| Registered Charity Name: | The LondonMarathonCharitableTrust |
|---|---|
| (acompanylimitedbyguarantee) | |
| CharityNo: | 283813 |
| CompanyNo: | 01550741 |
| President: | SirJohnSpurlingKCVO |
| Trustees: | John Austin |
| Dawn AustwickOBE(Vice-Chair) | |
| Councillor MeteCobanMBE(appointed17April 2023) | |
| TerryDuddy | |
| Councillor Richard Henry | |
| CharlesJohnston | |
| LeeMason | |
| Gillian McKay(resigned23January2023) | |
| SamOrdeOBE | |
| Alan PascoeMBE | |
| Yogesh Patel (appointed17April 2023) | |
| Councillor Robert Rigby | |
| Clare Shepherd | |
| John Tennent(appointed17April 2023) | |
| SirRodney WalkerKB(Chair) | |
| Principal Office: | 190GreatDover Street |
| London | |
| SEl4YB |
| CONTENTS | Page |
|---|---|
| Introduction | 05 |
| Chair'sStatement | 06 |
| Trustees'AnnualReport | 10 |
| TheLondonMarathonCharitableTrust's | 16 |
| StrategyforFinancialPeriod 2022-2025 | |
| GovernanceandManagementoftheLondon | 21 |
| MarathonCharitableTrust | |
| StrategicReport | 28 |
| IndependentAuditor'sReport | 33 |
| ConsolidatedStatementof | 37 |
| FinancialActivities | |
| CharityStatementofFinancialActivities | 39 |
| ConsolidatedBalanceSheet | 40 |
| CharityBalanceSheet | 42 |
| ConsolidatedBalanceSheetofCashFlows | 44 |
| NotestotheFinancialStatements | 45-71 |
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 London Marathon Events As The Trust's trading subsidiary, LME has the dual purpose of generating income for its parent charity and encouraging participation in physical activity. As such, LME is constantly working to grow and improve.. For more information about the work of LME, see page 24. Thanks As ever, none of The Trust's impact would be possible without the exceptional hard work of our grantees and funded partners, who ore improving health and wellbeing outcomes in big and small ways every day. We are indebted to all Trustees past and present for their commitment to the work of The TrusL and to delivering our charitable objectives. In 2022 we have again been ably supported by the Gronts Committee (GC), choired by Charles Johnston, and the Finance & Audit Committee (FAC), chaired by Gillian McKay. We olso extend our thanks to The Trust's President Sir John Spurling. The mass participation sporting evonts it organises The positive impacts generated by inspiring people. with a particular focus on children ond under-represented groups, to toke up sport and physical activity The amount ralsed lor ¢harltles The financial period sow an outstanding performance by LME as events went ahead with very limited Covid restrictions for the first time since 2019. However, much work was still needed to inspire people to return to mass participation events as the world emerged from the pandemic. The Trustees hod five full Board meetings ond had planned a joint strategy away day with the LME Board in October, but this was postponed until January 2023 due to train strikes. In addition, there were four meetings of the Grants Committee and four meetings of the Finance & Audit Committee (FAC), including o joint meeting with the LME FAC. LME put on its full calendar of running moss ond virtual events ar)d delivered the first edition of RideLondon since 2019. However, following the death of HM The Queen, the open water swimming event (Swim Serpentine) had to be cancelled. The Board has been helped greatly in its work by The Trust's staff team. During the year we said farewell to Megan Rix, Data & Insights Officer, after six years at The Trust, and welcomed Lacey Oliver as a part-time Governance officer. As a result of LME'S hard work in delivering these events, LME made its second highest ever annual prolit and £5,916,621 in corporate Gift Aid was generated for The Trust, to support its charitable purposes in the coming linonciol periods. We are extremely grateful to all members ol the LME Board for their hard work and dedication in 2022, which hos seen such positive results.. Non-Executive Directors Terry Duddy (Chair), Chi Evi-Parker (resigned in September 2022), Robin Geller (Choir of the LME Remunerotion Committee), Susan Goldsmith (Chair, LME FAC), Arun Kang OBE (Chair of the Nominations Committee), Damien Lane (Senior Independent Director), Alon Pascoe BE (Trustee Director), and Executive Directors Nick Bitel (CEO), Hugh Brasher (Event Director), Penny Dain (Marketing and Communications Director), stephen Dell (Finonce Director, resigned in August 2022) and David Adams as interim Finance Director (from July 2022). We are hugely grateful to LME for their work throughout 2022, and the impoct this will hove on our future grantmaking. At the end of the yeor, LME ocquired the ossets of the Brighton Marathon Weekend and associated events from the previous owners that had gone into administration and entered into o five-yeor licence with Brighton and Hove City Cour)cil to stage the event Irom 2023.
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Finally, we would also like to record our sincere thanks to all LME staff and the volunteers who support its events who, together, make a tangible difference to national participation in physical activity (see page 27 for more information). With The Trust's proven expertise in funding initiatives to widen porticipation in physical octivity and to dismantle the barriers to accessing physical activity, combined with LME'S extraordinory obility to orgonise world-closs moss and virtual events, our aim is to continue to deliver impacts far greater than the sum of our parts in the years to come. Thonks to our shared energy and commitment across the London Marathon Group to achieving transformative change, we end the year more resilient, more optimistic, and more committed than ever to inspire activity not only in our core areas but beyond. Sir Rodnoy Walker, Chair
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Trustees. Annual Report Th9 London Marathon Charitable Trust Limitgd (a company limited by guarantee and not having a share capital, number 01550741) was established in1981 and is a registered charity, number 283813. The Trust delivers against these objects through its grantmaking activity. {For more information on The Trust's grantmaking, see page11.) These accounts are the consolidated accounts for The TrusL and its subsidiary entity LME, for the financial period ended 31 December 2022. Delivering public beneflt The Trustees contirm the guidance contained ir) the Charity Commission's general advice on public benefit has been referred to when reviewing The Trust's aims ond objectives and in planning future activities and setting the grantmaking policy for the financial period. The Trust's obJe¢t$ The Trust's objects, as set out in its Articles of Association, are restricted to: "Promote participation in amateur sport and healthy physical recreation for the benefit of the inhabitonts of those cities or counties where LME (or such other subsidiaries of the charity from time to time) holds events, and in such other areas of the United Kingdom as the Trustees may from time to time decide, and in particular to provide, promote. improve or assist in providing, improving or promoting-. The Trust provides clear, identiliable benetits to the public through its mission to support initiatives that inspire octivity, enobling people to become and remain physically active regardless of age, gender, ability, race or background, and that challenge inequality of access to physical activity. The Trustees are pleased that the achievements ond performance of The Trust demonstrate tangibl8 results in these areas. The Trust ensures that as o condition of its grant agreements, all funded projects are to be accessible to and affordable for the public. a) Public focilities, amenities, equipment and services for healthy physical recreation and play. b) Facilities and services for recreational, sporting or other leisure-time occupation in the interests ol social welfare for the public at large, or those who by reason of their youth, oge, infirmity, disablement, finonciol hordship or social or economic circumstances have need of such facilities and services. Charity Governance Code Although it is not a legal or regulatory requirement, The Trust hos adopted the Charity Governance Code, updated in December 2020, and, in occordonce with the Code, provides brief detoils on how it applies its seven underlying principles. Organlsatlonal purpose: The Board is cleor about The Trust's Strategy, Objectives and charitable purposes and ensures that these ore being delivered effectively ond sustoinably. 2. Loadgrship: The Board provides strategic leadership in line with The Trust's Strategy and Volues and approved a new Funding Strategy in 2022 (see16 for further details). c) The improvement and preservation of good health and wellbeing through participation in spo¢ play ond heolthy physicol recreotion. d) Volunteering in sport and healthy recreation for the benefit of the community. e) Education and training of sports coaches and sports volunteers.
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 3. Integrily: The Board acts with integrity, adopting values and creoting o culture which helps achieve the organisation's charitable purposes. The Board is aware ol the importance of the public's confidence and trust in charities, and Trustees undertake their duties accordingly. 4. Decision-making. risk and control: The Board makes sure that its decision-moking processes are informed and timely and that effective delegation, control and risk ossessment ond monogement systems are set up and monitored. The Trust's Finance & The Trust's grantmaking during the Audit Committee (FAC) set up o Risk Subgroup financial period to oversee a reformatted Strategic Risk Each fi'nancial year, The Trust sets its funding Register, which was approved by the Board in budget based on the funds it received and December 2022 and will be monitored by the brought forward from the preceding period. FAC ond reported to the Boord. The Trust's primory source of income is corporote 5. Board gffectivengss: The Board works as Gift Aid from its wholly-owned subsidiary, LME. an effective team, using the appropriate balance of skills, experience, backgrounds and knowledge to make informed decisions. The Board commissioned the Compass Partnership to undertoke on independent Board Effectiveness Rgview (BER), which r8sulted in a number of key recommendations to improve and strengthen Board effectiveness - see P21 for further informotion. 6. Equality. diversity and inclusion: The During the financial period, The Trust approved Board's approach to diversity supports its 40 grants totalling £3,732,240. Net grantmaking effectiveness, leodership and decision-making. was £3,711,226, as grant amounts totalling £21,014 The BER Report referred to the fact that the were withdrawn during the linancial period (this Trustees recognised the need to diversify the compares to 33 grants totaling £1,434,466 in Boord ond oppointed o recruitment diversity 2021 ond net grontmaking of £819,776 os gront specialisL resulting in an open recruitment amounts totaling £614,690 were withdrawn). process for new Trustees that began in December 2022. 7. Openness and accountability. The Board leads the organisation in being transparent and occountoble. The Trust is open in its work and takes a strategic approach to communication and stakeholder engagement. Gift Aid was paid after the year end. In addition to Gift Aid, The Trust recgived donations from New Balance (who sponsors several ol LME'S events) of £300.000 (2021: £300,000) and other direct donations of £1,053 (2021.. £3,063). The Trust's total income this linancial year was £6,680,871 (2021.. £6,239,621), all of which will be used to support The Trust's charitable purposes in the coming financial periods. The Trust began the financial period with a brought-forward balance of £5,860,293 for funding and administration in 2022. Trustees agreed a budget of £8,794,993 for funding ond grantmaking, and an administration budget of £905,300 (with a lurther £2,115,000 of investment returns retained within reserves Facllliles Grants Throughout 2022, the Facilities Grants programme remained closed to new applicants as The Trust focused on supporting existing funded organisations to deliver the projects for which grants had been awarded and, if necessary. to enable grantees to modify projects to ensure the greatest possible impact was delivered. The Trust's in¢ome durrng the finon¢ial period The Trust received £5,916.621 in corporate Gift Aid from LME (2021.. £5,648,081). The tull amount of the
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Regular monitoring and engagement with funded might not otherwise have experienced. organisations allowed staff to identify additional Paul Crozier, Director ot the HCA charity, said.. support requirements among existing grantees, as -Th2 funding meant that our sports and physical well as where flexibility was required. This allowed activity programme continued with sports clubs funded orgonisations and projects to adapt for children and young people (gymnastics, and respond to new needs as part of their Covid martial arts, dance) and expanded to provide recovery strategies and alongside a challenging activities focused on wellbeing for body ond mind backdrop of rising inflation, the cost-of-living crisis, (particularly qi gong, tai chi, yoga). We're also and wider challenges affecting the sector. This home to new sports clubs including wrestling and approach was aligned with The Trust's adoption of LGBTQIA+ Martial Arts. the Institute for Voluntary Action Research (IVAR) Flexible Funders Commitment in April 2021. Active Communities Fund In 2022 The Trust continued developing its Active The Trust awarded £299,080 in grants to five Communities Fund (formerly Inspiring Activity existing funded organisations within its Facilities Programme). The Active Communities Fund is a Grants portfolio to help them to inspire activity ond place-based pilot programme providing smaller deliver their objectives in challenging times. grants aimed at inspiring activity within local communities. The fund is piloting support for grassroots organisations with strong relationships and standing within target communities to inspire activity amongst those most excluded from leading active lives. In this linancial period, The Trust focused on building relationships and awarding grants in the London Boroughs of Barking ond Dagenham, Newhom ond Tower Hamlets, awarding £491,940 in grants to 21 projgcts in 2022. staff and the Grants Committee (GC) reviewed proposals for additional funding on a regular basis and introduced a more Ilexible and responsive decision-making process. whereby the GC could approve grants of up to £50,000 via email rather than waiting for quarterly meetings. Th8s8 grants included £33,080 to The Laburnum Boat Club in Hackney towards the staffing costs of their Senior Youth Worker and Senior Paddlesport Instructor so the club could deliver adapted activities after the pandemic and £20,000 to Holborn Community Association (HCA) towards a new Movement Manager post, focusing on a broad programme of physical activities, developing sustainable partnerships and income models ond lioising with portners ond community stakeholders. rthd C2SWO Beth Ettinger, the Deputy Club Coordinotor, said.. "Thanks to this funding, wg've been able to mget the extra demand and needs of young people Active Spaces Fund as we emerged from the pandemic. Our Senior In August 2022, the Trust soft-launched its new Youth Worker could meet young people, one- Active Spaces Fund, making it The Trust's lirst to-one and in small groups, addressing mental open fund since April 2020. The Active Spaces health, conlidence and isolation issues that hod Fund is the evolution of The Trust's Facilities orisen over lockdown, ond our Senior Paddlesport Grant programme and is designed to provide Instructor took more young people into the both capital and revenue grants to London- outdoors, participating in a range of activities they based projects that will improve and activate 12-
