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2023-12-31-accounts

LONDON MARATHON FOUNDION INSPIRING ACTIVITY

Trading name of The London Marathon Charitable Trust

Report and financial statements

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Charity number: 283813 Company number: 01550741

THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Registered Charity Name: The London Marathon Charitable Trust
(a company limited by guarantee)
Operating Name: The London Marathon Foundation
Charity No: 283813
Company No: 01550741
President: Sir John Spurling KCVO
Vice-President: John Austin(from January 2024)
Trustees: John Austin(term ended 30 June 2023)
Dawn Austwick OBE(Vice-Chair)
Councillor Mete Caban MBE(appointed 17 April 2023)
Terry Duddy
Councillor Richard Henry
Charles Johnston
Lee Mason
Sam Orde OBE
Alan Pascoe MBE
Yogesh Patel(appointed 17 April 2023)
Councillor Robert Rigby
Clare Shepherd
John Tennent(appointed 17 April 2023)
Sir Rodney Walker KB(Chair)
Principal Offce: 190 Great Dover Street
London
SE1 4YB
Independent Auditor: Crowe U.K. LLP
4th Floor
St James House
St James Square
Cheltenham
Gloucestershire
GL50 3PR

THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

DEFINITIONS

The following terms are used in the Trustees' Annual Report

THE FOUNDATION: The London Marathon Foundation, the trading name of the London Marathon Charitable Trust Limited

'LME' London Marathon Events Limited, the wholly owned subsidiary of the Foundation

M4E: M4 Events Limited (a 50% Joint Venture with Run 4 Wales Charitable Foundation). M4E is the sole member of Run 4 Wales Limited

Collectively known as the 'London Marathon Group'

THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

CONTENTS Page
Chair's Statement 05
Our history 08
The work of the London Marathon Foundation in 2023 10
The work of London Marathon Events in 2023 18
The work of the London Marathon Group in 2023 20
Environmental sustainability 22
Governance, structure and management 25
Strategic report 30
Independent Auditor's Report 43
Consolidated Statement of Financial Activities 47
Charity Statement of Financial Activities 49
Consolidated Balance Sheet 50
Charity Balance Sheet 52
Consolidated Statement of Cash Flows 53
Notes to the Financial Statements 54

THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Chair's Statement

A historic year

2023 has been another historic year for the London Marathon Foundation. Our focus was delivering our plan and distributing our funding at pace and, to complement that, in the first quarter of the year we unveiled our rebrand, changing our trading name to the London Marathon Foundation[(] previously The London Marathon Charitable Trust[)] . This new name and design represent a modern and accessible funder, reflecting our new funding plan and strategy. During 2023, we granted the third-largest amount of annual funding in our history and distributed our highest ever number of grants, reaching even more children, young people and those from marginalised communities in accordance with our vision of Inspiring Activity. It is a vision we proudly share with our trading subsidiary, London Marathon Events[(] LME[)] . Together, as the London Marathon Group, we delivered resoundingly on our mission to inspire, increase and champion participation and diversity in physical activity through our funding and our world-class portfolio of mass participation events, and also through our sustained engagement programme with schools across the UK, our support of grassroots community events and event organisers and our dedicated volunteers.

All we achieve is thanks to the vision of Chris Brasher and John Disley, the co-founders of the London Marathon, who had the foresight and ambition to understand that the spirit of the London Marathon had vast potential to transform lives for the better.

In April we celebrated a monumental funding milestone as we passed a total of £100 million in funding since the inaugural London Marathon in 1981. We officially reached this landmark moment the week before the 43rd edition of the London Marathon, and reflected on the incredible achievements of more than four decades of inspiring activity, beginning all those years ago with a modest funding budget of £10,500 awarded to seven projects.

THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Some of the highlights of our funding over those four decades include:

Delivering impactful funding

In 2022, we developed our new funding plan and strategy with a focus on investing in two key areas: children and young people and increasing participation in activity of those from marginalised communities.

Thanks to the dedication and hard work of the team at the Foundation, we awarded a total of £8.26 million in 2023 through 156 individual grants, and an additional 57 grants through the new Go! London fund. Our funding also leveraged more than 400 individual grants through third-party partnerships with Transport for London, Sported, Active Essex and others. We also continued to manage our large historic grants portfolio and maintained our open and flexible approach to working with our funded partners.

We awarded a total of £3 million to four strategic partnerships in London and across the UK: Cycle Sisters, Access Sport, junior parkrun, and Our Parks. Our Active Spaces Fund, which reopened in October 2022, continued to be a very successful open rolling fund accessible to communities in all of London's 32 boroughs and we granted a total of £4.2 million through this fund to 146 projects across the capital. This funding programme targets those from marginalised groups such as older people, people with disabilities, individuals with long-term health conditions and people from ethnically diverse backgrounds.

In Essex, where LME stages the RideLondon mass participation cycling events, we granted a further £750,000 to Active Essex to inspire activity in communities both along the route and across the county, bringing our total investment in Essex to £1.75 million to date. Our funding has now engaged at least 17,000 individuals in sport and physical activity in the county through a variety of initiatives including the Pedal Power project and the Find Your Active small grants programme, which aligns with the principles of our Active Spaces Fund.

In March 2023 we launched Go! London, serving young Londoners aged from four to 24 years, in partnership with the Mayor of London and Sport

THE LONDON MARATHON FOUNDATION

TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

England, with strategic support from LME and London Sport. Our funding of £1.5 million per year over the course of the next five years aims to help transform the lives of underserved young people through sport and physical activity. In its first year of operation Go! London awarded 57 grants totalling £2.3 million which are expected to benefit 24,000 underserved children and young people.

Delivering world-class event experiences

This was also a remarkable year of expansion for our trading subsidiary London Marathon Events, with the acquisition of a 50 per cent shareholding in Run 4 Wales in a partnership which brought together the leading mass participation organisers in England and Wales; the acquisition of the Brighton Marathon Weekend; and becoming the organiser of the Royal Parks Half weekend on behalf of the Royal Parks Foundation.

During the financial period LME delivered 13 mass participation running events[(] up from eight in 2022[) ] and four virtual running events in addition to RideLondon with its four mass participation events and the women's professional race, and Swim Serpentine with its four events. A total of 157,000 people took part in LME mass events or virtual events during the year with 534,000 children signing up for the 2023 TCS Mini London Marathon in schools, a virtual event.

The TCS London Marathon, our flagship event, returned to its traditional month of April and proved to be one of the most successful editions of the event to date, with a record number of 48,600 finishers. It came just four weeks after the Brighton Marathon Weekend, which LME organised in just three months post-acquisition. All operational challenges were met with LME's customary professionalism and dedication to providing exceptional event experiences for all. We continue to be hugely grateful to LME for their hard work throughout 2023 and the impact this will have on our future funding and grantmaking.

Thanks

As ever, none of the Foundation's impact would be possible without the exceptional hard work of our grantees and funded partners, who are improving health and wellbeing outcomes in big and small ways every day. On behalf of my fellow Board members, we are indebted to all Trustees past and present for their commitment to delivering our charitable objectives. In 2023 we have again been ably supported by the Grants Committee, the Finance & Audit Committee and the Governance & Nominations Committee. We also extend special thanks to the Foundation's President, Sir John Spurling, and to our newly appointed Vice­ President and former long-serving Trustee, John Austin. The Board has been helped greatly in its work by the Foundation's staff.

We are extremely grateful to all members of the LME Board for their hard work and dedication in 2023 which has seen such positive results.

Finally, we would like to record our sincere thanks to all LME staff and the many volunteers who support its events who, together, make a tangible difference to national participation in physical activity[(] see page 9 for more information[)] . As we look back on 2023 we rightly celebrate our many achievements, but also acknowledge the work still to be done. On this note, we look forward to another successful year in 2024 when we will continue to inspire activity for all.

Sir Rodney Walker Chair, London Marathon Foundation

For more information about the work of LME, see page 18.

THE LONDON MARATHON FOUNDATION

TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Our history

The London Marathon Foundation (the Foundation) is one of the United Kingdom's major charitable funders of initiatives to encourage people of all backgrounds, demographics and abilities to take part in physical activity.

The work of the Foundation is made possible by the extraordinary foresight of the late Chris Brasher and John Disley, the founders of the London Marathon. When Chris and John created the London Marathon in 1981, their vision was that the event's success would inspire the public to take up sport and generate funds to provide grants for sport and recreational facilities in the capital.

Marathon Events Limited (LME) to enable the surplus from the London Marathon, and all future events organised by LME, to be passed to the Foundation through corporate Gift Aid.

The Foundation and LME have a shared vision of 'Inspiring Activity'. The Foundation distributes the funds it receives from LME, as well as from donations and interest, to projects that inspire activity across the UK.

Through its funding and grantmaking the Foundation has enabled millions of people to become and remain physically active, regardless of age, gender, ability, race or background.

They created what became the Foundation (registered as the London Marathon Charitable Trust but with London Marathon Foundation as its trading name) as the parent charitable company and single shareholder of what is now London

Through the success of its events and its work with schoolchildren and communities, LME is an extraordinary force for good that has inspired millions more to get active and raise huge sums of much­ needed funds for charitable activity across the UK.

THE LONDON MARATHON FOUNDATION

TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

----- Start of picture text -----
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----- End of picture text -----

THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

The work of the London Marathon Foundation in 2023

The Foundation's charitable purposes are to promote participation in amateur sport and healthy physical recreation for the benefit of the inhabitants of those cities or counties where London Marathon Events holds events, and in such other areas of the United Kingdom as the Trustees may decide.

Our vision is inspiring activity and our mission is to inspire, increase and champion diversity and participation in physical activity. We are ambitious in our commitment to help create a society in which everyone has the opportunity to be physically active, contributing to the physical and mental wellbeing of all regardless of their background. Since 1981 we have awarded more than £105 million to projects that support our vision and mission.

Sport and physical activity play a vital role in improving the nation's health and wellbeing in addition to a huge range of other positive societal outcomes: contributing to more cohesive and connected communities, helping overcome difficult social challenges such as youth offending and overcoming structural social inequalities in our sport and activity provision.

Our ambition is to be recognised as an impactful funder, championing accessible, inclusive and sustainable sport and physical activity and opening up the benefits of physical activity to everyone, regardless of ability or background.

In 2023, we focused on distributing our funding to our target groups and communities in as flexible and frictionless a way as possible, delivering against the two key strategic themes of Children and Young People, and Participation.

Guided by our vision of inspiring activity, our strategic approach to funding is underpinned

by our commitment to the IVAR (Institute for Voluntary Action Research) Flexible Funder Commitments, and we pride ourselves on being an open and trusting grant-maker and funder. Our funding principles are:

In 2023 we continued our work to deliver the London Marathon Group objectives via the following main funding programmes:

Active Spaces Fund

The Active Spaces Fund is our main open fund designed for projects that will improve and activate spaces, places and facilities in London that will help the least active children, young people and underserved groups and communities to lead active and healthy lives. In 2023 we awarded more than £4.2 million to 146 Active Spaces projects across 32 London boroughs. Many of these projects will continue to deliver throughout 2024 and beyond, so the total number of people engaged in activities will continue to increase.

Active Communities Fund

Since 2022 we have been trialling a new place­ based approach to funding through our Active Communities Fund. The aim is to reach smaller grassroots organisations in the London boroughs of Barking and Dagenham, Newham and Tower Hamlets that may not have been able to access

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THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

our funding before, and which have close connections with our priority audiences. In 2023, 12 new grants totalling £199,000 were awarded through this Fund. The boroughs were primarily selected based on need (negative impact of the Covid-19 pandemic, inequalities, inactivity, children and young people in poverty, and a lack of historic funding in Barking and Dagenham in particular).

activity for our priority audiences. These relationships are key to the Foundation's work and our standing within the sport for development sector, enabling us to work closely with sector partners, amplify our profile, share learnings and expertise, refine and improve our funding processes and increase our reach to our target groups of children and young people and people from marginalised communities.

Strategic Partnerships Fund

Throughout the year, we supported existing partnerships and forged new ones that inspire

In 2023 we managed 13 active strategic partnerships, six of which were new investments outlined in the table below.

Organisation Amount awarded Purpose
Access Sport £1.37 million To continue to grow inclusive
cycling opportunities across
the UK, and develop inclusive
basketball activities in London.
Between 2018 and 2022 our
partnership with Access Sport
enabled us to support more than
6,000 children and young people
to take part in cycling activities.
Brighton Table Tennis Club £250,000 To set up a brand-new
community sports facility,
designed to be a centre for
parasports and other activities,
in Moulsecoomb, Brighton.
Cycle Sisters £100,000 To support organisational
development and deepen
engagement across London, so
more Muslim women can cycle
for years to come.
Active Essex ( awarded to Essex £750,000 To inspire activity for residents
County Council) in Essex all-year round, by
continuing the Find Your Active
small grants programme and
distributing free bikes through
the Essex Pedal Power initiative
(which for the first time will
include free bikes for children).
For a more detailed impact case
study, see page 16.

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TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE LONDON MARATHON FOUNDATION

Organisation

Amount awarded

Purpose

Our Parks £100,000 parkrun global £1.195 million

To continue delivering free Turn Up Tone Up fitness sessions in parks across London.

To grow existing and establish new junior parkrun events across the UK, increasing access, engagement and inclusivity of the events, and to promote the future organisational sustainability of junior parkrun.

