Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 Registration number.. 07980355 Charity registration number.. 1147341 The Novak Djokovic Foundation (UK) Limited IA company limited by share capf(all Trustee Directors, Report and Audited Financial Statements for the Year Ended 31 December 2025 M¢xYeScwrott Commercial
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Contents Legal and Adminislralive Infomation Trustee Directors, Annual Report 2107 Independent Auditor's Report 8t011 Statement of Financial Activities Balance Sheet Statement of Cash Flows 14 Notes to the Financial Statements 151024
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Legal and Administrative Information Registered charity name The Novak Djokovic Foundation IUKI Limited Charlty reglstratlon number 1147341 Company rogi$lration numbgr 07980355 Principal office and registered office 19 Ballanlrae House Lyndale London NW2 2PB Trustees Mr N Djokovic Mrs M Pajkovic Mrs J D Djokovic Company Secretary None (Temple Secretarial Limited resigned on 8 October 20251 Independent Auditors Moore Scarrott Audit Limited Calyx House South Road Taunton Somerset TA1 3DU Investment Advisors Ad8m & Company Wealth Management Ipart ofcanaccord Genuity Group Inc.) 40 Princess Street Edinburgh EH2 2BY Bankers Coutts & Co 440 Strand London WC2R OQS Solicitors Withers LLP 20 Old Bailey London EC4M 7AN Page 1
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Trustee Directors. Annual Report for the Year Ended 31 December 2025 The Trustees, who are also the directors for the purposes of company law, psent their report and the audited financial slalements of the charity for the year ended 31 December 2025. The financial ststemenls have been prepared in accordan with the aOntIng policies sel out in note 1 to the accoun15 and comply with the charity'5 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 8ccounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. Objectives of the charity a. Policies and objectives The general objects of the charity are.. The advanment and furtherance of education anywhere in the world., The prevention or relief of poverty or financial hardship anywhere in the worfd by providing or assisting in the provision of education, training, heatthcare projects and all the necessary support designed lo 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 lime to time determine. There has been no change in the objeds during the year. b. Strategl¢s for achlevlng obl•ctlves The charity furthers its charitable purposes for the public benefit through Ils grant making policy. The main focus of this policy is to award grants to fund organisations and projects that promote early childhood edLJcation and the development of young children who are from disadvantaged backgrounds and lo fund research lo 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 lo their communities in the future. The Trustees ensu that all grantees are given clear guidance as lo the exclusively charitable purposes for which the grant funds are to be applied and also seek lo satisfy themselves that each grant aims to provide an identifiable benefit lo 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 lo ensure that the statutory public benefit requirement is mel. 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 inilialives. 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 con51slent with the charitys grant making policies. Page 2
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Trustee Directors. Annual Report for the Year Ended 31 December 2025 Achlevements and performance Key financial perforniance indicators There are various financial performance indicators used by the Foundation. Management accounts are presented lo the senior management, showing both consolidated and regional performall. Reserves, investment performance, income and expenditure, and Varian from any budgeted figures are checked regularly. Checks are also conducted lo ensure ongoing project activity and fixed costs are appropriate for existing reserves. The accounts of the charity are reviewed on a quarterfy basis. b. Reviow of activities During the year, funds were granted to The Novak Djokovic Foundation (Serbial lo be used for running costs and infraslruclural early years education projects. There were no major fundraising activities undertaken during the year. c. Fundraising activitiesllncome generation Fundraising activities were limited dunng the year. No campaigns or fundraising activities look pla in the UK. Financial Revigw Going concern After making appropriate enquiries, the Trustees have a reasonable expectstion that the charity has adequ81e 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 conrn basis can be found in the Accounting Policies. b. Principal risks and uncertainties The trustees have assessed the major risks lo which the charity is exposed, and are satisfied that systems are in pla to mitigate exposure to the major risks. Key risks identrfied by the Foundation focus primarily on monitoring projects in the frontlines and mallers 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 lo 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
