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← Laureus Sport For Good Foundation

2023-12-31-accounts

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023

CONTENTS Page(s)
Reference and administrative information 1
Trustees’ report 2 – 8
Independent auditors’ report to the Members of Laureus Sport for Good Foundation 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 2023

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 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, England W1J 5QT

Registered Charity Number 1111364

Registered Company Number 5083331

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

Bankers

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

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General Information

LAUREUS SPORT FOR GOOD FOUNDATION

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees, who are also directors of the Laureus Sport for Good Foundation (“Laureus Sport for Good”) for the purposes of company law, present their annual report and audited consolidated financial statements of the charity for the year ended 31 December 2023. 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, Daimler transferred it’s 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

The Board, who have overall control of Laureus Sport for Good’s strategy and operations, generally meet four (2022: four) 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 2023 were carried out as a mix of video conference and in-person attendees. It is expected this will continue in 2024, with the aim of one entirely in-person meeting.

The day-to-day operations are controlled by the Laureus Sport for Good management team, comprising a Chief Executive, Global Development Director, Head of Strategic Partnerships, and Global Programmes and Grants Director, supported by a staff team with experience in grants management, programme management and capacity development, monitoring and evaluation, research and learning and fundraising. The former Chief Executive, Adam Fraser, departed Laureus Sport for Good on 31 July 2023. Ned Wills began in the Chief Executive position on 1 August 2023. Both Chief Executives are/were delegated the task of day to day management of Laureus Sport for Good by the Trustees.

Appointment of Board

Permanent trustees’ 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.

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General Information

LAUREUS SPORT FOR GOOD FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

Principal Activities

The vision of Laureus Sport for Good is: “ 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. Laureus Sport for Good has granted licences 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 current cost of living and inflation crisis, and where these factors may affect the business model of Laureus Sport for Good’s funders. 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

A number of financial risks are considered in management of Laureus Sport for Good’s financial health. Exchange rate 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:

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General Information

LAUREUS SPORT FOR GOOD FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

Objects (continued)

Programme funding policies and procedures

The policies and procedures of Laureus Sport for Good, including the organisation’s approach to programme partner 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 2023 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

In Laureus Sport for Good’s nineteen years of trading, it continues to generate significant income in 2023, generating consolidated donations of €4,169,423 (2022: €7,033,397).

Notable donations received this year included the following:

Richemont group €914,999 (2022: €846,439) of which €114,999 (2022: €nil) was for restricted purposes. Comic Relief USA €633,708 (2022: €699,248) of which €521,448 (2022: €576,524) were for restricted purposes. Nike €576,166 (2022: €706,787) of which €531,531 (2022: €485,323) were for restricted purposes. Daimler group €321,416 (2022: €482,929) of which €274,472 (2022: €359,822) were for restricted purposes. Further donations in the year totalled €1,732,135 (2022: €4,297,995).

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General Information

LAUREUS SPORT FOR GOOD FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

Fundraising and Programmes (continued)

These total donations funded 178 programmes in 2023 (2022: 108). In addition to these programmes funded by Laureus Sport for Good, there were 84 (2022: 187) programmes that were indirectly funded through the national foundations.

Resources expended consisted of €4,557,654 (2022: €4,756,485) spent on programmes and €89,627 (2022: €65,942) spent 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.

The net result for the year was a loss of €2,047,541 (2022: surplus of €344,431), after accounting for costs borne on behalf of Laureus Sport for Good.

Laureus Sport for Good Trading Limited, 100% owned by Laureus Sport for Good, raised donations of €569,699 (2022: €1,166,137) and made donations of €453,676 (2022: €271,661) in the year. At 31 December 2023 Laureus Sport for Good Trading Limited had total assets of €469,032 (2022: €833,676) and total liabilities of €417,618 (2022: €836,262).

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 2023 year also saw a continued focus on strengthening of accountability for the national foundations. Quarterly reporting is required and the foundations’ 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 accumulated reserves balance at the end of each financial year of €1,200,000 nominally to cover 3 months of fixed 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.

As a result of the above currently the balance of the unrestricted funds account of €1,486,412 (2022: €2,327,160) has been carried forward to meet the reserves policy. This balance includes the operating reserve of €1,200,000 as detailed above.

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General Information

LAUREUS SPORT FOR GOOD FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

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 people and wider society in each of Laureus Sport for Good’s six social focus areas, which are aligned with the United 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 is sufficient for Laureus Sport for Good’s aims to be carried out 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 Laureus Sport for Good’s well-established application and assessment process.

