OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2022

Registered Charity Number: 1111364 Registered Company Number: 5083331

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

CONTENTS Page(s) Page(s)
Reference and administrative information 1
2 8
9 11
Consolidated statement of financial activities (including the income and expenditure 12
account)
Consolidated balance sheet 13
Company balance sheet 14
Consolidated statement of cash flows 15
Notes to the financial statements 16 33

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

REFERENCE AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees, senior management and advisors of the company and group who were in office during the year and up to the date of signing the financial statements are listed below:

Trustees

Dr Guy Sanan Mr Hugo Porta (Resigned 31 December 2022) Mr Sean Fitzpatrick Mme Nawal El Moutawakel Mrs Melissa Johnson

Company Secretary Nicholas Garside

Principal Address

460 Fulham Road London SW6 1BZ

Registered Office

15 Hill Street London W1J 5QT

Registered Charity Number 1111364

Registered Company Number 5083331

Independent auditors

PricewaterhouseCoopers LLP Chartered accountants and statutory auditors 40 Clarendon Road Watford WD17 1JJ

Bankers

HSBC Poultry & Princes St Branch 27-32 Poultry London EC2P 2BX

1

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

FOR THE YEAR ENDED 31 DECEMBER 2022

of company law, present their annual report and audited consolidated financial statements of the charity for the year ended 31 December 2022. The financial statements have been prepared under the provisions of the Statement of Recommended Practice Accounting and Reporting by Charities (FRS 102), the Companies Act 2006 and the accounting policies set out on pages 16-20. This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Reference and Administrative Information

Details of the current Trustees, senior management and advisers are given on page 1.

Structure, Governance and Management

Constitution

Laureus Sport for Good was incorporated as a company limited by guarantee on 24 March 2004 (Company Number 5083331) and registered as a charity with the UK Charity Commission on 19 September 2005 (Charity Number 1111364). It was established by its founding patrons, Richemont and Daimler. On the 31[st] of December 2021 shareholding in Laureus World Sports Awards Ltd to Richemont Holdings (UK) Ltd.

On 30 March 2006 Laureus Sport for Good Trading Limited (Company Number 05762994) was formed in the UK and is 100% owned by Laureus Sport for Good. Laureus Sport for Good Trading Limited supports charitable purposes through the medium of sport or activities associated with sport or physical recreation.

Governance structure

times a year as a Board, to set Laureus Sport for Good strategy and annual budget, to review Sport for Good performance, to approve grants which are to be made by Laureus Sport for Good, to monitor funding and to exercise their other functions and responsibilities as a Board. All four meetings in 2022 were carried out by video conference. However it is expected that this will move to a mix of in-person and video conference meetings over the course of 2023.

The Board receives the following regular reports from the management team:

Report on Sport for Good National Foundation performance and Building the Movement.

The day-to-day operations are controlled by the Laureus Sport for Good management team, comprising a Chief Executive, Director of Development, Director of Strategy and Operations, and Director of Programmes and Grants, supported by a staff team with experience in grants management, programme management and capacity development, monitoring and evaluation, research and learning and fundraising. The current Chief Executive, Adam Fraser, is delegated the task of day to day management of Laureus Sport for Good by the Trustees.

Appointment of Board

appointments require approval from the Member(s). The Board is appointed in line with the charity constitution. The Board consists of members of the Laureus World Sports Academy and representatives of the founding patrons of the Laureus organisation, Richemont and, until 31 December 2021, Daimler. Richemont provides commercial and corporate expertise and advice to the Board. Trustees are inducted when they join as to the objects of Laureus Sport for Good, are given copies of the Memorandum and Articles together with the financial statements and details of their responsibilities as trustees. Charity sector developments are discussed at Board meetings.

Pay and remuneration

Staff remuneration is within agreed salary bands, and individual staff members take part in an ongoing Performance Management Process (PMP) with individual targets set for the year. Pay rises are agreed subject to the PMP process and subsequent conversation between Management, Finance, Human Resources and signed off by Trustees, with the overall staffing costs agreed as part of the annual budget.

2

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

FOR THE YEAR ENDED 31 DECEMBER 2022

Principal Activities

Using the power of sport to end violence, discrimination and disadvantage.

Proving that sport can change the world

To pursue this vision, Laureus Sport for Good undertakes the following principal activities in line with its mission statement:

Related Entities

Laureus Sport for Good receives administrative support from Laureus World Sports Awards Limited, whose principal activity is the promotion and staging of an annual world-wide sports awards ceremony. During 2022, Laureus World Sports Awards Ltd continued to restructure its strategy from an event-focused commercial entity, to a campaign focused, selflicences to a number of national foundations which have similar objectives to Laureus Sport for Good. Their results have not been consolidated with those of Laureus Sport for Good as they are separately constituted charities and control is not exercised over their activities.

On 30 March 2006 Laureus Sport for Good Trading Limited was formed being 100% owned by Laureus Sport for Good. Laureus Sport for Good is therefore the ultimate parent entity of Laureus Sport for Good Trading Limited.

Principal Risk Management

The Board have adopted a risk management register which is updated and reviewed regularly and are satisfied that adequate measures are in place to minimise the impact of these risks. Risks relate to public perception and the reputational risk to Laureus Sport for Good. These risks are mitigated through regular communication with national foundations and supported programmes.

Risk may come in wider economic uncertainty, including from the aftermath of the Covid-19 pandemic, the current cost of living and inflation crisis, and where these factors may affect the business model of Laureus Sport f This risk is mitigated through a diverse portfolio of funders. Both income and expenditure is in multiple currencies and geographies, minimising the overall impact of foreign exchange risk.

Financial Risk Management exposure to price, credit, exchange rate, liquidity and cash flow risk

movements between the Sterling and Euro, and to a lesser extent the US dollar can be a risk. The company operates in relatively stable markets and no measures are considered necessary to mitigate these risks beyond monthly cash flow forecasts and maintaining currency to meet those forecasts. In addition, to as great an extent as possible, realisation of foreign exchange losses are minimised by maintaining bank accounts in Sterling, Euro and US Dollars, with programme funding occurring largely in the same currency as the funds raised for those purposes.

