Fife OLYMPIAD scio Scottish Charity No. SC006234 Annual Report and Financial Statements for the year ended 31 st December 2024 Trustees. Annual Report The trustees have pleasure In pfesents.ng their reF(Kt tr￿ther wth the financ￿1 #atements for the eTrJed 31 [knm￿r 2023. Reference and Administrative Information Charlty name Fife Olympiad ￿10 Charlty No. SC006234 Address Michael Woods Sports & Leisure Centre, Vlewfield, Glenrothes, KY 15 2RB Current I"rustees Structure Governance & Management The Charity is a Scottish Charitsble Incorwrated Organizabon (SQJO). It was registered in its current legal fom on 13th February 2014. The charity was previously an unincorporated association and was governed by a Constitution that wa5 adopted on 16th November 1983. It changed its legal form to a SCIO. The assets of the unincorporated association were transferred to the SCIO. It has a slngle tier structure %Yith Trustees (full members) and full members of the charity. Appointment of Trustees The t>)ard may elert any full member to be a chanty trust￿ subject to the exdvs￿S containèj in dauses 64 65 of Qsnstitutlon at any time. In the event of a vacancy a full rnem￿r may be elected, as approprlate, to be a Trustee at an Annual General Meetir¥J subject to clauses 64 and 65 of the Constitution. There must be a minimum ￿ three arKI a maximum of fifteen Trustees Mana9ement. The Fire Olympiad's Consbtution states that the organizath)n (assets a￿1 o￿at￿)n$) wlll te managed by knrd and the Lyjard may exercise all the EKw4ers of the or9anizatlon except where the constrtution states othenvise. Objectives and Activities Cha rita ble purposesThe organization's purposes are :To advance the public participation of sport amongst young people in Fife The acfvancement of cutture and heritage by promotr'ng fellowship young cl different cultures and natM)nalitEs. These will be achleved by such activities as: Organizing the Frfe representative stK)rts team to parts'ci￿lte in the Twin Town Olymp￿. Encouraging sporting exchange between Fife and European youth. Organizing the Road Running Festival in Glenrothes Activities Glenrothes Road Running Festival (GRRF) 23rd June 2024 Followin9 the 401h anniversary last year, the GRRF was planned and organized one again In 2024 The committee wish lo thank the Air cadels and local Scout groups foT their continuing suppnrl and those many volunteers who came on the day lo act as helpeis and marshals during the races The coiiimitlee's close cooperation with Michael Woods Spor15 and Leisure Centre In Glenrothes and the Fife Council's Active Schoolg group were Instrumental In promoiing the event Fife wide festival As chair of the Olympiad I wish lo thank all the volunteer committee members associated with the GRRF for their support for the event that has revitalized the Achievements and Performance Glenrothes Road Riinninq FcstiV31 Report 23rd June 2024 As al￿a0￿ Itemized above the GRRF was SUC￿sful￿ restarted and Pvjsted atoroximatety IIQ) run￿r$ across the 4 that were held.( IQK, 4K, 2K and a Fun Run) Of these 303 runners completed the IOK ra￿. The event was attended by the Provost for Fife. ho was commissioned to start the races on this special occasion. This is an important Festival as the mixture of races gives the locals the opportunity to participate in the event that matches their experlence and ability. The 4K Is Specifically aimed at secondary and primary school pupils as a vehicle to improving their health and well being. The committee offers a beginners race of 2K specially those who are not able to take part In the longer races, a 'Fun Run" (once round the running track for the very young) and a special event for a local oryanizatlon who look after a special needs group Links between the committee and the Active Fife l Active Schools team mean that the event is promoted at the Secondary and Primary Schools locally. 