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← Swarovski Foundation

2024-12-31-accounts

Charity Registration No. 1153618 (England and Wales) Company Registration No. 08325666

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

CONTENTS

Page
Legal and Administrative Information Legal and Administrative Information
1
Report of the Trustees 2
Independent Auditors’ Report 9
Statement of Financial Activities 12
Balance Sheet 13
Statement of Cash Flows 14
Notes to the Financial Statements 15

SWAROVSKI FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Marisa Schiestl-Swarovski (Chair)
Evelyn Marie Hilde Margit Haim- Swarovski
Helene von Damm
Anouchka Rafail-Vogiatzakis
Dr Heinz Georg Albert Fassman
Lynda Brooke Mansson
Ryan Marshall Gawn (Appointment 17 May 2024)
Director of the Swarovski Jakhya Rahman-Corey
Foundation
Registered office 1st Floor, Building 4 Chiswick Park,
566 Chiswick High Road,
London,
W4 5YE
Bankers HSBC
9 The Boulevard
Crawley
West Sussex
RH10 1UT
Independent Statutory Auditor HaysMac LLP
10 Queen Street Place
London
ECER 1AG
Company Registration No. 08325666 (England and Wales)
Charity Registration No. 1153618

1

SWAROVSKI FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees of the Swarovski Foundation present their annual report and financial statements for the year ended 31 December 2024, which are also prepared to meet the requirements of a directors’ report and accounts for Companies Act 2006 purposes.

The financial statements have been prepared in accordance with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard (FRS 102). The legal and administrative information on page 1 forms part of this report.

Constitution and governance

The Swarovski Foundation was incorporated on 11 December 2012 and is governed by its Memorandum and Articles of Association. The Trustees who have been in office during the period or up to the date of this report are listed on page 1.

The Articles of Association of the Swarovski Foundation were last updated in January 2025. This process was undertaken to ensure they continue to reflect good governance and best practices across the charity sector. The updated Articles of Association clarify the terms of office for Chair and Trustees, following guidance from the Charity Governance Code, and develop the processes and conditions for their disqualification and removal. Furthermore, the requirements for making decisions outside of a Board Meeting were updated from unanimous approval to a majority vote, to support efficient and fair collective decision-making. Finally, a clause was added to specify how changes to the Articles of Association can be made in the future.

The Swarovski Foundation has created documents to support Trustee onboarding, including but not limited to a Policy Handbook. They outline important policies and procedures at the Swarovski Foundation in support of the following Charity Commission guidance: The essential trustee: what you need to know, what you need to do "/ Guidance for Charities with a Connection to a Non-Charity ";and the Charity Governance Code (a practical tool to help charities and their trustees develop high standards of governance). This is for the Trustees and other relevant parties who may need to understand the policies and processes we have in place to safeguard the Swarovski Foundation.

The Trustees consider the Board of Trustees and the Director to comprise the key management personnel. The Trustees are responsible for the strategic direction of the Swarovski Foundation, and they delegate day-to-day financial and operational responsibilities and administration to the Director.

2

SWAROVSKI FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

No trustee remuneration was paid during the year. Details of trustee expenses and related party transactions are disclosed in notes 5 and 12 of the financial statements.

Global Grading System, which is a globally aligned methodology of role evaluation that enables external comparatives and internal equity, and is overseen by the global management consulting expert, Mercer.

The Swarovski Foundation operates a well-documented and appropriate methodology in relation to the declaration of interest. The Swarovski Foundation has in place a policy on conflicts of interest and loyalty, and the Trustees are regularly reminded of good practice based on guidance issued by the Charity Commission and disclose any actual or potential conflicts of interest. Furthermore, there is an extensive due diligence framework to ensure the pursuit of the public benefit and the mitigation of risk of supporting charities and/or organisations in accordance with Charity Commission guidance.

SWAROVSKI FOUNDATION STRATEGIC OBJECTIVES

Mission

The Swarovski Foundation's mission is to promote sustainable livelihoods through education to reduce inequality.

Strategic Approach

The Swarovski Foundation invests in educational initiatives for long-term skills development and job creation, supporting work across three key focus areas:

The Swarovski Foundation has curated initiatives connected to its impact legacy and ambition to use resources to build capacity for sustainable change:

3

SWAROVSKI FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

Delivering Objectives

The Swarovski Foundation’s governing document and charitable objectives enable our role as a grantgiving body to support a wide range of organisations through grants, advocacy and engagement to fulfil our mission for a more inclusive and equitable society whilst creating protections for the environment.