The Achievements and Performance and the Future Plans sections of the Board’ Report contain a fuller description of 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 historical contributions from Laureus World Sports Awards Limited.

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

Growing the Sport for Good movement

Fundraising

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General Information

LAUREUS SPORT FOR GOOD FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

Programme partners

Awareness and Marketing

Statement of trustees’ responsibilities

The Trustees (who are also directors of Laureus Sport for Good Foundation for the purposes of company law) are responsible for preparing the Trustees’ Annual 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 the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law (United Kingdom 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 company’s transactions and disclose with reasonable accuracy 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.

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General Information

LAUREUS SPORT FOR GOOD FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of trustees’ responsibilities (continued)

The trustees are responsible for the maintenance and integrity of the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Trustees’ Confirmations

In the case of each trustee in office at the date the Trustees’ Report is approved:

(a) so far as the trustee is aware, there is no relevant audit information of which the charitable company’s auditors are unaware; and

(b) they have taken all the steps that they ought to have taken as a trustee in order to make themself aware of any relevant audit information and to establish that the charitable company’s auditors are aware of that information.

Directors’ Indemnity

The company maintains directors’ and officers’ liability insurance cover for its Directors and Officers as permitted under 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:

  1. So far as the trustee is aware, there is no relevant audit information of which the Company’s auditors are unaware; and

  2. 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 relevant audit information and to establish that the Company’s auditors are aware of that information.

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

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 2 July 2024 and signed on their behalf by:

Sean Fitzpatrick Trustee Date: 24 September 2024

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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 2023; the consolidated statement of financial activities (incorporating an income and expenditure account), and consolidated cash flow statement 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 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.

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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 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 2023 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 its industry/environment, we identified that the principal risks of noncompliance with laws and regulations related to compliance with 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 the accounting records by posting inappropriate manual or fictitious journal entries.. Audit procedures performed by the engagement team included:

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General Information

LAUREUS SPORT FOR GOOD FOUNDATION

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

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

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 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 in preparing the Trustees’ Report; and take advantage of the small com p anies exemption from preparing a Strategic Report. We have no exceptions to report arising from this responsibility.

Rua ridh Macp hee (Senior Statutory Auditor) for and on b e h a lf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Watford 24 September 2024

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LAUREUS SPORT FOR GOOD FOUNDATION

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

FOR THE YEAR ENDED 31 DECEMBER 2023

Registered Company Number: 5083331

Unrestricted Restricted Total Total
Funds Funds
2023 2023 2023 2022
Notes € € € €
Income and endowments from:
Donations and legacies 4
 1,449,160
 2,720,263 4,169,423 7,033,397
----------------------
 ---------------------- --------------------- ----------------------
Total income 1,449,160
 2,720,263 4,169,423 7,033,397
----------------------
 ---------------------- ---------------------- ----------------------
Expenditure on:
Raising funds 5
 (806,884) (683,141) (1,490,025) (1,804,715)
Charitable activities 6,7
 (1,410,892)
 (3,243,915) (4,654,807) (4,822,427)
Governance Costs 9
 (72,132)
 - (72,132) (61,824)
----------------------
 ---------------------- ---------------------- ----------------------
Total resources expended (2,289,908)
 (3,927,056) (6,216,964) (6,688,966)
----------------------
 ---------------------- ----------------------- ----------------------
Net (expenditure)/income (840,748) (1,206,793) (2,047,541) 344,431
Transfer between funds -
 - - -
Group Net movement in funds (840,748)
 (1,206,793) (2,047,541) 344,431
Reconciliation of funds
Total funds brought forward 2,327,160
 4,733,013 7,060,173 6,715,742
Total funds carried forward 17
 1,486,412
 3,526,220 5,012,632 7,060,173

All of the above results relate to continuing activities. Of the €2,047,541 decline (2022: €344,431 increase) in net funds, all relates to Laureus Sport for Good Foundation.

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.