Our strategies to deliver our objectives in 2023 and our significant achievements are as follows:

1. Children and Young People (CYP)

Achievements

Developed an ambitious new development partnership with junior parkrun worth £1.2 million and representing the biggest single investment in parkrun's history for children and young people, focusing on creating 120

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TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE LONDON MARATHON FOUNDATION

2. Participation

Achievements:

3. Sustainability

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TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE LONDON MARATHON FOUNDATION

Achievements:

4. Brand, People and Financial

Achievements:

IMPACT HEADLINES

74%

of the organisations we funded in 2023 had not been funded by us previously

131,571 6,189

unique individuals engaged in physical activity through LMF-funded projects in 2023 of whom 76,000 are children and young people

physical activity sessions delivered thanks to LMF funding

28,324

girls and young women engaged in physical activity thanks to LMF funding

78

different types of sport and physical activity delivered

108,351

people in sports and physical activity in 2023 via our strategic funding partnerships

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THE LONDON MARATHON FOUNDATION

TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

91 of the 150 projects funded in 2023 are now providing project reports to enable monitoring of progress, with detail of the groups and communities they're supporting. The top five groups and communities currently supported through 2023 funding so far are*:

back to us on. This framework is designed to:

Our vision is Inspiring Activity, and a basic indicator of our impact is the number of people we have supported to participate in sport and physical activity through our funding. Looking just at projects funded in 2023, more than 131,000 children, young people and adults have been engaged in physical activity so far (of which 76,000 are children and young people). These totals are set to increase, as some of the projects funded in 2023 have not started delivering yet.

We are also working to build an understanding of how we are comparing against our funding commitments. We delivered four webinars during the year to support funded organisations by providing advice on our processes, monitoring and evaluation, as well as signposting to other useful free resources available. These webinars were attended by more than 110 people, and the anonymous feedback showed 100 per cent rated the webinars as 'good' or 'excellent', and rated their overall experience of working with us as 4.3 out of 5, suggesting our work to be more relational is succeeding.

Our outcomes framework is currently our main reference point for the areas of measurement that we require our grantees to collect data and report

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THE LONDON MARATHON FOUNDATION

TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

ACTIVE ESSEX

Essex became one of our core funding areas in 2022, thanks to RideLondon (the world's greatest festival of cycling, organised by LME on behalf of the Mayor of London) taking place in Essex.

As a result, we awarded £1.75 million in Essex across 2022 and 2023 (with £1 million awarded

in 2022 and £750,000 in 2023), which has supported at least 17,800 residents to participate in Foundation-funded activities all-year round. Our investment has been managed by Active Essex, with Essex County Council's knowledge and expertise helping our funding to have the greatest impact for residents across the county.

IMPACT HEADLINES

The £750,000 awarded in 2023 funded the continuation of the Find Your Active small grants programme for another year, supporting projects that will help the Foundation's priority audiences of children, young people and underserved communities to get active, while also scaling up some of the projects previously funded through the programme in 2022. The funding is also supporting the development of a Junior Essex Pedal Power programme, to provide free bikes to young people most in need.

The Foundation has undergone significant change since the pandemic, and continues to evolve as it works more closely with LME to achieve greater social impact as a Group.

Historically, the Foundation's strength has been in funding initiatives that widen access to physical activity in its priority audiences and LME's strength has been in organising mass participation events in running, cycling and swimming supported by outreach programmes in schools and community groups across the UK.

We have shown during 2023 how we can work effectively together as the London Marathon Group to maximise our impact and this is now our guiding principle as we look to the future.

During the year we launched two significant new funding partnerships with LME supporting as a strategic partner in the Go! London fund and with

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TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE LONDON MARATHON FOUNDATION

junior parkrun. The London Marathon Group will work to inspire activity in ever greater numbers as we look towards the 50th edition of the London Marathon in 2030.

Our plans include the development of a pipeline of funding opportunities for our target audiences; exploring more strategic partnerships that focus on children and young people, and people from marginalised communities; the creation of a Group-wide social impact framework; and

the streamlining of our Group approach to sustainability and DEi.

The focus for our next strategic period, to be launched by the end of 2024, will be Children and Young People; Events; Sustainability[(] People, Planet and Profit[)] ; and Adults.

We are working to a three-year funding forecast, continuously improving and adding to our existing funding programmes and refining our approach to data collection and impact collection. This will lead to our first Annual Impact Report in 2024 and further development of our outcomes framework aligned to the development of the Group-wide social impact framework.

In 2024 we will be delivering a funding budget of £7 million. This will be distributed via our Active Spaces Fund[(] £3 million[)] , our Strategic Partnerships Fund[(] £2 million[)] , Go! London[(] £1.5 million[) ] and Active Essex[(] £0.5 million.[) ] We are investing further in developing our team, with two roles now dedicated to data, impact and evaluation, and three experienced Funding Managers who manage our grants portfolio and have individual oversight of three key elements to our funding: children and young people; places and participation; and partnerships and development.

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THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

The work of London Marathon Events in 2023

The London Marathon Foundation is the sole shareholder of its trading company, LME. The company passes its surplus to the Foundation through corporate Gift Aid.

2023 was a remarkable year of expansion for LME with the acquisition of a 50 per cent shareholding in Run 4 Wales in a partnership which brought together the leading mass participation organisers in England and Wales, the acquisition of the Brighton Marathon Weekend and becoming the organiser of the Royal Parks Half weekend on behalf of the Royal Parks Foundation.

During the financial period, LME delivered thirteen mass participation running events (up from eight in 2022) and four virtual running events in addition to Ford RideLondon, with its four mass participation events and the women's professional race, and Swim Serpentine with its four events.

Vitality London 10,000 and virtual Vitality London 10,000

Royal Parks Half and RBC Race for the Kids

The spring event season opened with the Brighton Marathon, BMl0K and Mini Miles events which LME delivered in just 13 weeks after acquiring the events in late December 2022, after the previous organisers went into administration.

The TCS London Marathon weekend followed just four weeks later, returning to its traditional April date after three years in October. This presented unprecedented organisational demands with less than seven months between the 2022 and 2023 events and the additional challenge of the backdrop of national public protests by Extinction Rebellion and Just Stop Oil. Despite these factors, the 43rd edition of the London Marathon was one of the most successful in LME history.

A total of more than 157,000 people took part in LME mass events or virtual events during the year and more than 534,000 children from 1,097 schools registered for the 2023 TCS Mini London Marathon in schools - a virtual event.

The LME event calendar in 2023 comprised:

The second edition of the TCS Mini London Marathon, with more than 8,000 children, was both the largest children's mass running event ever organised by LME and also the largest in the UK. Through sponsorship from TCS, every finisher earned £10 for their school to spend on sports or IT equipment.

The TCS London Marathon had a record number of 48,600 finishers, the best ROI figures for sponsors for five years and elite races which generated global headlines. The ballot for the 2024 event set a new world record with more than 578,000 people applying.

An additional 4,453 people across the UK and around the globe completed the virtual TCS London Marathon between 00:00 and 23:59:59 BST on the same day.

RideLondon followed just five weeks later, with Ford as the new headline partner. It featured the three-

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THE LONDON MARATHON FOUNDATION

day UCI Women's WorldTour race, three mass participation sportives which started in central London, rode into Essex and returned to the capital to finish at the spectacular setting of Tower Bridge, and Freecycle, a free family-friendly ride on an eight-mile traffic-free road loop in central London. It was the second year of the event's partnership with Essex and, following the event, Essex confirmed that the partnership would continue for a further three years[(] 2024-2026[)] .

Following the impacts of the Covid-19 pandemic in 2021 and extreme heat which led to a postponement in 2022, the Standard Chartered Great City Race returned at full capacity in 2023 with more than 5,000 finishers.

The autumn event season began with The Big Half in the warmest September on record which meant LME's hot weather protocols were implemented. The event is now returning to pre-Covid numbers with more than 16,000 starters in the half marathon.

The unprecedented heat contributed to a bloom of blue-green algae in the Serpentine Lake which receded to safe levels just 48 hours before the event. Accordingly, Swim Serpentine participants were offered the option to withdraw but the vast majority came to swim in glorious weather.

The Vitality Westminster Mile and Vitality London 10,000 moved to a late September date for the first time. It was not possible to hold the events in their traditional spring date due to the ceremonial events and rehearsals for the Coronation and Trooping the Colour. The NBA became an event partner for the Mile for the first time, with a dedicated Jr NBA wave and basketball activation in Green Park. More than 12,000 people took part in the Vitality London 10,000 the following day.

The events season closed with the Royal Parks Half, delivered by LME for the first time after winning the tender process in 2022. The weekend began with the RBC Race for the Kids, in aid of Great Ormond Street Hospital for Children, followed by the Royal

Parks Half the next day. The record-breaking hot weather continued and again LME implemented hot weather protocols. The Royal Parks was delighted with the success of the event.

Charity fundraising

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 £1.2 billion for a huge variety of charities.

In the last financial period, according to data from fundraising platforms and major charities, £63 million has been raised for charities working across the UK and internationally through LME events.

Corporate Social Responsibility

LME continued to fund a range of Corporate Social Responsibility initiatives, including supporting British Athletics' endurance running training programmes and introducing The Daily Mile initiative to London's state primary schools.

As part of its mission to inspire activity, LME also supports through financial support and expertise small community-based organisations to stage events. In 2023 these included:

In addition to these initiatives, three floors of LME's head office building continue to be let at a reduced rate to sports organisations to create a House of Sport, intended to enhance networking and collaboration in the voluntary sport sector. LME took over the management of the House of Sport from London Sport from l April 2023.

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THE LONDON MARATHON FOUNDATION

TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Volunteers

Every year, LME requires the help of thousands of volunteers, who play a crucial role in the delivery of the events. It takes more than 5,300 volunteers to support the delivery of the London Marathon and they take on a huge variety of roles on Marathon Day, including baggage handling, runner marshalling, managing hydration stations and giving out finisher medals. All volunteers are

provided with the training, equipment, support and advice needed to fulfil their role, as well as branded clothing and refreshments on the day.

Directors of London Marathon Events Limited

The LME Board of Directors consists of the Chair (who is a Trustee), one further Trustee, five independent Non-Executive Directors and four LME Executives.

The work of London Marathon Group in 2023

In 2023, the Foundation and LME worked together as London Marathon Group for the first time on two projects where the Foundation was a funder and LME was a strategic partner. These projects were the new Go! London collaborative fund and a development partnership with junior parkrun.

GO! LONDON

together in using sport and physical activity as a vehicle for social change

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THE LONDON MARATHON FOUNDATION

TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

JUNIOR PARKRUN

In October 2023, London Marathon Group announced a new development partnership with parkrun global, the charity behind the free weekly 2KM junior parkrun events for children aged four to 14, which also aligns with our Group vision of inspiring activity.

This new partnership has the potential to transform youth participation in physical activity across the UK. Working with junior parkrun, the Foundation's £1.195 million funding over the three years and LME's strategic support will address critical issues concerning the health and wellbeing of children by:

The Group's support for junior parkrun provides a free pathway into physical activity for hundreds of thousands of children and helps to establish a lifetime habit for children and young people of being physically active. The partnership is expected to enable an additional 300,000 children to participate in junior parkrun events by 2026.

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THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Environmental sustainability

London Marathon Group's greenhouse gas emissions, reportable under Streamlined Energy and Carbon Reporting (SECR), in 2023 were 63.429 tonnes CO2e.

These include the emissions associated with:

The total emissions from the above sources results in an intensity of 0.00045 tonnes CO2e per participant

Greenhouse gas emissions

Table 1: Greenhouse gas emissions by source

(tonnes C02e)

Emissions source 2023 (location based*) Share%
Purchased electricity 51.051 80.43
Fuel combustion: transport 11.652 18.36
Fuel combustion: plant 0.274 0.43
Fuel combustion: generators 0.493 0.78
Total emissions 63.470
Number of participants 141,253
Annual revenue £50,117,685
Intensity: (tCO2e per participant) 0.00045
Intensity: (tCO2e per £100,000 revenue) 0.127

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TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE LONDON MARATHON FOUNDATION

2023 Emissions by Source

■ Purchased electricity ■ Fuel combustion: Transport Fuel combustion: Plant Fuel combustion: Generators

2023 Emissions by Scope

Scope 2023 Share%
l 0.03 0.1
2 46.99 74
3 16.45 25.9
Total 63.47

Scope 1: Emissions from plant vehicles owned and operated by the company Scope 2: Purchased Electricity at our two premises

Scope 3: Emissions from vehicle, plant and generators hired or leased by the company. Emissions from private vehicles on business use. Losses from electricity distribution and transmission. This only includes emissions reportable under SECR and does not reflect the entire carbon f tprint of the organisation

Energy consumption

Table 2: Energy consumption by source (kWh)

Emissions source 2023 Share%
Fuel combustion: Electricity 226,905 52.8
Fuel combustion: Transport 53,986 12.6
Fuel combustion: Plant 16,392 3.8
Fuel combustion: Generators 132,156 30.8
Total: 429,439

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THE LONDON MARATHON FOUNDATION

TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Boundary, methodology and exclusions

An 'operational control' approach has been used to define the greenhouse gas emissions boundary.

This approach captures emissions associated with the operation of all buildings such as warehouses, and offices plus company-owned and leased transport. This report covers UK operations only, as is required by SECR for Non-Quoted Large Companies.

This information was collected and reported in line with the methodology set out in the UK Government's Environmental Reporting Guidelines, 2019.

Residual factors (including transmission and distribution factors) have been used for market­ based scope 2 reporting.

Emissions have been calculated using the latest conversion factors provided by the UK Government. There are no material omissions from the mandatory reporting scope.

The reporting period is l January - 31 December 2023, as per the financial accounts.

This is the first year that the Group has completed a Streamlined Energy and Carbon Report and therefore no comparison figures from previous years are provided.

Energy efficiency initiatives

The Group has undertaken the following energy efficiency measures:

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THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Governance, structure and management

The London Marathon Charitable Trust Limited (a company limited by guarantee and not having a share capital, number 01550741) was established in 1981 and is a registered charity, number 283813. The Charity rebranded to use the trading name of the London Marathon Foundation (the Foundation) from February 2023.

