**Registered number: 12935802 Charity number: 1196714** # **THE WATCHES OF SWITZERLAND GROUP FOUNDATION (A company limited by guarantee)** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 30 APRIL 2025** ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the charity, its Trustees and advisers**|1| |**Trustees' report**|2 - 9| |**Independent auditor's report on the financial statements**|10 - 13| |**Statement of financial activities**|14| |**Balance sheet**|15| |**Statement of cash flows**|16| |**Notes to the financial statements**|17 - 26| ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2025** |**Trustees**|Hugh Brian Duffy| |---|---| ||Ruth Benford| ||David Gandy| ||John Hannah| ||Terence Parris| ||Johnathan Joseph| |**Company registered**
**number**
12935802
**Charity registered**
**number**
1196714
**Registered office**
Aurum House
2 Elland Road
Braunstone
Leicester
LE3 1TT
**Company secretary**
Patricia Kendall
**Independent auditor**
Crowe U.K. LLP
Black Country House
Rounds Green Road
Oldbury
West Midlands
B69 2DG
**Bankers**
Barclays Bank UK plc
1 Churchill Place
London
E14 5HP
**Solicitors**
Slaughter & May
One Bunhill Row
London
EC1Y 8YY|| Page 1 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2025** ## Introduction The Watches of Switzerland Group Foundation (the ‘Foundation’) had an another year in impactful FY25, building on the momentum of the last three financial years. This year the Foundation distributed £1.4million to UK charities and £0.5million was donated to the Watches of Switzerland Group US Foundation (the ‘US Foundation’) to be distributed to US charities. The Watches of Switzerland Group PLC (WOSG PLC or the ‘Group’) has always prioritised on giving back to communities within which its colleagues live and work. Supporting these communities is an important part of the Group’s culture, the Company’s core values are ‘We Do The Right Thing Always’ and ‘We Care for Our Communities’ alongside focusing on charities where long-standing personal relationships and partnerships are developed to enable collaboration and to create change. Whilst the Foundation operates independently from the Group it relies upon the Group for the outsourcing of various functions to enable it to manage its activities including reliance on financial controls to ensure the proper use of the Foundation's assets. ## Purposes As set out in the Foundation’s Articles of Association, the Foundation’s objects are to advance, promote or carry out such Charitable Purposes (being those purposes which are charitable under the law of England and Wales from time to time) as the Trustees in their absolute discretion think fit. For the avoidance of doubt, the Foundation will not advance, promote or carry out any purpose that is not such a Charitable Purpose. The Foundation has developed its own Charitable Purposes which aim to further enhance the Group’s previous charitable initiatives. We consider some of our partnerships with charities to be strategic partnerships which are defined as continual projects, and / or will receive an investment of over £200,000 and are likely to be partners for a minimum three-year period. It is intended that the majority of beneficiaries of the Foundation will be members of the local communities served by the Group and the Foundation will, in particular, pursue the following charitable purposes: - the prevention or relief of poverty; - the advancement of education; and - the relief of those in need, by reason of youth, age, ill-health, disability, financial hardship or other disadvantage. The Charitable Purposes have been identified because they can be closely linked to the charities which have been supported by the Group before the registration of the Foundation as a charity and continue to be of interest to the Group. The Foundation is a grant making charity and supports purposes which are within those listed in the Charities Act 2011. During FY25 the Foundation did not respond to requests from other charities but instead selected strategic partners or projects that will directly impact the communities within which the Group’s stakeholders live and serve. The Foundation operates as an independent organisation separate from the Group and our Trustees are original thinkers, who approach all proposals with intrigue, open minds and are not beholden to anyone. In FY25 all meetings were held at the WOSG PLC’s London offices. Page 2 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025** ## Strategic Partnerships ## 1. Foodbank Network In response to the growing food poverty crisis caused by the impact of the pandemic, the Group launched a Food Bank programme in June 2020. The Foundation has been evolving this work as the need for emergency food provision continues to increase. The Trussell Trust reported an overall 51% increase in service users from 5 years ago. In FY25 the Foundation continued to strengthen its partnerships with foodbanks by providing financial support couple with voluntary support from the Group. Overall, the Foundation food bank network spans eleven food banks with five key strategic hubs in Euston, Leicester South, Glasgow Southeast, Manchester Central and Newcastle. Our funding has supported mobile pantries, food vouchers, Christmas hampers, replacement