R•gkntorod numb•r 12935802 Charlty numb•r. 1196714 THE WATCHES OF SMTZERLAND GROUP FOUNDATION IA c<Ynpany Ilmltod by guarantse) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
THe WATCHES OF SWITZERLAND GROUP FOUNDATK)N (A comp*ry Ilmlt•d ty gutr4nt••) Pag0 R•lm•n and adffllnlJtratlv• d•lalls of th• chvlty, Its TNst•M and ad¥lMrn TnMt•M' r•port Ind•p•nd•nt audltots T•port on the flnanclal •latom St•t•m•nt olfinanclal actlvltlo• 2-10 15 Balanc• •h••t 18 stat•m•nt of cmh Ilow• 17 Not48 to th• flMn¢l•l 8tatom 18-26
THE WATCHES OF SIMTZERLAND GROUP FOUNDATION IA company Ilmll•d by gu•rnnts•> REFERENCE AND ADFIIINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISER8 FOR THE YEAR ENDED 30 APRIL 2023 Tnt•e• Brlan Duffy Oawd Gandy John Hn Mary Porta8 (reJign8d 5 0(aober 2023) Jthnhan Jos• Company v•gkntsrnd numb•r numbor 11W14 R•glst•r•d offlc• Aufum House 2 E]l•nd Road Braunstone LE31 Company $•cr•l4ry D1010 PulwJTrLwra Wppointed 15ft)Y2023) Patricio Kendal {Rasi9ned 15A)&2023) Ind•p•nd•nt audltor Crw U.K LLP 8IKk Country Houae Rounds Green RoJ Oldbury West MKllarKIs 869 20G 8anktts 8arcs Bank UK pk 1 Churchil P*e London E14 5HP Sollclto Sbughter & May One BunhiH R EC1Y 8YY Page 1
THE WATCHES OF swrrzERLAND GROUP FOUNDATION (A compny Imlt•d by guarant••l TRUSTEES. REpoKr FOR THE YEAR ENDED 30 APRIL 2023 Watches of Switzerland Group Foundat (Th•'F¢)undation') ha5 eyperienced an inpxiful yaar in FY23, budding on the momentum of rfs inaugural in FY22. Thks yaar Th8 Foundattrjn distribut £1.64million to ¢harities of which £0.7milli¢)n ¥r48 donated to the Watch88 cl &ifzetsnd Group US Foundation (tt)e'US FoundatKm') to be drtril)ut•d to LIS charlies. In FY23 The Foundats'on frKu¥ed on c(¥rtinuiThJ to strengthen its parthership8 Wtth key strt8gic charity partnern that help The FoUndan advance its pwposes. Fkrj 8igniftnt rya¢t tiywaT(l¥ fvrKlino of pro1ts supporting poverty relf, the Tnjstees thoroughty fundiro alk)catK>n5 to date and detemiined a prrtal neod to augment inveslment in Edal as thi5 was one of the least fvnded areas in relatM)n to the Fwndatw'$ purpo. Thi$ commilmgnt nwterial'sed through the strongthening ofthg partnorship with The PrirKe'$ Tru¥t-whieh was doNlwd Ihn)ughout Pf23 o)nffimxd at th? art of FY24. The Watche8 of Swilz•lond Grow> PLC IWOSG PLC) has ped great iwoortan( on giving bad( to the ¢crfnmunitigs within whith its colleagues Iv4e and Thvk. Support#lg th880 oxnmunities is an important part of the Group's cunure, some of the Compan$ core fdlues are We DD Tho Right Thing AW. arKI We Care for Our Communities, aknngside focu8in9 on chth where lonst8rKlirvJ personal relattonships and partn8rship5 are developed to enabl8 cdlalxth to cre&e change. For thks reason. Tha WQSG PLC oslabkn$h&J the F<TralItn. In Ihe1381 quarter ofthe rewbty PWKKI. the Twstees mwje the d181 to anI a of Foundation {efflplo>pd by The Watchos of Switzerland Cyany knmtted. a subsidiary of WOSG PLC- together the.GrO.) to focu5 on ifflplementing governance structures and to sUppt managemgnt of the partnerships developad. The appointment ofthe ne head oftho Found•lA Pla 1)n 17th April 2023. was appointed a5 Company Secretary on 15th May 2023. Whilst the Foundation operates independenllyfrn the Grtsjp it reliets th8 Group for the (Mrt80urcing of various funclK)n$ to enable it to managè its •#iviti08 in¢luding Tehanco on contm18 to onsure th8 prop usa of the Foundation's as8¢ts. AS 8et CArt In the FIndation'S tideS LrfAsZryjatK, the FouThttat.S objects are to advan¢o, promote or cary out such Charitable pu0$85 (bging those pu08e8 thich are charitable under the ol England and Waleg from time to time) as the Trustees in thr absokrte di8cr&tA)n think fiL F(Y the avoidance of doubl. the Foundation wll not ad¥akKe, wl0t6 or cary out any purpose tha is rv)t such a Charitablè Purposo. The Foundalmin has d&¥olop•d its (y Charitablg Purposes vthich aims to further enhance the Group's prOu$ ¢harrtabl8 initiatives. We consider some of our partnership with Charit3 lo be strategic partnerships which are defined as continual projeth. aThl l or VAII recei4 an investment of over £200.000 and are tike to b& partngf5 for a minimum threwear period. tt L8 intended that the beneficiarw of the Foundat wll be members of the b¢al ¢ommunitios served by the Group and that the Foundation will. In pathufar, PU9 Ihe follNing charitable purposes.. the preventM)n or rdiel of pmty, the advancwnent ofeducation". and the relief ofthose in need. ty roason d)vuth. a98, iH)gallh. dl11ty. fnanaal hardship or other disadvantsge. Charitable Purposes been J&ttif*d b&xu8e bè b.nkl to the charrfies whkh h been 8UPPOrted by the Group bth the registratitin oftho Foundatsn as a charity and continue to be of internst tothe Group. Page 2
THE WATCHES OF swifLERLAND GROUP FOUNDATION IA company lknlt•d ty guarnnt••l TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023 The Fourvjation 18 a qrant nwking C and 8uppJts wrPO are within trmxe listed In the Charitigs Act 2011. The Fwndation doets ncl ¢urrgntty respond to fW4uests fmm cknr charities bul instead selects slrategic plners or projeds that Knpact co7¥nuniti&s within whith the Group's stakeholders tive 4nO serye. The FoundatM?n operates 88 an wWnt oryani5atson •ep•rate from the of &witzorfand Group and our TfUSte¢$ a I)rigin thinkers, who apwoath all proposth with intrryue, open rrlnds are not behoklen to any18. In FY23 au meetirwJs rre held ai WOSG PLC'S London exckmling one virtual meoting in Juty 2023. St FocJ Bank NW In r•$ponsa to the grwng fwj povoty cri818 caused by the impxt ofthe wdemic. the Group launchgd a Food Bank programme in June 2020. The FourKlatw has been 8lg this a6 the ne•J foy emergency locJ provi8ion IncroAso9. Fo1 bwk partw5 reported an tyderall 3PA i%Base in 80ryi¢8 US8rs. In FY23 th• Foundion has conlinued to strwythen # poth•rship5 wh fooybanks by provlduig •J¥ico. w)lunteerJ and other vduntary 8UPPOrt as well as finwwl supwt. O¥erall. the f1 bank spans 11 lood banks With fr kny stratsgic hth in Euston. ceSter South. Glasg(rw SoLrtheast. Manche8ter Centrnl and Newcastle. Our fvnding has supported thg set up of p8ntri&s. fo(J ¥wchws, Christma8 hampeTr. tho move to premkws arKI even vans to l div&e food and colèct MYbPOrtant f(k)d deliverie8. 