British Fencing Association Limited - Limited company accounts 25.1

REGISTERED NUMBER: 01917099 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

BRITISH FENCING ASSOCIATION LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

9

Income Statement

12

Balance Sheet

13

Notes to the Financial Statements

14

DIRECTORS:

Ms T G S Barton

Ms J L Clarke

Ms M B Cohen

T Curran Jones

Ms Y Harun

B D Brittain

C R Tidmarsh

J A Troiano

Dr S Pantuliano

A J O'Connell

T G Nippress

REGISTERED OFFICE:

1 Baron's Gate

33 Rothschild Road

London

W4 5HT

REGISTERED NUMBER:

01917099 (England and Wales)

AUDITORS:

HB&O Ltd

Chartered Accountants and Statutory Auditors

Seven Stars House

1 Wheler Road

Coventry

CV3 4LB

CEO:

G Usher

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a National Governing Body for Fencing in the UK.

REVIEW OF BUSINESS

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Ms T G S Barton

Ms J L Clarke

Ms M B Cohen

T Curran Jones

Ms Y Harun

B D Brittain

C R Tidmarsh

J A Troiano

Other changes in directors holding office are as follows:

Ms P O Aiyenuro - resigned 19 October 2024

M K Lyttle - resigned 19 October 2024

L J Williams - resigned 19 October 2024

Dr S Pantuliano - appointed 19 October 2024

A J O'Connell - appointed 19 October 2024

T G Nippress - appointed 19 October 2024

For the year ending 31 March 2025, British Fencing (BF) continued to make progress on our stated strategic objectives, which we report on below for our members, funding partners and stakeholders.

Our vision is for a strong, successful and sustainable fencing community with a mission to inspire and enable people to start, stay and succeed in fencing underpinned by our core values of honesty, respect, and excellence.

For the period ending 31 March 2025, our strategic objectives remained:

· A pathway to international success

· A stronger, empowered, diverse and inclusive community of 30,000 fencers, volunteers, coaches and supporters

· Accessible inclusive swordplay opportunities delivered via partnership programmes

· A sustainable future supported by high quality governance and infrastructure that is financially resilient

· Maximise the wider benefits of fencing and the positive impact it can have on people’s lives

To deliver our objectives the Board prioritises and monitors, through agreed performance indicators, seven strategic areas:

1. Leadership, Culture and Governance

The Board continue to support the executive team in furthering the BF values of Honesty, Respect and Excellence, on which our culture is built.

Following a thorough recruitment process, the Board appointed a new Chair, Sara Pantuliano, who replaced Mark Lyttle who ended his tenure due to term limits.

Following the election, Hilary Philbin stepped aside from the President role to concentrate on her EFC executive responsibilities. Following an open call for candidates, Pat Aiyenuro was appointed as President.

The Board would like to thank Mark Lyttle and Hilary Philbin for their outstanding commitment and contribution to BF in their respective roles.

Portfolio responsibilities for Board Directors remain in accordance with the Governance Code, with Directors leading in key areas including Anti-Doping, Safeguarding, Safety and Welfare, Environmental Sustainability and Equality. It is noted that the additional requirements for specific skills and experiences on the Board are increasing and these are not always identified through the current election and appointment structure.

Key strategic projects supported by our stakeholders included re-defining the relationship between England Fencing and British Fencing and preparation of the bid to take on management of the Wheelchair Fencing World Class Programme.

The Board began work on a new Board Strategy expected to launch in 2025-26.

Safeguarding, safety and welfare remains a priority and the Board remain committed to supporting the executive team as they ensure clubs and coaches meet minimum mandated standards if they wish to be part of our community. The Board re-iterated its commitment to dis-affiliate clubs that are unable to meet the minimum standards that are expected from National Governing Body clubs.

The Board commissioned an external Board evaluation which was the remaining required action to fully comply with the revised UK Code for Sports Governance. Following the period end, the Board have reviewed the evaluation and will factor in its recommendations for improvements on an ongoing basis.

It remains our aim to be a well-run National Governing Body taking a proportionate, best practice approach to implementation according to this code.