Cash flow, credit and liquidity risks are considered low. They are managed through regular budgetary and cash flow monitoring, with budgetary restraint being employed when risks to unrestricted funding arise.

Objects and Activities

Objects

The charitable objects of Laureus Sport for Good are:

the advancement through the medium of sport such charitable purposes as widening social networks, improving physical and mental health, facilitating further youth training and employment, reducing discrimination and increasing confidence and self-esteem.; and

3

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

FOR THE YEAR ENDED 31 DECEMBER 2022

Objects (continued)

Such other charitable purposes associated with sport or physical recreation as the Trustees in their absolute discretion from time to time think fit. This is achieved through exercising the Principal Activities set out above.

Programme funding policies and procedures

The policies and procedures of Laureus Sport for Good, including the organisation identification, application, assessment and monitoring and evaluation and grant conditions are regularly reviewed. The focus of reviews is to ensure that appropriate controls and processes are in place to ensure that Laureus Sport for Good minimises risk and maximises transparency, whilst also striving for administrative efficiency at Laureus Sport for Good, national foundation and programme partner offices. Laureus Sport for Good continually seeks to engage with other funding organisations to find ways to align grant-making procedures to create efficiency and reduce administration at programme level. This approach is ongoing.

Laureus Sport for Good continues to strengthen its programme partnerships, with the objective that programmes supported by Laureus Sport for Good which are not pilot programmes will, where possible, be on multi-year grant agreements. Laureus Sport for Good has expanded its grant making activities to support programmes in other ways which assist in developing the sector as a whole. For example, Laureus Sport for Good invests in research, knowledge sharing and colearning initiatives, and also invests in developing curricula and training manuals. Further, Laureus Sport for Good raises funding to support global and regional summits of sport for development practitioners with a view to sharing techniques and creating inter programme dialogue. Laureus Sport for Good also invests in the development of monitoring and evaluation methodologies and approaches designed to assist the programmes and Laureus Sport for Good itself to better articulate outcomes and therefore the value of investing in sports-based youth development initiatives.

Achievements and performance

The key performance areas for 2022 were:

The Trustees agree with management a budget for the year, which the Chief Executive, Finance department and Company Secretary manage on a day-to-day basis and report against on a quarterly basis to Trustees. Non-financial annual KPIs are also agreed before the start of each year and reported against on a quarterly basis. Over a longer-term period aims and objectives are aligned to successful progress against the organisation's vision and mission with strategic targets agreed on a multi-year basis.

Fundraising and Programmes

eighteen years of trading, it continues to perform impressively in 2022, generating consolidated 397

Notable donations received this year included the following:

4

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

FOR THE YEAR ENDED 31 DECEMBER 2022

Fundraising and Programmes (continued)

These total donations funded 108 programmes in 2022 (2021: 124). In addition to these programmes funded by Laureus Sport for Good, there were 187 (2021: 157) programmes that were indirectly funded through the national foundations.

Resources expended consi

on marketing and promoting awareness of sport. Programme expenditure is in the form of grants allocated to programmes based on them meeting criteria established to ensure that the long-term charitable objectives of Laureus Sport for Good are met. The expenditure figures include related support costs not just for programmes funded by Laureus Sport for Good but also support given to programmes developed by the national foundations. The level of support costs this year reflects the costs associated with evaluating and managing all the programmes.

344,431 of Laureus Sport for Good.

Laureus Sport for Good

Trading Limited

Laureus Sport for Good does not engage in direct fundraising with the public, does not engage volunteers to perform any fundraising activities, and no complaints were received during the year with regards to the foundation, or received by the Charities Commission.

National Foundations and Administration

The eight national foundations are separate legal entities and hold no legal relationship with the Global Foundation, other than licence agreements regarding the Laureus Sport for Good brand and intellectual property. However their use of intellectual property including branding creates a reputational risk for the Global Foundation. A number of measures have been put in place to manage this risk, some of which are described below.

Laureus Sport for Good aims to create sustainable national affiliates which pursue the global Laureus Sport for Good vision and mission and which might ultimately generate funds for distribution globally. The 2022 year also saw a continued focus on strengthening of accountability for the national foundations. Quarterly reporting adherence to reporting policies is being monitored.

Internal policies are required to be implemented in the national foundations to ensure consistency with those used by Laureus Sport for Good.

Reserves policy

The Trustees determined the reserves policy. It was agreed that a prudent reserves policy would be to maintain an overheads and 25% of yearly programme costs at a minimum. The reserves policy is reviewed annually at Trustee meetings.

The trustees determined the policy after consideration to future charity needs and forecasts of donation income from its principle donors and expenditure based on planned activity. Laureus Sport for Good was compliant with this policy at all times during the year.

The funding model of Laureus Sport for Good is underpinned by funds generated as a result of the activities of Laureus World Sports Awards Limited. Periodically, Laureus World Sports Awards Limited has been in a position to donate significant funds to Laureus Sport for Good due to its success as a commercial venture. The Trustees take consideration of the sustainability of this level of donation from the commercial business and the factors that will affect that revenue stream in future years. The approach adopted by the Trustees is to manage the expenditure of Laureus Sport for Good and the ongoing sustainability of the grants programme to take account of the likely business decisions and plans of the principle donors.

carried forward to meet the reserves policy. This balance includes the

5

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

FOR THE YEAR ENDED 31 DECEMBER 2022

The remaining reserves will be utilised in carrying out the charitable objectives of the Foundation, as outlined in the current business plan.

Public Benefit

The Board confirms that it has complied with the duty in Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

The Board believes that carrying out the aims of Laureus Sport for Good provides a public benefit for children, young Nations Sustainable Development Goals and include:

  1. Health: enhancing mental wellbeing/encouraging healthy behaviour change

  2. Education: increased access to and completion of education

  3. Women and girls: promoting equality, empowerment and safety

  4. Employability: developing skills and creating pathways to employment

  5. Inclusive society: creating communities which embrace ethnic, cultural and physical differences

  6. Peaceful society: resolving conflict/community peace-making/safe spaces.

The Board also believes that the degree of public access for the public benefit. The main activity of Laureus Sport for Good is supporting programme partners and making grants to communities worldwide in order to achieve the social focus areas set out above. There are no restrictions on who may apply to Laureus Sport for Good for grants, subject to qualifying under the objectives of Laureus Sport for Good through -established application and assessment process.

