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ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember 213800BKR3RT23F9DN71 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember 213800BKR3RT23F9DN71 2023-12-31 ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember iso4217:EUR iso4217:EUR xbrli:shares ![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPC9kZWZzPgo8L3N2Zz4=) Page 1 of 84 World Chess PLC Annual Report & Financial Statements for the year ended 31 December 2024 Company Registration No. 10589323 (England and Wales) ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 CONTENTS Page 2 of 84 COMPANY INFORMATION 3 STRATEGIC REPORT Highlights and Principal Activities 4 Our Vision, Mission, and Values 5 Statement from the Chair 6 Statement from the Chief Executive 7 Operational Review 8 Financial Review 9 Managing Risk, Threats, and Opportunities 11 Climate-Related Financial Disclosures 12 s. 172 Statement 15 GOVERNANCE Corporate Governance Statement 17 QCA Code – Application of the Ten Principles of Corporate Governance 18 Board of Directors 26 Audit Committee Report 30 Directors’ Remuneration Report 31 Directors’ Report 36 Statement of Directors’ Responsibilities 41 Independent Auditors’ Report 42 FINANCIAL STATEMENTS Consolidated Statement of Profit or Loss and Other Comprehensive Income 50 Consolidated Statement of Financial Position 51 Company Statement of Financial Position 52 Consolidated Statement of Changes in Equity 53 Company Statement of Changes in Equity 53 Consolidated Statement of Cash Flows 54 Company Statement of Cash Flows 55 Notes to the Statements of Cash Flows 55 Notes to the Financial Statements 58 ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 COMPANY INFORMATION Page 3 of 84 Directors Ilya Merenzon (Chief Executive Officer) Matvey Shekhovtsov (Chief Operating Officer) Richard Collett (Chief Financial Officer) Graham Woolfman (Chair) - resigned on 14 February 2025 Jamison Reed Firestone (Non-Executive Director) Neil Rafferty (Non-Executive Director, appointed interim Chair 14 February 2025) Company No. 10589323 - incorporated in England and Wales Secretary and Registered Office MSP Corporate Services Ltd Eastcastle House 27/28 Eastcastle Street W1W 8DH Financial Adviser Novum Securities Limited 2nd Floor, 7-10 Chandos Street London W1G 9DQ Auditor Moore Kingston Smith LLP 6 th Floor 9 Appold Street London EC2A 2AP Legal advisers Marriott Harrison LLP 80 Cheapside London EC2V 6EE Registrar Share Registrars Ltd 3 The Millennium Centre Crosby Way Farnham GU9 7XX ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 STRATEGIC REPORT Page 4 of 84 Highlights and Principal Activities Results for the year • Revenue for the year was €2,434,173 (2023: €2,345,492) • Net loss for the year before tax was €3,843,031 (2023: €4,671,470) Launch of the World Chess Tour On 23 October 2024, the Company announced plans to introduce the World Chess Tour, a global series of tournaments modelled after the ATP tennis tour. This initiative aims to provide a structured and competitive platform for the world's top chess players, enhancing the sport's global appeal. Strategic Investment In September 2024, World Chess secured a significant investment from a new strategic investor. This infusion of capital is set to bolster the Company's financial position and support ongoing growth initiatives within the chess and technology sectors. Extension of Algorand Partnership The Company extended its partnership with Algorand in September 2024, continuing the collaboration to integrate blockchain technology into the chess ecosystem. This partnership underscores World Chess's commitment to innovation and enhancing user experience. High-Profile Rematch Event In July 2024, the Company hosted "Clash of Blames" in London, a highly anticipated rematch between Grandmasters Vladimir Kramnik and José Alcántar. The event garnered significant attention, showcasing World Chess's capability to organise premier chess events. The rematch was held on Chessarena.com, following technical issues in the original match on Chess.com, and highlighted the platform’s superior stability and performance. Launch of New FIDE Online Arena Interface In May 2024, World Chess unveiled a new interface for the FIDE Online Arena, enhancing the digital playing experience for users worldwide. This development aligns with the Company's strategy to leverage technology in promoting chess accessibility and engagement. Financial Milestone In December 2024, the Company secured a €6 million loan facility. The initial tranche will refinance existing short-term debt under improved terms, with the remaining funds allocated to support near-term growth and operational initiatives. Additional financing will be required to meet the Company’s longer-term funding need. Principal Activities World Chess PLC's core activities in 2024 centered around the promotion and development of chess through various channels: • Event Organisation: The Company organised and hosted high-profile chess tournaments and matches, providing platforms for elite competition and fan engagement. • Digital Platforms: Enhancements to the FIDE Online Arena and other digital interfaces have improved accessibility and user experience for online chess players globally. • Strategic Partnerships: Collaborations with technology partners like Algorand have facilitated the integration of cutting-edge technologies, such as blockchain, into the chess ecosystem. • Community Engagement: Through events like International Chess Day celebrations and interactive chess programs, World Chess has actively engaged with the global chess community to promote the game's growth and inclusivity. These initiatives reflect World Chess PLC's commitment to elevating the profile of chess worldwide, leveraging innovation, strategic collaborations, and community-focused activities. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 STRATEGIC REPORT Page 5 of 84 Our Vision, Mission, and Values Our vision A world where everyone can easily become an active member of the vibrant international chess community and grow intellectually and socially through involvement with this beautiful game and exciting sport. Our mission To reinvent how people discover, play, and enjoy chess. Our core values and principles Customer satisfaction – We treat each member as an important part of the chess community, support them on their chess journey and provide them with the environment for long-term enjoyment and growth. 360-degree approach – Chess is placed uniquely at the intersection of sport, gaming and culture. This fusion of competition, fun, challenge, creativity, timelessness and beauty is something that we strive to incorporate in all our products, while also seeking to provide all members and friends with recognisable and beautiful touch points through all of our products and services. Quality innovation – We aim to constantly challenge the traditional fossilised approach to chess by creating next generation formats. We hope to revolutionise the game while retaining its deep historical and cultural roots that permeates much of society. Inclusivity and unity – Chess is not defined by culture, age, class or gender. We seek to foster a more inclusive, more connected and more harmonious society with our products. This is why we place such emphasis on combatting discrimination, and promoting empathy, both in our products and in the Group’s internal operations. Being part of the society – Wherever we find ourselves, we seek to be sensitive, relevant and contribute to the community around us. ![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
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</svg>) World Chess Plc – Company Registration No. 10589323 STRATEGIC REPORT Page 6 of 84 Statement from the Chair I am pleased to report that over the past year, World Chess PLC has made substantial progress in strengthening our financial foundation while expanding our global chess community. Financial Performance While our year-on-year revenue growth of 4% was modest, I am particularly encouraged by our significant improvement in gross profit, which increased from €179K in 2023 to €889K in 2024. This nearly fivefold improvement stems primarily from our strategic shift toward higher-margin digital offerings and operational efficiencies. This enhanced profitability provides a strong foundation for our continued growth and long-term financial stability. Strategic Developments and Challenges The past year has not been without challenges. Our Berlin Chess Club, opened in 2023 as an experimental concept space, did not meet its financial targets despite attracting significant community engagement. After careful evaluation, we made the difficult decision to close this location in April 2025. This closure, however, aligns with our refined venue strategy. We are now developing a more sustainable model for physical chess spaces that integrate seamlessly with our digital infrastructure. Board Changes On February 14, 2025, our Non-Executive Chair, Graham Woolfman, stepped down from his position. Graham's strategic guidance has been invaluable throughout his tenure, particularly in navigating our public listing and early growth phase. On behalf of the Board and the entire World Chess senior team, I extend our sincere appreciation for his contributions. I have assumed the role of Interim Chair while our Board conducts a comprehensive search for a new Non- Executive Director and Chair. We expect to announce an appointment shortly, bringing fresh expertise to help us capitalise on emerging opportunities in the chess ecosystem. Looking Ahead Despite global economic uncertainties, the chess market continues to demonstrate resilience, with online participation growing significantly. The Board remains focused on building long-term shareholder value through targeted investments that strengthen our position as a chess-focused technology company while broadening our community reach. We are grateful for the continued support of our shareholders, players, and chess enthusiasts worldwide as we work to elevate the profile and accessibility of chess globally. Neil Rafferty Interim Chairman 29 April 2025 ![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