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Trustee Directors. Annual Report for the Year Ended 31 December 2025 c. Reserves policy The Trustees recognise that determining the level of reserves lo be held by the Foundation is an important part of their financial management duties. 'Income reserves, are defined as 'lhal part of a charity's income funds that is freely available for its general purposes,, which normally excludes lal permanent endowment,. Ibl expendable endowment funds., Icl restricted income funds., and Idl any part of unreslricled 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 lime of receipt. However, the Trustees have the power, under article 16.11¢) of the Articles of Association of the Foundation, 'lo reserve funds for special purposes or against future expenditure,. As part of their reserves policy, the Trustees aim.. lo ensure that any income is held in reserve for a justrfied reason.. lo maintsin sufficient reserves in order to fulfil future expected funding requirements of projects or grants that extend over several years., lo ensure there is enough reserved funds lo cover any known liabilities., lo review the level of reserves every year.. and lo ensure the level of reserves held are in the Foundstion's bèst interests. An analysis of the reserves held al the year end is included within the financial ststements. d. Material invgstm&nt$ policy The Trustees have passed an Investment and Reserves Policy in prior years and an ongoing objectwe for the foreseeable future is the management of an expendable endowment in support of the Foundation, lo help ensure the Foundation thrives and continues lo make a difference for decades lo come. The Foundation appointed Adam & Company, now Cannacord A¢cuity per Adam & Company We8h Management Website, as discretionary investment managers and at the balance sheet dale, £504,649 12024." £463,124) was held in the portfolio. The Foundation's aim in investing ils funds is lo generate returns on capital in order to provide funds lo further ils charitable aims and lo cover future core and adminislralion 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 Constitution and Trustees The charity is wistered as a private company limited by shares and was incorporated on 7 March 2012. The charity is constituted under ils Memorandum and Articles of Association and is a registered charity (Charity Number.. 11473411. 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 musl 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 Iresigned 1 September 20251 Ms Masa Pajkovic (appointed 1 September 20251 Page 4
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Trustee Directors. Annual Report for the Year Ended 31 December 2025 b. Method of appointment or election of Trustees The dire¢lors 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 Ttuslees. 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. ¢. Oryanisalional structuro and dgcision making During the year, meetings of the Board of Trustees were held by telephone. There was also contact beeen Trustees and their equivalents in the USA and Serbia lo discuss strategy and major decisions. d. Policies adopted for the induction and training of Trustegs The Trustees are satisfied that they have put In pla appropriate prOdureS Conrning the proper goveman and management and decision making of the charity, including the induction and training of Trustees. e. Pay pollcy for senlor stsff 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'I, a charity founded in the USA. The Novak Djokovic Foundation Iserbial and The Novak Djokovic Foundation ONLUS Illalyl are charities founded in Serbia and Italy respectively which are Irealed 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 lo the operations and finances of the charity, and are satisfied that systems and procedures are in place lo mitigate our exposure to the major risks. Reappointment of auditor In accordan with section 485 of the Companies Act 2006, a resolution for the re-appoinlmenl of Moore Scarrott Audit Limrted as auditors of the company is lo be proposed al the forthcoming Annual General Meeting. Disclosure of infomiation to the auditors Each Trustee hss taken steps that they ought lo 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
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Trustee Directors. Annual Report for the Year Ended 31 December 2025 Approved by the Board of Trustees on 23-04-26 and signed on its behalf by". Mrs J D Djokovic Trustee Page 6
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Trustee Directors. Annual Report for the Year Ended 31 December 2025 statement of Trustee Directors. Responsibilities The trustees. who are also the directors of The Novak Djokovic Foundation IUKI 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 Iuniled Kingdom Generally A¢pIed Accounting Praclicel. The law applicable lo charities in England & Wales requires the Trustees lo prepare financial st8lements for each financial year which give a true and fair view of the slate of affairs of the charity and of the Incoming resources and application of resources of the charity for that period. In preparing these financial slalemenls. the Trustees are required lo.. 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., slate whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial stalemenls., prepare the financial slalemenls on the going concern basis unless il 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 Ir8ns8clions and dilOse with reasonable sccuracy al any lime 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 tsking reasonable steps for the prevenb'on and detection of fraLJd and other irregularities. Page 7