of a roof, a new community hub, and core costs from rents to salaries. In FY25, our funding directly supported over 36,345 people in need. The Foundation aims to strengthen its relationship with the Foodbank network and by offering more strategic support, it will look at funding more projects within the welfare space which are supporting foodbanks to move people out of poverty and away from their need for emergency food ## 2. Fuel Bank Foundation Since its registration, the Foundation has embarked upon a strategic partnership with the Fuel Bank Foundation. This partnership came about as a direct result of the Foodbank network’s feedback, and a trend in the need for fuel across the network, as some service users were finding they had no power to heat or cook their emergency food. To date the Foundation has donated £550,000 which has been spent across a four year period. In FY25 our funding helped 884 people (512 adults, 372 children) and 27,254 people have been supported to date. ## 3. The King's Trust (formerly the Prince’s Trust) (the 'Trust') To date the Foundation has donated monies towards core education programmes and a digital education hub, which support young people in developing resilience and key skills. This is a continuation from the pre-existing partnership that the Group has had with the charity, since 2013, and which has supported over 10,000 young people through education programmes. In FY25 the Foundation renewed its strategic partnership with the Trust and in addition, took part in their ‘Future steps’ campaign where Group colleagues across the UK and the US, signed up to walk 10,000 steps per day and a total of £52,000 was raised. By being a strategic partner of the Foundation, the Group was offered the opportunity to be the headline sponsor for the ‘Change a Girls Life’ campaign, which raises vital funds to give young women a working future through training courses with potential employers, access to job opportunities and skills to start a business. The campaign was supported by Group colleagues in the UK and the US and featured a series of Brilliant Breakfast events that provided us with an opportunity to talk about diversity and inclusion initiatives and in particular, how we support women who are often the most disenfranchised in society. ## 4. Crisis Our partnership with Crisis started in 2021 and we continue to focus on the recruitment of clinical psychologists with the aim of ending homelessness and increasing social mobility. The psychologists provide intensive one-toone specialist support to members covering a range of mental health issues. Over the past three years, the Foundation have supported Crisis at Christmas, providing homeless guests with somewhere safe to stay over the festive period. To date we have donated £590,000, 10 people directly supported in FY25 and indirectly many more and 274 supported to date. Page 3 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025** ## 5. US Foundation The Foundation made a £0.8million donation to the US Foundation during FY25. The US Foundation Steering Committee selected strategic US based charity partners and made donations too: - **Habitat for Humanity** - The US Foundation is working in partnership with Habitat for Humanity to work towards a world where everyone has a decent place to live. With their donation, the US Foundation supported the build of three new homes for families who otherwise wouldn’t have been able to own their own home. - **The King’s Trust USA** – The US Foundation is working in partnership with the King’s Trust USA to ensure marginalised young people have access to education through the funding of their Enterprise Challenge in schools. The partnership has supported 60 middle school students in the Bronx and Brooklyn to date through the pilot of the programme. - **Café Joyeaux** - Cafe Joyeux opened its first cafe in New York in 2024. The mission of Cafe Joyeux is to change the lives for people with intellectual and developmental disabilities through education, training and meaningful employment. In FY25 the US Foundation supported a vocational training programme for new cafe employees, boosting their skills and confidence through education and employment. The US Foundation proudly serve Cafe Joyeux coffee at their Sunrise Corporate office, supporting the charity partners mission and turning every cup into an opportunity to promote inclusion, dignity and meaningful employment for individuals with intellectual and developmental disabilities. ## Public Benefit As a charity, the Trustees recognise their legal duty to report on the Foundation’s public benefit in their Annual Report and to clearly demonstrate that the Objects of the Foundation are for the public benefit, in recognition that being a registered charity is a privilege, not a right. The Trustees assert that the charity is compliant with the requirements of the Charities Act 2011, having due regard for the public guidance published by the Charity Commission. The Trustees acknowledge and accept that there exists a kind of covenant between charities and society: charities bring public benefit and, in their turn, are accorded high levels of trust and confidence, as well as the benefits of charitable status. ## Volunteers The Trustees