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</svg>) World Chess Plc – Company Registration No. 10589323 STRATEGIC REPORT Page 7 of 84 Statement from the Chief Executive At World Chess, we spent the past twelve months laying the foundations to change the way the 600-million- strong chess world is organised, played, and experienced. We didn’t set out to make a small improvement. We set out to rethink chess as a global ecosystem—and to build it in a way that respects the game, the players, and the scale of the opportunity. A rare chance for a small company to have an impact on an entire sport and the way people enjoy it. Here’s what we accomplished in 2024: • We announced the World Chess Tour — a global tournament series modelled on ATP, offering a structured and visible platform for elite chess competition. • We secured a new strategic investment in September — strengthening our ability to scale and build. • We released a full redesign of the FIDE Online Arena — a faster, better online platform for official chess. • We deepened our partnership with Algorand — integrating blockchain to improve trust, ratings, and verification in digital chess. • We hosted the 'Clash of Blames' match in London — delivering a high-profile event that captured international attention. • We organised global events around International Chess Day — because chess is built on community, not just competition. • We secured a €6 million loan facility — improving our balance sheet and fuelling the next phase of growth. • We expanded our chess commerce business — developing merchandise and chess sets designed to turn free players into engaged customers. • We aligned our products into a connected ecosystem — where digital play, professional tournaments, merchandise, and community engagement work together. Focus and Priorities The year ahead is about execution. Our priorities are: • Expand the World Chess Tour — more events, bigger audiences, global reach, including media partnerships. • Grow our digital platforms — acquiring new users, deepening engagement, and strengthening the online rating and player identity system. • Monetise smartly across the ecosystem — offering products, memberships, and experiences to every segment of our audience, from free subscribers to PRO members. • Strengthen the World Chess brand — clear, modern, trusted, and aligned with the future of the game. • Deliver shareholder value — through scale, through ecosystem growth, and through a strategy built to last. • As part of our focus on scalable, digital-first growth we made the decision to close the current World Chess Club Berlin venue in April 2025. Ilya Merenzon Chief Executive Officer 29 April 2025 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World Chess Plc – Company Registration No. 10589323 STRATEGIC REPORT Page 8 of 84 Operational review Key Performance Indicators (KPIs) The Group uses a number of KPIs within the business. The principal financial metrics are Revenue, Gross Profit and Loss before tax which are included in the Statement of Profit or Loss and Other Comprehensive Income. 2024 € 2023 € Reasons for movement Revenue 2,434,173 2,345,492 Growth in number of subscribers and subscription prices at chessarena.com and the first full years trading at World Chess Club Berlin offsetting a decline in tournament revenue whilst Armageddon took a year off. Gross Profit 889,623 179,102 Increase in relatively higher margin chessarena.com and world chess club revenue replacing lower margin tournament revenue. Loss before tax (3,843,031) (4,671,470) Reduction in administrative expense including exceptional listing costs of €308,250 in 2024. The Group uses a number of non-financial KPIs as set out below. The Group also sees customer satisfaction index and customer churn rate as important KPIs, and intends to develop additional KPIs to reflect this in. 2024 No. 2023 No. Reasons for movement Number of registered users 989,036 752,884 The increase reflects continued growth in interest in the Group’s digital platforms, supported by enhanced marketing efforts. Number of paid subscriptions 10,310 8,550 The increase was driven by enhanced marketing efforts and improvements to the Group’s premium offering, including exclusive content. Combined social media followings 507,500 521,139 The slight decline was primarily due to the absence of major broadcast events such as the Armageddon Championship Series during the year, which in prior periods had driven significant spikes in social media engagement and follower growth. The Group no longer considers the number of hosted tournaments as a KPI due to a strategic shift towards a digital first strategy. There were nil hosted tournaments in 2024 (2023: 5). 