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 spaces, places and facilities that will help the least active children, young people, marginalised groups and communities to lead active lives. Nine grants totalling £391,220 were awarded to eight organisations through the initial soft launch. The fund launched irh full in October 2022. team was actively identifying future strategic investments for its post-covid pipeline. In 2022, Th9 Trust awarded on9 Strategi Partnership grant to Sported, which received £50,000 towards a Participatory Grantmaking Pilot Fund. The project brings together a collaborative panel of individuals with understanding and lived experience of working in and with Black communities, who will drive and shape the fund's grantmaking decisions, awarding grants to other Black-led and Black-centered community organisations across London $0 that they can enable the communities they serve to lead active lives. The learnings and insights from the fund will actively help The Trust to evolve its own future approach to participatory funding and to understand the unique challenges faced by Black communities. stratggic Partnerships Programme Since 2017, The Trust has provided support for UK-wide strategic partners whose work supports ambitious ideas to address inequality of access to participation in physical activity through a combinotion of revenue ond capitol funding. Active E880x and Active Essex Foundation In 2022, Essex became one of The Trust's core funding areas, following the partnership between RideLondon. the world's greatest festival of cycling organised by London Marathon Events, and Essex County Council. The Strategic Partnerships Programme targets support for children and young people, as well as those who ore less likely to participate in physical activity such as people from low-income communities, ethnically diverse communities, older individuals, women and girls, and peoplg with disabilities. Strategic Partnerships funding opportunities are solicited by The Trust, identified through its extensive networks ond expressions of interest, and developed collaboratively. yrammelrkntocrodtt,ActhEssex) The Trust partnered with Active Essex and the Active Essex Foundation to ensure The Trust's funding was directed to those oreas ond communitlgs whgre it would have the greatest impact. In March 2022, Trustees approved funding totolling £1 million to Active Essex ond the Active Essex Foundation for work to inspire activity across Essex in 2022-23. During 2022, the progromme focused on ider)tifying existing Stratggic Partnerships where extra funding could scale up their inspirational work. Stoff identified funding opportunities through detailed discussions with Strategic Partnership organisations about the impact of their work and the developing needs of their target oudiences. Strotegic Portnership organisations submitted proposals for additional funding for approval by the GC. This work also ensured that the staff
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 The agreed focus of the funding partnership was.. Go! London Fund An inclusive small grants programme for community projects across the Essex County Council administrative areo, Southend and Thurrock; Scaling up of the Essex Pedal Power Cycling Programme (including new operations in Basildon, Colchester and Harwich); Planning and delivery of active travel and cycling initiatives in schools-, Inclusive community cycling and wheeled sports initiotives ond events- Core support for the Active Essex Foundation to increase the charity's capacity to inspire activity across Essex and become a more mature and sustainable charity by 2025. GOIIONDON MAYoiaF LONDtIN CHAMOIMO THE uvts OF Youmo ptOPLE Through this major new strotegic partnership, The Trust has been able to create even more opportunities for people across the county to participate in physical activity to support health and wellbeing. As of March 2023, (outside of reporting period) the funding has enabled the following= In July 2022, the Trustees approved The Trust's investment in London's biggest ever community sports fund to improve the lives of underserved and vulnerable young Londoners- especially those facing physical, social, economic or educotionol ¢hollenges- to occess and enjoy sport and physical activity. The Gol London Fund was established as part of a groundbreaking new funding partnership between The Trust, the Mayor of London and sport England with strategic guidance from London Marathon Events and London Sport. 179 granls have been awarded across Essex through the Find Your Active small grants programme supporting more than 30 different activities - from cycling to trampolining. 530 free bikes have been given out in Clacton and Jaywick through The Trust's funding of Essex Pedal Power with plans to give a further 1.900 bikes across Colchester. Harwich & Dover¢ourt and Bo$ildon. 31 schools have been supported to implement active travel initiatives through The Trust's schools funding focusing on increasing octive travel opportunities. Initiativgs range from installing bike and scooter sheds to Bikeability training for the whole fomily. 70 schools are also being supported to develop an Active Travel plan for pupils and their families to create more active travel opportunities The Trust awarded a grant of £1.5 million towards the first year of the Fund, which will be delivered in 2023. The Trust and Sport England each made an indicative commitment to a £7.5 million investment, and the Mayor of London to a £4.5 million investmenL towards the five-year fund, with a view to leveraging additional invgStm9nt based upon research, evaluation, and learning throughout the programme. The Trust steered the strategic direction ond implementation of the Fund through representation, voting rights and ability to veto at the highest level of the Fund's governance structure. 14-
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 The Fund has the following key objectives.. This forms part of The Trust's work under its Sustainability Objective to drive positive change in environmental sustainability and embed sustainability considerations across all funding activity and partnerships. To help build a fairgr London by transforming the lives of underserved young Londoners, aged 4-24, through sport and physical activity,. To strengthen, diversify and enhance the sustainability of the capital's sport and physical activity sector so that it better meets the needs of underserved young Londoners,. To reduce the barriers and inequalities underserved young Londoners face in being octive and to help ensure they ore able to fullil their potential- The Fund was announced publicly by the Mayor of London on Friday 22 July at an event celebrating the tenth anniversary of the London 2012 Olympic and Paralympic Games and officiolly opened for opplicotions on 7 March 2023 (outside of this reporting period). Foundation Practice Raling In March 2022, The Foundation Proctice Rating (a project led by the Friends Provident Four)dation) published its assessment of gront-makers, performance on their approach to transparency, occountobility, ond diversity- The Foundotion Practice Rating assessed 100 Trusts and Foundations and every organisation was assigned o score of A, B, C or D for each pillar (with A being highest), plus an overall rating. The Trust was one of the orgonisations ossessed by the project and scored an overall rating of B, which was above average. The Trust was rated A for transparency (the average was B), B for accountability (the average was c) and C for diversity (the average was D). The Trust will use leornings from the ossessment to inform the development of its future funding plans and processes. London Marathon Group Innovation Fund In 2022, The Trust and London Marathon Events begon to assess the potential for a joint fund to pilot irnnovotive opprooches to inspiring octivity, with an emphasis on trying new ideas and embracing risk. Projects explored in 2022 include a Children's Physical Literacy pilot in partnership with Bradford University and Sport England. Funding Approach Funder Commitment on Climate Change In December 2022, the Trustees approved The Trust to become o signotory to the Funder Commitment on Climate Change. The Commitment is hosted by the Association of Charitable Foundations and octs as o holistic, high-level fromework supporting funders to play their part in tackling the causgs and impacts of climate change. In 2023, LMCT will formulate its approach to addressing the six pillors of the commitment.. educate and learn, commit resources, integrate, steward our investments, decarbonise operations and report on progress.
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 The London Marathon Charitable Trust's strategy for financial periods 2022-2025 Communities that are leost likely to lead active lives; Communities that experience discrimination and systemic oppression, contributing to higher levels of inactivity. The Trustees agreed to the following funding principles.. The Trust's funding will be focused on the London Marathon Group's strategi objectives. The Trust will continue to use a broad interpretation of 'physical activity,. The Trust will be flexible in its approach to funding, balancing openness with strategic work and will make explicit reference to remaining flexible and responsive to unforeseen circumstances that offect its target audiences. The Trust will focus on doing fewer things very well. In 2022, The Trust developed a revised funding plan, outcomes framework, funding principles and decision-making framework. Funding Plan In 2022, The Trust adopted a new funding plan for the period 2022 to 2025. The plan was shaped by The Trust's charitable objectives, vision, mission and values. The Trust's vision is a society in which everyone is physicolly active, contributing to their health and wellbeing. The Trust's mission is to inspire, encourage and champion participation and diversity in physical activity. The Trust's funding will focus on two key themes and outcome areas.. Outcome$ Framework In October 2022, The Trust introduced a new Outcomes Framework designed to.. Enable Th8 Trust to measure and demonstrate the impact of its funding and grantmaking under the new funding themes,. Identify what else The Trust may need to do to achieve its vision and mission and what r)ew programmes, approaches and grants might be needed to deliver this,. Communicate clearly what The Trust is working to ochieve ond the chonges The Trust expects to happen as a result of its funding. Children and Young People (cyp) Creating and enabling more opportunities for CYP with o focus on.. CYP that experience barriers in accessing sport and physical activity,. CYP least likely to lead active lives,. cyp that are not well served with opportunities to be active. The Trust aims to achieve theso Outcomes Ihrough multiplefunding and grantmaking me¢honi$m$: Existing portfolio Active Spaces Fund Active Communities Fund Partnerships Fund Participation placing diversity at the heart of The Trust's work by being inclusive and supporting morginolised groups and communities with o focus on: Communities that are not well served with opportunities to be active,.
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 THE TRUST'S PERFORMANCE AGAINST ITS OBJECTIVES FOR FINANCIAL YEAR ENDED 31 DECEMBER 2022 The Trustees and staff s9t specific opgrational and strategic objectives for 2022 to continue to drive achievement of The Trust's charitable objectives. The Trust's objectives continued to be aligned to the London Marathon Group Strategic FrameworK providing high-level guidance for the Group on who benelits from its worl what the Group will do, and where and how The Trust and LME will work together to create joint impact. Achlevements: The Trust reviewed and reimagined its funding offer, placing positive outcomes for children and young people at the heart of its vision for more active and healthy communities. The Trust launched the Activespaces Fund which provides fundir)g to improve and activate spaces, places and facilities in London that will help the least active children and young people to lead active and healthy lives. The Trust designed the Go! London community sportfund in collaboration with the Mayor of London, Sport Englond, LME and London sport, creating the biggest ever community sport investment in London. The multi-year fund will use the power of sport ond physical activity to transform the lives of young Londoners, focusing on underserved children and young people aged four years to 24 ond ot a higher risk of poverty, social exclusion and discrimination. Gol London includes £3 million worth of funding to support schools and local community organisations to develop losting partnerships and offers that meet the needs of children and young people. Young Londoners are shaping the strategic directior) of the fund and are involved in funding decisions. The Trust worked with Actlve Essex to support 70 schools across Essex to develop on Active Travel Plan for pupils and their families. 31 schools delivered active travel initiatives which increased opportunities for children and families, such as Bikeability training. The Trust worked with LME to develop a portnership with sport Englond ond the University of Bradford to develop a new physical literacy measurement tool entitled Funmoves. When scaled, the tool hos the potential to bring sigr)ificant improvements to the landscape of children's physical literacy ond fundamental movement skills from on early stage - the foundation blocks for children to go on to lead active, healthy lives. In 2022, The Trust supported the beginning of feasibility work which continues into 2023. Together, the Group will build on- LME'S strength in organising initiatives involving physical octivities for large numbers of people (in person and virtually) which have low barriers to entry (such as running, cycling, swimming and walking). The Trust's strength in supporting initiatives that widen access to physical activity that reach its priority audiences. Group Objectives Following the creotion of the Group strategic Framework in 2021, new Group Objectives to 2025 were agreed. The Group Objectives cover six key areas.. Children and Young People, Participation, Sustainability, Brand, People and Financial. These areas of focus continued throughout 2022. The Trust's Strategies and A¢tion$ The Trustees approved a new set of Strategies and Actions for The Trust in 2Q22, aligned to the Group strotegic Framework. These Strotegies ornd Actions cover the period of 2022-2025 and are themed under the Group Objectives as follows.. Children and Young Peoplo To establish u multi-yeor themotic approach to funding initiatives that invest in the physical octivity of children and young people at the intersections of greatest need in London ond beyond, with a focus on London Marathon boroughs and core areas. To work with LME to inspire and champion physical activity in schools. 17-
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Partlclpatlon Actlvlty Fund aims to address the huge inequalities faced by Black-led grassroots groups and organisations in accessing funding to deliver physical activity and sport to their communities. Early learning from the pilot includes the various benefits of involving target audience organisotions in the design ol the application processes and improving accessibility by being flexible on the method of application. The Trust will use the learning from this to embed participatory approaches and diversity. equity and inclusion considerations more effectively across The Trust's funding ond grantmaking. The Trust's strategic funding partnership with the Black Swlmmlng Assoclatlon (BSA) has enabled the organisation to build its infrastructure and capacity through the appointment of four key staff roles. In 2022, this has resulted in the delivery of The Blue Hour and Together We Can programmes in the borough of Hackney and the analysis of two research pieces targeted at understanding the barriers to aquatic participation. The BSA won the National Lottery Project of the Year for 2022. Through Levelling the Playing Field, The Trust's strategic funding partnership with Alllance ot Sport In Crlmlnal Justlce, more thon 1,500 children and young people have engaged in sports ond physical activity sessions between 2020 and 2022, preventing them from becoming involved in the Criminal Justice System. To date, 95 per cent of participants have been from ethnically diverse bockgrounds. To establish a multi-year thematic approach to funding initiatives that place allyship with marginalised groups and communities at the heart of The Trust's funding vision, ensuring funding meets the needs of o diverse range of beneficiaries in London and beyond. To co-create with LME initiatives that inspire and champion octivity for people across all demographics. A¢hlevements: The Trust reviewed and reimagined its funding offer, placing positive outcomes for marginalised groups and communities at the heart of its vision for more active and healthy communities. The Trust launched the ActlveSpace$ Fund which provides funding to improve and activate spaces, places and lacilities in London that will help marginolised groups and communities to lead active and healthy lives. The Trust designed the Go! London fund, a multi-year fund thot will use the power of sport and physical activity to transform the lives of young Londoners, focusing on underserved children and young people aged four years to 24 who are at a higher risk of poverty, social exclusion and discrimination. Go! London includes £1.5 million of funding to improve access to walking, running and cycling for a more diverse range of children and young people. 90 per cent of orgonisotions funded to dote through the Active Communities Fund have never received funding from The Trust before. This demonstrates the success of this fund in reachin9 grassroots orgar)isations with closer connections and deeper relationships within diverse communities. The Trust partnered with Sported, the Mayor of London. Sport Englond, London Sport, City Bridge Trust and The Sociol Chonge Agency on o participatory grant-moking pilot in London. The Black Communily Sport and Physical IB-