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LAUREUS SPORT FOR GOOD FOUNDATION

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2023

Note 2023 2022
€ €
FIXED ASSETS
Inventory 13 112,578 199,234
---------------------- ----------------------
Total fixed assets 112,578 199,234
CURRENT ASSETS
Debtors: amounts falling due within one year 14 880,450 1,217,824
Cash at bank and in hand 4,530,565 6,100,941
---------------------- ----------------------
Total current assets 5,411,015 7,318,765
LIABILITIES
CURRENT LIABILITIES
Creditors: amounts falling due within one year 15 (510,961) (457,826)
---------------------- ----------------------
NET CURRENT ASSETS 4,900,054 6,860,939
---------------------- ----------------------
TOTAL ASSETS LESS CURRENT LIABILITIES 5,012,632 7,060,173
=========== ===========
TOTAL NET ASSETS 5,012,632 7,060,173
The Funds of the Charity:
Restricted Income Funds 17 3,526,220 4,733,013
Unrestricted Income Funds 17 1,486,412 2,327,160
---------------------- ----------------------
Total Charity Funds 5,012,632 7,060,173
=========== ===========

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

The Financial Statements were approved by the Trustees on 2 July 2024 and signed on their behalf by:

Sean Fitzpatrick Trustee Date: 24 September 2024

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LAUREUS SPORT FOR GOOD FOUNDATION

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2023

Note 2023 2022
€ €
FIXED ASSETS
Inventory 13 112,578 199,235
--------------------- ---------------------
Total fixed assets 112,578 199,235
CURRENT ASSETS
Debtors: amounts falling due within one year 14 1,148,569 1,607,368
Cash at bank and in hand 4,238,701 5,594,615
--------------------- ---------------------
Total current assets 5,387,270 7,201,983
LIABILITIES
CURRENT LIABILITIES
Creditors: amounts falling due within one year 15 (484,559) (338,389)
--------------------- ---------------------
NET CURRENT ASSETS 4,902,711 6,863,594
--------------------- ---------------------
TOTAL ASSETS LESS CURRENT LIABILITIES 5,015,289 7,062,829
TOTAL NET ASSETS 5,015,289 7,062,829
========== ==========
The Funds of the Charity:
Restricted Income Funds 17 3,473,275 4,742,393
Unrestricted Income Funds 17 1,542,014 2,320,436
--------------------- ---------------------
Total Charity Funds 5,015,289 7,062,829
========== ==========

The notes on pages 16 to 33 form part of these financial statements. The parent company’s financial activities for the year resulted in a net loss of €2,047,541 (2022: €344,431 profit).

The Financial Statements were approved by the Trustees on 2 July 2024 and signed on their behalf by:

Sean Fitzpatrick Trustee Date: 24 September 2024

14

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Note € €
Cash flows from operating activities:
Net cash (used in)/generated from operating activities A (1,570,376)
 353,683
--------------------- ---------------------
Cash flows from investing activities: - -
--------------------- ---------------------
Cash flows from financing activities - -
--------------------- ---------------------
(Decrease)/Increase in cash and cash equivalents in the year (1,570,376) 353,683
Cash and cash equivalents at the beginning of the year 6,100,941 5,747,258
--------------------- ---------------------
Cash and cash equivalents at the end of the year 4,530,565 6,100,941
--------------------- --------------------

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

Net (loss)/income for the reporting year (as per consolidated statement
of financial activities)
Adjustments for:
Decrease in inventory
Decrease/(Increase) in debtors
Increase in creditors
Net cash (used in)/generated from operating activities		 2023
2022
€
€
(2,047,541)
344,431
86,657
57,912
337,373
(172,346)
53,135
123,686
(1,570,376)
353,683

15

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

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 United Kingdom, including Financial Reporting Standards 102,” The Financial Reporting Standards applicable in the United Kingdom and the Republic of Ireland” (“FRS 102), and with the Statement of Recommended Practice ‘Accounting

and Reporting by Charities’ FRS 102 as revised in 2022 (‘the SORP 2022’), together with the reporting requirements of the Companies Act 2006 and the Charities Act 2011. The Charity has adapted the Companies Act formats to reflect the SORP 2022 and the special nature of the Charity’s 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, are disclosed in “Critical accounting judgements and key source of estimation uncertainty” included within this note.

Going concern

The charity’s business activities, its current financial position and factors likely to affect its future development are set out in the Trustee’s Report. The charity has in place healthy liquidity which provide adequate resources to finance commitments along with the charity’s day to day operations. The charity also has a long-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 the financial statements. The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

Basis of consolidation

The consolidated statement of financial activities and balance sheet incorporate, using the acquisition accounting method, the results of the Laureus Sport for Good Foundation and its’ subsidiary undertaking for the year ended 31 December 2023. 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.

The Company’s functional and presentation currency is the Euro.

16

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

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 = €1.15 (2022: £1 = €1.13). 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 2023, four (2022: four) institutional grants were made, totalling €258,581 (2022: €386,993).

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 2023

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’s cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset’s cash generating unit) is compared to the carrying amount of the asset (or asset’s cash generating unit).