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) World Chess Plc – Company Registration No. 10589323 STRATEGIC REPORT Page 9 of 84 Financial Review The group continued to focus on the development of chessarena.com and the World Chess Club Berlin (’WCCB’) investing a further €697,258 (2023: €817,533) in the development of chessarena.com. 2024 2023 € € REVENUE 2,434,173 2,345,492 GROSS PROFIT 889,623 179,102 GROSS PROFIT % 37% 8% Other operating income 16,003 11,706 Administrative expenses (4,561,471) (4,344,248) OPERATING LOSS BEFORE EXCEPTIONAL ITEMS (3,655,845 ) (4,153,440 ) Addback: Depreciation and amortisation 864,330 843,237 LOSS BEFORE DEPRECIATION, EXCEPTIONAL ITEMS, INTEREST AND TAX (2,791,515) (3,310,203) Exceptional Items - (326,776) Finance costs (187,325) (191,393) Finance income 139 139 LOSS BEFORE INCOME TAX (3,843,031) (4,671,470) Revenue and Gross Profit Revenue for the year increased 4% to €2,434,173 from €2,345,492 in 2023, however this included growth in revenues from chessarena.com (99% growth), WCCB (256% growth) and merchandise (29% growth) and a decline in tournament revenues (68% decline) due to not hosting an Armageddon series in 2024. The change in mix of revenue streams also led to an increase in gross profit to €889,623 (2023: €179,102), this reflects the relatively higher gross profit from operating chessarena.com and WCCB compared with hosting tournaments. Loss per share The loss per share was €0.006 (2023: €0.007), resulting from a reduction in operating losses and an increase in the weighted average number of shares in issue, from 650,232,851 in 2023 to 689,110,129 in 2024. At 31 December 2024, there were a total of 691,724,039 shares in issue. Cash flows The Group absorbed €1,641,412 from operations (2023: €3,338,149) and invested a further €1,009,385 (2023: €1,451,19) in fixed assets, this was financed by net cash generated from financing activities of €3,433,366 (2023: €4,867,827). Statement of Financial Position The Consolidated Statement of Financial Position as at 31 December 2024 shows net assets of €950,770 (2023: €2,516,461 as restated), included within equity - pending issuance is €2,016,703 (2023: €1,508,737) received by the Company in relation to binding subscription agreements for the issue of new ordinary shares which had not yet been issued at 31 December 2024. On 25 February 2025 (as detailed in note 30 to the consolidated financial statements) the Company announced the issue of 22,666,672 shares representing of €1,200,000 of this amount with a further 11,667,187 new ordinary shares remaining to be issued representing the remaining €816,703. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 STRATEGIC REPORT Page 10 of 84 Capital expenditure The development of chessarena.com remained a priority during the year with additional investment of €697,258 (2023: €817,533), bringing the total invested to €4,622,229 with a carrying value at 31 December 2024 of €2,942,925. Investments and impairment As detailed in notes 10 and 12 to the consolidated financial statements the Directors considered the carrying value of intangible assets and investments at 31 December 2024 based on detailed budgets and forecasts, these budgets and forecasts generally cover a five-year period. Based on this the Directors concluded that no impairment was necessary at 31 December 2024. However, as detailed in note 30 the current World Chess Club venue in Berlin is due to close at the end of April 2025 and as a result, an impairment of the Groups investment is expected to be recognised in the next financial year. Cash and debt position At the year end the Group has total cash balances of €267,396 (2023: €186,881) and total borrowings of €2,705,817 (including lease commitments of €1,304,274) (2023: €1,453,470 and €1,420,481) giving a net debt figure of €2,438,421 (€1,134,147 excluding lease commitment) (2023: €1,266,589 and €153,892). Going concern Based on the Group’s Statement of Financial Position and a review of its forecast future operating budgets and forecasts, 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 signing of these consolidated financial statements. This review included certain reasonable downside scenarios and confirmed that, even in the case of such downside scenarios, the Group could continue to operate and meet its obligations as they fall due. Accordingly, the Directors have adopted the going concern basis in preparing the Annual Report and consolidated financial statements. However, as detailed on in note 2 on page 58, this assessment includes a material uncertainty related to the refinancing of existing borrowing due in 2026. While the Directors are confident that refinancing will be secured in the ordinary course of business, the absence of committed funding at the date of signing these financial statements gives rise to a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern beyond the assessment period. In making this assessment, the Directors have considered the resilience of the Group in severe but plausible scenarios, taking into account the principal risks and uncertainties facing the Group as detailed on page 11, and the effectiveness of any mitigating actions. The Directors’ assessment considered the potential impacts of these scenarios, both individually and in combination, on the Group’s business model, future performance, solvency and liquidity over the period. Sensitivity analysis was also used to stress test the Group’s strategic plan and to confirm that sufficient headroom would remain under the Group’s available sources of finance. The Directors consider that under each of these scenarios, the mitigating actions would be effective and sufficient to support the ongoing viability of the Group, notwithstanding the material uncertainty described above. Richard Collett Chief Financial Officer 29 April 2025 ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 STRATEGIC REPORT Page 11 of 84 Managing Risk, Threats, and Opportunities Taking considered risk is the essence