LONDON MARATHON FOUNDATION INSPIRING ACTIVITY Trading name of The London Marathon Charitable Trust Annual Report and Financial Statements TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Charlty 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 DECEbABER 2024 Registered Charity Name: The London Marathon Charitable Trust Operating Name: The London Marathon Foundation Charity No: 283813 Company No: 01550741 Presidont: Sir John Spurling KCVO Vice-President: John Austin Trustees: Sir Rodney Walker KB, Chair Dawn Austwick OBE, Vice-chair Baroness Natalie Evans of Bowes Park (appointed April 2025) Aida Cable (appointed January 2025) Councillor Mete Coban MBE Terry Duddy Charles Johnston Sam Orde OBE Alan Pascoe MBE Yogesh Patel Shrina Shah (appointed January 2025) Denise Stephenson (appointed January 2025) John Tennent Nizam Uddin OBE (appointed April 2025) Principal Offf¢e: 190 Great Dover Street London SEI 4YB Independent Auditor: Crowe UK 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 DECEbABER 2024 CONTENTS Page History Chair's Statement The work of the London Marathon Foundation in 2024 The Foundation- Looking to the future The work of LME in 2024 10 10 Environmental sustainability 13 Governance. structure and management Governance Delivering public benefit 16 16 16 Governance and management London Marathon Foundation 18 18 LME Governance 20 Strutegic Report Fair review of the business Foundation income 22 22 22 Risk Management The Foundation's management of principal risks and uncertanties The Foundation's policies and procedures for setting pay of key management personnel Fundraising activities LME risks 22 22 24 24 25 Investments and reserves 28 Cash management, Reserves Policy and Investments 28 Going Concern 29 statement by the Directors in pertormance of their statutory 30 dutios in a¢cordancowith S172(1) Compunios Act 2006 Post-Balan¢e sheet ovonts 33 Trustee Responsibilities 33 Disclosure of information to auditor 34 THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 History The London Morothon Foundotion (the Foundotion) thot inspire octivity ocross the UK. 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. Through its funding and grant-making the Foundation has enabled millions ol people to become and remain physically active, regardless of age, gender, ability, race or background. The work of the Foundotion is mode possible by the extraordinory foresight of the late Chris Brasher Through the success of its events and its work and John Disley, the co-founders of the London with schoolchildren and communities, LME is an Marathon. When Chris and John created the extraordinary force for good that has inspired London Marathon in 1981, their vision was that the millions more to get active and raised huge sums event's success would inspire the public to take of much-needed funds for charitable activity up sport ond generote funds to provide grants for across the UK. sport and recreational facilities in the copitol. They created what became the Foundation (registered as the London Marathon Charitable Trust) as the parent charitable company and single shareholder of what is now London Marathon Events Limited (LME). together the London Marathon Group (LMG or the Group), enable the surplus from the London Marathon, and all future events organised by LME, to be passed to the Foundotion through corporote 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 income from donations, investments and interest to projects Chair's Statement strategic plan and distributing our funding at pace into the projects and places where it con make the most difference to inspire octivity. 2024 has been a year of positive change and a year of impactful and innovative delivery, building on the foundations laid in 2023. It was a phenomenally successful year for London Marathon Events which made record profits of £11.7m and passed £IO.6m to the Foundation through corporate Gift Aid while continuing its expansion and growth programme. During the year, LME acquired a majority shareholding in trail running organisers Maverick Events, purchased Running High Events Ltd (organisers of the Bath Half Marathon) and two mass participation event companies in Scotlond. In April, Nick Bitel was appointed as our first Group Chief Executive, enhancing the synergies and partnerships between the London Marathon Foundation and London Marathon Events. Mike Diaper joined in June, first on an interim basis followed, in November, by his permonent appointment as Group Funding and Impact Director, taking over leadership of our gront- making and a new group-wide remit on measuring our social impact. We are now working to add capacity to the Foundation's funding team in preparation for the increasing budget for grants from 2025. All our work is focused on delivering our In April, together with UK Athletics and Great Run Company, LME set up Athletic Ventures, a ground- breaking joint venture created to transform the future and growth of athletics and to deliver major athletics events. THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 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 ombition to understond thot the spirit of the London Marathon had vast potential to transform lives for the better. In the final quarter of the year, we undertook extensive externol recruitment to replace Clare, Richard and Robert and to diversify the Trustee Boord plus increase the lived experience of Trustees in the priority audiences we seek to reach and support. December brought another monumental funding milestone as we passed the total of £110 million in funding awarded since the inaugural London Morothon in 1981. l am delighted six new Trustees are joining the Foundotion, beginning in Junuory 2025 with Aida Cable (CEO, Thrive at Five), Shrina Shah (Board Trustee, Virgin Unite) ond Denise Stephenson (Chief Executive, Reach Out 2 Kids). Two further We also stood shoulder to shoulder with those new Trustees joined us in April 2025 (Baroness directly impacted by the horrendous race riots Natalie Jessica Evans of Bowes Park and Nizam and violence that took place in the summer. The Uddin) and a third will join in October 2025. These Group called out the violence and reconfirmed appointments will significantly diversify our Board our ongoing commitment to equity, diversity and and bring great new thinking and insights. inclusion in oll thot we do from the fontastic events l am extremely grateful to Terry Duddy, the LME we organise through LME to the impactful grants Chairman, and the Non-Executive and Executive we make through the Foundotion. l am particulorly Directors of the LME Board for their hord work and proud that we were able to respond to the situation, dedication in 2024. which has resulted in such in portnership with Sported, by creating the London outstanding results. We were pleosed to welcome Marathon Community Solidarity Fund. In just nine Jason Brisbane, CEO GB Wheelchair Rugby, as weeks, from launch to delivery, w8 distributed Non-Executive Director in December. £250,000 through grants of £2,000 to the sports The Trustees have been helped greatly in our work clubs and groups most directly impacted by the by the Foundation's staff. This has been a busy and violence across the United Kingdom. sometimes chollenging year, ond l om groteful for all that they have done and achieved. Finally, I would like to formally record my 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. On beholf of my fellow Boord members, I would like to say thank you to so many individuals and organisations. I would lik8 to pay tribute to thg exceptional hard work of our grantees and funded partners and thank them for all they do. Day after day they are serving their communities, working to improve health and wellbeing outcomes in both big and small ways. At the end of 2025, my term of office as Chairman will end. l am immensely proud of all thot hos been achieved over the past twelve months and look forward to another momentous year as we celebrate the 45th edition of the London Marathon. l am indebted to all the Trustees, past and present, for their commitment to delivering our charitable objectives. In 2024 we have again been ably supported by the Grants Committee, the Finance and Audit Committee and the Governance and Nominotions Committee. During 2024 we sold goodbye and heartfelt thanks to Richard Henry, Lee Moson, Robert Rigby and Clare Shepherd, os they stepped down as Trustees at the completion of their agreed terms of office. l also want to thank Catherine Anderson who stepped down as the Foundation's Executive Director in April 2024. li slr Rodney Walker Chair. London Marathon Foundation THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 The work of the London Marathon Foundation in 2024 The Foundation's charitable purposes are to promote participation in amateur sport and healthy physicol 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. The Foundation's mission is to inspire, encourage and champion participation and diversity in physical activity. It is ambitious in its commitment to help creote a society in which everyone is physically active, contributing to their health and wellbeing. The Foundation's ambition is to be recognised os un impoctful funder. What the Foundalion can fund: The Foundation exists to award grants towards projects which provide, promote, improve or assist in providing, improving or promoting- Public facilities, amenities, equipment and services for healthy physical recreation and play,. Facilities and services for recreational sporting or other leisure time occupation in the interests of sociol welfare for the public ot lorge or those who by reason of their youth, age, intirmity, disability, financial hardship or social or economic circumstance have need of such facilities and services,. The improvement and preservation of good health and well-being through participation in sport, play and healthy physical recreation,. Volunteering in sport and healthy recreation for the benefit of the community; Educotion ond troining of sports cooches ond sports volunteers. FUNDING PROGRAMMES Grants policy What the Foundotion does: The Foundotion aims to inspire physical activity and does so by awarding grants to help make available facilities ond other opportunities for physicol octivity. Grants are made to registered charities, community interest companies, local authorities, and other not-for-profit bodies that demonstrate need, sound governance, ond the potentiol for sustained impact. Applications are assessed against published criteria and reviewed by officers ond trustees. All decisions are formolly opproved and documented by the Grants Committee andlor the Board of Trustees depending in the $12e of the grant. The Foundation prioritises projects thot seek to benefit the least octive and underserved groups, offer measurable benefits, long-term sustoinobility, and inclusive access to physicol octivity. All grontees must provide regular monitoring and evaluation reports to ensure accountability. Conflicts of interest are declared (Jnd managed in accordance with the Foundation's governance procedures. All grants are made exclusively in pursuit of the Foundation's charitoble purposes and to dèliver demonstrable public benefit. The Foundation's strategic approach to funding is underpinned by its commitment to the IVAR (Institute for Voluntary Action Research) Flexible Funder Commitments, and we pride ourselves on being on open ond trusting grant-moker ond funder. In 2024, the Foundation focused on distributing its funding to its torget audiences in as flexible and applicantlgrantee-friendly way as possible. The Foundation prioritised reaching the least octive ond most underserved people. In 2024 the Foundation approved grants totalling £7,036,022 across its funding programmes.. £3.067.996 through the Active Spaces Fund, the Foundation's main open fund designed for projects that will improve and activate spaces, places and facilities in London that help the least THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 active children, young people and underserved groups and communities to lead active and healthy lives. In 2024 the Foundation awarded 51 grants across 23 London boroughs. Since the fund reopened after the Covid-19 pandemic, a total of 31 London boroughs have benefited from activities funded through the Fund. £1,218.026 through the Straleglc Partnershlps Fund. In 2024 the Foundation supported existing partnerships and undertook a gap analysis. This will be reviewed by Trustees in 2025 ahead of the creation of a small number of new strategic partnerships. The table below sets out the Foundation's current strategic partnerships and the odditional funding it awarded in 2024. strategic Partner Total Grant Details Access Sport £1,650,000 A three-year grant running from March 2023 to March 2026. An additional £50,000 was awarded in 2024 to continue to grow inclusive cycling across the UK and inclusive basketball in London. Activity Alliance £1,000,000 The grant runs from March 2020 to April 2025 and is supporting the Get Out Get Active programme which helps people with disabilities and those from less-affluent households to get active in a way that is right for them. . Black Swimming Association £1,001,526 The three-year grant was awarded In 2024 ond runs from December 2024 to December 2027. The grant delivers water-safety programmes, with an emphasis on African, Caribbean and Asian communities across the UK. Cycle Sisters £ioo,000 The three-year grant runs from November 2023 to October 2026 and supports core costs to grow the charity's reach and get more Muslim women into cycling. Parkrun Global £1,195,000 The three-yeor grant runs from September 2023 to September 2026 ond is supporting the expansion of junior parkrun and increasing the number of junior parkrun events in areas of deprivation. Our Parks £181,500 The grant runs from June 2023 to December 2025 to fund free sessions in parks across London, torgeting women ond people from ethnicolly diverse communities. An additional £81,500 was awarded in 2024. Transport for Greater Manchester £1,000,000 The gront ron from November 2020 to December 2024 and supported the cycle and stride programme. THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 strategic Partner Total Grant Details Transport for London £2,085,000 An additional £85,000 was awarded in 2024. The grant runs from September 2020 to September 2026. The Foundation grant is match-funded by the Moyor of London. The combined funding supports small gronts from the Walking and Cycling Grants Fund to hyper-local groups to get Londoners walking and cycling. Addilional lunding £1,500,000 into the Go! London Fund. Gol London is the capital's largest sports and physical activity fund. The Foundation's investment was matched pound for pound by the Mayor of London ond Sport England. In addition, LME and London Sport are strategic partners providing additional expertise and support. Gol London is changing the lives of young Londoners aged four to 24. £I.000.000 into Active Essex to inspire activity for residents in Essex oll-yeor round, through smoll revenue and capital grants and capacity building. £250,000 via the London Marathon Solldarlty Fund which was delivered in partnership with Sported. The fund was created at speed to provide some immediate support to sports clubs and groups directly impucted by the race riots ond violence in the summer of 2024. In total 120 small grants of £2,000 were awarded across the United Kingdom. In 2024, the Foundation reviewed its measurement framework to make it simpler and less burdensome for its grontees. The new streomlined framework will be introduced from 2025 and utilises a proportionate approach, based on the $12e (Jnd duration of the funding. The impact of the grants the Foundation has made in 2024 will be reported in the new online London Morothon Group impoct report, which will be launched in April 2025. THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 The Foundation- Looking to the Future The Foundation continues to evolve, working more closely with LME to achieve greater social impact as a Group. This includes working together to lead on rolling out The Daily Mile to schools across England through funding three ploce-bosed Development Ofticers who will be recruited duTing 2025. Impact Director and heads up the Foundation's grant-making function. He was appointed the permanent Group Director in November 2024 following an open recruitment process. Helen Killingley, the new Head of Funding, joined the team in March 2025 and two additional posts, to be recruited in 2025, have been added to the Foundation team. The Foundation's funding team has also continued to evolve. Mike Diaperjoined the London Marathon Group in June 2024 as interim Group Funding and In 2025 the Foundation will have a grants budget of £9 million. The work of LME in 2024 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. In October, LME added mass participation events in Scotland to its portfolio through the acquisition of Caledonian Concepts Limited and Loch Ness Marathon Limited, the organisers of the Loch Ness Marathon, Etape Loch Ness. Inverness Half Marathon and other events in Inverness ond the Loch Ness oreo. 2024 was the most successful year in the history of LME with o record totol of £10.6 million possed through corporate Gift Aid to the Foundation. In November, LME acquired 25/. of Run Social Limited, trading os Fridoy Night Lights, which organises healthy social runs with music and lights for young people in London's streets and parks. LME continued its expansion and growth with the following investments.. In January LME acquired a majority shoreholding in Maverick Corp. Limited, trading os Maverick Events, the UK'S leoding orguniser of trail running events. During the tinancial period, LME delivered thirteen mass participation running events and In March LME acquired Running High Events Ltd, three virtuol running events in oddition to Ford the orgonisers of the Both Holf, the biggest half RideLondon, with its four moss porticipation marathon and fundraising event in the south- cycling events and the women's professional race, west of England. and Swim Serpentine with its four events. New events in 2024 were the first Ford RideGlasgow Freecycle event in June and the delivery of the London TIOO triathlon events on behalf ol the Professional Triathlon Organisation in London in July. In April, together with UK Athletics