8ank Fndation SIra its registr8tson. the FcyJndatw)n h88 emba8(1 upM a strateg partrrnhI) ryth tho Bar Foundatffi. Thls partn6r8hip eame about as a direct r8sun of the Group supporting a nthork of food bank partners vtho sharo ta and thoughts and ¥there fuel pwty tm prK)nbsfyY. In FY23 the FOuratIOn contirtu to ¥upwt the Fuelbank. the donation h8lpéd fvnd evJht existing Fuelbank cenlres, as well as the opgniry oftwelve centres. The Fndat)n'$ furKling also hdped the fthank Support 17370 pe(We to xce88 emwgency fud. Tho Prfn'$ Tru81 To date the Foundati has donated monles ttrwaYd$ ¢m 00tln programmes and a digital @ducatn hub which support In9 people in deveknpiry lInCe key skills. This 18 a continuation from the pre-exisling partnernhip the GrP had wtth the clwity 2013 whKtt ha8 8UPWted 080{KI young pgople through u¢ath)n programmes. In FY23 The Foundation Spent tVTW dgng a hvJher value education partnetship that was confimwd after the period of this rept This 1$ a kry strategK partnwship for the FoundatK)n as it rrM)ves to augm8nt its lunding In EducatK)n. Cri816 In O¢¢ember 2021, the Foundknn its p8rtn8r8hip wih &i8is by $upwtiig the CrMi8 at Chri$lmas Campaign and helng Crisis pmvide 8er4ic8 ugarn with somffhgre safe to stay over Chrtstmas. The FoundatK)n has continued to support Cnsi% throjh th8 fvndiry of clinKal pSYCl098ts and continued support of their Christmas campaign. In FY23 thk8 helped Crisi5 to 8UPPOrt 4519uests in Chrthas hotels. The Foundation wil continue to 8UPPQrt Crisk% and Je¥eknp our pthership bn FY24. Page 3
THE WATCHES OF SWITZERLAND GROUP FOUNDATION (A CQmPAny Ilmlt•d by guarantso) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023 US Foundaion Tho FQWKIatn a £0.7mln thjnalion to th8 US FoundatKm dwire th8 f8KJtiNJ par. Th8 US Foundation Steering Committee selected stratsgic US ba¥gd chanty partngrs made donations too.. Habitat for Humanty- Th• US Found•ton is in partrwshrp with Habitat for Humanity to WO towards a YM>rkl whwe has a decent place lo live. Wrth their donK>n, the US Foundation 8WOrted the bulfvj ofthrne home8 famikn who othow#e wouhlny have been able to own their thvn hc4no. The Prince'8 Trust USA- Tho US FOUThJatK is w(Yking in pashiP ith the Prin¢e'$ Trust USA to ensurg marginalised sv)ung people acc to education through thg fvndiThJ oftheir Enterprise Challenge in schools. The p&1nwshy has Support1 80 mKldle sclwol students in the Bronx and Br to date through pikA oftho programme. Foodbank Pathers- The US FOurKlat Is working in partnership with if8 frK¥lbk pgrtners to relive poverty in crynmunitw across Nthv Yoth, La8 Veg89 and FlorKla. Thg US Foundation's bigge81 foodbank pather 18 Feedin9 Sc4rth Fkrfwja WI haNt been abl8 to Support 28,554 people to access em8r9encyfaod cornmuni in South Fh)rvJa through the US Foundatron's funding. AS a charity. the Tru8tee8 recognise their legal duty to report on the Foundation's public beneff( in theirAnnual Roport and to ¢l&arty demonstrate that the OLry'ects of the F(yJndatK)n arn for public benofft, in recognition that being a registered charity is a wivilgge. not a righL The Tru8lee8 a88ert thal lh¢ ¢h8rity 18 compliant yth the requiremgnts of the chare5 Act 2011. havin9 duo regard ts the Publ gui•8 published by the Charity Commis8ion. charities bring publtc benefft and. In thdr lum. are Orded high Ie15 of trust arKI o)nfidence. 88 well a& the beneffts ol charitablo stslus. The Tfustees operate on a voluntary ba wilhin the Foundation. The Head ofThe Four41 is employed by the Group but sondS oftheir tin7e to focus <Jn Foundation dulles. Other Group ¢olWue5 SUPPOrt the Foundation and do not recer¥e any 8eparate payment. FY23 Idnbnent ofa ne COmpY S&tY ond H1 ofthe FoundatTh. Implementath)n of prcsSeS and due di19er8 e.g. Gr•)t MakirwJ arKI Ri8k Register R•vlod 8trata9ic diroc1K Foundm. bringing a byger fLUS to fuTrJing education proio¢1s Continued devebpment of strategic partner8hi)8 ilh The Foundation'8 Fotrjbank Netrrk Crkgi8 thg Prin¢•'s Trust the Fuel Bank Foundath tho US Foundalion Page 4
The WATCHES OF SWITZERLAND GROUP FOUNDATION IA compkny lknlt•d ty guarant••) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 30 APRIL 2023 Incrg0$od gngagwnt wilh GP coll8agues ith a 13% iw8a8e in Wnteer1rIj hcwrs Y8 FY22. Iocu8ed 8UPPOrt wlside of financial donations The F¢jndatK plan$ to.. to supwjrt comnwnities and cowues in trJcatKTh whth the Group wte$ Augment Cxlf xras5 and fA>3n(ynk grDth In conjunctw)n wlh the Gr(P play a in 81j (ther likMinded bUne¥s•S to pwticlpate In Continuo lo dri partKpthn in the lItalK ¢f ¥x4urewing opporbjnltw fty cdlgagugs of the Group Support opportuniti¢s th ar1 duriw the course ofthe that xupport the Charitbe PUrySe9 and oty'e¢trM of tho FoundatK We are grateful to the Trustees ofthe Foundation for agrnoing tt) be part ofthrs joumoy and f(Y wanting to make a difference, their support. their time. exwtige and continued enthusiagm over tho pgricKI. We also wsh to th•nk the Board of Watches of Swilzerland Group PLC for their 98nerou8 donation to 8UPPOrt the Foundation. Pagg 5