The public benefits that Laureus Sport for Good supplies.

Future Plans and strategies

This year, Laureus Sport for Good has focused on consolidating its partnerships with major donors whilst growing the base of new donors, including individuals, corporates and foundations. With recent additions of staff to the development and fundraising team, Laureus Sport for Good will continue this focus, aiming to further diversify funding to replace historic contributions from Laureus World Sports Awards Limited. The Covid-19 pandemic and lock down may have impacted on the financial performance of Laureus Sport for Good, however with diverse funding streams and renewed budgetary cost management by the Board, Laureus Sport for Good has managed to maintain a good position to continue with its future post-pandemic plans.

In particular Laureus Sport for Good will focus on the following key areas:

Growing the Sport for Good movement

Aligning the operations, procedures and management of the network of eight national foundations with a focus on planning for controlled growth and greater cohesion of the Laureus network worldwide.

Reviewing internal operations and processes and amending where necessary to ensure they are fit for purpose.

Fundraising

6

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

FOR THE YEAR ENDED 31 DECEMBER 2022

Programme partners

Awareness and Marketing

The Trustees (who are also directors of Laureus Sport for Good Foundation for the purposes of company law) are l Report (including the Strategic Report) and the financial statements in accordance with applicable law and regulation.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the trustees have prepared t Generally Accepted Accounting Practice). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable ccuracy at any time the financial position of the charitable company and the group 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.

7

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

FOR THE YEAR ENDED 31 DECEMBER 2022

responsibilities (continued)

United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

auditors are unaware; and

Directo

the Companies Act 2006. Such insurance policies were renewed during the year and remain in force at the time of signing.

Disclosure of information to Auditors

Each of the persons who is a trustee at the date of approval of this report confirms that:

and

  1. The trustee has taken all the steps that he/she ought to have taken as a trustee in order to make himself/herself aware of any relevan

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

Independent Auditors

During the year, PricewaterhouseCoopers LLP were re-appointed as auditors of Laureus Sport for Good. The financial statements on pages 12 to 33 were approved by the Trustees on 23 June 2023 and signed on their behalf by:

Sean Fitzpatrick Trustee

Date: 30 June 2023

8

LAUREUS SPORT FOR GOOD FOUNDATION

Independent auditors’ report to the members of Laureus Sport for Good Foundation

Report on the audit of the financial statements

Opinion

In our opinion, Laureus Sport for Good Foundation’s group financial statements and parent charitable company financial statements (the “financial statements”):

We have audited the financial statements, included within the Annual Report and Financial Statements (the “Annual Report” which comprise: the consolidated and parent charitable company balance sheets as at 31 December 2022; the consolidated statement of financial activities (including the income and expenditure account), and the consolidated cash flow statements for the year then ended ; and the notes to the financial statements, which include a description of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

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 group’s and the parent charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

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

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the group’s and the parent charitable company’s ability to continue as a going concern.

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

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance 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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.

9

LAUREUS SPORT FOR GOOD FOUNDATION

Independent auditors’ report to the members of Laureus Sport for Good Foundation (continued)

Reporting on other information (continued)

With respect to the Trustees’ report and the Strategic Report included within it, we also considered whether the disclosures required by the UK Companies Act 2006 and Charities Act 2011 have been included. Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Trustees’ report

In our opinion, based on the work undertaken in the course of the audit the information given in the Trustees’ report for the period ended 31 December 2022 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we did not identify any material misstatements in the Trustees’ report.

Responsibilities for the financial statements and the audit

Responsibilities of the trustees for the financial statements

As explained more fully in the Statement of trustees’ responsibilities , the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they determine is 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 trustees are responsible for assessing the group’s and parent charitable 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 trustees either intend to liquidate the group or the parent charitable 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 an auditors’ report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the group and parent charitable company and their industry/environment , we identified that the principal risks of non-compliance with laws and regulations related to non-compliance with laws and regulations related to charity regulatory requirements , and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to manipulating accounting records by posting inappropriate manual or fictitious journal entries. Audit procedures performed by the engagement team included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial

10

LAUREUS SPORT FOR GOOD FOUNDATION

Independent auditors’ report to the members of Laureus Sport for Good Foundation (continued)

Auditors’ responsibilities for the audit of the financial statements (continued)

statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the parent charitable company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

We have no exceptions to report arising from this responsibility.

Entitlement to exemptions

Under the Companies Act 2006 we are required to report to you if, in our opinion, the trustees were not entitled to: take advantage of the small companies exemption from preparing a Strategic Report. We have no exceptions to report arising from this responsibility.

Ruaridh Macphee (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Watford 30 June 2023

11

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure account)

FOR THE YEAR ENDED 31 DECEMBER 2022

Registered Company Number: 5083331

Unrestricted Restricted Total Total
Funds Funds
2022 2022 2022 2021
Notes
Income and endowments from:
Donations and legacies 4
 2,702,780
 4,330,617 7,033,397 6,510,850
----------------------
 ---------------------- --------------------- ----------------------
Total income 2,702,780
 4,330,617 7,033,397 6,510,850
----------------------
 ---------------------- ---------------------- ----------------------
Expenditure on:
Raising funds 5 (1,791,423) (13,292) (1,804,715) (880,112)
Charitable activities 6,7
 (1,299,577)
 (3,522,850) (4,822,427) (4,798,353)
Governance Costs 9
 (61,824)
 - (61,824) (52,918)
----------------------
 ---------------------- ---------------------- ----------------------
Total resources expended (3,152,824)
 (3,536,142) (6,688,966) (5,731,383)
----------------------
 ---------------------- ----------------------- ----------------------
Net (expenditure)/income (450,044) 794,475 344,431 779,467
Transfer between funds 40,056
 (40,056) - -
Group Net movement in funds (409,988)
 754,419 344,431 779,467
Reconciliation of funds
Total funds brought forward 2,737,148
 3,978,594 6,715,742 5,936,275
Total funds carried forward 17
 2,327,160
 4,733,013 7,060,173 6,715,742

All of the above results relate to continuing activities. Of the 1 to Laureus Sport for Good Foundation.