The Foundation is governed by its Articles of Association under which the following provisions are stipulated:

These accounts are the consolidated accounts for the Foundation, and its subsidiary entity LME, for the financial year ended 31 December 2023.

The Foundation's Objects

The Foundation's objects, as set out in its Articles of Association, are restricted to:

or other leisure-time occupation in the interests of social welfare for the public at large, or those who by reason of their youth, age, infirmity, disablement, financial hardship or social or economic circumstances have need of such facilities and services

The Foundation delivers against these objects through its funding and grantmaking activity.

Delivering public benefit

The Trustees refer to the Charity Committee guidance on public benefit when reviewing the Foundation's aims and objectives and in planning future activities and setting the grantmaking policy for the financial period.

The Foundation provides clear, identifiable benefits to the public through its mission to support initiatives that inspire activity, enabling people to become and remain physically active regardless of age, gender, ability, race or background, and that challenge inequality of access to physical activity.

"Promote participation in amateur sport and

healthy physical recreation for the benefit of the inhabitants 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:

a. Public facilities, amenities, equipment and services for healthy physical recreation and play

b. Facilities and services for recreational, sporting

The Trustees are pleased the achievements and performance of the Foundation demonstrate tangible results in these areas. The Foundation ensures that, as a condition of its grant agreements, all funded projects should be accessible to and affordable for the public.

Charity Governance Code

Although it is not a legal or regulatory requirement, the Foundation has adopted the Charity Governance Code, updated in December 2020, and, in accordance with the Code, provides details on how it applies its seven underlying principles.

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TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE LONDON MARATHON FOUNDATION

The seven principles are:

  1. Organisational purpose: The Board is clear about the Foundation's strategies, objectives and charitable purposes and ensures that these are being delivered effectively and sustainably.

  2. Leadership: The Board provides strategic leadership in line with the Foundation's Strategy and Values and approved a new Funding Strategy in 2022.

  3. Integrity: The Board acts with integrity, adopting Group values and creating a culture that helps achieve the organisation's charitable purposes. The Board is aware of 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-making processes are informed and timely and that effective delegation, control and risk assessment and management systems are set up and monitored. In 2023, The Foundation's Finance & Audit Committee[(] FAC[) ] approved a revised Strategic Risk Register and undertook deep dives into:

  5. Reputational risk due to slowness of funds

  6. being distributed; and

  7. Damage by association of a partner, sponsor,

  8. LMG Board member, funded organisation, or other corporate entity.

  9. Board effectiveness: The Board works as an effective team, using the appropriate balance of skills, experience, backgrounds and knowledge to make informed decisions. The Chair and Vice-Chair had conversations with all Trustees in relation to their own contribution and the Board's overall effectiveness.

  10. Diversity, Equity and Inclusion: The Board's approach to diversity, equity and inclusion supports its effectiveness, leadership and decision-making. As a result of

recommendations from the 2022 Governance Review, the Board increased the diversity of its membership with the appointment of three new Trustees via an open recruitment process in 2023 supported by a professional agency with proven experience of recruiting Trustees from diverse backgrounds.

  1. Openness and accountability: The Board leads the organisation in being transparent and accountable. The Foundation is open in its work and takes a proactive approach to communication and stakeholder engagement.

The London Marathon Foundation Members

The Foundation is the trading name of The London Marathon Charitable Trust, which is a registered charity and a company limited by guarantee. The Membership Organisations outlined below, who represented the Charity's legal Members at the end of 2022, voted unanimously at an EGM on 17 January 2023 to renounce their Membership rights and to amend the Articles of Association to provide for a Board made up wholly of Independent Trustees who are also the Charity Members during their Trustee term of office. The Members' liability is limited to the sum of £1 in the event of the Charity being wound up.

Previous Member Organisations

Board of Trustees

The new Articles of Association provide for a Board composition of up to 15 Independent Trustees - including the Chair of the LME Board as an ex-officio Trustee during their term as LME Chair. The Board is responsible for the conduct of the Foundation, its governance and operations,

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THE LONDON MARATHON FOUNDATION

TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

from setting strategic direction to monitoring the Foundation's performance, and that of LME as its trading subsidiary, against defined objectives, as well as overseeing its finances.

who are also LME Directors receive a nominal payment for their service to LME. The Foundation sought and received permission from the Charity Commission for such payments.

The Trustees meet as a Board at least four times a year to set and oversee delivery of the Foundation's strategy, including at an annual joint meeting with the Directors of LME and senior executives to discuss strategic matters relevant to the Group. In 2023, the Boards agreed to create a new Group Vision, Mission, Objectives, Strategies and Actions[(] VMOSA[) ] to provide the strategic development of the Group from 2024-30. The VMOSA is still in development and will be reported on in the 2024 Annual Report.

The Trustees are the directors of the Foundation 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 any delegation.

The Board of Trustees considers the Foundation's policies, receives committee reports and recommendations, approves annual budgets, oversees management of the Foundation, considers grant applications, reviews the performance of LME, and provides guidance to the Foundation's Executive Director.

The Governance and Nominations Committee is responsible for Trustee appointments and uses a professional recruitment company to ensure a fair and transparent process to recruit a diverse Board of Trustees.

Governance of the Foundation President

Sir John Spurling KCVO, OBE[(] reappointed on l January 2024 for a two-year term[) ]

This structure allows the Trustees to enlist all relevant skills when filling the independent appointments made collectively, ranging from skills necessary for the funding and grantmaking activity of the Foundation[(] with Trustees who have knowledge and experience relevant to the Charity's objects[) ] and also addressing the required commercial skills[(] those who have financial, legal, accounting and business experience[)] .

Vice-President

John Austin[(] appointed on l January 2024 for a two-year term[) ]

Trustees

The Trustees, their roles and the committees on which they served in 2023 are listed below. FAC = Finance & Audit Committee

GC = Grants Committee

GNC = Governance & Nominations Committee

All Trustees are subject to fiduciary duties, requiring them to act in the best interests of the Foundation, giving it precedence in all matters.

John Austin

FAC, GC - until 30 June 2023

Dawn Austwick OBE

The Foundation has a Board that is independent of LME, aside from the LME Chair and a Trustee of the Foundation who also acts as a Non­ Executive Director of LME. Where a Trustee also acts as a Director of LME, or as a Trustee of another organisation, the interests of the Foundation take precedence in all Trustees' Meetings and conflict management procedures are followed. Trustees

Vice-Chair, GNC Chair[(] Ge until December 2023

Councillor Mete Coban - appointed 17 April 2023 GC

Terry Duddy

Ex-officio Trustee as Chair of LME Board

Councillor Richard Henry

GC

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THE LONDON MARATHON FOUNDATION

TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Charles Johnston

Authority. The GC meets four times a year.

GC Chair

Lee Mason

FAC

SamOrdeOBE

The Governance & Nominations Committee ( GNC ), chaired by Vice-Chair Dawn Austwick, was established in 2023 and is responsible for nominations to the Board and its committees, succession planning, board effectiveness reviews, monitoring and appraising the performance of the Executive Director, and reviewing policies to recommend to the Board for approval.

GNC (FAC until May 2023)

Trustees' induction and training

Alan Pascoe MBE

LME Trustee Director

Councillor Robert Rigby

GC,GNC

The Trustees' induction process includes an initial meeting with the Chair and Executive Director, which includes education on the powers and responsibilities of the Trustees. Trustees are provided with a briefing pack that includes a summary of the Foundation'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.

Clare Shepherd

FAC (Ge until May 2023)

John Tennent - appointed 17 April 2023 FAC Chair

Sir Rodney Walker KB

Chair; GC & GNC

Throughout the year, relevant resources and Trustee training opportunities are shared with the Board to ensure that Trustees are aware of, and can partake in, the available training on issues of governance, investment and financial management, safeguarding and other matters related to the Foundation's areas of funding and grantmaking.

Committees

The Trustees are currently supported by three committees that make recommendations to the full Board. Trustees are appointed to serve on the committees.

The Finance & Audit Committee (FAC) supports the Board in its responsibilities for financial and business planning. The FAC meets four times a year. Charles Congdon was co-opted as a FAC member in November 2019 and served until December 2023 and was succeeded by

Jonathan Gibbs from January 2024. The Grants Committee ( GC) reviews and appraises Grant applications for approval in line with the Grants Policy, Funding Framework and the Delegated

London Marathon Events

LME Board

The Non-Executive Directors, their roles and the committees on which they served in 2023, are listed below. The Executive Directors are shown under 'LME Staff' on page 29.

FAC = Finance & Audit Committee Nomcom = Nominations Committee RemCom = Remuneration Committee

Lori Cunningham (appointed January 2023) RemCom

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THE LONDON MARATHON FOUNDATION

TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Terry Duddy

Chair, Trustee Director, FAC, NomCom

The Foundation Staff

Senior Leadership Team:

Robin Geller

Chair, Remcom, Nomcom

Catherine Anderson

Executive Director[(] left May 2024[) ]

Susan Goldsmith

Chair, FAC

Fiona Downes

Head of Governance

ArunKang

Chair, Nomcom

Joe Thompson

Head of Funding[(] left March 2024[) ]

Damien Lane

Senior Independent Director, FAC

LME Staff

Executive Leadership Team:

Alan Pascoe MBE

Trustee Director

Nick Bitel*

Chief Executive Officer[(] Group CEO from May 2024

The LME Board met six times during 2023 together with an annual Strategic Away Day with the Trustee Board. In addition, the Board was supported by the Finance & Audit Committee, Remuneration Committee, and the Nominations Committee.

Hugh Brasher*

Event Director

Penny Dain*

Marketing and Communications Director

Our People

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 the Board and Delegated Authority of the Grants Committee, the Board delegates the day-to-day running of the Foundation to the Executive Director. The Foundation is committed to providing timely advice and support to applicants, grantees and strategic partners.

Brian Greenwood

Commercial Director

Charles Juba

Digital and Technology Director[(] joined February 2023[) ]

Shelly Nash

People and Culture Director

Joanna Wales

The Foundation has a team of 10 full-time and one part-time staff members to manage the work of the Foundation, which is also supported by the provision of services[(] including HR, IT, Communications and Finance[) ] by LME under the terms of a formal Group Operating Agreement.

Event Experience Director[(] joined July 2023[) ]

Jeanette Wong*

Chief Financial Officer[(] joined May 2023[) ]

The Foundation

Implementing best practice

During the financial period, the Trustees considered ways of maximising delivery of the Foundation's charitable objects. This resulted in Trustees taking action both on governance and operational matters.

In 2023, the Foundation's primary source of income is the receipt of corporate Gift Aid from its wholly owned subsidiary, LME. This totalled £6,734,953 (2022: £5,916,621) and is made of the surplus generated by LME through the delivery of mass participation events.

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THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Strategic report

The Foundation received the following income:

This brings the total income received during the year to £7,747,490[(] 2022: £6,680,871[)] .

Total consolidated income for the Group in the financial year, including the income generated through LME, is £50,117,685[(] 2022: £42,882,408[)] . LME's income increased to £48,841,285[(] 2022: £42,118,158[) ] as it put on 13[(] 2022: 8[) ] events in the year.

Operating costs from LME have increased to £42,343,236[(] 2022: £35,022,411[) ] in the year. This has been driven by an increase in the number of events including Brighton Marathon and Royal Parks Half, investment in headcount and inflation.

The Group recorded a net consolidated deficit of £601,629[(] 2022: surplus £1,783,824[)] .

London Marathon Events

The key performance indicators that LME uses when assessing its financials are profitability by event, revenue generated from sponsorship, entries and charity packages, and the total Gift Aid paid to the Foundation.

Turnover increased by 16 per cent in the year (2022: 20 per cent) to £48.8 million. There were significant increases in the number of bequest entries to the TCS London Marathon in the year which is reflected in our turnover.

The introduction of The Royal Parks Half to the event portfolio and Ford becoming the title sponsor of Ridelondon also contributed to the increase in turnover.

year LME held the rights to the Brighton Marathon Weekend contributed towards this as existing entrants were honoured prior to its acquisition. The Brighton Marathon Weekend is forecast to make a profit in 2025. We have also invested more in central costs this year to reflect the growth in the business.

2023 2022
£ £
Revenue 48,856,285 42,133,158
Proft before tax 6,753,027 7,095,747

The Foundation's management of principal risks and uncertainties

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 Foundation is exposed. The Foundation's strategic and operational risk registers are subject to regular review by the Trustees, delegated committees and senior leadership team. The Trustees also have oversight of LME's risk register.

The Finance & Audit Committee reviews both the risks and their management and reports any material risks or risk management failures to the Board of Trustees as required. The Board receives the risk register every quarter, and reviews risks and risk management in detail twice per financial period.

The Covid-19 pandemic highlighted the Foundation's reliance on the performance of its trading subsidiary, LME. To mitigate this risk, the Board of Directors of LME includes Directors who are also Trustees of the Foundation, and the Foundation actively oversees the strategic business decisions of LME, receiving regular reports.