THE WATCHES OF SWITZERLAND GROUP FOUNDATION (A company Mmlted by gu•rnnto•1 TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENOED 30 APRIL 2023 STRUCTURE, GOVERNANCE AND IIANAGEMENr The Trustees ol Th? Watches of Group FndalK (th8'F¢xKwJation or CharilV} pre8enl thoir Annual Report & Accounls for the fman¢ial ytsr endwj 30 41ri12023. in aC&)nCe with tho Companigs Act 20(b. The Accounts have been prepared in %rdanO ith thg accounting Pol8$ set out in Note 1 of the Accounts and ¢ompty 7h4th th¢ Choritl$ govaming d(Kumen( applicable law. and the Statemeni of Recommended Pr8¢ti¢o, 'A¢¢ounting and Rewbryj by Chwknes., 2015. The Trustees, Annual Rep(xt has been prepared in a(ttytl•nce ith the guidews let out by tho Chity CMISSion In the Charrtw Statwnurt of RKOr7Wn Prxtica (SORPI and the Charity Governance Code. ructure of C The WatcTrw of Swi12éthd Group FouNlation ra a c(ryany l•ned by guw8rt00, without shwe and 90Yamed by ils Memrandum and ofA8sl81Xjft dated 7 O¢tobor 21)20, as am8nded by a Board Resolution 27 October 2021. The CanY vm regtered a¥ a charity on 22 P&)vember 2021. Thè Objocts of the Foundation are Sei out In tho r¢p)rL anisation The Tru8teeB dele9ed th• rgsponsl%litses to empbyees ofthe Gmup. frwhth rx) charge ha8 boen incurred by the Foundation in connectM with 8er¥ices provmled.. re8earth and in¥e8tyte charitsbkn ¢aw$ and ryyani8ations, with the wal of Klentsfywig opwrtunit th afgn with the FouThjan'$ nUSSKthisK liaiiing with grant applicanls a)d monitor th• perf¢¥M grants to ensure that tha FndlOn,8 funding is being directed ttr¥d# •rna# with gaps and oppinlieS ntalnirwJ the FoundatAX'8 recon18 and inforn)th wteff'. tirwJ aw tho moin point (rf contxtfortho FoundatK)n fty am stthkl8r8.' and managing the financial alkn ofthe Foundation. Page 6
THE WATCHES OF sMfiERLANO GROUP FOUNDATION ompary lknlt•d by gu•rnnts• TRUSTEES. REPORT ICONTINUEDI FOR THÉ YEAR ENDED 30 APRIL 2023 Th• 8ppointrMnl of trustO95 r8 grnrd ty th• ArtK488 crfA8&xith and tho M8mOTandum of UnderstandlrKJ between th8 Foundation. the Watches of SwitZerlar ctyny Llrnrt1 and the Watches of Switzerland Group PLC. underfiich tnMtee8 may be apwnted by the eThting ¢nmt. There must at al times be a minimum ofthre8 tru8tees. the maionty of vthryn mu¥t b8 indeperthL None of the Trustees are remunerated in respect of Ihoir soThi¢0s as a trustsg. AII TNstee8 arn appoint•J bawl On thoir eXwi, ski15 and YwIth the FoundalA)n's iision. The Tru8tee8 of the Foundation we Prov with further guidance and trainlThJ notes 88 r4ulrad arKI are remindod ol thoir responsibilrtie8 as Tvustees as appropriate. Tru8tees have all recotve(l training Slnce the Foundation receNBd charitable stabA 112021. Tlw of they respsibilItIeS Yegularfy with support from the company retary. The Trust•è Board wtyks to ensure ClIanCe ilh its legal dutB to: l)1 Act in the intere8ts of the Foundatim and its bwthwies. {ii) Protect and sthguard th? assets of tha F(tIon. (iiil Act with reasonable (arn and '1. (pi) Ensure the FoundatKJn is Ka)untabl In additv)n. Ihfy T•9 Bo¥d.' Where appropriate manages any confith of int8rost (11) RewS the finanoal ofthe Fndation at exh meeti lill Takes appropriate ad¥e. from thlrd pwtiol Twhen il no8ds k). Risk Man Al each nweting the Trustee8 revith¥ the fmancial position of tho FouTrJation toking consthmtion the dosing bank balance. The Foundation relies on key finawal controls of the WOSG a8 described in the Annual Report PJKI Accouni8 2023 can b8 fwrml th8 Gmup's coipcrte webslte ww.ttvwo8group.com. Since the wpointment ofth8 Head of the F(ndab'on, a Ththty rev of accounts tes placé whiGh will n(pw include a rthiew ofthe nety imphmwrtod rwk regth. This vras unMent•d aftor the of the reporting perb)d FY23. The Foundation is a granl4n8ker. thich d80 reduce5 Ihe overall level of ris The Tru$tge¥ b911? that the key rBk facing the Foundation is that ts Wchos of SWlzerfd Group cea8es to d¢)nate any further funds lo the Foundation. Page 7
THE WATCHE8 OF SWITZERIAND GROUP FOUNDATION (A cofflpany lknlt•d by guarnnt••> TrUSTEES' REPORT ICONTINUED) FOR THE YEAR ENOEO 30 APRIL 2023 IrIng the year tho FndatIon dwj Th)t dertake ary public fidraisiNj Xtmty. n(Y dogs it erryby ¢omrnrclal third parties to undertake luThlraisivJ on trr behall. Grant Makin and Th• Trust80s onty grants to reIled charili•s. This Jw tho FourKlat•)n has Inwlmntod a now Grant Making Poly to 8tre8mline due diligence To bo elyible forfundiry from the FndalK)n. organv&ations aPing for furKAing must mert the following crbteria Be a registe charity in Eryland. Waie8 or S¢al. (Th8 onty excepkn to th18.18 the d¢tIOn to the US Foundation, whth 1$ rogted in Del•vare, US) Pags th& Foundation's due dilwjence {charthe8 Commi88M 'knN >vur pwtrnrf guide) D•rTwJnstrate alignwKnt with the PUrPe and (Ws ofth•'Foundathx'. •worting tho advancoment of at least one or more of our purry)se5. crAty with all18gal and ethKal requirements rekqted to the Fxoposed prq'ed Bg 80rying MmunIe$ local to those 8ar¥ed bythe Watcl$ of Swftzerland Grow PLC. In additKn to the abm. it 18 preferred that the propcwh SLlynitted by organisaions meet tho bolu•V criteri& Ask for no mors than 16% of unrestrided funds. This is in rnlation lo th¢ ovgrall ffinancial as By adhering to these prIrtl prorU, The Foundation aim8 to maxini8e the positrn irwct of grant funding on the cornmunikn and causes supported. Ouring the Jffjar no grnnts V•we made to charltles that werg not