Grants We work with and provide grants to charities and institutions globally to deliver our objectives. All grants are subject to assessment to ensure alignment with our values, code of conduct, and the strategic objectives of the Swarovski Foundation.

Advocacy and Engagement We believe that genuinely enacting change requires individuals and communities to be aware of social and environmental challenges before they can take action to remedy the issue. To be made aware of these issues requires engagement and communication across global platforms to help empower people to understand the challenges presented and seek solutions. Therefore, the Swarovski Foundation’s role, in addition to delivering grants, is to engage, advocate and communicate with society to mobilise sustainable change.

Striving for Impact The Sustainable Development Goals (SDGs) set out by the United Nations, or Global Goals, are a collection of 17 interlinked global goals designed to be a "blueprint to achieve a better and more sustainable future for all". The SDGs serve as guidelines for several Foundations, providing a unified language to collaborate with partners working toward the same goals.

The Swarovski Foundation has been committed to aligning our mission with the guiding principles of the SDGs since 2018. Under our new strategy we have aligned more directly with Quality Education (SDG 4), Decent Work and Economic Growth (SDG 8) and Partnerships for the Goals (SDG 17) by investing in educational initiatives for skills development and access to employment under our areas of focus to empower marginalised groups, advance creative talent, and improve water security.

In pursuit of this, the Swarovski Foundation has developed an impact framework that integrates quantitative and qualitative data to assess programme effectiveness, tracks key performance indicators, and enhances data and metric reporting from partnerships. Through this approach, the Swarovski Foundation assesses the tangible impact created by these collaborations.

Since its inception, the Swarovski Foundation has reached over 2 million people across 100 countries, collaborating with 89 partners to advance the achievement of the SDGs. Through the Action Fund , we have supported communities facing urgent challenges, providing 39 grants in response to 26 crises across 24 countries. Our commitment to advancing creative talent has seen nearly 2,000 applications submitted from 92 countries to our Creatives for Our Future programme since its launch in 2021 and supported 21 young innovators from 12 countries through education programmes and networking opportunities. Through our Waterschool initiative, we have reached over 800,000 young people in 2,500 schools worldwide, equipping them with knowledge about global water security issues, as well as best practices for sustainable water management alongside 23,000 teachers.

4

SWAROVSKI FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

Future Considerations

With impact at the core of our mission to promote sustainable livelihoods through education to reduce inequality, the Swarovski Foundation aims to build multi-year partnerships for long-term engagement across grants and advocacy and engagement initiatives. The priority is to build global collaboration by participating in international forums to address global challenges and leverage collective efforts for positive change. We maintain open and effective communication with key stakeholders to build trust and transparency and develop partnerships with organisations to amplify reach and influence.

Grant-Making Policy

In awarding grants, the Trustees apply the following principles:

can be supported by the Swarovski Foundation is, of necessity, limited to the amount of funds available for distribution in any one year.

Fundraising

The Trustees are aware of the additional disclosure requirements and guidance of The Charities (Protection and Social Investment) Act 2016; the updated Charity Commission’s guidance ~~-~~ ‘Charity fundraising: a guide to trustee duties’ (CC20); and the Charter ed Institute of Fundraising handbook ~~-~~ ‘Trustees and fundraising: a practical handbook’. Whilst the Swarovski Foundation does not raise funds via direct contact with the general public, these are considered not applicable. The Swarovski Crystal Business are looking at potential Cause Related Marketing (CRM) opportunities with the Swarovski Foundation, of which all parties will go through relevant legal review to ensure compliance, including alignment with guidance for charitable institutions working with commercial participators - UK Fundraising Regulator.

5

SWAROVSKI FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

Risk Management

The Trustees have examined the major strategic, business, and operational risks that the charity faces and confirm that systems have been established to enable necessary steps to lessen these risks, including the annual review and approval of the risk register.

The financial risk of not being able to pay grant instalments when due is mitigated by the letter of support provided by Swarovski AG noted on page 8. In addition, Swarovski AG has provided funds for the full duration of multi-year grant programmes at the start of each programme, meaning that the cash required to pay future grant instalments is held in the cash reserves of the Swarovski Foundation. The operational risk that the funds may not be used for the purpose of grant and/or non-grant funds is mitigated with the internal financial procedures (as outlined in the Swarovski Foundation Policy Handbook).