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Independent Auditorfs Report to the Trustees of The Novak Djokovic Foundation (UK) Limited Opinion We have audited the financial statements of The Novak Djokovic Foundation IUKI Limited Ilhe 'charity'l for the year ended 31 December 2025. which comprise the statement of financial activities (including income and expenditure accounll, balance sheet, slalemenl 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 Stsndard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Praclicel. This report is made solely lo the Company's members, as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 20[. Our audit work has been undertaken so that we might state to the Company's members those mallers we are required lo slate lo them in an audilorfs report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo 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 slalemenls.. give a true and fair view of the state of the Company's affairs as al 31 December 2025 and of ils incoming resources and application of resources, including ils 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 wf(h the requirements of the Companies Act 2006. Ba$1$ for opinion We conducted our audit in accordan with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial ststements section of our report. We are Indepenolent of the Company in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical re5ponsibililies 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 ststements, we have concluded that the Trustees, use of the going Conr basis of accoLJnting 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 lo continue as a going conrn for a period of at least e1ve months from when the financial slalemenls are authorised for issue. Our responsibilities and the responsibilities of the Trustees wi(h respect lo going conrn are described in the relevant sections of this report. Other infomiation The other information comprises the information included in the annual report, other than the financial slalemenls and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except lo 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 slalemenls, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misstslement in the financial slalemenls or a material misslalement of the other information. If, based on the work we have performed, we conclude that there is 8 material misstalemenl of this other infomalion, we a required lo report that fact. We have nothing lo report in this regard. Page 8
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Independent Auditorfs 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 slalements., 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 chaiilable 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 lo 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 relums 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 direOr8, 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 entided to prepare the financial statements in accordan with the small companies regime and take advantage of the small companies. exemptions in preparing the Trustee Directors, Annual Report and from the requirement lo prepare a Strategic Report. Respon8ibilitie8 of trustees As explained more fully in the Trustees, Responsibilities Isel out on page 61, the Trustees are responsible for the preparation of the financial slalemenls 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 ststements that are free from material misstatement, whether due lo fraud or error. In preparing the financial slalemenls, the Trustees are responsible for assessing the charitable company's ability lo 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 lo liquidate the Group or the parent charitable company or to cease operations, or have no realistic af(ernative bul to do so. Page 9
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Independent Auditorfs 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 obtsin reasonsble assurance about whether the financial ststements as a whole a free from material misstatement. whether due to fraud or error, and to issue an aLJdilor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in acwrdance with ISAS IUKI will aayS detect a material misslalemenl when il exists. Misslalemenls can arise from fraud or error and are Considered material if. individually or in the aggregate, they could reasonably be expeded to influence the economic decisions of users tsken on the basis of these financial slatemenls. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misslalemenls in respect of irregularities, including fraud. The extent lo 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 lo 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 wrf(h documenlalion. As a result of these produre5, 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 lo year-ènd cut-off. In common with all audits under ISAS IUKI we are also required lo perform specrfic prOdureS 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 delerminalion of material amounts and disclosures in the financial slalemenls. The key laws and regulations we considered in this context induded the UK Companies and Charities Act and FRS 102 ISORPI. In additions, we considered the provisions of other laws and regul8tions that do not have a direct effect on the financial statements but compliance with which may be fundamental lo the charitable company s ability to operate or avoid a material penalty. Our procedures to respond lo risks Identified included the following'.- reviewing the financial ststement disclosures and testing lo supporting documentstion to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial slalemenls., performing analytical procedures lo identify any unusual or unexpected relationships that may indicate risks of material misstatement due lo 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 eslimales are indicative of potential bias,. and evaluation of the business rationale of significant transactions that are unusual or OLJlside the nomal course of business. We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert lo possible indicators of fraud and non-complian with laws and regulations throughout the audit. Page 10