of all business and investment activity, the Audit Committee is responsible for a formal risk assessment on an annual basis and also for reporting, by exception, on any material changes during the year affecting the risks the Group is currently exposed to and any potential future risks that need to be considered providing a structured way to recognise the unexpected and be prepared for it. The main objective is to minimise the chance of a material adverse outcome arising from causes which could reasonably have been foreseen, this includes both ‘upside’ (opportunity) and ‘downside’ (threat) risks. Our Principal Risks – related to the company's business and industry Subscriber growth The Group’s efforts to retain existing online subscribers and to attract new online subscribers are critical to its business and depend, in part, on the quality and breadth of the products it offers to online subscribers, the overall online user experience and broader trends that impact online subscribers’ preferences and the Group’s response to such changes. If not successful, the Group’s business could be negatively impacted. Platform stability Any significant disruption in service on the Group’s platforms, in the Group’s computer systems or software or in the systems operated by third parties that the Group utilises could damage the Group’s reputation and result in a loss of customers, which could have a material adverse effect on the Group’s business, results of operations, financial condition or prospects. The Group’s brand, reputation, and ability to attract and retain customers to use its platforms depend upon the reliable performance of the Group’s or its third-party suppliers’ cloud infrastructure, physical infrastructure, network infrastructure and content delivery processes. Data security A significant part of the Group’s business and products rely on the Group’s ability to comply with data protection laws (including, in particular, GDPR) and to adequately protect the end users’ data and privacy. An actual or perceived failure to do so would significantly harm the Group’s business and could potentially lead to significant claims being made against the Group. In order to mitigate this risk, the Group has recently appointed a new Head of Governance Risk and Compliance, who will focus on ensuring that the Group’s products incorporate high standards of data governance and security. Anti-Cheating As seen from the recent media coverage around the fair play issues between elite grandmasters, cheating can be a major obstacle for the development of online chess on a professional level. Players receive an individual rating and when attempting to raise it can try to violate fair play norms. Cheating is a major hurdle that exists on chess platforms and can harm the reputation and overall integrity of the platform if the problem persists. World Chess is currently using state-of-the-art anti-cheating and fair play technologies that comprise the technical analysis, machine learning and human component. The system will improve with time as more AI technologies are employed, but for the meantime will continue to be an issue. Fair play and anti-cheating measures require constant improvement and investment, as well as enhanced chess education and understanding amongst users. World Chess will also take steps to incentivise players to start their over-the-board (‘OTB’) chess journey. Because of physical fair play measures at OTB tournaments, players will have fewer (if any) incentives to cheat, thus reducing their potential incentive to violate fair play norms online. FIDE Online Arena contract The FIDE Online Arena contract has an initial term which expires in 2026, providing World Chess with a time frame to establish theirs as the pre-eminent gaming platform while also giving the Group time to seek a greater or indefinite contract extension. The agreement will automatically renew at the expiry of its initial ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 STRATEGIC REPORT Page 12 of 84 term, for a further five-year period, subject to certain conditions. Rating recognition and adoption One of the key propositions of the Company’s gaming platform is the fact that it operates as the official FIDE gaming platform with ratings and titles recognised by FIDE. This is an important benefit that provides the opportunity for online chess players to establish themselves as professional sportspeople. However, it should be noted that because the online ratings are new, there could be substantial adoption issues. For example, conversion of online rating into the in person over-the-board (‘OTB’) ratings requires the development of additional rules and procedures. Acceptance of online-rated players into the OTB tournaments will also require development of special rules and regulations. Reliance on certain key individuals The Group’s business, development and prospects are dependent on a small number of key management personnel. The loss of the services of one or more of such key management personnel may have an adverse effect on the Group. Climate-Related Financial Disclosures Introduction This climate-related disclosure forms part of World Chess PLC’s Strategic Report for the year ended 31 December 2024 and has