registered. The Grant Making poh'cy was implernen after thg end Lrfth& reporting pertcMJ FY23. but before the publicion of this rwL undin The F(yJndat)n'$ grantrnknng 18 focu8 M 8upp(xts'w c(nItIeS and coleagueg in loli0n5 wiihin vhich The Group operato1. In considering rw4uests for 8UFPOrt th• Foundat ¢(mKkn PToi&ts th. provido measurable ¥npxt are located in a communty whern Gftp ¢010ag$ and have the pd•ntial to offer voluntewing Qpwtunlt for th8 Watches of Sknrfand Grow) coleague8. Th8 Found8n awns to make 9rants to PIen1$ wher• knWmi ¥tsegic partnerships can be dgvglopod aryj gr8nts can be focused on prqeLs whth Tntsteg¥ ill erAure su8talnability (rf activities. Grant partners pmvide fe&lba¢k and up(kles to the Truste85. Once grants have been made, whwe possible, Group colletyues aro •ncouraged to parkipate in votunteer opportuniti8s wrth the chariknes. The Grp supp)rts this TrK4unleering throwjh a range of programm8s and policies whth are designed to leverag• thg impxt of grants m•Je by the Fourthtion. TnJ8tees will not COnder grants to propcts that discriminate on the basi8 rA e, gender, religion. disabilty or sexual OTntation. Thg Foundation operates Indep1 frtyn tho Group. To ensure that tw xt I111Y at al times, the Tru8te8s am encouraged to tokg adNice fr(¥n the Secretary of the FtyJnd3t. when apprcpriale. As the Foundation ha$ no employae's, work ts carried oul by Gr¢yJp c(AIwuo5, referrwj to as Foundation VoluntOWS. Page 8
THE WATCHES OF SWITZERLAND GROUP FOUNDATION (A ¢omp•ry Ilmlt•d by guarnntw TRUSTEES. REPORT ICOPMNUED) FOR ThE YEAR ENDED 30 APRIL 2023 This staff timo is donated by th8 Gr(MJp and hos been Ywnlzed a8 8 (lonalw ID kind in tho Finnckql Statements. The FouNlatK)n compli•$ with 1 TO1oV•rt Im ryding ch•ablo donation• * ¢h•ity benofirAaws in all ¢ountrio9 whwe it 1$ Xtr. In <ydgrtQ SUPlYJrt the Watch95 rf Switzwland Group PLC'$ (WOS Gnjup PLC) standing. as a re$pon81blo company listed on the London Slttk Exchange, the strong philanthrwxc18gacy ofthe luxury watch industry aTrJ the Group'8 incr8a8iThJ f(ths on ts ESG The Watches of Swlzthlar#J Group FwKlation was established. The Watches of &witzer18nd CY Lynited i& UK trading entity olthe Gfw). The Company has entered into a Iradwnark kense a9reTrt th the Foundation. pursu8nt to whKh the Company has granted the Foundation the right to use the Watches of Switzefland brnrKI. All (knHtion8, ¥oluntr and management Services are pffJwded to ts FOundan throwJh the Cornpany. Both the Ccwry)any and The WOSG Group PLC ave pwbes. with the Foundation. to a Monv)randum of Und6Tslanding fMOU? which details these arrangenrt and oudines their contradual le)nShiP. Currently the Ffwndation that9$ monoyto th8 US Four¥JatM- the donati 18 m for oTrward distributKn lo chown US ¢horitio$. There is a MOU between the Foundation and the US FourKl8tion whKh defines the ¢ontra¢tual relanShiP and (vwoing CLvnmitments. ql Revie A summary ofthe FY 2023 Tesult8 be on page 15 ofthkn rw financlal statements. During the yr and&d 30 Aprl 2023, tial inc¢yng m)unted to £1.5mlIh from the WOSG PLC. The Trustee8 committed to grants of £1.64milion to var)us charits during the This in¢ludo$ a £0.07million donalkn to the US Foundation. The Foundation incurred costs of£O.03 million. resuw in a net exwditure and moyament In fund8 for the year cl£O.1fmiliM. The balancg SI1 slMyw5 t1 furKls rf£2.95m1ll. The finan(aal aCtAlit oftha Frt forth• under rev ar•J the finwKial positwm at the Balance Sheet dale are set out in th&Aunts. The Statement of Financial Ath1t (SOFA) is set out at pa98 15. Th0 Trustees are salk8fied with the fInanCk wtson ofthe Foundation. The Tfuste8s have decided that holding resep•e8 i8 Unr$s8ry due to thg F¢)urKlatK)n haling no daY-tdaY administratKn expenses or Iwtemi crnitmtirrts. As $uch no Reserrfe Policy ks thought to appropriate at present. The Tnmteès have assegsed whothgr the usg Oft concem assumption18 8pproprts wi preparing the8e financTral 8lal8monl$. The Truste have m thr& assessment in respect lo a period of one year from the date ofapproval of thesg financial stthwnts. As the Fcwndation has net asséts and eycts this lo continue for a minimum of 12 months the date of signing the accounts the TNst89s ofthe FoUndatn have concludgd there are no material uncertainties relaw to events or conditson8 that may ca8t 81gnfficAnt dbt on the abilty the FourKlation to Gonlinuo as a going corKem. Pa90 9
THE WATCHES OF SMTZERLANO GROUP FOUNDATION IA Gompwby Ilmltod by guarnntsel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023 DECLARATIONS Tho Trust lK) are also Oirect(xs ofltr conw•)y The wat ofswilzerfand Group F(XMKli for the purp08e8 of company Lqwl are respM8ible for weparing the Tru5teo¥' Report and the financial statements in accordance with applk18w otKI Uniled AcCtI SIwKlards (Unrt•S Kingdom Gener8ltyAe£epted Acwnting Pradi¢o1. Company require8 th• Tru8te88 to finwial statWn0 for oach finaMd r. Under cury)any I the Truste8s must not approvo th• finanual ststhents unless they are satisfied that they a trua and fair viww of the state of affarJ of the chaiitth o)mpany and of the incominy r8sour¢os and application of re80urces, incILing the income and expenditure. d the Charitab company for that .