and Great Run Company, LME set up Athletic Ventures, a ground-breaking joint venture creoted to transform the future and growth of athletics in the UK from playground to podium and to deliver major athletics events, including the onnuol Diomond Leogue meeting in London and the 2026 European Athletics Championships in Birmingham. THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 Date Event Type Finishers Saturday 6 April Brighton Miles Brighton IOK Brighton Marathon TCS Mini London Marathon Mass 1,236 Sunday 7 April Sunday 7 April Saturday 20 April Mass 2,715 Mass 11,312 Mass 13,033 Sunday 21 April Sunday 21 April Fridoy 24 to Sunday 26 May Sundoy 26 May TCS London Marathon Mass 53,850 TCS London Marathon - Myway Virtual 3,125 Ford RideLondon Classique Pro race 99 Ford RideLondon-Essex (100, 60 & 30) standard Chartered Great City Race London TOO Mass 18,629 Tuesday 23 July Saturday 27 to Sunday 28 July Sunday I September Mass 4,903 Mass 3,341 The Big Half The Big Relay Mass 16,456 Sunday I September Mass 810 Sunday I September Saturday14 September The Big Mile Swim Serpentine Vitality Westminster Mile Vitality London 10,000 The Royal Porks Half Mass 1,423 Mass 4,898 Saturday 21 September Mass 4,913 Sundoy 22 September Sundoy13 October Mass 15,135 Mass 16,804 Total: 172.682 Free events. entry numbers not tracked Ford RideLondon Freecycle Ford Ride Glasgow Freecycle Race for the Kids Sunday 26 May Mass NIA NIA Sundoy g June Saturday12 October Mass Mass NIA Alotal of morethan 172.682 peopletook part in LME mass events orvirtual eventsduringtheyearand morethan 392,712¢hildren from 1,619 s¢hool$ registered forthe2024 TCS Mini London Marathon in schools- a vlrtual evenL 10- THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 As part of its mission to inspire activity. LME also provides a combination ottinancial support or expertlse to $mall ¢ommunlty-bused oryunl$otlons to stage events. In 2024 these Included: Date Event Participants June Brighton Sea Dip 30 Saturday l June Outrunners Community Run 100 Saturday 8 June Pride Swim Royal Docks 120 Wednesday19 June Athletics for All 170 Saturday 3 August Black Unity Bike Ride 1,500 Saturday 24 August Countdown Community Sports Day (with Countdown Community Health and Wellbeing Network) 200 Saturday 28 September Run the Ends 200 Elsewhere. LME'S investments continue to grow. with Maverick Corp Ltd achieving their highest profit$ to date und Cardiff Half 2025, 0 Run 4 Wales event. selllng out In record tlme. Charity fundraising LME is the ocknowledged world leoder in maximising revenue for charities through iconic mass participation sports events. Since the London Marathon was founded in1981, the events organised by LNIE have raised more than £1.3 billion for a huge variety of charities. In addition to these initiatives, three floors of London Marathon Group's head office building continue to be let ut o reduced rote 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. Volunteers Every year, LME requires the help of thousands of volunteers, who ploy a crucial role in the delivery In the last financiol period, occording to data from of the events. It takes more than 6,100 volunteers fundraising platforms and major charities, £77.5 to support the delivery of the London Marathon million has been raised for charities working across and they take on a huge variety of roles, including the UK and internationally through LME events. baggage handling, participant marshalling, The fundraising total from the 2024 TCS London monoging hydration stations and giving out Morothon set o new world record of £73.5 million linisher medols. for a one-day fundraising event (the previous world record was £66.4 million raised at the 2019 London Marathon 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. Corporate So¢lal Responslblllty LME continued to fund a range of Corporate Social LME Board Direclors Responsibility initiatives, including supporting The LME Board of Directors comprises the Chair British Athletics, endurance running training (who is an ex-oflicio Trustee), one further Trustee, programmes and introducing The Daily Mile into London's state primary schools. six independent Non-Executive Directors and four LME Executives. THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 Environmental sustainability London Morothon GTOUP'S (the Group) greenhouse gos emissions, reportoble under Streomlined Energy and Carbon Reporting (SECR) regulations in 2024 were 58.9 tonnes C02e. These include the emissions associated with: Electricity used in the Group's premises (no natural gas is used within the business) 2. Fuel used in personailhiro cors for business use (including fuel for which the orgonisation reimburses its employees and Trustees following claims for business mileage). 3. Fuel used in vehicles which are hired by LME for use at events. 4. Fuel used in plant vehicles which are hired by LME for use at events. 5. Fuel used in generators which are hired by LME to provide power at events. 6. Fuel purchased directly by the Group to be used by other suppliers to events - eg police motorcycle escorts The total emissions from the above sources results in an intensity of 0.00035 tonnes C02e per participont In lin8 Wlth th8 Environm8ntal R8porting Guidelines iSSLJ8d March 2019, Èh8 Group has taken th8 Option to exclud8 from th8 r8port (yny 8n8rgy ond c(yrbon information réTrl(yting to subsidiaries which would theMS￿veS b& obliged to includ8 th8 reporting in th8ir own accounts. The report therefore excludes information related to Moverick Corp Limited, Running High Limited Caledonian Concepts (S¢otland) Limited ond Loch Ness Marothon Limited.. Greenhousegas emissions Toole F. Greenhouse gos emissions by source (tonnes C02e) Emlsslons source 2024 (location based* 45.964 Share % 2023 (location based) 51.051 Share% Purchosed electricity 78 80.43 Fuel combustion.. transport 12.585 21.27 11.652 18.36 Fuel combustion.. plant 0.274 0.43 Fuel comk)ustion.' generators 0.428 0.73 0.493 0.78 Total emissions 58.977 63.470 Number ol participants 166,347** 141,253 Annuol revenue £62,715,273 £50,117,685 Intensity.. (tC02e per participant) Intensity.. (tC02e per £IOO,000 revenue) 0.00035 0.00045 0.094 0.127 'Ih8 2024 emissions fi9ur8 forpurchas8d 818Ctricity obove (and us8d throughout) reflects locotion-bas8d reporting. Location- basèd reporting does not considor the electricity suppty controcts o company hos und instead uses o notional corbon emissions fuctor for electricity. The Group has chosen 100% renewable and zero-carbon torifts for the electricity supply ot its premises. If reporting using th8 murk8t-bas8d approach, th8 Group's emissions from purchas8d 818Ctricity ore O.B25t Co28 for electricity use, ond 3.73t C02e from tronsmission oncl distribution losses. "Exclucl8s London TIOO und TCS London Marothon - Mywoy us 8missions dota cannot b8 collect8d. 12- THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 2024 Emissions by Sourco Purchased electricity Fuel combustion: Transport Fuel combustlon: Generators 2024 Emissions by Scope Scope 2024 Share % 2023 Share% 0.000 0.03 42.232 71.61 46.99 74 16.745 28.29 16.45 25.9 Total 58.977 63.47 Scope I.. Emissions from plant vehicles owned and operated by the company Scope 2. Purchased electricity at the Group's 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. Thls only includes emissions reportable under SECR and does not reflect the entire carbon footprint of the organisation Energy consumptlon Table 2. Energy consumption by source (kwh) Emissions $our¢e 2024 Share% 2023 Share % Electricity consumption 203,969 54.43 226,905 52.8 Fuel comk)ustion.' Natural Gas Fuel combustion.. Transport 55,501 14,84 53,986 12.6 Fuel combustion.. Plant 16,392 Fuel combustion.. Generators 114,596 30.63 132,156 30.8 Total: 374,066 429,439 13- THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 Boundary, methodology and excluslons first mojor event in the UK and the biggest An 'operational control, approach has been used running event in the world to be awarded gold to define the greenhouse gas emissions boundary. certification. This approach captures emissions associated with 5. At Marathon House, the main premises of the the operation of all buildings such as warehouses, Group, automatic light settings were changed and offices plus company-owned and leased to switch off sooner,. heating, ventilation, and transport. This report covers UK operations only, air conditioning run-times have been reduced as is required by SECR for Non-Quoted Large on the House of Sport floors of the building (as Companies. these have lower-occupancy),. appliances and devices were shut off during the extended Christmas break and the Group renewed its IOO/o renewable energy tariff. 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- bused 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. O• TAG*ier The reporting period is l Jonuory to 31 December 2024, as peT the financial accounts. Energy efflclency Inltlatlves The Group has undertaken the following energy efficiency measures.. 37/9 of the vehicle fleet hired to service events and other activities was fully electric. 2. Hydrotreated vegetable oil fuel was used in all generators ond the majority of plont vehicles to reduce emissions. 3. Battery generators were also deployed to provide temporary power at events 4. In Morch 2025, LME wus oworded Evergreen certification by the Council lor Responsible Sport following a comprehensive assessment of its approach to delivering positive sociol ond environmental impact. LME is the first company to receive this level of certification (the highest level) at an organisation level and this builds on the Gold-level certificotion eorned by the TCS London Marathon in 2023, which was the 14- THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 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 rebronded to use the operating nome the London Marathon Foundation (the Foundation) from February 2023. a. Public facilities, amenities, equipment and services for healthy physical recreation and play b. Facilities and services for recreational, sporting or other leisure-time occupation in the interests of social welfare for the public at large, or those who by reason of their youth. age, infirmity. disablement, linoncial hardship or social or economic circumstances have need of such facilities and services c. The improvement and preservation of good heolth and wellbeing through participation in sport, play and healthy physical recreation d. Volunteering in sport and healthy recreation for the benefit of the community e. Education and training of sports coaches and sports volunteers The Foundation is governed by its Articles of Association under which the following provisions are stipulated.. the Board is composed of a maximum of15 independent Trustees the Trustees are the Charity's Members during their term of oflice Trustees may be appointed for up to three three-year terms, ie a maximum of nine years except in special circumstances, when the Governance and Nominations may recommend a further term of three years. ie o moximum term of 12 yeors, subject to on annual review. The Foundation delivers against these Objects through its funding and grant-making activity. Dellverlng publlc beneflt The Trustees refer to the Charity Commission guidance on public benefit when reviewing the Foundation's oims and objectives ond in planning future activities ond setting the grant-making policy for the financial period. These accounts ore the consolidated accounts for the Foundation, its subsidiary LME and the subsidiaries of LME which include Maverick Corp Limited, Running High Events Limited, Caledonian Concepts (Scotlond) Limited ond Loch Ness Marathon Limited. 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 reg(Jrdless of age, gender, ability, race or bockground, and that challenge inequality of access to physical activity. The Foundatlon's Objects The Foundotion's Objects, as set out in its Articles of Association, are restricted to.. -PTomote porticipotion in omateur sport ond healthy physical recreation for the benefit of the The Trustees are pleased that the achievements inhabitants of those cities or counties where LME and performance of the Foundation demonstrate (or such other subsidiories of the charity from time tangible results in these oreos. The Foundation to time) holds events, and in such other areas ensures that, as a condition of its grant of the United Kingdom as the Trustees may from agreements, all funded projects should be time to time decide, and in particulor to provide, accessible to and affordable for the public. promote, improve or ussist in providing, improving or promoting= 15- THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 Charlty 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 brief details on how it applies its seven underlying principles. establish o more robust and streamlined decision-making structure. In addition, following a review by its solicitors, the Foundation entered into a new operating agreement with its subsidiary. This agreement and the new structure ensure effective oversight of the trading subsidiary and a coordinated approoch to Group social impact activities. l. 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. The Board approved a Group Vision, Mission, Objectives, Strategies & Actions (VMOSA) setting out the objectives and strategies the London Marathon Group will take up to 2030 to inspire octivity. Progress in delivering the VMOSA will be reported via the Group's new onling impact leporting. 5. Board effectiveness: The Board works as an effective team, using the appropriate balance ol skills, experience, backgrounds and knowledge to make informed decisions. Board Members have completed a Skills Matrix that has been assessed by the Governance ond Nominotions Committee to ensure thot the right balance of skills and experience is represented on the Board and to identify any gaps for recruitment of future Trustees. 2. Leadership: The Board provides strategic leadership in line with the Foundation's Strategy and Volues ond opproves the Gronts Policy. This was updated and approved by Trustees in September 2024. In 2024, the Board implemented a restructuring resulting in the appointment of Nick Bitel as the Group's first CEO (also see 4 below) 6. Diversity. Equityand Inclusion: The Board's approach to diversity, equity and inclusion supports its effectiveness, leodership and decision-making. As a result of recommendations from the 2022 Governance Review, the Board sought to increase the diversity of its membership via an open recruitment process supported by professional agencies with proven experience of recruiting Trustees from diverse backgrounds. The Board appointed three new Trustees in 2023 and six new Trustees ore being appointed in 2025, which will result in a diversified Board bringing new thinking, lived experience and insights. 3. Integrlty: The Board acts with integrity, adopting Group values and creating a culture that helps achieve the organisation's charitoble purposes The Board is aware of the importance of the public's conh'dence 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 ore informed ond timely and that effective delegation, control and risk assessment and management systems are set up and monitored. As port of the 2024 restructuring, the Boord appointed a Group Funding and Impact Director, reporting into the Group CEO, to 7. Openness andaccountability: The Board leads the organisation in being tronsparent and accountable. The Foundation is open in its work and takes a proactive approach to communication and stakeholder engagement. 16- THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 Governance and management Tho London Marathon Foundation Members This structure allows the Trustees to enlist all The London Marathon Foundation is the working relevant skills when recruiting Trustees, ranging name of The London Marathon Charitable Trust, from skills necessary for the funding and grant- which is a registered charity ond o compony moking octivity of the Foundation, including limited by guarantee. The Trustees are the Charity Trustees who have knowledg8 and experience Members during their Trustee term of office. The relevant to the Charity's objects, as well as Members, liability is limited to the sum of £1 in the Trustees with the required commercial skills, event of the Charity being wound up. ie those with financial, legal, accounting and business experience. Board of Trustees The Articles of Associotion provide for a Board composition of up to15 Independent Trustees, including the Chair of the LME Board as an ex- officio Trustee during their term as LME Chair. All Trustees are subject to fiduciary duties, requiring them to act in the best interests of the Foundation, giving it precedence in all matters. The Foundation hos o Board that is independent of LME, aside from the LME Chair, who is an ex- offi'cio Trustee, and a Trustee who is appointed as a Non-Executive Director ol LME. Trustee Directors must ensure that the interests of the Foundation take precedence in all Trustees, Meetings and that conflict management procedures are followed. Trustee Directors receive o nominal payment for their service on the LME Board, for which permission was sought from the Charity Commission. The Board is responsible for the conduct of the Foundation, its governance and operations, from setting strategic direction to monitoring the Foundation's performance, and that ol LME as its trading subsidiary, against detined objectives, as well as overseeing its finances. 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 onnual joint meeting with the LME Directors and senior executives to discuss strategic matters relevant to the Group. In 2024, the Boords linalised the creation of a new Group Vision, Mission, Objectives, Strategies and Actions (VMOSA) to provide the strotegic development of the Group from 2024 to 2030. Progress on the VMOSA is detailed in the Group's new online impact reporting. The Board ol Trustees considers the Foundation's policies, receives committee reports and recommendotions, opproves onnuol budgets, oversees management of the Foundation, considers grant applications and reviews the performance of LME. The Governance and Nominations Committee is responsible for Trustee oppointments ond uses a professional recruitment compony to ensure o foir and transparent process to recruit a diverse Board of Trustees. The Trustees ure the directors of the Foundotion under company law and charity trustees under charity law. They may delegate functions to committees or employees but rem(Jin responsible for the performance of those delegated functions, so must monitor any delegation. 