operate on a voluntary basis within the Foundation. The Foundation Manager is employed by The Watches of Switzerland Company Limited the Group but seconds 80% of their time to focus on Foundation duties. Other Group colleagues support the Foundation and do not receive any separate payment. ## Achievements ## FY25 saw: - Implementation of new processes and due diligence e.g. Grant Making Policy and new Risk Register - Followed through on the FY24 goal of having a greater focus on funding education projects - Continued development of strategic partnerships with - The Foundation’s Foodbank Network - o Crisis o The King’s Trust o The Fuel Bank Foundation o The US Foundation - Increased engagement with Group colleagues with a 37% increase in volunteering hours vs FY24 (total of Page 4 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025** 1,133 hours). - Continued to work with the Foodbank network to better understand collective challenges and provide more focused support outside of financial donations ## Future Plans The Foundation plans to: - Continue to support communities and colleagues in locations within which the Group operates - Maintain our funding for education and start augmenting funding for economic growth - Play a role in encouraging other like-minded businesses to participate in charitable activities, in conjunction with the Group - Continue to drive participation in the facilitation of volunteering opportunities for colleagues of the Group - • Support opportunities that arise during the year that support its Charitable Purposes and objectives of the Foundation - Start to diversify income for the Foundation by introducing alternative fundraising methods ## Thanks We are grateful to the Trustees of the Foundation for agreeing to be part of this journey and for wanting to make a difference, their support, their time, expertise and continued enthusiasm over the period. We also wish to thank the Board of Watches of Switzerland Group PLC for their generous donation to support the Foundation. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The Trustees of The Watches of Switzerland Group Foundation (the ‘Foundation or Charity’) present their Annual Report & Accounts for the financial year ended 30 April 2025, in accordance with the Companies Act 2006. The Accounts have been prepared in accordance with the accounting policies set out in Note 1 of the Accounts and comply with the Charity’s governing document, applicable law, and the Statement of Recommended Practice, ‘Accounting and Reporting by Charities’, 2019. The Trustees’ Annual Report has been prepared in accordance with the guidelines set out by the Charity Commission in the Charities Statement of Recommended Practice (SORP) and the Charity Governance Code. ## Structure of Company and Governing Document The Watches of Switzerland Group Foundation is a company limited by guarantee, without share capital and governed by its Memorandum and Articles of Association dated 7 October 2020, as amended by a Board Resolution 27 October 2021. The Company was registered as a charity on 22 November 2021. The Objects of the Foundation are set out in this report. ## Organisation The Trustees have delegated the following responsibilities to employees of the Group, for which no charge has been incurred by the Foundation in connection with services provided: - research and investigate charitable causes and organisations, with the goal of identifying opportunities that align with the Foundation's mission/vision - liaising with grant applicants and monitoring the performance of grants to ensure that the Foundation's funding is being directed towards areas with demonstrated gaps and opportunities - maintaining the Foundation's records and information systems; - acting as the main point of contact for the Foundation for all stakeholders; and Page 5 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025** - managing the financial affairs of the Foundation The Trustees who served during FY25 and to the date of this Report were: Brian Duffy Ruth Benford David Gandy John Hannah Terence Parris Johnathan Joseph ## Recruitment and Appointment of Trustees The appointment of trustees is governed by the Articles of Association and the Memorandum of Understanding between the Foundation, the Watches of Switzerland Company Limited and the Watches of Switzerland Group PLC, under which new trustees may be appointed by the existing trustees. There must at all times be a minimum of three trustees, the majority of whom must be independent. None of the Trustees are remunerated in respect of their services as a trustee. All Trustees are appointed based on their experience, skills and empathy with the Foundation’s vision. ## Trustee Induction and Training The Trustees of the Foundation are provided with further guidance and training notes as required and are reminded of their responsibilities as Trustees as appropriate. Trustees have all received training since the Foundation received charitable status in 2021. They are reminded of their responsibilities regularly with support from the company secretary. The Trustee Board works to ensure compliance with its legal duties to: - (i) Act in the interests of the Foundation and its beneficiaries. - (ii) Protect and safeguard