Transfer between funds -alignment of existing funds between unrestricted and restricted reserves to reflect the status and completion of certain programme funding.

There is no material difference between the loss on ordinary activities before taxation and the loss for the financial years stated above and their historical cost equivalents.

All foreign exchange gains and losses recognised in the year are included above.

The notes on pages 16 to 33 form an integral part of these financial statements.

12

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2022

Note 2022 2021
FIXED ASSETS
Inventory 13 199,234 257,146
---------------------- ----------------------
Total fixed assets 199,234 257,146
CURRENT ASSETS
Debtors: amounts falling due within one year 14 1,217,824 1,045,478
Cash at bank and in hand 6,100,942 5,747,258
---------------------- ----------------------
Total current assets 7,318,766 6,792,736
LIABILITIES
CURRENT LIABILITIES
Creditors: amounts falling due within one year 15 (457,826) (334,140)
---------------------- ----------------------
NET CURRENT ASSETS 6,860,939 6,458,596
---------------------- ----------------------
TOTAL ASSETS LESS CURRENT LIABILITIES 7,060,173 6,715,742
=========== ===========
TOTAL NET ASSETS 7,060,173 6,715,742
The Funds of the Charity:
Restricted Income Funds 17 4,733,013 3,978,594
Unrestricted Income Funds 17 2,327,160 2,737,148
---------------------- ----------------------
Total Charity Funds 7,060,173 6,715,742
=========== ===========

The notes on pages 16 to 33 form part of these financial statements.

The Financial Statements were approved by the Trustees on 23 June 2023 and signed on their behalf by:

Trustee

Date: 30 June 2023

13

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2022

Note 2022 2021
FIXED ASSETS
Inventory 13 199,234 257,146
--------------------- ---------------------
Total fixed assets 199,234 257,146
CURRENT ASSETS
Debtors: amounts falling due within one year 14 1,607,368 1,349,406
Cash at bank and in hand 5,594,615 5,436,794
--------------------- ---------------------
Total current assets 7,201,983 6,786,200
LIABILITIES
CURRENT LIABILITIES
Creditors: amounts falling due within one year 15 (338,389) (324,948)
--------------------- ---------------------
NET CURRENT ASSETS 6,863,595 6,461,252
--------------------- ---------------------
TOTAL ASSETS LESS CURRENT LIABILITIES 7,062,829 6,718,398
TOTAL NET ASSETS 7,062,829 6,718,398
========== ==========
The Funds of the Charity:
Restricted Income Funds 17 4,742,393 4,029,653
Unrestricted Income Funds 17 2,320,436 2,688,745
--------------------- ---------------------
Total Charity Funds 7,062,829 6,718,398
========== ==========

resulted in a net profit of 1

The Financial Statements were approved by the Trustees on 23 June 2023 and signed on their behalf by:

Trustee Date: 30 June 2023

14

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Note
Cash flows from operating activities:
Net cash generated from/(used in) operating activities A 353,683 767,037
--------------------- ---------------------
Cash flows from investing activities: - -
--------------------- ---------------------
Cash flows from financing activities - -
--------------------- ---------------------
Increase/(Decrease) in cash and cash equivalents in the year 353,683 767,037
Cash and cash equivalents at the beginning of the year 5,747,258 4,980,152
--------------------- ---------------------
Cash and cash equivalents at the end of the year 6,100,942 5,747,258
--------------------- ---------------------

A RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH GENERATED FROM/(USED IN) OPERATING ACTIVITIES

Net income for the reporting year (as per consolidated statement
of financial activities)
Adjustments for:
Decrease/(Increase) in inventory
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Net cash generated from operating activities		 2022
2021
344,431
779,467
57,912
(124,524)
(172,346)
169,702
123,686
(57,539)
353,683
767,037

15

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1. GENERAL INFORMATION

Laureus Sport for Good Foundation was incorporated as a company limited by guarantee (Company Number 5083331) and registered as a charity with the UK Charity Commission (Charity Number 1111364). There are currently two members and in the event of winding up the liability in respect of guarantee is limited to £10 per member of the charity. The Charity is incorporated and domiciled in United Kingdom. The address of its registered office is 15 Hill Street, London W1J 5QT.

2. STATEMENT OF COMPLIANCES

These financial statements have been prepared in accordance with the applicable accounting standards in the

and requirements of the Companies Act 2006 and the Charities Act 2011. The Charity has adapted the Companies Act activities.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these consolidated and separate financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

These consolidated and separate financial statements are prepared on a going concern basis, under the historical cost convention.

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements

Going concern

-term business

plan which shows that it is able to service any of its debt facilities.

On this basis, the board has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in to continue as a going concern.

Basis of consolidation

The consolidated statement of financial activities and balance sheet incorporate, using the acquisition accounting

31 December 2022. Intra-group donations and expenses are eliminated fully on consolidation. No separate company Statement of Financial Activities (SOFA) has been prepared for the Charity as permitted by section 408 of the Companies Act 2006. The results for the subsidiary company are shown in note 19 to the financial statements.

Foreign currency

(i) Functional and presentation currency The Group financial statements are presented in Euro.

16

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Foreign Currency (continued)

(ii) Transactions and balances

Transactions in foreign currencies are recorded using the average daily exchange rate of the prior month. Monetary assets and liabilities are translated at the rate of exchange ruling at the balance sheet date, whereby £1 All differences are taken to the Statement of Financial Activities.

Income recognition

All income is recognised once the charity has entitlement to the income, any performance condition attached to the item(s) of income have been met, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. In case of non-exchange transactions including donated goods, facilities and services that do not provide performance-related conditions, in these cases income is recognised when resources are received.

Expenditure recognition

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

i) Fundraising

Fundraising costs comprise those costs incurred in securing donations.

ii) Programme grants

Grants are included in the financial statements when approved by the Trustees and notified to recipients. The value of any committed grants unpaid at the year-end is accrued. Grants offered that are subject to conditions that have not been met at the year-end are noted as a commitment but not accrued as expenditure.