The recoverable amount of the asset (or asset’s cash generating unit) is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset’s (or asset’s cash 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.

If the recoverable amount of the asset (or asset’s cash generating unit) 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.

If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset’s cash generating unit) 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 2023

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 present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment 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 2023

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 2023

2023 2022
4. DONATIONS AND LEGACIES € €
Charitable donations - Unrestricted
Daimler - 100,000
Richemont 500,000 500,000
AIA 41,363 -
Commonwealth Sport Foundation 6,677 100,720
Comic Relief US 112,260 122,724
Event fundraising 155,854 722,474
Footlocker 37,788 89,000
FTX - 272,720
Gumball 3000 58,297 87,497
IWC 300,000 346,439
Nike 44,635 221,464
Mercedes Benz UK 46,944 33,844
Other 145,342 105,898
--------------------- ---------------------
1,449,160 2,702,780
--------------------- ---------------------
Fundraising Activities – Restricted Donations
AIA 41,363 -
Comic Relief UK 4,453 18,849
Comic Relief US 521,448 576,524
Event Fundraising 590,169 408,243
Footlocker 198,389 680,968
FTX - 636,349
Greater London Authority 91,401 116,023
Gumball 3000 102,020 58,895
Made by Sport - 71,608
Mercedes Benz UK 266,013 347,271
MUFG 36,926 130,806
Nike 531,531 485,323
Pitch International - 183,815
Richemont 22,980 -
Sport England - 129,961
Swedish Postcode Lottery (59,535) 80,559
Sol Foundation 328,328 277,186
Other Restricted Fundraising 44,777 128,237
--------------------- ---------------------
2,720,263 4,330,617
--------------------- ---------------------
TOTAL INCOME FROM DONATIONS 4,169,423 7,033,397
========== ==========

Restricted funds on hand are expected to be materially spent within the next two years.

5. RAISING FUNDS 2023 2022
€ €
Direct costs 450,452 880,908
Support costs 1,039,573 923,807
--------------------- ---------------------
1,490,025 1,804,715
========== ==========

The material decrease in Direct fundraising costs in 2023 reflects the implementation costs of the Laureus Challenge 2022 held in the U.A.E., and no similar event held within calendar year 2023. Donations raised from this event are reflected in the materially higher restricted and unrestricted 2022 Event fundraising in note 4 above.

21

General Information LAUREUS SPORTS FOR GOOD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

6. CHARITIBLE ACTIVITIES

.
CHARITIBLE ACTIVITIES
2023 2022
€ € € €
ANALYSIS GRANT SUPPORT TOTAL
COST
Africa
Action Network for the Disabled, Kenya 25,000 -
 25,000 -
Box Girls, Kenya 50,000 -
 50,000 35,000
Cheshire Foundation, Ethiopia - - - 8,000
Coaching for Hope/Tackle Africa, Mali 55,625 -
 55,625 75,773
Kick4Life, Lesotho 25,000 - 25,000 -
Malaika, DRC 27,556 -
 27,556 -
Mathare Youth Sports Association, Kenya - -
 - 84,000
Moving the Goalposts, Kilifi, Kenya 47,123 -
 47,123 75,000
FAME, Nigeria 9,668 -
 9,668 -
Rebound Liberia, Liberia 6,242 -
 6,242 -
United Through Sport, South Africa - -
 - 30,000
Waves for Change, South Africa 130,339 -
 130,339 117,280
Total 376,553 -
 376,553 425,053
Asia
Child Fund, Pass it Back, Vietnam 25,000 -
 25,000 13,400
Football United, Myanmar 44,314 -
 44,314 43,967
Generations for Peace, Middle East 46,288 -
 46,288 46,256
Hong Kong Model City 59,400 - 59,400 40,092
HKRU Community Foundation, Hong Kong 25,000 - 25,000 10,931
Izumo Techno, Japan - 2,642 2,642 -
Magic Bus Sports Programme, India 38,520 - 38,520 -
Model City Delhi, India 25,123 22,374 47,497 211,373
Monkey Magic, Japan 18,463 - 18,463 20,793
NPO Yamato Sylphid Sport Club, Japan 21,778 - 21,778 23,128
Momoyama Gakuin, Japan 11,941 - 11,941 -
Right to Play, Thailand - - - 13,246
RKU University, Japan - - - 32,754
Play Academy Naomi Osaka, Japan 11,753 130,524 142,277 83,105
Peace Players International 45,927 - 45,927 62,783
Skateistan, Afghanistan 45,927 - 45,927 129,032
Special Olympics 93,452 - 93,452 94,613
Spocom, Japan 19,801 - 19,801 13,877
YUWA, India 25,000 - 25,000 -
YMCA - Japan - - - 15,871
Total 557,687 155,540 713,227 855,221