Profit before tax marginally decreased by £342,000 (2022: £666,000 increase). A loss made in the first

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THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

During 2023 the Trustees reviewed the major risks facing the Foundation and the systems and procedures to manage them. The key risks Trustees identified, and their corresponding mitigations, are:

Principal Risks Risk mitigation
Inability to honour grant payments and A Reserves Policy provides for a General Reserves
achieve the Foundation's charitable objectives Fund. Three-year cashflow in place to allow
and disburse grants if income was to drop
signifcantly		 forward planning. LME performance regularly
reviewed by the Foundation Board.
External fnancial climate places extreme Stringent due diligence processes including
pressure on the sector, putting the viability of rigorous financial health checks, meetings with
funded projects and organisations at risk grantees, and review controls in place to mitigate
risks and regularly review external risk factors
facing our grantees and funded partners.
Not applying Foundation assets for charitable
purposes		 Introduced payment controls, fraud policy and
fraud register (to log any instances).
Not adhering to legislation, regulations, or best Ongoing strong governance, rigorous internal
practice reporting controls, seeking legal counsel where
necessary, and audits.
The Foundation subscribes to various charity
organisations, networks and adviser briefngs
and sector training courses to ensure that
Committees are aware of changing legislation
and act in accordance with best practice.
All committees are also under an annual review of
their own effectiveness, which is also included in
the triennial independent Board Review.
Failure to deliver the Group VMOSA or meet the Increased joint Boards focused on Group strategy,
Foundation's charitable objectives including a task and finish oversight group for
the Group VMOSA; increased working between
LME and the Foundation; ongoing work on Group
Structure including designation of Group roles.
Lack of DEi and diversity of thought within DEi action plan approved by Board. Involvement
Foundation's decision-making of people with lived experience within Go! London
decision-making processes.
Piloting participatory grant-making through Black
Community Sport & Physical Activity Fund.

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TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE LONDON MARATHON FOUNDATION

The Foundation's primary risk is the inability to honour grant payments and achieve the Foundation's charitable objectives, and to disburse grants if income was to drop significantly. The Trustees confirm that the Foundation has sufficient cash reserves to fulfil grants already awarded and any future grants will be awarded in line with ongoing cash flow projections. Furthermore, the Foundation has adequate additional reserves to ensure it can oversee both the monitoring of grants and distribution of awarded grant payments thanks to the introduction of an updated Reserves Policy in 2023, and the ongoing careful stewardship of investments.

The Foundation's policies and procedures for setting pay of key management personnel The Trustees are committed to ensuring the Foundation pays its staff fairly and in a way that ensures it attracts and retains people with the right skills to have the greatest impact on delivering its charitable objectives.

When recruiting, the Trustees and senior team seek to attract high-calibre individuals with experience and skills in funding, grantmaking and the sport for development sector. The Foundation regularly benchmarks salaries against those of other trusts and foundations operating at its scale. Having compared the Foundation to other major funders, the Trustees believe staff are paid at an appropriate level to attract and retain a skilled and experienced team, delivering high-quality funding and grantmaking.

The Trustees review the pay and remuneration of the Foundation's staff as part of the annual budgeting process and based on the recommendations of the Executive Director and the Director of People and Culture. The Executive Director's salary is also benchmarked, reviewed separately by the Board's Governance & Nominations Committee, and is subject to final review and agreement by the full Trustee Board.

Fundraising activities

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. The Foundation does not undertake fundraising activities as the Foundation's income is generated primarily from the trading surplus LME pays through corporate Gift Aid. The Foundation does not employ commercial participators or third-party professional fundraisers and has received no complaints in relation to fundraising activities during the year.

Interest-free loan to London Diocesan Board of Schools

In 2015, the Foundation made a grant of up to £250,000 and an interest-free loan of £200,000 to London Diocesan Board of Schools. These sums went towards a new gymnastics facility in The Bishop Wand Church of England School for Spelthorne Gymnastics, Sunbury-on-Thames, in order to offer a diverse range of participation opportunities for children and young people.

The loan repayment conditions 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 as it aligned with the Foundation's objectives to encourage and support participation in sport, physical activity and play, particularly among those who are currently inactive. At the end of the financial year, £140,351 (2022: £119,298) had been repaid and £59,649 (2022: £80,701) of the loan remained outstanding.

LME's management of principal risks and uncertainties

The staging of major sports events is always associated with uncertainties and risks. Adverse weather conditions pose a growing risk with a number of LME events in 2023 having to make adjustments due to heat.

London, in particular, has a crowded calendar of events and this limits the ability of the business to reschedule events should there be a need to postpone.

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TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE LONDON MARATHON FOUNDATION

Increasing protests unrelated to LME or its events, especially on the streets of London and national strikes affecting public services, also present risks to LME's ability to stage its events portfolio.

Due to the nature of business in this industry, LME is constantly exposed to risks and opportunities that must be identified and managed. This necessitates effective and systematic management and monitoring of risks and opportunities.

All organisations face a wide variety of risks, including physical risks to people or property, financial loss, operational risks and failure of service delivery, macroeconomic issues, credit and investment risk, strategic risks to the organisation's objectives, environmental and social risks, along with governance and reputational risks.

Risk for this purpose is defined as 'the chance of an event happening and leading to unintended effects, which will impair the organisation's ability to achieve its objectives'.

The Executive Leadership Team is responsible for considering and executing the appropriate action to mitigate these risks whenever possible. It is not possible to identify every risk that could affect the businesses, and the actions taken to mitigate the risks described below cannot provide absolute assurance that a risk will not materialise and/or adversely affect the business or financial performance.

The key risks that the Board has identified are the cancellation of events due to reasons beyond the control of the company, or loss of permission to stage particular events; economic risks, including the loss of key sponsors; protests and strikes; loss of key staff; and reputational risk. The Directors have reviewed the risk mitigation in place within LME and are satisfied that risks have been properly identified and mitigated to the extent that this is possible.

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:

  1. Clarify responsibilities for identifying and managing risks.

  2. Ensure that an appropriate level of risk management is consistently applied across the Company.

  3. Increase awareness and use of risk management as an element of delivering against the London Marathon Group objectives.

The key risks identified within LME are recorded in the Corporate Risk Register ( CRR), which is reviewed regularly by the Finance & Audit Committee and the Board. The CRR details the scope of each risk, the potential impact, action taken to mitigate the risk and any outstanding actions.

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TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE LONDON MARATHON FOUNDATION

Principal Risks

Risk mitigation

Event cancellation

Cancelling an event could have severe financial implications on the Company. Scenarios that could lead to events being cancelled include course damage, terrorism, extreme weather conditions, civil disturbance or state funeral

Interest rates

Continued high inflation will add to cost pressures within LME, as well as across customers and suppliers resulting in reduced financial performance and profit margins. Key supplier delays, shortages or closing could impact the quality of events

Cyber security breach

Inadequate cyber security measures could lead to loss of data, inability to operate systems during key periods and subsequent reputational risk

Reputational damage

Potential harm to LMG's reputation from various factors including adverse publicity, negative public perception, supplier malpractice or charity/ stakeholder dissatisfaction

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THE LONDON MARATHON FOUNDATION

TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

LME's policies and procedures for setting pay of key management staff

As an employer, LME is committed to ensuring staff are fairly remunerated, have good working conditions and achieve a good work-life balance. LME has to ensure its remuneration packages attract and retain the right staff for the delivery of world-class events in a competitive international marketplace.

LME conducts regular benchmarking to compare its salaries with similar-sized London-based companies. Through this delivery of effective 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.

Cash management, Reserves Policy and investments

The Foundation has diligently maintained healthy financial reserves, with cash balances of £2,718,128 (2022: £3,166,796), and investments split between short-term holdings of £2,112,172[(] 2022: £2,024,625[) ] and long-term allocations of £9,808,167[(] 2022: £11,349,091[)] . The Group had cash balances as at 31 December 2023 of £21,805,816[(] 2022: £23,589,664[)] .

Our Reserves Policy is integral to the Foundation's financial stability and operational longevity and provides a robust framework for management. It is informed by a risk-based approach that involves:

The Corporate Gift Aid from LME is our main

income source, contributing to our financial security. Despite this, events such as the Covid-19 pandemic in 2020 highlight the need for robust reserves. The Trustees therefore advocate for a General Fund of £0.6 million to £1 million to be readily accessible, above our designated reserves required to meet our grant commitments.

Our cash reserves policy is shaped by a three-year forecast, aligning reserves with our committed grants or expected income from LME. This ensures operational resilience and supports future charitable activities.

As of December 2023, the Group and Foundation had a total of £11,976,046 in designated funds (2022: £12,539,605), with the Group's general reserves increasing its total reserves to £15,384,931 (2022: £15,986,560). It is important to note that designated funds are strictly for future grant commitments, underscoring our general reserves' critical role in addressing unforeseen circumstances. Our Reserves Policy undergoes annual review for relevance and efficacy.

The Foundation has £9,447,246[(] 2022: £9,926,090[) ] committed to awarded grants pending payment claims. As these funds are disbursed over several years, not all are held in cash but some in long­ term investments, aligning with the grant payment schedules.

In 2019, the Trustees allocated £10 million to long-term investments, specifically in Cazenave Capital's Charity Responsible Multi-Asset Fund, to hedge against inflation and generate sustainable returns. As at 31 December 2023, this fund holds £9,808,163[(] 2022: £11,349,087[) ] of our investments. The Fund adopts a responsible investment approach, seeking sustainable long-term returns, using exclusions, and the integration of social, environmental, and governance considerations including social impact measurements such as carbon emissions reporting. The Fund will not invest in companies that do not meet the responsible investment criteria set by the manager. It aims to outperform the Consumer

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THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Price Index by at least four per cent per annum over a 10-year rolling period.

In 2023, the Responsible Multi-Asset Fund valuation increased by £201,596[(] 2022: decreased in valuation by £1,084,603[)] , and £560,421[(] 2022: £434,309[) ] of investment income was reinvested back into the fund. Management fees amounted to £102,941[(] 2022: £117,196[) ] for the year. At 31 December 2023, the balance of the Responsible Multi-Asset Fund was £9,808,163[(] 2022: £11,349,087[)] .

The performance target for the Responsible Multi-Asset Fund was set at CPI + 4 per cent. Since 2021, the Cazenove Responsible Multi-Asset Fund has cumulatively underperformed against this target due to market conditions. In 2023, the overall percentage return for the Responsible Multi-Asset Fund was 6.3 per cent, with a stronger performance in the last quarter.

Going concern

The Trustees, having conducted a thorough review of the Foundation's financial position and considering the relevant economic and operational factors, conclude that there are sufficient resources for the Foundation to continue its activities for the foreseeable future. This assessment supports the Trustees' decision to prepare the financial statements on a going concern basis, thereby affirming the Foundation's ability to meet its obligations as they fall due.

Detailed explanations supporting this going concern determination are outlined within the accounting policies section of our financial statements.

LONDON MARATHON FOUNDATION INSPIRING ACTIVITY

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THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Statement by the directors in performance of their statutory duties in accordance with s172(1) Companies Act 2006

The Board of Trustees of the Foundation consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the charity for the benefits of its members as a whole (having regard to the stakeholders and matters set out in s172[(] 1[) (] a f[) ] of the Act in the decisions taken during the period ended 31 December 2023 and in doing so have regard[(] among other matters[) ] to:

The Group recognises the importance of maintaining a dynamic and transparent relationship with all its stakeholders. These stakeholders encompass a broad spectrum, including but not limited to, our customers, suppliers, employees, and the local communities in which events are held, and regulatory bodies.

participants through a range of digital channels (including event websites, social media and direct communications[) ] supported by a dedicated Customer Services Team. We have information points at the Start and Finish Areas of our events to support participants on the day and conduct post-event surveys to gather feedback, improve the event experience and ensure safety and enjoyment at our events.

We have dedicated teams to support our sponsors and charity partners. We maintain open lines of communication and hold regular meetings and events to align our mutual goals, maximise the impact of our events, and ensure that partnerships are fulfilling and effective. This is reflected in the long-term relationships held with many of our sponsors and charity partners.

We engage with applicants and grantees through a range of channels including websites, social media, direct communication and attendance at networking events[(] such as funding fairs[)] . We also hold webinars for grantees[(] 100 per cent rated the webinars as 'good' or 'excellent'[) ] to support them during their funding period and especially with guidance on their monitoring and evaluation requirements. We also share information about our funding programmes with key networks and stakeholders in the areas and communities we want to support, to help us reach new audiences who may not have accessed our funding before.

Customers and Grantees

The Group recognises that engagement with its customer groups[(] which include participants, sponsors, charities, applicants and grantees[) ] is critical to its long-term success. 'Customer First - Together we go the extra mile for all', is one of the Group values and the overall event experience is critical to the performance of the Group.

Our event participants and grantees are at the heart of what we do. We engage with our

Through our Partnerships Fund and Active Communities Fund, we have successfully targeted a range of new grantees with particular focus on those serving underserved communities, and have forged impactful partnerships with Active Essex, Brighton Table Tennis Club, junior parkrun and through the Go! London fund[(] with the Greater London Authority and Sport England[)] , which are significantly extending our reach and impact.

- 37-

THE LONDON MARATHON FOUNDATION

TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Suppliers

Our network of suppliers and vendors is crucial for the Group to deliver high-quality events and funding to inspire activity. We enjoy long-term relationships with our supply chain and our success and reputation are inextricably linked to those relationships.

We work to ensure our suppliers meet our safety and quality assurance standards while also focussing on innovation and development.

We have ambitious sustainability targets and we require our suppliers to play a significant role in achieving these and, accordingly, products and services must be delivered to our environmental and social responsibility standards. Our processes include assessing suppliers' environmental policies, conducting life cycle assessments, and supporting sustainable sourcing practices.

We aim for fair and ethical dealings with all our business partners, emphasising sustainability and mutual growth.

Other stakeholders

Compliance with regulations and maintaining positive relationships with local authorities and regulatory bodies are paramount. We ensure compliance through regular dialogue, adherence to legal requirements, and proactive management of any regulatory changes.

People

The Group champions inclusivity, celebrating the cultures, abilities, and backgrounds that make up our community. With a commitment to diversity, equity, and inclusion, we are dedicated to creating a welcoming environment where everyone feels empowered to participate. This is reflected in our Values, which are integral to our internal approach to talent acquisition, performance management and development.