In 2022, four (2021: four) institutional grants were made, totalling

iii) Awareness and marketing Awareness and marketing costs comprise those costs incurred in generating awareness about Sport for Good and what role sport can play in society.

iv) Support costs

Support costs consist of costs associated with managing the charity and have been allocated to the principal activities of programme grants, promotion and awareness and fundraising on the basis of the proportion of total expenditure.

Support costs are allocated to the primary activities of the Foundation being funding programmes, developing and promoting the Foundation and raising funds on the basis of the proportion of total expenditure. These costs are further analysed between supporting the Foundation and national foundations based on the time required by management and the supporting function to achieve these objectives.

v) Governance costs Governance costs consist of those costs associated with the governance of the charity and are primarily in connection with constitutional and statutory requirements.

Taxation

The Group has charitable status and is therefore not subject to Corporation Tax on its surplus from charitable activities.

17

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Employee benefits

The Group provides a range of benefits to employees including defined contribution pension plans.

i) Short term benefits

Short term benefits, including other similar non-monetary benefits are recognised as an expense in the period in which the service is received.

ii) Defined contribution plan

The Company participates in a Richemont operated stakeholder pension scheme for the benefit of its employees, the assets of which are held separately from those of the company in independently administered funds. Note 10 to the financial statements provides further details relating to pension scheme arrangements.

Investments in subsidiary undertakings

Investments in subsidiary undertakings are recorded at cost plus incidental expenses less any provision for impairment. Impairment reviews are performed by the directors when there has been an indication of potential impairment.

Impairment of non- financial asset

At each balance sheet date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset

The recoverable amount of th sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax ash generating unit) continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset.

t) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the Statement of financial activities unless the asset has been revalued when the amount is recognised in other income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in statement of financial activities.

is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the statement of financial activities.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand and deposits held at call with banks.

Fund accounting

Unrestricted funds are those funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are those which are required to be spent in accordance with the wishes of the donor.

18

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Financial instruments

The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

i) Financial assets

Basic financial assets, including trade and other receivables and cash, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the loss is recognised in the income statement.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in income statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

The Company does not hold or issue derivative financial instruments during the reporting period.

iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

19

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Critical accounting judgements and key source of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities, revenue and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

There are no estimates or judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

20

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
4. DONATIONS AND LEGACIES
Charitable donations - Unrestricted
Daimler 100,000 500,000
Richemont 500,000 505,735
Commonwealth Sport Foundation 100,720 57,656
Comic Relief US 122,724 -
Event fundraising 722,474 79,243
Footlocker 89,000 -
FTX 272,720 -
Gumball 3000 87,497 -
IWC 346,439 531,346
Laureus World Sports Awards Ltd - 11,761
Nike 221,464 -
MUFG - 6,281
Other 139,742 390,082
--------------------- ---------------------
2,702,780 2,082,104
--------------------- ---------------------
Fundraising Activities Restricted Donations
Beyond Sport - 186,011
Big Lottery Fund - 139,019
Comic Relief UK 18,849 68,896
Comic Relief US 576,524 688,569
Event Fundraising 408,243 70,828
Footlocker 680,968 -
FTX 636,349 -
Greater London Authority 116,023 87,797
Goldman Sachs - 127,018
Gumball 3000 58,895 57,345
IWC - 5,000
Levis - 26,552
Made by Sport 71,608 -
Mercedes Benz UK 347,271 304,600
MUFG 130,806 85,464
Laureus World Sports Awards - 1,140,000
Nike 485,323 857,639
Pitch International 183,815 -
Spirit of 2012 - 59,837
Sport England 129,961 61,130
Swedish Postcode Lottery 80,559 90,184
Sol Foundation 277,186 242,311
Other Restricted Fundraising 128,237 95,696
--------------------- ---------------------
4,330,617 4,428,746
--------------------- ---------------------
TOTAL INCOME FROM DONATIONS 7,033,397 6,510,850
========== ==========
Restricted funds are expected to be materially spent within the next two years.
5. RAISING FUNDS 2022 2021
Direct costs 880,908 144,129
Support costs 923,807 735,983
--------------------- ---------------------
1,804,715 880,112
========== ==========

21

General Information LAUREUS SPORTS FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

5. RAISINGS FUNDS (CONTINUED)

The material increase in Direct fundraising costs in 2022 reflects the implementation costs of the Laureus Challenge 2022 held in the U.A.E. Donations raised from this event are reflected in the material increase in both restricted and unrestricted Event fundraising in note 4 above.

6. PROGRAMME GRANTS

2022 2021
ANALYSIS GRANT SUPPORT TOTAL
COST
Africa
Able Child - - - 5,400
Box Girls, Kenya 35,000 - 35,000 35,000
Cheshire Foundation - Ethiopia 8,000 - 8,000 18,400
Coaching for Hope/Tackle Africa Mali 75,773 - 75,773 28,786
Disabilities
Rwanda		 - - - 22,000
Kick4Life
Lesotho		 - - - 30,000
Mathare Youth Sports Association Kenya 84,000 - 84,000 36,000
Moving the Goalpost
Kilifi, Kenya		 75,000 - 75,000 140,094
Sport Aid Development - - - 65,094
Pamoja Initiata, Kenya - - - 65,124
United Through Sport
South Africa		 30,000 - 30,000 -
Africa Yoga Project - Kenya - - - 37,487
Waves for Change
South Africa		 117,280 - 117,280 112,142
Total 425,053 - 425,053 595,527
Asia
Child Fund, Pass it Back - Vietnam 13,400 - 13,400 15,000
Empowering Women
Nepal		 - - - 3,600
Football United - Myanmar 43,967 - 43,967 45,000
Generations for Peace
Middle		 East 46,256 - 46,256 41,801
Girl Determined - - - 6,590
Hong Kong Model City 40,092 - 40,092 60,465
HKRU Community Foundation - Hong Kong - 10,931 10,931 15,540
Indochina Starfish Foundation - Cambodia - - - 23,335
Indigenous Marathon Fund - - - 13,060
Magic Bus Sports Programme India - - - 40,935
Model City Delhi 136,867 74,506 211,373 169,914
Monkey Magic, Japan 20,793 - 20,793 30,000
NPO Yamato Sylphid Sport Club - Japan 23,128 - 23,128 -
Nadeshiko Care, Japan - - - 12,540
Right to Play - Thailand 13,246 - 13,246 30,208
RKU University, Japan 32,754 - 32,754 15,822
SISP Surfing - India - - - 20,900
Peres Centre for Peace & Innovation
Israel /		 - - - 25,000
Palestine
Play Academy Naomi Osaka - Japan - 83,105 83,105 -
Peace Players International 62,783 - 62,783 53,860
Skateistan - Afghanistan 129,032 - 129,032 83,601
Slum Soccer, India - - - 1,055
Special Olympics 94,613 - 94,613 42,487
Spocom - Japan 13,877 - 13,877 -
YMCA - Japan 15,871 - 15,871 55,080
Total 686,679 168,542 855,221 805,793