the assets of the Foundation. - (iii) Act with reasonable care and skill. - (iv) Ensure the Foundation is accountable. In addition, the Trustee Board: - (i) Manages any conflicts of interest, as appropriate - (ii) Review the financial position of the Foundation at each meeting - (iii) Take appropriate advice, from third parties, when it needs to. ## Risk Management At each meeting the Trustees review the financial position of the Foundation taking into consideration the closing bank balance. The Foundation relies on key financial controls of WOSG PLC as described in the Annual Report and Accounts 2024 which can be found on the Group’s corporate website www.thewosgroup.com. The Foundation is a grant-maker, which also reduces the overall level of risk. The Trustees believe that the key risk facing the Foundation is that WOSG PLC ceases to donate any further funds to the Foundation. Page 6 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025** ## Fundraising Statement During the year the Foundation did not undertake any public fundraising activity, nor does it employ commercial third parties to undertake fundraising on their behalf. ## Grant Making and Grant Making Policy The Trustees only award grants to registered charities. This year the Foundation reviewed and updated its Grant Making Policy to streamline due diligence. To be eligible for funding from the Foundation, organisations applying for funding must meet the following criteria: - Be a registered charity in England, Wales or Scotland. - Pass the Foundation’s due diligence (Charity Commission's ‘know your partner’ guide) - Demonstrate alignment with the Purpose and objects of the Foundation, supporting the advancement of at least one or more of our purposes. - Comply with all legal and ethical requirements related to the proposed project - By serving communities local to those served by the Watches of Switzerland Group In addition to the above, it is preferred that the proposals submitted by organisations meet the below criteria: - Ask for no more than 16% of unrestricted funds. This is in relation to the overall financial ask. - • Offer opportunities for colleague engagement. By adhering to these principles and procedures, The Foundation aims to maximise the positive impact of its grant funding on the communities and causes supported. During the year no grants were made to charities that were not registered. The Grant Making policy was put in place during FY24. The only exception to this, is the donation to the US Foundation. ## Funding priorities The Foundation's grant-making is focused on supporting communities and colleagues in locations within which The Group operates. In considering requests for support, the Foundation considers projects that: - are managed competently, with clear accountability, cost effectiveness, strong leadership and creativity; - provide measurable impact - are located in a community where Group colleagues live and work; and - have the potential to offer volunteering opportunities for the Watches of Switzerland Group colleagues. The Foundation aims to make grants to recipients where long-term strategic partnerships can be developed and grants can be focused on specific projects which the Trustees believe will ensure sustainability of activities. Grant partners provide feedback and updates to the Trustees. Once grants have been made, where possible, Group colleagues are encouraged to participate in volunteer opportunities with the charities. The Group supports this volunteering through a range of programmes and policies which are designed to leverage the impact of grants made by the Foundation. Trustees will not consider grants to projects that discriminate on the basis of race, gender, religion, disability or sexual orientation. The Foundation operates independently from the Group. To ensure that they act lawfully at all times, the Trustees are encouraged to take advice from the Secretary of the Foundation, when appropriate. As the Page 7 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025** Foundation has no employees, work is carried out by Group colleagues, referred to as Foundation Volunteers. This staff time is donated by the Group and has been recognised as a donation in kind in the Financial. The Foundation complies with all relevant laws regarding charitable donations and charity beneficiaries in all countries where it is active. ## Related parties In order to support the Watches of Switzerland Group PLC’s (WOSG PLC) standing, as a responsible company listed on the London Stock Exchange, the strong philanthropic legacy of the luxury watch industry and the Group’s increasing focus on its ESG agenda, The Watches of Switzerland Group Foundation was established. The Watches of Switzerland Company Limited (the “Company”) is the UK trading entity of the Group. The Company has entered into a trademark licence agreement with the Foundation, pursuant to which the Company has granted the Foundation the right to use the Watches of Switzerland brand. All donations, volunteer and management services are provided to the Foundation through the Company. Both the Company and The WOSG Group PLC are parties, with the Foundation, to a Memorandum of Understanding (“MOU”) which details these arrangement and outlines