Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC Registration number: 07980355 Charity registration number: 1147341 ## The Novak Djokovic Foundation (UK) Limited (A company limited by share capital) Trustee Directors' Report and Audited Financial Statements for the Year Ended 31 December 2024 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** |**The Novak Djokovic Foundation (UK) Limited**|| |---|---| |**Contents**|| |Legal and Administrative Information|1| |Trustee Directors' Annual Report|2 to 7| |Independent Auditor's Report|8 to 11| |Statement of Financial Activities|12| |Balance Sheet|13| |Statement of Cash Flows|14| |Notes to the Financial Statements|15 to 24| Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited Legal and Administrative Information** |**Registered charity name**|The Novak Djokovic Foundation (UK) Limited| |---|---| |**Charity registration number**|1147341| |**Company registration number**|07980355| |**Principal office and registered office**|19 Ballantrae House| ||Lyndale| ||London| ||NW2 2PB| |**Trustees**|Mr N Djokovic| ||Mrs J D Djokovic| ||Mr D Lumley (resigned on 1 September 2025)| |**Company secretary**|Temple Secretarial Limited| |**Independent Auditors**|Moore Scarrott Audit Limited| ||Calyx House| ||South Road| ||Taunton| ||Somerset| ||TA1 3DU| |**Investment Advisors**|Adam & Company Wealth Management| ||40 Princess Street| ||Edinburgh| ||EH2 2BY| |**Bankers**|Coutts & Co| ||440 Strand| ||London| ||WC2R 0QS| |**Solicitors**|Withers LLP| ||20 Old Bailey| ||London| ||EC4M 7AN| Page 1 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Trustee Directors' Annual Report for the Year Ended 31 December 2024** The Trustees, who are also the directors for the purposes of company law, present their report and the audited financial statements of the charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and the requirements of Accounting and Reporting by Charities, Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). ## **Objectives of the charity** ## **a. Policies and objectives** The general objects of the charity are: • The advancement and furtherance of education anywhere in the world; • The prevention or relief of poverty or financial hardship anywhere in the world by providing or assisting in the provision of education, training, healthcare projects and all the necessary support designed to enable individuals to generate a sustainable income and be self-sufficient; • The relief of sickness and the preservation of health among people anywhere in the world; and • The promotion of such other purposes being exclusively charitable according to the law of England and Wales as the Trustees may from time to time determine. There has been no change in the objects during the year. ## **b. Strategies for achieving objectives** The charity furthers its charitable purposes for the public benefit through its grant making policy. The main focus of this policy is to award grants to fund organisations and projects that promote early childhood education and the development of young children who are from disadvantaged backgrounds and to fund research to fill the gaps in the body of academic knowledge in early childhood development. The Trustees' intention is that by investing in these children and helping them to reach their full potential they will be able to bring positive changes to their communities in the future. The Trustees ensure that all grantees are given clear guidance as to the exclusively charitable purposes for which the grant funds are to be applied and also seek to satisfy themselves that each grant aims to provide an identifiable benefit to the public or a significant section of the public in furthering the objects of the charity. The Trustees have regard to the Charity Commission's guidance on public benefit to ensure that the statutory public benefit requirement is met. ## **c. Activities for achieving objectives** The charity receives donations from its Founder, Novak Djokovic, and members of the public, as well as funds raised through various fundraising initiatives. These funds are principally invested in projects for public benefit in Serbia and the Trustees' particular focus is on promoting the education, health and development of pre school children living in disadvantaged communities. The charity also occasionally achieves its objectives by making grants to other organisations whose projects for charitable works are consistent with the charity's grant making policies. Page 2 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited Trustee Directors' Annual Report for the Year Ended 31 December 2024** ## **Achievements and performance** ## **a. Key financial performance indicators** There are various financial performance indicators used by the Foundation. Management accounts are presented to the senior management, showing both consolidated and regional performance. Reserves, investment performance, income and expenditure, and variance from any budgeted figures are checked regularly. Checks are also conducted to ensure ongoing project activity and fixed costs are appropriate for existing reserves. The accounts of the charity are reviewed on a quarterly basis. ## **b. Review of activities** During the year, funds were granted to The Novak Djokovic Foundation (Serbia) to be used for running costs and infrastructural early years education projects. There were no major fundraising activities undertaken during the year. ## **c. Fundraising activities/Income generation** Fundraising activities were limited during the year. No campaigns or fundraising activities took place in the UK. ## **Financial Review** ## **a. Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. ## **b. Principal risks and uncertainties** The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Key risks identified by the Foundation focus primarily on monitoring projects in the frontlines and matters pertaining to reputation risk. The Foundation provides grants to NDF Serbia and, therefore, regular conversations take place with the management team at NDF Serbia. The project management team in Serbia also provide updates on project progress and relevant data. Reputation risk is also an important consideration, keeping in mind the high profile of the Founder, Novak Djokovic. The Board has passed various policies in relation to Risk, Investment and Reserves and Conflict of Interests, among others. The financial reserves are strong, covering in excess of 12 months’ operational activity. Page 3 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Trustee Directors' Annual Report for the Year Ended 31 December 2024** ## **c. Reserves policy** The Trustees recognise that determining the level of reserves to be held by the Foundation is an important part of their financial management duties. 