22

General Information LAUREUS SPORTS FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

6. PROGRAMME GRANTS (continued)

2022 2021
ANALYSIS GRANT SUPPORT TOTAL
COST
Europe
All People Active - UK 29,734 - 29,734 -
Laureus Urban Stars - combined programmes - -
 - 115,723
Basketball Leben - Romania 20,000 - 20,000 20,000
Bara Vanlig - Sweden 3,817 - 3,817 -
Carneys Community
UK		 29,781
-		 29,781 28,931
Change Foundation
UK		 17,949 - 17,949 45,878
Charity On Top
UK		 7,364 - 7,364 -
Contact Club - France 19,743 - 19,743 -
Dis Camino - Spain 5,043 - 5,043 -
En Frisk - Sweden 3,817 - 3,817 -
Fight for Peace
London, UK		 100,565
-		 100,565 115,481
Fight for Peace Alumni Bulldogs Boxing - - - 28,898
Fight for Peace Alumni Tamworth Boxing - - - 28,898
Fight for Peace Alumni Sporting Chance - - - 28,898
Fight for Peace Alumni Fight to Unite ZKJ - - - 28,898
Fight for Peace Alumni St Columbs Park House - - - 26,008
Fight For Zero - Sweden 3,800 - 3,800 -
FDP Associata - Romania 18,409
-		 18,409 -
Federacion Badminton - Spain 10,000 - 10,000 -
Fundacion Cris - Spain 10,000 - 10,000 -
Fundacion Rafa Nadal - Spain 40,000 - 40,000 40,000
GAME - - - 5,259
Gasol Foundation - Spain 25,000 - 25,000 -
Kraainem FC - Belgium 25,000 - 25,000 10,000
Marcus Lipton Foundation - UK 52,363 - 52,363 -
Model City London - UK 34,923 72,857 107,780 208,437
Model City Paris
France		 201,868 113,308
 315,176 193,625
Mouratoglou Academy - France 72,142 - 72,142 -
Norrkoping
Sweden		 3,817 - 3,817 -
PGR Associacion - Spain 5,000 - 5,000 -
Play International (Marseille & Paris) - France - - - 30,000
Rattighetsbyran - Sweden 7,600 - 7,600 -
Rising You 27,500 - 27,500 27,500
Rio Ferdinand Foundation - UK 44,126 - 44,126 -
Running Charity - UK 41,693 - 41,693 44,687
School of Hard Knocks UK 23,825 - 23,825 46,208
Seb Coe Foundation - UK - 17,866 17,866 -
Sparks - UK 3,736 - 3,736 -
Street League
London, UK		 89,034 - 89,034 81,006
Street Barcelona - Spain 11,856 - 11,856 -
Street Child United - UK 24,353 - 24,353 -
Stichting - Netherlands 44,126 - 44,126 -
Sport dans la Ville - France 30,000 - 30,000 30,000
The Ahoy Centre - UK 29,396 - 29,396 -
The Wave Programme
UK		 - - - 21,952
Touche - France 27,500 - 27,500 27,500
Track Academy
London, UK		 23,825 - 23,825 34,717
Swedish Postcode Lottery - Sweden - - - 15,524
University of Nottingham - UK 49,431 - 49,431 65,944
War Child
UK		 37,000 - 37,000 -
Total 1,255,136 204,031 1,459,167 1,349,972

23

General Information LAUREUS SPORTS FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

6.PROGRAMME GRANTS (continued) 6.PROGRAMME GRANTS (continued) GRANT 2022
SUPPORT		 TOTAL 2021
COST
Oceania
Billy Graham Youth Foundation New Zealand 16,000 - 16,000
 16,000
Te Taitimu Trust
New Zealand		 - - - 16,000
Total 16,000 - 16,000 32,000
Americas
Acer - Brazil 23,128 - 23,128 25,080
APAC 15,216 - 15,216
 -
Associacio Hurra 23,128 - 23,128 21,103
Bola Pra Frente, Brazil 27,754 - 27,754 25,080
Colombianitos - Colombia 37,437 - 37,437 38,442
Deportes Para Compartir - Mexico 15,715 - 15,715 16,996
Girls on the Run - - - 12,938
Girls United 15,164 - 15,164 -
Goals, Haiti 23,128 - 23,128 20,900
Instituto Reacao
Brazil		 23,128 - 23,128 25,080
IEE - Mexico - - - 41,916
Futbol Para Todos - Brazil 14,686 - 14,686 -
Instituto Barrichello, Brazil 30,862 - 30,862 27,170
Jason Roberts Foundation - Grenada - - - 25,080
JUF - 8,012 - 8,012 -
Mas Que un Lugar Para Jugar - Brazil 6,056 - 6,056 -
Onda Solidaria, Brazil - - - 16,720
Orphan Co - - - 9,000
Proyecto Cantera, Mexico 7,662 - 7,662 24,419
REMS 32,379 - 32,379 29,260
Run Hope Work - - - 7,714
Soccer Without Borders, USA 2,727 - 2,727 65,095
Tiempo de Juego - Colombia 18,502 - 18,502 14,212
Traso - Mexico 15,727 - 15,727 13,478
Utopia - Mexico 15,727 - 15,727 12,540
Vida Corrida 42,329 - 42,329 37,621
Gol de Letra - Brazil - - - 37,621
Total 398,467 - 398,467 547,465
Capacity Building
Swiss Academy of Development - 15,000 15,000 10,000
Other capacity building activities - 176,668
 176,668 175,556
Total - 191,668 191,668 185,556
Social Impact Research Grants - 24,972 24,972 70,225
Total - 24,972 24,972 70,225
Development and support costs - 1,002,642 1,002,642 798,791
Total cost on Global foundation programmes 2,781,335 1,591,855 4,373,190 4,385,331