{X1. In Preparing these ffinancial statemn18. the Trustee8 we requlred to: select suitable xcounting and then apply them con8tenty. observe the methods KI prin(xW In tho Chariti85 SORP; prepare the financk?l Statem on Ihg going conGem unl8S8 it 18 iwwryrmte lo wesume thaitho charitsble company wil continue li wratv)n. The Tnwtees are rn8pon8ible for keq)in9 &lequat• ac¢ountiNJ re¢oTds that ave SUffict to show and explain the charitable companls Iransgdiw$ a1 dixkw with reasonth accuracy at any time the finan¢ial position of the tharitablg cornpany and en)bg them to ensure Ihat the financwl 8tatements eompty with thg CornPan Act 2006. They are also responwble for saftyuardiry the a88ets aftho ¢haritable company and hence for taking reasonable siw for the prBventK)n and dotediw of frawl arNI (ther iThoguLaritM. The TTUStee¥ are responsible for the nwttenance and integiity olthe cffjx)rnt• and financial infomation included on the charitable companys Ebsite. LegI110n in Uniléd Kingd¢)m govwning the preparation and di88eminalion of finanaal statemertts differ fr0m1ggislati¢ in otr jurisdicti. Each oftho who aro Trlotou time this Trustees. Rwt is approvod has that: 80 far as that Trustee is awarq Ihere 18 no reknant alit informK)n of wht¢h th? dwritablg companys auditors are nare. and thai Trusteg has tkn an the steps that ought to have been taken as a Trustse in order to be aware of any relevant aJit infomwth)n ald lo establish that thg ¢haritable coryanls audrtors are aware of th81 infom)8tion. Approved by onlor dthe ofthe board ofTru8tegs and spjned on their behalf ty. Brfa Chair crf Trustees 1810112024 Pag? 10
THE WATCHES OF SIMTZERLAND GROUP FOUNDATION CoMnY Ilmllod by guarnnt••} INDEPENDENT AUDITOR'S REpoKf TO THE MEMBERS OF THE WATCHES OF SWITLERLAND GROUP FOUNDATION Oplnlon We have auditgd the financial statements ofThe Wattheg of Swilzedand Gro Foundation (th&'charity) for the year ended 30 April 2023 tthich coMwi th• stst¢mnt offfinanci adivitw, th& balance sheèt. the statement of cash 1k7v and thg r8lated rkOte¥, IncdI a surrffiary of significant accxjunling polici0s. Tho finarKwl repofting fram•v(xk that been ¥pld in their preparation is applte Itw and Unod Kingdom Accountrng standards, widuding Financsal RepNting Standard 102 The FMwn¢wl Reporting Starnlard applicable in the UK and Republ of Ireland, (Uniléd IfjNJd(fft GoneTalyAccepted ACCountY Practice). In (r opinion tho fin• statern: give a true and fwr view ofthe Slate ofthe chariltble cenl affalrn as at 30 Awil 2023 and of In¢ing and appltcatson ol rewJrces. indudikvJ its incone and 8Xnditre forthg year then ended,. have been propwty preFw•J in Xcordan with Unitad 1fjn9d GwwaltyAGceptod Acc4yJnting Practice; and have been in cordanCe w5th tr requraM)ts ofts C(mp8nios Act 2006. Basfs for oplnlon We corKlucted our audtt in accordwrn with Intem10 &andard$ on (UK) (ISAS (UK)) and applicablo law. Our responsibilitses under those standards arè furthèr doscribed in the Audilorfs rnsponsii1it8 for th8 audit of the finarKial slaternents of our reporL We are independent ofthe charitable CCAYPary in a¢¢ordance wilh the ethical requirements that we rel&vant to our audit olthe ffinanad statements in thg United Kirwom. Including the Financial Reportirvj CJna1,S Ethical Standard. and fufflled our other 8th[ re8wn&bililie8 in accordance th requirements. We that tho au(t ewdgnc£ hava obtalrnd18 $ulft¢nl and approwie to provK a basis for our cpinio Concluslons r•latlng to golng con¢•m In auditing the finarKial 8tknneth. ha¥ Cond that lh• Truste, use of the going (xincem b18 of a¢¢ounting in th¢ preparntion ofthe fnani7al statemgnts r& appropriate. conditKJns that. indNiJualty or cdlertivety. may &8st synificant d(bt on th8 ¢haritabL9 companvs ability to ¢ctInUe as a going corwn ts a IWKXI of at18a¥t Iwefvo rnont lffjm thIn tho financial stthents are authoris for issu•. Our responsibaities and the resp(SlI1•S ofthe Tru8taeB wlh re8p8¢1 to going are described in Ihe relevant section8 of this report. Page11
THE WATCHES OF SVIITZERLAND GROUP FOUNDATION (A company Ilmll•d by gu•rnnto•1 INDEPENDENT AUDIToifs REPORT TO THE MEMBERS OF THE WATCHES OF SMTZERLAND GROUP FOUNDATION (CONTINUED) Othor Infomiatlon The other information compiw the informatiw indLKled in the annual repc¥t other than thè finan¢ial statemgnts and our auditorfs report th•rwi. Th• Trustees are respons)le for the other inf0mlan contained within the annual rfjFrt. Our cpinir)n on th8 fMan(a statements does ncrt CA)vw tho Other viformation and. exwl to tho extent otherwise explicilly staled in our rept. TAe do not express any forni of assurance conclusion théroon. Our reswsibility is to read the othèr infonYwtK)n and. in doing so, C{91er whther the other information 1$ materialty ConSIst0nt with the financral statements or our kr8 obtained in the course ofthg audit. or othevwisg appears to be Material misstated. If we identrfy such matgri81 wwnsthncies or apparent material misslatements, we are required to d8twmin8 vthether this gNes rise to a material misstatement in the financial Statements themseives. If. bamd on tho vth have perfomw, Conc1Je that thoro a materi misstatement of thi5 oth•r inforrnation, we are required to report that fxt. W8 have nothing to r¥vt in this wwd. Oplnlon on oth•r mthv• prM¢rlb•d by th• Companl•s Act 201J6 In c¥yinbn, ba¥¢d on underten in the course the aA th¢ inftxmth grlon in the Tr. rewt for tho firbanciql w forwhith the final 8tatement8 are prepared is ¢onsistent Tmth the financial stateffthts. the Trustees. rewt has been preptted in aCCoance with applica)h1ogal ftyLrirem8nts. Mattorn on thlch w• ar• r•qulr•d to r•port by •xc•p In thg light ¢four kn(Y•hdg8 and WKlwstsnding crflh• charitth (xryony arnl s VIr0r1t obtained in tho course L the audit, rKI identffied Matart misstat• in thg Trustees, Twrt. We nothlng to in respec ofthe foknrwJ in relthn lo Campanlos Act 20 requires UB to rap to you rf, in (r opini. adequate accountKig ro¢ord$ have not be W or relums adequate for our audil ha ryjt been rrteived from branches not Nisiw by us; or Ihe financial 6tatwnonts are in agreern ith the accounting rec¢¥d8 •KI retums: or certain dis¢l0suTes ofTrustees' reMurtiOfi spe ty are I ml•', or * have not recerrfed all the inftKnthon arKI explanat& Vbt r•quiré for our aLwJiL or tho Truste8s were not entitled to prepwe the financ statnts in xcor(larKe with the small compani•s reoime and take advantage ofthe Small companies. exempknns in pwring thg Tntee8. report and from the requirement to prepare a Strategic reporL Paga 12