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Sustainability Marathon Events, visual identity. The purpose was to bring together the brand identities of Thg Trust and London Marathon Events, creating more awareness of the relationship between the two organisations for both internal and external audiences. In December 2022, the Trustees approved a new working name of the London Marathon Foundation as part of the rebrondir)g planned for 2023, which was designed to extend The Trust's funding reach and impact. Included within this rebrand will be the launch of a new London Marathon Foundation website. Following a comprehensive benchmarking of roles at the start of 2021 The Trust's staff team was restructured to reflect its new funding plan and thematic approach and its Strategies and Actions. This saw the creotion of a new Heod ol Funding role to lead the Funding Team, consisting of a Strategy and Impact Manager, two Funding Managers (managing the Children and Your)g People and Porticipation portfolio respectively), a Data and Insights Officer ond a Funding Team Administrator. The Trust also created the role of Communications and Engagement Manager and enhanced the capacity of the governance team by creating a Governance Officer role. The stalf were involved throughout the year in the creation of new Group values. To drive positive changg in environm9ntal sustainability through The Trust's actions and inspire partners and stakeholders to do the same. To embed sustainability considerations across all funding activity and partnerships. Achievements: All applicants, grantees and strategic partners ore routinely osked about what oction they are taking to embed social, economic and environmental sustainability across their work. The Trust has developed a set of outcome measures which will be used to monitor, evaluate and assess how all funded orgonisotions, projects and partnerships are delivering social, ecor)omic and environmental sustainability. The Trust has completed all preparatory work and planning to become a signatory to the Funder Commitment on Climate Change in early 2023. This will see The Trust ploy its port as a funder in tackling the causes and impacts of the climate crisis through committing to six vital actions.. to educate and learn,. commit resources,. integrate,. steward our investments to a post-carbon future- decarbonise its operations,. and report on its progress. The Trust has completed all preparatory work ond planning to become an accredited Living Wage Employer and Funder in early 2023. MONITORING THE TRUST'S IMPACT All grantees are asked to show clearly how their projects will olign with The Trust's objective of inspiring activity. This is monitored through regular reporting, enabling the Trustees and stafl to retain uppropriote oversight. Brand. People and Financial To be recognised os a high-performing, impactful and innovatlvg funder, whosg impact contributes directly to the recognition and stonding of the London Morathon Group brand, and to the Group's objective to be a'Great place to Work.. At the time of grant award, grantees work with stoff to develop a project delivery plan, which includes the establishment of intended outcomes they will aim to achieve through the funded project and o number of KPIS linked to a payment schedule. This helps.. A¢hiovomont$: In September 2022, a new logo was launched that was more visually aligned to London
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 oryanlsatlons to plan. explaln and MONITORING THE TRUST'S SYSTEMS demonstrate the impact ol their work: AND PROCESSES The Trust and grantees to monltor progres$ The Trust's work with evaluation partner Wovehill ofthework: was completed in 2022, providing a strong TheTrustand grantees to learn and foundation for improving The Trust's approach respond to any issues arlslng." to monitoring, evaluation, learning and impact TheTru$tand grantee$ to plan thelr assessment. cashflow. As part ol this work, in 2022 The Trust developed a new Outcomes Framework which will guide the strategic direction of its grantmaking and partnerships over the next few years. At the end of the project, the grantee provides information on how well the planned outcomes were met. as well as any evidence of the total impoct of the gront to date. This is then reviewed by Trustees and staff. This will include the establishment of indicators that can be used to understand outcomes, outputs and the impact of The Trust's funding, os well as methods for collecting and analysing data. The initial outcomes may not have been met, but the work moy still have generated impact in other ways. The Trustees note that there are several challenges thot arise from focusing on outcomes.. By undertaking this work, The Trust will be able to embed simple, consistent and effective monitoring and evaluation throughout the lifecycle of its funding and grants and create o better understanding of the impact of the work it funds. As many of The Trust's grants ore for capital costs, and The Trust is likely to be one of many funders, grantees need to be encouraged to list and report against outcomes that can be more directly ottributoble to The Trust's grant. In some cases, with larg8 multifaceted projects, this can be challenging. If an organisation is learning from its worl it is likely that its outcomes will change over the course of a grant. Setting outcomes is a delicate balance that is hard to get right. While staff work with granteos to establish outcomes, sometimes the ones set are too simple or too ambitious. Transparency and accesslblllty The Trust seeks continually to improve its transparency and accessibility. With the reopening of grant programmes in 2022, staff obtained and reviewed feedback on the onlir)e application process, aiming to make the process more user-friendly, and reducing the amount of time organisations spend applying for funding by only asking for required information. The 2022 Foundation Proctice Roting assessed foundation practice in relation to transparency based on the tollowing question.. does a potential grantee hove occess to the information thot it needs to be able to contact the foundation and decide whether to apply for funding in advance of any grant applicotion. Organisotions were given a score of A B, C or D for their transparency (with A being highest). The Trust scored A for tronsparency (the average was B), demonstrating the Trustees, and staff's commitment. The Trust is committed to continual improvement and seeks to learn lessons from the information it receives from opplicants, grontees, strotegic partners, other stakgholders, and the wider sector. The Trustees and staff wish to demonstrate and maximise the impact of grants and, in order to achieve this. The Trust will be rolling out a new monitoring, evoluotion and learning framework in 2023. -20-
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Governance and Management of The London Marathon Charitable Trust Members Board ol Trustees The Board composition in 2022 comprised up to15 Trustees- eight Nominated Trustees nominated by its Member Organisations, six independent Trustees, and the Chair of the LME Board. The Board is responsible for the conduct of The Trust, its governance and operations, from setting strategic direction to monitoring The Trust's performance ogainst objectives, os well as overseeing its finances. Members The Trust is o registered chority and a corY)puny limited by guarantee. The Articles of Association in operation at the year-end provided for a maximum of seven Members nominated by Membership Organisations, whose liability is limited to the sum of £1 in the event of The Trust being wound up. The Trustees meet as a Board at least four times o year to set ond oversee delivery of The Trust's strategy, including at an annual joint Boards, Away Day with the Directors of LME and senior executives to discuss strategic matters relevant to the Group. In 2022, the December Away Day was postponed to January 2023 due to train strikes. The Trustees are the directors of The Trust under Company Law and charity trustees under Charity Law. They may delegate functions to committees or employees but remain responsible for the performance of those delegated functions, so must monitor ony delegotion. During 2022 The Trust's Member Organisations comprised: Activity Alliance (formerly English Federation of Disability Sport) Active Partnerships (formerly County Sports Partnership N8twork) Local Government Association London Councils sport England UK Athletics This structure allows the Trustees to enlist all relevant skills when lilling the independent appointments made collectively, ranging from skills necessary for the funding and grantmaking activity of The Trust (with Trustees who have knowledge and experience relevant to The Trust's objects) and also addressing the required commercial skills (those who have financial. legal, occounting ond business experience Following the Board Effectiveness Review that took place in the summer of 2022, The Trust consulted with its Member Organisations on a review of its member nominoting structure, with a view to revising its Articles of Association to move to a Board made up wholly of Independent Trustees. The consultation resulted in unanimous assent from the Mgmber Organisations, with the Trustees approving amendments to the Articles of Associotion by Special Resolution, for formal ratilication, which was approved unanimously at an Extraordinary General Meeting held in January 2023. All Trustees are subject to fiduciary duties, requiring them to act in the best interests of The Trust, giving it precedence in all matters. The Trust has o Board thot is independerlt of LME, aside from two Trustees of The Trust who also act os Directors of LME. Where a Trustee olso acts as a Director of LME, or as o Trustee of another organisation, the interests of The Trust take precedence in all Trustees, Meetings and conflict management procedures are followed.
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Trustees who are also LME Directors receive a nominal payment for their service to LME. The Trust sought ond received permission from the Charity Commission for such payments. Sam Orde OBE (FAC) Nominated Trustee of Activity Alliance Alan Pascog MBE Independent Trustee (also serves as an LME Director) The Board ot Trustees considers The Trust's policies, receives committee reports and recommendations, approves annual budgets, oversees management of The Trust, considers grant applications, reviews the performance of LME, and provides guidance to The Trust's Executive Director. Councillor Robert Rigby (GC) Nominated Trustee of London Councils Clare Shepherd (FAC. GC) Independent Trustee Govgrnancg of The Trust Sir Rodney Walkor KB (GC) Chair Presldent Sir John Spurling KCVO, OBE Committees The Trustees are currently supported by three committees that moke recommendations to the full Board. Trustees are appointed to serve on the committees. Trustees The Trustees, their roles and the committees on which they served in 2022, are listed below. FAC - Finance & Audit Committee GC = Grants Committee. The Finance & Audit Committee (FAC) supports the Board in its responsibilities for financial and business plonning. The FAC meets four times o year. Charles Congdon was co-opted as a FAC member in November 2019 and his term was renewed in December 2022. John Austln (FAC, Gc) Nominated Trustee of London Councils Dawn Auslwlck OBE (GC) Vice-chair The Grants Committee (GC) reviews and appraises Grant applications for approval in line with the Grants Policy, Funding Framework and the Delegated Authority. The GC meets four times a year. Terry Duddy Ex-officio Trustee as Chair of LME Board Councillor Richard Henry Nominoted Trustee of the Locol Government Association A new Governance & Nominations Committee (GNC), to be chaired by Vice-chair Dawn Austwick, was recommended for establishment in 2023 and will b9 responsible for nominations to the Board and its committees, succession planning, board effectiveness reviews, monitoring and opproising the performance of the Executive Director, and reviewing policies to recommend to the Board for approval. Chorles Johnston (GC) Nominated Trustee of Sport England Lee Mo$on (GC) Nominated Trustee of Active Partnerships Gillian McKay (FAC Chalr) Independent Trustee 22-
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Trustees. Inductlon and tralnlng The Trustees, induction process includes an initial meeting with the Chair and Executive Director, which includes education on the powers and responsibilities ol the Trustees. Trustees are provided with a briefing pack that includes a summary of The Trust's history, a copy of the governing Articles of Association, minutes of the Trustees. meetings, copies of the Annual Accounts and other relevant governance documents. The GNC will be reviewing this process in relation to the induction ol the new Trustees appointed in 2023. important recommendations to strengthen the London Marathon Group's governance and oversight of LME by The Trust and enhanced the formal and informal relationships between thg parent and subsidiary undertakings. This was followed up by a Board Effectiveness Review in 2022 which included a structural review of the Trust's Board, an independent assessment of the Board's effectiveness, an appraisal of the Chair, a Skills and Diversity AudiL a Membership Review, and work on succession planning. Throughout the year, relevant resources and Trustee training opportunities are shared with the Board to ensure that Trustees ore aware of, and can partake in, the available training on issues of governance, investment and financial monogement, and other matters reloted to The Trust's areas of funding and grantmaking. The Review concluded that the majority of Trustees and senior executives think governance is effective but that there 18 room tor improvement. Four key areas of development were identified. The future structure and membership of the Board to be addressed- the structure of Nominated and Independent Trustees and the -cliff edge" of Trustees. terms of office ending at a similar time require a revised governonce structure and succession plan. 2. Greater ottention to be given to diversity, particularly as regards membership of th8 Board. 3. The Board needs a regular consideration of its own performance and to aim for continuous improvem8nt. 4. Board agendas, papers and discussions need to become much more strategic and less operational. Management of The Trust The Trustees have resolved that, other than those matters which the Board reserves for itself as set out in the Schedule of Matters Reserved for th8 Board and Delegated Authority of the Grants Committee, the Board delegates the day-to-day running of The Trust to the Executive Director. The Trust is committed to providing timely advice and support to applicants, grantees and strategic partners. The Trust has a tearn ol eight full-time and two part-time staff members to manage the work of The Trust. The Trust is also supported by the provision of services (including HR, IT, Communications and Finance) by LME. The diversity, skills ond experience oudit showed that the Board is not at all diverse but has the majority of skills and experiences deemed to be importont. An independent Trustee recruitment Implementing best practice process run by Green Park began in December During the financial period, the Trustees considered 2022. ways of moximising delivery of The Trust's choritable objects. This resulted in Trustees taking action both on governance and operational matters. The Review made 29 recommendations in total to strengthen the governance structure, processes, meetings and behoviours of The Trust. Governance Review update The Governance Review in 2020 and 2021 made A Task & Finish Group chaired by Dawn Austwick was established to implement the 23-