24

General Information LAUREUS SPORTS FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

6.PROGRAMME GRANTS (continued) 6.PROGRAMME GRANTS (continued) GRANT 2022
SUPPORT		 TOTAL 2021
COST
Laureus Sport for Good Foundation, Argentina - 6,742
 6,742 -
Laureus Sport for Good Foundation, Germany - -
 - 10,841
Laureus Sport for Good Foundation, Italy - 6,861 6,861 29,653
Laureus Sport for Good Foundation, South Africa
 - 41,487
 41,487 49,579
Laureus Sport for Good Foundation, Spain - 2,000
 2,000 -
Laureus Sport for Good Foundation, Switzerland
 - 7,087 7,087 -
Laureus Sport for Good Foundation, USA - 231,937
 231,937 189,089
Development and support costs - 87,186 87,186 69,460
Total cost on National Foundation Programmes
 - 383,300 383,300 348,622
Total 2,781,335 1,975,155
4,756,490 4,733,953
2022 2021
7. PROMOTION & AWARENESS
Programme visits 11,165 17,857
Promotional activities 13,682 13,804
Programme visit & promotional support costs Global Foundation Programmes 37,807 30,120
Programme visit & promotional support costs National Foundation
Programmes 3,287 2,619
--------------------- ---------------------
65,941 64,400
========== ==========

25

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

8. SUMMARY ANALYSIS OF EXPENDITURE AND RELATED INCOME FOR CHARITABLE ACTIVITES

Global National 2022 2021
Income from charitable activities Foundation
-		 Foundations
-		 Total
-		 Total
-
Total - - - -
Expenditure on charitable activities
Programme Grants (4,373,185) (383,300) (4,756,485) (4,733,954)
Promotion & Awareness - allocable (24,847) - (24,847) (31,661)
Promotion & Awareness
un-allocable		 (37,807) (3,287) (41,094) (32,739)
Total (4,435,839) (386,587) (4,822,426) (4,798,354)
Total deficit from charitable activities (4,435,839) (386,587) (4,822,426) (4,798,354)
9. GOVERNANCE COSTS 2022 2021
Audit fee 37,945 49,033
Non-audit services provided by Auditor 12,290 950
Other Legal and other professional fees 11,589 2,935
--------------------- ---------------------
61,824 52,918
========== ==========

26

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

10. ANALYSIS OF SUPPORT COSTS

SUPPORT COSTS FUND PROGRAMME PROMOTION 2022 2021 Basis of
RAISING GRANTS & GRAND Allocation
Management costs 795,520 938,487 AWARENESS
35,388		 TOTAL
1,769,395		 1,543,978 Proportional
Exchange gains (25,888) (30,540) (1,152) (57,580) (125,319) Proportional
Others 154,174 181,881 6,858 342,913 218,316 Proportional
Total 2022 923,806 1,089,828 41,094 2,054,728
Total 2021 735,983 868,252 32,740 1,636,975

Support costs are allocated to the primary activities of Laureus Sport for Good being funding programmes, developing and promoting Laureus Sport for Good and raising funds on the basis of the proportion of total expenditure. These costs are further analysed between supporting Laureus Sport for Good and national foundations based on the time required by management and the supporting function to achieve these objectives.

Foundation Team Members

The following Foundation team members were employed by Laureus Sport for Good:

Fundraising Activities:

for the fundraising activities was 9 (2021: 8), and for programmes 14 (2021: 13) during the reporting year. A monthly average of twenty-one (2021: twenty-two) persons worked at Laureus Sport for Good during the year.

Wages and salaries 2022
1,352,457		 2021
1,252,674
Social security costs 76,400 73,035
Employer pension costs 45,052 42,576
Other costs 52,338 61,475
1,526,247 1,429,761

27

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

10. ANALYSIS OF SUPPORT COSTS (CONTINUED)

Including taxable benefits, bonuses and pensions, the remuneration of Laureus Sport for Good employees was as follows:

2022 (No.) 2021 (No.)
- 16 17
- 1 1
- 2 -
- 1 1
- - 1
- 1 -
- 1 1
- - 1
- 1 -
23 22

Key management personnel includes Trustees (who receive no remuneration) and the Chief Executive to whom the Trustees have delegated significant authority and responsibility in the day to day running of the charity. The Chief Executive was r the entire year including bonuses. In addition, a great amount of time and expertise, the value of which is not reflected in these financial statements, was donated by the employees, Ambassadors and Academy members of Laureus World Sports Awards, to promote and represent Laureus Sport for Good supported programmes. An average of zero volunteers were utilised over the year.

11. TAXATION

Laureus Sport for Good had no liability for corporation tax in the year (2021: nil). Laureus Sport for Good is entitled to certain exemptions on income from investments and surpluses on any trading activities carried on in furtherance of Laureus Sport for

Laureus Sport for Good is not registered for Value Added Tax.

28

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

12.

No expenses incurred by trustees in their duties were reimbursed during the year (2021: nil). Laureus Sport for T were made for travel and accommodation (2021: nil) by Laureus Sport for Good Trading Limited. No trustees were paid by either Laureus Sport for Good, its subsidiary or any related parties for their services as Trustees.

13. INVENTORY (GROUP & COMPANY)

2022 2021
Donated goods for resale 199,234 257,146
--------------------- ---------------------
199,234 257,146
========== ==========

Donated goods for resale represents the fair value of inventory initially received by Sport for Good Trading Limited as a result of sponsorship agreements, and subsequently donated to Laureus Sport for Good to generate funds with. The fair value of the goods is calculated as the lower of current retail price and previous realised prices for the same item. Donated goods are reviewed for impairment periodically.