During the year to 31 March 2025 there were the following changes to the BF Board:

Stepped Down

· Mark Lyttle (end of term)

· Pat Aiyenuro (resigned to take up role of President)

· James Williams (sadly passed away in May 2024)

Appointed

· Sara Pantuliano (Chair)

· Thomas Nippres

· Alex O’Connell (Senior Independent Director)

2. Sustainability and Core Services

Financial sustainability remains important to us and the Board’s aim is to set and meet a broadly balanced budget each year.

This period was particularly challenging with the unexpected death of Finance Director, David Moseley in June 2024 who continues to be deeply missed by all. Board Director Jade Clarke moved into a more hands on role whilst a new Finance Director was recruited. Board Director John Troiano took over as Interim Chair of ARGC, the committee charged with monitoring financial management and risk. Following the appointment of Helen Hewson as Finance Director, Jade Clarke resumed her role as Chair of AGRC.

The Board authorised a budgeted surplus of £3,295 for 2024-25 and achieved a result similar to budget with a surplus of £1,941.

As in previous years, costs continued to materially increase across the organisation in part due to increasing supplier costs and inflation. Focusing on increasing commercial revenues is vital to fund our core NGB activity of supporting and growing the sport of fencing.

Commercial income of £168k was generated to 31 March 2025, down from £195k in 2023-24. The reduction was largely due to internal shortage of resources and a reduction in sponsorship income, partly offset by associated staff cost reduction. Commercial income continues to come from three main sources; coach education, licensing of the BF brand and our We Are Forging Futures programme - a comprehensive programme of inclusive, engaging and immersive learning experiences designed for 4-14 year-olds based on fencing. At the end of the financial year 31 March 2025, formal agreements were in place with 61 organisations, (compared to 44 in 23-24), equating to 49 (+13) schools, 10 (+4) activity providers and 2 (no change) official designated partners.

3. Membership & Club Support

Membership income continues to be the foundation to build a financially resilient organisation that can deliver better services to members and clubs.

Our policy that BF membership is required for all participants in affiliated clubs and licensed events remains in place. Knowing who is participating in our sport and understanding more about them is also vital for us (and competition organisers and club administrators) to deliver appropriate and relevant services to individuals whilst ensuring that everyone participating in fencing in any capacity is covered by insurance.

BF’s individual total membership at the end of March 2025 was 11,645 in comparison to 11,312 in March 2024 (+333). Throughout 2024-25 membership numbers were consistently higher than 2023-24 with a record high of 11796 in November 2024.

Recognised membership income increased by 15% at £487,495 (compared to £422,628 in 2023-24). £180,333 of this was paid on to the Home Nation Associations (compared to £163,297 in 2023-24) leaving £307,162 available to BF to support delivery of membership services.

Throughout 2024-25, England Fencing continue to fund a Development Officer for Clubs and Regions and contribute to the cost of safeguarding case management in England.

4. GBR Athlete Support & Development

The GBR Pathway Programme is a six weapon athlete development programme (formally known as the ADP) that exists to support athletes in achieving Olympic and Paralympic success and inspiring others.

It covers athletes from age 15 to 35 (and beyond for those performing at Olympic and Paralympic level) who are moving through a defined development pathway to success at the highest level of fencing.

Funding sources for our GBR Pathway work included England DiSE, Sport England ‘Talent‘ and UK Sport ‘Progression’ funding along with charity donations from the British Fencing Charity and The Epee Club.

The Wheelchair Fencing World Class Programme continued to be operated by UKSI and funded directly by UK Sport. The Programme was successfully transitioned into BF post year-end, from 1 June 2025. BF GBR Pathway Programme continued to provide aligned talent pathway activities for wheelchair fencers supported by Sport England funding.