THE WATCHES OF sviifLERLAND GROUP FOUNDATION (A cofflpany Ilmlt•d by guarnntO8) INDEPENDENT AUDIToifs REPORT TO THE MEMBERS OF THE WATCHES OF SMTZERLAND GROUP FOUNDATION (coKll14UED) Ro8pon•lbllhl•s of Inwt• As eXplaird morg fulty in the trustees, rnsponsbilities staterr. the TTu8te•s (Twho aro 0150 the directors of the charitable company for the puryMMe8 ofc(xnpary l&v) arn responwblB for ts preparation ofth& financial Statem19 and for llyj sati$fiod th th6y give a Irug and fair vw, and for such intemal control a5 the Trusl8e¥ detsmiine is necwsary to enable the Preparat offinancI statements that aro fr08 fn>m nrial mi5Statement. whether due to fraud or er. In Pfeparing the financial statements. Iho Trust aro To$ps1)re foT ass88sir¥J the charitable companls ability to ¢ontinuo a8 a going concom, discbwng, as apph'cth, matters rnlated to gn9 corthrn and using tho going concern basis of accounting unless the Tru8tees erther int•nd to fAuilato thg tharill8 company cf to cease operations. or have no realis aftemati¥t but to do go. Audllofs rty)on•lbllltlos for th• audlt of th• flnanclal stat•m•nts Our ¢JbjertiYes are to ckntain reasonabl8 assurance about whthr th8 financial statements a5 a wholg are freg from material misslatwrenl, wthether due lo fraud or 8m>r. and to sU9 arb auditofs report that ir)cludeB our opinion. Reasonab assuAn¢o kg o high level of assurance, Ixrt is not a guwantee that an audit ¢0ThJUd in Irdance wlh ISAS (UK) wll detect a material mment when it $ts. IAissts1omgnts can ari from fraud or eThor and are conside materi81 rf. indNidualty Of in the aggregate. tlw could reasonabty be expected to inftuence the ec¢jMkn of users takon cffj the basis ofthgse financial 8talements. Irr8gularitw. inc4uding frnud. instsnco5 of n0Cp1s•c¢ with Ivws and wulat8. We deswjn pr(Kedur8S in line with our responsibilthes, ouuined above. to detect material mlsstatemgnts in respoct of irregularili8S. including fraud. The extent to our edt8 are of detsGtiryJ Irregularit8, including fraud 1$ deta'led belw. We obtained an undwstarHliThJ rflhe19gal and regukn tythin wl¥¢h the clPanY operate8. focusing on those18W8 and regulations that have a drect effect on the doInatv)n Df material amount8 and disclosures in the financial stslw1ts. Tho T8gulal#M w8 cons•Jwed in this c£nl•xt wero Companio$ Act 20( and Charities SORP. We ldentrfd the greAe8t r18k of meflal on the fin8Mal state from irregulaiitie8. inckAllng fraud, to ba the ovèrride of contrd8 by man4mnl. Our audit procedure5 to respond to Ihe80 r6Bk8 induded enquiries of managwngnt aboLrt their f) identffication and 88sessment of tho ri8kn (rfirrogul8riti8S, 8ampl8 tostino on Ihe posting ofjoumas arJ Tewemng x(yJuntry •strnth for bos¢s. Owing to ts inher8nl limil8tKm oftyn awjl, there i¥ an unavoKlable risk that ncrt ha¥• dgtected Some material misstatements in the financial statements. even though we have properly pnn8 and performed our audit in acCOance with audiknng staThlard8. We are not responsibkn for noTrCorkylice and canr# be expected to detect nonw¢om1n¢• with all I WKI regUtionS. Th880 inherort h'mitions are parb¢uLqty sJnffKant in the case of misstal6m8nt Tgsulting fT¢M fraud as this may invo sophisticated scheme8 deswjned lo a¥0 detection. irtludiNJ d#Ihrat0 failure to record transact10. colthion orthe prnfjsN)n of ntenb"on81 MiBryresentstio. A further d6scriptK>n of our r8¥xkntrflities the audit of the financial Statents loc*d on Finanaal Reporting Cncl.$ website at.. . ThiB forns part of our aLKlitorfs report. Pago 13
THE WATCHES OF SWITZERLAND GROUP FOUNDATION (A compw Ilmlt•d ty guarnnts•) INDEPENDEKf AUDITOR'S REFIORT TO THE MEMBERS OF THE WATCHES OF SWITZERLAND GROUP FOUNDATION {coKllNUED) Ug• of our raport This report is made solely to the charitable compa¥ membgrs. a5 a body, in accordanca with Chapter 3 of Part 16 ofthe Compani88 Act 20r. Our audrt work has bgw undertkn so that we might statè t¢ the charitable companls member5 those mattws required to state to in an audiiorf$ report and for no other purpose. To the fullest eXtt pemiitted ty law. do accept or ass9 respons)11 to anyone otherthan the charitable ccwany and ils member8. a8 a boty. for our audit *ryk, fry thi8 rep(rt or for the ¢)pinK>ns wo have fomi8d. K•ny Brfi ls•nlor •t•tutory audltor) for and on behalf of Crow• U.K. LLP Statutory Auditor Black Country Ho Rounds Green Road Oldbury West MidLqNI$ B69 2DG Date.. 23 January 2024 Page 14
THE WATCHES OF SWITZERLAND GROUP FOUNDATION (A Company Ilmlt•d by guarantsel STATEMENT OF FINANCIAL ACTMTIES IINCORPORATING INCOIAE AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDEO 30 APRIL 2023 Unrestrl¢t•d fvndy 2023 T¢)tal fvnds Total 2022 Incomo Irom: Donatlon8 1.613,170 1,513,170 4,519.875 Total Incom• 1.513.170 1,613,170 4,519,875 Expendltur• on: Charitable activitie8 1,6n,322 1,6n,322 1,407.913 Total •xndIt1• 1,673,322 1.6n.322 1,407,913 N•t mov•m•nt In funds 1160,1621 (160,152) 3,111,962 R•conclllatlon of fund•: Total funds brought foNArd Net movement In funds 3.111,962 1160,1521 3,111,982 1111.962 Total lund• carrl•d fonmnl 2.901M10 2,961,810 3,111,962 The Staknent of finanual actith inc*Jdès all gains k>s805 Tec4JgniwJ in Ihe year. The nots8 on pages 18 to 26 fomi part otth88e financial statemwts. Page 15
