors changes in risk levels or emergence of new risks that may impact upon the organisation and escalates any concerns to the trustees. The trustees consider the following to be the key principle risks that Sweaty Betty Foundation faces:

Key Financial Risks

Predictable Funding Projections : We will utilise minimum guaranteed donation projections from Sweaty Betty when forecasting committed expenditure. This ensures a realistic understanding of available resources and helps prioritise spending.

Strengthening the Partnership : Building a strong and collaborative relationship with Sweaty Betty is crucial. We will actively demonstrate the Foundation's value to Sweaty Betty by showcasing the impact of our work on shared goals. This fosters trust and encourages ongoing support.

Transparency and Alignment: We will track income from Sweaty Betty through a phased budgeting system. This provides a clear picture of how their contributions are allocated. Additionally, shared plans and funding targets will be communicated with key departments within the Foundation, ensuring alignment with strategic objectives.

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Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2023

Multi-Year Agreement: Negotiating a multi-year agreement with Sweaty Betty is a priority. This secures a more predictable funding stream and fosters long-term planning.

Oversight and Continuous Evaluation: The Foundation's Finance and Risk committee will maintain a robust scrutiny and oversight function. This includes regularly reviewing the performance of the Sweaty Betty partnership and identifying areas for improvement.

Diversification of Income Streams : The appointment of a full-time Business Development Manager demonstrates a proactive approach to diversifying the Foundation's income sources.

Enhanced Scrutiny and Oversight : The Finance & Risk committee will maintain heightened scrutiny and oversight of the Sweaty Betty partnership, alongside its broader financial management function. This proactive approach ensures potential risks are identified and addressed swiftly.

Key Operational Risk

The Board sign off grant partnerships at Partnership committee.

Grants reporting tracker has been established to monitor progress and Foundation staff carry out monthly/quarterly check ins with partners to ensure partners and projects are supported and any changes/variations to the project are jointly agreed.

Key Reputational Risk

Sweaty Betty have separate PR plans to mitigate against this.

Key IT Risk

9

Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2023

Key Governance Risk

Enhanced Due Diligence : A robust due diligence process is implemented before entering into any strategic partnership. This includes a review of the partner's financial health, reserves policy, and past performance. We will also investigate sudden personnel changes and verify receipts against reported expenses.

Rigorous Monitoring and Reporting: A comprehensive grants register and tracker system allows for close monitoring of partner activities. Regular reporting requirements, including financial statements and interim reports with detailed expenditure breakdowns, ensure transparency and accountability.

Phased Funding : Grant payments are disbursed in tranches tied to achieving pre-defined project milestones. This approach ensures funds are used as intended and project progress is demonstrably achieved before releasing additional funds.

Whistleblower Policy: The grant agreement requires the partner to report any irregularities uncovered during project execution. This encourages transparency and allows for potential issues to be addressed promptly.

Termination Clause: The grant contract includes a clear termination clause that can be exercised if the partner misuses funds, fails to deliver on agreed-upon outcomes, or brings the Foundation into disrepute.

Reserves policy and going concern

The reserves policy states that at any given time Sweaty Betty Foundation should hold accessible cash reserves sufficient to cover:

At the end of the reporting period, total funds were £229,442, all of which are held as free reserves, which is significantly above our reserves policy requirement.

We anticipate that our grant-making in 2024 will spend down a proportion of our excess reserves. However, there is a currently a very high level of economic and financial uncertainty which may have an impact on our future funding – we therefore plan to remain above our minimum reserves level at

10

Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2023

the end of the next financial year and have a more strategic approach with our grant awards to ensure maximum impact.

Sweaty Betty have confirmed their corporate donation will be £150,000 for 2024 and has also agreed to continue to fundraise from customers through their website, and commence fundraising from customers in their retail stores. Sweaty Betty have confirmed that the sports hijab and breathe easy long sleeved top will be sold as a charity product in 2024 with all proceeds from the sale of these items to be donated to the Foundation.

The Sweaty Betty Foundation has no tangible fixed assets, notice accounts or investments therefore all assets can be realised immediately.

The trustees believe that the Foundation is well placed to manage its business risks successfully. The trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Fundraising

The Sweaty Betty Foundation engages in public fundraising through Sweaty Betty stores and website and has a commercial participation agreement in place to govern this arrangement. The Foundation also receives funds raised through fundraising activities carried out with Sweaty Betty employees. The Foundation does not use professional fundraisers.

Plans for the future

The Foundation’s long term strategy was agreed at its away day in June 2023. Going forward, the Foundation will continue to implement the agreed strategy and focus on two key priorities in 2024:

  1. Delivering a PE revolution with focus on education, and schools using our P.A.C.K. intervention framework– to address Puberty, Attitudes, Changing rooms and Kit. Our plans include period education workshops and Girls on The Pitch schools changing rooms competition.