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 recommendations. The Group held discussions with each Nominated Trustee and their Nominating Organisations, arrar)ged ong-to- one consultotions with Independent Trustees about their terms of office, and the following Amycruse recommendations were approved by the Board at Communications and Engagemer)t Manager its meeting in December 2022. Deirdre Cole strategy arnd Impact Man(Jger (part-time, on maternity leave from November 2022) Flona Downes Chonges to The Trust's legal structure whereby Head of Governance the Board composition provides for eight to16 independent Trustees who are the Trust's Legal Members during the term of their trusteeship. 2. Updating the membership and Board composition provisions ol the Articles of Association to reflect the new legol structure and modernisation of the Articles in accordance with best practice, for approval by Members at an Extroordinory Generol Meeting in January 2023. 3. The Board to comprise independent Trustees with detined terms of oflice and a succession plon to outline departure dates for the refreshment of the Board and replacement of currernt Trustees over a three-year period. 4. Green Park, a firm of diversity specialist recruitment consultants, was appointed via a tender process to recruit up to four new Trustees from diverse backgrounds with financial, digital and London local government experience to address the gaps identified by the Skills Audit. 5. The Terms of Reference of a Governance & Nominations Committee to be established in 2023. EleanorGrant Funding Monager Lacey Oliver Governance Officer (port-time, joined November 2022) Megan Rlx Data & Insights Oflicer (left October 2022) Marianna Sikorowska Funding Manager Joe Thompson Head of Funding THE WORK OF LONDON MARATHON EVENTS LIMITED IN 2022 The Trust is the sol8 shareholder of its trading company, LME. The company passes its surplus to The Trust each financial period through corporatg Gift Aid. Overoll, 2022 wos u remorkoble renoissonce year for LME with outstanding results. The market remained depressed with entry numbers for mass porticipotion events ocross the industry remoining significantly lower than pre-covid levels. However, LME'S events performed well above the industry overoge and events returned to central London locations without the operational restrictions of the past two years which were imposed by the pandemic. The Trust staff Catherine Anderson Executive Director Juspal Bansal Funding Team Administrator (J'oined July 2022. left November 2022) Following a full tender process, LME agreed a new network broadcast contract with the BBC for the -24-
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 period 2022-26 for the TCS London Marathon and RideLondon with the guarantee of streamed live coverage of other events. 5. The TCS London Marathon and the virtual TCS London Marathon. 6. The new mass TCS Mini London Marathon and a virtual TCS Mini London Marathon for schools. In addition, lor the first time, the contract included a strategic partnership for the BBC and LME to work LME'S event season opened in May 2022 with the together on initiatives to inspire activity in children return of the Vitality weekend events to the iconic and increased diversity in physical activity. routes in central London after nearly three years away. The Vitality Westminster Mile took place on Saturday l May with 3,463 finishers, followed the next day by the Vitality London 10,000 with 13,532 finishers. During the linancial period, LME delivered eight mass participation running events and four virtual running events in addition to the return of RideLondon with its four moss participation cycling events and women's professional race. The Vitality London10,000 included a Run for Ukraine wave where all entry fees were donated to the Disasters Emergency Committee and participants were encouraged to fundraise to support relief work. The calendar featured the inaugural moss participation TCS Mini London Marathon for children and young people which took place on the final section of the famous course on the doy before the TCS London Marathon. The virtual edition of the Vitality London 10,000 had more than 5,000 finishers and participants had 10 days to complete their IOK on the route of their choice. In addition, 5,000 schoolchildren in Westminster earned their Vitality Westminster ile medal by completing their mile in school ornd LME supported a special 8vent at the Paddington Recreation Ground for children from special schools in Westminster. Swim Serpentine, the open water swimming event in Hyde Park, was cancelled in 2023 following the death of HM Queen Elizabeth 11. A total of more than 270,000 people took part in LME mass and virtual events during the year and 307,927 children took part in the 2022 TCS Mini London Marathon in schools- a virtual event. RideLondon, the world's greatest festival of cycling, returned for the first time since 2019 with a new partnership with Essex County Council and new routes for the mass challenge rides. A total of 22,371 riders completed the100-mile, 6Q-mile and 30-mile rides which storted in centrol London, went out into Essex and returned to the capital to finish on the spectacular setting of Tower Bridge. Tens of thousands of riders of oll oges ond obilities enjoyed cycling on closed roads in central London at RideLondon Freecycle, the free family-friendly event. The RideLondon Classique, o women's UCI WorldTour race, became a three-day stage road race on new routes in Essex and a final day in central London. At the end of the year, LME acquired the assets of the Brighton Marathon Weekend and associated events from the previous owners that had gone into administration and entered into a five-year licence with Brighton ond Hove City Council to stage the event from 2023. The LME 2022 event ¢alendor comprlsed: The Vitality WgStminst8r Mile and the Vitality London10,000 and o virtual edition of the Vitality London 10,000. 2. RideLondon-Essex100, 60 and 30, Freecycle ond the RideLondon Classique. 3. The Standard Chartered Great City Race and a virtual Standord Chortered Greot City Race. 4. The Big Half, the New Balance Big Relay and The Big Mile. The Standard Chartered Great City Race was scheduled to take place on19 July bu¢ due to the extrem8 weather t8mperatures that week, it had to -25-
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 be postponed until Tuesday 6 September. A total of 3,271 participants completed the corporate challenge on the new date on an adjusted 4K course (due to major works} through the City ol London and a further155 participants took part in the virtual even¢ completing the SK on the course of their choice. wheelchair places were made available to participants unable to complete the event under their own power, with up to four support runners. An additional 8,550 people across the UK and around the globe completed the virtual TCS London Marathon between OO'.00 and 23'.59.'59 BST on the same day. In addition, more than 650,000 The Big Half returned on Sunday 4 September. The children from nearly 2,000 schools registered to event also featured the New Balance Big Relay and take on 2.6 miles ir) the TCS Mini London Marathon the free-to-enter Big Mile. 12,393 people completed in schools. The Big Half, more than 150 teams completed the New Balance Big Relay and hundreds of odults ond More thon 480,000 people applied in the ballot for children completed The Big Mile. a place in the 2023 event, which now returns to its traditional April date after being held in October foi three years. Following the death of HM Queen Elizobeth11, Hyde Park was required for preparations for the State Funeral which led to the cancellation of Swim Serpentine, scheduled to toke place on Saturday 17 September. As part of its mission to inspire activity, LME also supports through financial support and expertise small community-based orgonisations to stage events and in 2022 these included the Black Unity Bike Ride, The Last stand, Muslim Charities Run and Uniting for Grenfell- Block Crews United Carnival Run. 2022 was the first year of a six-year partnership with TCS as headline sponsor of the London arathon. The 2022 event saw a landmark momernt 08 the TCS Mini London Morothon became a stand-alon8 event on Saturday I October with new mass participotion one mile and 2.6K events open to children and young people of all abilities aged between four and17, in addition to th8 traditional Championships 8vents open to the best young runners across the UK. In a unique initiative, every child that completed thg mass event received £10 from TCS for their school to invest in sports or IT equipment. More than 7,OQO entered the evernt but the notionol troin strike hod a significant impact on participant numbers on the day. Charliy fundralsing LME is the acknowledged world leader in maximising revenue for charities through iconic mass participation sports events. Since the London Marathon was founded in 1981, the events organised by LME have raised more than £l.I billion for a huge variety of charities. In the last financial period, according to data from fundroising plotforms ond mojor chorities, more than £60 million has been raised for charities working across the UK and internationally through LME events. Th9 death of The Que9n was marked with a tribute and the playing of the National Anthem at the start of the TCS London Morothon on Sunday 2 October. A total of 40,698 people ran together through the streets of the capital in the largest morothon in the UK since 2019. Hundreds of thousands of spectators lined the streets to cheer on the participants in an emotional celebration of unity and humanity. For the tirst time, assisted Governance The LME Boord, chuired by Terry Duddy, met six times during 2022. In addition, there were meetings of the Finonce & Audit Committee, chaired by Susan Goldsmith, the Remunerotion Committee, chaired by Robin Geller, and the Nominations Committee, chaired by Arun Kang. 26-
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 LME Oblecllves. Strategles and Actlons Following the agreement of the Objectives for the London Marathon Group (see page17), LME delined Strategies and Actions to deliver th9se Objectives over the tive-year period 2021 to 2025. LME'S Strategies and Actions are themed under the Group ObJe¢tlve$, as follows: opportunities, e5peciolly among women and underserved communities. Sustalnability- to drlve posltlve changg In environmental suslainability through LME'S actions and to inspire LME'S stakeholders and partnerstodo the same. Children- to inspire and champion physlcal activity in primary and $pocial schools: By 2024 reach net zero carbon emissions across LME'S operations (scope l and 2). By 2025 to have an annual in-person Mini London Marathon for 18,000 schoolchildren and a virtual Mini London Marathon for 1,000,000 primary schoolchildren, with particular emphasis on under-represented groups. . By 2025 remove more carbon than LME emits ocross all LME'S operations. By 2025 reduce total waste at LME'S events by 50 per cent, reaching zero woste by 2030 (bosed on 2019 total waste). To work with partners to ensure that, by September 2025, 30 minutes of orgonised doily physical activity is undertaken by pupils in all primary and special schools in the UK. Flnanclal- to dellver Income ol at least£40 million to Thg Trust in the next tive years (in a non-covid world). By 2025 to have worked with partners to achieve annual measurement and reporting of children's physicol literocy and development within all primary and special schools. People- to be in thetop20 ¢omponie$ (for LME'$ company size) in the Great Places to Work survey for two ¢on$e¢utlve year$ by 2025. Brand- to be a loved and trusted UK brand that Is synonymous wlth Insplring activity among LME'S key audlences. which In¢lude participants. commercial and business partners. operational partners. community partners and gov•rnmontal partnors. Partlclpatlon - to Insplre. encourage and provlde more opportunltles for more people a¢ro$s all demographicstoget active By 2025 to transform participation across LME'S portfolio ol events to be more inclusive and reflective of London's ethnic diversity by increosing by 50 per cent (from the lost time the event was held) the number of participants from ethnically diverse communities. Corporate Social Responsibility LME continued to fund o ronge of Corporote Sociol Responsibility initiatives, including supporting British Athletics, endurance running training programmes ond introducing The Doily Mile into London's state primary schools. By 2025 to engage with more than 100,000 workers annually through workplace-led events and activities that encourage people to come together to participate in physical activity with an emphasis on diverse participants. In oddition to these initiatives, three floors of LME'S head office building continue to be let at a reduced rate to London Sport to create a House of Sport, intended to enhance networking and collaboration in the voluntary sport sector. By 2025 to double the number of cycle trips made every day in London (based on the 2017 tigure) through events and partnerships in the capital that encourage active trav81 27-
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Sustalnablllty LME works to understand, monitor and take action to address environmental impacts to deliver its Sustainability objective and has published an annual environmental impact report since 2019. As reported, the main focus of the year for LME was to bring back mass participation events safely and deliver the 2021 London Marathon, but a number of actions were progressed to address environmental impacts. Dlrectors ol London Marathon Events Llmlted LME has a Board of Directors that is independent from The Trus¢ oside from Trustees who sit as Directors of LME. Strategic Report Flnancial Review and policies ol Tho London Marathon Charitablo Trust Limitod Some examples ol this work are: Replocing diesel vehicles used for set up and breakdown at events with fully electric vans. Generators and baggage vehicles powered with HVO fuel derived from vegetable oil, which has lower greenhouse gas emissions than diesel. Introduced a corbon levy for international participants and partnered with Climate Impact Partners to compensate for emissions that are not currently possible to reduce Introduced opt-outs for linisher T-shirts and medals at certain events. Designed out woste, used woste to moke Mile Markers at th8 2022 TCS London Marathon, segregated waste at events, recycled discarded clothing. Worked with partners to use recycled products, return recycled product lor lurth8r recycling and encouraged use of bottle belts by participants. Going concern After moking appropriate enquiries, the Trustees have a reasonable expectation that The Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the linancial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Income In 2022, The Trust's primory source of income is th8 return of corporate Gift Aid from its wholly owned subsidiary, LME. This totals £5,916,621 (2021.. £5,648,081) and is made up of the surplus generated by LME through the delivery of mass participation 8vents. The Trust received the following incom•: £5,916,621 Gilt Aid from LME £300,000 donation from New Balance £463,197 income from investments £1,053 other direct donations Volunteers Every yeor, LME requires the help of thousonds of volunteers, who play a crucial role in the delivery of the events. It takes more than 3,000 volunteers to support the delivery of the London Morathon and they take on a huge vari8ty of roles on Marathon Day, including baggage handling, rLJnner morshalling, monaging hydration stations and giving out finisher medals. This brings the totol income received during the year to £6,680,871 (2021.. £6,239,621). Total consolidated income for the Group in the financial year, including the income generated through LME. is £42,882,408 (2021.. £35,754.718) with a net consolidated surplus of £1,783,824 (2021.. £5,681,405) All volunteers are provided with the training, equipment, support ond advice needed to fulfil their role, as well as branded clothing and refreshments on the day