Fairness and inclusivity guide our actions, ensuring that every candidate is evaluated based on their skills, experiences, and potential contribution to our team. Our recruitment process is transparent, equitable, and designed to be free from bias, so everyone has the opportunity to succeed.

At our core, we are driven by a passion for developing the potential within every individual; committed to equal opportunities in our recruitment practices, we believe that diversity fuels innovation, strengthens our team, and enhances the quality of our work, making it imperative to cultivate an environment where talent from all walks of life and abilities is recognised, nurtured, and celebrated. We actively work to eliminate barriers and adapt our practices to meet the diverse needs of our team members, ensuring accessibility, providing reasonable accommodations, and supporting their career development.

LME also works closely with the Greater London Authority and London boroughs on a range of programmes that inspire activity in schools and community groups across London, particularly in the boroughs that host LME's events. The Foundation is a member of key sector networks, such as the Association of Charitable Foundations, to keep informed of any changes and best practices in the funding and charity sectors and has members of staff dedicated to supporting partnerships and engagement with key stakeholders.

Supporting those with disabilities (be that participants, employees, volunteers, or within another customer group) is not just an obligation; it is a vital part of our commitment to create an inclusive organisation. We encourage those with disabilities to apply to join the Group, ensuring that our recruitment practices fully consider skills and attributes, regardless of disability status. To ensure that everyone has an equal opportunity to succeed through the recruitment process, we make adoptions to the format and setting if required and facilitate financial and wellbeing support if appropriate. To support the continued development of those with disabilities, we ensure adoptions to course content are provided, and

-38-

TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE LONDON MARATHON FOUNDATION

deliver training to the line managers of those with additional needs to ensure the individuals are provided with a working environment that supports career progression and personal improvement.

As an employer, the Group is committed to ensuring staff are fairly remunerated, have good working conditions and achieve a good work-life balance. The Group has to ensure its remuneration packages attract and retain the right staff - for LME, this is for the delivery of world class events in a competitive international marketplace, and for the Foundation, this is so its funding can have the greatest possible impact.

Through our events and funding, we aim to inspire positive change and foster a sense of belonging among all individuals, reflecting the dynamic and diverse spirit of London itself.

who only interact with us on a limited number of occasions feel included and are aware of changes to processes. Our dedicated community of volunteers are crucial to ensuring the successful delivery of our events, and their welfare is of upmost importance to us. We meet in person on an annual basis with more than 100 volunteer Team Leaders to gather feedback that informs our plan for ongoing improvements, and survey every volunteer post-event to understand how we can improve the experience for those who join us in the future.

The Foundation has also organised breakfast sessions with grantees - inviting several organisations into the London office to talk to the Group about the impact our funding is having on their work and the communities they support.

Policy for payment of creditors

Employee and volunteer involvement

We are committed to ensuring that all employees are well-informed and connected, fostering a sense of unity and shared purpose across the Group. To achieve this, we employ a variety of communication channels and strategies designed to meet the needs of our diverse workforce, including employees, casual workers and volunteers.

With two offices in the UK, we deliver weekly on line interactive sessions which allow staff and senior leaders to update on business developments, improvements, and generally support in keeping the team informed about changes within the organisation. As part of this, all members of the Board of Trustees and Directors have been invited to take part in 'Q&A' sessions, helping Trustees, Directors and the team to feel more connected. We also send regular business updates via email, and hold listening sessions periodically with the Executive team to support employees in voicing their questions, sharing insights, and contributing to the decision-making process.

Ahead of all our events, dedicated briefing and training sessions are delivered to our casual staff and volunteer population to ensure those

The Board recognises the significance of cashflow and fair and prompt payment to our creditors. On average we have bi-monthly payment runs. Payments are approved in line with our Scheme of Financial Delegated Authority.

Financial instruments

The Group's operations expose it to a variety of financial risks that include the effect of foreign exchange risk, liquidity risk and interest rate risk. The Group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group.

- Foreign exchange risk while the Group

endeavours to use local suppliers to reduce its foreign exchange risk there are some suppliers where EUR and USD payments are required. We mitigate this through entering into forward contracts.

-39-

TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE LONDON MARATHON FOUNDATION

Interest rate risk - the Group has an interest­ bearing loan that is susceptible to changes in the interest rate. This is mitigated by gaining interest on bank deposits.

Post-Balance Sheet Event

Subsequent to the balance sheet date, three acquisitions were completed by London Marathon Events Limited.

The first transaction, finalised on 4 January 2024, involved the purchase of a majority stake, specifically 50.l per cent, in Maverick Corp Ltd. This company is known for its organisation of trail events throughout the United Kingdom.

The second transaction, completed on 23 February 2024, saw London Marathon Events Limited acquire 100 per cent of the share capital of Running High Events Limited, which is the entity behind the organisation of the Bath Half Marathon.

The combined consideration paid for the acquisition of Maverick Corp Ltd and Running High Events Limited was £290,000.

London Marathon Events Limited entered into a joint venture with Nova Holdings Limited and UK Athletics on 27 March 2024. Each partner has an equal holding in Athletic Ventures LLP, a limited liability partnership formed with the purpose of organising and staging athletics events including the 2026 European Athletics Championships. No capital has been introduced into Athletic Ventures LLP.

Trustee Responsibilities

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

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the

financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Foundation and the Group and of the incoming resources and application of resources, including income and expenditure, of The Trust and the Group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Foundation and the Group and enable them to ensure that the financial statements comply with the Companies Act 2006.

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

Disclosure of information to Auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

-40-

THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

that the Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the Foundation and the Group's auditors are aware of that information.

Matters covered in the Strategic Report

Under s414C(ll), the Strategic Report contains a fair review of the business, the principal risks and uncertainties faced by the business, and the key financial and non-financial performance indicators as considered by the LMF Board of Directors. This information is therefore excluded from the Directors' Report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

Auditor

The auditor, Crowe U.K. LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the Foundation Board on 19 June 2024 and signed on its behalf by Sir Rodney Walker.

-41-

LONDON MARATHON FOUNDATION INSPIRING ACTIVITY Trading name of The London Marathon Charitable Trust Financial statements

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON MARATHON CHARITABLE TRUST LIMITED

Opinion

We have audited the financial statements of London Marathon Charitable Trust Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Page 43

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON MARATHON CHARITABLE TRUST LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report including the Strategic Report.

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

Page 44

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON MARATHON CHARITABLE TRUST LIMITED (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS 102).

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's and the group's ability to operate or to avoid a material penalty. 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 and safety legislation, employment law, and Anti-fraud, bribery and corruption legislation.

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 and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the timing of recognition of certain income streams. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment 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

Page 45

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON MARATHON CHARITABLE TRUST LIMITED (CONTINUED)

regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have 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.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Guy Biggin (Senior statutory auditor) for and on behalf of

Crowe U.K. LLP Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR

4-Jul-2024

Page 46

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Total Total
funds funds fnds
2023 2023 2022
Note £ £ £
Income from:
Donations:
Donations 300,950 300,950 301,053
Other trading activities:
LME 48,841,285 48,841,285 42,118,158
Investments 6 966,565 966,565 463,197
Share of joint venture net income 16 8,885 8,885
Total income 50,117,685 50,117,685 42,882,408
Expenditure on:
Raising funds :
Organising events LME 42,343,236 42,343,236 35,022,411
Charitable activities: 7
Facilities Grants (703,218) (703,218) 843,861
Strategic Partnership Grants 1,991,866 1,991,866 1,288,888
New Programme Funds 4,697,800 4,697,800 581,559
Strategic National Funds 2,483,736 2,483,736 1,841,269
LMG Innovation 36,189 36,189
Total expenditure 50,849,609 50,849,609 39,577,988
Net (expenditure)/income before net gains/(losses)
on investments (731,924) (731,924) 3,304,420
Net gains/(losses) on investments 195,324 195,324 (1,094,164)
Net (expenditure)/income before taxation (536,600) (536,600) 2,210,256
Taxation 13 (65,029) (65,029) (426,432)
Net movement in funds (601,629) (601,629) 1,783,824

Page 47

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Total Ttal
funds funds funds
2023 2023 2022
Note £ £ £
Reconciliation of funds:
Total funds brought forard 26 15,986,560 15,986,560 14,202,736
Net movement in funds (601,629) (601,629) 1,783,824
Total funds carried forard 26 15,384,931 15,384,931 15,986,560

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 54 to 89 form part of these financial statements.

Page 48

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) AS AT 31 DECEMBER 2023

Unresricted Total Ttal
funds funds funds
Note 2023 2023 2022
Income from: £ £ £
Donations and Legacies
Donations 300,950 300,950 301,053
Other trading activties
LME 4 6,734,953 6,734,953 5,916,621
Invstments 6 711,587 711,587 463,197
Total income 7,747,490 7,747,490 6,680,871
Expenditure on:
Charitable activties
Facilities Grants (703,218) (703,218) 843,861
Strategic Partnerhips
New Prgramme Funds		 1,991,866
4,697,800		 1,991,866
4,697,800		 1,288,888
581,559
Strategic National Funds
LMG Innovtion Grants		 2,483,736
36,189		 2,483,736
36,189		 1,841,269
Total expenditure 7 8,506,373 8,506,373 4,555,577
Net expenditure befre net gains
(los ) on invesments
Net gains/(losses) on invstments		 (758,883)
195,324		 (758,883)
195,324		 2,125,294
(1,094, 164)
Net
(expenditure )/income (563,559) (563,559) 1,031,130
Transfer between fnds
Net movment in funds (563,559) (563,559) 1,031,130
Fund balances at 1 January 2023 26 12,539,605 12,539,605 11,508,475
Fund balances as at
31 December 2023 26 11,976,046 11,976,046 12,539,605

All gains and losses in the current and prior year are included in the statement of financial activities.

Details of grants can be found in note 9.

The notes on pages 54 to 89 form part of these financial statements.

Page 49

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee) REGISTERED NUMBER: 01550741

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2023

2023 2022
Note £ £
Fixed assets
Intangible assets 14 760,445 950,555
Tangible assets 15 22,111,082 22,277,568
Investments 16 10,395,175 11,349,087
33,266,702 34,577,210
Current assets
Stocks 17 14,000 147,982
Debtors 18 5,513,639 8,388,987
Investments 19 2,112,172 2,024,625
Cash at bank and in hand 29 21,805,816 23,589,664
29,445,627 34,151,258
Creditors: amounts falling due within one
year		 20 (37,355,798) (5,939,628)
Net current liabilities (7,910,171) (1,788,370)
Total assets less current liabilities 25,356,531 32,788,840
Creditors: amounts falling due after more
than one year 21 (8,034,075) (14,133,506)
Deferred tax 23 (1,937,525) (1,991,346)
Provisions 24 (677,428)
Total net assets 15,384,931 15,986,560

Page 50

LONDON MARATHON CHARITABLE TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 01550741

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023

2023 2022
Note £ £
Charity funds
Unrestricted funds
Designated funds 26 11,976,046 12,539,605
General funds 26 3,408,885 3,446,955
Total unrestricted funds 26 15,384,931 15,986,560
Total funds 15,384,931 15,986,560

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

neyWalker (Jui 2, 202414:17 GMT+l)

Sir Rodney Walker (Chair of Trustees)

Date: 2-Jul-2024

The notes on pages 54 to 89 form part of these financial statements.

Page 51

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee) REGISTERED NUMBER: 01550741

CHARITY BALANCE SHEET AS AT 31 DECEMBER 2023

2023 2022
Note £ £
Fixed assets
Investments 16 9,808,167 11,349,091
9,808,167 11,349,091
Current assets
Debtors 18 6,823,304 5,964,418
Investments 19 2,112,172 2,024,625
Cash at bank and in hand 2,718,128 3,166,796
11,653,604 11,155,839
Creditors: amounts falling due within one
year		 20 (8,021,671) (8,343,597
Net current assets 3,631,933 2,812,242
Total assets less current liabilities 13,440,100 14,161,333
Creditors: amounts falling due after more
than one year 21 (1,464,054) (1,621,728)
Total net assets 11,976,046 12,539,605
Charity funds
Unrestricted funds
Designated funds 26 11,976,046 12,539,605
Total unrestricted funds 26 11,976,046 12,539,605
Total funds 11,976,046 12,539,605

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Sir1ifn:Jbalker {Jui 2, 202414:17 GMT+l)

Sir Rodney Walker (Chair of Trustees)

Date: 2-Jul-2024

The notes on pages 54 to 89 form part of these financial statements.

Page 52

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Note £ £
Cash flows from operating activities
Net cash used in operating activities 28 351,483 6,929,891
Cash flows from investing activities
Interest and investment income received 966,565 463,197
Purchase of fixed asset investments (1,138,548) (948,309)
Purchase of tangible fixed assets (905,905) (1,029,212)
Purchase of intangible assets (950,555
Withdrawal from investments 2,200,000
Net cash provided by/(used in) investing activities 1,122,112 (2,464,879)
Cash flows from financing activities
Repayment of loans (2,932, 187) (442,692)
Interest paid (237,709) (199,291)
Net cash used in financing activities (3,169,896) (641,983)
Change in cash and cash equivalents in the year (1,696,301) 3,823,029
Cash and cash equivalents at the beginning of the year 25,614,289 21,791,260
Cash and cash equivalents at the end of the year 29 23,917,988 25,614,289
The notes on pages 54 to 89 form part of these financial statements

Page 53

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. General information

London Marathon Charitable Trust Limited is registered in England and Wales as an incorporated charity limited by guarantee with Companies House (registered no. 015507 41) and Charity Commission (registered no. 283813). The address of its registered office is Marathon House, 190 Great Dover Street, London, SE1 4YB.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (second edition effective 1 January 2019) - (Charities SORP FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 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 stated in the relevant accounting policy note(s).