  2. Fundraising and engagement to increase income, raise awareness and elevate our work.

In 2024 in partnership with Sweaty Betty, we will launch the sports hijab as a charity product and donate 300 hijabs to the least active girls as part of our commitment to tackling the barriers that prevent girls from being active.

We will continue to strengthen our engagement with the ‘Girls’ Panel’ through their involvement on our projects and embed their voices into our strategic plans.

Our partnership with Sweaty Betty will be more aligned and embedded through more integrated campaigns and employee engagement. We will also seek to leverage the benefits from being with the Wolverine Worldwide groups.

Structure, governance and management

The Sweaty Betty Foundation is a charitable incorporated organisation registered as a charity on 19 February 2021 in England and Wales. The charity is constituted under a constitution.

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Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2023

All trustees give their time voluntarily and receive no benefits from the charity. Details of any expenses claimed by trustees are detailed in note 8 of the financial statements.

The Trustees are supported in the day-to-day management of Sweaty Betty Foundation by the Foundation Director, Afsana Lachaux who joined the organisation in October 2023. The Director is responsible for the effective running of the Foundation by managing relationships with partner organisations. The Director makes grant recommendations to the Trustees in accordance with agreed grant-making policies and an approved scheme of authority. Trustees make decisions about grants at Trustee Meetings which are typically held on a quarterly basis.

In July 2023, our previous Director, Nicola Marshall, departed to pursue a new opportunity. To ensure a smooth transition until the appointment of the new director in October, Sophie Planes, our Business Development Manager, acted in the role.

Appointment of trustees

The Constitution supports a minimum of three Trustees. There is no maximum number of Trustees. Trustees are either nominated or appointed on a need basis. There must always be more appointed trustees than nominated trustees on the board. Apart from the first charity trustees, every appointed charity trustee shall be appointed for a term of up to three years.

As the sole Member of The Foundation, Sweaty Betty Limited may nominate charity trustees who are members of staff, directors or consultants of a company within the Sweaty Betty Group. Appointed trustees must have no current connection as a staff member, director or consultant of any company within the Sweaty Betty Group and are selected with a due regard to the skills, knowledge and experience needed for the effective management of the charity.

Trustee induction and training

New Trustees attend suitable induction and training with the Foundation Director and existing trustees to familiarise themselves with the charity, its governance and the context within which it operates. Trustees are provided with CC3 The Essential Trustee and the Charity Governance Code.

Related parties and relationships with other organisations

Sweaty Betty Foundation’s sole member is Sweaty Betty Limited. The Foundation is primarily funded through donations from Sweaty Betty Limited. The Trustees recognise their charitable responsibilities and state formally that the charity's activities will always be consistent with achieving its objects. Any benefit which may accrue to Sweaty Betty Limited from the Foundation's activities will be incidental and outweighed by the contribution to the Foundation's charitable objectives. Please see note 10 for further Related Party transaction details.

Remuneration policy for key management personnel

The Foundation Director’s pay and remuneration are set with reference to sector benchmarks and is periodically reviewed against comparable organisations using market data. Pay and benefit changes are approved by the full Trustee Board. The Foundation Director receives ongoing performance

12

Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2023

management and an annual feedback report which provides feedback from the Trustees and external grant partners.

Statement of responsibilities of the trustees

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees’ annual report has been approved by the trustees on 19 June 2024 and signed on their behalf by

Tamara Hill-Norton Chair of Trustees

13

Independent examiner’s report

To the trustees of

Sweaty Betty Foundation

I report to the trustees on my examination of the accounts of The Sweaty Betty Foundation for the year ended 31 December 2023.

This report is made solely to the trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the CIO’s accounts 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 2011 Act.

Independent examiner’s statement

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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:

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 accounts to be reached.

Signed:

Name: Judith Miller

Date: 15 August 2024

Relevant professional qualification or membership of professional bodies (if any): FCA Address: Sayer Vincent LLP, 110 Golden Lane, London, EC1Y 0TG

14

Sweaty Betty Foundation

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2023

For theyear ended 31 December 2023
Note
Income from:
2
4
Reconciliation of funds:
Total funds carried forward
Total funds brought forward
Net expenditure for the year
Raising funds
Investments
Total income
Expenditure on:
Total expenditure
Charitable activities
Digital
Research
Schools
Community
Donations		 2023
Total
£
322,821
336
323,157
48,204
70,281
284,363
13,628
24,154
440,631
(117,474)
346,916
229,442		 2022
Total
£
556,845
130
556,975
22,890
122,689
399,160
17,411
34,880
597,030
(40,055)
386,971
346,916

All of the above results are derived from continuing activities. All income and expenditure in both years is unrestricted. There were no other recognised gains or losses other than those stated above.