Overall, processes including thorough application assessments, contractual agreements, reporting requirements and financial controls (such as payments in tranches), combined with frequent contact with grant recipients (both organisations and individuals) and other non-grant partners, ensure funds are used appropriately and satisfactory progress, as agreed by the Swarovski Foundation and its partners, is achieved.

Additionally, the Swarovski Foundation conducts necessary due diligence checks on the potential charity partners, individuals, and external service providers it partners with, to prevent any risk to the organisation.

Financial Review

The Statement of Financial Activities recognises incoming resources of £4,017,083 (2023: £3,838,816) received in the year, whilst resources of £1,658,276 (2023: £3,239,427) were expended within the year. While the majority of the incoming resources are in the form of grants from Swarovski AG, these amounts also include the incoming resources and equivalent expenditure of £620,791 (2023: £762,628) representing an estimate of services donated by the Swarovski Group in 2024 in respect of employee time in the management of the grants programme, legal services and finance and administration services.

The Trustees recognise the full value of multi-year grant commitments in the year in which the Swarovski Foundation create a legal or constructive obligation, and where the terms of the related agreement support this accounting treatment.

As a result, at 31 December 2024, the net assets of the Swarovski Foundation amounted to £3,340,405 (2023: £1,079,547). The net asset position has increased compared to 2023, as incoming funding for general unrestricted funds programme and some unallocated reserves from which its charitable activities will be recognised in 2025. Swarovski AG provide Trustees with an undertaking on an annual basis in the form of a letter of support that the full value of multi-year grant commitments will be met as the future payment instalments arise.

6

SWAROVSKI FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

Reserves Policy

Since its inception, the Swarovski Foundation has operated without a fixed rule on a minimum or maximum level of reserves that should be held. It is a company-funded charitable foundation that is funded on an as-and-when needed basis.

However, although Swarovski AG has always met its commitment, and the Trustees have confidence they always will, they recognise that having no reserves can create financial and operational risk. Holding appropriate reserves would enable the Swarovski Foundation to respond to unforeseen changes.

Swarovski Foundation in the past, including but not limited to the impact of the pandemic, during the November 2023 Board Meeting the Trustees approved the policy of significantly growing the reserves of the Swarovski Foundation in the shortterm, including €500,000 of free cash for investment in high - interest cash deposit facilities in addition to operational cash requirements . The currency is in EURO (€), which aligns with the primary donor, the Swarovski business', budgetary relationship with the Swarovski Foundation. In the unlikely event that Swarovski AG is unable to support the Swarovski Foundation in the future, the Trustees will formally review and confirm the reserves to be drawn down to respond to the financial risk on the charity.

to ensure funds are held in the Swarovski Foundation bank account for multi-year commitments. For the 2024 financial year end these designated funds w ere of a value of £1,268,347 (€1,515,628).

The Trustees (who are also directors of the Swarovski Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give an accurate and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

7

SWAROVSKI FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Provision of information to the auditor

The Trustees who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditor is unaware. Each of the Trustees has confirmed that they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

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

On behalf of the board

oe[arisE2ECBO235D3642FSduiestl-S22 ¢+eee* warenski M Schiestl-Swarovski Chair

Date:

8

SWAROVSKI FOUNDATION INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of the Swarovski Foundation for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 charity 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

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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Report of the Trustees. 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

9

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.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the 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 Report of the Trustees

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

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 7-8, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements 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 charitable company or to cease operations, or have no realistic alternative but to do so.

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

10

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

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to charity and company law applicable in England and Wales, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011.

statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition, in particular in relation to the valuation of donated services provided by the corporate entities. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This 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

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 charitable 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 charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Adam Halsey (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditor 10 Queen Street Place, London, EC4R 1AG Date: 1 September 2025

11

SWAROVSKI FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

______________________

2024 2023
Unrestricted
Unrestricted Restricted Total & total funds
Note
£ £ £ £
Income:
Donations and legacies 2, 9 4,005,768 - 4,005,768 3,838,816
Investment Income 11,315 11,315 -
Total Income 4,017,083 - 4,017,083 3,838,816
Expenditure:
Expenditure on charitable activities 1,658,276 - 1,658,276 1,744,725
Waterschool liabilities transferred Waterschool liabilities transferred -
-		 - - 1,494,702
Total expenditure 3,9 1,658,276 - 1,658,276 3,239,427
Net income 2,358,807 - 2,358,807 599,389
Other gains / (losses) on foreign (97,948) - (97,948) 15,048
exchange
Net movement in funds for the 2,260,858 - 2,260,858 614,437
year
Total funds brought forward 1,079,547 - 1,079,547 465,110
Total funds carried forward 9 3,340,405 - 3,340,405 1,079,547

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 part of these financial statements.