17 THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 Presldent Sir John Spurling KCVO, OBE (reappointed on I January 2024 for a two-year term) Alan Pascoe MBE Trustee Director Yogesh Patel FAC, GNC (& GRC from Jan25) Vi¢o-Pre$ident John Austin (appointed on l January 2024 for a two-year term) Counclllor Robert Rlgby (until 31 Decembor 2024), GC, GNC Governance of the Foundation Trustees The Trustees, their roles and the committees on which they served in 2024 are listed below. FAC - Finance and Audit Committee GC - Grants Committee GNC = Governance ond Nominotions Committee GRC = Group Remuneration Committee Shrina Shah (appointed on l January 2025), FAC Clare Shepherd (until 31 December 2024), FAC Denise Stephenson (appointed on l January 2025), GC slrRodneyWalker KB Foundation Chair- GC & GNC (& FAC from March 2025) John Tennent FAC Chair Dawn Austwick OBE Vice-chair, GNC Chair Nlzam Uddln (appointed on l April 2025) Aida Cable (oppointed on l Jonuory 2025), GC Commlttees The Board is currently supported by Trustees appointed to the three committees that make recommendations to the full Board ond a Group Remuneration Committee that reports to both Boards. Councillor Mete Coban MBE GC Terry Duddy Ex-ofticio Trustee as LME Chair The Finonce ond Audit Committee (FAC), chaired by John Tennent, supports the Board in its responsibilities for financial and business planning. The FAC meets four times a yeor. Jon(Jthan Gibbs supports the FAC as a co-opted investment odviser. Baroness Natalie Evans of Bowes Park (appointed on l April 2025), GMC Coun¢illor Ri¢hord Henry (until 31 December 2024), GC The Grants Committee (GC), chaired by Chorles Johnston, reviews ond opproises Gront applications for approval in line with the Grants Policy, the Funding Framework and the Delegated Authority. The GC meets four times a ye(Jr. Charles John$ton GC Chair Lee Mason (until 30 June 2024) FAC The Governance and Nominations Committee (GNC), chaired by Vice-chair Dawn Austwick, is responsible for nominations to the Board and its committees, succession planning, board Samorde OBE GNC 18- THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 effectiveness reviews and reviewing policies to recommend to the Board for approval. The GNC meets three times a year. safeguarding and other matters related to Trustee responsibilities and the Foundation's areas of funding and grant-making. In 2024, the Governance & Nominations Management ofthe Foundation Committee appointed Prospectus, after a tender The Trustees have resolved that, other than those process, to support the recruitment of three new matters which the Board reserves for itself os Trustees with specific skills and experience to set out in the Schedule of Matters Reserved for replace three retiring Trustees. The recruitment the Board and Delegated Authority of the Grants campaign was so successful that the Appointment Committee, the Board delegates the day-to-day Panel decided to appoint six new Trustees with a running of the Foundation to the Group Funding diverse range of backgrounds and experiences, and Impact Director, reporting to the Group CEO. thus accelerating the renewal of the Board and The Foundation is committed to providing timely negating the need for further recruitment in advice and support to applicants, grantees and strategic partners. 2025126. Trustees. induction undtrulning The Foundotion hos o teom of 10 full-time stoff The Trustees, induction process includes meetings members to manage the work of the Foundation, with the Chair, all Trustees and Foundation and LME which is also supported by the provision of services senior executives, and education on the powers (including Communications, Finance, HR and and responsibilities of the Trustees. Trustees are IT) from LME under the terms of a formal Group provided with a brieling pack that includes a Operating Agreement. summary of the Foundation's history. a copy of the governing Articles of Associotion, minutes of the Trustees. meetings, copies of the Annual Accounts and other relevant governance documents. Implementlng best pru¢tl¢e During the tinancial period, the Trustees considered ways of maximising delivery of the Foundation's charitable objects. In order to create Throughout the year, relevant resources and a cohesive structure, the Trustees created a training opportunities are provided for the Board to number of Group roles and appointed Nick Bitel as ensure that Trustees are aware of, and con partake the first Group CEO. The Foundation also entered in, the ovailable troining on issues of governance, into o new operoting agreement with LME with the investment and financial management, aim of streamlining decision-making. LME Governance LME Boord The Non-Executive Directors, their roles and the committees on which they served in 2024, and the Executive Directors, are listed below. The Board was supported by the following committees.. Finance and Audit Committee.. FAC Nominotions Committee.. Nomcom Remuneration Committee.. Remcom (Group Remcom with effect from December 2024). 19- THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 Non-Executive Directors Executive Directors Terry Duddy LME Chair, Trustee Director, FAC and Nomcom member Nl¢k Bltel Group Chief Executive Officer (from May 2024, previously LME CEO) Jason BrisbaneMBE (appointed on l December 2024), FAC (from Morch 2025) Hugh Brasher LME Chief Executive Officer (from Moy 2024, previously LME Event Director) Susan Goldsmith FAC Chair Penny Dain Group Marketing and Communications Director (from May 2024, previousl LME Marketing and Communications Director Lorl Cunnlngham Remcom member Jeanette Wong Group Chief Financial Officer (from May 2024, previously LME CFO, and LME COO from January 2025) Arun Kang OBE Nomcom Chair Damien Lane Senior Independent Director, FAC member Robln Geller Remcom Chair & Nomcom member Alan Pascoe MBE Trustee Director The LME Board, chaired by Terry Duddy, met six times during 2024 as well as holding two virtual meetings to oddress urgent issues and an annual Strategic Away Day with the Trustee Board. In addition, there were meetings of the Finance and Audit Committee, chaired by Susan Goldsmith, the Remuneration Committee, chaired by Robin Geller, and the Nominations Committee, chaired by Arun Kang. Executive Directors and Executive Leodership Team members are also on the Board for all subsidiaries, ossociates ond joint ventures. These boards meet regularly throughout the yeor. 20- THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 strategic report FAIR REVIEW OF THE BUSINESS costs this year, which continues to be a reflection Foundation Income of the growth in the business, both internally and in In 2024, the Foundation's primary source of income the acquisition of new businesses. wos the receipt of corporote Gift Aid from its wholly owned subsidiary, LME. This totalled £10.6 million (2023.. £6.7 million) and is made up of the surplus generated by LME through the delivery of mass participation events. 2024 £m 2023 £m Revenue 59.8 48.9 Proffl belore tox 12.0 The Foundation received the lollowing income: £10.6 million Gift Aid from LME,. £0.3 million donation from New Balance,. and £0.7 million income from investments. The other subsidiary results for the year can be seen in note 36 of the accounts. RISK MANAGEMENT The Foundation's management ol principal risks ond uncertolntles 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, delegoted committees, ond senior leadership team. The Trustees also maintain oversight of LME'S risk register, ensuring alignment between both entities. This brings the total income received during the year to £11.6 million (2023: £7.8 million). Total consolidated income for the Group in the finonciol year, including the income generoted through LME, is £62.6 million (2023.. £50.1 million). LME'S income increased to £59.8 million (2023.. £48.8 million) os it put on17 (2023..13) events in the year. The Group recorded a net consolidated surplus 01 £4.9 million (2023.. deficit £0.6 million). London Marathon Event$ The key performance indicators thot LME uses when assessing its linancials are profitability by event, revenue generated from sponsorship, entries and charity packages, and total Gift Aid paid to the Foundation. The Finance and Audit Committee reviews both risks and their management, reporting any materiol risks or risk monogement foilures to the Board of Trustees as required. The Board receives the risk register at least twice a year and undertokes a detailed (Jnnu(Jl review of risks and their monagement as well as undertaking deep dives on designated risks. Turnover increased by 22/0 in the year (2023.. 16y.) to £59.8 million (2023.. £48.9 million) and protit before tax increased to £12.0 million (2023.. £6.8 million). There was o significont rise in the number of bequest entries in the ballot for the TCS London Marathon in the year, alongside continued high numbers of charity finishers, charity packages and new sponsorshiplpartnership deals. During 2024, the Group ELT and the Trustees undertook a comprehensive review of the Foundation's risk register to ensure its ongoing relevance and accuracy. Key actions token includ8'. other key drivers included increased entries, the introduction of the London TIOO triathlon events as part of LME'S delivery portfolio for the first time and a larger Brighton Marathon as this moved into its second yeor as port of LME'S event portfolio. LME continued to inv8St more in h8adcount and central Identlflcatlon of New Rlsks: proactively assessing emerging risks thot moy impoct the Foundation's operations and financial stability. THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 Integratlon ol KeyRlsks: consolidating and includes directors who ore also Foundation integrating relevant risks from LME'S risk register Trustees, ensuring alignment on strategic business that directly aff ect the Foundation. decisions. The Foundation actively oversees LME'S financial and operational strategy, receiving regular reports to inform risk management decisions. Mitigation and Scoring: ensuring each accountable Group ELT member has thoroughly reviewed, scored, and implemented oppropriate mitigotions for their ossigned risks. Throughout 2024, the Trustees have continued to r8view and refine systems and procedures to manage key risks. ensuring that the Foundation remains financially resilient and strategically agile in an evolving landscape. The Covid-19 pandemic previously highlighted the Foundation's reliance on LME'S financial performance. To mitigate this risl the LME Board Risk Mitlgatlon Financial Sustainability.. inability to honour grant payments if income drops significantly A Reserves Policy is in place, including a £1 million General Reserves Fund. Three-year cash flow forecasting supports forword planning. LME'S financial performance is regularly reviewed by the Foundation Board External Financial Pressures- impact on grant88s and funded projects Due diligence on financial health, regular engagement with grantees, and collaborative funding approaches mitigate risk. Site visits and retrospective funding assessments ensure funds reach target communities. Fraud and Financial Integrity.. mojor operational fraud or misappropriation of charity funds Multi-level financial controls, rigorous due diligence, and strengthened IT security protect against fraud. Enhanced bank verification processes prevent unauthorised transactions. Clear division between charity and trading subsidiary, staff training on regulatory obligations, and annual governance reviews ensure compliance. Regulatory and Governance Compliance.. non- compliance with charity law or commission standards Reputational Risk.. damage by association with partners, sponsors, or funded organisations Stronger procurement due diligence, oversight of partnerships by ELT, and subscription to Ethical Trode Platforms mitigote reputationol risks. Operational and Safeguarding Risks.. incidents at Foundation-funded organisations or LME events DBS checks, staff safeguarding training, and Event-Day safeguarding teams ensure compliance and risk mitigation. Incident reporting protocols have been strengthened. Data Protection ond Cyber security.. risk of breach Enhanced IT security, GDPR training, and investment in digital transformation safeguard against data k)reaches. Regular penetration testing ensures system resilience. 22- THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 Risk Mitigation Workforce and Leadership.. succession planning ond monogement capacity ELT succession planning in place, leadership development progrummes launched, and capacity mapped for 2025 to ensure senior leadership stability. Diversity, Equity and Inclusion (DEI).. lack of diversity ot Trustee, Non-Executive Director, ond senior levels New Trustees appointed, strengthened recruitment proctices, und torgeted DEI troining embedded in governance. Public Perception and Charity Sector Scrutiny.. negative publicity around pay or fundraising costs Robust PR strategy, third-sector benchmarking, and independent Remcom reviews ensure transparency and sector alignment. Failure to Deliver Group VMOSA.. risk of not meeting strategic impact objectives Increased joint Board oversight and stronger LME and Foundation collaboration align efforts towards targeted annual profit by 2030. The Foundation's primary risk is the inability other trusts and loundations operating at its scale. to honour grant payments and achieve the Having compared the Foundation to other major Foundation's charitable objectives, and to disburse funders, the Trustees believe staff are paid at an grants if income wos to drop significantly. The appropriate level to attract and retain a skilled and Trustees confirm that the Foundation has sufficient experienced team, delivering high-quality funding cash reserves to fLJIliI gronts olreody oworded ond gront-moking. 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, ond the ongoing careful stewardship of investments. The Group Remuneration Committee (Group Remcom) reviews the pay and remuneration of the Foundation's staff as part of the annual budgeting process and based on the recommendations ol the Group Funding and Impoct Director ond the Group People and Culture Director. The Group Funding and Impact Director and Group CEO'S salaries are also benchmarked, reviewed separately by the Group Remcom, and subject to final review and agreement by the full Trustee Board. The Foundatlon's pollcles and procedures tor setting payof key monagement personnel The Trustees are committed to ensuring the Foundation pays its staff fairly and in a way that ensures it ottrocts ond retoins people with the right Fundroising activities skills to have the greatest impact on delivering its Section 162a of the Charities Act 2011 requires charitable objectives. charities to make a statement regarding fundraising octivities. The Foundation does not undertake fundraising activities as the Foundation's income is generated primarily from the trading surplus LME pays through corporote Gift Aid. The Foundotion does not employ commercial participators or third-party When recruiting, the Trustees and senior team seek to attract high-calibre individuals with experience and skills in funding, grant-making ond the sport for development sector. The Trust regularly benchmarks salaries against those of 23- THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 professional fundroisers and has received no complaints in relation to fundraising activities during the year. Increasing protests unreloted 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. Intorost-freo loan to London Diocosan Board of Schools In 2015, the Foundation made a grant of up to £250,000 ond on interest-free loon of £200,ooa 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. Due to the nature of business in this industry, LME and its subsidiaries are constantly exposed to risks and opportunities thot must be identilied and managed. This necessitates effective and systemotic management and monitoring of risks and opportunities. All organisations face o wide variety of risks, including physical risks to people or property, linonciol108s, operotionol risks ond foilure of service delivery, macroeconomic issues, credit and investment risk, strategic risks to the organisation's objectives, environmentol ond sociol risks, olong with governance and reputational risks. The loan repayment conditions were that it should be repaid in 114 equal monthly instalments, and repoyments were being mode in occordonce 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, £161,404 (2023.. £140,351) had been repaid ond £38,596 (2023.. £59,649) of the loun remained outstanding. 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,. LME hos o risk-monogement framework in ploce that ensures a systematic approach to the identifi'cation, assessment and management of the risks facing the orgonisotion. The risk- management framework aims to: Loan to Run Soelal Ltd The Group entered into a loon agreement with its associate undertaking, Run Social Limited, on 28 November 2024. This is a public benefit concessionory loun. The term of the loon is 4 years, and the first12 months of the loon are interest free. Annual repayments of £50,000 per year will commence 24 months after dr(Jwdown. Interest is charged from 29 November 2025 at 310 per annum. clorify responsibilities for identifying and manoging risks,. ensure that an appropriate level of risk management is consistently applied across the Comp(Jny,' and increose owareness and use of risk management as an element of delivering against the London Marathon Group objectives. LME RISKS LME'S rlsk monugement and prln¢lpal rlsks and uncertainties The staging of major sports events is always ossociated with uncertainties ond risks. The key risks identified within LME are recorded in the Corporate Risk Register {CRR), which is reviewed regularly by the Finance & Audit Committee and th8 Board. The CRR details the scope of each risk, the potential impact, action taken to mitigate the risk and any outstanding actions. London, in particular, has a crowded calendar of events and this limits the obility of the business to reschedule events should there b8 a need to postpone. 24- THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 The Executive Leodership 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 ondlor odversely offect the business or finonciol performance. The key risks that the Board has identified are the cancellation of events due to reasons beyond the control ol 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 mitigations in place within LME and are satislied that risks hove been properly identified and mitigated to the extent that this is possible. The table on the following page captures the principal risks across the Group entities that put on events. 25- THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 PRINCIPAL RISKS RISK MITIGATION Event ¢an¢ellation Inadequate cyber security meosures could lead to loss of doto, inability to operote systems during key periods and subsequent reputational risk Continuol sconning of potentiol externol strategic threats. Robust cancellation insurance policy in place. Weather and environmental protocols for each event. Robust scenario planning. Communication with stokeholders, such os local authorities, counter terrorism advisors and sponsors. to safeguard events. Cyber securlty breach Inadequate cyber security meosures could lead to loss of doto, inability to operote systems during key periods and subsequent reputational risk Cyber security disaster plan has been stress- tested. Cyber security training conducted throughout the business. Preventative systems in place including Multi- Factor Authentication, identity management (JML), anti-viruslmalware software, firewalls, security threat scanning, operating system, and softwore patching. Incident management and communications process reviewed. Cyber Security Plus certification maintained, ongoing cyber risk managem8nt and reporting. Interest raleslinflation Contintjed high inflotion could 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 impcyct the quality of events. Inflation is factored into the budget and stress testing performed to understand impact of higher than forecast inflation. Reserves to be mointoined ot o sufficient level in case of economic decline. Procurement enters into multi-year contracts where possible. Forward contracts arranged to protect foreign currency payments Reputalional damage Potential harm to the Group's reputation from vorio(Js factors including odverse publicity, negative public perception, supplier malpractice or charity/stakeholder dissatisfaction. Implement and mcjintain a proactive commu- nications plan to address potential reputation issues promptly. Monitor social media and news outlets for emerging concerns and respond promptly. Foster strong relationships with stokeholders and sponsors to maintain confidence. Foster strong relationships with key media. Continuously review and improve event safety measures to prevent incidents that could harm the organisotion's reputation. 26- THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 LME'S pollcles and procedures tor settlng pay ol key management staff As on employer, LME is committed to ensuring staff are fairly remunerated, have good working conditions and achieve a good work-life balance. The Corporate Gift Aid from LME is the Foundation's LME has to ensure its remuneration packages main income source, contributing to its financial attract and retain the right staff for the delivery of security. While now firmly in the past, events such world-closs events in a competitive international as the Covid-lg pondemic in 2020 highlight the marketplace. need for robust reserves. The Foundation has a LME conducts regular benchmarking to compare readily accessible General Reserves Fund of £1 its salaries with similor-sized London-based million, which is included in its designated reserves companies. Through this delivery of effective required to meet its grant commitments. benchmarking, LME believes pay is at an The cash reserves policy is shaped by a three- appropriate level to attract and retain a skilled and year forecas¢ aligning reserves with committed experienced team to deliver world-leoding, quality grants or expected income from LME. This ensures events. The Group Remuneration Committee operational resilience and supports future reviews the pay and remuneration of LME'S staff charitable activities. onnuolly. Considering externol influences-. onalysing the implications of a variety of factors such as economic and regulatory changes. As at 31 December 2024, the Group and Foundation had a total of £15.7 million in Designated funds (2023.. £12 million), including £l.O million Foundation general reserves with the Group's General Funds increasing its total reserves to £20.3 million (2023.. £15.4 million). It is important to note thot Designoted funds ore strictly for future grant commitments, underscoring the General Reserves, critical role in addressing unforeseen circumstances. The Foundation's Reserves Policy undergoes annual review for relevance and efficocy. Other subsidiary policies and procedures for setting pay of key management staff are conducted ot a Company level via the Board of Directors. INVESTMENTS AND RESERVES Cash management. Reserves Policyand investments The Foundation hos diligently maintained healthy financial reserves, with cash balances of £2.5 million (2023.. £2.7 million), and investments split between short-term holdings of £2.2 million (2023: £2.1 million) ond long-term ollocotions of £9 million The Foundotion has £8.6 million (2023.. £9.4 million (2023.. £9.8 million). The Group had cash balances committed to awarded grants pending payment as at 31 December 2024 of £26 million (2023: £21.8 claims. As these funds are disbursed over several million). years, not all are held in cash but some ore in The Foundation's Reserves Policy is integral to its long-term investments, aligning with the grant financial stability and operational longevity and payment schedules. provides a robust framework for management. It is informed by a risk-bosed opprooch thot involves: In 2019, the Trustees ollocoted £10 million to long-term investments, specifically in Cazenove Capital's Charity Responsible Multi-Asset Fund, to hedge against inflation and generate sustainable returns. As at 31 December 2024, this Fund holds £9 million (2023.. £9.8 million) ol investments, with the Foundation having also drawn down on this balance to meet its cash requirgments. Examining income streams.. assessing the stability and vulnerability of tinancial inflows- Reviewing expenditure.. this helps recognise funding obligations and ensures that reserves can adequately cover them,. and 27- THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 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 thot do not meet the responsible investment criteria set by the manager. It aims to outperform the Consumer Price Index by at least 4Y. per annum over a 10- year rolling period. the Cazenove Responsible Multi-Asset Fund has cumulatively underperformed against this target due to market conditions. In 2024, the overall percentage return for the Responsible Multi-Asset Fund was 8.3Y., with a stronger performance in the last quarter. Going Concern The Trustees, having conducted a thorough review of the Foundation's linancial position and considered the relevant economic and operational factors, concluded that there In 2024, the Responsible Multi-Asset Fund valuation are sufficient resources for the Foundation to increosed by £0.4 million (2023.. £0.2 million), and continue its activities for the foreseeoble future. £0.4 million (2023.. £0.6 million) of investment This assessment supports the Trustees, decision income (including dividends) was reinvested to prepare the tinancial statements on a going buck into the Fund. Over the course of 2024, 0 concern basis, thereby affirming the Foundation's total of £1.5 million was withdrawn from the Fund. ability to meet its obligations as they fall due. Management lees amounted to £O.I million (2023: £O.I million) for the year. At 31 December 2024, the balance of the Responsible Multi-Asset Fund was £9 million (2023: £9.8 million). Detailed explanations supporting this Going Concern determination ore outlined within the accounting policies section of the financial statements. The performonce torget for the Responsible Multi-Asset Fund was set at CPI + 4/.. Since 2021, LONDON MARATHON FOUNDATION INSPIRING ACTIVITY THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 STATEMENT BY THE DIRECTORS IN PERFORMANCE OF THEIR STATUTORY DUTIES IN ACCORDANCE WITH S172(1) COMPANIES ACT 2006 The Board of Trustees 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 2024 and in doing so have regard (among other matters) to.. a range of digital channels (including event websites, social media and direct communications), supported by a dedicated Customer Engagement Team. There are Information Points at the Start and Finish Areas at events to support participants on the day and LME conducts post-event surveys to gather feedback, improve the event experience and ensure safety and enjoyment at its events. a. the likely consequences of any decisions in the long term,. b. the interests of the charity's employees- c. the need to foster the charity's business relationships with suppliers, customers and others,. d. the impact of the chority's operations on the community and the environment., and e. the desirability of the charity maintaining a reputation for high stondords of business conduct, and the need to act fairly- as between members of the charity. There are dedicated teams to support sponsors and charity partners. LME maintains open lines of communication ond holds regulor meetings and events to align mutual goals, maximise the impact of the events, and ensure that partnerships are fullilling and effective. This is reflected in the long- term relationships held with the Group's many sponsors and charity partners. The Foundotion engoges with opplicants ond grantees through a range of channels including websites, social media, direct communications and attendance ot networking events (such os funding fairs). The Foundation olso holds webinars for grantees (loo/. rated the webinars as'good, or 'excellent') to support them during their funding period ond especially with guidance on their monitoring and evaluation requirements. The Group recognises the importance of maintaining a dynamic and transparent relationship with all its stakeholders. These stokeholders encomposs o brood spectrum, including but not limited to, its customers, suppliers, employees, and the local communities in which events ore held, (Jnd regulatory bodies. The Foundotion also seeks feedback from both applicants and grontees on its gront systems through regular surveys. In addition, information is shared about the Foundation's funding progrommes with key networks ond stokeholders in the areas and communities that the Foundation seeks to support, to help reach new audiences who may not have accessed Foundation funding before. Trusted intermediaries are also funded through the Strategic Partnerships Fund to extend the Foundation's reach into groups and communities that might readily know and therefore trust the Foundation. Customers and Grantees The Foundation recognises that engagement with its customer groups (which include porticiponts, sponsors, charities, applicants and grantees) is critical to its long-term success.-Customer First Together we go the extra mile for oll" is one of the Group's four values and th8 overall event experience is critical to the performance of the Group. Event participants and grantees are at the heart of what the Group dogs. The Group engages with participants through 29- THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 Th8 strategic partnerships forged also significantly has a member of staff dedicated to supporting extend the Foundation's reach ond impact. partnerships and engagement with key stakeholders. Suppliers London Ndarathon Group's network of suppliers and vendors is crucial for the Group to deliver high-quality events and funding to inspire activity. The Group enjoys long-term relationships with its supply chain and its success and reputation ore linked to these relationships. People The Group champions inclusivity, celebrating the cultures, obilities, ond backgrounds that make up its community. With a commitment to diversity, equity, and inclusion, the Group is dedicated to creating a welcoming environment where everyone feels empowered to participate. This is rellected in the Group's Values, which are integral to the internal approach to talent acquisition, performance management and development. The Group works to ensure suppliers meet its safety and quality assurance standards while also focusing on innovation and development. The Group has ambitious sustainability targets Fairness and inclusivity guide the Group's actions, ond requires suppliers to play a signiticont role ensuring thot every condidote is evoluoted in achieving these and accordingly products based on their skills, experiences, and potential and services must be delivered to the Group's contribution to the Group. The Group's recruitment environmental and social responsibility standards. process and practices demonstrate commitment The Group's processes include assessing suppliers, to delivering equal opportunities and are environmental policies, conducting life cycle transparent, equitable, and designed to be free assessments, and supporting sustainable sourcing from bias, so everyone has the opportunity to proctices. succeed. The Group aims for fair and ethical dealings with oll business partners, emphasising sustoinobility and mutual growth. At its core, the Group is driven by a passion lor developing the potential within every individual- the Group believes that diversity fuels innovation, strengthens the team, and enhances the quality ol work, making it imperative to cultivate an environment where tolent from all walks of life ond abilities is recognised, nurtured, and celebrated. The Group actively works to eliminate barriers and adapt practices to meet the diverse needs of team members, ensuring accessibility, providing reasonable accommodations, and supporting their career development. Olherstakeholders Compliance with regulotions ond maintoining positive relationships with local authorities and regulatory bodies are paramount. The Group ensures Compliance through regular diologue, adherence to legol requirements, and proactive management of any regulatory changes. LME olso works closely with the Greater London Authority and London boroughs on a range of programmes that inspire activity in schools and community groups ocross London, particularly in th8 boroughs that host LME'S events. The Foundation is a member of key sector networks, such os the Association of Charitoble Foundations, to keep informed of any changes and best practices in the funding and charity sectors and Supporting those with disabilities (participants, employees, volunteers, and within other customer groups) is not just on obligotion,. it is a vitol port of th8 Group's commitment to create an inclusive organisation. The Group encourages those with disabilities to apply to join the Group, ensuring that recruitment practices fully consider skills and attributes, regardless of disability status. 30- THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 To ensure thot everyone hos an equal opportunity to succeed through the recruitment process, the Group makes adaptations to the format and setting if required and facilitates financial and wellbeing support if appropriate. To support the continued development of those with disabilities, the Group ensures adaptations to course content are provided and delivers troining 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. The Group also sends regular business updates via email, and holds 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 events, dedicated briefing and troining sessions are delivered to casual Staff and volunteers to ensure those who only interact with LME on a limited number of occasions feel included and are aware of changes to processes. The Group's dedicated community ol volunteers is crucial to ensuring the successful delivery of events, ond their welfare is of upmost importance. LME meets in person on an annual basis with more than 100 volunteer Team Leaders to gother feedback thot informs plons for ongoing improvements and surveys are sent to every volunteer post-event to understand how LME can improve the experience for those who join in the future. As an employer, the Group is committed to ensuring staff ore fairly remuneroted, hove good working conditions and achieve a good work-life balance. The Group has to ensure its remuneration puckoges attract and retain the right stoff - for LME and its subsidiaries, 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 events and funding, the Group aims to inspire positive change ond foster o sense of belonging among all individuals, reflecting the dynamic and diverse spirit of London itself. The Foundation has also organised breakfast sessions with grontees inviting severol organisations into the London office to talk to the Group about the impact funding is having on their work ond the Communities they support. Employee and volunteer Involvement The Group is committed to ensuring that all employees are well-inlormed and connected, fostering o sense of unity ond shared purpose across the Group. To achieve this, the Group employs a variety of communication channels ond strategies designed to meet the needs of its diverse workforce, including employees, casual workers and volunteers. Policylor payment of creditors The Board recognises the significance ot cashflow und fair and prompt poyment to our creditors. On average the Group has bi-monthly payment runs. Payments are approved in line with the Scheme of Financial Delegated Authority. Financial instruments The Group's operations expose it to a variety of finonciol risks thot include the effect of foreign exchange risk, liquidity risk and interest rate risk. The Group has in place a risk management progromme that seeks to limit the (Jdverse effects on the financial performance of the group. With two oflices in the UK, the Group delivers weekly online interactive sessions which allow stofl and senior leaders to update on business developments, improvements, and generolly 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 'Question and Answer, sessions, helping Trustees, Directors and the team to feel more connected. 31- THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 Forelgn exchange rlsk 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. This is mitigated through entering into forward contracts. of the incoming resources ond application of resources, including income and expenditure, of the Foundation and the Group for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently,. observe the methods and principles of the Charities Statement of Recommended Practice Llquldlty rlsk The Group currently has significant cash reserves and a high level of liquidity. The Group will continue to ensure that there oro sufficient levels of liquidity to meet its tinancial obligations and fund its growth plans. (SORP),. make judgements and accounting estimates that are reasonable and prudent,. state whether applicable UK Accounting stondards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in operation Interest rote risk The Group has an interest-bearing loan that is susceptible to changes in the interest rate. This is mitigoted by goining interest on bank deposits. POST-BALANCE SHEET EVENT On 17 January 2025, London Marathon Events Limited increased its existing shareholding in Maverick Corp Ltd Irom 50.1/. to 67%. The Trustees are responsible for keeping adequate accounting records that are sufficient to show und exploin the Foundotion ond the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Foundation and the Group ond enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the ossets of the Foundotion ond the Group and hence lor taking reasonable steps for the prevention and detection of fraud and other irregularities. On 4 April 2025, Run 4 Wales Limited ocquired 100% of the share capital ol Always Aim High Events Limited. This company is known for its moss participotion running and swimming events in Wales. Trustee Responsibilities The Trustees (who ore olso directors of the Foundation for the purposes of company low) are responsible for preparing the Trustees. Annual Report and Financial St(Jtements in occordance with applicable low and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice Matters covered in the Strategic Report Under s414C(11), the Strategic Report contains o fair review of the business, the principol risks and uncertainties faced by the business, and the key financial and non-financial performance indicotors as considered by the London Marathon Foundation Board of Directors. This information is therefore excluded from the Trustees, Report. 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 lair view of the state of affairs of the Foundation and the Group ond 32- THE LONDON MARATHON FOUNDATION TRADING NAME OF THE LONDON MARATHON CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEbABER 2024 DISCLOSURE OF INFORMATION TO AUDITOR Each of the persons who are directors at the time when this Directors, Report is approved has confirmed that.. so far as the director is aware, there is no relevant information of which the group auditor is unowore,. and the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the group auditor is aware of that information. Auditor The auditor, Crowe UK LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This Report wos opprove(J by the London Marathon Foundation Board on 18 June 2025 and signed on its behalf by.. SirRodneyWalker London Marathon Foundation Chair Walkgt 27-Jun-2025 33- LONDON MARATHON FOUNDATION INSPIRING ACTIVITY Trading name of The London Marathon Charitable Trust Financial statements **Registered number: 01550741 Charity number: 283813** ## **LONDON MARATHON CHARITABLE TRUST LIMITED** **(A company limited by guarantee)** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **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 2024 which comprise the Consolidated statement of financial activities, the Charity 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: - give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 December 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 33 ## **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: - the information given in the Trustees' Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements. - the Trustees' Report and the Strategic Report have been prepared in accordance with applicable legal requirements. ## **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: - the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or the parent charitable company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of Trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. Page 34 ## **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: 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 regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance. Page 35 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON MARATHON CHARITABLE TRUST LIMITED (CONTINUED)** Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report. ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. **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 Date: 29 June 2025 Page 36 ## **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 2024** |**Note**
**Income from:**
Donations:
Donations
Other trading activities:
Subsidiaries
Investments
6
Share of joint venture net income
**Total income**
**Expenditure on:**
Raising funds :
Organising events - subsidiaries
Charitable activities:
7
Facilities Grants
Strategic Partnership Grants
New Programme Funds
Strategic National Funds
LMG Innovation
**Total expenditure**
**Net income/(expenditure) before net gains on**
**investments**
Net gains on investments
**Net income/(expenditure) before taxation**
Taxation
13
**Net movement in funds**|**Unrestricted**
**funds**
**2024**
**£**
**307,215**
**61,059,615**
**1,257,700**
**90,743**
**62,715,273**
**49,686,700**
**-**
**4,651,230**
**3,473,018**
**-**
**-**
**57,810,948**
**4,904,325**
**355,946**
**5,260,271**
**(345,806)**
**4,914,465**|**Total**
**funds**
**2024**
**£**
**307,215**
**61,059,615**
**1,257,700**
**90,743**
**62,715,273**
**49,686,700**
**-**
**4,651,230**
**3,473,018**
**-**
**-**
**57,810,948**
**4,904,325**
**355,946**
**5,260,271**
**(345,806)**
**4,914,465**|_Total_
_funds_
_2023_
_£_
_300,950_
_48,841,285_
_966,565_
_8,885_
_50,117,685_
_42,343,236_
_(703,218)_
_1,991,866_
_4,697,800_
_2,483,736_
_36,189_
_50,849,609_
_(731,924)_
_195,324_
_(536,600)_
_(65,029)_
_(601,629)_| |---|---|---|---| Page 37 ## **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 2024** |**Note**
**Reconciliation of funds:**
Total funds brought forward
Net income attributable to the parent charity
Net income attributable to non-controlling interests
Transfers in of non-controlling interests on acquisition
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**15,384,931**
**4,883,700**
**20,268,631**
**30,765**
**(31,603)**
**20,267,793**|**Total**
**funds**
**2024**
**£**
**15,384,931**
**4,883,700**
**20,268,631**
**30,765**
**(31,603)**
**20,267,793**|_Total_
_funds_
_2023_
_£_
_15,986,560_
_(601,629)_
_15,384,931_
_-_
_-_
_15,384,931_| |---|---|---|---| 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 38 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) AS AT 31 DECEMBER 2024** |**Note**
**Income from:**
Donations and Legacies
Donations
Other trading activities
LME
**4**
Investments
**6**
**Total income**
**Expenditure on:**
Charitable activities
Facilities Grants
Strategic Partnerships
New Programme Funds
Strategic National Funds
LMG Innovation Grants
**Total expenditure**
**7**
**Net income/(expenditure) before**
**net gains on investments**
Net gains on investments
**Net income/(expenditure)**
Transfers between funds
Net movement in funds
Fund balances at 1 January 2024
**26**
**Fund balances as at**
**31 December 2024**
**26**|**Unrestricted**
**funds**
**2024**
**£**
**307,215**
**10,572,135**
**686,745**|**Total**
_Total_
**funds**
_funds_
**2024**
_2023_
**£**
_£_
**307,215**
_300,950_
**10,572,135**
_6,734,953_
**686,745**
_711,587_
**11,566,095**
_7,747,490_
**-**
_(703,218)_
**4,674,131**
_1,991,866_
**3,490,117**
_4,697,800_
**-**
_2,483,736_
**-**
_36,189_
**8,164,248**
_8,506,373_
**3,401,847**
_(758,883)_
**355,946**
_195,324_
**3,757,793**
_(563,559)_
**-**
_-_
**3,757,793**
_(563,559)_
**11,976,046**
_12,539,605_
**15,733,839**
_11,976,046_| |---|---|---| ||**11,566,095**|| ||**-**
**4,674,131**
**3,490,117**
**-**
**-**|| ||**8,164,248**|| ||**3,401,847**
**355,946**|| ||**3,757,793**|| ||**-**|| ||**3,757,793**|| ||**11,976,046**|| ||**15,733,839**|| 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 39 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee) REGISTERED NUMBER: 01550741** ## **CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024** |**Note**
**Fixed assets**
Intangible assets
14
Tangible assets
15
Investments
16
**Current assets**
Stocks
17
Debtors
18
Investments
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
**Net current liabilities**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
21
Provisions for liabilities
**Total net assets**|**31,813**
**5,827,596**
**2,219,497**
**26,046,285**
**34,125,191**
**(39,807,227)**|**2024**
**£**
**3,051,945**
**21,748,579**
**9,805,101**
**34,605,625**
**(5,682,036)**
**28,923,589**
**(6,913,027)**
**(1,742,769)**
**20,267,793**|_14,000_
_5,513,639_
_2,112,172_
_21,805,816_
_29,445,627_
_(37,355,798)_|_2023_
_£_
_760,445_
_22,111,082_
_10,395,175_
_33,266,702_
_(7,910,171)_
_25,356,531_
_(8,034,075)_
_(1,937,525)_
_15,384,931_| |---|---|---|---|---| Page 40 ## **LONDON MARATHON CHARITABLE TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 01550741** ## **CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024** |**Note**
**Charity funds**
Unrestricted funds
Designated funds
General funds
Total unrestricted funds
**Total funds**
**Non-controlling interests**|**15,733,839**
**4,534,792**|**2024**
**£**
**20,268,631**
**20,268,631**
**(838)**
**20,267,793**|_11,976,046_
_3,408,885_|_2023_
_£_
_15,384,931_| |---|---|---|---|---| |||||| |||||_15,384,931_| |||||_-_| |||||_15,384,931_| 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: ## **Sir Rodney Walker** Date: The notes on pages 44 to 90 form part of these financial statements. Page 41 ## **LONDON MARATHON CHARITABLE TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 01550741** ## **CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024** |**Note**
**Fixed assets**
Investments
16
**Current assets**
Debtors
18
Investments
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
21
**Total net assets**
**Charity funds**
Unrestricted funds
Designated funds
Total unrestricted funds
**Total funds**|**10,597,145**
**2,219,497**
**2,548,988**
**15,365,630**
**(7,623,930)**
**15,733,839**|**2024**
**£**
**9,007,350**
**7,741,700**
**16,749,050**
**(1,015,211)**
**15,733,839**
**15,733,839**
**15,733,839**|_6,823,304_
_2,112,172_
_2,718,128_
_11,653,604_
_(8,021,671)_
_11,976,046_|_2023_
_£_
_9,808,167_
_3,631,933_
_13,440,100_
_(1,464,054)_
_11,976,046_
_11,976,046_
_11,976,046_| |---|---|---|---|---| 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: ## **Sir Rodney Walker** (Chair of Trustees) ## Date: The notes on pages 44 to 90 form part of these financial statements. Page 42 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024** |**Note**
**Cash flows from operating activities**
Net cash from operating activities
28
**Cash flows from investing activities**
Interest and investment income received
Purchase of fixed asset investments
Purchase of tangible fixed assets
Withdrawal from investments
Proceeds from disposal of tangible assets
Purchase of subsidiary undertakings net of cash acquired
**Net cash (used in)/provided by investing activities**
**Cash flows from financing activities**
Repayment of loans
Interest paid
**Net cash used in financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
29
The notes on pages 54 to 89 form part of these financial statements|**2024**
**£**
**5,190,765**
**1,257,700**
**(549,072)**
**(871,597)**
**1,500,000**
**67,860**
**(1,739,128)**
**(334,237)**
**(382,720)**
**(126,014)**
**(508,734)**
**4,347,794**
**23,917,988**
**28,265,782**|_2023_
_£_
_351,483_
_966,565_
_(1,138,548)_
_(905,905)_
_2,200,000_
_-_
_-_
**1,122,112**
_(2,932,187)_
_(237,709)_
**(3,169,896)**
**(1,696,301)**
_25,614,289_
_23,917,988_| |---|---|---| Page 43 # **LONDON MARATHON CHARITABLE TRUST LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **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. 01550741) 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). During the year, the company acquired the following subsidiary entities: Maverick Corp Limited, Running High Limited, Caledonian Concepts (Scotland) Limited and Loch Ness Marathon Limited. The financial statements consolidate the results on a line-by-line basis of the Trust and its subsidiary undertakings. Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date on which control is obtained and their assets and liabilities at fair value at the date of acquisition. Entities other than subsidiary undertakings or joint ventures in which the group has a participating interest and over whose operating and financial policies the group exercises significant influence are treated as associates. In the group financial statements, associates are accounted for using the equity method. ## **2.2 Going concern** The Trustees have assessed the London Marathon Charitable Trust�s ability to continue as a going concern and have a reasonable expectation that the Trust has adequate resources to continue its operations for the foreseeable future, and at least 12 months from the date of approval of these financial statements. In making this assessment, the Trustees have considered the Trust�s financial position, cash flow forecasts, ongoing funding commitments, and the expected levels of income derived primarily from its associated trading activities and donations from London Marathon Events Limited. The Trust also maintains sufficient reserves and a robust investment strategy to support its grant-making activities. The Trustees have concluded that there are no material uncertainties that cast significant doubt on the Trust�s ability to continue as a going concern. Accordingly, the financial statements have been prepared on a going concern basis. Page 44 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **2. Accounting policies (continued)** ## **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� in the creditors note. 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. 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. Page 45 ## **LONDON MARATHON CHARITABLE TRUST LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **2. Accounting policies (continued)** ## **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 companies are liable to corporation tax on their taxable profits. 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: - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits and - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred 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. Page 46 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **2. Accounting policies (continued)** ## **2.10 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 - 10 years straight line Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. Amortisation is recognised within raising funds in the statement of financial activities. ## **2.11 Tangible fixed assets and depreciation** Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. 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| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. It is policy only to capitalise items with a value of £5,000 or greater. 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. Page 47 # **LONDON MARATHON CHARITABLE TRUST LIMITED** **(A company limited by guarantee)** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **2. Accounting policies (continued)** ## **2.12 Investments (continued)** 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 Associates** An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions. In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity 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, other comprehensive income and equity of the associate. The Consolidated statement of financial activities includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated statement of financial position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy. The Group considers that the goodwill on acquiring the associate is highly immaterial and therefore has not been recognised. ## **2.14 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 first in first out basis. 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. ## **2.15 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. ## **2.16 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. Page 48 **LONDON MARATHON CHARITABLE TRUST LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **2. Accounting policies (continued)** ## **2.17 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. ## **2.18 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 material. 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. Page 49 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** **(A company limited by guarantee)** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **2. Accounting policies (continued)** ## **2.18 Financial instruments (continued)** 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. ## **2.19 Finance leases and hire purchase** Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. ## **2.20 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. ## **2.21 Termination benefits** Termination benefits are recognised immediately as an expense when committed to terminate the employment of an employee or to provide termination benefits. ## **2.22 Pensions** ## **Defined contribution pension plan** The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in the Consolidated statement of financial activities when they fall due, in unrestricted funds. Amounts not paid are shown in other creditors as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds. ## **2.23 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. Page 50 **LONDON MARATHON CHARITABLE TRUST LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **2. Accounting policies (continued)** ## **2.24 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. ## **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: - Three floors of LME's office building, 190 Great Dover Street, continue to be let at a reduced rate to other sporting organisations to create a House of Sport. Using the exemption available under FRS 102, the office is treated wholly as a tangible fixed asset rather than a partial investment property given the space is let under market rate for social benefit, intended to enhance networking and collaboration in the voluntary sport sector. - After considering the value of the freehold properties in the financial statements, the directors are of the judgement that the recoverable amount of the properties is not materially below the carrying book value and that no impairment has been deemed necessary. - The recoverable amount of the stock held is not less than the carry book value at historic cost, and this judgment is made in the context that the stock items are unique to the London Marathon with no direct retail price available, however the judgment lies with price comparison to similar and on the assumption that these items will be fully utilised by future ballots and events. - Goodwill impairment. Where risk factors may be present, management assesses the carrying value of investments, intangible and tangible fixed assets which do not generate independent cash flows, by reference to the value in use of the cash generating unit (�CGU�) to which they belong. Forecasts are prepared for each CGU using both internal and external financial, operational and market data and estimated future cash flows are discounted to present value using a pre-tax discount rate. The preparation of such forecasts involves estimation uncertainty, particularly in times of high market volatility. Key forecast inputs include revenue growth rates, margin assumptions, long-term economic growth rates, together with the cost of debt and capital and any changes in these factors may have a significant favourable or adverse impact on the carrying value of assets. Page 51 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **4. Gift Aid** The Trust has received from London Marathon Events Limited, under Gift Aid, an amount of £10,572,135 _(2023: £6,734,953)_ . ## **5. Trading Subsidiaries** The Trust owns the whole of the share capital of London Marathon Events Limited, Running High Events Limited, Caledonian Concepts (Scotland) Limited, Loch Ness Marathon Limited and 50.1% share of Maverick Corp Ltd. These subsidiaries are responsible for generating income from the staging of various Marathons and other events. Please see note 36 for further details. ## **6. Investment income** |**Unrestricted**