their contractual relationship. Currently the Foundation donates money to the US Foundation – the donation is made for onward distribution to chosen US charities. There is a MOU between the Foundation and the US Foundation which defines the contractual relationship and ongoing commitments. ## Financial Review A summary of the FY25 results can be found on page 14 of this report and financial statements. During the year ended 30 April 2025, total income amounted to £0.8million from WOSG PLC. The Trustees committed to grants of £1.4million to various charities during the year. This includes a £0.5million donation to the US Foundation. The Foundation incurred costs of £0.1million. This resulted in a net expenditure and movement in funds for the year of £0.7million. The balance sheet shows total funds of £1.7million. The financial activities of the Foundation for the year under review and the financial position at the Balance Sheet date are set out in the Accounts. The Statement of Financial Activities (SOFA) is set out at page 14. The Trustees are satisfied with the financial position of the Foundation. ## Reserves Policy The Trustees have decided that holding reserves is unnecessary due to the Foundation having no day-to-day administration expenses or long-term commitments. As such no Reserve Policy is thought to be appropriate at present. ## Going Concern The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements. As the Foundation has net assets and expects this to continue for a minimum of 12 months from the date of signing the accounts the Trustees of the Foundation have concluded there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Foundation to continue as a going concern. Page 8 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025** ## **DECLARATIONS** The Trustees (who are also Directors of the company The Watches of Switzerland Group Foundation for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true 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: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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. ## Disclosure of Information to Auditor Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that: - so far as that Trustee is aware, there is no relevant audit information of which the charitable company's auditors are unaware, and - that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information. Approved by order of the members of the board of Trustees and signed on their behalf by: **Hugh Brian Duffy** Chair of Trustees > Date: 13 January 2026 Page 9 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **Opinion** We have audited the financial statements of The Watches of Switzerland Group Foundation (the 'charity') for the year ended 30 April 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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: - give a true and fair view of the state of the charitable company's affairs as at 30 April 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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. Page 10 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE WATCHES OF SWITZERLAND GROUP FOUNDATION (CONTINUED)** ## **Other information** The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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. ## **Opinion on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements. - the Trustees' report has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of Trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report. Page 11 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE WATCHES OF SWITZERLAND GROUP FOUNDATION (CONTINUED)** ## **Responsibilities of trustees** As explained more fully in the trustees' responsibilities statement, 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. ## **Auditor's responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks within which the Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Company for fraud. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: the override of controls by management, including posting of unusual journals. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and income transactions and review of accounting estimates for biases. Page 12 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE WATCHES OF SWITZERLAND GROUP FOUNDATION (CONTINUED)** 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 part of our auditor's report. ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed. ## **Helen Blundell LLB FCA FCIE DChA (Senior statutory auditor)** for and on behalf of **Crowe U.K. LLP** Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Date: 22 January 2026 Page 13 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 APRIL 2025** |**Note**
**Income from:**
Donations
3
**Total income**
**Expenditure on:**
Charitable activities
4
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2025**
**£**
**828,092**
**828,092**
**1,502,027**
**1,502,027**
**(673,935)**
**2,424,943**
**(673,935)**
**1,751,008**|**Total**
**funds**
**2025**
**£**
**828,092**
**828,092**
**1,502,027**
**1,502,027**
**(673,935)**
**2,424,943**
**(673,935)**
**1,751,008**|_Total_
_funds_
_2024_
_£_
_1,515,044_
_1,515,044_
_2,041,911_
_2,041,911_
_(526,867)_
_2,951,810_