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 Trust to be a going concern. 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 to continue as a going concern for the next financial year. There are no material uncertainties in relation to going concern.

2.3 Income

All income is included in the statement of financial activities when the group is entitled to the income, it is probable that income will be received and the amount can be quantified with reasonable accuracy. Income represents amounts received 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 to when the advertisements are live on our websites. Any advertising income received in advance is deferred to future years and is included within 'accruals and deferred income' on the face of the balance sheet.

Entrance fees relate to the income received from runners for the current year's 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 54

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.3 Income (continued)

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.

Donations are accounted for when received.

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 but not paid are accrued for. Other expenditure in the Charity is allocated to charitable activities on a percentage of total grant expenditure incurred within that charitable activity.

Governance costs are the costs of governance arrangement that relate to the general running of The Trust and include audit fees, any legal advice and costs associated with constitutional statutory requirements.

2.5 Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6 Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.7 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.8 Foreign currencies

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Assets and liabilities in foreign currencies are translated into sterling at the rates ruling at the balance sheet date. Gains or losses arising on the translation of foreign currencies and other exchange differences are taken to the profit and loss account.

2.9 Taxation and Deferred taxation

The Trust has charitable status and is not subject to corporation tax on its charitable activities. The subsidiary company is liable to corporation tax on its taxable profits.

Page 55

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.9 Taxation and Deferred taxation (continued)

The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to 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 date in the countries where the group operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax 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.

2.1 O 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 ten years.

Amortisation is provided on the following basis:

Goodwill over 5 years charged to admin expenditure

5 years has been deemed the period of the useful life in line with the event contract.

2.11 Tangible fixed assets and depreciation

Tangible fixed assets are stated 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 property 2% Straight line Motor vehicles 25% Straight line Office equipment 25% Straight line Software 25% Straight line

It is policy only to capitalise items with a value of £5,000 or greater.

Page 56

LONDON MARATHON CHARITABLE TRUST LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.11 Tangible fixed assets and depreciation (continued)

The total estimated value of the land element of both freeholds is £16.2m.

2.12 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction costs and subsequently measured at fair value at the Balance sheet date. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(Losses)' on investments in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Joint ventures are accounted for using the equity method of accounting. Under this method, an investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss of the joint venture.

2.13 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Statement of financial activities.

2.14 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.15 Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.16 Creditors and provisions

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 to a third party and the amount due to settle the obligation can be measured reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for trade discounts due.

Page 57

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.17 Financial instruments

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is mmaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 58

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.18 Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

2.19 Employee benefits

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 Group 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 Group in independently administered funds.

2.20 Fund accounting

General funds comprise funds that are available to be used for the general purposes of the group.

The Trustees have designated all funds received from the trading subsidiary in the period, but not yet awarded as grants, to fund future grantmaking activity.

2.21 Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 59

LONDON MARATHON CHARITABLE TRUST LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

3. Critical accounting estimates and areas of judgement

In the application of the accounting policies, Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 underlying 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 estimates applicable to the financial statements, and have concluded that these are limited to:

4. GiftAid

The Trust has received from LME, under Gift Aid, an amount of £6,734,953 [(2] 022: £5,916,621[)]

5. Trading Subsidiaries

The Trust owns the whole of the share capital of LME, which is responsible for generating income from the staging of the London Marathon and other events.

Please see note 35 for further details.

Page 60

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. Investment income

Unrestricted Total
funds funds
2023 2023
£ £
Income from local listed investments 654,240 654,240
Interest receivable 312,325 312,325
Total 2023 966,565 966,565
Unrstcted Ttal
funds funds
2022 2022
£ £
Income from local listed investments 455,620 455,620
Investment income 7,577 7,577
Ttal 2022 463,197 463,197

Page 61

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds Total
2023 2023
£ £
Charitable activities 8,506,373 8,506,373
Unrstricted
funds		 Ttal
2022 2022
£ £
Charitable activities 4,555,577 4,555,577

8. Analysis of expenditure by activities

Activities Grant
undertaken funding of Support Total
directly activities costs funds
2023 2023 2023 2023
£ £ £ £
Charitable direct costs 959,999 7,497,343 49,031 8,506,373
Activtes
underaken
dictly		 Grant
fndg of
actvties		 Suppor
costs		 Total
fnds
2022 2022 2022 2022
£ £ £ £
Charitable direct costs 824,726 3,711,226 19,625 4,555,577

Total interest payable incurred by the group in the year amounted to £237,709 (2022: £199,291).

Page 62

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Total
Activities funds
2023 2023
£ £
Staf costs 651,643 651,643
Other expenditure 308,356 308,356
Total 2023 959,999 959,999
Total
Activtes fnds
2022 2022
£ £
Staf costs 492,347 492,347
Other expenditure 332,379 332,379
Ttal 2022 824,726 824,726
Analysis of support costs
Total
funds		 Ttal
fnds
2023 2022
£ £
Governance costs 49,031 19,625

Page 63

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. Grants awarded

2023 2022
£ £
Purpose
Physical activity programme 19,000
Boxng programme
Football programme
Physical activity programme		 42,000
4,000
16,750
Sports centre refurbishment 50,000
Sports ground refurbishment 19,850
Football programme 27,100
Physical activity programme 20,000
Physical activty programme
Outdoor learning and
advnture play clubs
Dance programme		 20,000
9,500
10,100
Leisure centre refurbishment 32,150
After-school sports club 50,000
Dance programme 13,300
Sports garden refurbishment 150,000
Physical activity programme 20,000
Non-contact boxng 9,900
programme
Dance and gardening 38,000
programme
Martial arts classes 9,000
MUG refurbishment
Cycling hub renovtion		 49,500 50,000
Football programme 84,200
Physical activity programme 30,000
Facilities improvments
Outdoor activty space		 19,994 10,000
refurbishment
Cricket programme 7,700
Junior cricket club 49,750
Facilities improvments and 10,000
activity programme
Football and basketball 19,960
sessions
Refugee sports programme
Street cricket project		 18,800 10,000
Physical activity programme 40,000
890,554 70,000

New Programme Funds Purpose Abbey Community Centre Aberfeldy Boxing Club CIC Boxing programme Acheinu Limited T/A The Boys Clubhouse (BCH) Football programme Active Within CIC Addiscombe Boys and Girls Club AFC Lewisham CIC Afghanistan and Central Asian Association Football programme Age UK Westminster Alridha Foundation Ambition Aspire Achieve Outdoor learning and

Applecartlive Ltd (Applecart Arts) Dance programme Aspire (Association for Spinal Injury Research, Leisure centre refurbishment Rehabilitation and Reintegration) Aston-Mansfield After-school sports club BANG Edutainment Ltd Dance programme Bankside Open Spaces Trust Ltd Sports garden refurbishment Baraka Community Association Physical activity programme Basic Sport and Fitness Non-contact boxing

Battersea Arts Centre

Bender Defenders CIC BIGKID Foundation Bikeworks CIC Bloomsbury Football Foundation Bromley by Bow Centre Bronx Boxing Build Up Foundation

Capital Kids Cricket Capital Kids Cricket Catford Wanderers Sports Club Ltd

Celtic FC Foundation

Centre for Young Refugees and Migrants Chance to Shine Foundation Limited Claremont Project (Islington) Subtotal c/fwd New Programme Funds

Page 64

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Grants awarded (continued)

Grants awarded (continued)
2023 2022
£ £
New Programme Funds Purpose
Subttl bi-d New Progmme Fnd
Code 7 Ltd
Cofee Afri k		 Physical activty programme
Physical activity programme		 890,55
24,900		 70,000
27,000
COG Cycling Cycling lesson programme 15,600
Communit Education Foundation & Lyncx Community Centre 19,500
(CEF Lyncx) refurbishment
Community in Motion Fitness CIC Physical activity programme 8,000
Coram's Field Outdoor play space 50,000
Core Arts Physical activity programme 25,000
Croydon Voluntary Action Community centre renovtion 47,000
Disability Advice and Support Hillingdon Community Centre 20,000
(DASH) refurbishment
Dynamic Coaching South East England CIC Community centre renovtion 15,000
(Dynamic Coaching)
Early Years Cocoon CIC Yoga and outdoor activty 25,450
programme
East Finchley Community Trust Playground refurbishment 20,000
Edmonton Community Partnership Football programme 46,900
Ekota Academy
ELHAP Advnture Playground		 Sports Pavlion renovtion
Disability activity sessions		 20,000 40,000
Fight for Peace International Combat sports programme 47,550
Finsbury Park Sports Partnership Athletics track refurbishment 66,750
Flwmen and family wllness Physical activity programme 8,100
Frenford Clubs Physical activity programme 34,500
Friends of Firs Farm
Fulham Rach Boat Club		 Community hub renovtion
Physical activty programme		 20,000
40,000
Gendered Intelligence Swimming programme 15,000
Groundswll Art
Happy Kids		 Physical activity programme
Facilities improvments and		 19,950
12,360
activity programme
Haringey Council Park renovtion and activity 50,000
programme
Haringey Girls Equipment and facilities 5,000
improvments
Healthy Generations Physical activity programme 40,000
Hedgecock Community Centre Physical activity programme 20,000
Herne Hill Harriers Physical activty programme 12,200
Hillingdon Autistic Care and Support Physical activity programme 25,000
JoyRiders Britain CIC Physical activity programme 10,900
KIDS Playground construction 49,160
Subtotal c/fd New Programme Funds 1,688,774 152,600

Page 65

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Grants awarded (continued)

Grants awarded (continued)
2023 2022
£ £
New Programme Funds Purpose
Subttl bi-d New Progmme Fnd
Kids in the Spotlight
Lambeth Elfrida Rthbone Society (Rthbone)		 Physical activty programme
Physical activity programme		 1,688,774
12,000
47,600		 152,600
LON Apprenticeships Ltd Refurbishing outdoor space 40,000
Lee Valley Regional Park Authority Operational funds 28,200
Lewisham Council Playground construction 19,500
Leyton Square Multi-sports Area & Burgess Holiday camps 25,000
Advnture Playground
Little Giants Volleyball C.I.C Physical activity programme 32,810
Little llford Youth Zne
Livbility		 Skating and non-contact
boxng programme
Sports equipment		 12,860
15,900
London Basketball Association Physical activity programme 8,500
London Borough Barking & Dagenham Playground refurbishment 50,000
London Borough of Enfield Walking, running & cycling 20,000
programme
London Borough of Hackney Playground refurbishment 58,000
London Borough of Haringey Playground construction 30,000
London Borough of Lambeth Upgrading BMX track 55,000
London CC CIC Purchase of bikes and 20,400
storage
London LGBTQ+ Community Centre Limited Physical activity programme 41,300
London Play Physical activity programme 46,500
London Tgers Construction of cricket pitch 50,000
and nets
London Tgers
London Youth Rowing Limited		 Physical activty programme
Rowing and wter sports		 10,000 50,000
programme
Lord's Tavrners Physical activty programme 13,500
Loughborough Junction Action Group Playground construction 49,550
Lucas Vale Primary School MUG installation 50,000
MahaDevi Yoga Centre New storage space and 19,800
equipment
Marylebone Bangladesh Society Ltd Physical activty programme 23,730
Mercurial Sports Limited Physical activity programme 16,249
Michael Streete Foundation Physical activity programme 44,500
Middlesex Ttans Sports & Social Club
Mile Rinbow C.I.C		 Facilities improvments
Physical activity programme		 50,000
15,900
Mind in Harrow Physical activity programme 42,000
Misgav Physical activity programme 33,500
Subtotal c/fd New Programme Funds 2,671,073 202,600

Page 66

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Grants awarded (continued)

Grants awarded (continued)
2023 2022
£ £
New Programme Funds Purpose
Subttl bi-d New Progmme Fund 2,671,07 202,600
Mother and Children Foundation (M&C Physical activity programme 42,850
Foundation)
Mov Me CIC Mother & baby fitness classes 16,000
Muslimah Sports Association Physical activity programme 17,800
Neighbours in Poplar Autism physical activty 5,700
programme
New Horizon Youth Centre Physical activity programme 19,917
New Initiativs Youth & Community Association
Oasis Children's Venture		 New post and cycling evnts
Advnture playground		 50,000
42,000
installation
Ocean Youth Connexons Physical activity programme 25,000
Old Elizabethans Memorial Playing Fields
Company Facility refurbishment 50,000
Peter Hills C of E Primary School Community garden project 20,000
Planet Earth Games Trust Community plogging project 12,500
Platform Cricket (Twr Hamlets Youth Sport Platform Cricket Hub Facility 18,000
Foundation)
Poplar Harca Housing Cycling programme 46,180
Pulse Social Sports Group CIC Physical activity programme 5,000
Queen's Crescent Community Association Salary contribution 36,000
REN-GGE Physical activity programme 41,500
Raching Higher
Rbuild Health CIC
Rstorativ Justice for All International Institute
(R4AII)		 Physical activity programme
Physical activity programme
Facility equipment		 15,200
10,000
20,000
Right Devlopment Sports Basketball and multi-sport 9,900
sessions
Rights and Equalities in Newham (REIN) Tble tennis & mixd martial 18,200
art classes
Rio Ferdinand Foundation Physical activity programme 19,962
S.P.I.D. Teatre Company
Salaam Peace		 Facility refurbishment
Facility instllation		 45,000
3,230
Saracens Disability and SEN physical 42,450
activity programme
SCK Fitness Team Mixd martial arts classes 10,000
Single Homeless Project Physical activity programme 50,000
and salary
SkyWay Charity Training and qualifications 48,600
Subtotal c/fd New Programme Funds 3,302,012 312,650

Page 67

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Grants awarded (continued)