**funds**
**2024**
**£**
Income from listed investments
536,514
Interest receivable
721,186
**Total 2024**
1,257,700
_Unrestricted_
_funds_
_2023_
_£_
Income from listed investments
_654,240_
Interest receivable
_312,325_
_Total 2023_
_966,565_|**Total**
**funds**
**2024**
**£**
**536,514**
**721,186**
**1,257,700**
_Total_
_funds_
_2023_
_£_
_654,240_
_312,325_
_966,565_| |---|---| Included within interest receivable is £563,336 _(2023 - £254,978)_ received by London Marathon Events Limited, £4,875 _(2023 - £Nil)_ received by Caledonian Concepts (Scotland) Limited and £2,743 _(2023 - £Nil)_ received by Loch Ness Marathon Limited. Total investment income received by London Marathon Charitable Trust was £686,745 _(2023 - £711,587)_ . Page 52 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **7. Analysis of expenditure on charitable activities** ## **Summary by fund type** |**Unrestricted**
**funds**
**2024**
**£**
Charitable activities
8,124,248
_Unrestricted_
_funds_
_2023_
_£_
Charitable activities
_8,506,373_|**Total**
**2024**
**£**
**8,124,248**
_Total_
_2023_
_£_
_8,506,373_| |---|---| ## **8. Analysis of expenditure by activities** |Charitable direct costs
Charitable direct costs|**Activities**
**undertaken**
**directly**
**2024**
**£**
1,158,055
_Activities_
_undertaken_
_directly_
_2023_
_£_
_959,999_|**Grant**
**funding of**
**activities**
**2024**
**£**
6,930,902
_Grant_
_funding of_
_activities_
_2023_
_£_
_7,497,343_|**Support**
**costs**
**2024**
**£**
35,291
_Support_
_costs_
_2023_
_£_
_49,031_|**Total**
**funds**
**2024**
**£**
**8,124,248**
_Total_
_funds_
_2023_
_£_
_8,506,373_| |---|---|---|---|---| Total interest payable incurred by the group in the year amounted to £126,014 _(2023: £237,709)_ . Page 53 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **8. Analysis of expenditure by activities (continued)** ## **Analysis of direct costs** |Staff costs
Other expenditure
**Total 2024**
Staff costs
Other expenditure
_Total 2023_
**Analysis of support costs**
Governance costs|**Activities**
**2024**
**£**
902,138
255,917
1,158,055
_Activities_
_2023_
_£_
_651,643_
_308,356_
_959,999_
**Total**
**funds**
**2024**
**£**
**35,291**|**Total**
**funds**
**2024**
**£**
**902,138**
**255,917**
**1,158,055**
_Total_
_funds_
_2023_
_£_
_651,643_
_308,356_
_959,999_
_Total_
_funds_
_2023_
_£_
_49,031_| |---|---|---| Page 54 **(A company limited by guarantee)** ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **9. Grants awarded** |||**2024**|**_2023_**| |---|---|---|---| |||**£**|**_£_**| |**New Programme Funds**|**Purpose**||| |Abbey Community Centre|Physical activity programme||_19,000_| |Aberfeldy Boxing Club CIC|Boxing programme||_42,000_| |Acheinu Limited T/A The Boys Clubhouse (BCH)|Football programme||_4,000_| |Active Within CIC|Physical activity programme||_16,750_| |Addiscombe Boys and Girls Club|Sports centre refurbishment||_50,000_| |AFC Lewisham CIC|Sports ground refurbishment||_19,850_| |Afghanistan and Central Asian Association|Football programme||_27,100_| |Age UK Westminster|Physical activity programme||_20,000_| |Age UK Bexley|Physical activity programme|23,229|| |Alridha Foundation|Physical activity programme||_20,000_| |Ambition Aspire Achieve|Outdoor learning and||_9,500_| ||adventure play clubs||| |Applecartlive Ltd (Applecart Arts)|Dance programme||_10,100_| |Ashmole Trust|Activity space refurbishment|15,000|| |Aspire (Association for Spinal Injury Research,|Leisure centre refurbishment||_32,150_| |Rehabilitation and Reintegration)|||| |Aston-Mansfield|After-school sports club||_50,000_| |BANG Edutainment Ltd|Dance programme||_13,300_| |Bankside Open Spaces Trust Ltd|Sports garden refurbishment|100,000|_150,000_| |Baraka Community Association|Physical activity programme||_20,000_| |Basic Sport and Fitness|Non-contact boxing||_9,900_| ||programme||| |Battersea Arts Centre|Dance and gardening||_38,000_| ||programme||| |Bender Defenders CIC|Martial arts classes|24,300|_9,000_| |BIGKID Foundation|MUGA refurbishment||_49,500_| |Black Prince Trust|Sports ground refurbishment|76,000|| |Bloomsbury Football Foundation|Football programme||_84,200_| |Brandon Centre for Counselling and|Physical activity programme|25,000|| |Psychotherapy For Young People|||| |Bromley by Bow Centre|Physical activity programme||_30,000_| |Build Up Foundation|Outdoor activity space||_19,994_| ||refurbishment||| |Capital Kids Cricket|Cricket programme||_7,700_| |Capital Kids Cricket|Junior cricket club||_49,750_| ||Outdoor activity space||| |Caris Camden|refurbishment|30,352|| |Carney's Community|Activity space refurbishment|80,000|| |Carriage Driving for Young Disabled People|Physical activity programme|60,000|| |**Subtotal c/fwd New Programme Funds**||**433,881**|**_801,794_**| Page 55 **(A company limited by guarantee)** ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Grants awarded (continued)** |||**2024**|**_2023_**| |---|---|---|---| |||**£**|**_£_**| |**New Programme Funds**|**Purpose**||| |**_Subtotal b/fwd New Programme Funds_**||**_433,881_**|**_801,794_**| |Catford Wanderers Sports Club Ltd|Facilities improvements and||_10,000_| ||activity programme||| |Celtic FC Foundation|Football and basketball||_19,960_| ||sessions||| |Chance to Shine Foundation Limited|Street cricket projects||_18,800_| |Claremont Project (Islington)|Physical activity programme||_40,000_| |Code 7 Ltd|Physical activity programme||_24,900_| |Community 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_| |Cricket Green School|Play equipment installation|80,000|| |Croydon Voluntary Action|Community centre renovation||_47,000_| |Croydon Voluntary Action|Physical activity programme|76,000|| |Crystal Palace Park Trust|Outdoor play space|140,000|| |Cuban Boxing Academy CIC|Sports facility refurbishment|40,000|| |Disability Advice and Support Hillingdon|Community Centre||_20,000_| |(DASH)|refurbishment||| |Dynamic Coaching South East England CIC|Community centre renovation||_15,000_| |(Dynamic Coaching)|||| |Early Years Cocoon CIC|Yoga and outdoor activity||_25,450_| ||programme||| |East Finchley Community Trust|Playground refurbishment||_20,000_| |Edmonton Community Partnership|Football programme||_46,900_| |ELHAP Adventure Playground|Disability activity sessions||_20,000_| |Fight for Peace International|Combat sports programme||_47,550_| |Finsbury Park Sports Partnership|Athletics track refurbishment||_66,750_| |Flwomen and family wellness|Physical activity programme||_8,100_| |Frenford Clubs|Physical activity programme||_34,500_| |Friends of Firs Farm|Community hub renovation||_20,000_| |Fulham Reach Boat Club|Physical activity programme||_40,000_| |Future molds communities|Physical activity programme|80,000|| |Gendered Intelligence|Swimming programme|13,100|_15,000_| |Groundswell Arts|Physical activity programme||_19,950_| |Happy Kids|Facilities improvements and||_12,360_| ||activity programme||| |**Subtotal c/fwd New Programme Funds**||**862,981**|**_1,476,514_**| Page 56 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Grants awarded (continued)** |||**2024**|**_2023_**| |---|---|---|---| |||**£**|**_£_**| |**New Programme Funds**|**Purpose**||| |**_Subtotal b/fwd New Programme Funds_**||**_862,981_**|**_1,476,514_**| |Haringey Council|Park renovation and activity||_50,000_| ||programme||| |Haringey Girls|Equipment and facilities||| ||improvements||_5,000_| |Healthy Generations|Physical activity programme|80,000|_40,000_| |Hedgecock Community Centre|Physical activity programme||_20,000_| |Herne Hill Harriers|Physical activity programme||_12,200_| |High Trees Community Development Trust|Playground refurbishment|120,000|| |Hillingdon Autistic Care and Support|Physical activity programme||_25,000_| |Hope in Haringey|Physical activity programme|80,000|| |JoyRiders Britain CIC|Physical activity programme||_10,900_| |KIDS|Playground construction||_49,160_| |Kids in the Spotlight|Physical activity programme||_12,000_| |Lambeth Elfrida Rathbone Society (Rathbone)|Physical activity programme||_47,600_| |Lambeth Tigers Foundation|Physical activity programme|26,000|| |LDN Apprenticeships Ltd|Refurbishing outdoor space||_40,000_| |Leaside Trust|Physical activity programme|80,000|| |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_| |Adventure Playground|||| |Little Giants Volleyball CIC|Physical activity programme||_32,810_| |Little Ilford Youth Zone|Skating and non-contact||_12,860_| ||boxing programme||| |Livability|Sports equipment||_15,900_| |London Basketball Association|Physical activity programme||_8,500_| |London Borough Barking & Dagenham|Playground refurbishment||_50,000_| |London Borough of Camden|Sports centre renovation|150,000|| |London Borough of Enfield|Walking, running & cycling|50,000|_20,000_| ||programme||| |London Borough of Hackney|Playground refurbishment|105,000|_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 Playing Fields Foundation|Facilities improvement|26,812|| |**Subtotal c/fwd New Programme Funds**||**1,580,793**|**_2,252,344_**| Page 57 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Grants awarded (continued)** |||**2024**|**_2023_**| |---|---|---|---| |||**£**|**_£_**| |**New Programme Funds**|**Purpose**||| |**_Subtotal b/fwd New Programme Funds_**||**_1,580,793_**|**_2,252,344_**| |London Tigers|Construction of cricket pitch and||_50,000_| ||nets||| |London Youth Rowing Limited|Rowing and water sports||_10,000_| ||programme||| |Lord's Taverners|Physical activity programme||_13,500_| |Loughborough Junction Action Group|Playground construction||_49,550_| |Lucas Vale Primary School|MUGA installation||_50,000_| |MahaDevi Yoga Centre|New storage space and||_19,800_| ||equipment||| |Marylebone Bangladesh Society Ltd|Physical activity programme||_23,730_| |Mercurial Sports Limited|Physical activity programme||_16,249_| |Michael Streete Foundation|Physical activity programme||_44,500_| |Middlesex Titans Sports & Social Club|Facilities improvements||_50,000_| |Mile Rainbow CIC|Physical activity programme|71,000|_15,900_| |Mind in Harrow|Physical activity programme||_42,000_| |Misgav|Physical activity programme||_33,500_| |Mother and Children Foundation (M&C|Physical activity programme||_42,850_| |Foundation)|||| |Muslimah Sports Association|Physical activity programme|30,000|| |Mytime Active|Specialist equipment|19,013|| |New Horizon Youth Centre|Physical activity programme||_19,917_| |New Initiatives Youth & Community|New post and cycling events||| |Association|||_50,000_| |Oasis Children's Venture|Adventure playground||_42,000_| ||installation||| |Ocean Youth Connexions|Physical activity programme||_25,000_| |Old Elizabethans Memorial Playing Fields|Facility refurbishment||| |Company|||_50,000_| |Orchardside School|Cycle track construction
|45,500|| |Paddington Arts|Physical activity programme|80,000|| |Peter Hills C of E Primary School|Community garden project||_20,000_| |Planet Earth Games Trust|Community plogging project||_12,500_| |Planet Penguin Football Foundation|Physical activity programme|40,000|| |Platform Cricket (Tower 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_| |**Subtotal c/fwd New Programme Funds**||**1,866,306**|**_3,038,520_**| Ocean Youth Connexions Old Elizabethans Memorial Playing Fields Company Orchardside School Paddington Arts Peter Hills C of E Primary School Planet Earth Games Trust Planet Penguin Football Foundation Platform Cricket (Tower Hamlets Youth Sport Foundation) Poplar Harca Housing Pulse Social Sports Group CIC Queen's Crescent Community Association **Subtotal c/fwd New Programme Funds** Page 58 **(A company limited by guarantee)** ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Grants awarded (continued)** |||**2024**|**_2023_**| |---|---|---|---| |||**£**|**_£_**| |**New Programme Funds**|**Purpose**||| |**_Subtotal b/fwd New Programme Funds_**||**_1,866,306_**|**_3,038,520_**| |Raw Material Music and Media Education|Facility refurbishment|35,290|| |Limited|||| |RE N-GAGE|Physical activity programme||_41,500_| |Reaching Higher|Physical activity programme||_15,200_| |Rebuild Health CIC|Physical activity programme||_10,000_| |Restorative Justice for All International Institute|Facility equipment|40,000|_20,000_| |(RJ4All)|||| |Rio Ferdinand Foundation|Physical activity programme||_19,962_| |S.P.I.D. Theatre Company|Facility refurbishment||_45,000_| |Salaam Peace|Facility installation||_3,230_| |Salaam Peace|Physical activity programme|64,500|| |Save our Hut|Facility refurbishment|108,000|| |SCK Fitness Team|Mixed martial arts classes||_10,000_| |Single Homeless Project|Physical activity programme||_50,000_| ||and salary||| |SkyWay Charity|Training and qualifications||_48,600_| |South London Renegades|Burgess Park 4G astroturf||_5,200_| ||activation||| |South Mitcham Community Association|Facility refurbishment|70,000|| |Southwark Tigers Rugby Club|Physical activity programme||_10,000_| ||and salary||| |Sporting Way CIC|Physical activity programme||_47,480_| ||and salary||| |Step by Step London|Facility refurbishment|80,000|| |Step Out Mentoring (The Wells Trust)|Physical activity programme|41,300|| |Stonebridge|Facility refurbishment|40,000|| |Streatham and Marlborough Cricket Club|Facility refurbishment|50,000|| |Street Soccer (London) Limited|Physical activity programme||_50,000_| ||and salary||| |Strength and Learning Through Horses|Equine education programme||_10,000_| |Sunshine of Hounslow|Physical activity programme|30,000|| |Sustrans|Facility expansion||_30,000_| |TAG Youth Club for Disabled Young People|Specialist equipment||_18,000_| |Tapestry Care UK Limited|Physical activity programme||_23,500_| ||and salary||| |The Access to Sports Project|Physical activity programme||_50,000_| ||and salary||| |The Ahoy Centre|Salary contribution||21,000| |The Bais Rochel Dsatmar Charitable Trust|Facility refurbishment|20,000|| |**Subtotal c/fwd New Programme Funds**||**2,445,396**|**_3,567,192_**| Page 59 **(A company limited by guarantee)** ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Grants awarded (continued)** |||**2024**|**_2023_**| |---|---|---|---| |||**£**|**_£_**| |**New Programme Funds**|**Purpose**||| |**_Subtotal b/fwd New Programme Funds_**||**_2,445,396_**|**_3,567,192_**| |The Baytree Centre|Facility reactivation||20,000| |The Bike Project|Cycling lessons for refugees||19,920| |The Boiler House Community Space|Facility installation|30,000|| |The Chelsea Theatre|Physical activity programme||_48,440_| ||and salary||| |The Feathers Association|Physical activity programme||_10,000_| |The Kennington Association Limited|Playground refurbishment||_15,720_| |The Lloyd Park Children's Charity|Physical activity programme||_50,000_| ||and salary||| |The Mason Foundation|Physical activity programme||_30,000_| |The Mulberry Centre|Physical activity programme|21,400|_10,000_| |The Parochial Church Council of the|Outdoor physical activity|80,000|| |Ecclesiastical Parish of St Paul's, Shadwell|programme||| |The Royal Parks|Physical activity programme||_50,000_| |The St Matthew's Project|Physical activity programme|79,200|| |The Triangle Adventure Playground Association|Tree top walkway installation||_19,800_| |The Visionaries|Orientieng challenges||_15,000_| |The Winchester Project|Facilities refurbishments||_38,400_| |Tideway Sailability|Building a new clubhouse and||_20,000_| ||boathouse||| |Time & Talents Association|Physical activity programme||_23,400_| |TKO Barking Amateur Boxing Club CIC|Physical activity programme||_9,800_| |Treasure Sports Club|Physical activity programme||_34,800_| |Twyford CofE Academies Trust (Ada Lovelace|Facilities installation||| |CofE High School)||80,000|| |Upcycle Ldn CIC|Upcycle Ldn CIC|60,000|| |Vallance Community Sports Association|Physical activity programme||_10,000_| |Wadajir Somali Community Centre|Physical activity programme||_24,500_| |Watford FC Community Sports and Education|Facilities refurbishments||_19,250_| |Trust|||| |Wheels for Wellbeing|Physical activity programme|80,000|| |Wheely Tots|Physical activity programme|50,000|| |We are Grow|Sports equipment||_19,600_| |West Silvertown 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_| |**Subtotal c/fwd New Programme Funds**||**2,925,996**|**_4,186,322_**| Page 60 **LONDON MARATHON CHARITABLE TRUST LIMITED** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Grants awarded (continued)** |||**2024**|**_2023_**| |---|---|---|---| |||**£**|**_£_**| |**New Programme Funds**|**Purpose**||| |**_Subtotal b/fwd New Programme Funds_**||**_2,925,996_**|**_4,186,322_**| |YES Outdoors|Physical activity programme|30,000|| |Youth League UK|Physical activity programme|80,000|| |**Total New Programme Funds**||**3,035,996**|**_4,186,322_**| |**Facilities Core Funds**|||| |London Playing Fields Foundation|Playing field maintenance||_45,111_| |**Total Facilities Core Funds**||**-**|**_45,111_**| |**LMG Innovation**|||| |University of Bradford|Physical literacy assessment tool|-|_32,250_| |**Total LMG Innovation Funds**||**-**|**_32,250_**| |**Strategic Core Funds**|||| |Access Sport|Cycling and basketball||_1,370,000_| |Essex County Council|Cycling programme||_750,000_| |Our Parks|Outdoor fitness sessions||_100,000_| |**Total Strategic Core Funds**||**-**|**_2,220,000_**| |**Strategic Partnerships**|||| |Parkrun Global|Expanding and developing||_1,195,000_| ||Junior Parkrun||| |Access Sport|Cycling and basketball programme|50,000|_230,000_| |Brighton Table Tennis Club|Table Tennis club renovation||_250,000_| |Cycle Sisters|Cycling programme||_100,000_| |Active Essex Strategic Partnership|Small grants to community|1,000,000|| ||projects||| |Black Swimming Association|Swimming and water safety|1,001,526|| ||programme||| |Go! London|Go! London core costs|1,500,000|| |Our Parks|Outdoor park fitness sessions|81,500|| |Sported Foundation|Small grants to organisations|250,000|| ||impacted by riots across UK||| |Solidarity|Top-up of the £250k Sported|32,000|| ||grant||| |Transport for London|Walking and cycling programme|85,000|| |**Total Strategic Partnership Funds**||**4,000,026**|**_1,775,000_**| |**Total c/fwd**||**7,036,022**|**_8,258,683_**| Page 61 **(A company limited by guarantee)** ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ||**Grants awarded (continued)**|**Grants awarded (continued)**||||| |---|---|---|---|---|---|---| ||||**2024**||**_2023_**|| ||||**£**||**_£_**|| ||**Total b/fwd**||**7,036,022**|**_8,258,683_**||| ||**Less grants withdrawn:**|||||| ||Facilities Core Funds||||_(603,840)_|| ||Strategic National Funds||||_(7,500)_|| ||New Programme Funds||(65,120)||_(150,000)_|| ||Active Spaces||(40,000)|||| ||**Total grants awarded**||**6,930,902**|**_7,497,343_**||| |||||||| |**10.