'Income reserves' are defined as ‘that part of a charity's income funds that is freely available for its general purposes’, which normally excludes (a) permanent endowment; (b) expendable endowment funds; (c) restricted income funds; and (d) any part of unrestricted funds not readily available for spending. The Trustees are aware that they are under a legal duty to apply the income of the Foundation’s funds within a reasonable time of receipt. However, the Trustees have the power, under article 16.1(c) of the Articles of Association of the Foundation, ‘to reserve funds for special purposes or against future expenditure’. As part of their reserves policy, the Trustees aim: - to ensure that any income is held in reserve for a justified reason; • to maintain sufficient reserves in order to fulfil future expected funding requirements of projects or grants that extend over several years; - to ensure there is enough reserved funds to cover any known liabilities; - to review the level of reserves every year; and - to ensure the level of reserves held are in the Foundation’s best interests. An analysis of the reserves held at the year end is included within the financial statements. ## **d. Material investments policy** The Trustees have passed an Investment and Reserves Policy in prior years and an ongoing objective for the foreseeable future is the management of an expendable endowment in support of the Foundation, to help ensure the Foundation thrives and continues to make a difference for decades to come. The Foundation appointed Adam & Company, now Cannacord Accuity per Adam & Company Wealth Management Website, as discretionary investment managers and at the balance sheet date, £463,124 (2023: £444,650) was held in the portfolio. The Foundation's aim in investing its funds is to generate returns on capital in order to provide funds to further its charitable aims and to cover future core and administration costs. Investment performance is assessed by the Trustees with reference to benchmarks and targets and investment reports are reviewed internally on a quarterly basis. ## **Structure, governance and management** ## **a. Constitution and Trustees** The charity is registered as a private company limited by shares and was incorporated on 7 March 2012. The charity is constituted under its Memorandum and Articles of Association and is a registered charity (Charity Number: 1147341). Under its Articles of Association, no dividends or other distributions may be paid to shareholders, and in the event of a winding up, any surplus assets remaining after the satisfaction of all debts and liabilities must be transferred to another charitable institution with similar objects. These restrictions ensure that the company qualifies as a charity despite being limited by shares. ## **Trustees** The trustees, who are also the directors for the purpose of company law, and who served during the year were: Mr Novak Djokovic Mrs Jelena Djokovic Mr David Lumley Page 4 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Trustee Directors' Annual Report for the Year Ended 31 December 2024** ## **b. Method of appointment or election of Trustees** The directors of the company are also charity Trustees for the purposes of charity law. The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. The number of Trustees shall not be less than three and the Trustees are appointed by resolution of a meeting of the Trustees or by written resolution signed by all the Trustees. Under the requirements of the Articles of Association, Trustees are elected to serve for a period of three years after which they must be re-elected. ## **c. Organisational structure and decision making** During the year, meetings of the Board of Trustees were held by telephone. There was also contact between Trustees and their equivalents in the USA and Serbia to discuss strategy and major decisions. ## **d. Policies adopted for the induction and training of Trustees** The Trustees are satisfied that they have put in place appropriate procedures concerning the proper governance and management and decision making of the charity, including the induction and training of Trustees. ## **e. Pay policy for senior staff** Board members discuss senior staff remuneration as required. ## **f. Related party relationships** The charity is a wholly owned subsidiary of the Novak Djokovic Foundation (‘NDF USA’), a charity founded in the USA. The Novak Djokovic Foundation (Serbia) and The Novak Djokovic Foundation ONLUS (Italy) are charities founded in Serbia and Italy respectively which are treated as related parties for the purposes of these accounts. ## **g. Risk management** The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. ## **Reappointment of auditor** In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Moore Scarrott Audit Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting. ## **Disclosure of information to the auditors** Each Trustee has taken steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The Trustees confirm that there is no relevant information that they know of and of which they know the auditors are unaware. This report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006 relating to small companies. Page 5 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Trustee Directors' Annual Report for the Year Ended 31 December 2024** 29-09-25 Approved by the Board of Trustees on .................... and signed on its behalf by: ............................... **Mrs J D Djokovic** Trustee Page 6 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Trustee Directors' Annual Report for the Year Ended 31 December 2024** ## **Statement of Trustee Directors' Responsibilities** The trustees, who are also the directors of The Novak Djokovic Foundation (UK) Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the applicable Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 7 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Independent Auditor's Report to the Trustees of The Novak Djokovic Foundation (UK) Limited** ## **Opinion** We have audited the financial statements of The Novak Djokovic Foundation (UK) Limited (the 'charity') for the year ended 31 December 2024, which comprise the statement of financial activities (including income and expenditure account), balance sheet, statement of cash flows and related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. In our opinion the financial statements: - give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in 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 in this regard. Page 8 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Independent Auditor's Report to the Trustees of The Novak Djokovic Foundation (UK) Limited** ## **Opinion on other matter prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Trustee Directors' Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Trustee Directors' Annual Report has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustee Directors' Annual Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustee Directors' Annual Report and from the requirement to prepare a Strategic Report. ## **Responsibilities of trustees** As explained more fully in the Trustees’ Responsibilities [set out on page 6], the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees 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 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. Page 9 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Independent Auditor's Report to the Trustees of The Novak Djokovic Foundation (UK) Limited** ## **Auditor’s responsibilities for the audit of the financial statements** We have been appointed as auditor under the Companies Act 2006 and report in accordance with this act. 