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REGISTERED COMPANY NUMBER: 07255704 (England and Wales)
REGISTERED CHARITY NUMBER: 1138183














Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2023

for

British Triathlon Foundation Trust

British Triathlon Foundation Trust






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Chairman's Report 1

Report of the Trustees 2 to 5

Independent Examiner's Report 6

Statement of Financial Activities 7

Balance Sheet 8 to 9

Notes to the Financial Statements 10 to 15

British Triathlon Foundation Trust

Chairman's Report
for the Year Ended 31 March 2023

The year to 31 March 2023 has been one of continued and steady momentum for the Trust as we progress on our journey towards sustainable operations.

When concluding last year's Chairman's foreword, we were in the process of agreeing a date for the 'soft relaunch' of the Trust after the much-anticipated Commonwealth Games in Birmingham. Whilst we were delighted once again with the halo effect provided by our brilliant elite triathletes and paratriathletes in the Games, the external environment for charities and charitable fundraising continued to be challenging and not particularly conducive to a re-launch.

In close collaboration with our friends and colleagues at British Triathlon and the Home Nations, the Trustee Board decided to pause the relaunch and replan for the second half of the year. Whilst keen to always maintain positive momentum for the Trust, we used the time over the summer to review the make-up of the Board and begin the process of broadening our leadership capabilities.

Our decision to delay the soft relaunch of the Trust was vindicated when the Triathlon Trust was nominated as the global charity partner of the inaugural Global Triathlon Awards (GTA), held in Nice on January 20th 2023. As one of only two charities chosen by the GTA, the Trust was very grateful to benefit from a share of the funds raised during the awards ceremony and in addition, have the opportunity for Lauren Steadman MBE, our wonderful Trust Ambassador, to unveil and position our new branding to the Global Triathlon community. This early test of our refreshed positioning provided valuable insights to our brand & marketing experts as we build our web presence and further develop our investor strategy, ready to present at future fundraising events.

Whilst the period to March 2023 has again been challenging, we close the year with some encouraging and significant green shoots emerging in two important areas. Firstly, we have identified three new talented and experienced Trustees to join our Board to help strengthen our strategy and execution capabilities moving forward. In parallel, we are close to concluding an agreement to secure our first multi-year sustainable income stream. Both will have a significant impact on our ability to execute our strategy at pace in 2023/24.

My sincere thanks again go out to the Board of Trustees and our colleagues within British Triathlon and the three Home Nations. Without their continued support for the Trust in bringing our strong foundations of inclusion, participation, and sustainability to life, unlocking the remarkable potential of our charity would not be possible.

Gary Adey
Chair of Trust

British Triathlon Foundation Trust (Registered number: 07255704)

Report of the Trustees
for the Year Ended 31 March 2023


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019).

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report along with the financial statements of the British Triathlon Foundation Trust ("Charity", "Trust") for the year ended 31 March 2023. 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) (the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trust is governed by a Board of trustees. New trustees are recruited through an external application and interview process, appointed under a deed of appointment, and undertake relevant induction and training, including attendance and participation in the charity's activities. The names of the trustees and changes to the Board are set out on page 1.
The Governing document of the charity is the Trust Deed dated 17 May 2010.
The day-to-day management of the charity is undertaken by British Triathlon Federation.

Risk management
The trustees have identified the major risks pertaining to governance, operational delivery, finance, reputation, environment and compliance. These risks have been mitigated through the charity's procedures, policies and reporting structures and are monitored by the Board through an annual review process.
The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement, loss or reputational damage. They include:
- Quarterly trustee meetings including financial and operational updates and forecasts;
- Authorisation of all strategic partners and programmes by the trustees;
- Operational risk assessments and post-event reviews;
- Induction and ongoing training for trustees and staff;
- Payment processes with independent authorisation and approvals; and
- Safeguarding policies and procedures.

The key risks identified include:
Financial - the identification of long-term sustainable funding streams for the charity.
Compliance - the need to ensure compliance with Data Protection laws and other relevant legislation.
Operational - the safety of participants at activity connected to our work.
Reputational - adverse publicity that could be aimed at the charity.

Key Management Personnel
The Board of trustees and the senior management team at British Triathlon Federation comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. All trustees give of their time freely and no director received remuneration in the year. Details of directors' expenses and related party transactions are disclosed in the notes to the financial statements.








