The directors present the strategic report for the year ended 31 December 2024.

Benchmark Sport Holdings Limited ('BSH') is the holding company of a group of trading companies that operate in social impact and sustainability consultancy, premium client experience delivery, sponsorship and the live events sectors. The group is also referred to as Benchmark – Benchmark is a business that is united by sport and driven by purpose. Benchmark’s client roster ranges from sports federations, clubs, talent to global brands.

The group delivered an EBITDA of £1.8m (2023: £1.2m) and an operating profit of £1.2m (2023: £0.8m). The improvement in profit being driven by sales growth of £3.8m to £16.7m (2023: £12.9m) with a gross margin that was 44.6% (2023: 48.8%), where gross margin suffered from the inflationary impact of event and race delivery costs. The directors are pleased with the continued upward trajectory of sales and overall profitability.

Benchmark had a strong 12 months of trade. Square Mile Sport Ltd relaunched the Square Mile relay programme for Bloomberg in 2022, post Covid, and in 2024 was operating 13 live event races globally with a 14th one-off race delivered in Seattle. The Sports Industry Awards Ltd delivered the market leading Sports Industry Awards in April 2024, with around 1400 attendees, delivering premium networking opportunities for multiple UK brands, sponsors, and talent. In January 2025 the Sports Industry Report was successfully launched convening 150 senior leaders at the launch event with the report being downloaded 1350 times.

With social impact and sustainability consulting services now firmly at the heart of the boardroom strategic decision-making process the Think Beyond Services Ltd consultancy continued to expand its roster of blue-chip brands, sports clubs and federations and growing average contract size and retention.

National Students Esports Ltd - the UK’s leading grass roots esports business in the UK continues to grow its student membership base with around 17k registered students, and growing sponsorship with leading endemic e-sports and non-endemic brands.

In early 2024 Benchmark was delighted to secure the internationally recognised B-Corp Certification – a certification that evidences the business is meeting exceptional standards of verified sustainability performance, accountability, transparency in employee welfare and benefits, charitable giving, supply chain and procurement best practice whilst committed to ensuring that its business and people operate commercially.

Benchmark’s key performance indicators include revenue and EBITDA for the group and individual business units. The Board also monitors adjusted EBITDA (defined as earnings before interest, tax, depreciation, amortisation, impairment, and exceptional items), within the Think Beyond consultancy chargeable day rates, utilisation and revenue per head are deemed to be key performance indicators of the business.

Employee engagement, wellness, inclusion, and retention are taken seriously and monitored via our bi-annual human fulfilment survey. The group believes that we score highly in these surveys and generally there has been an upward trajectory each quarter in score.

Through the continued evolution of the Benchmark offering, including emphasis on client management, brief

delivery and innovation of events and experiences, Benchmark has created a unique proposition in sports for social impact, client experience and engagement markets. Benchmark's focus will remain in building its social impact consulting business both in the UK and abroad, diversifying its client experience programme in Square Mile Sports into new concepts and clients, whilst continuing to own the UK Sports Industry for networking and events through its portfolio of market leading live events and products.

The Directors set out their statement of compliance with s172 (1) of the Companies Act 2006 which should be read in conjunction with the rest of the annual report.

The Board ensures that decisions are always taken for the long term, and collectively aims to uphold the highest standards of conduct. Similarly, it acknowledges that the group's employees, suppliers, and customers are their most important assets, and the business can only grow and prosper over the long term if it understands, respects, and responds to their views and needs, as well as those of other stakeholders.

The Board has identified the following stakeholder groups with whom engagement is fundamental to the group's ongoing success:

Shareholders: The key issues of concern to shareholders are return on investment, business performance and sustainability. The business engages with its shareholders in various ways including ad-hoc conversations, meetings, the annual report, management accounts and regular announcements.

Employees: Benchmark’s people are central to our success, and we are committed to providing a working environment that promotes our employee's wellbeing whilst facilitating their performance. The key issues of concern to employees are fair compensation, health and safety, engagement & development, and diversity & inclusion. The group engages with this stakeholder group in various ways including regular surveys, health & safety programmes, training, diversity and inclusion training, recruitment practices, business updates and meetings.

Customers: The key issues of concern to our clients are operational delivery, brief delivery and innovation, range of product and service offering and impact on environment. Benchmark engages with this stakeholder group in various ways including client relationships meetings, client feedback and has achieved 89 in our latest Net Promoter Scores.

Suppliers: The key issues of concern with suppliers are responsible event sourcing and supply chain sustainability. Benchmark has a Procurement Code of Conduct to ensure suppliers operate with best practice in this area.

Government: The group is impacted by changes in the law and public policy. The key issues of concern in relation to the government are regulatory changes, climate and environmental related matters and support for businesses and workers. The business engages in various ways including meetings, email, web portals and applications to participate in government schemes.

Benchmark strives to maintain a reputation for the highest standards of business conduct.