_(526,867)_
_2,424,943_| |---|---|---|---| The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 17 to 26 form part of these financial statements. Page 14 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee) REGISTERED NUMBER: 12935802** **BALANCE SHEET AS AT 30 APRIL 2025** |**Note**
**Current assets**
Debtors
9
Cash at bank and in hand
**Current liabilities**
Accruals and deferred income
10
**Net current assets**
**Total net assets**
**Charity funds**
Unrestricted funds
11
**Total funds**|**896,706**
**938,776**
**1,835,482**
**(84,474)**|**2025**
**£**
**1,751,008**
**1,751,008**
**1,751,008**
**1,751,008**|_1,525_
_2,529,187_
_2,530,712_
_(105,769)_|_2024_
_£_
_2,424,943_| |---|---|---|---|---| |||||| |||||_2,424,943_| |||||_2,424,943_| |||||| |||||_2,424,943_| The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: **Hugh Brian Duffy** Chair of Trustees Date: 13 January 2026 The notes on pages 17 to 26 form part of these financial statements. Page 15 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2025** |**Note**
**Cash flows from operating activities**
Net cash used in operating activities
13
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
14
The notes on pages 17 to 26 form part of these financial statements.|**2025**
**£**
**(1,590,411)**
**(1,590,411)**
**2,529,187**
**938,776**|_2024_
_£_
_(439,871)_
**(439,871)**
_2,969,058_
_2,529,187_| |---|---|---| Page 16 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025** ## **1. General information** The Watches of Switzerland Group Foundation is a Company limited by guarantee (registered number: 12935802) which is registered in England and Wales. It registered as a charity on 22 November 2021 and its charity registration number is 1196714. The registered office is Aurum House, 2 Elland Road, Braunstone, Leicester, LE3 1TT. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Watches of Switzerland Group Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2.2 Going concern** The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements. As the Foundation has net assets and expects this to continue for a minimum of 12 months from the date of signing the accounts the Trustees of the Foundation have concluded there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Foundation to continue as a going concern. ## **2.3 Gifts in Kind** Donated staff time is recognised on the basis of the value of the gift to the charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. ## **2.4 Income** All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Page 17 **THE WATCHES OF SWITZERLAND GROUP FOUNDATION (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025** ## **2. Accounting policies (continued)** ## **2.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. ## **2.6 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **2.7 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **2.8 Liabilities and provisions** Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. ## **2.9 Financial instruments** The charity only has financial assets and financial 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. Page 18 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025** ## **2. Accounting policies (continued)** ## **2.10 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. ## **3. Income from donations** |Donations
Donation in kind
Donations
Donation in kind|**Unrestricted**
**funds**
**2025**
**£**
811,777
16,315
828,092
_Unrestricted_
_funds_
_2024_
_£_
_1,500,000_
_15,044_
_1,515,044_|**Total**
**funds**
**2025**
**£**
**811,777**
**16,315**
**828,092**
_Total_
_funds_
_2024_
_£_
_1,500,000_
_15,044_
_1,515,044_| |---|---|---| Page 19 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025** ## **4. Analysis of expenditure by activities** |Charitable activities
Charitable activities|**Activities**
**undertaken**
**directly**
**2025**
**£**
16,315
_Activities_
_undertaken_
_directly_
_2024_
_£_
_15,044_|**Grant**
**funding of**
**activities**
**2025**
**£**
1,415,238
_Grant_
_funding of_
_activities_
_2024_
_£_
_1,950,987_|**Support**
**costs**
**2025**
**£**
70,474
_Support_
_costs_
_2024_
_£_
_75,880_|**Total**
**funds**
**2025**
**£**
**1,502,027**| |---|---|---|---|---| |||||_Total_
_funds_
_2024_
_£_
_2,041,911_| ## **Analysis of support costs** |Insurance and other support costs
Auditor Fees and Accounts Preparation
Insurance and other support costs
Auditor Fees and Accounts Preparation|**Activities**
**2025**
**£**
56,974
13,500
70,474
_Activities_
_2024_
_£_
_64,180_
_11,700_
_75,880_|**Total**
**funds**
**2025**
**£**
**56,974**
**13,500**| |---|---|---| |||**70,474**| |||_Total_
_funds_
_2024_
_£_
_64,180_
_11,700_| |||_75,880_| Page 20 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025** ## **5. Analysis of grants** |Grant making
Grant making|**Grants to**
**Institutions**
**2025**
**£**
1,415,238
_Grants to_
_Institutions_
_2024_
_£_
_1,950,987_|**Total**
**funds**
**2025**
**£**
**1,415,238**| |---|---|---| |||_Total_
_funds_
_2024_
_£_
_1,950,987_| Page 21 **(A company limited by guarantee)** ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025** ## **5. Analysis of grants (continued)** ## **Grants were made to the following charities:** |Food Banks
Crisis UK
Watches of Switzerland Group US Foundation