15

Sweaty Betty Foundation

Balance sheet

As at 31 December 2023

As at 31 December 2023 As at 31 December 2023
Note
£
Current assets:
9
70,548
371,502
442,050
Liabilities:
10
(212,608)
11
229,442
Total unrestricted funds
Total assets less current liabilities
Unrestricted income funds:
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets
Creditors: amounts falling due after one year
Cash at bank and in hand
Debtors
General funds
Total charity funds		 2023
£
229,442		 £
234,960
379,866		 2022
£
379,276
442,050
(212,608)		 614,826
(235,550)
229,442 346,916
229,442
-		 379,276
32,360
229,442 346,916
229,442 346,916
229,442 346,916

Approved by the trustees on 19 June 2024 and signed on their behalf by

Tamara Hill-Norton Chair of Trustes

16

Sweaty Betty Foundation

Statement of cash flows

For the year ended 31 December 2023

For the year ended 31 December 2023 For the year ended 31 December 2023
£
£
Cash flows from operating activities
Net expenditure for the reporting period
(117,474)
(as per the statement of financial activities)
Decrease/(increase) in debtors
164,412
(22,942)
(32,360)
Net cash used in operating activities
(8,364)
379,866
371,502
Analysis of cash and cash equivalents
At 1
January
2023
£
Cash at bank and in hand
379,866
Total cash and cash equivalents
379,866
Cash and cash equivalents at the end of the year
Cash and cash equivalents at the beginning of the
year
(Decrease)/increase in creditors - amounts falling due
after one year
2023
(Decrease)/increase in creditors - amounts falling due
within one year		 £
£
(40,055)
(170,762)
119,131
32,360
(59,326)
439,192
379,866
Cash flows
At 31
December
2023
£
£
(8,364)
371,502
(8,364)
371,502
2022
(8,364)
379,866		 (59,326)
439,192
371,502 379,866
At 1
January
2023
£
379,866		 At 31
December
2023
£
371,502
379,866 (8,364) 371,502

17

Sweaty Betty Foundation

Notes to the financial statements

For the year ended 31 December 2023

The registered office address and principal place of business is: 7a Howick Place, Victoria, London, SW1P 1DZ.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

The charity meets the definition of a public benefit entity under FRS 102.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

18

Sweaty Betty Foundation

Notes to the financial statements

For the year ended 31 December 2023

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Although the contribution of volunteer time from trustees and employees of the Sweaty Betty Group is valuable to the Foundation this is not recognised in the accounts as a cash value cannot be reliably estimated.

h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Expenditure and irrecoverable VAT

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Grants payable

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

19

Sweaty Betty Foundation

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Schools 15.95%
Community 64.54%
Digital 3.09%
Research 5.48%
Raising funds 10.94%

l) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

m) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

n) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

20

Sweaty Betty Foundation

Notes to the financial statements

For the year ended 31 December 2023

2a Analysis of expenditure (current year)

Charitable activities

Staff costs (Note 5)
Grants given (Note 4)
Project costs
Operations
Cost of fundraising
Support costs
Governance costs
Total expenditure 2023
Total expenditure 2022		 Raising
funds
£
37,000
-
-
-
1,993
38,993
8,686
525
48,204
22,890		 Schools
£
5,245
37,800
13,805
-
-
56,850
12,665
766
70,281
122,689		 Community
£
28,030
196,680
5,312
-
-
230,022
51,243
3,098
284,363
399,160		 Digital
£
1,343
-
9,681
-
-
11,024
2,456
148
13,628
17,411		 Research
£
2,381
-
17,157
-
-
19,538
4,353
263
24,154
34,880		 Governance
costs
£
-
-
-
4,800
-
4,800
-
(4,800)
-
-		 Support
costs
£
29,716
-
-
49,687
-
79,403
(79,403)
-
-
-		 2023
Total
£
103,716
234,480
45,955
54,487
1,993
440,631
-
-
440,631		 2022
Total
£
126,213
358,200
77,077
33,219
2,321
597,030
-
-
597,030

21

Sweaty Betty Foundation

Notes to the financial statements

For the year ended 31 December 2023

2b Analysis of expenditure (prior year)