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 auditor’s 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. • We have considered the nature of the sector, control environment, and financial performance of the charity; • We have considered the results of enquiries with Management and Trustees in relation to their own identification and assessment of the risk of irregularities within the entity; and • We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation. As a result of these procedures, we have considered the opportunities and incentives that exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override. We have also obtained an understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies and Charities Act and FRS 102 (SORP). In additions, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charitable company’s ability to operate or avoid a material penalty. Our procedures to respond to risks identified included the following:- • reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; • performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; - reviewing minutes of meetings of those charged with governance; • performing detailed testing in relation to the recognition of revenue, with a particular focus around year-end cut-off; and • in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluation of the business rationale of significant transactions that are unusual or outside the normal course of business. We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud and non-compliance with laws and regulations throughout the audit. Page 10 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Independent Auditor's Report to the Trustees of The Novak Djokovic Foundation (UK) Limited** ## **Auditor Responsibilities for the audit of the financial statements (continued)** As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in the financial statements or non-compliance with regulation, will be detected by us. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. ## **Use of our report** This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. ...................................... D J Nicholas FCA (Senior Statutory Auditor) For and on behalf of Moore Scarrott Audit Limited, Statutory Auditor Calyx House South Road Taunton Somerset TA1 3DU Date:............................. Page 11 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Statement of Financial Activities including Income and Expenditure Account for the Year Ended 31 December 2024** |**Note**
**Incoming resources**
Charitable activities
4
Investment income
5
Total incoming resources
**Expenditure**
Expenditure on charitable activities
7
Raising funds
6
Total expenditure
Net incoming /(outgoing) resources
Gain on financial assets at fair value
through profit and loss account
12
Net movement in funds
**Funds movement**
Total funds brought forward
Net incoming /(outgoing) resources
Total funds carried forward|**Unrestricted**
**funds**
**£**
1,406,341
55,032
1,461,373
1,306,508
3,202
1,309,710
151,663
7,711
159,374
3,065,722
159,374
3,225,096|**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-|**Total funds**
**2024**
**£**
1,406,341
55,032
1,461,373
1,306,508
3,202
1,309,710
151,663
7,711
159,374
3,065,722
159,374
3,225,096|**Total funds**
**2023**
**£**
2,778,408
20,665| |---|---|---|---|---| |||||2,799,073| |||||1,007,069
3,009| |||||1,010,078| |||||1,788,995
16,351| |||||1,805,346| |||||1,260,376
1,805,346| |||||3,065,722| The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 15 to 24 form an integral part of these financial statements. Page 12 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **(Registration number: 07980355) Balance Sheet as at 31 December 2024** |**Note**
**Fixed assets**
Tangible assets
14
**Current assets**
Cash at bank and in hand
Creditors: Amounts falling due within one year
15
Net current assets
**Net assets**
**Income funds**
Called up share capital
Unrestricted funds
21
Total equity|**2024**
**£**
463,124
2,778,562
(16,590)
2,761,972
3,225,096
100
3,224,996
3,225,096|**2023**
**£**
444,650
2,629,472
(8,400)| |---|---|---| |||2,621,072| |||3,065,722| |||100
3,065,622| |||3,065,722| 29-09-25 The financial statements were approved and authorised for issue by the Trustees on .................... and signed on their behalf by: ...................................... Mrs J D Djokovic Trustee The notes on pages 15 to 24 form an integral part of these financial statements. Page 13 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Statement of Cash Flows for the Year Ended 31 December 2024** |**Note**
**Net cash provided by operating activities**
20
**Cash flows from investing activities**
Interest received
5
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December|**2024**
**£**
108,023
41,067
149,090
2,629,472
2,778,562|**2023**
**£**
1,762,759
9,136| |---|---|---| |||1,771,895
857,577| |||2,629,472| The notes on pages 15 to 24 form an integral part of these financial statements. Page 14 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Notes to the Financial Statements for the Year Ended 31 December 2024** ## **1 General information** The company is a charity incorporated in England and Wales. The address of its registered office is: 19 Ballantrae House Lyndale London NW2 2PB England ## **2 Statement of compliance** The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Charities Act 2011. ## **3 Accounting policies** ## **Incoming resources** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. ## **Resources expended** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of that obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Page 15 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Notes to the Financial Statements for the Year Ended 31 December 2024** ## **Going concern** At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **Fund accounting policy** Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. ## **Foreign currency transactions and balances** Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. ## **Cash and cash equivalents** Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. ## **Trade creditors** Trade creditors 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 the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. ## **Share capital** Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. ## **Financial instruments** ## **Recognition and measurement** Financial instruments are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Net gains/(losses) on investments’ in the Statement of financial activities incorporating income and expenditure account. Page 16 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Notes to the Financial Statements for the Year Ended 31 December 2024** ## **4 Grants, Donations and Legacies** ## **Current Year** |**Current Year**|||| |---|---|---|---| |Donations
**Prior Year**
Donations|**Unrestricted**
**funds**
**£**
1,406,341
1,406,341
**Unrestricted**
**funds**
**£**
2,778,408
2,778,408|**Restricted**