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Cash managemenl. Reserves Pollcy and investments The Trust holds cash balances of £3,166,796 (2021.. £365,944), short-term investments of £2,024,625 (2021.. £3,519,470) and long-term investments of £11,349,091 (2021.. £11,615,472). The Group had cash balances os at 31 December 2022 of £23,589,664 (2021.. £18,271,790). The Trustees appointed Cazenove Capital as The Trust's investment manager and began investing funds in Cazenove's Charity Responsible Multi- Asset Fund. This is a long-term investment fund with a diversified strategy investing in equities, bonds and alternative assets. Cazenove's Charity Responsible Multi-Asset Fund adopts a responsible investment approach, seeking sustainable long-term returns, using exclusions, and the integration of social, environmental and governance considerations. The Fund will not invest in companies that do not meet the responsible investment criteria set by the manager. The Fund aims to provide income and capital growth in excess of the Consumer Price Index plus four per cent per annum (net of fees) over rolling 10-year periods. The Trust always holds significant reserves at year end as it does not make commitments to grants until income is confirmed. Therefore, as of 31 December 2022 the reserves include the Gift Aid for 2022, which will b8 committed for grantmaking in the following financial period. The Trust Reserves Policy requires all investment gains and 12 months of administrative expenditure to be ring-fenced, with the remoining reserves made available for grantmaking. Given the challenges experienced through the pandemic, The Trust plans to review the Reserves Policy for the following financiol period to consider whether additional funds should be set aside in the event of a future shortfoll in income from LME. As of 31 December 2022, £11,349,087 had been invested into the Responsible Multi-Asset Fund. The remainder of The Trust's cash balances are held in a mixture of current accounts and short-term cash deposits. Losses on the Responsible Multi- Asset Fund in the finornciol yeor were £1,094,164 (2021.. gain of £983,877) with inv8stm8nt incom8 across all investments of £463,197 (2021.. £288,477). As of 31 December 2022, The Trust hod total reserves of £12,539,605 (2021.. £11,508,475) and the Group had total reserves of £15,986,560 (2021.. £14,202,736). Loans: Intergst-free loan to London Diocesan Board of Schools In addition, The Trust has £9,926,090 committed In 2015, The Trust made a grant of up to £250,000 for grants that have already been awarded, but for and on interest-free loan of £200,000 to London which the grantees have not yet submitted claims Diocesan Board of Schools. These sums went for poyment. Given there is o time log between towords a new gymnostics focility in The Bishop the awarding of grants and the payment of Wand Church of England School for Spelthorne grants upon completion of the funded projecL this Gymnastics, Sunbury-on-Thames, in order to offer omount is drown down over a number of years. It o diverse ronge of participotion opportunities for has, thgrelore, not been deemed necessary to hold children and young people. this all in cash at the year end, with some held in long-term investments. The loan repayment conditiorls were that it should be repaid in 114 equal monthly instalments, and repayments were being made in accordance with the loan terms. The Trustees made the loan os it aligned with The Trust's objectives to encourage and support participation in sport, physical activity and play, particularly among those who To maximise the return to The Trust of its reseNes, in 2019 the Trustees decided to moke o long-term investment of £10 million. The Trustees made this decision in order to seek to protect the value ol The Trust's cash holdings against the impact of inflation. 29-
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 are currently inactive. At the end of the tinancial year, £119,298 (2021: £98,246) had been repaid and £80,702 (2021.. £101,754) of the loon remained outstanding. of Covid-19 measures on mass participation events, the immediate direct implications of the Covid-19 pondemic on The Trust in 2022 were limited. The Trust's risk management and prlnclpal rlsks ond uncertointies The Trustees are responsible for ensuring that effective and adequate risk management and internal control systems are in place to manage the major risks to which The Trust is exposed. The Trust has sufficient cash reserves to fulfil grants already awarded and any future grants will be awarded in line with ongoing cash flow projections. Further, The Trust has adequate additional reserves to ensure it can oversee both the monitoring of grants and distribution of grant payments, as well as to fullil its oversight responsibilities for LME. The FAC reviews both the risks ond their management and reports any material risks or risk management failures to the Board of Trustees as required. The Board reviews risks and risk management in detail twice a financial period. The Trustees have reviewed The Trust's risk mitigation, as well as the LME Directors, assessment of risks, and are satisfied risks have been properly identified and are being appropriately managed (for LME'S risk monogement, see end of this poge). The Covid-19 pondemic highlighted The Trust's reliance on the performance of its trading subsidiary, LME. To mitigate this risL the Board of Directors of LME includes Directors who are also Trustees of The TrusL and The Trust actively oversees the strategic business decisions of LME, receiving regulor reports. The Tru8t'8 policies and procedures for setting pay ol key management personnel The Trustees are committed to ensuring The Trust pays its staff fairly and in a way that ensures it ottrocts and rotains people with tho right skills to have the greatest impact on delivering its charitable objectives. During the tinancial year, the Trustees reviewed the major risks facing The Trust and the systems ar)d procedures to manage them. The key risks the When recruiting, Trustees seek to attract high Trustees identified are.. calibre individuals with experience and skills in grantmaking and the sports and recreation arenos. The Trust regularly benchmarks salarigs against those of other grantmaking organisations operating at its scale. Having compared The Trust to other major funders, the Trustees believe stoff are paid at an appropriate level to attract and retain a skilled and experienced team, delivering high-quolity grontmaking. Inability to achieve The Trust's objectives and respond to requests for grants if income was to drop significantly., Not opplying The Trust's ossets for charitable purposes- Not maximising The Trust's assets,. Not demonstroting The Trust's impo¢t- Not adhgring to legislation, regulations or best practice,. Loss of key stoff. The Trustees review the pay and remuneration of The Trust's staff annuolly. The Executive Director attends the meeting (leaving for the discussion regarding the Executive Director's remuneration The Trust's primory risk is the potential inability to achieve its objectives and respond to requests for gronts due. Even with the lower income from the previous financial year, The Trust continued to make grants in 2022. Therefore, despite the impact For LME'S policies and procedures for setting pay of key management personnel, see page 31. 30-
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Fundrolslng actlvltles Section 162a of the Charities Act 2011 requires charities to make a statement regording fundraising activities. The Trust does not undgrtake fundraising activities as The Trust's income is generated primarily from the trading surplus LME pays through corporate Gift Aid. managing risks 2. Ensure that an appropriate level ol risk management is consistently applied across the Company 3. Increase awareness and use of risk management as an element of delivering agair)st the London Marathon Group objectives. Tho Trust does not omploy commercial participators or third-party professional fundraisers and has received no complaints in relation to fundraising activities during the year. The key risks identified within LME are recorded in the Corporate Risk Register (CRR), which is reviewed regularly by the FAC and the Board. The CRR details the scope of each risk, the potential impoc¢ action token to mitigate the risk and any outstanding actions. POLICIES OF LONDON MARATHON EVENTS LIMITED LME'S rlsk management and prln¢lpal rlsks The Executive Leadership Team is responsible and uncgrtainties for considering and executing the appropriate The staging of major sports events is always action to mitigate these risks whenever possible. associated with uncertainties ond risks. In 2022 LME It is not possible to identity every risk that could had to cancel an event due to the death of HM The affect the businesses, and the actions taken to Queen and another event was postponed due to mitigate the risks described below cannot provide adverse weather conditions. Due to the nature of absolute assurance that a risk will not materialise business in this industry, LME is constantly exposed andlor adversely affect the business or linanciol to risks and opportunities that must be identified performance. ond managed. This necessitotes effective ond systematic management and monitoring of risks and opportunities. Th8 key risks that the Board has id8ntilied are the cancellation ol events due to reasons beyond the control of the company, or loss of permission to All organisotions face a wide variety of risks, stage particular events; economic risks, including including physical risks to people or property, the loss of key sponsors,- loss of key staff,. and financial loss, operational risks and tailure ot reputational risk. The Directors have reviewed the service delivery, macrogconomic issues, credit and risk mitigation in place within LME and are satisfied investment risk, strategic risks to the organisation's that risks have been properly identified and objectives, environmental and social risks, along mitigated to the extent that this is possible. with goverrnonce ond reputationol risks. LME'S policies and procedures tor setting pay of key management stall As on employer, LME is committed to ensuring staff are fairly remuneratgd, have good working conditions and achieve a good work-life balance. LME has to ensure its remuneration packoges attract and retain the right staff for the delivery of world-class events in a competitive international marketploce. Risk for this purpose is defined as 'the chance of on event happening ond leading to unintended effects, which will impair thg organisation's ability to achieve its objectives.. LME has a risk management framework in place which ensures a systematic approach to the identification, assessment and management of the risks facing the organisation. The risk management framework aims to.. LME conducts regular benchmarking to compare its salaries with similar-sized London-based companies. Through this delivery of effective Clarify responsibilities for identifying and 31-
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 benchmarking, LME believes pay is at an appropriate level to attract and retain a skilled and experienced team to deliver world-leading, quality events. The LME Board's Remuneration Committee reviews the pay and remuneration of LME'S staff annually. material dgpartures disclosed and explained in the financial statements,. Prepore the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in operation. Post-Balance Sheet Evgnt The Trustees are responsible for keeping adequate On l January 2023, London Marathon Events accounting records that are sufficient to show and Limited completed the acquisition of 50 per cent of explain The Trust ond the Group's transactions and the share capital of M4 Events Limited, which is the disclose with reasonable accuracy at any time sole member of Run 4 Wales Limited, a business the financial position of The Trust and the Group organising mass participotion events in Wales. and enable them to ensure that the linancial statements comply with the Companies Act 2006. London Surrey & Cycling Partnership LLP is still in the process of a Members. Voluntary liquidation and will be closed down during 2023. They are olso responsible for sofeguording the assets of The Trust and the Group and hence for toking reasonable steps for the prevention and detection of fraud and other irregulorities. Trustee Responslbllltles The Trustees (who ore also directors of The London Marathon Charitable Trust for the purposes of company law) are responsible for preparing the Trustees, Annual Report and Finar)cial Stotements in accordance with applicable law and United Kingdom Accournting stondords (United Kingdom G8nerally Accepted Accounting Practic8). Disclosure of information to Auditors 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 oudit information of which The Trust and the Group's auditors are unaware, and,. Thot Trustee has taken all the steps that ought to have been taken as a Trustee in order to be oware of any relevant audit information and to establish that The Trust and the Group's auditors are aware of that information. Company law requires the Trustees to prepare financial statements for each linancial year. Under company law the Trustees must not approve th8 financial statements unless they are satisfied that they give a true and foir view of the state of affairs of The Trust and the Group and of the incoming resources and application of resources, including income ond expenditure, of The Trust ond the Group for that period. In preparing these financial statements, the Trustees are required to: In opproving this Trustees. Annual Report, the Trustee Board Members are also approving the Strategic Report in their capacity as Company Directors. Select suitable accour)ting policies and thgn apply them consistently; Observe the methods ond principles of the Charities, Statement of Recommended Practice (SORP); oke judgements and accounting estimates that ore reosonoble and prudent,. State whether applicable UK Accounting standards have been followed, subject to any By order of the LMCT Board thxuSbJnÈdty. A92 991C8 Sir F¥odney Chair of Trustees Date=08 August 2023 32-