Sport England Talent funding for the year came to £208k (broadly in line with prior year) and supported the work involved in running the GBR Pathway Programme focussing on the U17/U20/U23 age groups; this included subsidising the costs of camps and international competitions, including Junior World Cups and Junior European and World Championships. Additional charity funding supported individual qualified athletes to overcome financial barriers to participate in major international events (via a means tested application process). UK Sport Progression funding came to £289k in the final year of the Paris Games cycle of funding which ended 31 March 2025. This subsidised the training and competition costs for athletes representing GBR at international senior competitions including the Senior World and European Championships with additional targeted support for athletes on a demonstrable performance trajectory to LA2028/Brisbane 2032. The funding also supported development opportunities for GBR coaches, part of the longer-term investment strategy to create the wider system and structure to support progression of performance athletes through the pathway.

BF also received DiSE funding, which supports a diverse cohort of young athletes in the England talent system to combine sport and education, gaining an additional qualification and potentially to progress through our talent pathway. The 2024 DiSE programme was over-subscribed, with 28 athletes offered spaces in each cohort of the two-year programme. The 2024 programme achieved gender equality and the first para athlete joined the programme, as we consolidated links with the para fencing pathway.

Notable Results - The majority of the season’s major championships and the official end of season fall just outside the financial year however the results are the culmination of the hard work that is done throughout the year.

· U20 Junior European Men’s Epee Team Champions - Cador Beautyman, Alec Brooke, Tristan Lumineau and Sameer Sunder-Rajan

· U20 Junior European Men’s Foil Team Champions - Jaimie Cook, David Kelly, Callum Penman, David Sosnov

· Great Britain also won the inaugural 2025 FFE Cup of Nations

Other notable results:

· 2024-25 FIE Junior Men’s Foil Team Rankings: GBR #2

· 2024-25 FIE Junior Men’s Foil Individual Rankings: Jamie Cook #4

· 2025 Senior European Championships: Silver - Carolina Stutchbury (Women’s Foil)

· 2025 U20 European Women’s Foil Team: Bronze - Megan Elliott, Isabella Johnson, Amelie Tsang, Zoë Wagstaff

5. Insight led, participant centred Projects and Programmes

In 2024-25 our portfolio of projects and programmes, majority funded by Sport England, saw us continue to work with partners and stakeholders to support fencing delivery in targeted communities:

· Fencing4Change, BF’s Autistic Spectrum Disorder project in partnership with The Change Foundation, continues to expand now covering 8 schools across London.

· The Muslim Girls Fence community projects are now firmly established in three areas, (Birmingham, Bradford and London), supporting local communities and fostering the growth of a local workforce.

· Interest in further supporting people with disabilities to access fencing continues to gather momentum in the community. Since the January 2025 launch of SwordSeat™, over 60 clubs are interested in using the equipment , and 47% more clubs are now sharing accessibility information. Our goal: SwordSeat™ enabled fencing available in 50% of clubs by 2030.

Work also continues to support ongoing demand for fencing inclusion in Scout groups with the Scouts Association.

These projects continue to make a measurable difference to a range of communities. These underpin our belief that fencing can and should be a sport that is accessible to all, increasing exposure to the physical and mental benefits of the sport to more people.

In addition to the above, the BF team continue to work with schools and clubs to help them access local and national funding opportunities to support delivery of fencing to under-represented communities.

This includes supporting schools to access funding to deliver the We Are Forging Futures programme.

From the 49 schools now successfully delivering this educationally aligned Resilience and Self-efficacy programme, 95% of schools partnered with us are state schools (funded by the Department for Education) and 6 of these are SEN special schools.

6. Events, Competitions and Calendars

The events portfolio continued to face similar challenges as in previous years due to the impact of cost increases and inflation. Accommodation, travel, catering and venue costs continued to rise, exacerbated by the ongoing national shortage of suitable venues. Late changes to dates in the international calendars continue to create challenges for domestic calendar management. Finding available venues in the UK on suitable dates that work for all eligible competitors and suitably qualified officials and volunteers is a near impossible task. The result of all these factors is a set of compromises and in many cases limited choice and options.

Whilst the aim is to support opportunities for year-round fencing activity there is a growing concern over the impact of some of the high temperatures we are experiencing, especially as an indoor sport that requires the wearing of protective equipment. This Guidance has been issued to competition organisers and will be regularly reviewed.