**funds**
**£**
-
-
**Restricted**
**funds**
**£**
-
-|**Total Funds**
**2024**
**£**
1,406,341| ||||1,406,341| ||||**Total Funds**
**2023**
**£**
2,778,408| ||||2,778,408| Donations include amounts of £1,375,011 (2023: £2,775,360) received from Novak Djokovic, including recoverable gift aid. ## **5 Income from investments** **Current Year** |Income from listed investments
Interest receivable
**Prior Year**
Income from listed investments
Interest receivable|**Unrestricted**
**funds**
**£**
13,965
41,067
55,032
**Unrestricted**
**funds**
**£**
11,529
9,136
20,665|**Restricted**
**funds**
**£**
-
-
-
**Restricted**
**funds**
**£**
-
-
-|**Total Funds**
**2024**
**£**
13,965
41,067| |---|---|---|---| ||||55,032| ||||**Total Funds**
**2024**
**£**
11,529
9,136| ||||20,665| Page 17 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Notes to the Financial Statements for the Year Ended 31 December 2024** ## **6 Expenditure on raising funds** ## **Current Year** |Investment management
**Prior Year**
Investment management
**7**
**Expenditure on charitable activities**
**Current Year**
**Direct Costs**
Grant funding of activities (see note 8)
**Share of support and governance costs (see note 9)**
Support costs
Governance costs
**Prior Year**
**Direct costs**
Grant funding of activities (see note 8)
**Share of support and governance costs (see note 9)**
Support costs
Governance costs|**Unrestricted**
**funds**
**£**
3,202
3,202
**Unrestricted**
**funds**
**£**
3,009
3,009
**Unrestricted**
**funds**
**£**
1,260,950
1,896
43,662
1,306,508
**Unrestricted**
**funds**
**£**
962,811
4,680
39,578
1,007,069|**Restricted**
**funds**
**£**
-
-
**Restricted**
**funds**
**£**
-
-
**Restricted**
**funds**
**£**
-
-
-
-
**Restricted**
**funds**
**£**
-
-
-
-|**Total Funds**
**2024**
**£**
3,202| |---|---|---|---| ||||3,202| ||||**Total Funds**
**2023**
**£**
3,009| ||||3,009| ||||**Total Funds**
**2024**
**£**
1,260,950
1,896
43,662| ||||1,306,508| ||||**Total Funds**
**2023**
**£**
962,811
4,680
39,578| ||||1,007,069| Page 18 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Notes to the Financial Statements for the Year Ended 31 December 2024** ## **8 Grants payable** ## **Current Year** |**Current Year**||| |---|---|---| |Grants to institutions:
NDF Serbia
**Prior Year**
Grants to institutions:
NDF Serbia|**Charitable**
**expenditure**
**£**
1,260,950
1,260,950
**Charitable**
**expenditure**
**£**
962,811
962,811|**Charitable**
**expenditure**
**2024**
**£**
1,260,950| |||1,260,950| |||**Charitable**
**expenditure**
**2023**
**£**
962,811| |||962,811| During the year a grant of £744,364 (2023: £599,649) was made to the Novak Djokovic Foundation Serbia (NDF Serbia) to cover operational costs. A further grant of £516,586 (2023: £363,162) was made to support infrastructural early years education projects in Serbia. Page 19 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Notes to the Financial Statements for the Year Ended 31 December 2024** ## **9 Support costs** ## **Current Year** |Computer software and maintenance costs
Sundry expenses
Accountancy fees
Professional Services
Auditor's remuneration - The audit of the company's
annual accounts
Legal and professional fees
Bank charges
**Prior Year**
Computer software and maintenance costs
Sundry expenses
Professional Services
Auditor's remuneration - The audit of the company's
annual accounts
Legal and professional fees
Bank charges|**Support costs**
**£**
1,836
-
-
-
-
-
60
1,896
**Support costs**
**£**
4,612
-
-
-
-
68
4,680|**Governance**
**costs**
**£**
-
267
4,200
25,560
6,000
7,635
-
43,662
**Governance**
**costs**
**£**
-
261
25,560
8,400
5,357
-
39,578|**2024**
**£**
1,836
267
4,200
25,560
6,000
7,635
60| |---|---|---|---| ||||45,558| ||||**2023**
**£**
4,612
261
25,560
8,400
5,357
68| ||||44,258| ## **10 Trustee Directors** No trustee received remuneration or benefits in the year (2023: Nil). However, as disclosed in Note 19, professional fees of £25,560 (inclusive of VAT) were paid to AWFM Sport Ltd, a company in which trustee David Lumley is a director and shareholder. These services were provided on normal commercial terms. ## **11 Employees** The average number of persons employed by the company (Including directors) during the year, was 0 (2023 - 0). No employee received employee benefits of more than £60,000 Page 20 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Notes to the Financial Statements for the Year Ended 31 December 2024** ## **12 Gains and losses on investments** |**12 Gains and losses on investments**||| |---|---|---| |**Gains/(losses) arising on:**
Revaluation of investments|**Unrestricted**
**funds**
**2024**
**£**
7,711
7,711|**Unrestricted**
**funds**
**2023**
**£**
16,351| |||16,351| ## **13 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. Page 21 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Notes to the Financial Statements for the Year Ended 31 December 2024** ## **14 Fixed asset investments** |**Cost or valuation**
At 1 January 2024
Valuation changes
Additions
Investment income
Disposals
Management fees
Transfers
At 31 December 2024
**Depreciation**
**Carrying amount**
At 31 December 2024
At 31 December 2023
**Current financial assets**
Equities
Fixed interest securities
Alternative investments
Cash held within the investment portfolio|**Listed**
**investments**
**£**
407,803
7,323
76,425
12,429
(65,571)
-
(5,929)
432,480
432,480
407,803|**Alternative**
**investments**
**inc property**
**£**
24,902
388
-
1,248
-
-
(7,748)
18,790
18,790
24,902|**Alternative**
**investments**
**inc property**
**£**
24,902
388
-
1,248
-
-
(7,748)
18,790
18,790
24,902|**Cash in**
**portfolio**
**£**
11,945
-
(76,425)
288
65,571
(3,202)
13,677
11,854
11,854
11,945
**2024**
**£**
291,638
140,842
18,790
11,854
463,124|**Cash in**
**portfolio**
**£**
11,945
-
(76,425)
288
65,571
(3,202)
13,677
11,854
11,854
11,945
**2024**
**£**
291,638
140,842
18,790
11,854
463,124|**Total**
**£**
444,650
7,711
-
13,965
-
(3,202)
-
463,124
463,124
444,650
**2023**
**£**
263,647
144,156
24,902
11,945| |---|---|---|---|---|---|---| |||18,790||11,854||| |||18,790||11,854||| |||24,902||11,945||| |||||**2024**
**£**
291,638
140,842
18,790
11,854
463,124||| |||||||444,650| The investment objective is income and capital preservation, meaning that the portfolio is invested to generate income whilst maintaining the real value of capital over the longer term. The portfolio is invested across a range of asset classes and with a medium attitude to risk. ## **Valuation** All investments are carried at their fair value and investments in equities and fixed interest securities are traded in quoted public markets, primarily the London Stock Exchange. The year end valuation is prepared on the basis of mid-market prices from the appropriate stock exchange, the bid price from the relevant fund manager or the last traded price where applicable. Where holdings are priced in currency other than the reporting currency, their value is converted at the balance sheet date into sterling. The main risks to the charity are from uncertainties within investment markets and yield volatilities and these risks are managed by the use of expert fund managers externally and the operation of a diversified investment strategy of income and capital preservation. Performance is assessed by the Trustees and targets and investment reports are reviewed internally on a quarterly basis. Page 22 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Notes to the Financial Statements for the Year Ended 31 December 2024** ## **15 Creditors** |**Due within one year**