12

SWAROVSKI FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2024

2024 2023
Note
£ £
Current assets
Prepayments and other debtors 6 - 53,231
Cash at bank and in hand 3,362,262 2,014,337
3,362,262 2,067,568
Liabilities
Creditors: amounts falling due
within one year 7 (21,857) (848,457)
Net current assets 3,340,405 1,219,111
Creditors: amounts falling due
after one year 8 - (139,564)
Net assets 3,340,405 1,079,547
Funds 9
Unrestricted funds Unrestricted funds
General funds General funds 2,072,606 857,812
Designated funds Designated funds 1,267,799 221,735
Total funds 3,340,405 1,079,547

The notes on pages 15 to 24 form part of these financial statements.

These accounts have been prepared in accordance with the provisions applicable to companies subject

Approved and authorised for issue on behalf of the Trustees by:

On behalf of the board

+1[arsNeseef2PCBCISIDSO42PSigniert von:Sduiesl-Stt ttttt* warouski M Schiestl-Swarovski Chair 2025

13

SWAROVSKI FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Note Note
£ £
Cash flow from operating activities:
Net cash provided by operating activities Net cash provided by operating activities
and change in cash and cash equivalents and change in cash and cash equivalents
in the reporting period in the reporting period14 1,347,925 891,950
Cash and cash equivalents at the beginning
of the reporting period 2,014,337 1,122,387
Cash and cash equivalents at the end of the reporting period 3,362,262 2,014,337

14

SWAROVSKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Swarovski Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 1[st] Floor, Building 4 Chiswick Park, 566 Chiswick High Road, London W4 5YE.

The principal accounting policies adopted, judgements and key sources of estimating uncertainty in the preparation of the financial statements are as follows:

1.1 Accounting convention

Basis of preparation

The financial statements have been prepared in accordance with 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 (FRS 102), Charities SORP (FRS 102), and the Companies Act 2006.

The Swarovski Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are recognised at the historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The financial statements are prepared in sterling, which is the financial currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.

1.2

Going concern

Total funds were positive in 2024 and 2023 arising from a timing difference between income received to fund grant commitments and the recording of full grant commitments as a liability on the balance sheet. The Trustees have received confirmation from Swarovski AG that funding will be received from Swarovski AG as the need to make payment arises. Furthermore, whilst Swarovski AG have always met its commitment to the Swarovski Foundation in 2023 the Trustees have implemented a Reserve Policy to further safeguard the charity accordingly. The Trustees are satisfied that there are no material uncertainties and that the Foundation going concern basis of accounting remains appropriate.

1.3

Income

1.3.1 Donations and gifts

Income is recognised in the period in which there is probability of receipt, the charity is entitled to receipt and the amount can be measured with reasonable certainty.

1.3.2 Donated services

Donated services are recognised as income and expenditure in the financial statements when companies and individuals provide their professional expertise pro bono. The value of these donated services is considered to be equivalent to the market value which would have been paid by the Foundation had the service been formally procured.

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SWAROVSKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

1.4 Expenditure

Expenditure is included on an accruals basis including irrecoverable VAT. Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Foundation to the expenditure.

1.4.1 Grants

In February 2023 the Foundation obtained the liabilities relating to the Waterschool from Swarovski AG, taking responsibility for the settlement of all current and future agreed liabilities (see note3).

The value of grants is recognised in full as expenditure in the year when the Foundation creates a legal or constructive obligation, even where they may be multi-year in nature. Typically, this arises when an unconditional grant offer has been communicated to the recipient. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant.

1.4.2 Governance costs

Governance costs are the costs involved in the constitutional and statutory aspects of running the Foundation as a legal entity.

1.4.3 Advocacy and Engagement and Other costs

Other direct and support costs are allocated to the appropriate activity as the cost is incurred, or on the basis of the estimated time spent on the activity.

1.5. Funds

Unrestricted funds comprise those funds, which the Trustees are free to use in accordance with the charitable objects. Designated funds are unrestricted funds of the Foundation which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are funds received where the donor has indicated that they can only be spent on specific projects.