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Independent Auditor's Report TO THE MEMBERS OF LONDON MARATHON CHARITABLE TRUST LIMITED oplnlon We have audited the financial statements of The London Marathon Charitable Trust Limited (the 'parent charitable compon51) and its subsidiaries (the'Group') for the year ended 31 December 2022, which comprise the Consolidated Statement Our responsibilities under those standards are of Finoncial Activities, the Consolidoted Bolonce further described in the 'Auditorfs responsibilities Sheet, the Charity Balance SheeL the Consolidated for the audit of the linancial statements, section statement of Cash Flows and the related notes, of our report. including o summory of significont occounting policies. Ba$lsloroplnlon We conducted our audit in accordance within Internotionol Standards on Auditing (UK) (ISAS (UK)) and applicable law. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the finonciol stotements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfi'lled our other ethical responsibilities in accordance with these requirements. The finonciol reporting framework thot 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). We believe thot the audit evidence we hove obtained is sufficignt and appropriate to provid8 a basis for our opinion. In our opinion the financial statements.. give a true and fair view of the state of th8 Group's and of the parent charitable company's affairs as at 31 December 2022 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ernded,. Con¢lu$lon$ relatlng to golng ¢on¢ern 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. Bosed on the work we hove performed, we have not identified any material uncertainties have been properly prepared in accordance relating to events or conditions that individually United Kingdom Generolly Accepted or collectively, moy cost signilicant doubt on Accounting Practice,. and the Group's or the parent charitable company's ability to continue as a going concern lor o period of ot least 12 months from when the financiol statements are authorised for issue. hove been prepored in accordance with the requirements of the Companies Act 2006. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 33-
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Independent Auditor's Report TO THE MEMBERS OF LONDON MARATHON CHARITABLE TRUST LIMITED other Informatlon 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. Matters on which we are requlred to report by ex¢eptlon In the light of our knowledge and understanding of the choritable company and its environment obtained in the course of the audit, we hove not identified material misstatements in the Trustees, Report, including the Strategic Report. Our opinion on the finonciol stotements 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 informotion is moterially inconsistent with the tinancial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. We have nothing to report in respect ol the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion- the parent choritoble company hos not kept adequate and suflicient accounting records, or returns adequate for our audit have not been received from branches not visited by us,. or If we identify such material inconsistencies or opporent material misstatements, we ore required to determin8 whether this gives rise to a material misstatement in the Ilnanciol statements themselves. It, based on the work we have performed, we conclude that there is a material misstatem8nt of this other information, we are required to report that fact. the parent charitable company financial stotemernts ore not in ogreement 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 w8 require for our audit. We have nothing to report in this regard. opinion on other matter$ prescrlbed by the CompaniesAct2006 In our opinion, based on the work undertaken in the course of the oudit.. the information given in the Trustees, Report, including the Strotegic Report for the finonciol year for which the financial statements are prepared is consistent with the financial statements. . the Trustees, Report and the Strategic Report have been prepared in accordance with applicable legal requirements. 34-
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Independent Auditor's Report TO THE MEMBERS OF LONDON MARATHON CHARITABLE TRUST LIMITED Responslbillties ol Trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the choritable 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 r)ecessary to enable the preparation of linancial statements that are free from material We obtained an understanding of the legal and misstatement, whether due to fraud or error. regulatory fromeworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material omounts ond disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS102). non-compliance with laws and regulations. We desigr) 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 detoiled below.. In preparing the financial statements, the Trustees ore responsible for assessing the Group's ond the parent 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 Group or the parent choritable Comporny or to Ceose operations, or have no rgalistic alternative but to do so. In oddition, we considered provisions of other laws and regulations that do not have a direct 8ff8ct on the financial statements but compliance with Audltor's responslbllltles lor the audlt ol the which might be fundamental to the charitable tinancial statements company's ond the Group's ability to operate or Our objectives are to obtain reasonable assuranc8 to avoid a material penalty. about whether the financial statements as a whole are free from material misstatement, whether dug to froud or error, and to issue an Auditor's report that includes our opinion. We also considered the opportunities and incentives that may exist within the charitable company and the Group for fraud. The laws and regulations we considered in this context for the charitable company's and the Group's operations were General Data Protection Regulation (GDPR), health ond safety legislation, employment law, and anti-fraud, bribgry and corruption legislation. Reasonable assurance is a high level of assurance, but it is not a guarantee that an audit conducted in occordonce with ISAS (UK) will olwoys detect a material misstatem8nt when it gxists. isstatements con arise from fraud or error ond are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users token on the basis of these linancial statements. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory ond legal correspondence, if any. Irregularities, including fraud, are instances ol We identilied the greatest risk ot material impact 35-
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Independent Auditor's Report TO THE MEMBERS OF LONDON MARATHON CHARITABLE TRUST LIMITED including fraud, to be the override of controls by management and the timing of recognition of certain income streams. Use ol 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. To respond to these risks our audit procedures included enquiries of management about their own identificotion and ossessment of the risks of irregularities, sample testing on the posting of journals and reviewing accounting estimates for biases, designing audit procedures to test the timing of income recognition and reviewing regulatory correspondence with the Charity Commission, and reoding minutes ot meetings of those charged with governance. Our audit work hos been undertaken so that we might state to the charitable company's members those matters we are required to state to them in on Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or ossume responsibility to onyone 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. Owing to the inherent limitations of an audit, there is an ur)avoidable risk that we may not have detected some material misstatements in the financial statements, even though we hove properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. [kbtUsrtÈd by. These inherent limitations are particularly signilicant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to ovoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations. lC[B519E5694D8 Guy Biggin (Senior statutory auditor) for and on beholf of Crowe U.K. Llp statutory Audlior Fourth Floor St James House st James squore Cheltenhum GL50 3PR A further description of our responsibilities for the audit of the financial statements is located on the Finonciol Reporting Council's website at.. frc.org.uklauditorsresponsibilities This description forms part of our Auditoys report. Date: 14 August 2023 36-
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT} FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Donations.. Donations 301.053 301.053 303,063 10,327 35. 152,484 288,844 Govemmenl gr8nts Other trading activities Investments 42,118.158 463.197 42,118,158 463.197 Total Income 42,882.408 42,882,408 35, 754, 718 Expendlture on: Raising funds Organising events LME 35,022.411 35,022.411 28, 722,497 22,682 LSCP Charitable activities.. Facilities Grants Strategic Partnership Grants New Programme Funds Strategic National Funds 843,861 1,288.888 581.559 1,841.269 843,861 1,288.888 581,559 1,841,269 229,893 1,299,900 Total expenditure 39,577.988 39,577.988 30,274,972 Net income before net {lossesllgains on investments Net {lossesllgains on investments 3,304,420 3,304,420 11,094.164) 11,094,164) 5,479,746 983,577 Net Income before taxatlon 2,210,256 {426.432) 2,210,256 {426,4321 6,463,323 (T81,918) Taxation Net movement In funds 1,783.824 1,783,824 5,681,405 Page 37
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted funds 2022 Total funds 2022 Total funds 2021 Note Reeonclllatlon of funds: Total funds brought forward Net movement in funds 14,202,736 1,783.824 14,202,736 1,783.824 8,521,331 5,681,405 Total funds carried forward 15,986,560 15,986,560 f4,202, 736 The Consolidated Ststement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 45 10 71 form part of these financial stalemenls. Page 38
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNTI AS AT 31 DECEMBER 2022 Unrestricted funds 2022 Total funds 2022 Total funds 2021 Income from: Donations and Legacies Donations Bequests from RideLondon Other trading acliiAlies LME InStMentS 301,053 301,053 303.063 5.916.621 463.197 5,916.621 463.197 5,648,081 288,477 Total income 6,680,871 6,680,871 6,239, 621 Expenditure on: Charitable acliiAlies Facilities Grants Strategic Partnerships New Programme Funds Strategic National Funds 843,861 1,288,888 581,559 1,841,269 843,861 1,288,888 581,559 1,841,269 234, 679 1.307, 774 Total expenditure 4,555,577 4,555.577 1,541, 793 Net Income before net Ilossesy gains on investments Nel Ilossesygsins on in¥eslments 2,125,294 2,125,294 11,094.164) 11,094,164) 4,697,828 983,577 Net incomellexpenditurel 1.031.130 1,031.130 5,681,405 Transfers between fijnds Nel mo*menl in funds 1,031,130 1,031.130 5,681.405 Fund balances al 1 January 2022 11,508.475 11,508,475 5.827,070 Fund balancesasat 31 December 2022 12 539 605 12 539 605 11,508,475 All gains and losses in the current and prior year and included in the statement of financial activities. Details of grants can be foLJnd in note 9. The notes on pages 45 to 71 fomi part of these financial stalemenls. Page 39
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) REGISTERED NUMBER: 01550741 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Note Flxed assets Intangible assets Tangible assets Investments 14 950,555 22,277.568 11,349.087 15 16 21,925,972 11,675,468 34,577,210 33.541,440 Currant assets Stocks Debtors Investments 17 18 19 147,982 8.388,987 2,024,625 23.589,664 133,280 12,886,354 3,519,470 18,271, 790 Cash al bank and in hand 28 34.151,258 34,810,894 Creditors.. amounts falling due within one year 20 135,939,628) (34,047,973) Net current Ilabllltles l assets 11,788.370) 762,921 Total assets less Current liabilities 32,788.840 34,304,361 Creditors= amounts falling due after more than one year Deferred tax Provisions 21 (14,133.506) 11,991.346) {677.428) (18,536, 181) fl,565,444) 23 24 Total net assets 15,986.560 14,202, 736 Page 40
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) REGISTERED NUMBER: 01550741 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2022 2022 2021 Note Charity funds Reslricled funds Unrestricted funds 25 Designated funds General funds 25 25 12.539,605 3,446,955 17,598,475 2,694,261 Total unreslricled funds 25 15,986.560 14,202, 736 Total funds 15,986.560 14,202, T36 The Trustees acknowledge their responsibilities for complwng with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. )rtLLLY Y$1C ney (Chair of Trustees) Date..08 August 2023 The notes on pages 45 to 71 form part of these financial stalemenls. Page 41
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) REGISTERED NUMBER: 01550741 CHARITY BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Note Flxed assets Investments 16 11,349,091 17,675,472 11,349.091 11,615,472 Current assets Debtors 5,964,418 2.024,625 3.166,796 5, 160,149 3,579,470 365,944 Investments Cash al bank and in hand 19 11.155,839 9,045,563 Creditors.. amounts falling due within one year 20 {8,343,5971 (7,044,813J Net current assets 2,812.242 2.000, 750 Total assets less current liabilities 14,161,333 13,676,222 Creditors- amounts falling due after more than one year 21 11,621.728) (2, 107, 747) Total net assets 12,539.605 11,508,475 Page 42
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) REGISTERED NUMBER: 01550741 CHARITY BALANCE SHEET ICONTINUEDI AS AT 31 DECEMBER 2022 2022 2021 Note Charity funds Unrestricted funds Designated funds General funds 25 25 12.539,605 17,508,475 Total unreslricled funds 25 12,539,605 11.508,475 Total funds 12,539.605 11,508,475 The Trustees acknowledge their responsibilities for complwng with the requirements of the Act with respect lo accounting records and preparation of financial stslements. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. 1U neywalkor Ichair of Trustees) Dète..08 August 2023 The notes on pages 45 10 71 form part of these financial stalemenls. Page 43
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Notg Cash flovts from operatlng actlvltles Net cash used in operating activities 27 6,929,891 3,37 1, 739 Cash flows from Investlng actlvltles Bank interest received Purchase of fixed asset investments Purchase of tsngible fixed assets Purchase of intangible assets 463,197 7, 154 1948,3091 (4,000,000) {1.029,2121 (905,476) 1950,5551 N&t Cash used in investing activiti9$ {2,464,8791 (4,898.3221 Cash flows from flnanclng actlvltles Repayment of loans Interest paid 1442,6921 (5,066, 759) 1199,2911 (278,485) Net cash used in financing activities 1641,9831 (5,345.2441 Change in cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year 3,823,029 (6,931,827) 21.791.260 28,723,087 Cash and cash equivalents at the end of the year 28 25,614,289 27.191,260 The notes on pages 45 10 71 form part of these financial statements Page 44
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Ggneral information London Marathon Charitable Trust Limited is registered in England and Wales as an incorporated charity limited by guarantee with Companies House Iregistered no. 015507411 and Charity Commission (registered no. 2838131. The address of its registered office is Marathon House, 190 Great Dover Street, London, SE14YB. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordan with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFRS 1021 (second edition effective 1 January 20191- (Charities SORP FRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. The Trust meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy notelsl. The financial statements consolidate the results on a line-by-line basis of The Trust and LME. LSCP entered voluntary liquidation during the period and is not consolidated into these financial statements on the grounds that it is immaterial. 2.2 Going concern The Trustees consider The Tnjst lo be a going conM. In light of the ongoing economy challenges including inflation and cost of living rises, the Trustees have reviewed revised financial information and are satisfied that The Trust has sufficient reserves lo continue as a going concem for the next financial year. There are no material uncertainties in relation to going nrn. 2.3 Income All income is included in the statement of financial activities when the group is entitled lo the income, it is probable that income will be reiVed and the amount can be quantified with reasonable accuracy. Income represents amounts reiVed from sponsorships. marketing, entrance fees, bequests from London Marathon applicants and investments. Sponsorships are usually multi-year agreements and the income is recognised in the accounts when the sponsored event occurs. An accrual or deferral is made where the agreed amount is not invoiced in the year or invoiced for next year's event in advance. Marketing income is recognised using the percentage completion method according lo when the advertisements are live on our websites. Any advertising income reiVed in advance is deferred to future years and is included within 'ac¢ruals and deferred income, on the face of the balance sheet. Entran fees relate to the income received from runners for the current yeavs event. Bequests represent the entry fees, net of costs of the bequests, donated by participants unsuccessful in the ballot by which entrants in the events are accepted. Donations are recognised as income when the results of the ballot are known and bequests are therefore made by unsuccessful applicants. Page 45