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Independent Auditorfs Report to the Trustees of The Novak Djokovic Foundation (UK) Limited Auditor Responsibilities for the audit of the financial statements {continuedl As a result of the inherent limitations of an audit, there is a risk that not all irregLJlarities, including a material misstatement in the fi'nancial slalemenls 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 ststements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentstion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at yvww.frc.org.uklaudilorsresF)onsibililies. This description forms part of our audi(or'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 audrt work has been undertaken so that we might slate lo the Trustees those mallers we are required lo slate lo them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and ils members, as a body, for our audit work, for this report, or for the opinions we have formed. D J Nicholas FCA (Senior Stalulory Auditor) For and on behaff of Moore Scarrotl Audit Limited, Slalulory Auditor Calyx House South Road Taunton Somersel TA1 3DU 2>04-26 Date.. Page11
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Statement of Financial Activities including Income and Expenditure Account for the Year Ended 31 December 2025 Unrestrlcted Restrlcted funds funds Total funds 2025 Total funds 2024 Note Incoming resources Charitable activities Investment income 351,690 56,755 351,690 56,755 1,406,341 55,032 Total incoming reSoUrS 408,445 408,445 1,461,373 Expenditure Expenditure on charitable activities Raising funds 55,680 3.358 55,680 3,358 1,306,508 3,202 Total expenditure 59,038 59,038 1,309,710 Nel incoming Iloutgoingl resources Gain on financial assets al fair value through profil and loss account 349,407 349,407 151,663 12 30,645 30,645 7,711 Net movement in funds 380,052 380,052 159,374 Funds movement Total funds brought forward Nel incoming Iloutgoingl sOUrceS 3,225,096 380,052 3,225,096 380,052 3,065,722 159,374 Total funds carried forward 3,605,148 3,605,148 3,225,096 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
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited (Registration number: 07980355) Balance Sheet as at 31 December 2025 2025 2024 Note Fixgd assets Tangible assets 14 504,649 463,124 Current assets Debtors and prepayments Cash al bank and in hand 15 3,457 3,107,242 2,778,562 3,110,699 2,778,562 Creditors. Amounts falling due within one year 16 10,200 16,590 Nel current assets 3,100,499 2,761,972 Net assets 3,605,148 3,225,096 Income funds Called up share capital Unrestricted funds 100 3,605,048 100 3,224,996 22 Total equity 3,605,148 3,225,096 The financial slalemenls were approved and authorised for issue by the Trustees on their behalf by.. 2310412026 and signed on Mrs J D Djokovic Trustee The notes on pages 15 to 24 form an integral part of these financial statements. Page 13
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Statement of Cash Flows for the Year Ended 31 December 2025 2025 2024 Note Net cash provided by operating activities 21 286,164 108,023 Cash flows from inv9$ting activitlg$ Interest received 42,516 41,067 Nel increase in cash and cash equivalents 328,680 149,090 Cash and cash equivalents at 1 January 2,778,562 2,629,472 Cash and cash equivalents at 31 Dember 3,107,242 2,778,562 The notes on pages 15 to 24 form an integral part of these financial statements. Page 14
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Notes to the Financial Statements for the Year Ended 31 December 2025 1 General inforniation The company is a charity incorporated in England and Wales. The address of its registered Offi is.. 19 Ballantrae House Lyndale London NW2 2PB England 2 Statement of compliance The accounts (financial stalemenlsl have been prepared under the historical cost convention wth items recognised at cost or transaction value unless otherwise stated in the relevant notelsl lo these accounts. The financial slalemenls have been prèpared in accordance with the Slalemenl 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 IFRS 1021 issued on 16 July 2014 and the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland IFRS 1021 leffeclive 1 January 20191 and the Charities Act 2011. 3 Accounting policies Incoming resources Income is recognised when the charity is legally entitled lo it after any performance conditions have been mel, the amounts can be Measured reliably, and it is probable that income will be reived. 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 lo donations received under Gift or deeds of covenant is recognised al the time of the donation. Legacies are recognised on receipt or olhenKise if the charity has been notified of an impending dislribulion, the amount is known. and receipt is expected. If the amount is not known, the legacy is treated as a ¢ontingent asset. Resources expended Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit to a third paty, 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 aclivily. 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 sttribulable to a single activity are allocated directly to that activity. Shared costs which contribute lo 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 lime spent, and depreciation charges are allocated on the portion of the asset's use. Page 15