1.6. Foreign currency translation

Foreign currency transactions are translated into pounds sterling at the exchange rate prevailing at the transaction date. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the balance sheet date.

In the application of the Foundation’s accounting policies, the Trustees are required to make judgements, estimates and assumptions. These are based on historical experience and other relevant factors. The estimates and underlying assumptions are reviewed on an ongoing basis.

Donated services have been estimated and consist of staff time and consultancy services donated by Swarovski UK, Swarovski North America and D Swarovski KG in respect of management of the grants programme, legal services and finance and administration services.

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SWAROVSKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

1.8. Financial instruments

The Foundation only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value except for bank loans which are subsequently measured at amortised cost using the effective interest method. There were no bank loans in the year.

2 Voluntary income

2024 2023 2024 2023
£ £ £ £ £ £ £ £
Donation Swarovski AG 3,174,831 3,074,928
Donation Swarovski Tyrolit 209,904 -
Donated service-Swarovski North
America 113,411 116,301
Donated service Swarovski UK 307,903 396,937
Donated service D Swarovski KG 199,477 249,390
Donation Donation
other funding		 other funding 242 1,260
Donation - restricted Donation - restricted - -
4,005,768 3,838,816

Donated services have been estimated and consist of staff time and consultancy services donated by Swarovski UK, Swarovski North America and D Swarovski KG in respect of management of the grants programme, legal services and finance and administration services.

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SWAROVSKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

3 Charitable activities
Grant making 2024 2023 2024 2023
£ £ £ £
Action Fund
British Red Cross 83,370 44,851
Caritas Der Diocese Innsbruck - 22,216
Magic Breakfast - 17,641
Mothers2mothers - 8,603
The Trussell Trust - 4,427
UK for UNHCR 41,468 34,716
Women in Need - 21,876
Creativity
Creatives for Our Future (grants to
individuals) 25,888
106,846		 106,846
Turquoise Mountain 43,948
43,331		 43,331
Council of Fashion Designers of America 52,197 -
Central Saint Martins 43,948 -
AkiraChix 43,948 -
Equity
Room to Read 84,908 -
Teach for Austria 44,456 86,783
Teach for Thailand 45,286 86,848
Village Enterprise 43,519 -
Learning Equality 51,929 -
ThinkForward 44,128 -
-
Water
The Nature Conservancy Withdrawn - (80,538)
Verein der Freunde des Nationalparks
Hohe Tauern (67,595) -
Lewis & Clark Community College 43,339 -
Earth Child Institute (66,149) -
Subtotal grants 558,586 397,600

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SWAROVSKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

3 Charitable activities (continued) Charitable activities (continued) Charitable activities (continued) Charitable activities (continued)
Waterschool liabilities transferred during the year
2024 2023		 2024 2023
£ £
Verein der Freunde des Nationalparks
Hohe Tauern 333,872
-
Fundacao Amazonia Sustentavel Fundacao Amazonia Sustentavel
Raks Thai Foundation Raks Thai Foundation 465,531
Lewis & Clark Community - 64,476
104,859
Earth Child Institute - 243,997
Advocates for Water Environment Advocates for Water Environment Advocates for Water Environment
-		 86,571
(AWEC)
Earthwatch Australia		 Earthwatch Australia Earthwatch Australia Earthwatch Australia
-
-		 195,396
Waterschool liabilities total - 1,494,702
Support costs (see below) 1,111,005 1,347,125
1,658,277 3,239,427
2024 2023
Support Costs: £ £
Grant administration Grant administration 648,900 1,016,093
Advocacy & Engagement 351,393 268,225
Finance and administration 27,100 13,292
Legal and professional 17,950 9,961
Governance costs (Note 4) 65,662 39,554
1,111,005 1,347,125

Included above is a notional cost £620,791 - total of the PEX in respect of donated services related to personnel on secondment and office expenses (2023: £762,628).

19

SWAROVSKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

4 Governance costs

Governance costs
2024 2023
£ £
Legal, professional, finance and administration - -
Audit and accountancy 59,250 26,485
Other governance costs 6,412 13,069
65,662 39,554

Included above is a notional cost of £620,791 in respect of donated services (2023: £762,628).