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policigs (continued) 2.3 Income (continued) Govemment grant income in the form of the Coronavirus Job Retention Scheme ICJRSI are accounted for under the accruals model as permitted by FRS 102 are recognised in the Slalement of Comprehensive Income in the same period as the related expenditure. Gifts in Kind are recognised in respect of donated goods either in support of fundraising activity or in direct support of the provision of charitable activity- An equivalent cost is also reported within the cost of fundraising or the appropriate cost of charitable activity. 2.4 Expenditure Expenditure on operations and events is recognised in the Statement of Financial Activities in the period to which it relates. Grants awarded are included in the statement of financial activities when approved and when the intended recipient has been informed of the decision to make the grant and has satisfied all related conditions. Grants approved bul not paid are accrued for. Governance costs are the costs of govemance arrangement that relate to the general running of The Trust and include audit fees, any legal advice and costs associated with constilulional stslulory requirements. 2.5 Interest recelvable Interest on funds held on deposit is included when re1vable and the amount can be measured reliably by the Group- this is nomially upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Forelgn currencles Transactions in foreign currencies are recorded al the rale of exchange al the date of the transaction. Assets and liabilities in foreign currencies are translated into sterling al the rates ruling al the balance sheet dale. Gains or losses arising on the translation of foreign currencies and other exchange differences are taken to the profit and loss account. 2.7 Taxation and Deferred taxation The Trust has charitable status and is not subject to corK)oration lax on its charitable activities. The subsidiary company is liable to corporation tax on its taxable profits, including its share of profits and losses of LSCP. The tax expense for the period comprises current and deferred lax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable lo an item of income and expense recognised as other comprehensive income or lo an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet dale in the countries where the group operates and generates income. Deferred lax balances are recognised in respect of all liming differences that have originated but not reversed by the Balance Sheet date, except that.. The recognition of deferred lax assets is limited lo the exlenl that it is probable that they will be Page 46
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policigs (continued) 2.7 Taxation and Deferred taxation {continued) recovered against the reversal of deferred lax liabilities or other future taxable profits and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred lax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred lax is recognised on the differences between the fair values of assets acquired and the future lax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. 2.8 Intangible assets and amortisation Intangible assets are initially recognised at cost. After recognition, under the cost model. intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed len years. Amortisalion is provided on the following basis.. Palenls years charged to admin expenditure 5 years has been deemed the period of the useful life in line with the event conlract. 2.9 Tangible fixed assets and depreciation Tangible fixed assets are slated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost, less estimated residual value of each asset over its estimated useful life as follows.. Freehold propety Motor vehicles Office equipment SOfare 25V/o Straight line 25Q/o Slraighl line 25Q/o Slraighl line It is policy only lo capitalise items with a value of £5,000 or greater. The total eslimaled value of the land element of both freeholds is £16.2m meaning the book value atlribuled to the freehold buildings is £4.17m. 2.10 Investments Fixed asset investments are a form of financial inslrum8nl and are initially recognised at their transaction costs and subsequently measured al fair value al the Balance sheet dale. Investment gains and losses, whether realised or unr&alised, are combined and presented as 'GainsllLossesl' on investments in the Consolidated stslemenl of financial activities. Page 47
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policigs (continued) 2.10 Investments {continuedl Investments in subsidiaries are valued al cost less provision for impairment. 2.11 Stocks Stocks are valued at the lower of cost and nel realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.12 Debtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.13 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments. 2.14 Credltors and provlslons Creditors and provisions are recognised where the group has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third paty and the amount due lo setile the obligation can be measured reliably. Creditors and provisions are normally recognised al their selllemenl amount after allowing for trade discounts due. 2.15 Flnanclal Instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured at their selllemenl value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.16 Employee beneflts Short term benefits. including holiday pay, are recognised as an expense in the period in which the service is received. Employee termination benefits are accounted for on an accrual basis and in line with FRS 102. The company operates a defined contribution pension scheme. Pension costs are charged to the profit and loss account when payable. The assets of the scheme are held separately from those of the company in independently administered funds. 2.17 Fund accountlng General funds comprise funds that are available lo be used for the general purposes of the group. The Trustees have designated 811 funds received from the trading subsidiary in the period, but not yet 8W8rded as grants, to fund future grantmaking activity. Page 48
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Critical accounting gstimatos and argas of judgmont In the application of the accounting policies, Trustees are required lo make judgements, estimates and assumptions about the carrwng value of assets and liabilities that are not readily apparent from other sources. The estimates and underfying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underfwng assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected Current and future periods. The Trustees have considered the significant judgements and eslimales applicable to the financial statements, and have concluded that these are limited to.. Three floors of LME'S office building, 190 Great Dover Street, continue to be let al a reduced ral8 to London Sport lo create a House of Sport. Using the exemption available under FRS 102, the office is Irealed wholly as a tsngible fixed asset rather than a partial investment property given the space is let under market rale for social benefit, intended lo enhan networking and collaboration in the voluntary sport sector. After considering the value of the freehold properties in the financial statements, the directors are of the judgement that the recoverable amount of the properties is not materially below the carrying book value and that no impairment has been deemed necessary. The recoverable amount of the stock held is not less than the carry book value al historic cost, and this judgment is made in the context that the stock items are unique to the London Marathon with no direct retail price available, however the judgment lies with price comparison lo similar and on the assumption that these items will be fully ulilised by future ballots and events. Glft Ald The Trust has received from LME. under Gift Aid, an amount of £5,916,621 (2021.. £5,648,081). Tradlng Subsldlarles The Trust owns the whole of the share capitsl of LME, which is responsible for generating income from the staging of the London Marathon and other events. LME is a designated member of LSCP and has control over 75 per cent of LSCP under the agreement between the members. LSCP entered voluntary liquidation during the period and has not been consolidated in 2022 on the grounds that il is immaterial. Please see note 34 for further detsils. Page 49
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Investment income Unrestricted funds 2022 Total funds 2022 Income from local listed investments Interest receivable 455,620 7,577 455.620 7.577 Totsl 2022 463,197 463.197 Unrestricted funds 202f Total fvnds 2021 Income from local listed investments Investment income 281,690 6,808 346 281,690 6,808 346 Intest receivable Tot812021 288,844 288,844 Analysls of expendlture on charltable actlvltles Summary by fund type Unrestrlcted funds 2022 Total 2022 Charitable activities 4.555,577 4,555,577 Unrestricted funds 2021 Total 2021 Charitable activities 1,529, 793 7,529, 793 Page 50
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysis of gxpgnditure by activiti9S Activities undertaken directly 2022 Grant funding of activities 2022 Support costs 2022 Total funds 2022 Charitable direct costs 824,726 3,711,226 19,625 4.555.577 Activities undertaken directly 2021 Grant funding ol activities 2021 Support costs 2021 Total funds 2021 Charitable direct costs 678,978 819,776 31,039 1,529, 793 Total interest payable incurred by the group in the year amounted to £199,291 (2021.- £278,485J. Analysis of support costs Total funds 2022 Total funds 2021 Governance costs 19,625 31,039 Page 51
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Grants awardgd 2022 2021 Facilities Core Funds Stonebridge Boxing Club The Laburnum Boat Club Holbom Coomunity Association Gasworks Dock Partnership Ekota Academy The Faith and Belief Forum Mercuriual Sports Youth Spot Bar CIC Thames Ward Community Project The Independent LiiAng Agency Future M.O.L.D.S Communities Future M.O.L.D.S Communities 150,000 33,080 20,000 46,000 25,000 20,000 10,300 14,340 35,000 28,600 50,000 58,500 50,000 67,650 50,000 50,000 708,470 Highbury Roundhouse Association Ltd London Borough of Ealing Clarion Futures Communities Bronx Boxing Club Ltd Total Facilities Core Funds Strateglc Core Funds Actike Essex 725,000 210,000 65,000 50,000 1,050,000 Actike Essex Foundation Actike Essex Sported Total Strategic Core Funds Page 52
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Grants awarded Icontinuodl 2022 2021 New Programmg Funds Saracens The Disablement ASS(latiOn of Barking and Dagenh8m Bikeworks CIC The Par(hla1 Church Council of the Ecclesiastical Parish of St Paul's, Shadwell Ekots Academy St Mathias Conserlglion Trust Neighbours in Poplar SPLASH ve Me CIC SOUL (Social Organisation for Unity and Leisure) c( Cycling Centre for Young Refugees and Migrants Jslimah Sports Association Flghts and Equalities in NaM IREINI Flght DeKeloptrEnt Sports Coffee Afrik St Margarets Pbuse London Tigers Bronx Bo>ing Total New Programmè Funds 42,450 40,000 50,000 41,120 40,000 7,200 5,700 15,800 16,000 20,000 15,600 10,000 17,800 18,200 9,900 27,000 37,000 50,000 10,000 473,770 Strategic National Funds The Greater London Authority Total Strategic National Funds 1,500,0(X) 1,500,000 Total 3,732,240 1.434,466 Less grants rithdra (all facilities core funds) 121,014} 1614,6901 Total grants awarded 3.711,226 819,776 Page 53
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 10. Auditorfs romunfrration 2022 2021 Fees payable to the Charity's auditor for the audit of the Charity's annual accounts 23,725 28,000 Fees payable to the Charity's auditor in respect of.. Other services 10.300 12, 150 11. Staff costs Group 2022 Group 2021 Charity 2022 Charity 2021 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 6.659,079 823,030 5,282,417 593,391 417,029 51.755 391,366 44,224 325,455 273,276 23.563 24, T06 7.807,564 6, 149,084 492,347 460,296 Included within Wages and salaries above are ex%ratia termination payments of £25,549 (2021.. £165,846). The average number of persons employed by the Charity during the year was as follows= Group 2022 No. Group 2021 No. Charity 2022 No. Charity 2021 No. Employees 180 148 Page 54
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 11. Staff costs Icontinuedl The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. Group 2022 No. Group 2021 No. In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £80,001- £90,000 In the band £90,001- £100,000 In the band £100,001 - £110,000 In the band £110,001 - £120,000 In the band £120,001- £130,000 In the band £130,001- £140,000 In the band £140,001 - £150,000 In the band £210,001- £220,000 In the band £220,001- £230,000 In the band £260,001 £270,000 In the band £270,001 - £280,000 13 io Contributions were made to defined contribution pension schemes for the above group employees of £167,844 (2021.. £119,026). The total remuneration of the group's key management personnel, def1ned as the 11 members of the Executive Leadership Team IELTI of LME plus the Executive Director of The Trust, was £1,741,946 (2021- £7,424,045,. the 7 members of the MB ofLME plus the Executive Director of The Twst). 12. Trustees. remuneration and expenses The Trust has received approval from the Charities Commission for two of the Iruslees, Alan Pascoe and Terry Duddy, to be paid as directors of the Trust's subsidiary entity LME. The total remuneration paid was £22,000 (2027 £23,370). Total pension contributions amounted lo £Nil (2021.- £369). During the year ended 31 Dember 2022, expenses lotslling £1,046 were reimbursed or paid directly lo Trustees, in relation lo travel and subsistence {2021.' £3,039). 13. Taxatlon The Trust is a registered charity and therefore has no liability to taxation as its income is not from trading 8Ctivities and is applied only for charitable purposes. LME and LSCP are liable to Corporation Tax on their taxable profits. Page 55
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 14. Intsngible a$$gts Group Patents Cost Additions 950.555 At 31 December 2022 950,555 Net book value At 31 Dember 2022 950.555 At 31 December 2021 Goodwill arose from the purchase of the business and certain assets of The Grounded Events Company Ltd on 16 December 2022. The assets included intellectual property rights in relation to the Brighton Marathon weekend. The cost of the acquislion was £110,000 cash consideration. As a condition of being granted a lince to operate the event, the Company was obliged lo honour all existing entrants prior to the purchase and therefore has an onerous contract included within provisions totalling £677,428. Other associated liabilities tolalled £163,128 resulting in total goodwill of £950,555. This sum is being debited back to admin expenditure in the profit and loss account over a 5 year period on a straight line basis. A 5 year peri()d has been deemed applicable because this runs in line with the linCe awarded. Page 56
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 15. Tangiblg fixgd assots Group and Charity Freehold property Motor vehicles Office equipment Other fixed assets Total Cost At 1 January 2022 Additions Disposals 20,881.478 47.750 1,768,157 536,889 1297,7821 1.374.601 492.323 24,071,986 1,029.212 {297.7821 At 31 December 2022 20,881,478 47.750 2.007,264 1,866.924 24,803.416 Depreclatlon At 1 January 2022 Charge for the year On disposals 412,930 93,630 42,175 3.188 1,408,211 173,290 1297,7821 282,698 407.508 2,146,014 677.616 {297.7821 At 31 December 2022 506.560 45.363 1.283,719 690.206 2,525.848 Net book value At 31 December 2022 20,374.918 2.387 723,545 1,176.718 22,277.568 At 31 December 2021 20.468,548 5,575 359,946 1.091,9Q3 21.925,972 Included within Freehold land and buildings is land valued at £16.2 million (2021.. £16.2 million)- The Trust did not hold any tsngible fixed assets al 31 Dember 2022 (2021.. none)- Page 57