22

General Information LAUREUS SPORTS FOR GOOD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

6. CHARITIBLE ACTIVITIES (continued)

2023 2022
€ € € €
ANALYSIS GRANT SUPPORT TOTAL
COST
Europe
All People Active, UK 28,571 -
 28,571 29,734
Badu Community CIC, UK 8,460 -
 8,460 -
Basketball Leben - Romania 20,000 - 20,000 20,000
Bara Vanlig, Sweden - - - 3,817
Betsy Inspirational, UK 13,810 - 13,810 -
Big Kid Foundation, UK 8,460 - 8,460 -
Carneys Community, UK 28,571
493		 29,064 29,781
Change Foundation, UK - - - 17,949
Charity On Top, UK - - - 7,364
Community Education, UK 32,302 - 32,302 -
Contact Club, France 12,453 - 12,453 19,743
Dis Camino, Spain - - - 5,043
En Frisk, Sweden - - - 3,817
Fight for Peace, London, UK 73,427
-		 73,427 100,565
Fight For Zero, Sweden - - - 3,800
FC Barcelona Foundation, Spain 18,207 - 18,207 -
FDP Associata, Romania 12,272 - 12,272 18,409
Federacion Badminton, Spain - - - 10,000
Fundacion Cris, Spain - - - 10,000
Fundacion Rafa Nadal, Spain 40,000 - 40,000 40,000
Gasol Foundation, Spain - - - 25,000
Gloves Not Gunz, UK 32,294 - 32,294 -
Kraainem FC, Belgium - - - 25,000
Marcus Lipton Foundation, UK 33,029 - 33,029 52,363
Mentivity CIC, UK 45,617 - 45,617 -
Model City London, UK 232,884 28,869
 261,753 107,780
Model City Paris, France 72,776 78,250
 151,026 315,176
Mouratoglou Academy, France - - - 72,142
Norrkoping, Sweden - - - 3,817
Paris Basket 18, France 21,681 - 21,681 -
PGR Associacion, Spain - - - 5,000
Reaching Higher, UK 41,756 - 41,756 -
Rattighetsbyran, Sweden - - - 7,600
Reflecteen, UK 27,140 - 27,140 -
Rising You - - - 27,500
Rising Stars CIC, UK 16,708 - 16,708 -
Rio Ferdinand Foundation, UK 27,833 - 27,833 44,126
Running Charity, UK 28,571 - 28,571 41,693
School of Hard Knocks, UK - - - 23,825
Seb Coe Foundation, UK - - - 17,866
Sparks, UK - - - 3,736
Street League, London, UK 57,360 - 57,360 89,034
Street Barcelona Sants, Spain 7,354 - 7,354 11,856
Street Child United, UK - - - 24,353
Stichting Favela Street, Netherlands 16,284 - 16,284 -
Stichting IKBENWIJ, Netherlands 29,069 - 29,069 44,126
Stichting Urban Culture Lab, Netherlands 33,882 - 33,882 -
Sport dans la Ville, France - - - 30,000
Sports Key CIC, UK 24,617 - 24,617 -

23

General Information LAUREUS SPORTS FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