been prepared in accordance with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and the UK Sustainability Disclosure Requirements (SDR). The purpose of this disclosure is to provide transparent information on how climate-related risks and opportunities impact our business model, strategy, governance, and risk management. It outlines the processes and metrics we use to manage and monitor these issues, supporting our long-term objective to operate sustainably and responsibly. This report covers the consolidated activities of World Chess PLC, including its subsidiaries and digital operations, in line with the financial reporting boundary. Time Horizons for Climate Risk and Opportunity Assessment We assess climate-related risks and opportunities over three time-horizons to reflect both short- and long- term strategic planning: • Short-term (1–3 years): Focused on regulatory compliance, cost management, and digital efficiency. • Medium-term (3–7 years): Evaluating evolving regulatory frameworks, energy sourcing for digital infrastructure, and sustainability in event planning. • Long-term (beyond 7 years): Assessing structural changes to our business model, climate resilience, and strategic alignment with a low-carbon economy. These time frames align with our planning cycles and reflect the expected pace of regulatory change and potential technological evolution. Transition risks such as increasing climate-related disclosure obligations and stakeholder expectations are assessed over the short to medium term, while physical risks (e.g. extreme weather disrupting events) are considered medium to long-term exposures. Strategy World Chess PLC recognises the potential impact of climate change on its business operations and long-term growth. The key strategic areas where climate risks and opportunities intersect with our business model include: • Digital Operations & Energy Efficiency : The FIDE Online Arena relies on cloud computing infrastructure, which contributes to energy consumption and indirect emissions. We are committed to optimising our digital footprint by prioritising energy-efficient hosting solutions and exploring partnerships with renewable energy-powered data centres.. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 STRATEGIC REPORT Page 13 of 84 • Event Sustainability : Our physical chess tournaments and events contribute to Scope 3 emissions through travel, venue energy use, and logistics. We are developing strategies to reduce our impact by selecting energy-efficient venues, reducing waste, and encouraging sustainable travel for participants. • Regulatory & Market Changes : Compliance with evolving climate disclosure regulations, such as TCFD, SECR (Streamlined Energy and Carbon Reporting), and the anticipated ISSB (International Sustainability Standards Board) standards, is a key focus area. World Chess is proactively enhancing its reporting framework to meet future requirements. • Reputation & Stakeholder Expectations : Investors, players, and sponsors increasingly expect companies to demonstrate strong climate responsibility. Aligning with best practices in ESG reporting strengthens our reputation and long-term brand value. Actual and Potential Impacts of Climate-Related Risks and Opportunities: The most significant potential impacts on our business include rising costs (due to regulation or energy), changes in stakeholder expectations, and reputational risks if climate goals are not met. However, we also see opportunities in digital innovation, enhanced stakeholder engagement, and leadership in sustainable event management. We are integrating climate factors into long-term planning, event design, and technology decisions. Resilience of the Business Model: We have tested the resilience of our business model against two climate scenarios aligned with TCFD recommendations: • Orderly transition (1.5°C): Scenario assumes increased regulatory burdens and stakeholder pressure but supports investment in renewables and digital decarbonisation. Under this pathway, our digital strategy benefits from early adoption of low-carbon infrastructure. • Disorderly transition (2°C+): Scenario includes policy delays, disruptive regulation, and greater reliance on reactive adaptation. Potential impact includes cost volatility and reputational exposure. Our qualitative scenario analysis suggests that the Group’s business model remains resilient in both scenarios due to its digital orientation, limited physical footprint, and ability to adapt hosting and event planning. Time Periods and Principal Risks & Opportunities We categorise and assess principal climate-related risks and opportunities by the following time periods: • Transition Risks (short- to medium-term): Cost of regulatory compliance (e.g. SDR, ISSB), reputational pressure, stakeholder expectations • Physical Risks (medium- to long-term): Disruption to in-person events from weather-related impacts (e.g. travel or venue disruption) • Opportunities (short-, medium-, and long-term): Sustainable venue partnerships, use of renewable energy in digital hosting, enhanced ESG standing with investors Risk Management Climate-related risks are fully embedded in our Group’s enterprise risk management framework. These risks are