2024 posed additional Issue, as the Fife Police no longer supported the event where previously they had manned the roads particularly those roads that were considered as 'squeeze' point where they had be control of the local traffic utilizing the same roads as the race routes. This respon51bility now resides with the committee and I must compliment the committee members who took on this task and the volunteer marshals on the race courses to ensure there were no problems. The experience gained %yill be Invaluable for future events. 2024 was special as the Oberburgermeister ( Mayor) from Glenrothes Twin Town of Boblingen and his partner, who were on a private visit to the area as 11trsts ol Glenrothes Town Twinning Association , ran and 5 completed the IOK course and received medals for thelr efforts. They met our Provost who started the races Fife Olympiad See details of the current situab.on in the Plans for Future PerK4ls Financial Review Reserves Policy As all expenditure for the Fife Olympiad SCIO relates to the or9anizing of the Glenrothes Road Running Festival each year and the Olympiad triennially. the Trustees consider that £1,000 an acceptable amount to sustain the Fife Olympiad for a three-month period. This amount lias been met In these Accounts. Plans for Future Periods Youth Olympiad I was reported last year that none of the twin towns of Boblingen including Glenrothes had come fonvard to organize a fresh start of the event that had not happened since 2017 in Boblingen, mainly as a result of Covid and the ability to finance a future event. In 2024, disCU5sions took place with representatives of Flfe Council to organize the event. The Olympiad Commlttee wrote to all the twin towns asking them whether they would take part in an event In Glenrothes and Fife. The response was posltive except for one town. A team was created to develop a proposition to be put forward, in the fiT5t place, to Boblingen for an event in 2027 wlth Glenrothes as the base. Glenrothes Road Running Festival- 23rd June 2024 The organizing committee started the process In the autumn of 2024on the adminlstrative process to run the races as normal. Social media is being utilized to again bring forward volunteers to assist at the event in 2025. Independent Examinerfs Report to the Trustees of Fife Olympiad Committee SCIO S006234. I report on the accounts of the charty for the year erKled 31st December 2024 Vdhich are set out on pages 7 to g. Respectlve responsibilities of tru$t•es and exfjmlner The chanty's trustees awe responsible for the preparats'on ofthe accounts in accordance wth the temis of the CharrtJ"es Trustee Investment (Scotlandl Act 2005 and the Charities Accounts IScolland} Regulabons 2006 {as amended) The charity Iruslees consider that the audit requirement of Regulab"on 10111 Id) of the 2006 Accounts Regulatiolls does not apF4y It Is my responsibility lo examine Ihe accounts as required under secbon 4411) Icl of the Acl and lo state whether any matters have come lo my attentson Basig of independent examlner's statement My examination was carried out In accordance with Regulation 11 of the 2006 Accounts Regulations. An examination Includes a review of the accounting records kept by the charity and a comparison of the accounts Presented with those records 11 also includes consideration of any unusual 118ms or disclosures In the accounts, and Seeks explanations from the trustees concerning any such matters The procedures undertaken do not provide all the evidence that would be required In an audit. and consequently I do not express an audit opinion on the view given by the aGcounts. Indapondent examiner's quallfled