Benchmark is a well-established group of businesses that prides itself on excellent client delivery and innovation to ensure repeat business and new client wins. Whilst the group focuses on achieving this through experienced in-house operational and creative delivery it is not always possible to predict the reaction from potential clients to pitches and proposals with absolute certainty.

As well as the micro-risks related to the company's ability to win business from clients and against competing brands, there are macroeconomic risks related to, for example, discretionary spend on consulting and sponsorship impacted by general economic conditions and confidence, which has become more apparent following the Covid pandemic, higher interest rates and the potential for a recession in future periods.

The group is reliant on invoicing a significant proportion of revenue in US dollars and therefore it remains exposed to exchange rate volatility between Sterling and the US dollar rate. Benchmark buys US dollar forward contracts (with no margin calls or deposits) which to date have been successful in mitigating exchange rate fluctuations to budgeted rates and managing risk.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2024.

The principal activity of the company and group continued to be that of sport consultancy in sustainable and social impact and event management.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The consolidated statement of comprehensive income shows a profit before taxation for the period of £0.77m (2023: £0.86m).

On 31 December 2024, the group had net assets of £1.74m (2023: £1.76m).

On 11 April 2024 dividends were declared and paid in the period of £550,000 (2023: £530,000).

As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of Companies Act 2006. The indemnity was in force throughout the last financial period and is currently in force. The group also purchased and maintained throughout the financial period Directors' and Officers' liability insurance in respect of its directors.

The group's operations expose it to a variety of risks that include credit risk, liquidity risk and interest rate risk. These risks are managed on a group basis and the directors contribute to the management of these risks as follows:

The key risk is macroeconomic geopolitical uncertainty; the Covid pandemic and the war in Ukraine have had a global impact and therefore this generates some uncertainty for business and consumer confidence and spend.

Credit risk is reduced by having often long and established relationships with large brands and federations, before sale contracts are agreed a review will be performed of the financial performance of the client including statutory accounts and credit reports to verify credit worthiness. The group only invest cash deposits with reputable UK financial institutions, and by regularly reviewing the recoverability of monies owed by group companies and third parties and making provisions against such debtors if deemed necessary, whilst noting bad debt has historically been minimal across the group.

Liquidity and interest rate risks are managed by the directors' close monitoring of working capital requirements through preparation and review of budgets and short and long-term cash flow forecasts ensuring that there are sufficient funds to manage its operations. Bank facilities are managed in the UK on a group basis.

Treasury risks exist in the form of exposure to fluctuations in the value of the US dollar against Sterling. As previously noted this foreign exchange risk is managed through arrangements to purchase currency (US dollars) at agreed forward rates.

Information security and GDPR Benchmark work with an outsourced Chief Privacy Officer and Chief Information Security Officer to ensure that all IT and data governance complies to latest standards, including policy documentation, cyber insurance, privacy notices, and data protection.

The auditor, Gilberts Chartered Accountants, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Benchmark Sport Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Group Profit And Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including 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 the parent company's affairs as at 31 December 2024 and of the group's profit 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 and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 directors' 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 and parent 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 directors with respect to going concern are described in the relevant sections of this report.

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 directors 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.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors 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 directors 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 directors are responsible for assessing the parent 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

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. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the group. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed in our approach below:

• We obtained an understanding of the legal and regulatory requirements applicable to the group and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council and UK taxation legislation.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. There are inherent limitations in the audit procedures noted above, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance, miscellaneous receipts and payments testing, journal entry testing, analytical procedures and obtaining additional corroborative evidence as required. In doing so we evaluate whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

• We recognise that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

• We communicated relevant key laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud and non-compliance with laws and regulations throughout the audit.

We did not identify any audit matters relating to irregularities, including fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// 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 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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £63,741 (2023 - £610,017).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Benchmark Sport Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 110 High Holborn, London, England, WC1V 6JS.

The group consists of Benchmark Sport Holdings Limited and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated group financial statements consist of the financial statements of the parent company Benchmark Sport Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. 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 a significant influence, are treated as associates.

The financial statements have been prepared on a going concern basis which assumes that the group is able to meet its obligations as they fall due for the foreseeable future.

The group meets its day to day working capital requirements through its own self-generated cash resources. The directors review cash monthly to ensure that all short- and long-term obligations of the business can be met.

At the balance sheet date Benchmark had net assets of £1.7m, cash at bank of £2.9m, with debtors due of £2.0m. Creditors falling due within one year excluding bank loans was £3.8m. The group has secured and drawn Covid loans totalling £0.45m as at the balance sheet date; these loans have no requirement for security. The directors maintain a good ongoing dialogue with the group bank to ensure the best and most efficient bank facilities to support the business needs.