14. DEBTORS: amounts falling due 2022 2022 2021 2021
within one year Group Parent Group Parent
Trade Debtors 308,764 65,456 26,387 -
Laureus Sport for Good Trading Limited - 651,371 - 335,693
Laureus Sport for Good Foundation, Monaco - - 255,323 255,323
Other Debtors 909,060 890,541 763,768 758,390
--------------------- --------------------- --------------------- ---------------------
1,217,824 1,607,368 1,045,478 1,349,406
========== ========== ========== ==========

Amounts due from related parties are unsecured, interest free and repayable on demand.

29

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

15. CREDITORS: amounts falling due within one year

2022
Group		 2022
Parent		 2021
Group		 2021
Parent
Trade Creditors 147,117 62,989 52,012 49,339
Amounts owed to Related Parties 81,063 67,867 131,878 131,878
Accruals and deferred income 179,620 160,137 101,276 99,335
Other Creditors 50,026 47,396 48,974 44,396
--------------------- --------------------- --------------------- ---------------------
457,826 338,389 334,140 324,948
========== ========== ========== ==========
Amounts owed to related parties are unsecured, interest free and repayable on demand.
16. FINANCIAL INSTRUMENTS Note Group
2022 2021
Financial assets
Financial assets measured at amortised cost
Trade debtors 14 308,764 26,387
Laureus Sport for Good Foundation, Monaco 14 - 255,323
Other debtors 14 894,801 763,768
Total 1,203,565 1,045,478
Financial liabilities
Financial liabilities measured at amortised cost
Trade creditors 15 147,117 52,012
Amounts owed to Related Parties 15 81,063 131,878
Accruals 15 179,620 101,276
Other creditors 15 50,026 48,974
Total 457,826 334,140

30

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

17. GROUP AND COMPANY STATEMENT OF MOVEMENTS OF FUNDS

Group
Unrestricted Income Funds
Restricted Income Funds
Total
Company
Unrestricted Income Funds
Restricted Income Funds
Total		 Balance
1 January
Incoming
Resources
Resources
Expended
Transfers
Balance
31 December
2022
2022
2,737,148
2,702,780
(3,152,824)
40,056
2,327,160
3,978,594
4,330,617
(3,536,142)
(40,056)
4,733,013
6,715,742
7,033,397
(6,688,966)
-
7,060,173
Balance
1 January
Incoming
Resources
Resources
Expended
Transfers
Balance
31 December
2022
2022
2,688,745
1,904,191
(2,312,556)
40,056
2,320,436
4,029,653
4,280,524
(3,527,728)
(40,056)
4,742,393
6,718,398
6,184,715
(5,840,284)
-
7,062,829

The unrestricted fund represents the free funds of the charity that have not been designated for particular purposes. The restricted funds consist of donations specifically for the following charities and programmes:

Laureus Sport for Good Foundation Argentina London Model City Delhi Model City Waves for Change

2012, Nike, Footlocker, Swedish Postcode Lottery, Sport England, Hong Kong Programmes, Just Challenge, Ken Hitchener, MUFG, Mercedes Benz Benelux, Mercedes Benz Hong Kong, Mercedes Benz Taiwan, Mercedes Benz Japan, West Realm Shire Services Inc and Ukrainian refugee fundraising require spend on certain geographical regions or types of programmes, rather than specific programmes.

Restricted funds at 31 December

31

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

18. DONATED GOODS, FACILITIES AND SERVICES

for further information. Laureus Sport for Good Foundation did not receive donations of any facilities or services during the year.

In 2022, Laureus Sport for Good was recharged by Laureus World Sports Awards Limited, for a proportional share based on space occupied - of actual costs invoiced, being costs for the lease and related facilities and services. The calculation was on the same

Laureus World Sports Awards Limited.

19. INVESTMENTS

On 30 March 2006 Laureus Sport for Good Trading Limited was formed in the UK and is 100% owned by Laureus Sport for Good Foundation, comprising two fully paid shares of £1 each. Laureus Sport for Good Trading Limited will support charitable purposes through the medium of sport or activities associated with sport or physical recreation. Laureus Sport for Good Trading Limited has been included in the consolidation.

Assets at 1 January
Liabilities as at 1 January
Net liabilities at beginning of the year
Income/(Expenses)
Donations raised
Costs incurred
Donations made
Assets at 31 December
Liabilities as at 31 December
Net liabilities at the end of the year		 Company
Company
2022
2021
342,298
575,230
(344,884)
(577,816)
(2,586)
(2,586)
1,166,137
473,139
(894,476)
(111,170)
(271,661)
(361,969)
833,676
342,298
(836,262)
(344,884)
(2,586)
(2,586)

The carrying value of the investment is nil.

32

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

20. RELATED PARTY TRANSACTIONS

The Charity has taken advantage of the exemption conferred by Paragraph 33.1A of FRS 102,

Dr Guy Sanan who is a Trustee of Laureus Sport for Good, is also a director of Laureus World Sports Awards Limited. Laureus World Sports Awards Limited was a related entity as a result of this common director.

to Laureus Sport for Good. These

charges included costs of goods, facilities and services which had previously been donated by Laureus World Sports Awards Limited for costs to Laureus World Sports Awards Limited.

,483 owed from Laureus World Sports Awards Limited). This has not yet been paid. At 31 December 2022, year ended 31 December 2022, Laureus World Sports Awards Limited

Luciana Porta, daughter of Trustee Hugo Porta (resigned as trustee 31 December 2022), was hired as a consultant of the charity via Empathize LLC. In 2022 a which were accrued in these financial statements. A new contract for services with Empathize LLC came into effect on 1 January 2023.

21. NON-ADJUSTING POST-BALANCE SHEET EVENTS

No programmes supported by Laureus Sport for Good were disrupted as a result of the ongoing Russian invasion of Ukraine. A small number of supported programmes in nearby countries continue to experience an influx of participants due to refugee inflows. Since the invasion, Laureus Sport for Good Foundation has been involved in fundraising campaigns to allow for grants to be made to programmes working with children affected by the war.

On 1 March 2023, Mr Rupert Brooks became a member of Laureus Sport for Good Foundation.

22. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party for Laureus Sport for Good.

33