The BF Board remains committed to delivering a financially sustainable portfolio of British Championships providing a high quality experience with internationally qualified referees, high quality equipment, armourers and social media support. Recognising the barriers that the resulting entry fees create, the BF Entry Fee Support Scheme continues to support fencers from lower socio-economic groups free entry to BF run events.

BF retains its stated ambition to run international events, provided they are affordable and do not result in unsustainable financial losses for the organisation. 2024-25 saw BF work with partners (including UK Sport and Sport Wales) on a successful bid to World Ability Sport to run a second international wheelchair Fencing event in Cardiff, Wales- the 2026 European Championships.

7. Coaching & Workforce Development

Coach learning, development and education continues to be supported and delivered through a combination of BF led delivery and licensed education partners.

Our third annual Learning Week was delivered through a series of webinars, with 24 sessions delivered to over 500 people on a broad range of subjects supported by partners including TAP, Plymouth University, Winchester University and the Change Foundation.

Overall the numbers of workforce courses, participants and percentage of female participants continued to increase.

Demand for training from clubs, community projects and partners continues to grow, requiring a larger workforce to train up people to coach, train and deliver fencing in their local communities. In response to this need the new Fencing Development Team (a third of which are female) was established and started to work across all areas of the sport, including with affiliated clubs. BF continued to lead delivery of ‘Combat Club’ supporting over 50+ coaches across 4 combat sports (British Judo, GB Boxing and British Wrestling) in sharing learning.

In Closing

Overall, the Board is pleased with progress this year and would like to thank all the staff at BF for their hard work. We also thank all those that work with us across the sport and the wider sector including our funding partners, helping us to grow the sport and deliver opportunities for people to start, stay and succeed in fencing.

As always a massive thanks must go to all the volunteers in fencing for their ongoing commitment in support of our sport.

1.1 BOARD OF DIRECTORS AS AT 31 MARCH 2025

· Tabatha Barton

· Brian Brittain

· Jade Clarke

· Mary Cohen, Anti-Doping Champion

· Tommy Curran Jones

· Yashmin Harun, Safeguarding Champion

· Thomas Nippress

· Alex O’ Connell

· Sara Pantuliano, Chair

· Chris Tidmarsh

· John Troiano

1.2 DIVERSITY PROGRESS STATEMENT AS AT 31 MARCH 2025

As at 31 March 2025, 45% of the occupied Director positions are women (5 of 11) and 55% are men.

As at 31 March 2025, 9% of the occupied Director positions are ethnically diverse (1 of 11).

The Board continued to meet its targets in respect of gender diversity (minimum 30% of either gender) and other identified protected diversity characteristics. The drop in ethnic diversity (from 3 to 1) is noted as an area for additional attention, although representation in senior leadership is maintained in the role of President.

The Board continues to work towards maintaining gender diversity and increasing ethnic diversity, representation from young people, and people with disabilities.

As at 31 March 2025, 3/3 members (100%) of the BF Senior Executive Team with senior leadership responsibilities were women.

1.3 GOVERNANCE PROGRESS STATEMENT AS AT MARCH 2025

The Code for Sports Governance sets out the levels of transparency, diversity and inclusion, accountability and integrity that are required from those organisations who seek - and are in receipt of - UK Government and National Lottery funding from Sport England and/or UK Sport.

In 2022 an external appointed auditor completed a governance review on behalf of Sport England and UK Sport confirming BF compliance to the Code.

The Board regularly reviews compliance status against the Tier 3 requirements (ie those relevant to BF). Much of the work to remain compliant is embedded into the work programme of the Board and policies and activities are reviewed and performed in accordance with the annual Board work programme.

Further to the 2022 audit, the Code for Sports Governance has been updated and there remained one outstanding area for the organisation to address coming into 2024-25:

4.3 The Board shall undertake an externally facilitated evaluation of the Board at least every four years, or at the request of UK Sport/Sport England

This evaluation was commissioned and concluded with a final report delivered following period end in June 2025, with identified improvements to be actioned in 2025-26.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Dr S Pantuliano - Director

2 October 2025

Opinion

We have audited the financial statements of British Fencing Association Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its surplus for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page eight, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit process includes an assessment of the entity's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the company must comply in the ordinary course of its business.

Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole.

As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance. By definition, the risk of our detection of non-compliance is greater where compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. The risk is also greater regarding irregularities due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gregg Olner MPhil BA (Hons) ACA (Senior Statutory Auditor)

for and on behalf of HB&O Ltd

Chartered Accountants and Statutory Auditors

Seven Stars House

1 Wheler Road

Coventry

CV3 4LB

2 October 2025

TURNOVER

4

2,616,091

2,984,948

Administrative expenses

2,658,513

3,019,021

OPERATING DEFICIT

7

(42,422

)

(34,073

)

Interest receivable and similar income

9

44,363

31,013

SURPLUS/(DEFICIT) BEFORE
TAXATION

1,941

(3,060

)

Tax on surplus/(deficit)

10

-

SURPLUS/(DEFICIT) FOR THE
FINANCIAL YEAR

1,941

(3,060

)

FIXED ASSETS

Tangible assets

11

47,664

51,161

CURRENT ASSETS

Stocks

8,726

3,644

Debtors

12

262,628

438,138

Cash at bank and in hand

13

1,380,830

1,237,088

1,652,184

1,678,870

CREDITORS

Amounts falling due within one year

14

1,293,868

1,325,992

NET CURRENT ASSETS

358,316

352,878

TOTAL ASSETS LESS CURRENT
LIABILITIES

405,980

404,039

RESERVES

Income and expenditure account

15

405,980

404,039

405,980

404,039

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

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2025 and were signed on its behalf by:

Dr S Pantuliano - Director

1.	STATUTORY INFORMATION

British Fencing Association Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Going concern

The Directors have considered the forecast cash and free reserves levels for the period of 12 months from the date of approval of these financial statements. The Association relies upon grant income when considering the scale of its operations and closely monitors its working capital accordingly.

The Directors are confident in the Association's ability to meet its liabilities as they fall due for the foreseeable future and thus continue as a going concern. The financial statements have therefore been prepared on a going concern basis.

Income

Income comprises of grant income, sponsorship income, subscription income, event and education income.

Revenue grants, received in respect of eligible expenditure charged to the income and expenditure account during the year, have been included in income for the year. Unspent amounts are carried forward within deferred income to be recognised in line with future expenditure.

Sponsorship income is recognised in line with the underlying agreement.

Subscription income is recognised on a straight line basis over one year from date of receipt.

Event, education and other income comprises revenue recognised by the Association in respect of goods and services supplied during the year.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Income Statement at the same rate as depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Freehold property - 2% straight line

Fixtures, fittings & equipment - 10-33% straight line

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest period.

Foreign currency translation

Functional and Presentation Currency

The Company's functional and presentational currency is GBP.

Transactions and Balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Pensions

Defined Contribution Pension Plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results may ultimately differ from those estimates.

The directors consider there to be no significant judgments or sources of estimation uncertainty impacting these financial statements.

4.

TURNOVER

2025

2024

£

Grant Income - UK Sport

341,902

601,136

Grant Income - Sport England

721,327

650,702

Grant Income - DiSE

112,415

123,141

Membership Income

487,495

442,628

Other Income

952,952

1,187,341

2,616,091

2,984,948

All turnover arose in the UK.

5.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2024 - 25 ) .

2025

2024

£

Wages and salaries

858,785

800,929

Social security costs

81,505

71,537

Cost of defined contribution scheme

38,168

38,352

978,458

910,818

6.	DIRECTORS' EMOLUMENTS

2025

2024

£

Directors' remuneration

12,000

7.	OPERATING DEFICIT

The operating deficit is stated after charging:

2025

2024

£

Depreciation - owned assets

3,497

8.	AUDITORS' REMUNERATION

2025

2024

£

Fees payable to the Company's auditor and its associates for the audit of the
Company's annual financial statements

7,250

7,000

9.