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Notes to the Financial Statements for the Year Ended 31 December 2025 Going concern Al the time of approving the financi81 slalemenls, the Trusteès have a reasonable expectation that the charity has adequate resources to conb.nue In operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financi81 slalemenls. Fund accountlng pollcy 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 sel out in the notes to the financial statements. Restricted funds are subject lo specific conditions by donors as lo how they may be used. The purFX)ses and uses of the restricted funds are set out in the notes to the financial slatemenls. Foreign currency transactions and balances Transactions in foreign currencies are initially recorded al the functional currency rale prevailing al the dale of the transaction. Monetsry assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity al the rates prevailing on the reporting period dale. Non-monelary items carried at fair value that are denominated In foreign currencies are relranslaled at the rate on the dale when the fair value is re-measured. Non-monelary 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-lerm highly liquid Investments that are readily convertible to a known amount of cash and are subject lo an insignfficanl risk of change in value. Trade crgdilors Trade creditors are obligations to pay for goods or ServIS 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, al the end of the reporting period, to defer settlement of the creditor for al least bNelve months after the reporting dale. If there is an unconditional right lo defer selllemenl for al least e1ve months after the reporting date, they are presented as non-current Iiabililies. Trade creditors are recognised initially al the transaction price and subsequently measUd al 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, nel of the direct costs of issuing the eqLJity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value ba51S. Financial instruments Recognition and measurement Financial instruments are initially recognised al their Irans8clion cost and subsequently measured al fsir value al the balan 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 'Nel gainslllossesl on investments, in the Statement of financial activities incorporating income and expenditure account. Page 16
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Notes to the Financial Statements for the Year Ended 31 December 2025 4 Grants, Donations and Legacies Currgnt Year Unre$tri¢tod fund8 R&$tri¢tgd funds Totsl Funds 2025 Donations 351,690 351,690 351,690 351,690 Prior Year Unrestricted funds Restricted funds Total Funds 2024 Donations 1,406.341 1,406.341 1,406,341 1,406.341 Donations include amounts of £350,93712024'. £1,375,011} received from Novak Djokovic, including recoverable gift aid. 5 Incorne from investments Curr9nt Year Unrestrlct•d funds Restrlcted funds Total Funds 2025 Income from listed investments 14,239 42,516 56,755 14,239 42,516 56,755 Interest receivable Prior Year Unre8tricted funds Restricted funds Total Funds 2024 Income from listed investments 13,965 41,067 55,032 13,965 41,067 55,032 Interest receivable Page 17
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Notes to the Financial Statements for the Year Ended 31 December 2025 6 Expenditure on raising funds Currgnt Year Unre$tri¢tod fund8 R&$tri¢tgd funds Totsl Funds 2025 Investment management 3,358 3,358 3,358 3,358 Prior Year Unrestricted funds Restricted funds Total Funds 2024 Investment management 3.202 3.202 3,202 3,202 7 Expenditure on charitable activities Current Year Unrestricted funds Restricted funds Total Funds 2025 Direct Costs Grant funding of activities (see note 81 Share of support and governancè c08ts (see note 91 Support Costs Governance costs 14,687 14,687 26 26 40.967 55,680 40,967 55,680 Prlor Y¢ar Unrestricted funds Restricted funds Total Funds 2024 Direct costs Grant funding of activities (see note 81 Share of support and governance costs (see note 91 Support costs Governance costs 1,280,950 1,260,950 1,896 43.662 1,306,508 1,896 43,662 1,306,508 Page 18
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Notes to the Financial Statements for the Year Ended 31 December 2025 8 Grants payable Currgnt Year Charitable expenditure 2025 Charitable gXP9nditur9 Grants lo institutions. NDF Serbia 14,687 14,687 14,687 14,687 Prior Year Charitable expenditure 2024 Charitable expenditure Grants lo institutions. NDF Sert)ia 1,260,950 1,260,950 1,260,950 1,260,950 During the year a grant of £14,68712024'. £744,364) was made to the Novak Djokovic Foundation Serbia INDF Serbial to cover operational costs. A further grant of £Nil12024'. £516,586) was made to support infraslruclural early years education projects in Seibia. Page 19
