R•gkntorod numb•r 12935802 Charlty numb•r. 1196714 THE WATCHES OF SMTZERLAND GROUP FOUNDATION IA c REFERENCE AND ADFIIINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISER8 FOR THE YEAR ENDED 30 APRIL 2023 Tn*t•e• Brlan Duffy Oawd Gandy John H￿n Mary Porta8 (reJign8d 5 0(aober 2023) Jthn*han Jos• Company v•gkntsrnd numb•r numbor 11W14 R•glst•r•d offlc• Aufum House 2 E]l•nd Road Braunstone LE31 Company $•cr•l4ry D￿1010 PulwJTrLwra Wppointed 15ft)Y2023) Patricio Kendal {Rasi9ned 15A)&2023) Ind•p•nd•nt audltor Crw U.K LLP 8IKk Country Houae Rounds Green Ro*J Oldbury West MKllarKIs 869 20G 8anktts 8arc*s Bank UK pk 1 Churchil P*e London E14 5HP Sollclto Sbughter & May One BunhiH R EC1Y 8YY Page 1 THE WATCHES OF swrrzERLAND GROUP FOUNDATION (A comp*ny Imlt•d by guarant••l TRUSTEES. REpoKr FOR THE YEAR ENDED 30 APRIL 2023 Watches of Switzerland Group Foundat￿ (Th•'F¢)undation') ha5 eyperienced an inpxiful yaar in FY23, budding on the momentum of rfs inaugural in FY22. Thks yaar Th8 Foundattrjn distribut￿ £1.64million to ¢harities of which £0.7milli¢)n ¥r48 donated to the Watch88 cl &*ifzetsnd Group US Foundation (tt)e'US FoundatKm') to be dr*tril)ut•d to LIS charlies. In FY23 The Foundats'on frKu¥ed on c(¥rtinuiThJ to strengthen its parthership8 Wtth key strt8gic charity partnern that help The FoUnda￿n advance its pwposes. F￿k￿r￿j 8ignift*nt rya¢t tiywaT(l¥ fvrKlino of pro1￿ts supporting poverty rel￿f, the Tnjstees thoroughty fundiro alk)catK>n5 to date and detemiined a prrtal neod to augment inveslment in Ed￿al￿ as thi5 was one of the least fvnded areas in relatM)n to the Fwndatw'$ purpo￿. Thi$ commilmgnt nwterial'sed through the strongthening ofthg partnorship with The PrirKe'$ Tru¥t-whieh was doN*lwd Ihn)ughout Pf23 o)nffimxd at th? *art of FY24. The Watche8 of Swilz•lond Grow> PLC IWOSG PLC) has p*ed 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 ch*th where lon*st8rKlirvJ personal relattonships and partn8rship5 are developed to enabl8 cdlalxth to cre&e change. For thks reason. Tha WQSG PLC oslabkn$h&J the F<￿Tr￿alIt￿n. In Ihe1381 quarter ofthe rewbty PWKKI. the Twstees mwje the d￿181￿ to a￿￿nI a of Foundation {efflplo>pd by The Watchos of Switzerland Cyany knmtted. a subsidiary of WOSG PLC- together the.GrO￿.) to focu5 on ifflplementing governance structures and to sUpp￿t managemgnt of the partnerships developad. The appointment ofthe ne* head oftho Found•lA￿ Pla￿ 1)n 17th April 2023. was appointed a5 Company Secretary on 15th May 2023. Whilst the Foundation operates independenllyfr￿n the Grtsjp it reliets th8 Group for the (Mrt80urcing of various funclK)n$ 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 FI￿ndation'S ￿tideS LrfAsZryjatK￿, the FouThttat￿.S objects are to advan¢o, promote or cary out such Charitable pu￿0$85 (bging those pu￿08e8 *thich are charitable under the ol England and Waleg from time to time) as the Trustees in th￿r absokrte di8cr&tA)n think fiL F(Y the avoidance of doubl. the Foundation wll not ad¥akKe, w￿l0t6 or cary out any purpose tha is rv)t such a Charitablè Purposo. The Foundalmin has d&¥olop•d its (y￿￿ Charitablg Purposes vthich aims to further enhance the Group's pr￿￿Ou$ ¢harrtabl8 initiatives. We consider some of our partnership with Charit￿3 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, PU￿￿9 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. d￿￿l11ty. fnanaal hardship or other disadvantsge. Charitable Purposes been *J&ttif*d b&xu8e bè b.nk￿l 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 p*lners 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 any1￿8. In FY23 au meetirwJs *rre held ai WOSG PLC'S London exckmling one virtual meoting in Juty 2023. St Foc*J Bank N￿W In r•$ponsa to the grwng fwj povoty cri818 caused by the impxt ofthe wdemic. the Group launchgd a Food Bank programme in June 2020. The FourKlatw has been 8￿￿l￿g this a6 the ne•J foy emergency loc*J provi8ion IncroAso9. Fo￿1 bwk partw5 reported an tyderall 3PA i￿%Base in 80ryi¢8 US8rs. In FY23 th• Found*ion has conlinued to strwythen *# poth•rship5 w*h fooybanks by provlduig •J¥ico. w)lunteerJ and other vduntary 8UPPOrt as well as finwwl supwt. O¥erall. the f￿1 bank spans 11 lood banks With fr** kny stratsgic hth in Euston. ￿ceSter South. Glasg(rw SoLrtheast. Manche8ter Centrnl and Newcastle. Our fvnding has supported thg set up of p8ntri&s. fo(*J ¥wchws, Christma8 hampeTr. tho move to premkws arKI even vans to l* di*v*&e food and colèct MYbPOrtant f(k)d deliverie8. 