British Triathlon Foundation Trust (Registered number: 07255704)

Report of the Trustees
for the Year Ended 31 March 2023




FINANCIAL REVIEW

During the year ended 31 March 2023, total income was £11,533 (2022: £13,088) and total expenditure was £5,102 (2022: £11,808). As detailed in the Chair's foreword, 2022/23 has been a year of reflection, consultation and consideration regarding future direction. The shift away from event delivery explains the reduction in activity compared to pre-pandemic levels. Following the launch of the new purpose, the trustees expect to see an upturn in income and expenditure but on a very different operating model to the one followed pre-pandemic.
At 31 March 2023 the charity had total reserves of £17,237 (2022: £10,806) which comprised £5,575 (2022: £5,718) of restricted funds and £11,662 (2022: £5,088) of free reserves (unrestricted funds).

Reserves policy and review

The charity had unrestricted reserves of £11,662 (2022: £5,088). The trustees have considered the need for reserves to be maintained by the charity and have concluded that an appropriate reserve would be to hold an amount equivalent to 6-months of non-delivery running costs. Given the current position and future direction of travel, the trustees consider this to be an acceptable level of unrestricted reserves.

Public benefit

The charity confirms that the trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising its powers or duties. Throughout this report, the charity has demonstrated that it acts for the public benefit. The trustees have referred to the Charity Commission's guidance on public benefit when reviewing their aims and objectives and planning their future activities.

Going concern

The Board of trustees is of the opinion that the charity has adequate resources to continue in operational existence for the next 12 months and there are no material uncertainties regarding the charity's ability to do so.

Fundraising
It remains the intention of the trustees to recruit a part-time fundraiser to attract grants and investment into the redefined purpose of the trust. A total of £21,000 has been donated by British Triathlon to support this activity.


OBJECTIVES, ACHIEVEMENTS AND PERFORMANCE

As indicated in the Chair's Foreword, the core objective for 2022/23 was to conduct a soft re-launch, build capacity and establish sustainable income sources. At the time of writing, the Trust has plans to engage fundraising expertise to enable the submission of grant applications. This builds on the most welcome donations received which enable the Trust to build momentum in pursuit of our mission.
Future plans

The objectives for the year ahead will be founded on the key principles of inclusion, participation and sustainability and will seek to support swim, bike, run activity in some of the most underserved communities in England, Scotland and Wales.

Statement of trustees' responsibilities

The trustees (who are also directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees' report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

British Triathlon Foundation Trust (Registered number: 07255704)

Report of the Trustees
for the Year Ended 31 March 2023

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period.

In preparing these financial statements, the trustees are required to select suitable accounting policies and then apply them consistently;
- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in 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);

- make judgements and estimates that are reasonable and prudent;

- state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

Statement of trustees' responsibilities (continued)
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Each of the trustees confirms that:

- so far as the trustee is aware, there is no relevant audit information of which the Charity's auditors are unaware; and

- the trustee has taken all the steps that he or she ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the Charity's auditors are aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Approved by the Board on 17th November 2023 and signed on its behalf by:



Gary Adey
Chair of Trustees












.


British Triathlon Foundation Trust (Registered number: 07255704)

Report of the Trustees
for the Year Ended 31 March 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07255704 (England and Wales)

Registered Charity number
1138183

Registered office
PO Box 25
British Triathlon Federation
Loughborough
Leicestershire
LE11 3WX

Trustees
A Salmon
Ms D E Clarke
S G Rice
G Adey
G Cali (appointed 1.3.23)
P Craig (appointed 1.3.23)
T A Lynam (appointed 1.3.23)

Independent Examiner
Stuart Spencer FCCA
Charnwood Accountants & Business Advisors LLP
The Point
Granite Way
Mountsorrel
Loughborough
Leicestershire
LE12 7TZ

Approved by order of the board of trustees on 17 November 2023 and signed on its behalf by:





G Adey - Trustee

Independent Examiner's Report to the Trustees of
British Triathlon Foundation Trust

Independent examiner's report to the trustees of British Triathlon Foundation Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.








Stuart Spencer FCCA

Charnwood Accountants & Business Advisors LLP
The Point
Granite Way
Mountsorrel
Loughborough
Leicestershire
LE12 7TZ

17 November 2023

British Triathlon Foundation Trust

Statement of Financial Activities
for the Year Ended 31 March 2023

31.3.23 31.3.22
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 10,609 - 10,609 11,253

Charitable activities
Charity from British Triathlon Federation - - - 1,835

Other trading activities 2 924 - 924 -
Total 11,533 - 11,533 13,088

EXPENDITURE ON
Raising funds 4,959 143 5,102 4,077

Charitable activities
Charity from British Triathlon Federation - - - 7,731
Total 4,959 143 5,102 11,808