**|**Auditor's remuneration**|||||| ||||**2024**|||_2023_| |||||**£**||_£_| ||Fees payable to the Charity's auditor for the audit of the Charity's annual|||||| ||accounts||**33,505**||_26,250_|| ||Fees payable to the Charity's auditor in respect of:|||||| ||Other services||**5,355**||_10,810_|| |**11.**|**Staff costs**|||||| |Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes|**Group**
**2024**
**£**
**10,605,914**
**1,189,438**
**470,027**
**12,265,379**|_Group_
_2023_
_£_
_8,707,800_
_1,024,795_
_429,171_
_10,161,766_|**Charity**
**2024**
**£**
**777,787**
**87,251**
**37,100**
**902,138**|_Charity_
_2023_
_£_
_557,860_
_65,187_
_28,596_
_651,643_| |---|---|---|---|---| Included within Wages and salaries above are redundancy payments of £167,582 _(2023: £163,600)_ , of which £167,582 _(2023: £163,600)_ were ex-gratia termination payments. The Group had the legal authority to make the payment from the Charities Commission. The total amount included within other creditors at the year end is £86,495 ( _2023: £63,334)_ . Page 62 ## **LONDON MARATHON CHARITABLE TRUST LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **11. Staff costs (continued)** The average number of persons employed by the Charity during the year was as follows: |Permanent staff
Casual staff|**Group**
**2024**
**No.**
**145**
**43**
**188**|_Group_
_2023_
_No._
_130_
_42_
_172_|**Charity**
**2024**
**No.**
**11**
**-**
**11**|_Charity_
_2023_
_No._
_12_
_-_| |---|---|---|---|---| |||||_12_| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: ||**Group**|_Group_| |---|---|---| ||**2024**|_2023_| ||**No.**|_No._| |In the band £60,001 - £70,000|**25**|_12_| |In the band £70,001 - £80,000|**17**|_12_| |In the band £80,001 - £90,000|**9**|_6_| |In the band £90,001 - £100,000|**9**|_5_| |In the band £100,001 - £110,000|**4**|_2_| |In the band £110,001 - £120,000|**-**|_1_| |In the band £120,001 - £130,000|**2**|_1_| |In the band £130,001 - £140,000|**1**|_2_| |In the band £140,001 - £150,000|**1**|_2_| |In the band £150,001 - £160,000|**2**|_1_| |In the band £160,001 - £170,000|**2**|_-_| |In the band £180,001 - £190,000|**1**|_-_| |In the band £210,001 - £220,000|**1**|_1_| |In the band £220,001 - £230,000|**-**|_1_| |In the band £240,001 - £250,000|**1**|_-_| |In the band £320,001 - £330,000|**-**|_1_| |In the band £330,001 - £340,000|**1**|_-_| The total remuneration of the groups key management personnel, defined as the 8 members of the Executive Leadership Team (ELT) of LME, the Executive Director of the Trust, the 2 members of the Maverick Corp Limited leadership team and the leadership team member of Caledonian Concepts (Scotland) Limited, was £2,244,551. _(2023: £1,963,226; the 11 members of the MB of LME plus the Executive Director of The Trust)_ . Page 63 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **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. The total remuneration paid was £24,245 _(2023: £22,000_ ). Total pension contributions amounted to £Nil _(2023: £Nil)_ . During the year ended 31 December 2024, expenses totalling _£_ 2,832 were reimbursed or paid directly to 7 Trustees, in relation to travel and subsistence ( _2023: 5 trustees, £4,184)_ . ## **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. Subsidiary companies are liable to Corporation Tax on their taxable profits. |**Corporation tax**
Current tax on net income/(expenditure) for the year
Adjustments in respect of previous periods
**Total current tax**
**Deferred tax**
Origination and reversal of timing differences
**Total deferred tax**
**Taxation on net income/(expenditure)**|**2024**
**£**
**541,194**
**873**
**542,067**
**(196,261)**
**(196,261)**
**345,806**|_2023_
_£_
_118,850_
_-_
_118,850_
_(53,821)_
_(53,821)_
_65,029_| |---|---|---| Page 64 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **13. Taxation (continued)** The tax assessed for the year is lower than ( _2023_ - _higher than_ ) the standard rate of corporation tax in the UK of 25% ( _2023_ - _24%_ ). The differences are explained below: |Net income/(expenditure) before tax
Net income/(expenditure) multiplied by the standard rate of corporation tax
in the UK of 25%_(2023 - 24%)._
**Effects of:**
Expenses not deductible for tax purposes, other than goodwill amortisation
and impairment
Depreciation for year in excess of capital allowances
Adjustments to tax charge in respect of prior periods
Movement in deferred tax not recognised
Remeasurement of deferred tax for change in tax rates
Gift aid due to parent entity
Net charitable expenditure not subject to tax
**Total tax charge for the year**|**2024**
**£**
**5,260,271**
**1,315,068**
**8,794**
**23,407**
**873**
**(47,528)**
**-**
**(2,643,034)**
**1,688,226**
**345,806**|_2023_
_£_
_(536,600)_
_(128,784)_
_360_
_18,551_
_337_
_47,528_
_(5,998)_
_(1,584,098)_
_1,717,133_
_65,029_| |---|---|---| There are no current factors announced that affect future tax charges. Page 65 ## **LONDON MARATHON CHARITABLE TRUST LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** |**14.**
**Intangible assets**
**Group**
**Cost**
At 1 January 2024
Additions
At 31 December 2024
**Amortisation**
At 1 January 2024
Charge for the year
At 31 December 2024
**Net book value**
At 31 December 2024
_At 31 December 2023_|**Goodwill**
**£**
**950,555**
**2,589,590**| |---|---| ||**3,540,145**| ||**190,110**
**298,090**| ||**488,200**| ||**3,051,945**
_760,445_| Goodwill has arisen on several purchases of businesses. On 16 December 2022 goodwill arose from the purchase of the business and certain assets of The Grounded Events Company Ltd. The assets included intellectual property rights in relation to the Brighton Marathon weekend. The cost of the acquisition 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 statement of financial activities 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. During the current period there have been several purchases of holdings in new subsidiary companies which has resulted in goodwill being recognised. This goodwill is being amortised over a 10 year period on a straight line basis, from the date of acquisition, debited to the Raising funds expenditure in the statement of financial activity. Please see note 25 for further details. Page 66 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **15. Tangible fixed assets** ## **Group** |**Cost**
At 1 January 2024
Additions
On acquisition of subsidiaries
Disposals
At 31 December 2024
**Depreciation**
At 1 January 2024
Charge for the year
On acquisition of subsidiaries
On disposals
Impairment charge
At 31 December 2024
**Net book value**
At 31 December 2024
_At 31 December 2023_|**Freehold**
**property**
**£**
**20,881,478**
**-**
**10,002**
**-**
**20,891,480**
**600,190**
**93,629**
**10,002**
**-**
**-**
**703,821**
**20,187,659**
_20,281,288_|**Motor**
**vehicles**
**£**
**47,750**
**24,954**
**147,681**
**(40,073)**
**180,312**
**47,750**
**15,435**
**74,936**
**(37,239)**
**-**
**100,882**
**79,430**
_-_|**Office**
**equipment**
**£**
**2,449,918**
**209,685**
**220,857**
**(130,000)**
**2,750,460**
**1,564,803**
**393,857**
**149,545**
**(84,615)**
**70,865**
**2,094,455**
**656,005**
_885,115_|**Software**
**£**
**1,920,887**
**636,958**
**-**
**-**
**2,557,845**
**976,208**
**540,628**
**-**
**-**
**215,524**
**1,732,360**
**825,485**
_944,679_|**Total**
**£**
**25,300,033**
**871,597**
**378,540**
**(170,073)**
**26,380,097**| |---|---|---|---|---|---| ||||||**3,188,951**
**1,043,549**
**234,483**
**(121,854)**
**286,389**
**4,631,518**| ||||||**21,748,579**
_22,111,082_| Included within Freehold land and buildings is land valued at £16.2 million _(2023: £16.2 million)_ . The net book value of assets held under finance leases or hire purchase contracts, inlcuded above, are as follows: ||**2024**|_2023_| |---|---|---| ||**£**|_£_| |Motor vehicles|**59,448**|_-_| The Trust did not hold any tangible fixed assets at 31 December 2024 _(2023: none)_ . Page 67 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **16. Fixed asset investments** |**Group**
**Cost or valuation**
At 1 January 2024
Additions
Withdrawal
Revaluations
Fees
Share of profit
Investment income
reinvested
At 31 December 2024|**Listed**
**investments**
**£**
**9,808,163**
**-**
**(1,500,000)**
**355,946**
**(85,835)**
**-**
**429,072**
**9,007,346**|**Investments**
**in**
**associates**
**£**
**-**
**100,000**
**-**
**-**
**-**
**-**
**-**
**100,000**|**Unlisted**
**investments**
**£**
**46,479**
**20,000**
**-**
**-**
**-**
**-**
**-**
**66,479**|**Investment**
**in joint**
**ventures**
**£**
**540,533**
**-**
**-**
**-**
**-**
**90,743**
**-**
**631,276**|**Total**
**£**
**10,395,175**
**120,000**
**(1,500,000)**
**355,946**
**(85,835)**
**90,743**
**429,072**
**9,805,101**| |---|---|---|---|---|---| In the year, the Group converted debt owed by Coopah Limited totalling £20,000 into equity and has therefore recognised an addition to the unlisted investment. Coopah is a digital running application. Investment in joint ventures consists of an equal 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. In addition on 27 March 2024, the Group entered into a joint venture arrangement between Nova Holdings Limited and UK Athletics Limited to set up Athletic Ventures LLP. All parties own 1/3 of the LLP. Athletic Ventures LLP has been established to deliver major events in the UK which include the annual UK Diamond League and the organisation of the 2026 Birmingham European Athletics Championships. Athletic Ventures LLP owns the 100% share capital of Diamond League Ventures LLP and European Championships Ventures LLP. On 28 November 2024, the Group acquired a 25% shareholding in Run Social Limited for £100,000. Run Social Limited has been recognised an an associate and holds community running events around the UK. The Group also has share options in 'Lets Do This' which on vesting would equate to 0.2% 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. Page 68 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **16. Fixed asset investments (continued)** |**Charity**
**Cost or valuation**
At 1 January 2024
Withdrawal
Revaluations
Fees
Investment income reinvested
At 31 December 2024
**Fixed asset investments analysis**
Equities
Bonds
Alternatives
Cash
**Stocks**
Finished goods and goods for resale|**Investments**
**in**
**subsidiary**
**companies**
**£**
**4**
**-**
**-**
**-**
**-**
**4**|**Listed**
**investments**
**£**
**9,808,163**
**(1,500,000)**
**355,946**
**(85,835)**
**429,072**
**9,007,346**
**2024**
**£**
**6,703,839**
**943,447**
**1,108,940**
**251,120**
**9,007,346**
**Group**
**2024**
**£**
**31,813**|**Total**
**£**
**9,808,167**
**(1,500,000)**
**355,946**
**(85,835)**
**429,072**
**9,007,350**
_2023_
_£_
_6,787,171_
_1,145,286_
_1,448,766_
_426,940_
_9,808,163_
_Group_
_2023_
_£_
_14,000_| |---|---|---|---| ## **17. Stocks** The carrying value of stocks are stated net of stock provisioning totalling £119,662 _(2023: £119,662)_ . Page 69 **(A company limited by guarantee)** ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **18. Debtors** |**Due after more than one year**
Amounts owed by participating interests
Other debtors
**Due within one year**
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income|**Group**
**2024**
**£**
**150,000**
**17,543**
**167,543**
**3,535,541**
**-**
**760,552**
**1,363,960**
**5,827,596**|_Group_
_2023_
_£_
_-_
_38,596_
_38,596_
_4,050,913_
_-_
_438,437_
_985,693_
_5,513,639_|**Charity**
**2024**
**£**
**-**
**17,543**
**17,543**
**1,646**
**10,531,023**
**24,401**
**22,532**
**10,597,145**|_Charity_
_2023_
_£_
_-_
_38,596_| |---|---|---|---|---| |||||_38,596_
_-_
_6,757,956_
_21,053_
_5,699_| |||||_6,823,304_| Other debtors includes a loan to the London Diocesan Board of £38,596 _(2023: £59,649)_ . 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. The group entered into a loan agreement with its associate undertaking, Run Social Limited, on 28 November 2024. This is a public benefit concessionary loan. The term of the loan is 4 years, and the first 12 months of the loan are interest free. Annual repayments of £50,000 per year will commence 24 months after drawdown. Interest is charged from 29 November 2025 at 3% per annum. ## **19. Current asset investments** ||**Group**|_Group_|**Charity**|_Charity_| |---|---|---|---|---| ||**2024**|_2023_|**2024**|_2023_| ||**£**|_£_|**£**|_£_| |Listed investments|**2,219,497**|_2,112,172_|**2,219,497**|_2,112,172_| Page 70 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **20. Creditors: Amounts falling due within one year** |**Group**
**2024**
**£**
Bank loans
**393,983**
Trade creditors
**785,868**
Corporation tax
**628,031**
Other taxation and social security
**1,052,332**
Obligations under finance lease and hire
purchase contracts
**34,089**
Other creditors
**735,659**
Accruals and deferred income
**28,599,230**
Grant commitments
**7,578,035**
**39,807,227**
**Grant commitments**
Grant commitments b/fwd at 1 January 2024
Grants awarded in the period
Grants paid in the period
Grants withdrawn in the period
**Grant commitments c/fwd at 31 December 2024**
**Deferred income**
Deferred income b/fwd 1 January 2024
Amounts released in the year
Income deferred during the year
**Deferred income c/fwd 31 December 2024**|_Group_
_2023_
_£_
_347,826_
_1,065,006_
_118,850_
_1,283,867_
_-_
_130,703_
_26,426,354_
_7,983,192_
_37,355,798_|**Charity**
**2024**
**£**
**-**
**-**
**-**
**19,852**
**-**
**432**
**25,611**
**7,578,035**
**7,623,930**
**2024**
**£**
**24,937,771**
**(24,331,096)**
**25,421,090**
**26,027,765**|_Charity_
_2023_
_£_
_-_
_5,086_
_-_
_18,597_
_-_
_3,881_
_10,915_
_7,983,192_
_8,021,671_
**2024**
**£**
**9,447,246**
**7,036,022**
**(7,785,566)**
**(105,120)**
**8,592,582**
_2023_
_£_
_25,426,777_
_(28,045,308)_
_27,556,302_
_24,937,771_| |---|---|---|---| Page 71 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **21. Creditors: Amounts falling due after more than one year** |**Group**
**2024**
**£**
Bank loans
**5,885,217**
Net obligations under finance lease and hire
purchase contracts
**12,599**
Accruals and deferred income
**-**
Grant commitments
**1,015,211**
**6,913,027**
Included within the above are amounts falling due as follows:
**Between one and two years**
Bank loans
**Between two and five years**
Bank loans
**Over five years**
Bank loans|_Group_
_2023_
_£_
_6,170,021_
_-_
_400,000_
_1,464,054_
_8,034,075_|**Charity**
**2024**
**£**
**-**
**-**
**-**
**1,015,211**
**1,015,211**
**Group**
**2024**
**£**
**362,205**
**1,077,966**
**4,445,046**|_Charity_
_2023_
_£_
_-_
_-_
_-_
_1,464,054_| |---|---|---|---| ||||_1,464,054_| ||||_Group_
_2023_
_£_
_347,826_
_1,043,478_
_4,778,717_| The Group had three _(2023: one)_ loans outstanding at the year end. The bank loan within London Marathon Events Limited was originally for £8m and with a year end balance of £6,193,068 _(2023: £6,517,847)_ , is secured by way of legal mortgage over 190 Great Dover Street and Units 3-5 Blackhorse Business Park, Blackhorse Road. The loan accrues interest at a rate of 1.97% and is repayable over 240 months from the date of drawdown in January 2021. There were also two loans acquired in the year as part of business combinations. At the year end the loan within Running High Events Limited had a balance of £66,055. It is an unsecured loan with an interest rate of 8.9%. The loan within Maverick Corp Ltd had a year end balance of £20,077. This loan is unsecured with an interest rate of 2.5%. Page 72 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **22. Hire purchase and finance leases** |Within one year
Between 1-2 years|**Group**