Net income / (expenditure) is stated after charging:

2024 2024 2023
£ £
Audit fee 15,420 15,420
Under Accrual for 2023 4,950 -
Under Accrual for 2022 - 25
Auditors’ remuneration 20,370 15,455

5 Staff costs, trustee remuneration and expenses, and the cost of key management personnel

The Foundation has no directly employed staff and engages the services of key management personnel and staff employed by Swarovski UK, Swarovski North America and D Swarovski KG in respect of the management of the grants programme, legal services and finance and administration services. The aggregate cost of this was £595,761.2 personnel cost wages and bonuses (2023: £584,832).

Trustees are not renumerated. For 2024, £944 (2023: £12,372) was reimbursed to 4 Trustees for directly incurred travel expenses to visit Foundation charity partner projects and attend board meetings.

The total employee benefits of the key management personnel of the Foundation were £137,441 (2023: £137,441).

6 Debtors: amounts receivable within one year 2024 2023 £ £ Prepayments - 53,231

20

SWAROVSKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

7 Creditors: amounts due within one year 2024 2023
£ £ £ £ £ £
Accruals 15,420 35,885
Grants payable - 753,179
Other creditors 6,437 6,437 59,393
21,857 848,457
8 Creditors: amounts due after one year Creditors: amounts due after one year
2024 2023		 2024 2023 2024 2023
£ £ £ £ £ £
Grants payable (due within 1-2 years) - 139,564
- 139,564

9 Funds

2024
Funds
b/fwd
£
Incoming
Resources
£
Resources
Expended
£
Other
gains/(losses)
£
Transfers
£
Funds
c/fwd
£		 2024
Funds
b/fwd
£
Incoming
Resources
£
Resources
Expended
£
Other
gains/(losses)
£
Transfers
£
Funds
c/fwd
£		 2024
Funds
b/fwd
£
Incoming
Resources
£
Resources
Expended
£
Other
gains/(losses)
£
Transfers
£
Funds
c/fwd
£		 2024
Funds
b/fwd
£
Incoming
Resources
£
Resources
Expended
£
Other
gains/(losses)
£
Transfers
£
Funds
c/fwd
£		 2024
Funds
b/fwd
£
Incoming
Resources
£
Resources
Expended
£
Other
gains/(losses)
£
Transfers
£
Funds
c/fwd
£		 2024
Funds
b/fwd
£
Incoming
Resources
£
Resources
Expended
£
Other
gains/(losses)
£
Transfers
£
Funds
c/fwd
£		 2024
Funds
b/fwd
£
Incoming
Resources
£
Resources
Expended
£
Other
gains/(losses)
£
Transfers
£
Funds
c/fwd
£
General unrestricted funds
857,812
4,017,083
(1,166,735)
(97,948)
(1,537,606)
2,072,606
Restricted Funds
-
-
-
-
-
-
Designated Funds:
Earth Child Institute
-
-
-
-
66,268
66,268
National Park Hohe Tauern
-
-
-
-
66,268
66,268
Lewis & Clark Comm College
-
-
(41,326)
-
82,651
41,325
Conservation International
-
-
-
-
82,651
82,651
Central St Martins
-
-
(41,326)
-
82,651
41,325
Turquoise Mountain
-
-
(41,326)
-
247,954
206,628
CFDA
-
-
(49,575)
-
82,651
33,076
AkiraChix
-
-
(41,326)
-
82,651
41,325
Teach for Austria
-
-
(41,326)
-
247,954
206,628
Village Enterprise
-
-
(41,326)
-
82,651
41,325
LearningEquality
-
-
(49,591)
-
82,651
33,060
Teach for Thailand
-
-
(41,326)
-
247,954
206,628
ThinkForward
-
-
(41,326)
-
82,651
41,325
Creatives for our Future
199,152
-
(59,223)
-
-
139,929
10thAnniversary
22,583
-
(2,545)
-
(20,038)
-
25thWaterschool Anniversary
-
-
-
-
20,038
20,038
Total Funds 1,079,547 4,017,083 (1,658,277) (97,948) - 3,340,405

Earth Child Institute, National Park Hohe Tauern, Lewis & Clark Community College, Conservation International, Central St Martins, Turquoise Mountain, CFDA, AkiraChix, Teach for Austria, Village Enterprise, Learning Equality, Teach for Thailand & Think Forward

In line with the updated reserves policy of the Foundation, designated funds were created during the year to reflect the full value of the commitments to charitable programme partners over the entire life

21

SWAROVSKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

of programmes, including future-year commitments when multi-year programmes have been approved by the board. All transfers into these funds during the year relate to the creation of these funds, and all resources expended during the year relate to instalments paid to grant programme partners under the terms of each programme. The balance of the funds carried forward will be expended over the course of the remaining life of the partner programmes, during 2025 2027.