statement In the course of my examination, no matter has come to my attentton other than that disclosed ￿low. which gives me reasonable cause to believe that In any malenal res[￿1 the requirements to keep accountsng records In accordance with Section 44(1) (a) of the 2005 Act and Regulabon 4 of the 2006 Accounts Regulations lo prepare accounts which accord wth the accountsrKJ records and c(Thply with Regulatson 9 of the 2IJA Accounts Regulations have not been met. or 2 to which in my opinion attenlioii sliuuld t)e drawn. In order lo enable a ts lo bè reached. Statement of Receipts and Payments For the Period Ended 31st December 2024 2024 Restricted Recei Unrestricted Funds 2023 Restricted Fun Receipt from Charitablè Activities Ent Fees Refunds Fife Council Grant Other Total Unrestricted Total 8699 8699 8032 8032 3940 200 8899 3940 230 Total Re¢eiEts Payments for Charitable Activlties Insurance RRF Expenses E_quipment, medals, signage, First Aid /Finish Team/ Radios 40th Anniversary Water Bottle Prlzes Donatlon8 Governance Costs Flfe Olympiad Expenses 10K Entry Refunds Lunches (Siewards, Ciimmiltee Tr"ir8t Aid) Total Payments 200 230 8899 12202 12202 430 250 2120 2281 430 250 2120 2281 415 230 2768 3130 2286 415 230 2768 3130 2286 840 120 1452 120 1452 120 120 6653 538 538 10327 6653 10327 Net Receipts I Payments 2246 1875 1875 1875 Fund Balance BIFWD Fund Balance CIFWD 15032 17278 11741 11741 26773 29019 13157 15032 11741 24898 26773 11741 Statement of Balances As of 31st December 2024 2024 2023 Unr•3tricted Funds Restricted Funds Total un￿StrICted Funds Opening Cash at Bank and in Hand Restricted Funds Total 15032 11741 26773 13157 Surplu81(Deficit) for Year 11741 24898 2248 2246 1875 1875 Cash at 8ank and In Hand- 3111212203 17278 11741 29019 15032 11741 26773 Liabilities Notes to the Accounts for the Period Ended 31 December 2024 1. Basis of Accounting These accounts have tseen p￿pared on the Receipts & Payments basis in accordan￿ with the Charities & Trustee Investment (Scotland) Art 2005 and the Charit￿5 Accounts (Scotland) Regulations 2CK)6 (as amended). 2. Nature and purpose of fund$ Un￿strIded funds are those that may be used at the diSc￿t￿)n of the trustee5 in the furtherance of the objects of the charity. The trustees maintain a single unrestncted fund for the day-to-day running of the charty. Restricted funds may only be used for specific purposes. 3. Related Party Transartions The charity's insurance policy does not Include Trustee Indemnity Insurance. No other remuneration was pakj to the trustees or to any connected persons durlng the year and no travelling expenses were paid to trustees during the year. Cost of Charltable Activltie$ 2024 2023 Road Running Festival Fquipment Medals SiRnage Prizes Services - Fir8t Aid IFinish l-eaml R4dio.% I Tent Insuranee Admin Account Verification Runner rffunds Donation8 40th Annivergar> Water Bottle Lunches (Steward$, Committee 4nd First Aid) 2120 -184 2768 380 2281 .1130 430 41.$ 2.10 1 120 120 1068 460 2286 Olympiad Other L Costs Total 6653 10.128 FIFE OLYMPIAD SCIO ACCOUNTS YEAR ENDED 31ST DECEMBER 2024 2024 21n3 2022 INCC)MF. 01.YMPIAD SP()NSI)RSHIVIiX)NA-I IUNS kLOA'r NI-RY FF.ES MISC. T()TAL INCOME £0. £u. £2W.I £&699.20 £0.00 Ll.94V. £2￿).1￿> £¥.IY31.77 £29.99 £0. £3,Ib52.52 £2.574.4q £11301.76 £4 627.97 £¥J99.211 F.XPF.NI)ITURTr: £2411.IMI £0.00 01.YMI)IAD PRI/I.8 1)()NA TIONS I:.XPb.NSES MISC. AI)MIN £o.(K) £1.4$2.IKI £4.4(11.20 £o.ou 8U.00 £o.IMJ £9.597.4S £149.99 uoD.00 £4.926.10 L40.1)U £20().1 £IOJ27. I'(IT AL F.Xl>b:NiYI 1'uK￿". J>$3.21J ANCF. TO DATF. ()I>I."NINCi BAI.ANC'I,: INL'(IMI.: I..XPI:.NI)I'I'URk. £26.772.51 £8.1199.20 £6th53.20 £24098.29 £12,201.76 £IOJ27.44 £24.486.42 L4.627.97 £5216.lU £24.898.29 CURRF.NT BALANCF. £29.018.51 £26.77LqI