Other creditors
**16 Share Capital**
100 Ordinary shares of £1 each|**2024**
**£**
16,590
**2024**
**£**
100
100|**2023**
**£**
8,400
**2023**
**£**
100
100| |---|---|---| ## **17 Analysis of changes in net funds** The charity had no material debt during the year. ## **18 Related party transactions** Included within the accountancy and professional fees in Note 9 are amounts payable to AWFM Sport Ltd of £12,780 (2023: £25,560). D P Lumley is a director and shareholder of AWFM Sport Ltd. The amounts and details of grants awarded to The Novak Djokovic Foundation (Serbia), a related charity registered in Serbia, are included within the notes to these financial statements. ## **19 Parent and ultimate parent undertaking** The parent undertaking is the Novak Djokovic Foundation (USA), a charity registered in the USA. Its address is 150 Fairview Road, Suite 333, Mooresville NC 28117. ## **20 Reconciliation of net movement in funds to net cash flow from operating activities** |Surplus/(deficits) for the year
**Adjustments for:**
Investment income recognised in statement of financial activities
Net (gains)/losses on investments
Investment management fees charged to investments
**Changes in working capital:**
(Increase) / decrease in debtors
Increase / (decrease) in creditors
**Net cash provided by operating activities**|**2024**
**£**
159,374
(55,032)
(7,711)
3,202
-
8,190
108,023|**2023**
**£**
1,805,346
(20,665)
(16,351)
3,009
-
(8,580)| |---|---|---| |||1,762,759| Page 23 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **The Novak Djokovic Foundation (UK) Limited** ## **Notes to the Financial Statements for the Year Ended 31 December 2024** ## **21 Movement in funds** |**Current year**
**Unrestricted Funds**
General Funds
**Total Unrestricted Funds**
**Prior year**
**Unrestricted Funds**
Donation Fund
General Funds
**Total Unrestricted Funds**|**At 1**
**January**
**2024**
**£**
3,065,622
3,065,622
**At 1**
**January**
**2023**
**£**
1,164,186
96,090
1,260,276|**Incoming**
**resources**
**£**
1,461,373
1,461,373
**Incoming**
**resources**
**£**
-
2,799,073
2,799,073|**Resources**
**expended**
**£**
(1,309,710)
(1,309,710)
**Resources**
**expended**
**£**
-
(1,010,078)
(1,010,078)|**Transfers**
**£**
-
-
**Transfers**
**£**
(1,164,186)
1,164,186
-|**Gain and**
**losses**
7,711
7,711
**Gains and**
**losses**
**£**
-
16,351
16,351|**At 31**
**December**
**2024**
**£**
3,224,996| |---|---|---|---|---|---|---| |||||||3,224,996| |||||||**At 31**
**December**
**2023**
**£**
-
3,065,622| |||||||3,065,622| A separate Novak Djokovic unrestricted donation fund had been used until 1 January 2023 for the donations received from the charity's founder, Novak Djokovic. With effect from 1 January 2023 this fund has been merged with general unrestricted funds. ## **Restricted funds** The charity held no restricted funds during the year (2024: £Nil). All income received was unrestricted and available to be applied at the discretion of the Trustees in furtherance of the charity’s objectives. Accordingly, there are no restricted reserves to report at the balance sheet date. Page 24 Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC **The Novak Djokovic Foundation (UK) Limited** Company no: 07980355 Charity no: 1147341 19 Ballantrae House Lyndale London United Kingdom NW2 2PB ## September 2025 Moore Scarrott Audit Limited Calyx House South Road Taunton TA1 3DU Dear Sirs, ## **The Novak Djokovic Foundation (UK) Limited** The following representations are made on the basis of enquiries of Management and staff with relevant knowledge and experience such as we consider necessary in connection with your audit of the charitable company’s financial statements for the year ended 31[st] December 2024. These enquiries have included inspection of supporting documentation, where appropriate, and are sufficient to satisfy ourselves that we can make each of the following representations. All representations are made to the best of our knowledge and belief. ## **General** 1. We have fulfilled our responsibilities as directors, as set out in the terms of your engagement letter dated 8[th] August 2025 under the Companies Act 2006, for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view and for making accurate representations to you. 2. All the transactions undertaken by the charitable company have been properly reflected and recorded in the accounting records. 3. The financial statements are free of material misstatements, including omissions. 4. All the accounting records have been made available to you for the purpose of your audit. We have provided you with unrestricted access to all appropriate persons within the charitable company, and with all other records and related information requested, including minutes of all management and trustee meetings and correspondence with The Charity Commission. 5. The effects of uncorrected misstatements (as set out in the appendix to this letter) are immaterial both individually and in total. Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **Internal control and fraud** 6. We acknowledge our responsibility for the design, implementation and maintenance of internal control systems to prevent and detect fraud and error. We have disclosed to you the results of our risk assessment that the financial statements may be misstated as a result of fraud. 7. We have disclosed to you all instances of known or suspected fraud affecting the entity involving management, employees who have a significant role in internal control or others that could have a material effect on the financial statements. 8. We have also disclosed to you all information in relation to allegations of fraud or suspected fraud affecting the entity’s financial statements communicated by current or former employees, analysts, regulators or others. ## **Assets and liabilities** 9. The charitable company has satisfactory title to all assets and there are no liens or encumbrances on the charitable company’s assets, except for those that are disclosed in the notes to the financial statements. 10. All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as appropriate. 11. We have no plans or intentions that may materially alter the carrying value and, where relevant, the fair value measurements or classification of assets and liabilities reflected in the financial statements. ## **Accounting estimates** 12. The methods, data and significant assumptions used by us in making accounting estimates, and their related disclosures, are appropriate to achieve recognition, measurement and disclosure that is reasonable in the context of the applicable financial reporting framework. ## **Loans and arrangements** 13. The charitable company has not granted any advances or credits to, or made guarantees on behalf of, Directors other than those disclosed in the financial statements. ## **Legal claims** 14. We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for and disclosed in the financial statements. ## **Laws and regulations** 15. We have disclosed to you all known instances of non-compliance or suspected noncompliance with laws and regulations whose effects should be considered when preparing the financial statements. Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC ## **Related parties** 16. Related party relationships and transactions have been appropriately accounted for and disclosed in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with the requirements of Charity law or accounting standards. ## **Subsequent events** 17. All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed. ## **Going concern** 18. We believe that the charitable company’s financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charitable company’s needs. ## **Grants and donations** 19. All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income. We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that so far as we are aware, there is no relevant audit information needed by you in connection with preparing your audit report of which you are unaware. Each Trustee has taken all the steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that you are aware of that information. ## Yours faithfully …………………………………. **J Djokovic** Trustee / Director Signed on behalf of the board of Trustees 29-09-25 Date: Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC The Novak Djokovic Foundation (UK) Limited 19 Ballantrae House Lyndale, London England NW2 2PB HM Revenue & Customs Corporation Tax Services BX9 1AX United Kingdom 29 September 2025 Subject: Notification of Corporation Tax Exemption – The Novak Djokovic Foundation (UK) Limited - UTR: 0106744448 Dear Sir/Madam, I am writing to inform you that The Novak Djokovic Foundation (UK) Limited, registered under company number 07980355, is seeking exemption from Corporation Tax filing obligations due to its status as a registered charity (charity number: 1147341). The charity is registered as a private company limited by shares and was incorporated on 7 March 2012. The charity is constituted under its Memorandum and Articles of Association and is a registered charity (Charity Number: 1147341). Under its Articles of Association, no dividends or other distributions may be paid to shareholders, and in the event of a winding up, any surplus assets remaining after the satisfaction of all debts and liabilities must be transferred to another charitable institution with similar objects. These restrictions ensure that the company qualifies as a charity despite being limited by shares. We kindly request that HMRC update your records to reflect this status and confirm that Corporation Tax returns are not required unless circumstances change. Please find enclosed: A copy of our previous correspondence from 2 August 2013 with yourselves, acknowledging for tax purposes The Novak Djokovic Foundation (UK) Limited is exempt for corporation tax. Should you require any further information, please do not hesitate to contact me. Thank you for your attention to this matter. Docusign Envelope ID: E140B395-4C83-422E-9584-DBBEE5C78BAC Yours faithfully, Jelena Djokovic Trustee The Novak Djokovic Foundation (UK) Limited Docusign Envelope ID." E14DB3954C8￿22E-9S84-D8BEEsC78BAc HM Revenue &Customs 171, HM Revenue & Customs Charities New Cases S0708 PO Box 205 BOOTLE L69 9hZ David Patrick Lumley Novak Djokovic Foundation (UK) Limited 3rd Floor Chiswick Gate 598-608 Chiswick High Street LONDON W4 5RT Phone 0￿)0 123 1073 M¢nlay to Frmlay 8.00 am to 5.00 pm Fax +44 (0) 3000 547388 Web hmrc.gov. Dato Our ref 14 November 2013 EW03004 Dear Sir or Madam Novak Djokovic Foundation (UK) Limited Thank you for your application of 2 Awust 2013. I confimi that based on the information you have provided. Novak Djokovic Foundation (UK) Limited is a chaTity for tax purposes in lir£ wilh Paragraph 1 of sCh￿tu￿ 6 Finano Act 2010. This takes effect from 7 Marth 2012 and comes under our reference num￿1 F0103004 Please quole this referen￿ number on all co￿esponden￿ with us. l also confinn that. for tax wrposes, Novak Diokovic FourKlation (UK) Limited is a charttsble company. Our records show Damd Patrick LUrn￿y as the tharitys auihorised offiaal. We will only accept repayment daims signed by him. When maknng a claim for Gift AKI, ottw tax repayment or urKler the new Gtft Atd Small Donations Scheme. recommeTrJ that you submit your daim using our secure online serVi￿- Chartbes Online. If you vlant to file your daims online you V¥ill need to enrcA for Charities Online on the HMRC Online Services webstte. As part of the enrolment process you will need to quote your. HMRC Charrties referen￿ number EW03004 Unique Customer Account number 0106744448 Postcode W4 5RT For infom)ation about making daims and h¢)w to enroj for our online ser4tC8s, go to hmrc.gov.uklcharitieslonlinelindeLhtm What you need to do Keep this letter safe. It is the charitys evidence that it can daim the available tax exemptions. Information is available in large print. audio and Braille formats. Texl Relay service prefix number- 18001 Business Head". Andrew E(fr*artls CTYQml¢rnl HkIic￿ 13 Docusign Envelope ID." E14DB3954C8￿22E-9S84-D8BEEsC78BAc Pass it on to your SU¢Lxsor rf you stop ading as the authorised 1￿cIal or responsible person. If you do stop. you must tell us on fomi ChV1 HMRC Charibes change of details fonn. For a copy of this, go to hMrc.gov.uklfom￿Charlty-stybb.htm Use forni ChV1 to tell us about any other changes to the chanty. This indudes charyes to the other offi￿r5, charity name. nominee or banking details. GiftAid Only donations you received after 7 Marth 2012 are eligible for the Gift Ad scheme. You can get all the foms you need to claim Gtft and detai￿ guidan￿ from our website. You must make claims for the repayment of tax under the Grft AÉd scheme wtthin four years of the end of the tax year. or the Gompany accounting peri¢Jd. in whith you receive the GFft Aid donations. We cannot repay tax outside ths time limiL The 6ndosed helpsheet summarises the tax exempb'ons and reliefs avaRat* to tha[￿8$. More infomiation For more infomiation and guidan￿ on tax reliefs and exempts.ons available to Gharities and th￿r donors, go to hmrc.gov.uk and select cha￿leS & donors under Quid( links. Employeos If your charity has employees arKI you need ad%ice on. for example, Pay As You Eam (PAYE). Income Tax, National Insuran￿ contributions or Statuw Sith Pay. ￿One our Employer Helplifft on 08457 143 143. If your charity becomes a employer and you need hdp on the operation of PAYE. phone our New Employer Hel￿1￿ ￿ 0845 60 60 143. Yours faithfully Robert Ross OffiGer To leam more about your rights and obligations go to hmrc.gov.uklcharter E￿r￿J4 Wd..11 Docusign Envelope ID." E14DB3954C8￿22E-9S84-D8BEEsC78BAc HM Revenue &Customs New Charities Helpsheet Income from land and pn)perty Tax exemption for ￿rtain rental income you r￿1ve from renting out land or propety (whether in the UK or overseas) 15 available. This indLKles profits from letttng out fumished