**2024**
**£**
**34,089**
**12,599**| |---|---| ||**46,688**| ## **23. Financial instruments** ||**Group**|_Group_|**Charity**|_Charity_| |---|---|---|---|---| ||**2024**|_2023_|**2024**|_2023_| ||**£**|_£_|**£**|_£_| |**Financial assets**||||| |Financial assets measured at fair value||||| |through income and expenditure|**9,007,346**|_9,808,163_|**9,007,346**|_9,808,163_| 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 ( _2023: $3,250,000)_ . At the year end it's fair value, being a level 2 valuation, approximated to a £83,660 gain _(2023: £48,207 gain)_ . Page 73 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **24. Deferred taxation** ## **Group** |At the beginning of the period
Other movements
Arising on business combinations|**2024**
**£**
**1,937,525**
**(196,261)**
**1,505**
**1,742,769**| |---|---| |The deferred tax liability is made up as follows:
Timing differences on capital disposals
Fixed asset timing differences
Short term timing differences|**Group**
**2024**
**£**
**(1,326,878)**
**(429,097)**
**13,206**
**(1,742,769)**|_Group_
_2023_
_£_
_(1,326,878)_
_(620,722)_
_10,075_
_(1,937,525)_| |---|---|---| Page 74 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **25. Business combinations** On 4 January 2024, the Group acquired 50.1% of the share capital of Maverick Corp Limited for _£_ 536,237, which was settled by £250,000 cash, deferred consideration of £250,000 and directly attributable costs of £36,237. The earnout consideration has been discounted to reflect the time value of money. As such, the addition value in the investment note totals £507,691. The useful life of goodwill recognised in the business combination is 10 years. |**Fixed Assets**
Tangible
**Current Assets**
Stocks
Debtors
Cash at bank and in hand
**Total Assets**
**Creditors**
Due within one year
Due after more than one year
**Total Identifiable net liabilities**
Goodwill
Non-controlling interest
**Total purchase consideration**
The results of Maverick Corp Limited since acquisition are as follows:
Revenue
Profit for the period since acquisition|**Book value**
**Fair value**
**£**
**£**
**119,597**
**119,597**
**119,597**
**119,597**
**2,500**
**2,500**
**95,036**
**95,036**
**34,012**
**34,012**
**251,145**
**251,145**
**(266,553)**
**(266,553)**
**(47,695)**
**(47,695)**
**(63,103)**
**(63,103)**
**567,737**
**31,603**
**536,237**
**Current**
**period since**
**acquisition**
**£**
**740,505**
**61,654**| |---|---| Page 75 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **25. Business combinations (continued)** On 23 February 2024, the Group acquired 100% of the share capital of Running High Events Limited for _£_ 74,087, which was settled by £40,000 cash and directly attributable costs of £34,087. The useful life of goodwill recognised in the business combination is 10 years. |**Fixed Assets**
Tangible
**Current Assets**
Debtors
Cash at bank and in hand
**Total Assets**
**Creditors**
Due within one year
Due after more than one year
**Total Identifiable net liabilities**
Goodwill
**Total purchase consideration**
The results of Running High Events Limited since acquisition are as follows:
Revenue
Profit for the period since acquisition|**Book value**
**Fair value**
**£**
**£**
**19,643**
**19,643**
**19,643**
**19,643**
**126,820**
**126,820**
**226,189**
**226,189**
**372,652**
**372,652**
**(463,911)**
**(463,911)**
**(66,510)**
**(66,510)**
**(157,769)**
**(157,769)**
**231,856**
**74,087**
**Current**
**period since**
**acquisition**
**£**
**588,681**
**16,537**| |---|---| Page 76 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **25. Business combinations (continued)** On 28 October 2024, the Group acquired 100% of the share capital of Caledonian Concepts (Scotland) Limited and Loch Ness Marathon Limited for _£_ 1,790,000, which was settled by £1,750,000 cash and £40,000 of directly attributable costs. The useful life of goodwill recognised in the business combination is 10 years. |**Fixed Assets**
Tangible
**Current Assets**
Stocks
Debtors
Cash at bank and in hand
**Total Assets**
**Creditors**
Due within one year
Provisions for liabilities
**Total Identifiable net assets**
Goodwill
**Total purchase consideration**|**Book value**
**£**
**4,820**
**4,820**
**7,245**
**66,264**
**150,995**
**229,324**
**(228,115)**
**(1,205)**
**4**|**Fair value**
**£**
**4,820**
**4,820**
**7,245**
**66,264**
**150,995**
**229,324**
**(228,115)**
**(1,205)**
**4**
**1,789,996**
**1,790,000**| |---|---|---| The results of Caledonian Concepts (Scotland) Limited since acquisition are as follows: **Current period since acquisition £ 3,165** Revenue **(13,052)** Loss for the period since acquisition Page 77 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Business combinations (continued)** The results of Loch Ness Marathon Limited since acquisition are as follows: ||**Current**| |---|---| ||**period since**| ||**acquisition**| ||**£**| |Revenue|**1,013**| |Loss for the period since acquisition|**(4,395)**| For all of the above acquisitions in the year the acquisition method of accounting has been used. Page 78 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **26. Statement of funds** |**Statement of funds**|**- current year**|**- current year**||||| |---|---|---|---|---|---|---| ||**Balance at**|||||**Balance at 31**| ||**1 January**|||**Transfers**|**Gains/**|
**December**| ||**2024**|**Income**|**Expenditure**|**in/(out)**|**(losses)**|**2024**| |**Unrestricted funds**||||||| |**Designated funds**||||||| |General reserve|**1,000,000**|**993,960**|**(1,193,346)**|**(156,560)**|**355,946**|**1,000,000**| |Facilities grants|**2,178,864**|**-**|**-**|**-**|**-**|**2,178,864**| |Strategic grants|**8,568,557**|**-**|**(3,968,026)**|**7,725,819**|**-**|**12,326,350**| |New programme
funds|**-**|**-**|**(2,962,876)**|**2,962,876**|**-**|**-**| |LMG Innovation|**228,625**|**-**|**-**|**-**|**-**|**228,625**| ||**11,976,046**|**993,960**|**(8,124,248)**|**10,532,135**|**355,946**|**15,733,839**| |**General funds**||||||| |Subsidiary
undertakings|**3,400,000**|**61,630,570**|**(50,032,506)**|**(10,562,900)**|**-**|**4,435,164**| |Joint ventures|**8,885**|**90,743**|**-**|**-**|**-**|**99,628**| ||**3,408,885**|**61,721,313**|**(50,032,506)**|**(10,562,900)**|**-**|**4,534,792**| |||||||| |**Total**||||||| |**Unrestricted**|**15,384,931**|**62,715,273**|**(58,156,754)**|**(30,765)**|**355,946**|**20,268,631**| |**funds**||||||| |**Non-controlling**
**interests**|**-**|**-**|**-**|**(838)**|**-**|**(838)**| |**Total**|**15,384,931**|**62,715,273**|**(58,156,754)**|**(31,603)**|**355,946**|**20,267,793**| Page 79 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Statement of funds (continued)** |**Statement of funds**|**- prior year**|||||| |---|---|---|---|---|---|---| ||**_Balance at_**|||||**_Balance at_**| ||**_1 January_**|||**_Transfers_**|**_Gains/_**|**_31 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**||||||| |Subsidiary
undertakings|_3,446,955_|_49,096,263_|_(42,408,265)_|_(6,734,953)_|_-_|_3,400,000_| |Joint ventures|_-_|_8,885_|_-_|_-_|_-_|_8,885_| ||_3,446,955_|_49,105,148_|_(42,408,265)_|_(6,734,953)_|_-_|_3,408,885_| |||||||| |**Total**||||||| |**Unrestricted**|_15,986,560_|_50,117,685_|_(50,914,638)_|_-_|_195,324_|_15,384,931_| |**funds**||||||| Page 80 **LONDON MARATHON CHARITABLE TRUST LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **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. - **Major Grants** 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. The transfers in the year represent a consolidation adjustment to transfer gift aid to the relevant funds. The non-controlling interest transfer is to reflect the non-controlling interest in Maverick Corp Limited to split this out from the group funds. The transfer�s column does not net to zero due to the non-controlling interest on acquisition being recognised. Page 81 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **27. Analysis of net assets between funds** **Analysis of net assets between funds - current period** |**Unrestricted**
**funds**
**2024**
**£**
Tangible fixed assets
21,748,579
Intangible fixed assets
3,051,945
Fixed asset investments
9,805,101
Debtors due after more than one year
167,543
Current assets
33,957,648
Creditors due within one year
(39,807,477)
Creditors due in more than one year
(6,913,027)
Provisions for liabilities and charges
(1,742,769)
**Total**
20,267,543|**Total**
**funds**
**2024**
**£**
**21,748,579**
**3,051,945**
**9,805,101**
**167,543**
**33,957,648**
**(39,807,477)**
**(6,913,027)**
**(1,742,769)**
**20,267,543**| |---|---| ## **Analysis of net assets between funds - prior period** |Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Debtors due after more than one year
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
**Total**|_Unrestricted_
_funds_
_2023_
_£_
_22,111,082_
_760,445_
_10,395,175_
_38,596_
_29,407,031_
_(37,355,798)_
_(8,034,075)_
_(1,937,525)_
_15,384,931_|_Total_
_funds_
_2023_
_£_
_22,111,082_
_760,445_
_10,395,175_
_38,596_
_29,407,031_
_(37,355,798)_
_(8,034,075)_
_(1,937,525)_
_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 2024** ## **28. Reconciliation of net movement in funds to net cash flow from operating activities** |Net income/expenditure for the period (as per Statement of Financial
Activities)
**Adjustments for:**
Depreciation charges and fixed asset impairment
Amortisation charges
(Gains)/losses on investments
Taxation charge
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Decrease in creditors
(Decrease)/increase in provisions
Interest paid
Investment charges
Interest and investment income received
Taxation paid
Loss on disposal of fixed assets
Share of profit in Joint Venture
**Net cash provided by operating activities**|**Group**
**2024**
**£**
**4,914,465**
**1,329,938**
**298,090**
**(355,946)**
**345,806**
**(8,068)**
**(25,837)**
**(157,844)**
**-**
**126,014**
**85,835**
**(1,257,700)**
**(32,886)**
**19,641**
**(90,743)**
**5,190,765**|_Group_
_2023_
_£_
_(601,629)_| |---|---|---| |||_901,006_
_190,110_
_(201,596)_
_65,029_
_133,982_
_2,875,627_
_(1,870,203)_
_(677,428)_
_237,709_
_102,941_
_(966,565)_
_-_
_171,385_
_(8,885)_| |||_351,483_| ## **29. Analysis of cash and cash equivalents** |Cash in hand
Current asset investments
**Total cash and cash equivalents**|**Group**
**2024**
**£**
**26,046,285**
**2,219,497**
**28,265,782**|_Group_
_2023_
_£_
_21,805,816_
_2,112,172_| |---|---|---| |||_23,917,988_| Page 83 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **30. Analysis of changes in net debt** |Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Finance leases
Current listed investments|**At 1**
**January**
**2024**
**£**
**21,805,816**
**(347,826)**
**(6,170,021)**
**-**
**2,112,172**
**17,400,141**|**Cash flows**
**£**
**3,829,273**
**382,720**
**-**
**-**
**107,325**
**4,319,318**|**Acquisition**
**and**
**disposal of**
**subsidiaries**
**£**
**411,196**
**(57,363)**
**(86,710)**
**(46,688)**
**-**
**220,435**|**Other non-**
**cash**
**changes**
**£**
**-**
**(371,514)**
**371,514**
**-**
**-**
**-**|**At 31**
**December**
**2024**
**£**
**26,046,285**
**(393,983)**
**(5,885,217)**
**(46,688)**
**2,219,497**
**21,939,894**| |---|---|---|---|---|---| ## **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 £470,027 _(2023: £429,171)_ . Contributions totalling £67,221 ( _2023: £50,268)_ were outstanding at the year end. ## **32. Operating lease - Group as lessee** At 31 December 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows: |Not later than 1 year
Later than 1 year and not later than 5 years|**Group**
**2024**
**£**
**12,000**
**28,000**
**40,000**|_Group_
_2023_
_£_
_-_
_-_| |---|---|---| |||_-_| The following lease payments have been recognised as an expense in the Statement of financial activities: ||**Group**|_Group_| |---|---|---| ||**2024**|_2023_| ||**£**|_£_| |Operating lease rentals|**12,000**|_-_| Page 84 ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **33. Operating leases - Group as a lessor** The subsidiary undertaking LME rents out the freehold property to other sporting organisations. At 31 December 2024 the Group and the Charity had commitments to receive future minimum lease receipts under non-cancellable operating leases as follows: |Not later than 1 year|**Group**
**2024**
**£**
**116,245**
**116,245**|_Group_
_2023_
_£_
_93,240_
_93,240_| |---|---|---| ## **34. Related party transactions** A gift aid donation of £10,572,135 _(2023: £6,734,953)_ has been accrued at the year end. London Marathon Events Limited (LME) charged the parent £40,000 _(2023: £15,000)_ during the year for administration services provided. At the year end LME owed £10,507,298 _(2023: LME owed £6,757,956)_ to LMCT. LME entered into a loan agreement with its associate undertaking, Run Social Limited, on 28 November 2024. The term of the loan is 4 years and the first 12 months of the loan are interest free. Annual repayments of £50,000 per year will commence 24 months after drawdown. Interest is charged from 29 November 2025 at 3% per annum. The amount outstanding at the year end was £150,000. LME recharged costs to it's subsidiary Running High Events Limited totalling £672. There were no amounts outstanding at the year end. LME recharged costs to Run 4 Wales Limited, which is the 100% owned subsidiary of the Group's joint venture M4 Events Limited, totalling £36,360. There were no amounts outstanding at the year end. LME recharged costs to it's joint venture Diamond League Ventures LLP totalling £19,533. There were no amounts outstanding at the year end. LME recharged costs to it's joint venture European Athletics Championships Ventures LLP totalling £295,346. There were no amounts outstanding at the year end. A Trustee, Sam Orde, is Chair of Activity Alliance. In the year purchases of £12,899 _(2023: £Nil)_ . There were no amounts outstanding at the year end. During the year two directors of LME donated £6,594 _(2023: £Nil)_ to LMCT. In the year, Maverick Corp Limited paid TOA Holdings Limited £12,000 for the rental of the company's office. TOA Property Holdings Limited, owns the property and has common directorship. Page 85 **LONDON MARATHON CHARITABLE TRUST LIMITED (A company limited by guarantee)** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **35. Post balance sheet events** On 17 January 2025, London Marathon Events Limited increased its existing shareholding in Maverick Corp Ltd from 50.1% to 67%. On 4 April 2025 Run 4 Wales Limited acquired 100% of the share capital of Always Aim High Events Limited. This company is known for its mass participation running and swimming events in Wales. The combined consideration paid for these was £554,849. Page 86 |||**Holding**
**Included in**|**consolidation**|100% Yes||100% Yes||100% Yes|||100% Yes|||50% Yes|||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Principal activity**
**Class of**|**shares**|Race event delivery
Ordinary||Other sports activities Ordinary||Other sports activities Ordinary|||Other sports activities Ordinary|||Other sports activities Ordinary|||| |||**Registered office or principal**|**place of business**|190 Great Dover Street|London, SE1 4YB. England|190 Great Dover Street|London, SE1 4YB. England|Ord House|Cardlehall Business Park|Inverness IV2 5GH. Scotland|Ord House|Cardlehall Business Park|Inverness IV2 5GH. Scotland|190 Great Dover Street|London, SE1 4YB. England||| |**Principal subsidiaries, associates and joint ventures**|The following were subsidiary undertakings of the Charity:|**Name**
**Company**|**number**|London Marathon Events Limited*
01528489||Running High Events Limited**
05531099||Caledonian Concepts (Scotland) Limited**
SC310846|||Loch Ness Marathon Limited**
SC312511|||Maverick Corp Ltd**
09390221||* Direct subsidiary of London Marathon Charitable Trust|** Direct subsidiary of London Marathon Events Limited| |**36.**|||||||||||||||||| |**LONDON MARATHON CHARITABLE TRUST LIMITED**|**(A company limited by guarantee)**|**NOTES TO THE FINANCIAL STATEMENTS**|**FOR THE YEAR ENDED 31 DECEMBER 2024**|**Principal subsidiaries, associates and joint ventures (continued)**|The below results are the subsidiary results for their period of accounts. For post acquisition trade please see note 26. The financial results of the subsidiaries for|the period were:|**Names**
**Income**
**Expenditure**
**Surplus/**
**Net assets/**|**£**
**£**
**(Deficit) for**
**(liabilities)**|**the period**
**£**|**£**|London Marathon Events Limited*
**60,357,571**
**(48,667,500)**
**11,690,071**
**4,517,940**|Running High Events Limited**
**588,681**
**(600,923)**
**(12,242)**
**(141,232)**|Caledonian Concepts (Scotland) Limited**
**598,704**
**(480,904)**
**117,800**
**14,872**|Loch Ness Marathon Limited**
**602,815**
**(403,375)**
**199,440**
**52,121**|Maverick Corp Ltd**
**740,505**
**(678,851)**
**61,654**
**(11,449)**| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||||**36.**|||||||||||| ## **LONDON MARATHON CHARITABLE TRUST LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **36. Principal subsidiaries, associates and joint ventures (continued)** The following were associates of the Group (the share capital is held by London Marathon Events Limited): |**Name**|**Registered**|**Class of**|**Holding**|**Profit for**| |---|---|---|---|---| ||**office or**|**shares**||**the period**| ||**principal place**|||**£**| ||**of business**|||| |Run Social Limited|3rd Floor,|Ordinary|**25**%|**17,633**| ||Chancery House,|||| ||St. Nicholas Way,|||| ||Sutton, Surrey,|||| ||England, SM1 1JB|||| Page 89 ## **LONDON MARATHON CHARITABLE TRUST LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **36. Principal subsidiaries, associates and joint ventures (continued)** The following were joint ventures of the Group (the share capital is held by London Marathon Events Limited): |**Names**|**Registered**|**Class of**|**Holding**|**Share of**| |---|---|---|---|---| ||**office or**|**shares**||**net profit/**| ||**principal place**|||**(loss) for**| ||**of business**|||**the period**| |||||**£**| |M4 Events Limited|The Pod, Number|Ordinary|**50**%|**-**| ||1 Capital Retail|||| ||Park, Leckwith,|||| ||Cardiff, South|||| ||Glamorgan, CF11|||| ||8EG|||| |Run 4 Wales Limited|The Pod, Number|Ordinary|**50**%|**90,743**| ||1 Capital Retail|||| ||Park, Leckwith,|||| ||Cardiff, Mid|||| ||Glamorgan, CF11|||| ||8EG|||| |Diamond League Ventures LLP|190 Great Dover|Ordinary|**33**%|**(151,030)**| ||Street, London,|||| ||United Kingdom,|||| ||SE1 4YB|||| |European Athletics Championships Ventures|190 Great Dover|Ordinary|**33**%|**-**| |LLP|Street, London,|||| ||United Kingdom,|||| ||SE1 4YB|||| |Athletic Ventures LLP|190 Great Dover|Ordinary|**33**%|**(4,472)**| ||Street, London,|||| ||United Kingdom,|||| ||SE1 4YB|||| Page 90