The King's Trust
The Trussell Trust
The Christie Charity
Refugee Action Kingston
British Red Cross
The Fuel Bank Foundation
Leicester & Leicester Cares
Newcastle
Glasgow
Euston
Birmingham
Cardiff
Edinburgh
Kingston
Bristol
Team Domenica
Melanoma UK|**2025**
**£**
**25,000**
**165,646**
**503,592**
**310,000**
**8,000**
**-**
**-**
**-**
**50,000**
**55,000**
**50,000**
**23,000**
**25,000**
**25,000**
**25,000**
**25,000**
**25,000**
**25,000**
**50,000**
**25,000**
**1,415,238**|_2024_
_£_
_353,000_
_125,000_
_795,487_
_572,500_
_50,000_
_10,000_
_25,000_
_20,000_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_| |---|---|---| |||| |||_1,950,987_| ## **6. Auditor's remuneration** The auditor's remuneration amounts to an auditor fee of £11,400 _(2024_ - _£9,900)_ , and the preparation of financial statements of £2,100 _(2024 - £1,800)_ . Page 22 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025** ## **7. Staff costs** During the year support was provided by Watches of Switzerland Group PLC. The cost of this has been calculated at £71,037 _(2024 - £70,166)._ £54,722 _(2024 - £60,666)_ was recharged to Watches of Switzerland Group plc and £16,315 _(2024 - £9,500)_ has been recognised as a donation in kind. The key management personnel of the charity comprise Trustees and the Senior Management Team. No employee benefits were paid to key management personnel directly through The Watches of Switzerland Group Foundation. However of the support noted above £54,722 _(2024 - £60,666)_ related to services provided by key management personnel. There was no individual earning over £60K in 2025 or 2024. ## **8. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2024 - £NIL)_ . During the year ended 30 April 2025, no Trustee expenses have been incurred _(2024 - £NIL)_ . ## **9. Debtors** |**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income|**2025**
**£**
**810,000**
**85,000**
**1,706**
**896,706**|_2024_
_£_
_-_
_-_
_1,525_| |---|---|---| |||| |||_1,525_| ## **10. Creditors: Amounts falling due within one year** ||**2025**|_2024_| |---|---|---| ||**£**|_£_| |Accruals|**84,474**|_105,769_| Page 23 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025** |**11.**
**Statement of funds**
**Statement of funds - current year**
**Balance at 1**
**May 2024**
**£**
**Unrestricted funds**
General funds - all funds
**2,424,943**
**Statement of funds - prior year**
_Balance at_
_1 May 2023_
_£_
**Unrestricted funds**
General Funds - all funds
_2,951,810_
**12.**
**Analysis of net assets between funds**
**Analysis of net assets between funds - current year**
Current assets
Creditors due within one year
**Total**|**Income**
**£**
**828,092**
_Income_
_£_
_1,515,044_|**Expenditure**
**£**
**Balance at**
**30 April**
**2025**
**£**
**(1,502,027)**
**1,751,008**
_Expenditure_
_£_
_Balance at_
_30 April 2024_
_£_
_(2,041,911)_
_2,424,943_
**Unrestricted**
**funds**
**2025**
**Total**
**funds**
**2025**
**£**
**£**
1,835,482
**1,835,482**
(84,474)
**(84,474)**
1,751,008
**1,751,008**| |---|---|---| Page 24 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025** ## **12. Analysis of net assets between funds (continued)** ## **Analysis of net assets between funds - prior year** |Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2024_
_£_
_2,530,712_
_(105,769)_
_2,424,943_|_Total_
_funds_
_2024_
_£_
_2,530,712_
_(105,769)_
_2,424,943_| |---|---|---| ## **13. Reconciliation of net movement in funds to net cash flow from operating activities** |Net expenditure for the year (as per Statement of Financial Activities)
Increase/(decrease) in creditors
Increase in debtors
**Net cash used in operating activities**
**Analysis of cash and cash equivalents**
Cash in hand|**2025**
**£**
**(673,935)**
**(21,295)**
**(895,181)**
**(1,590,411)**
**2025**
**£**
**938,776**|_2024_
_£_
_(526,867)_
_88,521_
_(1,525)_
_(439,871)_
_2024_
_£_
_2,529,187_| |---|---|---| ## **14. Analysis of cash and cash equivalents** Page 25 ## **THE WATCHES OF SWITZERLAND GROUP FOUNDATION** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025** ## **15. Analysis of changes in net debt** |Cash at bank and in hand|**At 1 May**
**2024**
**£**
**2,529,187**
**2,529,187**|**Cash flows**
**£**
**(1,590,411)**
**(1,590,411)**|**At 30 April**
**2025**
**£**
**938,776**| |---|---|---|---| ||||**938,776**| ## **16. Related party transactions** During the year, Watches of Switzerland Company Limited commited donations totalling £811,777 _(2024 - £1,500,000)_ . Trustee Brian Duffy is also a Director of the Company. At the year end debtors of £895,000 _(2024 - £Nil)_ were due from the Watches of Switzerland Company Limited. The charity benefits from certain staff time and rent donated by Watches of Switzerland Group plc of which the Trustee Brian Duffy is a director. During the year staff time and rent totalling £16,315 _(2024 - £15,044)_ was donated to the charity. During the year, staff time totalling £54,722 _(2024 - £72,864)_ was recharged from Watches of Switzerland Group plc of which Trustee Brian Duffy is a director. At the year end there are no amounts owed to Watches of Switzerland Group PLC. During the year, the Foundation made grants totalling £503,592 _(2024 - £795,487)_ to the The Watches of Switzerland Group US Foundation. Page 26