8ank F￿ndation SIr￿a its registr8tson. the FcyJndatw)n h88 emba￿8(1 upM a strateg￿ partr￿rnhI) *ryth tho Bar* Foundatffi. Thls partn6r8hip eame about as a direct r8sun of the Group supporting a nthork of food bank partners vtho sharo ta￿ and thoughts and ¥there fuel pwty tm prK)nbsfyY. In FY23 the FOur￿atIOn contirtu￿ to ¥upwt the Fuelbank. the donation h8lpéd fvnd evJht existing Fuelbank cenlres, as well as the opgniry oftwelve centres. The F￿ndat￿)n'$ furKling also hdped the f￿thank Support 17370 pe(We to xce88 emwgency fud. Tho Prfn￿'$ Tru81 To date the Foundati￿ has donated monles ttrwaYd$ ¢m 0￿￿0t￿ln programmes and a digital @ducat￿n hub which support I￿￿n9 people in deveknpiry ￿lI￿nCe key skills. This 18 a continuation from the pre-exisling partnernhip the Gr￿P had wtth the clwity 2013 whKtt ha8 8UPWted 0￿80{KI young pgople through u¢ath)n programmes. In FY23 The Foundation Spent tVTW dg*ng a hvJher value education partnetship that was confimwd after the period of this rep￿t 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 hel￿ng Crisis pmvide 8er4ic8 ugarn with somff*hgre safe to stay over Chrtstmas. The FoundatK)n has continued to support Cnsi% thro￿jh th8 fvndiry of clinKal pSYC￿l09￿8ts 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 FQWKIat￿n a £0.7ml￿n thjnalion to th8 US FoundatKm dwire th8 f8K*JtiNJ 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 don*K>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 pa￿￿shiP *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 Support￿1 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¥lb￿k 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 y￿th the requiremgnts of the char￿e5 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 I￿e15 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 Four￿41￿ is employed by the Group but s￿ondS ￿ oftheir tin7e to focus 3n(ynk grD*th In conjunctw)n wlh the Gr(￿P play a in 8￿1￿j (ther likMinded bU￿ne¥s•S to pwticlpate In Continuo lo dri￿ partKpthn in the ￿lItalK￿ ¢f ¥x4ur*ewing opporbjnltw fty cdlgagugs of the Group Support opportuniti¢s th* ar1￿ duriw the course ofthe that xupport the Charit￿be PUry￿Se9 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 F￿ndalK￿ (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 %￿rdan￿O *ith thg accounting Pol￿8$ 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 guide*ws let out by tho Ch*ity C￿MISSion 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•n*ed by guw8rt00, without shwe and 90Yamed by ils Memrandum and ofA8s￿l81Xjft dated 7 O¢tobor 21)20, as am8nded by a Board Resolution 27 October 2021. The C￿anY vm reg￿tered a¥ a charity on 22 P&)vember 2021. Thè Objocts of the Foundation are Sei out In tho r¢p)rL anisation The Tru8teeB dele9*ed th• rgsponsl%litses to empbyees ofthe Gmup. fr*whth 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 FouThja￿n'$ nUSSKthisK liaiiing with grant applicanls a)d monitor th• perf¢¥M￿ ￿ grants to ensure that tha F￿nd￿lOn,8 funding is being directed ttr*¥d# •rna# with gaps and opp￿in￿lieS 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 g￿rnr￿d ty th• ArtK488 crfA8&xith and tho M8mOTandum of UnderstandlrKJ between th8 Foundation. the Watches of SwitZerlar￿ cty￿ny Llrnrt￿1 and the Watches of Switzerland Group PLC. under*fiich 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 resp￿sibilItIeS Yegularfy with support from the company ￿retary. The Trust•è Board wtyks to ensure C￿lIanCe *ilh its legal dut*B 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) R￿ewS the finanoal ofthe F￿ndation 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 Th￿thty rev￿ of accounts t*es placé whiGh will n(pw include a rthiew ofthe ne*ty imphmwrtod rwk regth. This vras un￿Ment•d aftor the of the reporting perb)d