6. CHARITIBLE ACTIVITIES (continued) 2023 2022
€ € € €
GRANT SUPPORT TOTAL
COST
Europe (continued)
The Ahoy Centre, UK - - - 29,396
Touche, France - - - 27,500
Track Academy, London, UK - - - 23,825
University of Nottingham, UK - 80,547 80,547 49,431
War Child, UK 50,000 -
 50,000
 37,000
Total 1,095,388 188,159 1,283,547
 1,459,167
Oceania
Billy Graham Youth Foundation – New Zealand 20,000 - 20,000
 16,000
Spring Boards, New Zealand 15,000 - 15,000 -
Total 35,000 - 35,000 16,000
Americas
Acer - Brazil - - - 23,128
APAC 9,238 - 9,238 15,216
Associacio Hurra, Brazil 18,398 - 18,398 23,128
Bola Pra Frente, Brazil 5,250 - 5,250 27,754
CLEO, Brazil 18,371 - 18,371
 -
Colombianitos, Colombia - - - 37,437
Deportes Para Compartir, Mexico 19,077 - 19,077 15,715
Free to Run, USA 13,917 - 13,917 -
Girls United, Mexico 21,689 - 21,689 15,164
Goals, Haiti 22,963 - 22,963 23,128
Instituto Reacao, Brazil - - - 23,128
Futbol Para Todos, Brazil 24,529 - 24,529 14,686
Fundacion Buen Punto, Colombia 6,242 - 6,242 -
Instituto Barrichello, Brazil - - - 30,862
JUF, Mexico 15,657 - 15,657 8,012
Jugamos Juntas, Mexico - 10,491 10,491 -
Luta Pela Paz, Brazil 9,237 - 9,237 -
Mas Que un Lugar Para Jugar, Brazil 13,334 - 13,334 6,056
Project Vio 4,639 - 4,639 -
Proyecto Cantera, Mexico 20,779 - 20,779 7,662
REMS, Brazil 22,617 - 22,617 32,379
Skatepark, USA 22,770 - 22,770 -
Soccer Without Borders, USA - - - 2,727
Tiempo de Juego, Colombia 18,420 - 18,420 18,502
Traso, Mexico 7,237 - 7,237 15,727
Utopia, Mexico 18,371 - 18,371 15,727
Vida Corrida, Brazil - - - 42,329
Waves for Inclusion, Brazil 9,186 - 9,186 -
Total 321,921 10,491 332,412 398,467

24

General Information LAUREUS SPORTS FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

6. CHARITIBLE ACTIVITIES (continued) 2023 2022
€ € € €
GRANT SUPPORT TOTAL
COST
Capacity Building
Sport & Development Platforms - 15,000 15,000 15,000
Other capacity building activities - 502,947 502,947 176,668
Total - 517,947 517,947 191,668
Social Impact Research Grants - 83,516 83,516 24,972
Total - 83,516 83,516 24,972
Development and support costs - 1,011,427 1,011,427 1,002,642
Total cost on Global foundation programmes 2,386,549 1,967,080 4,353,629 4,373,190
Laureus Sport for Good Foundation, Argentina
 - 2,006
 2,006 6,742
Laureus Sport for Good Foundation, Germany
 - 16,639
 16,639 -
Laureus Sport for Good Foundation, Italy
 - 18,713
 18,713 6,861
Laureus Sport for Good Foundation, Netherlands
 - 23,000
 23,000 -
Laureus Sport for Good Foundation, South Africa
 - 31,423
 31,423 41,487
Laureus Sport for Good Foundation, Spain
 - 11,000
 11,000 2,000
Laureus Sport for Good Foundation, Switzerland
 - 7,250
 7,250 7,087
Laureus Sport for Good Foundation, USA
 - 13,570
 13,570 231,937
Development and support costs
 - 87,950
 87,950 87,186
Total cost on National Foundation Programmes
 - 211,551 211,551 383,300
Total
 2,386,549 2,178,631
 4,565,180 4,756,490
2023 2022
7. PROMOTION & AWARENESS € €
Programme visits 23,935 11,165
Promotional activities 22,040 13,682
Programme visit & promotional support costs – Global Foundation Programmes 40,160 37,807
Programme visit & promotional support costs – National Foundation
Programmes 3,492 3,287
--------------------- ---------------------
89,627 65,941
========== ==========

25

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

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

Global National 2023 2022
Foundation Foundations Total Total
€ € € €
Income from charitable activities - - - -
Total - - - -
Expenditure on charitable activities
Programme Grants (4,353,629) (211,551) (4,565,180) (4,756,485)
Promotion & Awareness - allocable (45,975) - (45,975) (24,847)
Promotion & Awareness – un-allocable (40,160) (3,492) (43,652) (41,094)
Total (4,439,764) (215,043) (4,654,807) (4,822,426)
Total deficit from charitable activities (4,439,764) (215,043) (4,654,807) (4,822,426)
9. GOVERNANCE COSTS 2023 2022
€ €
Audit fee 41,533 37,945
Non-audit services provided by Auditor - 12,290
Other Legal and other professional fees 30,599 11,589
--------------------- ---------------------
72,132 61,824
========== ==========

26

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

10. ANALYSIS OF SUPPORT COSTS

SUPPORT COSTS FUND PROGRAMME PROMOTION 2023 2022 Basis of
RAISING GRANTS & GRAND Allocation
AWARENESS TOTAL
€ € € € €
Management costs 847,210 895,947 35,575 1,778,732 1,769,395 Proportional
Exchange 33,912 35,863 1,424 71,199 (57,580) Proportional
losses/(gains)
Others 158,452 157,567 6,654 322,673 342,913 Proportional
Total 2023 1,039,574 1,089,377 43,653 2,172,604
Total 2022 923,806 1,089,828 41,094 2,054,728

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:

Programme Grants:

The salary related costs of €1,579,503 (2022: €1,526,247) are included within management costs. The average headcount for the fundraising activities was 8 (2022: 9), and for programmes 15 (2022: 14) during the reporting year. A monthly average of twenty-three (2022: twenty-one) persons worked at Laureus Sport for Good during the year.