NET INCOME/(EXPENDITURE) 6,574 (143 ) 6,431 1,280


RECONCILIATION OF FUNDS
Total funds brought forward 5,088 5,718 10,806 9,526

TOTAL FUNDS CARRIED FORWARD 11,662 5,575 17,237 10,806

British Triathlon Foundation Trust (Registered number: 07255704)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
CURRENT ASSETS
Debtors 6 1,000 - 1,000 1,000
Cash at bank 50,020 5,575 55,595 38,931
51,020 5,575 56,595 39,931

CREDITORS
Amounts falling due within one year 7 (39,358 ) - (39,358 ) (29,125 )

NET CURRENT ASSETS 11,662 5,575 17,237 10,806

TOTAL ASSETS LESS CURRENT
LIABILITIES

11,662

5,575

17,237

10,806

NET ASSETS 11,662 5,575 17,237 10,806
FUNDS 8
Unrestricted funds 11,662 5,088
Restricted funds 5,575 5,718
TOTAL FUNDS 17,237 10,806

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


British Triathlon Foundation Trust (Registered number: 07255704)

Balance Sheet - continued
31 March 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 17 November 2023 and were signed on its behalf by:





G Adey - Trustee

British Triathlon Foundation Trust

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.



Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.


British Triathlon Foundation Trust

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. OTHER TRADING ACTIVITIES
31.3.23 31.3.22
£    £   
Management Charge 924 -

3. TRUSTEES' REMUNERATION AND BENEFITS

No remuneration was paid to the trustees by the charity in the year. (2022: £Nil)

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.


4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund fund funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 3,324 7,929 11,253

Charitable activities
Charity from British Triathlon Federation 1,835 - 1,835
Total 5,159 7,929 13,088

EXPENDITURE ON
Raising funds 3,732 345 4,077

Charitable activities
Charity from British Triathlon Federation - 7,731 7,731
Total 3,732 8,076 11,808

NET INCOME/(EXPENDITURE) 1,427 (147 ) 1,280


RECONCILIATION OF FUNDS
Total funds brought forward 3,661 5,865 9,526

TOTAL FUNDS CARRIED FORWARD 5,088 5,718 10,806


British Triathlon Foundation Trust

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 April 2022 and 31 March 2023 19,196
DEPRECIATION
At 1 April 2022 and 31 March 2023 19,196
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 1,000 1,000

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other creditors 2,614 2,100
Grants 36,744 27,025
39,358 29,125

Grants payable include British Triathlon £19,970, Jack Boericke Trust £14,279 and Joe Garner £2,495.

8. MOVEMENT IN FUNDS
Net
movement At
At 1.4.22 in funds 31.3.23
£    £    £   
Unrestricted funds
General fund 5,088 6,574 11,662

Restricted funds
Restricted fund 5,718 (143 ) 5,575

TOTAL FUNDS 10,806 6,431 17,237

British Triathlon Foundation Trust

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 11,533 (4,959 ) 6,574

Restricted funds
Restricted fund - (143 ) (143 )

TOTAL FUNDS 11,533 (5,102 ) 6,431


Comparatives for movement in funds

Net
movement At
At 1.4.21 in funds 31.3.22
£    £    £   
Unrestricted funds
General fund 3,661 1,427 5,088

Restricted funds
Restricted fund 5,865 (147 ) 5,718

TOTAL FUNDS 9,526 1,280 10,806

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 5,159 (3,732 ) 1,427

Restricted funds
Restricted fund 7,929 (8,076 ) (147 )

TOTAL FUNDS 13,088 (11,808 ) 1,280

British Triathlon Foundation Trust

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.4.21 in funds 31.3.23
£    £    £   
Unrestricted funds
General fund 3,661 8,001 11,662

Restricted funds
Restricted fund 5,865 (290 ) 5,575

TOTAL FUNDS 9,526 7,711 17,237

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 16,692 (8,691 ) 8,001

Restricted funds
Restricted fund 7,929 (8,219 ) (290 )

TOTAL FUNDS 24,621 (16,910 ) 7,711

The balance within restricted funds relates to Katie's Fund. The purpose of this fund is to deliver participation activities to children in the name of Katie Henderson.

9. RELATED PARTY DISCLOSURES

I Howard and A Salmon were directors of British Triathlon Federation and British Triathlon Foundation Trust during the period. The Federation contributed £8,000 (2022: £1,835) during the period and charged the charitable company £Nil (2022: £3) of expenses.
During the previous year, the charitable company received a donation of £7,929 from an event. As the charitable company was not active at the time, this was passed to British Triathlon Federation for onward distribution to Clubs. There were no such transactions in 2023.

No further related party transactions have been noted.


British Triathlon Foundation Trust

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. COMPANY STATUS

The company is limited by guarantee and as such has no issued share capital. Each member's guarantee is limited to an amount of £1 per member.