INTEREST RECEIVABLE AND SIMILAR INCOME

2025

2024

£

Other interest receivable

44,363

31,013

44,363

31,013

10.

TAXATION

2025

2024

£

Total Current Tax

-

Factors affecting tax charge for the year

The Association only pays corporation tax on its investment income and receives corporation tax relief on its qualifying charitable donations.

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

11.	TANGIBLE FIXED ASSETS

Freehold

Fixtures

buildings

& fittings

Totals

£

COST

At 1 April 2024

and 31 March 2025

144,873

6,000

150,873

DEPRECIATION

At 1 April 2024

97,062

2,650

99,712

Charge for year

2,897

600

3,497

At 31 March 2025

99,959

3,250

103,209

NET BOOK VALUE

At 31 March 2025

44,914

2,750

47,664

At 31 March 2024

47,811

3,350

51,161

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

56,351

200,281

Other debtors

206,277

237,857

262,628

438,138

13.	CASH AT BANK AND IN HAND

2025

2024

£

Cash at bank and in hand

1,380,830

1,237,088

1,380,830

1,237,088

14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade creditors

56,459

90,991

Taxation and social security

15,762

16,387

Other creditors

1,221,647

1,218,614

1,293,868

1,325,992

Included within other creditors is deferred income of £260,842 (2024: £243,963) in respect of deferred membership income.

15.

RESERVES

Income and expenditure account

Comprises the accumulated surpluses of the company.

16.	CONTROLLING INTERESTS

The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.

17.	COMPANY STATUS

The Association is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the Association in the event of liquidation.

18.	RELATED PARTY TRANSACTIONS

During the year M K Lyttle was paid £7,000 (2024: £12,000) for his services as Chairman to 19 October 2024 and Dr S Pantuliano was paid £5,000 (2024: £nil) for her services as Chairperson from 19 October 2024. No amounts were outstanding at the balance sheet date.

During the year Ms J L Clarke was paid £12,600 for her services as Interim Finance Director. No amounts were outstanding at the balance sheet date.

During the year £Nil (2024: £Nil) was reimbursed to directors for travel.

The total of key management expenditure was £384,477 (2024: £391,941). This represents the total remuneration and benefits of the Association's senior management team, representing 9 (2024: 9) individuals.

19.	CONTROLLING PARTY

The directors consider there to be no ultimate controlling party.

20.	INCOME AND EXPENDITURE

UK Sport

Sport
England

DiSE

Other
Funding

Total 2025

Total
2024

£

Income Receivable

International Influence

10,764

-

10,764

13,106

Podium & Progression

288,714

-

288,714

337,565

Organisational Health
Grant

34,750

-

34,750

-

Development Grant

-

344,188

-

344,188

294,701

Talent Grant

-

208,235

-

208,235

186,867

Back Office Support
Grant

-

168,904

-

168,904

169,134

IWAS World Cup

7,674

-

7,674

250,465

DiSE

-

112,415

-

112,415

123,141

Non public funding

-

1,440,447

1,609,969

Bank Interest

-

44,363

31,013

Total Income and
Gains

341,902

721,327

112,415

1,484,810

2,660,454

3,015,961

Expenditure

International Influence

(10,764

)

-

(10,764

)

(13,106

)

Podium & Progression

(288,714

)

-

(288,714

)

(337,565

)

Organisational Health
Grant

(34,750

)

-

(34,750

)

-

Development Grant

-

(344,188)

-

(344,188)

(294,701)

Talent Grant

-

(208,235

)

-

(208,235

)

(186,867

)

Back Office Support
Grant

-

(168,904

)

-

(168,904

)

(169,134

)

IWAS World Cup **

(7,674

)

-

(7,674

)

(260,465

)

DiSE

-

(112,415

)

-

(112,415

)

(123,141

)

Other expenditure

-

1,482,869

(1,482,869

)

1,634,042

Total Expenditure and
Losses

(341,902

)

(721,327

)

(112,415

)

1,482,869

(2,658,513

)

3,019,021

Surplus/(Deficit) for the
Year Before Tax

-

1,941

(3,060

)