2023 2022
€ €
Wages and salaries 1,373,269 1,352,457
Social security costs 94,062 76,400
Employer pension costs 58,402 45,052
Other costs 53,770 52,338
1,579,503 1,526,247

27

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

10. ANALYSIS OF SUPPORT COSTS (CONTINUED)

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

2023 (No.) 2022 (No.)
€10,000 - €70,000 15 16
€70,000 - €80,000 1 1
€80,000 - €90,000 1 2
€90,000 - €100,000 1 1
€110,000 - €120,000 1 1
€120,000 - €130,000 1 -
€130,000 - €140,000 2 -
€140,000 - €150,000 - 1
€160,000 - €170,000 1 -
€230,000 - €240,000 - 1
23 23

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. During the year, the existing Chief Executive was remunerated a total of €166,060 (2022: €239,701 for the entire year) to the end of their employment on 31 July 2023. A new chief executive was appointed, effective 1 August 2023, and was remunerated a total of €136,615, 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 Limited, 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 (2022: 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 Good’s primary objectives, if these income and surpluses are applied solely for charitable purposes.

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 2023

12. TRUSTEES’ REMUNERATION

No personal expenses incurred by trustees in their duties were reimbursed during the year (2022: nil). Laureus Sport for Good paid travel and accommodation costs of €1,223 (2022: €12,126) in relation to Trustee duties. No payments were made for travel and accommodation (2022: €2,458) 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)
2023 2022
€ €
Donated goods for resale 112,578 199,235
--------------------- ---------------------
112,578 199,235
========== ==========

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 recognised 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 2023 2023 2022 2022
within one year
€ € € €
Group Parent Group Parent
Trade Debtors 132,980 8,594 308,764 65,456
Amounts owed by group undertakings 34,264 - - -
Laureus Sport for Good Foundation, Germany 23,669 23,669 - -
Laureus Sport for Good Foundation, USA 100,000 100,000 - -
Laureus Sport for Good Trading Limited - 445,218 - 651,371
Laureus World Sports Awards Limited 13,555 13,555 - -
Other Debtors 575,982 557,533 909,060 890,541
--------------------- --------------------- --------------------- ---------------------
880,450 1,148,569 1,217,824 1,607,368
========== ========== ========== ==========

Amounts owed by 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 2023

15. CREDITORS: amounts falling due within one year CREDITORS: amounts falling due within one year
2023 2023 2022 2022
€ € € €
Group Parent Group Parent
Trade Creditors 40,484 40,921 147,117 62,989
Amounts owed to group undertakings 104,418 104,418 81,063 67,867
Other Creditors 106,055 83,206 50,026 47,396
Accruals and deferred income 260,004 256,014 179,620 160,137
--------------------- --------------------- --------------------- ---------------------
510,961 484,559 457,826 338,389
========== ========== ========== ==========
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
16. FINANCIAL INSTRUMENTS Note Group
2023 2022
€ €
Financial assets
Financial assets measured at amortised cost
Trade debtors 14 132,980 308,764
Amounts owed by related parties 14 171,488 -
Other debtors 14 575,982 909,060
Total 880,450 1,217,824
Financial liabilities
Financial liabilities measured at amortised cost
Trade creditors 15 40,484 147,117
Amounts owed to Related Parties 15 104,418 81,063
Accruals 15 260,004 179,620
Other creditors 15 106,055 50,026
Total 510,961 457,826

30

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

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
2023
2023
€
€
€
€
€
2,327,160
1,449,160
(2,289,908)
-
1,486,412
4,733,013
2,720,263
(3,927,056)
-
3,526,220
7,060,173
4,169,423
(6,216,964)
-
5,012,632
Balance
1 January
Incoming
Resources
Resources
Expended
Transfers
Balance
31 December
2023
2023
€
€
€
€
€
2,320,436
1,462,553
(2,240,975)
-
1,542,014
4,742,393
2,568,421
(3,837,539)
-
3,473,275
7,062,829
4,030,974
(6,078,514)
-
5,015,289

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 Sport for Good City London Sport for Good City Delhi Sport for Good City Hong-Kong Naomi Osaka’s Play Academy

Other restricted funding held from Comic Relief US, Daimler, The Speed Project, Nike, Footlocker, Hong Kong Programmes, Just Challenge, Ken Hitchener, MUFG, Mercedes Benz Hong Kong, Mercedes Benz Japan, Mercedes Benz UK, Gumball 3000 Foundation, 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 remaining at 31 December 2023 are €3,526,220 (2022: €4,733,013). Restricted funds at 31 December 2023 are represented by cash of €3,526,220 (2022: €4,733,013).