Grants awarded (continued)
2023 2022
£ £
New Programme Funds Purpose
Subttl bi-d New Progmme Fnd
SOUL (Social Organisation for Unit and		 Physical activty programme 3,302,012 312,650
20,000
Leisure)
South London Renegades Burgess Park 4G astroturf 5,200
Southwrk Tgers Rugby Club activtion
Physical activty programme		 10,000
and salary
SPLASH Physical activity programme 15,800
Sporting Way CIC Physical activity programme 47,480
and salary
St Margarets House Physical activity programme 37,000
and circus skills
St Matthias Conservtion Trust Community exrcise programme 7,200
Street Soccer (London) Limited Physical activity programme 50,000
and salary
Strength and Learning Trough Horses
Sustrans		 Equine education programme
Facility exansion		 10,000
30,000
TAG Youth Club for Disabled Young People Specialist equipment 18,000
Tpestry Care UK Limited Physical activity programme 23,500
and salary
Te Access to Sports Project Physical activity programme 50,000
and salary
Te Ahoy Centre
Te Baytree Centre
Te Bike Project
Te Chelsea Teatre		 Salary contribution
Facility reactivtion
Cycling lessons for refugees
Physical activty programme		 21,000
20,000
19,920
48,440
and salary
Te Disablement Association of Barking and Outdoor activity area 40,000
Dagenham refurbishment
Te Feathers Association
Te Kennington Association Limited
Te Lloyd Park Children's Charity		 Physical activty programme
Playground refurbishment
Physical activity programme		 10,000
15,720
50,000
and salary
Te Mason Foundation
Te Mulberry Centre
Te Parochial Church Council of the
Ecclesiastical Parish of St Paul's, Shadwll
Te Ryal Parks
Te Triangle Advnture Playground Association
Te Visionaries
Subtotal c/fd New Programme Funds		 Physical activty programme
Physical activity programme
Outdoor physical activty
programme
Physical activty programme
Tree top wlky installation
Orientieng challenges		 30,000
10,000
50,000
19,800
15,000
3,856,072		 41,120
473,770

Page 68

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Grants awarded (continued)

Grants awarded (continued)
2023 2022
£ £
New Programme Funds
Subtotal b/fd New Pogmme Fund
Te Winchester Project
Tdewy Sailability		 Purpose
Facilities refurbishments
Building a new clubhouse and		 3,856,07
38,400
20,000		 473,770
boathouse
lme & Talents Association
TO Barking Amateur Boxng Club CIC
Treasure Sport Club		 Physical activity programme
Physical activity programme
Physical activity programme		 23,400
9,800
34,800
Vallance Community Sports Association Physical activity programme 10,000
Wadajir Somali Communit Centre Physical activity programme 24,500
Watford FC Community Sports and Education Facilities refurbishments 19,250
Trust
We are Grow Sports equipment 19,600
West Silvrtow Foundation Physical activity programme 33,000
Westminster Boating Base Sports equipment 42,000
Westside Basketball Club Physical activity programme 20,000
WeSwim CIC Physical activity programme 20,500
XLP Physical activity programme 15,000
Total New Programme Funds 4,186,322 473,770
Facilities Core Funds
London Playing Fields Foundation Playing field maintenance 45,111
Stonebridge Boxng Club
Te Laburnum Boat Club
Holborn Community Association
Gaswrks Dock Partnership		 Sport pavlion redevlopment
Increased stafing costs
New staf costs
Watersports centre upgrades		 150,000
33,080
20,000
46,000
Ekota Academy Physical activity programme 25,000
Te Faith and Belief Forum
Mercuriual Sport
Youth Spot Bar CIC		 Inter-faith wlking group
Physical activity programme
Physical activity & wllbeing		 20,000
10,300
14,340
sessions
Tames Ward Community Project
Te Independent Living Agency		 Sports programme exansion
Walking & cooking		 35,000
28,600
programme
Future M.O.L.D.S Communities Sports centre running costs 50,000
Future M.O.L.D.S Communities Physical activity programme 58,500
Highbury Roundhouse Association Ld Multi-sport facility installation 50,000
London Borough of Ealing Canalside and landscape 67,650
improvments
Clarion Futures Communities Sports pitch refurbishment 50,000
Bronx Boxng Club Ltd Sports hall convrsion 50,000
Total Facilities Core Funds 45,111 708,470

Page 69

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Grants awarded (continued)

2023 2022
£ £
LMG Innovation Purpose
Univrsity of Bradford Physical literacy assessment 32,250
tool
Total LMG Innovation Funds 32,250
Strategic Core Funds
Access Sport Cycling and basketball 1,370,000
programme
Essex County Council Cycling programme 750,000
Our Parks Outdoor fitness sessions 100,000
Activ Essex Cycling & physical activt 725,000
programme
Activ Essex Foundation Cycling & physical activt 210,000
programme
Activ Essex Cycling & physical activt 65,000
programme
Sported Participatory Grant Making 50,000
Pilot
Total Strategic Core Funds 2,220,000 1,050,000
Strategic National Funds
Te Greater London Authority Go! London core costs 1,500,000
Total Strategic National Funds 1,500,000
Strategic Partnerships
Parkrun Global Exanding and devloping 1,195,000
Junior Parkrun
Access Sport Cycling and basketball 230,000
programme
Brighton Table Tennis Club Table Tnnis club renovtion 250,000
Cycle Sisters Cycling programme 100,000
Total Strategic Partnership Funds 1,775,000
Total 8,258,683 3,732,240
Less grants withdrawn:
Facilities Core Funds (603,840) (21,014)
Strategic National Funds (7,500)
New Programme Funds (150,000)
Total grants awarded 7,497,343 3,711,226

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LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

10. Auditor's remuneration

Auditor's remuneration
2023 2022
£ £
Fees payable to the Charity's auditor fr the audit of the Charity's annual
accounts 26,250 23,725
Fees payable to the Charity's auditor in respect of:
Other services 10,810 10,300

11. Staff costs

Staf costs
Group Grup Charity Charty
2023 2022 2023 2022
£ £ £ £
Wages and salaries 8,707,800 6,659,079 557,860 417,029
Social security costs 1,024,795 823,030 65,187 51,755
Contribution to defined contribution pension
schemes 429,171 325,455 28,596 23,563
10,161,766 7,807,564 651,643 492,347

Included within Wages and salaries above are ex-gratia termination payments of £163,600 (2022: £Nil). The total amount included within other creditors at the year end is £63,334 (£2022: Nil).

The average number of persons employed by the Charity during the year was as follows:

Group Grup Charity Charty
2023 2022 2023 2022
No. No. No. No.
Permanent staf 130 110 12 g
Casual staf 42 70
172 180 12 g

Page 71

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Grup
2023 2022
No. No.
In the band £60,001 - £70,000 12 13
In the band £70,001 - £80,000 12 9
In the band £80,001 - £90,000 6 6
In the band £90,001 - £100,000 5 3
In the band £100,001 - £110,000 2 2
In the band £110,001 - £120,000 1
In the band £120,001 - £130,000 1 2
In the band £130,001 - £140,000 2 1
In the band £140,001 - £150,000 2
In the band £150,000 - £160,000 1
In the band £210,001 - £220,000 1 1
In the band £220,001 - £230,000 1 1
In the band £270,001 - £280,000 1
In the band £320,001 - £330,000 1

The total remuneration of the group's key management personnel, defined as the 11 members of the Executive Leadership Team (EL T) of LME plus the Executive Director of The Trust, was £1,963,226 (2022: £1,741,946; the 11 members of the MB ofLME plus the Executive Director of The Trust).

12. Trustees' remuneration and expenses

The Trust has received approval from the Charities Commission for two of the trustees, Alan Pascoe and Terry Duddy, to be paid as directors of the Trust's subsidiary entity LME.

During the year ended 31 December 2023, expenses totalling £4,184 were reimbursed or paid directly to 5 Trustees, in relation to travel and subsistence (2022: £1,046).

Page 72

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Taxation

The Trust is a registered charity and therefore has no liability to taxation as its income is not from trading activities and is applied only for charitable purposes. LME and LSCP is liable to Corporation Tax on their taxable profits.

2023 2022
£ £
Corporation tax
Current tax on net (expenditure)/income for the year 118,850
Total current tax 118,850
Deferred tax
Origination and reversal of timing diferences (53,821) 426,167
In respect of prior years 265
Total deferred tax (53,821) 426,432
Taxation on net (expenditure)/income 65,029 426,432
The tax assessed for the year is higher than_(2022_- higher than)_the standard rate of corporation tax in
the UK of 24%(2022_- _19%)._The diferences are explained below:
2023 2022
£ £
Net (expenditure)/income before tax (536,600) 2,210,256
Net (expenditure)/income multiplied by the standard rate of corporation tax
in the UK of 24%(2022-19%). (128,784) 419,949
Efects of:
Expenses not deductible for tax purposes, other than goodwill amortisation
and impairment 360 6,828
Depreciation for year in excess of capital allowances/(Capital allowances for
year in excess of depreciation) 18,551 (42,041)
Chargeable gains 225,167
Adjustments to tax charge in respect of prior periods 337
Movement in deferred tax not recognised 47,528 (89,764
Remeasurement of deferred tax fr change in tax rates (5,998) 102,280
Gift aid due to parent entity (1,584,098) (1,132,020)
Net charitable expenditure not subject to tax 1,717,133 936,033
Total tax charge for the year 65,029 426,432

Page 73

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Taxation (continued)

There are no current factors announced that affect future tax charges.

14. Intangible assets

Intangible assets
Group
Goodwill
£
Cost
At 1 January 2023 950,555
At 31 December 2023 950,555
Amortisation
At 1 January 2023
Charge for the year 190,110
At 31 December 2023 190,110
Net book value
At 31 December 2023 760,445
At 31 December 2022 950,555

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 acquistion was £110,000 cash consideration. As a condition of being granted a licence to operate the event, the Company was obliged to honour all existing entrants prior to the purchase and therefore had an onerous contract included within provisions totalling £677,428 in 2022. Other associated liabilities totalled £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 period has been deemed applicable because this runs in line with the licence awarded.

Page 74

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. Tangible fixed assets

Group and Charity

Freehold
property		 Motor
vehicles		 Ofice
equipment		 Sofware Total
£ £ £ £ £
Cost
At 1 January 2023 20,881,478 47,750 2,007,264 1,866,924 24,803,416
Additions 442,654 463,251 905,905
Disposals (409,288) (409,288)
At 31 December 2023 20,881,478 47,750 2,449,918 1,920,887 25,300,033
Depreciation
At 1 January 2023 506,560 45,363 1,283,719 690,206 2,525,848
Charge for the year 93,630 2,387 281,084 523,905 901,006
On disposals (237,903) (237,903)
At 31 December 2023 600,190 47,750 1,564,803 976,208 3,188,951
Net book value
At 31 December 2023 20,281,288 885,115 944,679 22,111,082
At 31 December 2022 20,374,918 2,387 723,545 1,176,718 22,277,568

Included within Freehold land and buildings is land valued at £16.2 million (2022: £16.2 million).

The Trust did not hold any tangible fixed assets at 31 December 2023 (2022: none).

Page 75

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. Fixed asset investments

Listed Unlisted Investment in Unlisted Investment in
investments investments joint ventures Total
Group £ £ £ £
Cost or valuation
At 1 January 2023 11,349,087 11,349,087
Additions 46,479 531,648 578,127
Withdrawal (2,200,000) (2,200,000)
Revaluations 201,596 201,596
Fees (102,941) (102,941)
Share of profiU(loss) 8,885 8,885
Investment income reinvested 560,421 560,421
At 31 December 2023 9,808,163 46,479 540,533 10,395,175

In the year, the Group has acquired a minority shareholding with Coopah Limited, a digital running application which has been recognised as an addition to unlisted investments.

In the year, the Group acquired a 50% shareholding in M4 Events Limited, a company limited by shares. M4 Events Limited is the sole member of Run 4 Wales Limited, a business organising mass participation events in Wales.

During the year, the Group obtained share options in 'Lets Do This' which on vesting would equate to 2% of the capital in the company. No value has been recognised at the balance sheet date due to no reliable information being available to calculate the valuation of the company.

Investments
in subsidiary Listed
companies investments Total
Charity £ £ £
Cost or valuation
At 1 January 2023 4 11,349,087 11,349,091
Disposals (2,200,000) (2,200,000)
Revaluations 201,596 201,596
Fees (102,941) (102,941)
Investment income reinvested 560,421 560,421
At 31 December 2023 4 9,808,163 9,808,167

Page 76

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Fixed asset investments analysis

Fixed asset investments analysis
2023 2022
£ £
Equities 6,787,171 7,288,276
Bonds 1,145,286 1,227,897
Alternatives 1,448,766 1,581,858
Cash 426,940 1,251,056
9,808,163 11,349,087

17. Stocks

Stocks
Group Grup
2023 2022
£ £
Finished goods and goods for resale 14,000 147,982

The carrying value of stocks are stated net of impairment losses totalling £119,662 (2022: £Nil).

18. Debtors

Group Grup Charity Charty
2023 2022 2023 2022
£ £ £ £
Due afer more than one year
Other debtors 38,596 59,649 38,596 59,649
38,596 59,649 38,596 59,649
Due within one year
Trade debtors 4,050,913 7,021,981
Amounts owed by group undertakings 6,757,956 5,883,717
Other debtors 438,437 693,445 21,053 21,052
Prepayments and accrued income 985,693 613,912 5,699
5,513,639 8,388,987 6,823,304 5,964,418

Other debtors in the Trust is a loan to the London Diocesan Board. The loan is interest free and due for repayment in equal monthly installments over a 10 year period from the date of drawdown in 2016.