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Notes to the Financial Statements for the Year Ended 31 December 2025 9 Support Costs Currgnt Year Governance costs Support costs 2025 Sundry expenses Accountancy fees Professional Services 270 270 10,142 13,810 10,142 13,810 Auditor's remuneration - The audit of the companls annual accounts 9,695 7,050 9,695 7,050 26 40,993 Legal and professional fees Bank charges 26 26 40,967 Prior Year Govemance costs Support costs 2024 Computer software and maintenance costs Sundry expenses Accountancy fees Professional Services 1,836 1,836 267 267 4,200 25,560 4,200 25,560 Auditor's remuneration - The audit of the companls annual aount$ 6,000 7,635 6,000 7,635 60 45,558 Legal and professional fees Bank charges 60 1,896 43,662 10 Trust09 Directors No Iruslee received remuneration or benefits in the year12024.. Nill. 11 Employees The average number of persons employed by the company Ilncluding direclorsl during the year. was 012024 - 01. No employee received employee benefits of more than £60,000 Page 20
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Notes to the Financial Statements for the Year Ended 31 December 2025 12 Gains and 108$e8 on investments Unrestrlcted funds 2025 Unrestrlcted funds 2024 Gain$l(10s$gs1 arising on: Revaluation of investments 30,645 30,645 7,711 7,711 13 Taxation The charty is exempt from laxalion on ils activities because all ils income is applied for charitable purposes. Page 21
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Notes to the Financial Statements for the Year Ended 31 December 2025 14 Fixed asset investments Alternative investments inc property Listed investments Cash in portfolio Total Co$1 or valuation Al 1 January 2025 Valuation changes Additions Investment income Disposals Management fees Transfers 432,480 29,521 35,437 13,086 136,8721 18,790 1,124 11,854 463,124 30,645 135,4371 341 36,872 13,3581 13,897 811 14,238 13,3581 13,086 811 At 31 December 2025 460,566 19,914 24,169 $04,649 Depreciation Carrying amount Al 31 December 2025 460,566 19,914 24,169 504,649 Al 31 December 2024 432,480 18,790 11,854 463,124 2025 2024 Currgnt financial assets Equities Fixed interest securities Altemative investments Cash held within the investment portfolio 313,886 146,680 19,914 24,169 504,649 291,638 140,842 18,790 11,854 463,124 The investment objective is income and capitsl 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 allilude lo 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 ye8r 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 pri where applicable. Where holdings are priced in currency other than the reporting Currency, their value is converted at the balance sheet dale into sterling. The main risks lo the charity are from uncertainties within investment markets and yield volalililies and these risks are managed by the use of expert fund managers externally and the operation of a diversified investment strategy of income 8nd Capital pSerVatIon. Performance is assessed by the Trustees and targets and investment rèports are reviewed internally on a quarterfy basis. Page 22
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Notes to the Financial Statements for the Year Ended 31 December 2025 15 Debtors 2025 2024 Other debtors 3,457 3,457 16 Creditors 2025 2024 Due within one year Other creditors 10,200 16,590 17 Share Capital 2025 2024 100 Ordinary shares of £1 each 100 100 100 100 18 Analysls of changes In net funds The charty had no material debt during the year. 19 Related party transactions The amounts and details of grants awarded lo The Novak Djokovic Foundation (Serbial. a related charity registered in Serbia, arè included within the notes lo these financial slalemenls. 20 Parent and ultlmate parent undertaklng The parent undertaking is the Novak Djokovic Foundation IUSAI, a charity registered in the USA IEIN 4542196151. Ils address is 150 Faitview Road, Suite 333, Mooresville NC 28117. Page 23
Docusi9n Envelope ID.. 9EE919C4-03B443B¥8AD3A92888336257 The Novak Djokovic Foundation (UK) Limited Notes to the Financial Statements for the Year Ended 31 December 2025 21 Reconciliation of net movement in fund8 to net cash flow from operating activitie8 2025 2024 Surpluslldeficilsl for the year Adju$tmont$ for: Investment income recognised in ststement of financial activities Nel Igainslllosses on investments Investment management fees charged to investments Changes in working capital- Ilncreasel I decrease in debtors Increase I Idecreasel in creditors Net Cash provided by operating activities 380,052 159,374 156,7551 130,6451 3,358 155,0321 17,7111 3,202 13,4571 16,3901 286,164 8,190 108,023 22 Movement in funds Current year At1 January 2025 Incoming Rgsourcos expended resources At31 December Transfers Gain and 1088es 2025 Unrestricted Funds General Funds 3,224,996 3.224,996 408,445 408.445 159,0381 159,0381 30,645 30.645 3,605,048 3,605.048 Total Unrestricted Funds Prior year At1 January 2024 Incomlng Resources resources expended Transfers Galns and losses At31 Dacembar 2024 Unrestrlct¢d Funds Gener81 Funds 3,065,622 3,065,622 1,461,373 {1,309,7101 1,461,373 {1,309,7101 7,711 7,711 3,224,996 3,224,996 Total Unrestricted Funds Restricted funds The charity held no restricted funds during the year12024'. £Nill. All income received was unrestricted and available to be applied al the discretion of the Trustees in furtherance of the charity's obje¢lives. Accordingly, there a no restricted reserves lo report at the balan sheet dale. Page 24