The directors have a reasonable expectation that the group has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements and as such the use of the going concern basis for the preparation of the financial statements is appropriate.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion of the project, costs incurred and when costs to complete can be estimated reliably. The stage of completion is calculated by reference to the company’s time reporting systems, comparing costs incurred, mainly in relation to contractual hours, staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that is probable will be recovered.

Revenue for events, tickets, entry sales and sponsorship are recognised in the month when the invoice is raised in the run up to the event, when the event takes place revenues are fully reconciled and released. Any revenues received in advance for a future event are deferred.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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 and 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

The company enters into currency forward contracts in order to manage its exposure to foreign exchange risk.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Benchmark monitor closely the holiday days that employees take to ensure that holiday is being used in line with company policy. It is considered important to employee welfare that employees utilise holiday evenly though-out the year. Only 3 days can be carried over into a new financial year and as such the holiday accrual at any one point in time is considered immaterial.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Forward contracts held at the reporting date are marked to market and held at fair value whereby any foreign gain or loss from the difference between the contract rate and the actual rate prevailing at the reporting date is included in the profit and loss account. The valuation of the forwards contracts mark to market is provided by the group’s independent foreign currency brokers.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The directors assess at each reporting period the carrying value of goodwill and recoverability of loans made to connected entities which sit outside of the group. They use future forecasts, projections and development plans for each business line in coming to their conclusion.

Forward contracts held at the reporting date are marked to market and held at fair value whereby any foreign gain or loss from the difference between the contract rate and the actual rate prevailing at the reporting date is included in the profit and loss account. The valuation of the forwards contracts mark to market is provided by the group’s independent foreign currency brokers.

The exceptional costs in the year relate to one-off restructuring costs.

In the previous financial year the Group wrote down £125,000 of the loan held with Beyond Sport Foundation UK.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

Investment income includes the following:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Details of the company's direct and indirect subsidiaries at 31 December 2024 are as follows:

Registered office addresses (all UK unless otherwise indicated):

The group enters into forward foreign currency contracts to mitigate the exchange rate risk for US foreign currency receivables. As at 31 December 2024, the outstanding contracts all mature within 10 months (2023: 10 months) of the year end. The group is committed to sell US$7,000,000 and pay a fixed sterling amount (2023: US$5,000,000).

As of 31 December 2024, the Group's bank loans are made up of Covid recovery loans. These loans involve no security or guaranties.

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The following related party transactions occurred during the period:

At the balance sheet date Benchmark Sport Ltd is owed £2,965 (2023: £51,222) by a director.

During the period the group paid Brendon Street, the managing company of one of the shareholders, £31,500 (2023: £30,000) by way of 12 equal monthly service charge payments. At the balance sheet date, the balance was nil.

Sports Industry Awards South Africa (Pty.) Limited, owned 100% by a director, charged the group £40,276 (2023: £40,890) for use of the license in the year.

At the balance sheet date Benchmark Sport Holding Ltd is owed £31,638 (2023: £71,914) by Sports Industry Awards South Africa (Pty.) Limited.

In the year the group invoiced the Beyond Sport Foundation UK, a charity controlled by a director, £nil (2023: £30,000) for central services used from the group.

At the balance sheet date the Benchmark Group is owed £25,500 by Beyond Sport Foundation. (2023: £96,571), A post year end payment of £10,000 was made against this loan by Beyond Sport Foundation UK reducing the effective loan balance to £15,500.

In the year the group invoiced the Beyond Sport Foundation US, a charity controlled by a director, £131,132 (2023: £84,221) for central services used from the group.

At the balance sheet date the Benchmark Group is owed £119,848 by Beyond Sport Foundation US. (2023: £245,987).

A relative of a director, a corporate coach, invoiced the group £3,420 (2023: £1,190) for coaching services. At the balance sheet date, the balance was nil.

A connected party of a director received £3,580 for private medical insurance (2023: £6,570).

Benchmark Sport Ltd is owed £3,681 (2023: £3,681) by a joint venture company.

During the financial year a total of Key Management Personnel compensation of £1.2m (2023: £1.14m) was paid.

Benchmark Sport Holding Ltd is owed £17,630 (2023: £17,630) by Key Management Personnel via an interest-bearing signed loan agreement made in December 2022.

The company is controlled by Nick Keller by virtue of his majority shareholding.

The Company's active subsidiaries listed below are exempt from the requirements of the Companies Act 2006 relating to the audit of their individual accounts by virtue of section 479A of the Companies Act 2006.

The parent company has therefore guaranteed all existing liabilities of the below entities until they are settled in full.

Benchmark Sport Limited (no. 03158825)

Benchmark Talent Ventures Limited (no. 12981441)

Square Mile Sport Services Limited (no. 11015254)

Sport Industry Awards Limited (no. 04236764)

The Podcast Group Ltd (no. 13501843)

Beyond Sport Limited (no. 06578851)

Think Beyond Services Limited (no. 11015252)

Earth to Ocean Limited (no. 07101780)

National Student Esports Limited (no. 10907331)