reviewed by senior leadership and the Audit Committee on an annual basis, with more frequent reviews triggered by material developments. Our climate risk process includes: • Ongoing identification and assessment of climate-related risks and opportunities • Regular monitoring of emerging regulations and stakeholder expectations • Integration into broader operational, financial, and strategic risk discussions • Scenario planning to evaluate business resilience under different climate futures ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 STRATEGIC REPORT Page 14 of 84 Our risk register includes these factors and assigns ownership to relevant executives, with oversight from the Board. Metrics & Targets To monitor our climate-related impacts and progress, we currently use the following metrics: • Greenhouse Gas (GHG) Emissions : We disclose Scope 1, 2, and relevant Scope 3 emissions in accordance with the GHG Protocol and SECR requirements. These are detailed on pages 37 to 38 of the Directors Report. • Energy Usage : Tracking energy use associated with digital infrastructure and event operations. • Sustainability KPIs : o Percentage of events held in energy-efficient venues o Carbon intensity per digital user o Progress towards engaging renewable-powered cloud services Our medium-term goals are to: • Achieve a 10% reduction in emissions intensity (tCO₂e/€m revenue) by 2026, using 2024 as the baseline year; • Transition to 100% renewable electricity in all office and venue locations by 2027; • Reduce carbon intensity per digital user by 30% by 2030 (baseline year: 2024); and • Include Scope 3 supplier engagement in its climate strategy by 2025. Progress will be reviewed annually by the executive team and monitored by the Audit Committee. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 STRATEGIC REPORT Page 15 of 84 s. 172 Statement Section 172(1) of the Companies Act 2006 requires the Directors of the Company to act in a way that they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to: • The likely consequences of any decision in the long-term; • The interests of the Company’s employees; • The need to foster the Company’s business relationships with suppliers, customers and others; • The impact of the Company’s operations on the community and the environment; and • The desirability of the Company maintaining a reputation for high standards of business conduct. The Board of Directors is collectively responsible for the decisions made towards the long-term success of the Company and how the strategic, operational and risk management decisions have been implemented throughout the business is detailed in the Strategic Report on pages 4 to 16. The interests of the World Chess employees Our employees' interests are always taken into consideration when decisions are made by the Board. We help to engage with team members by providing training and career development support and there is formal and informal workplace communication. Staff are regularly consulted and provide valuable input into management decisions. Annual pay and benefit reviews are carried out to determine whether all levels of employees are benefited equally and to retain and encourage skills vital for the business. The Remuneration Committee oversees and makes recommendations of executive remuneration and option awards. Our Customers We invest heavily in product development and staff training to make sure that our customers (both corporate and individual) receive the best value for their money in the market and we are always ready to go the extra mile for them. Our Suppliers Over the years, we have built a highly effective network of suppliers and associate consultants in all the key areas of our business. We are fortunate to be supported by extremely talented professionals from all backgrounds and from various markets. We value these relationships and consider our long-term suppliers and associates part of the World Chess family and an extension of our internal workforce. Our Community We strive to create strong ties with the communities where our activities take place, be it in London, New York or Berlin. We try to make sure that local authorities, charities, volunteer and community projects become part of our activities and are able to benefit from such cooperation. The Environment We recognise our environmental responsibilities and are committed to reducing our carbon footprint, recycling waste materials and improving the efficiency of energy consumption. Where possible, we always try to keep our training materials, contracts, invoices and other documents purely in electronic form. Maintaining High Standards of Business Conduct The Company is incorporated in England and Wales and governed by the Companies Act 2006. Following its listing on the main market of the London Stock Exchange on 6 April 2023 the Company has adopted the Quoted Companies Alliance Corporate Governance Code 2018 (the “QCA Code”) and the Board recognises the importance of maintaining a good level of corporate governance, which, together with the requirements to comply with the rules of a legacy standard listing, ensures that the interests of the Company’s stakeholders are safeguarded. Anti-corruption and anti-bribery trainings are compulsory for all staff and contractors, and the anti-bribery statement and policy is contained in the Company’s Employee Manual. The Company’s expectation of ![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