FY23. The Foundation is a granl4n8ker. *thich d80 reduce5 Ihe overall level of ris The Tru$tge¥ b911￿? that the key rBk facing the Foundation is that ts W*chos of SWlzerf￿d Group cea8es to d¢)nate any further funds lo the Foundation. Page 7 THE WATCHE8 OF SWITZERIAND GROUP FOUNDATION (A cofflpany lknlt•d by guarnnt••> TrUSTEES' REPORT ICONTINUED) FOR THE YEAR ENOEO 30 APRIL 2023 I￿rIng the year tho F￿ndatIon dwj Th)t ￿dertake ary public fi￿draisiNj Xtmty. n(Y dogs it erryby ¢omrnrclal third parties to undertake luThlraisivJ on tr*r behall. Grant Makin and Th• Trust80s onty grants to re￿Il￿ed charili•s. This Jw tho FourKlat•)n has Inwlmntod a now Grant Making Poly to 8tre8mline due diligence To bo elyible forfundiry from the F￿ndalK)n. organv&ations aP￿ing for furKAing must mert the following crbteria Be a registe￿￿ charity in Eryland. Waie8 or S¢￿a￿l. (Th8 onty excepkn to th18.18 the d¢￿￿tIOn to the US Foundation, whth 1$ rog￿t￿ed in Del•vare, US) Pags th& Foundation's due dilwjence {charthe8 Commi88M￿ 'knN >vur pwtrnrf guide) D•rTwJnstrate alignwKnt with the PUrP￿e and (Ws ofth•'Foundathx'. •worting tho advancoment of at least one or more of our purry)se5. crA￿ty with all18gal and ethKal requirements rekqted to the Fxoposed prq'ed Bg 80rying ￿MmunI￿e$ local to those 8ar¥ed bythe Watcl*$ of Swftzerland Grow PLC. In additK*n 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 prIrt￿l￿ pror￿U￿, 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 public*ion of this rwL undin The F(yJndat*)n'$ grantrnknng 18 focu8￿ M 8upp(xts'w c(￿nItIeS and coleagueg in lo￿li0n5 wiihin v*hich The Group operato1. In considering rw4uests for 8UFPOrt th• Foundat￿ ¢(mKkn PToi&ts th￿. provido measurable ¥npxt are located in a communty whern Gft￿p ¢010ag￿$ and have the pd•ntial to offer voluntewing Qpwtunlt￿ for th8 Watches of Sknrfand Grow) coleague8. Th8 Found8￿n awns to make 9rants to ￿PIen1$ wher• knWmi ¥ts*egic partnerships can be dgvglopod aryj gr8nts can be focused on prqeL*s 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 Gr￿p 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 COn￿der grants to propcts that discriminate on the basi8 rA ￿e, gender, religion. disabilty or sexual OT￿ntation. Thg Foundation operates Indep￿1￿ frtyn tho Group. To ensure that tw xt I*￿111Y 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 m n￿rial mi5Statement. whether due to fraud or e￿r. In Pfeparing the financial statements. Iho Trust￿ aro To$p￿s1)re foT ass88sir¥J the charitable companls ability to ¢ontinuo a8 a going concom, discbwng, as apph'cth, matters rnlated to g￿n9 corthrn and using tho going concern basis of accounting unless the Tru8tees erther int•nd to fAuilato thg tharil*l8 company cf to cease operations. or have no realis￿ aftemati¥t but to do go. Audllofs rty)on•lbllltlos for th• audlt of th• flnanclal stat•m•nts Our ¢JbjertiYes are to ckntain reasonabl8 assurance about whthr th8 financial statements a5 a wholg are freg from material misslatwrenl, wthether due lo fraud or 8m>r. and to ￿sU9 arb auditofs report that ir)cludeB our opinion. Reasonab￿ assuAn¢o kg o high level of assurance, Ixrt is not a guwantee that an audit ¢0ThJUd￿ in Irdance wlh ISAS (UK) wll detect a material m￿￿ment when it ￿$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¢j￿Mkn of users takon cffj the basis ofthgse financial 8talements. Irr8gularitw. inc4uding frnud. ￿ instsnco5 of n0￿C￿p1s•￿c¢ with Ivws and wulat￿8. 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 ￿￿ed￿t8 are of detsGtiryJ Irregularit￿8, including fraud 1$ deta'led belw. We obtained an undwstarHliThJ rflhe19gal and regukn￿ *tythin wl¥¢h the cl￿PanY operate8. focusing on those18W8 and regulations that have a drect effect on the do￿￿Inatv)n Df material amount8 and disclosures in the financial stslw1￿ts. Tho T8gulal#M w8 cons•Jwed in this c£nl•xt wero Companio$ Act 20(￿ and Charities SORP. We ldentrf￿d the greAe8t r18k of m*eflal 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 ar*J 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 p￿nn8￿ and performed our audit in acCO￿ance with audiknng staThlard8. We are not responsibkn for noTrCorkyli￿ce and canr# be expected to detect nonw¢om￿1*n¢• with all I￿￿ WKI regU￿tionS. Th880 inherort h'mit*ions are parb¢uLqty s*JnffKant in the case of misstal6m8nt Tgsulting fT¢M fraud as this may invo￿￿ sophisticated scheme8 deswjned lo a¥0￿ detection. irtludiNJ d#Ih￿rat0 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 State￿nts ￿ loc*d on Finanaal Reporting C￿ncl.