propety. Capital Gains Ta Gains arisin9 to chayities are usually exempt from tax prov¥Jing they are used for charitable purposes only. Business rates relief Your charty may also be entitled to relief from business rates- you pay no rnore than 20 per cent on any non-th?mestic pro￿￿ which is used for L*aritable purposes. For more Infomia￿n wntact your tocal authorÈty. Stamp Duty Land Tax When buying a propety, your charity won't nom)ally have lo pay Stamp Duty Land Tax. This also applies when ￿YIng a ￿ase where Stamp Duty L8rHI T8 )uld nomialty be due. Compleling a tsx return HMRC does not ask all charities to complete a tsx m every year. However rf wa ask your charity to do so. it is important that you file the return withln the time limits even IF there is no tsx to pay. Chatths that do not receive a notice to file a retum sho¢Jld tell HMRC if they r￿1ve nonexempt Income or rf they use income for r￿n-¢ha￿tab1e purFMJses, known as noTrL*arrtable exp￿dit￿re. This is because the usual lax ￿lIef or exemptws may trE subject to restn"th"ons, wh￿h may result in a tax bill.To find out more aLK)ut these tax reliets. go to hmre.gov.uklcharltiesftaxknlcsthtsn VAT reliefs for charities Charities are genwally subject lo the same VAT rules as Other organisations and normally have to pay VAT just like anyone eL%e. There is no blanket e￿ption f￿K￿ VAT for L*aTtbes. Huwever. there are some VAT rel￿ts on certain goods and Sery1￿$ which mean you may be able to buy them at the zeto r* or reduced rate. For exampk, subject to certain I￿nditIOnS. your chartty may be able to buy fuel and power for your buiklings at the reduced VAT rate and may pay no VAT on adverb.sing or on certain gocKIs you make avaiL7ble lo disabled reople. to hmrc. ov.uKlchaiitieslvat to find out m¢)re Charities and tax: the basics If youf o￿aniSation is a charity for tax purtx)ses. rt. entitled lo claim varhJus tsx exemptions and re]iets available to Charit￿ as explained beknv. This doesn't mean that your chaiity wrll never pay tax. If your charity receives taxable Inon*xempt) income or gains or incurs non-charitable expenditure YOL¢ must tell us and (y)mplete a tax retum. Sew Assessment Trust or Company Tax Relum. depending on whether you're set up as a charitable trust or company. If your ehaTrty has certain business aCtiV￿eS the VAT rules will apply to you just as they do for any other business. You may, however. qualfy for ￿rtain charity VAT reliefs afKI exempb"ons. Income Tax and Corporation Tax exemptions and reliefs for charities M05t of the income and gains re￿[Wed by charitses are exempt from Income Tax, Capitrdl Gains tax arKI Cotpotation Tax provided they are used for charitable purposes onty. Income ￿ gains that not covered by an exemption are non4xempt and remain tsxable. The rnain types of exemption indude: GiftAld Your chanty can claim back the bas￿ rate Irbxrfne Tax that it has paid on ￿rtain donations received from indNidua15 through the Gfft Aid stheme. Find out more about Gfft Aid frDm our webstte. go to klcharhlesl ift ald Inveslrnent Incon7e Your chanty is exempt from UK tax on most type5 invesbnent incoFne. induding income from overseas invesknents. HoweveT, the 10 per ￿nt tax credit associated with UK dtvNJends is not repayatle. Bank and building society interest AS a thanty, you can nomially get your bank or building society interest withoLbt tax deduc￿1. To do thi5, il should be Suffici￿ to show your bank or building society a Copy of our letter rec£NJnisww y￿r organisation as a charity for tax purFX)ses. Find out how to reclaim tax on savtngs income that has been taxed on our websile, go to hmrc. ov.uklcharittesl lft aidlreclaim. VAT ￿llets ￿ g¢X*Js and Servi￿ t￿ught by charitss vthing out rfyour charFty needs to register forVAT . the sorts of *tvil*s you may have to charge VAT i?n. Your rights and obligations Your Charterexplains what you (an expect from us and what we expect frc•n you. For more information V*ukl¢hortor Trading profits Proffts that your charty makes from trading acttvitses (selling goods and services to Cltstomersl may be taxable depending on the nattjre of the trading and the purposes for which your tharÉty ts establi8hed. Find out more aL￿ut tax and trading by Charities on our website, go lo hriirc.gov.ukl¢haritiesftaxftrndinglba5ics.Mm CTY 005 HMRC 03113 Docusign Envelope ID." E14DB3954C8￿22E-9S84-D8BEEsC78BAc ## **Certificate Of Completion** Envelope Id: E140B395-4C83-422E-9584-DBBEE5C78BAC Status: Sent Subject: The Novak Djokovic Foundation (UK) Limited - Accounts for signing Source Envelope: Document Pages: 35 Signatures: 4 Envelope Originator: Certificate Pages: 5 Initials: 0 Duncan Nicholas AutoNav: Enabled Calyx House EnvelopeId Stamping: Enabled South Road Time Zone: (UTC) Dublin, Edinburgh, Lisbon, London Taunton, Somerset TA1 3DU Duncan.Nicholas@moore-scarrott.co.uk IP Address: 13.57.39.154 **Record Tracking** Status: Original Holder: Duncan Nicholas Location: DocuSign 29-Sep-25 | 14:32 Duncan.Nicholas@moore-scarrott.co.uk **Signer Events Signature Timestamp** Jelena Djokovic Sent: 29-Sep-25 | 14:39 dragana@brownamplitude.co.uk Viewed: 29-Sep-25 | 14:46 Chief of Staff Signed: 29-Sep-25 | 14:48 Security Level: Email, Account Authentication (None) Signature Adoption: Uploaded Signature Image Using IP Address: 91.125.141.124 **Electronic Record and Signature Disclosure:** Accepted: 29-Sep-25 | 14:46 ID: cc7cc012-8813-4d74-95b9-ce53a63a015a Duncan Nicholas Sent: 29-Sep-25 | 14:48 Duncan.Nicholas@moore-scarrott.co.uk Director Moore Scarrott Security Level: Email, Account Authentication (None) **Electronic Record and Signature Disclosure:** Not Offered via Docusign |**In Person Signer Events**|**Signature**|**Timestamp**| |---|---|---| |**Editor Delivery Events**|**Status**|**Timestamp**| |**Agent Delivery Events**|**Status**|**Timestamp**| |**Intermediary Delivery Events**|**Status**|**Timestamp**| |**Certified Delivery Events**|**Status**|**Timestamp**| |**Carbon Copy Events**|**Status**|**Timestamp**| |Dragana Brown||Sent: 29-Sep-25 | 14:39| |dragana@brownamplitude.co.uk||| |Chief of Staff||| |Security Level: Email, Account Authentication||| |(None)||| ## **Electronic Record and Signature Disclosure:** Accepted: 29-Sep-25 | 14:46 ID: cc7cc012-8813-4d74-95b9-ce53a63a015a |**Carbon Copy Events**|**Status**|**Timestamp**| |---|---|---| |Duncan Nicholas||Sent: 29-Sep-25 | 14:39| |Duncan.Nicholas@moore-scarrott.co.uk||| |Director||| |Moore Scarrott||| |Security Level: Email, Account Authentication||| |(None)||| |**Electronic Record and Signature Disclosure:**||| |Not Offered via Docusign||| |Ryan Bunn||Sent: 29-Sep-25 | 14:39| |ryan.bunn@msvet.co.uk||| |Security Level: Email, Account Authentication||| |(None)||| |**Electronic Record and Signature Disclosure:**||| |Not Offered via Docusign||| |**Witness Events**|**Signature**|**Timestamp**| |**Notary Events**|**Signature**|**Timestamp**| |**Envelope Summary Events**|**Status**|**Timestamps**| |Envelope Sent|Hashed/Encrypted|29-Sep-25 | 14:39| |**Payment Events**|**Status**|**Timestamps**| |**Electronic Record and Signature Disclosure**||| Electronic Record and Signature Disclosure created on: 31-Mar-20 | 09:04 Parties agreed to: Jelena Djokovic, Dragana Brown ## **ELECTRONIC RECORD AND SIGNATURE DISCLOSURE** From time to time, Moore Scarrott Ltd (we, us or Company) may be required by law to provide to you certain written notices or disclosures. Described below are the terms and conditions for providing to you such notices and disclosures electronically through the DocuSign system. Please read the information below carefully and thoroughly, and if you can access this information electronically to your satisfaction and agree to this Electronic Record and Signature Disclosure (ERSD), please confirm your agreement by selecting the check-box next to ‘I agree to use electronic records and signatures’ before clicking ‘CONTINUE’ within the DocuSign system. ## **Getting paper copies** At any time, you may request from us a paper copy of any record provided or made available electronically to you by us. You will have the ability to download and print documents we send to you through the DocuSign system during and immediately after the signing session and, if you elect to create a DocuSign account, you may access the documents for a limited period of time (usually 30 days) after such documents are first sent to you. After such time, if you wish for us to send you paper copies of any such documents from our office to you, you will be charged a $0.00 per-page fee. You may request delivery of such paper copies from us by following the procedure described below. ## **Withdrawing your consent** If you decide to receive notices and disclosures from us electronically, you may at any time change your mind and tell us that thereafter you want to receive required notices and disclosures only in paper format. How you must inform us of your decision to receive future notices and disclosure in paper format and withdraw your consent to receive notices and disclosures electronically is described below. ## **Consequences of changing your mind** If you elect to receive required notices and disclosures only in paper format, it will slow the speed at which we can complete certain steps in transactions with you and delivering services to you because we will need first to send the required notices or disclosures to you in paper format, and then wait until we receive back from you your acknowledgment of your receipt of such paper notices or disclosures. Further, you will no longer be able to use the DocuSign system to receive required notices and consents electronically from us or to sign electronically documents from us. ## **All notices and disclosures will be sent to you electronically** Unless you tell us otherwise in accordance with the procedures described herein, we will provide electronically to you through the DocuSign system all required notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to you during the course of our relationship with you. To reduce the chance of you inadvertently not receiving any notice or disclosure, we prefer to provide all of the required notices and disclosures to you by the same method and to the same address that you have given us. Thus, you can receive all the disclosures and notices electronically or in paper format through the paper mail delivery system. If you do not agree with this process, please let us know as described below. Please also see the paragraph immediately above that describes the consequences of your electing not to receive delivery of the notices and disclosures electronically from us. ## **How to contact Moore Scarrott Ltd:** You may contact us to let us know of your changes as to how we may contact you electronically, to request paper copies of certain information from us, and to withdraw your prior consent to receive notices and disclosures electronically as follows: To contact us by email send messages to: simon.biles@moore-scarrott.co.uk ## **To advise Moore Scarrott Ltd of your new email address** To let us know of a change in your email address where we should send notices and disclosures electronically to you, you must send an email message to us at simon.biles@moorescarrott.co.uk and in the body of such request you must state: your previous email address, your new email address. We do not require any other information from you to change your email address. If you created a DocuSign account, you may update it with your new email address through your account preferences. ## **To request paper copies from Moore Scarrott Ltd** To request delivery from us of paper copies of the notices and disclosures previously provided by us to you electronically, you must send us an email to simon.biles@moore-scarrott.co.uk and in the body of such request you must state your email address, full name, mailing address, and telephone number. We will bill you for any fees at that time, if any. ## **To withdraw your consent with Moore Scarrott Ltd** To inform us that you no longer wish to receive future notices and disclosures in electronic format you may: i. decline to sign a document from within your signing session, and on the subsequent page, select the check-box indicating you wish to withdraw your consent, or you may; ii. send us an email to simon.biles@moore-scarrott.co.uk and in the body of such request you must state your email, full name, mailing address, and telephone number. We do not need any other information from you to withdraw consent.. The consequences of your withdrawing consent for online documents will be that transactions may take a longer time to process.. ## **Required hardware and software** The minimum system requirements for using the DocuSign system may change over time. The - - current system requirements are found here: https://support.docusign.com/guides/signer guide signing-system-requirements. ## **Acknowledging your access and consent to receive and sign documents electronically** To confirm to us that you can access this information electronically, which will be similar to other electronic notices and disclosures that we will provide to you, please confirm that you have read this ERSD, and (i) that you are able to print on paper or electronically save this ERSD for your future reference and access; or (ii) that you are able to email this ERSD to an email address where you will be able to print on paper or save it for your future reference and access. Further, if you consent to receiving notices and disclosures exclusively in electronic format as described herein, then select the check-box next to ‘I agree to use electronic records and signatures’ before clicking ‘CONTINUE’ within the DocuSign system. By selecting the check-box next to ‘I agree to use electronic records and signatures’, you confirm that: - You can access and read this Electronic Record and Signature Disclosure; and - You can print on paper this Electronic Record and Signature Disclosure, or save or send this Electronic Record and Disclosure to a location where you can print it, for future reference and access; and - Until or unless you notify Moore Scarrott Ltd as described above, you consent to receive exclusively through electronic means all notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to you by Moore Scarrott Ltd during the course of your relationship with Moore Scarrott Ltd.