A8AT 30 APAL 2•2J 412Q962 4 12Q962 10 117341) 4111.902 T•t•l n•ta•••ts 4111.962 Ch•thy fvnd• 11 11 Unr••1 fund• io 1111.962 Totsl fund• 1911110 4111.962 th• conyonle• r•plm•. Chglr ofTNM• 1810112024 Pw4• 18
THE WATCHES OF SMTLERLAND GROUP FOUNDATION c(•mpThy lknlt•d by gu•r4nt••l STATEMEKf OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2023 2022 Cash IIM from opernttng actlvttl Net cash US in opwating (151.904) 1120.962 Chango In ca•h and •qulvl•nts In th• y•ar Cash and calh oquivaknnts at the beginnwvJ clthe year 1151,9041 3,120,962 3,120.962 Cash and cuh •qul¥al•nts at th• •nd of th• y•Jr 2,969,058 3, 120.962 The r#)teB on pag8$ 18 to 26 f(wm pwt ofthese financiol 8temwts. Page 17
THE WATCHES chr SWlTzeRLAND GROUP FOUNDATION (A Nfflltod by guarnnt••) NOTES TO THE FINANCIAL STATEMEP FOR THE YEAR ENDED 30 APRIL 2023 G•noral Informatlon The Watche8 of Swikerlarvj Group FoundatA)n is a coThygny tii)ited ty gurantse (registered numbor. 1293S8021 which is registered in ErKJland and Wa185. M Tegi8t8red as a ¢harity on 22 November 2021 and ts ¢harity registration numbw 1196714. The reglstarad offts 16 Aunjm Hou8e. 2 Elland Ro&a. Braun8toM. Leicest•r, LE3 1TT. Ac¢ountlng poll¢lo¥ 11 Bash of pr•paratk•n of Ilnandal stal•m The finon¢ia statements ha¥e been pwargd in acc¥)nlance wih the Chariiigs SORP {FRS 102) - Accwnting and Rwing ty chariti.. statont ol R0mMended Practice apFli¢sbbg to charitie8 eparing their accourts in xcordance with the Fin•noal Reportirrfj Standard in the UK and Republ of Irebnd (FRS 1021 (effeetp 1 January 20191. thè FirbwKral Reportko Standard applKf¢ in the UK and Republlc of Ireland IFRS 102) and the Companies Act 26. The Watches of S7trerland Group Foundation me¢ts the (leffn1t of a Publ bongfrt entty under FRS 102. Assets and liabilities arn initk81ty rec(gniwJ at htorIcal cost cy tran8XtM value unless 22 Golng concwn Th8 Trustee8 a8se88ed T*•tth thg use of the going assumpti 19 appropriate in preparing these ffinarKial statements. The Truste68 haNt made thi8 a88essment in respect to a period of one year fr(xn the date of approval of these finala1 statements. As the Foundation h88 net assèt$ •nd gxpecls this trj continuo for a minimum 01 12 months from the date of $igning the unts TNstees of the Found•tion have conduded thore are no material uncertainties related to events or conditions that may cast 8ignfficant (kbI on th8 abilty of the F¢Jundalion to contsnue as a golNJ ¢oncom. 13 Incom• JI incomo is recognised cnce the charity ha ontrtlwnent to the ilme, Th rs probable that thè In¢omo wll be recer and the amount of receivable can be nwsur8d reliabPM. Page 18
THE WATCHES OF 8WITzeRLAND GROUP FOUNDATION (A compwby Mmltod ty gu•rallt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 AcGountlng pollclB8 (c0ndnu) 2A Expondltur• ExpendituTe wd recognimd once thern is a18gal lx construct1 oblgation to trnnsfer 1)noMiC ben8fft to a third party. it is prowlo tw a transfvr of ecorthiic bonefft5 111 bg Tequired in Settlemènt and the amount of the oblwJatron Can be measured reliabty. ExFwditure ks dassrfied by athity. The costs of ea¢h a¢bvity are made up of Ihe trrtal of direct C15 and shared costs. including 5UPPOrt costs invow in urKlert8kiry each lmty. Direct Costs attributab to 8 Single artivty are lOcated directly to that Ktimty. Shared costs Twhith contrthte to more than <e actwly and support CO8t8 whtch are not attribulablè to a singl8 actiwty arn app¢)rtK)ned beten those xlivitigs on a basis ¢on¥i¥tenl with th• us¢ of resources. Centra staff costs are alkKI the of tWn8 spent, deprecmtion charges alocated on the of the 8S8eYs use. Exp&v16tUfO on thaiil)kn is incurred on dieclty undwt&kw the actNltits whth further the Grants payabl• arn dwggd in the yearwhen the offw w m•J8 OXCePt Ki those ca8es where the offer Is ¢onditKinal, such grants being reco9nwl as expeThliture the condition5 attaching are fulfilled. Grnnts offared 8ubj.ecl to conditions vthich have Mt been m8t * the yr end are noted a All 8xpendilure is YKlUSi ol irrecoVwkn VAT. 2.5 Cash at bank and In h•nd Cash at bank and in hand includes cash and s1rt-t8n hvahly IK4uid Invèstmont¥ with a short maturity of three months or le88 from the date of acquisibon or openiNJ of the doposrt or Similar account 2.6 Ll•bllltl•• •nd pn)vl¥lon• Liabrfl(ies are recognised téth thern is an 0blvJati at the balar shoot (late as a resuEt of a past event, it is probablè that a transler of econc4nic bèn6fit will be wuired in Sattkn)t. and thg a¥jUnI 2.7 Flnanclal In•trumonts ¢harity orty has financial as8&8 and fin*Mial labilitw of a kind that qualify as basic financial instruments. BasK financkql Ythments are ini1• reniSed at Value and sub8equ6ntly measured at their %u8. 2.8 Fund •¢¢ountlng Gener81 funds are unrestrlct1 fund$ vthich are avadablè lor uso al the discretion of th& Trn$leeB In furtherance of tho ggneral (iKVe5 of the ch&ity arKI whith have not been da8ignatod for other Restricted lund8 are fwKts are to used in xc(Kdance w#h Ye8triction8 knwsed by donor8 or which hahy begn rased by the charity for parti¢ular purposes. The costs of raising and •lministen'rvJ Such funds are chargéd against the fund. The aim and use of each restricted fund is set out in the notes to th& finawal statements. Page 19