Charitable activities

Staff costs (Note 5)
Grants given (Note 4)
Project costs
Operations
Cost of fundraising
Support costs
Governance costs
Total expenditure 2022		 Raising
funds
£
17,600
-
-
-
2,321
19,921
2,776
193
22,890		 Schools
£
13,762
59,290
33,725
-
-
106,777
14,877
1,035
122,689		 Community
£
44,773
298,910
3,708
-
-
347,391
48,402
3,367
399,160		 Digital
1952.913
-
13200
-
-
15,153
2111
147
17,411		 Research
£
3,912
-
26,444
-
-
30,356
4,230
294
34,880		 Governance
costs
£
-
-
-
5,036
-
5,036
-
(5,036)
-		 Support
costs
£
44,213
-
-
28,183
-
72,396
(72,396)
-
-		 2022 Total
£
126,213
358,200
77,077
33,219
2,321
597,030
-
-
597,030

22

Sweaty Betty Foundation

Notes to the financial statements

For the year ended 31 December 2023

3a
Grants given (current year)
Greenhouse Sports
3b
Greenhouse Sports
Sporting Equals
Schools
Grants given (prior year)
Schools
Communities
The
GameChangeHERS
initiative
to
increase
girls'
participation in school co-curricular sports clubs.
Five grants to small community organisations for girl-
led projects to get more girls active. The highest value
grant was £3,000. GoP grants were awarded to: This Girl
Can Leeds, Milk Honey Bees, Scottish Sports Futures,
Youth
Excellence
Academy
and
Muslimah
Sports
Association
Phase three of the project in Manchester supporting
grassroots organisations to deliver the 'Play her Way'
campaign to amplify girls' voices.
Dance project to support teenage girls to start culturally
specific dance activities in East London.
Communities
The
GameChangeHERS
initiative
to
increase
girls'
participation in school co-curricular sports clubs.
Sporting Equals
Phases two and three of the project in Manchester
supporting grassroots organisations to deliver activities
with girls.
Juvenis
Funding for their Milk Honey Bees project to co-design
with girls a programme of physical activity and wellness
activities
Girls on the Pitch
London Sport
Girls on the Pitch
Black Girls Hike UK CIC
Nine grants to small community organisations for girl-
led projects to get more girls active. The highest value
grant was £2,000
Project over two years to empower Black girls to feel
confident to start hiking in the outdoors
Access Sport CIO
Make Space for Girls
Empowering Disabled Teenage Girls Research Project in
partnership with Women in Sport and Nuffield Health.
Friends of Rowntree Park
Funded equipment for older girls to enable them to have
a safe space for play.
Parkwatch,
a
citizen
led
research project
aimed
at
increasing the awareness of the lack of facilities for
teenage girls in parks.
Scottish Sport Futures
Support for Women and Girls in Sport Week 2023, a
multi-sport event with activities to celebrate female
participation.		 2023
£
37,800
130,000
10,460
20,000
22,000
8,420
5,000
800
234,480
2022
£
59,290
200,000
14,500
65,820
18,590
358,200

All grants were awarded to institutions.

23

Sweaty Betty Foundation

Notes to the financial statements

For the year ended 31 December 2023

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2023 2022
£ £
Independent Examiner's Fee (excluding VAT):
Independent Examination 4,000 3,650
Other services - 587

5 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2023
£
96,798
3,635
3,283		 2022
£
111,933
9,386
4,894
103,716 126,213

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

£60,000 - £69,999

2023 2022
No. No.
- 1

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £66,940 (2022: £114,692).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £1,034 (2022: £2,052) incurred by 1 (2022: 2) members relating to attendance at meetings of the trustees.

6 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 2 (2022: 2).

7

Related party transactions

Name of related party Relationship to the Description of the 2023 2022
Foundation transaction
£ £
Sweaty Betty Limited Organisation which provides Donation 278,834 314,265
funding and other support.
Of this, £64,382 is unpaid at
year-end.

Aggregate donations from related parties were £278,834 (2022: £414,265).

24

Sweaty Betty Foundation

Notes to the financial statements

For the year ended 31 December 2023

8 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9 Debtors

Debtors
Trade debtors
Other debtors
Prepayments
Amounts due from related parties		 2023
£
1,250
4,728
64,382
188		 2022
£
-
499
234,461
-
70,548 234,960

10 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other creditors
Grants payable
Creditors: amounts falling due after one year
Taxation and social security
Grants payable
Accruals
Trade creditors		 2023
£
-
3,535
200,160
1,666
7,247		 2022
£
3,316
10,589
198,105
4,742
18,798
212,608 235,550
2023
£
-		 2022
£
32,360
- 32,360

11 Creditors: amounts falling due after one year

12 Legal status of the charity

The charity is a Charitable Incorporated Organisation and has no share capital.

25