31

General Information

LAUREUS SPORT FOR GOOD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

18. DONATED GOODS, FACILITIES AND SERVICES

Goods to the fair value of €nil were donated to the charity during the year (2022: €46,439). Refer to note 13 for further information. Laureus Sport for Good Foundation did not receive donations of any facilities or services during the year.

In 2023, 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 basis as 2022. These recharges totalled €114,317 in 2023 (2022: €98,969). See Note 20 for details of outstanding charges between Laureus Sport for Good Foundation, and 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
2023
2022
€
€
833,676
342,298
(836,262)
(344,884)
(2,586)
(2,586)
569,699
1,166,137
(116,023)
(894,476)
(453,676)
(271,661)
469,032
833,676
(471,618)
(836,262)
(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 2023

20. RELATED PARTY TRANSACTIONS

The Charity has taken advantage of the exemption conferred by Paragraph 33.1A of FRS 102, ‘Related party transactions’, that transactions with wholly controlled subsidiaries do not need to be disclosed. Dr Guy Sanan who is a Trustee of Laureus Sport for Good, is also a director of Laureus World Sports Awards Limited, and trustee of Laureus Sport for Good Foundation USA. Both entities are related parties as a result of this common director.

During the financial year ended 31 December 2023, Laureus World Sports Awards Limited paid costs of €207,609 (2022: €129,513) on Laureus Sport for Good’s behalf and recharged these costs to Laureus Sport for Good Foundation. These charges included costs of goods, facilities and services which had previously been donated by Laureus World Sports Awards Limited, totalling €114,317 (2022: €98,969). Refer to Note 18 for further details. Laureus Sport for Good incurred no costs (2022: €nil) on behalf of Laureus World Sports Awards Limited, or recharged these costs to Laureus World Sports Awards Limited.

At 31 December 2023 Laureus Sport for Good owed Laureus World Sports Awards Limited €30,156 (2022: €22,626 owed from Laureus World Sports Awards Limited). This was paid on 6[th] February 2024. During the year ended 31 December 2023, Laureus World Sports Awards Limited made a donation of €nil (2022: €nil) to Laureus Sport for Good, of which €nil (2022: €nil) was owed at 31 December 2023.

Donations from the founding patron Richemont, and it’s related entities, was €914,999 (2022: €846,439). At 31 December 2023, Laureus Sport for Good owed Richemont North America €23,346 (2022: €nil), Richemont India Private Limited €3,240 (2022: €nil), and Richemont Asia-Pacific €46,226 (2022: €23,000). At 31 December 2023 Laureus Sport for Good was owed €nil by Richemont International SA (2022 €500,000). Richemont International Limited also charged Laureus Sport for Good Foundation for the provision of HR and IT services during the year, to the value of €95,319 (2022: €97,571).

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 2023 a total of €77,906 (2022: €87,182) was paid to Luciana Porta by way of consultancy costs. Fees of €614 were outstanding at 31 December 2023. This includes no fees (2022: €4,797) which were accrued in these financial statements. A new contract for services from Luciana Porta was signed on 20[th] January 2024, via the new entity of Gandela SAS.

21. NON-ADJUSTING POST-BALANCE SHEET EVENTS

There are no non-adjusting post-balance sheet events for 2023 to report. As noted in the previous year’s account, no programmes supported by Laureus Sport for Good Foundation were been 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 has been involved in fundraising campaigns to allow for grants to be made to programmes working with children affected by the war.

22. ULTIMATE CONTROLLING PARTY

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

23. CONTINGENT LIABILITIES

We are aware of a previous donor who made material donations to Laureus Sport for Good Foundation which has filed for bankruptcy. We are aware there is a possibility of a claim being made to recover previously advanced donations. At 31 December 2023, and at the date of authorisation of these financial statements no formal claim has been made. Management has assessed the likelihood of a case being brought and also concluded the value of any potential claim cannot be reliably estimated. At this stage they therefore do not consider it appropriate to recognise a provision for this matter.

33