THE WATCHES OF sYTZERLAND GftOUP FOUNDATION IA comp•ny Nmltod by 9uarnnts•) NOTES TO THE FINANCIAL STATEMeMTS FOR THE YEAR ENDED 30 APRIL 2023 Income from donatlon• UnroStrf¢t•d funds 2023 Totsl fundj 2023 1,5(KI.000 1.$00,IXIO 13,170 13,170 Donation 1,513,170 1,513,170 Total 2022 2022 Donations Oonalion #) khid 4.5c¥>, 4,500,tX 19,875 19,875 4.519.875 4.519.875 An•tysl• of grants Gr•nts to Institutlon• 2023 funds 2023 Grant making 1,640.921 1,640,921 Grnrtts to fiinds 2022 2022 Grant makirvj 1.375,OQD 1,375.000 Page 20
THE WATCHES OF SWITZERLAND GROUP FOUNDATION comp•ny Hfflll•d by guaranta•l NOTES TO ThE FINANCIAL STATEPAEpirs FOR THE YEAR ENDED 30 APRIL 2023 Grants fffd•rn made to tho followlng charfll•s: 2023 2022 Foj Banks Fuel Bank Foundatton Cri$ UK ChlAlren 1th ce•r UK melarma UK st Marfs PCC. Primros• Hill Watches crf Srytzwland Gmup US Fndm The Prince's Trust Th8 Prince and Princrfs ofwales HcyKe Gknglty# Brllsh R8d Cross 475.L 300.000 200.QYJ 12S,000 175,000 25,000 25,000 25.000 700,921 325.¢WQ 100.C(Q 100,oL 1,640.921 1.374LK Anatyls of •xpendllurn on charltabl• acUvltl•8 Summary by fund typ• fund• 2023 Total 2023 Charitable xtivit 1,673.322 1,6nA22 fvnds 2022 2022 Charitabl8 acti4it 1,407.913 1.407.913 Pagg 21
THE WATCHE8 OF 8vffteRLAND GROUP FOUNDATION IA Ilmlt•d ty guarants•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDeD 30 APRIL 2023 Analysks of oxpondltur• by actl¥ld Grant undertaken lundlng of dlr•cty •ctlvlllo8 2023 2023 Support Total funds 2023 2023 Charitablo 13.170 1,640,921 19.231 1,6n,322 Total fvnds 2022 2022 2022 Chaiitable tlI19$ 19.875 1.374 13.038 1,407.913 An•ty¥ts ofsupport co•ts Total fund8 2023 A¢tlvttlo1 2023 In8ur8nce a1 other suppNt ccAts Auditor Fees and Accounts PwarntM)n 7,531 11,7CiI 7,531 11,700 19,231 19.231 AdrtieS 2022 2022 In8urance and clh•r swport Auditor Fees and Accounts PreparatK)n 4.038 4,038 13.038 13,038 Page 22
THE WATCHES OF SIMTZERLAND GROUP FOUNDATION (A ynPafiY lknltad lry 140TES TO THE FINANCIAL STATEMENTS FOR THE YeAR ENDED 30 APRIL 2023 Audltof• r•mun•falkn The audit(¢s romunernticffi wnounts to an awlitor foe of£9,9(KI (2022. £9.(W. Staff co8t8 DuriNJ th8 8UPWt was wovmled by watch of Swilzerfand Group pk. The cost of this b••n calculated at £12,997 (2022.. £14.675}. £5,547 (2022: £NI wa8 re¢havged to Watches of Switzérland Group plc and £7,450 ha5 been Tecognised as a donati?n in kiThJ. Th• key management pernonnd of tho charity compri58 Trustees and thè Swuor Mawement Team. No employee beneffts were paKI to key management personnel direc through The Watches of Switrertand Group FoundaliM dumg the year (2022.. £Nil). H¢AVer of Ihg support noted abovo £12,997 I22.. £14.675) rolated to 8eriKes provtded ty key management personnd. Duiing th8 r, no TnMtee8 received any TYneral or cthw berth (2022.. £Nill. During •nd8d 30 April 2D23. no Trn8tse expon8es hm begn irrred (2022.. £NIl>. 10. Crndlt(Y•: Amounts f•lllng du• T*lthln on• y•ar 2023 2022 Accru818 17.248 Pagg 23
THE WATCHES OF svirrzERLANO GROUP FOUNDATION (A company Ilmlt•d ty guarnnt••l NOTES TO THE FINANCIAL STATEIAEpirs FOR THE YEAR ENDED 30 APRIL 2023 11. 8tat•m•nt of fvnd• Stat•m•nt of fvnd¥- curr•nt y•ar Ba¢0 •t Xl Aprll 2023 lanc• at 1 Atsy 2022 Incorn• Exp•ndltur• Unr••trlcted fund8 General funds 3,111,962 1,513.170 11,673,3221 2,951.810 8tat•m•nt of fund¥- prlory••r Ba149nce at Ine Exp(kn 3QAprf 2022 G•n8rn1 fund$ 4.519.875 {1.407.913) 3, 111,962 12. Summary ol fund• 8umm•ry of funds . cun•nt y B•lanGo at 30 Aprll 2023 Balanc• at 1 Ilay 2022 Incom• Exp•ndknr• General furth 3,111,962 1,513.170 11.673,322) 2,951,810 8ummary of fvnds- Pflor yoar Balan at Goneral funds 4.519.875 (1,407,913J 3, 111.962 Page 24
THE WATCHES OF SIITfzERLAND GROUP FOUNDATION IA company Ilmll•d by guarnnt••) NOTES TO THE FINANCIAL STATEPAENTS FOR THE YEAR ENDED 30 APRIL 2023 13. Anatysl• of nat a•••ts b•hvwn fvnd An•ly$l• of n•t a•••ts bot4•n fund. ctsrr•nt ymr Unrn•tslctod funds Total funds 2023 Current 8g9•ts Creditors due within one 2..058 {17,248) 2.969,058 1173481 Total 2.951.810 2.951M10 Analysls of not usot• bet¥A•n funds. prlor y••r 2ff22 2022 Currgnl assets Creditor8 du• within ong y 4 120,962 1120,962 f9,OLV) (9.tl)OJ Totsl 3.111,962 3,111,962 14 R•conclllatlon of net movomont In fund¥ to not cash Iltya7 from opwatlng athMI•• 2023 2022 Net incc#Yexp8nditurfj for the year (as per Statern of Fin•nwl Activitios) (180,1521 3, 111,962 Incrette in creditor8 N•t ¢••h proYld•d tyllw•d In) Op•19 athlti 1151,904) 3, 120,962 Page 25
THE WATCHES OF SIVITZERLAND GROUP FOUNDATION (A ¢ompany Ilmlt•d ty gu•rnnt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 16. An4ly•h of ca•h and ca•h •qulval•nls 2022 Cash in hand 2,969,058 a 120.962 Totsl cah and •qthal•nts 2,969,058 1120,962 10. Analy•h ol chang•• In not d• At1May 2022 Ca•h flo At 30 Aprfl 2023 Cash at bank and in hand 3.120m2 1151.904) 1969.050 3,120.962 1151,904) 1969,1)68 17. R•l4t•d party tranMcllon• During the r. the thaiity re1ved donati totalling £1,5CNJ,LXKI (2022: £4,5(Y),IYX)l from Wat¢hes of C(¥npary Limited oftthith tho Tw¥te8 Brian Dufy 18 a dYectOT. The Cha beneffls Irn cortain staff time and mnt donatod ty Watche8 of Swzerfand Group plc of whlch th& Trustse Brian Duffy is a dirwts. During tho staff ts'm6 and Tent totalling £13.170 (2022.. £19.875) was donated to the charity. During the swr. 8laff trn lotslling £5,54712022.. £Nil) ¥Ay rocharged fmm Wat¢hos of Switzerland Group pl¢ ofwhich Trustee BrAn Oufy is a director. At end. a b11ce of£5.$47 is in Greditors owed to Watches of Swilz&laThl Group Ouriny Ihe ywr, the FI)Und*K m•Je grants trtlliry £7(Ki,V21 (2022.. £Nil) to Iho US Foundation. Pagg 26