$ 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 eXt￿t pemiitted ty law. do accept or ass￿￿9 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 Br￿￿fi 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 •x￿ndIt￿1• 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 ofTN*M• 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 •qulv*l•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 8t*emwts. 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￿.. stat￿ont ol R￿0mMended 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 applK*f¢ in the UK and Republlc of Ireland IFRS 102) and the Companies Act 2￿6. The Watches of S*7trerland Group Foundation me¢ts the (leffn1t￿ of a Publ￿ bongfrt entty under FRS 102. Assets and liabilities arn initk81ty rec(gniwJ at h￿torIcal 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 fina￿la1 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 (k￿bI 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 i￿lme, 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 C￿15 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 bet￿￿en those xlivitigs on a basis ¢on¥i¥tenl with th• us¢ of resources. Centra staff costs are alkK*I ￿ 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 y￿r end are noted ￿ a All 8xpendilure is YKlUSi￿ ol irrecoVw￿kn VAT. 2.5 Cash at bank and In h•nd Cash at bank and in hand includes cash and s1￿rt-t8￿n 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• re￿niSed at Value and sub8equ6ntly measured at their %￿u8. 2.8 Fund •¢¢ountlng Gener81 funds are unrestrlct￿1 fund$ vthich are avadablè lor uso al the discretion of th& Trn$leeB In furtherance of tho ggneral (￿iK￿Ve5 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 sY￿TZERLAND 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.$00,IXIO 13,170 13,170 Donation 1,513,170 1,513,170 Total 2022 2022 Donations Oonalion #) khid 4.5c¥>,￿ 4,500,tX 19,875 19,875 4.519.875 4.519.875 An•tysl• of grants Gr•nts to Institutlon• 2023 funds 2023 Grant making 1,640.921 1,640,921 Grnrtts to fiinds 2022 2022 Grant makirvj 1.375,OQD 1,375.000 Page 20 THE WATCHES OF SWITZERLAND GROUP FOUNDATION comp•ny Hfflll•d by guaranta•l NOTES TO ThE FINANCIAL STATEPAEpirs FOR THE YEAR ENDED 30 APRIL 2023 Grants fffd•rn made to tho followlng charfll•s: 2023 2022 Fo￿j Banks Fuel Bank Foundatton Cri￿$ UK ChlAlren ￿1th c￿e•r UK melar￿ma UK st Marfs PCC. Primros• Hill Watches crf S*rytzwland Gmup US F￿nd￿m 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 Anaty*ls 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 ￿t￿lI19$ 19.875 1.374 13.038 1,407.913 An•ty¥ts ofsupport co•ts Total fund8 2023 A¢tlvttlo1 2023 In8ur8nce a￿1 other suppNt ccAts Auditor Fees and Accounts PwarntM)n 7,531 11,7CiI 7,531 11,700 19,231 19.231 Adr￿tieS 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¢A￿Ver of Ihg support noted abovo £12,997 I2￿2.. £14.675) rolated to 8eriKes provtded ty key management personnd. Duiing th8 ￿r, no TnMtee8 received any T￿Yneral￿ or cthw berth (2022.. £Nill. During •nd8d 30 April 2D23. no Trn8tse expon8es hm begn ir￿￿rred (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 I￿￿ne 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 bot*4•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#Y￿exp8nditurfj 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•1￿￿9 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 r￿e1ved donati￿ totalling £1,5CNJ,LXKI (2022: £4,5(Y),IYX)l from Wat¢hes of C(¥npary Limited oft*thith tho Tw¥te8 Brian Dufy 18 a dYectOT. The Cha￿ beneffls I￿rn cortain staff time and mnt donatod ty Watche8 of Sw*zerfand 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 b11￿ce 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