Page 77

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

19. Current asset investments

Current asset investments
Group Grup Charity Charty
2023 2022 2023 2022
£ £ £ £
Listed investments 2,112,172 2,024,625 2,112,172 2,024,625

20. Creditors: Amounts falling due within one year

Group Grup Charity Charity
2023 2022 2023 2022
£ £ £ £
Bank loans 347,826 471,780
Trade creditors 1,065,006 1,787,544 5,086 5,025
Corporation tax 118,850
Other taxation and social security 1,283,867 719,591 18,597 10,705
Other creditors 130,703 65,963 3,881 2,495
Accruals and deferred income 26,426,354 24,590,388 10,915 21,010
Grant commitments 7,983,192 8,304,362 7,983,192 8,304,362
37,355,798 35,939,628 8,021,671 8,343,597

Grant commitments

Grant commitments
2023
£
Grant commitments b/fd at 1 January 2023 9,926,090
Grants awarded in the period 8,258,683
Grants paid in the period (7,976, 186)
Grants withdrawn in the period (761,341)
Grant commitments c/fd at 31 December 2023 9,447,246

Page 78

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Deferred income

2023 2022
£ £
Deferred income b/fd 1 January 2023 25,426,777 30,651,634
Amounts released in the year (28,045,308) (27,286,682)
Income deferred during the year 27,556,302 22,061,825
Deferred income c/fd 31 December 2023 24,937,771 25,426,777

21. Creditors: Amounts falling due after more than one year

Group Grup Charity Charty
2023 2022 2023 2022
£ £ £ £
Bank loans 6,170,021 8,978,254
Accruals and deferred income 400,000 3,533,524
Grant commitments 1,464,054 1,621,728 1,464,054 1,621,728
8,034,075 14,133,506 1,464,054 1,621,728

Included within the above are amounts falling due as follows:

Group Grup
2023 2022
£ £
Between one and two years
Bank loans 347,826 479,110
Between two and five years
Bank loans 1,043,478 1,476,664
Over five years
Bank loans 4,778,717 7,022,480

The Trust had one (2022: two) loans outstanding at the year end.

The first loan originally of £8m and with a year end balance of £6,517,847 (2022: £6,836,363), 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 balance of £Nil (2022: £2,613,672), was secured by way of legal mortgage over Units 3-5 Blackhorse Business Park, Blackhorse Road. The loan accrued interest at a rate of 1.5% above base rate and was repayable over 60 months from the date of drawdown in March 2018.

Page 79

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

22. Financial instruments

Financial instruments
Group Grup Charity Charty
2023 2022 2023 2022
£ £ £ £
Financial assets
Financial assets measured at fair value
through income and expenditure 9,808,163 11,349,087 9,808,163 11,349,087

Financial assets measured at fair value through income and expenditure comprise listed investments.

The Group holds a forward currency contract to purchase $3,250,000 (2022: $Nil). At the year end it's fair value, being a level 2 valuation, approximated to a £48,207 gain (2022: £Nil)

23. Deferred taxation

Group and Charity

2023
£
At the beginning of the year 1,991,346
Other movements (53,821)
1,937,525
The deferred tax liability is made up as follows: Group Grup
2023 2022
£ £
Timing differences on capital disposals (1,326,878) (1,326,878)
Fixed asset timing differences (620,722) (672,134)
Short term timing differences 10,075 7,666
(1,937,525) (1,991,346)

Page 80

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

24. Provisions

Group

Onerous
contract
£
At 1 January 2023 677,428
Utilised in the year (677,428)

The onerous contract arose on the acquisition of the Brighton Marathon on 16 December 2022. The Group was obliged to honour all existing entrants to the 2023 Marathon prior to the acquisition. The Group fullfilled this obligation in the year and therefore the onerous provision has been released.

25. Prior year adjustments

A prior year restatement has been made to recognise the cost of capital contributions made to World Marathon Majors LLC in 2006 and 2018. These were previously recognised in the profit and loss account instead of as an investments. A restated impairment has also been recorded as no returns have been received on the investment to date and it cannot be guaranteed that there will be a future return on investment. The total restatement increases the cost of investment by £1, 181,435 and then reduces the cost of investment by £1,181,435. There is a £Nil net impact on retained earnings brought forward at 1 January 2022.

Page 81

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

26. Statement of funds Statement of funds - current year

Balance at
Balance at 1 31
January Transfers Gains/ December
2023 Income Expenditure in/out (Losses) 2023
£ £ £ £ £ £
Unrestricted
funds
Designated
funds
General reserve 1,031,130 1,012,537 (1,009,031) (229,960) 195,324 1,000,000
Facilities grants 5,400,000 708,730 (3,929,866) 2,178,864
Strategic grants 6,108,475 (1,767,500) 4,227,582 8,568,557
New programme
funds (4,186,322) 4,186,322
Strategic
national funds (2,220,000) 2,220,000
LMG Innovation (32,250) 260,875 228,625
12,539,605 1,012,537 (8,506,373) 6,734,953 195,324 11,976,046
General funds
Subsidiar
underakings		 3,446,955 49,096,263 (42,408,265) (6,734,953) 3,400,000
Total
Unrestricted
funds, before
share of net
income from
joint ventures 15,986,560 50,108,800 (50,914,638) 195,324 15,376,046
Share of net
income from
joint ventures 8,885 8,885
Total 50,117,685 15,384,931

Page 82

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

26. Statement of funds (continued)

Statement of funds - prior year

Balance at
Balance at 31
1 Januar
2022		 Income Eenditur Transfer
iut		 Gains
(Losses)		 December
2022
£ £ £ £ £ £
Unrestricted
funds
Designated
funds
General reserve 764,250 (844,351) 2,205,395 (1,094,164 1,031,130
Facilities grants 5,400,000 (687,456) 687,456 5,400,000
Strategic grants 6,108,475 (1,050,000) 1,050,000 6,108,475
New programme
funds (473,770) 473,770
Strategic
national funds (1,500,000) 1,500,000
11,508,475 764,250 (,555,577) 5,916,621 (1,094,164 12,539,605
Balance at
Balance at 31
1 Januar
2022		 Income Eenditur Transfer
inut		 Gains
(Losses)		 December
2022
£ £ £ £ £ £
General funds
Subsidiary
undertakings		 2,694,261 42,118,158 (35,448,843) (,916,621) 3,446,955
Total
Unrestricted
funds		 14,202,736 42,882,408 (0,004,420) (1,094,164) 15,986,560

Page 83

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

26. Statement of funds (continued)

The Trustees have designated all funds received from the trading subsidiary, but not yet awarded as grants, to fund future grantmaking activity.

Facilities Grants

Before the pause in grantmaking, applications to The Trust's Facilities Grant programmes could be submitted at any time during the period and the Trustees met quarterly to make funding decisions. Facilities Grants could be either Small Grants or Major Grants; the difference 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 to help improve existing amenities or to build new facilities that will enable organisations to encourage and support more people to become involved in physical activity, sport and/ or play, particularly those who are currently physically inactive.

The Major Grants programme provided funds of more than £50,001 for the renovation, modernisation or creation of significant facilities for organisations in The Trust's core areas. These organisations needed to demonstrate a clear commitment to encouraging and supporting people who are not physically active to participate in physical activity, sport and/ 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 to projects across the UK that address barriers to participation in physical activity and inspire people from all communities to take part. Following changes to 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 activity within local communities. The fund supports grassroots organisations with strong relationships and standing within target communities to inspire activity amongst those most excluded from leading active lives. The Active Spaces Fund is the evolution of The Trust's Facilities Grant programme and is designed to provide both capital and revenue grants to London-based projects that will improve and activate 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 represents the Trusts 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 educational challenges - to access and enjoy sport and physical activity.

LMG Innovation Fund

Supports new ideas and innovative approaches inspiring activity amongst our target audiences across the UK.

Page 84

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

27. Analysis of net assets between funds

Analysis of net assets between funds - current year

Analysis of net assets between funds - current year
Unrestricted Total
funds funds
2023 2023
£ £
Tangible fixed assets 22,111,082 22,111,082
Intangible fixed assets 760,445 760,445
Fixed asset investments 10,395,175 10,395,175
Debtors due after more than one year 38,596 38,596
Current assets 29,407,031 29,407,031
Creditors due within one year (37,355,798) (37,355,798)
Creditors due in more than one year (8,034,075) (8,034,075)
Provisions fr liabilities and charges (1,937,525) (1,937,525)
Total 15,384,931 15,384,931
Analysis of net assets between funds - prior year
Unrstcted Ttal
funds funds
2022 2022
£ £
Tangible fixed assets 22,277,568 22,277,568
Intangible fixed assets 950,555 950,555
Fixed asset investments 11,349,087 11,349,087
Debtors due after more than one year 59,649 59,649
Current assets 34,091,609 34,091,609
Creditors due within one year (5,939,628) (35,939,628)
Creditors due in more than one year (14,133,506) (14,133,506)
Provisions fr liabilities and charges (,668,774 (2,668,774
Total 15,986,560 15,986,560

Page 85

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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

Group Grup
2023 2022
£ £
Net income/expenditure fr the year (as per Statement of Financial
Activities) (601,629) 1,783,824
Adjustments for:
Depreciation charges 901,006 677,616
Amortisation charges 190,110
(Gains)/losses on investments (201,596) 1,097,074
Decrease/(increase) in stocks 133,982 (14,702)
Decrease in debtors 2,875,627 4,497,367
Decrease in creditors (1,870,203) (2,068,438)
(Decrease)/increase in provisions (677,428) 677,428
Interest paid 237,709 199,291
Investment charges 102,941 117,196
Interest and investment income received (966,565) (463,197)
Taxation charge 65,029 426,432
Loss on disposal of fixed assets 171,385
Share of profit in Joint Venture (8,885)
Net cash provided by operating activities 351,483 6,929,891

29. Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
Group Grup
2023 2022
£ £
Cash in hand 21,805,816 23,589,664
Current asset investments 2,112,172 2,024,625
Total cash and cash equivalents 23,917,988 25,614,289

Page 86

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

30. Analysis of changes in net debt

A 1 Other non- At 31
January cash December
2023 Cash flows changes 2023
£ £ £ £
Cash at bank and in hand 23,589,664 (1,783,848) 21,805,816
Debt due within 1 year (471,780) 2,932,187 (2,808,233) (347,826)
Debt due after 1 year (8,978,254) 2,808,233 (6,170,021)
Liquid investments 2,024,625 87,547 2,112,172
16,164,255 1,235,886 17,400,141

31. Pension commitments

The Trust operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Trust in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £429,171 (2022: £325,455). Contributions totalling £50,268 (2022: £37,641) were outstanding at the year end.

32. Operating leases - Group as a lessor

The subsidiary undertaking LME rents out the freehold property to other sporting organisations.

At 31 December 2023 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Group Grup
2023 2022
£ £
Not later than 1 year 93,240 69,600

Page 87

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

33. Related party transactions

A gift aid donation of £6,734,953 (2022: £5,916,621) has been accrued at the year end. London Marathon Events Limited (LME) charged the parent £15,000 (2022: £15,000) during the year for administration services provided. At the year end LME owed £6,757,956 (2022: LME owed £5,883,717) to LMCT.

LME has a subsidiary, London & Surrey Cycling Partnership LLP {LSCP), a limited liability partnership registered in England and Wales with the same registered address as LME. Its share of the profit for the period was £Nil (profit 2022: £Nil). At the year end the company was owed a net amount of £Nil by the LLP (2022: £4,022 owed by the LLP). The LLP is currently in voluntary liquidation and will be struck off from Companies House during 2024.

The CEO of LME also acts as a consultant to Armstrong Teasdale (formerly known as Kerman & Co LLP Solicitors). LME paid £405,571 (2022: £311,702) to Armstrong Teasdale during the period for legal services. The amount outstanding due to Armstrong Teasdale at the year end totalled £40,102 (2022: £37,458).

Arun Kang, a Director of LME, is also the CEO of Sporting Equals. LME paid £Nil (2022: £2,500) to Sporting Equals during the period for consultancy services. All transactions with Armstrong Teasdale and Sporting Equals were on an arms-length basis.

34. Post balance sheet events

Subsequent to the balance sheet date, three acquisitions were completed by London Marathon Events Limited.

The first transaction, finalised on January 4, 2024, involved the purchase of a majority stake, specifically 50.1 %, in Maverick Corp Ltd. This company is known for its organisation of trail events throughout the United Kingdom.

The second transaction, completed on February 23, 2024, saw London Marathon Events Limited acquire 100% of the share capital of Running High Events Limited, which is the entity behind the organisation of the Bath Half Marathon.

The combined consideration paid for the acquisition of Maverick Corp Ltd and Running High Events Limited was £290,000.

London Marathon Events Limited entered into a joint venture with Nova Holdings Limited and UK Athletics on 27 March 2024. Each partner has an equal holding in Athletic Ventures LLP, a limited liability partnership formed with the purpose of organising and staging athletics events including the 2026 European Athletics Championships. No capital has been introduced into Athletic Ventures LLP.

Page 88

LONDON MARATHON CHARITABLE TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

35. Principal subsidiaries and joint ventures

The following was a subsidiary undertaking of the Charity:

Name Company Principal activity Holding Included in number consolidation London Marathon Events Limited 01528489 Race event delivery 100% Yes

The financial results of the subsidiaries for the year were:

Names Income Expenditure Profit/(Loss) Net assets
£ £ ISurplus/ £
(Deficit) for
the year
£
London Marathon Events Limited 49,111,263 (42,423,265) 6,687,998 3,400,004

The registered office of both London Marathon Events Limited is 190 Great Dover Street, London, England, SE1 4YB.

The following were joint ventures of the Charity:

Names

M4 Events Limited

Registered Holding office or principal place of business The Pod, Number 50% 1 Capital Retail Park, Leckwith, Cardiff, South Glamorgan, CF11 BEG

The aggregate share of the net profit of the joint venture is £8,885 (2022: £Nil).

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