Creatives for Our Future

This is an initiative which empowers the next generation of creative talent to unlock innovative approaches to our global sustainability challenges. The 2025 edition of this initiative, funded in 2023, is expected to be completed in 2026.

10[th] Anniversary & 25[th] Waterschool Anniversary

In prior years, funds were designated for engagement events during the Swarovski Foundation's 10th Anniversary activations to mark our commitment to promoting sustainable livelihoods through education to reduce inequality and to advocate our work through communication across multiple platforms, charity project visits and events. The purpose of these initiatives was to build cross-collaboration among stakeholders, including Swarovski Foundation charity partners. Following expenditure in 2023, this initiative was closed, with the remaining fund balance transferred to a fund related to the 25th Anniversary of the Waterschool. To mark this milestone, engagement events will be held in 2025 to showcase our advocacy work and ongoing commitment to initiatives that improve water security globally.

2023 Funds b/fwd Incoming Resources Gains/ Funds
resources expended (Losses)/ c/fwd
Transfers
£ £ £ £ £
General unrestricted funds (16,774) 3,838,816 (3,000,641) 36,410 857,812
Restricted funds - - - - -
Designated funds:
Employee programme 21,251 - - (21,251) -
Creatives for our Future 305,998 - (106,846) - 199,152
Action Fund 66,272 - (66,161) (111) -
10thAnniversary 88,362 - (65,779) - 22,583
Total funds 465,110 3,838,816 (3,239,427) 15,048 1,079,547

22

SWAROVSKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

10 Analysis of net assets by fund

2024
Cash at bank Other Current Creditors Total
Assets/
Liabilities Over 1 year
£ £ £ £
Funds
Unrestricted funds
General funds 2,094,463 (21,857) - 2,072,606
Designated funds 1,267,799 - - 1,267,799
____ ____ ____ ____
3,362,262 (21,857) - 3,340,405
2023
Cash at bank Current Creditors Total
Assets/
Liabilities Over 1 year
£ £ £ £
Funds
Unrestricted funds
General funds 1,792,602 (796,226) (139,564) 894,819
Designated funds 221,735 - - 184,728
____ ____ ____ ____
2,014,337 (796,226) (139,564) 1,079,547
____ ____ ____ ____

11 Company status

In the case of winding up, each member (who is also a Trustee) has guaranteed to contribute an amount not exceeding £10 (2023: £10).

12 Controlling party

The Swarovski Foundation is controlled by its Trustees. Marisa Schiestl-Swarovski is the sole member of the Swarovski Foundation and may have a greater degree of control than the other Trustees in some respects, as defined by the updated Memorandum and Articles of Association.

23

SWAROVSKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

13 Related party transactions

During the year, Swarovski AG donated £3,174,831 (2023: £3,074,928) to the Foundation. Additionally, D Swarovski KG donated services valued at £199,477 (2023: £249,390). Swarovski UK donated services valued at £307,903 (2023: £396,937) and Swarovski North America donated services to the Foundation of £113,411 (2023: £116,301) (see note 2).

Marisa Schiestl-Swarovski, a Trustee of the Swarovski Foundation, is also a member of the Advisory Board of Teach for Austria, which received a grant totalling £44,456 (£86,783 in 2023). Ms Schiestl-Swarovski abstained from any involvement or voting proposals related to Teach for Austria.

Marisa Schiestl-Swarovski, a Trustee of the Swarovski Foundation, is also a Vice-President of the Verein der Freunde des Nationalpark Hohe Tauern, which received a grant totalling £nil (£333,872 in 2023). Ms Schiestl-Swarovski abstained from any involvement or voting proposals related to the Verein der Freunde des Nationalpark Hohe Tauern.

14 Reconciliation of net movement in funds to net cash flow from operating activities.

2024 2023
£ £
Net (expenditure) / income for the reporting period (as per the
statement of financial activities) 2,260,858 614,437
Adjustments for:
(Increase)/decrease in debtors 53, 231 (53,231)
Increase/(decrease) in creditors (966,164) 330,744
Net cash provided by operating activities 1,347,925 891,950

15 Analysis of changes in net debt

2024 At start of Cashflows At end of
year year
£ £ £
Cash 2,014,337 1,347,925 3,362,262
Total 2,014,337 1,347,925 3,362,262

24