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 16. Fixed assgt invo$tmgnt¥ Listed investments Group Cost or valuatlon At 1 January 2022 Additions 11,615.468 514,000 112.8911 (1,084.6031 {117,1961 434.309 Disposals Revaluations Fees Investment income reinvested At 31 December 2022 11,349.087 Investments in subsidiary Listed companies investments Total Charity Cost or valuation Al 1 January 2022 Additions 11.615.468 11.615.472 514.000 514.000 112.891) 112.8911 11.084.603) (1,084.6031 1117.196) {117.1961 434.309 434.309 Disposals Revaluations Fees Investment income reinvested At 31 December 2022 11,349.087 11,349.091 Flxed asset Investments analysls 2022 2021 Equities Bonds 7.288,276 1,227,897 1.581,858 1.251,056 8,674,570 966,966 1, 717,994 255,938 Alternatives Cash 11.349.087 f 1,615,468 Page 58
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 17. Stocks Group 2022 Group 2021 Finished goods and goods for resale 147,982 133,280 18. Debtors Group 2022 Group 2021 Charity 2022 Charity 2021 Due after more than one year Other debtors 59,649 80,701 59,649 80,701 59,649 80,701 59.649 80,701 Due wlthln one year Trade debtors Amounts owed by group undertakings Other debtors 7.021,981 11,860,695 5,883,717 21.052 4, 758,205 21,243 300,000 693,445 613,912 374,380 630,578 Prepayments and accrued income ,388,987 12,886,354 5,964,418 5, 160, 149 Other d8blors in the charity is a loan to the London Diocesan Board. The loan is interest free and due for repayment in equal monthly inslallments over a 10 year period from the dale of drawdown in 2016. 19. Current asset investments Group 2022 Group 2021 Charity 2022 Charity 2021 Listed investments 2.024,625 3,519,470 2,024,625 3,519,470 Page 59
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 20. Crgditors: Amounts falling due within ong year Group 2022 Group 2021 Charlty 2022 Charity 2021 Bank loans 471,780 500,711 1.787,544 1,066, 121 719,591 279,054 65,963 29,970 24.590,388 25,219,957 8.304,362 7,072,760 Trade creditors 5,025 10.705 2,495 21,010 8.304.362 837 Other laxalion and social security Other creditors Accruals and deferred income Grant commitments 13,579 2,087 75,550 7,072, T60 35.939,628 34,047,973 8.343,597 7,044,813 Grant commitments 2022 Grant commitments blfwd at 1 January 2022 Grants awarded in the period Grants paid in the period Grants withdrawn in the period 9,120,507 3.732.240 (2,905.6431 121.0141 Grant commitments clfvid at 31 December 2022 9,926.090 Deferred Income 2022 2021 Deferred income blfwd 1 January 2022 Amounts released in the year Income deferred during the year 30.651,634 27,046,421 127,286,682) (16,099,972) 22.061,825 19,705, 186 Deferred Income clfwd 31 December 2022 25.426.777 30,651,635 Page 60
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 21. Crgditors: Amounts falling dug aftgr moro than ono ygar Group 2022 Group 2021 Charlty 2022 Charity 2021 Bank loans Accruals and deferred income Grant commitments 8,978,254 3.533,524 1.621,728 9,392,615 7,035,819 2,107,747 1.621.728 2,107,747 14,133,506 18,536, 781 1,621,728 2,107,741 Included within the above are amounts falling due as follows.. Group 2022 Group 2021 Between one and two years Bank loans 479,110 500.711 Between two and flve years Bank108ns 1.476,664 1.500,000 Over flve years Bank loans 7.022,480 7,392,504 The company had two loans outstanding at the year end. The first loan originally of £8m and with a year end balan of £6,836,363 {2021.. £7, 130,4351, is secured by way of legal mortgage over 190 Great Dover Street. The loan accrues interest at a rate of 1.97% and is repayable over 240 months from the date of drawdown in January 2021. The second loan, originally of £3.1 m and with a year end balan of £2,613,671 12021.. £2, 762,2901, is secured by way of legal mortgage over Units 3-5 Blackhorse Business Park, Blackhorse Road. The loan accrues interest at a rale of 1.50/0 above base rate and is repayable over 60 months from the date of drawdown in March 2018. Page 61
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 22. Financial instruments Group 2022 Group 2021 Charlty 2022 Charity 2021 Financial assets Financial assets measured at fair value throLJgh income and expenditure 25,614,289 21,191,260 5,191,421 3,885,414 Financial assets measured at fair value through income and expenditure comprise listed investments. 23. Deferred taxation Group 2022 At the beginning of the year Charge for the year Other movements 1,565,444 426.167 12651 1,991.346 The deferred tsx liability is made up as follows- Group 2022 Group 2021 Fixed asset timing differences Short term liming differences Timing differences on capital disposals 1672,1341 (534,573) 7,666 {1,326,8781 (1,030,871) {1.991.3461 (1,565,444) Page 62
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 24. Provisions Group Onerous contract Arising on business Combinations 677.428 677.428 The onerous contract arose on the acquisition of the Brighton Marathon on 16 December 2022. The company is obliged to honour all existing enlranls to the Marathon prior to the acqLJisiIion. Page 63
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 25. Statgmgnt of funds Statement of funds - current year Balance at 31 Gainsl December (Losses) 2022 Balance at 1 January 2022 Transfers inlout Income Expenditure Unrestrlcted funds Designated funds General reserve 764,250 1844,3511 2,205,395 {1,094,1641 1687,4561 687.456 {1,050,0001 1,050.000 1,031,130 5,400.000 6.108.475 Facilities grants Strategic grants New programme funds Strategic national funds 5,400.000 6,108.475 1473,7701 473.770 {1,500,0001 1,500,000 11,508.475 764.250 {4.555,5771 5,916.621 {1.094.1641 12.539.605 General funds Subsidiary undertakings 2,694.261 42.118,158 135,448,843) 15,916.621) 3.446.955 Total Unrestrlcted funds 14,202,736 42,882.408 140,004,420) {1.094,1641 15,986,560 Page 64
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 25. Statgmgnt of funds Icontinugdl Statement of funds - prior year Balance at 31 December 2021 Balance at 7 January 2021 Transfers in/out Gainsl (Losses) Income Expenditure Unrestrlcted funds Designated funds General reserve 591,540 (722,011) (853, 100) 49,140 (49, 740) (869,576) 6,550,921 983,577 Facilities grants Strategic grants 5,400,000 427,070 5,400,000 6,108,475 5,827,070 591,540 (1,541,793) 5,648,081 983,577 11,508,475 Balance at 31 December 2021 Balance at 7 January 2021 Transfers in/out Gainsl (Losses) Income Expenditure General funds Subsidiary undertakings 2,694,261 35, 163, 178 (29,515,097) (5,648,081) 2,694,261 Total Unrestrlcted funds 8,521,331 35.754.718 (31,056,890) 983,577 14.202, 736 Page 65
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 25. Statgmgnt of funds Icontinugdl The Trustees have designated all funds reiVed from the trading subsidiary, but not yel awarded as grants, lo fund future grantmaking activity. Facilities Grants Before the pause in granlmaking, applications lo The Trust's Facilities Grant programmes could be submitted al any time during the period and the Trustees mel quarterfy lo make funding decisions. Facilities Grants could be either Small Grants or Major Grants., the differen is explained below.. Small Grants The Small Grants programme provided awards of between £5,000 and £50,000 to small projects within The Trust's core areas. These projects aim lo help improve existing amenities or to build new facilities that will enable organisations lo encourage and support more people to become involved in physical activity, sport andl or play, particularly those who are currently physically inactive. Major Grants The Major Grants programme provided funds of more than £50,001 for the renovation, modernisalion or creation of significant facilities for organisalions in The Trust's core areas. These organisations needed lo demonslrale a dear commitment lo encouraging and supporting people who are not physically active lo participate in physical activity, sport andl or play. Applicants were able to apply for funding of up to £250,000. The Trustees have the discretion to award grants of more than £250,000 towards major projects where a particularly strong case is made to demonstrate the impact on The Trust's priority outcomes. Strategic Partnership Grants In 2017-18, The Trust established a Strategic Partnership Grants programme that provided funding lo projects across the UK that address barriers lo participation in physical activity and inspire people from all communities to take part. Following changes lo The Trust's objects, introduced in January 2018, The Trust was able to provide capital and revenue support across the UK. The Trustees decided to introduce a proactive grantmaking programme delivered in partnership with others. New Programme Funds The Trust has established this programme to inspire activity in two main ways. The Active Communities Fund provides smaller grants aimed at inspiring artivity within local communities. The fund supports grassroots organisalions with strong relationships and standing within target communities lo inspire activity amongst those most exclLJded from leading active lives. The Active Spaces Fund is the evolution of The Trust's Facilities Grant programme and is designed lo provide both capital and revenue grants lo London-based projects that will improve and aclivale spaces, places and facilities that will help the least active Children, young people, marginalised groups and communities to lead active lives. Strategic National Funds This fund repSents the Trusts investment in London's biggest ever community sports fund lo improve the lives of underserved and vulnerable young Londoners especially those facing physical, social, ewnomic or educational challenges - lo access and enjoy sport and physical aclivily. Page 66
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 26. Analysis of not as$gts bgtsvgen funds Analysis of net assets between funds - current year Unrestricted funds 2022 Total funds 2022 Tangible fixed assets Intangible fixed assets Fixed asset investments Debtors due after more than one year Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges 22,277,568 22,277.568 950,555 950.555 11.349,087 11,349,087 59,649 59.649 34,091,609 34,091.609 135,939,628) 135,939.6281 114,133,506> 114,133,506) 12,668,774) (2,668.7741 Total 15.986,560 15,986.560 Analysis of net assets between funds - prior year Unrestricted funds 2021 Total fvnds 2021 Tangible fixed assets Fixed asset investments Debtors due after more than one year Current assets 21,925,972 21,925,972 7 1,615,468 11,675,468 80,701 80,701 34, 730, f93 34, 130, 793 (34,047,973J (34,047,973) (18,536, 181) (18,536, 181) (1,565,444) (1,565,444) Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges Total 74,202, 736 14,202, T36 Page 67
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 27. Reconciliation of ngt movem9nt in funds to ngt Cash flow from operating a¢tivitigS Group 2022 Group 2021 Net incomellexpendilure} for the year las per Stslemenl of Financial Activities) 1.783.824 5,681,405 Adjustments for: Depreciation charges Gains on investments Decreasellincreasel in stocks Decreasellinereasel in debtors Increaselldecreasel in creditors Increase in provisions Interest paid Investment charges Interest and investment income received 677.616 1.097.074 {14,7021 4.497,367 {2.068,4381 677.428 199,291 117,196 1463.1971 426,432 920,564 (983,577) 567,6f I (4,236,546) 510,116 278,485 80,607 (288,844) 781,918 Taxation charge Net cash provided by operating activities 6,929,891 3,371,739 28. Analysls of cash and cash equlvalents Group 2022 Gmup 2021 Cash in hand 23,589,664 18,271, 790 2.024,625 3,579,470 Current asset investments Total cash and cash equlvalents 25.614.289 21,791,260 Page 68
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 29. Analysis of ¢hang&$ in not debt At1 January 2022 Cash flows Other non- At31 cash December changes 2022 Cash al bank and in hand Debt due within 1 year Debt due after 1 year Liquid investments 18,271,790 1500,1111 {9,392,6151 3,519,470 5,317,874 442.692 23,589,664 1471.7801 (8,978,254) 2,024,625 1414,3611 414,361 11,494,845) 11.898,534 4,265.721 16,164.255 30. Pension commitments The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted lo £325,455 (2021.- £273,276). Contributions totalling £37,641 (2021.. £30.1 t8) were outstanding al the year end. 31. Operating lease commitments - lessor At 31 December 2022 the Group had future minimum lease receipts due under non4ancellable operating leases for each of the following periods.. Group 2022 Group 2021 Not later than 1 year Later than 1 year and not later than 5 years 69.600 278,400 69,600 69.600 348,000 The lotsl rental income received from operating leases in which the Group is acting as lessor was £278,000. Page 69
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 32. Relatod party transactions LME has paid the sum under Gift Aid of £nil12021.' £865,43111o ils parent company, The London Marathon Charitable Trust Limited ILMCTI during the year. A Gift Aid donation of £5,916,621 12021.. £4, 782, 650} has been accrued at the year end making the total gift aid payable relating lo 31 December 2022 £5,916,621 12021.- £5,648,081). LME charged the Trust £15,000 12021.- £12,000) during the year for administration serVIS provided. Al the year end, the company owed £5,883,71712021.' the companyowed£4,591,8101 lo LMCT. The Group has a subsidiary, London & Surrey Cycling Partnership LLP ILSCPI, a limited liability partnership registered in England and Wales with the same registered address as London Marathon Events Limited. Ils share of the profit for the period was £Nil Iprofil 2027.. £29, 1111. Al the year end the company was owed a nel amount of£4,022 by the LLP12027.' £4,022 owed by the LLPI. The LLP is currently in voluntary liquidation and will be struck off from Companies House during 2023. The CEO of LME also acts as a consultant lo Armstrong Teasdale (formerly known as Kerman & Co LLP Solicitors). LME paid £311,702 (2021.. £162,630) lo Armstrong Teasdale during the period for legal services. All transactions were on an arms-length basis. The amount outstanding al the year end tolalled £37,458 (2021.'£NilJ. Arun Kang, a Director of LME, is also the CEO of Sporting Equals. LME paid £2.500 (2021.- £4,OOOJ to Sporting Equals during the period for consultancy services. All transaclions with Sporting Equals were on an arms-length basis. In addition, in the period to 31 December 2018, Sporting Equals was awarded a Strategic capital grant by LMCT of £327,000 of which £Nil (2021.. £67,500) remains outstanding within grant commitments as at the year end. Former co-opted member of the LMCT Grants Committee Charles Reed was also Chair of Activity Alliance at the lime the organisation was awarded a Strategic Partnership Grant of £1,000,000 in 2020, £Nil in subsequent years, of which £185,192 (2021.. £445,127) remains outstanding within grant commitments as at the year end. LMCT Trustee Samantha Orde is Chair of Activity Alliance, an organisalion that was awarded a Strategic grant of £1,000,000 in 2020, £Nil in subsequent years, of which £185,192 (2021.. £455,121) remains outstanding within grant commitments as at the year end. All grants were awarded in accordance with The Trust's Conflict of Interest Policy, which requires Trustees to withdraw from decision-making processes if a potential conflict exists. Alan Pascoe donated the Directorfs fee received from LME to the Trust during the year lotslling £4,500. Page 70
DoGuSvJn Envelope ID". 5F957BAC-95D9483B.904>5B39333154FO LONDON MARATHON CHARITABLE TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 33. Post balan¢0 $hggt gvents On 1 January 2023, London Marathon Events Limited completed the acquisition of 50Q/o of the share capital of M4 Events Limited, which is the sole member of Run 4 Wales Limited, a business organising mass participation events in Wales. London Surrey & Cycling Partnership LLP is still in the process of a Members. Voluntary Liquidation and will be Closed down during 2023. Principal subsidiaries The following were subsidiary undertakings of the Charity- Names Company number Principal activity Holding Included in consolidation London Marathon Events Limited 01528489 Race event delivery London & Surrey Cycling Partnership OC372072 Operation of the LLP RideLondon event 100/0 Yes 75/0 No The financial results of the subsidiaries for the year were.. Names Income Expendlture Profltl(Loss) I Surplusl (Deficit) for the year Net assets London Marathon Events Limited 42.133.158 135.463.843) 6.669.315 3,446.959 The registered office of both London Marathon Events Limited and London & Surrey Cycjing Partnership LLP is 190 Great Dover Street, London, England, SE14YB. Page 71