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</svg>) World Chess Plc – Company Registration No. 10589323 STRATEGIC REPORT Page 16 of 84 honest, fair and professional behaviour is reflected by this and there is zero tolerance for bribery and unethical behaviour by anyone relating to the Company. The importance of making all staff feel safe in their environment is maintained and a whistleblowing policy is in place to enable staff to confidentially raise any concerns freely and to discuss any issues that arise. Strong financial controls are in place and are well documented. The risk framework and key business risks reviewed by the Audit Committee which in turn reports to the Board. Conclusion The Directors believe they have acted the way they consider most likely to promote the success of the Company for the benefit of its members as a whole, as required by Section 172 (1) of the Companies Act 2006. This Strategic Report was approved by the Board on 29 April 2025 and signed on its behalf by: Ilya Merenzon Chief Executive Officer ![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
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</svg>) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 17 of 84 Corporate Governance Statement As Interim Chairman, it is my responsibility to work with my fellow Board members to ensure that the Company embraces the highest standards of corporate governance and to manage the Board in the best interests of our many stakeholders. The Board shares my belief that practising solid corporate governance is essential for building a successful and sustainable business. World Chess PLC holds a legacy Standard Listing on the Main Market of the London Stock Exchange. While this status subjects the Company to the ongoing obligations as set by the FCA, it does not require compliance with the UK Corporate Governance Code. Notwithstanding this, the Board recognises the importance of sound governance in supporting long-term success and maintaining stakeholder confidence. Accordingly, the Company has voluntarily adopted the Quoted Companies Alliance (QCA) Corporate Governance Code and seeks to apply its ten principles in full, to the extent considered appropriate, having regard to the size, structure and stage of development of the business. The QCA Code’s principles, and the Company’s approach to each, are set out in the table on pages 18 to 25. Where the Company has chosen to depart from the Code’s provisions, a clear rationale is provided. This Corporate Governance Statement was approved by the Board on 29 April 2025 and signed on its behalf by: Neil Rafferty Interim Chairman 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0uOHYuN1oiIGNsYXNzPSJnMF8xOCIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik04MjIuMiwxMTg4LjdoLjh2LS43aC0uOHYuN1oiIGNsYXNzPSJnMF8xOCIvPgo8L3N2Zz4=) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 18 of 84 QCA Code – Application of the Ten Principles of Corporate Governance Although not required to follow a specific corporate governance code due to its legacy Standard Listing, the Board of World Chess PLC has voluntarily adopted the QCA Code as the framework for its governance practices. The table below outlines each of the QCA Code’s ten principles and sets out how the Company applies them in practice. Where there are areas of partial compliance or alternative approaches, these are explained in the relevant sections. Deliver Growth QCA Code Principle Application What we do and why 1. Establish a strategy and business model which promote long-term value for shareholders The Board must be able to express a shared view of the company’s purpose, business model and strategy. It should go beyond the simple description of products and corporate structures and set out how the company intends to deliver shareholder value in the medium to long-term. It should demonstrate that the delivery of long-term growth is underpinned by a clear set of values aimed at protecting the company from unnecessary risk and securing its long-term future. The Group’s purpose, business model and strategy are explained within the Strategic Report on pages 4 to 5. With principal risks being detailed on page 11 and climate change related risks on page 12 to 14. The Group uses its internal control systems to identify risk and implement appropriate measures to monitor, manage and mitigate known risks. 2. Seek to understand and meet shareholder needs and expectations Directors must develop a good understanding of the needs and expectations of all elements of the Company’s shareholder base. The Board must manage shareholders’ expectations and should seek to understand the motivations behind shareholder voting decisions. The Board acknowledges the importance of open and regular communication with shareholders, within the regulatory constraints applicable to a public company. As such, the Company will primarily communicate with shareholders through regulatory announcements. In addition, the Company will make use of its investor website to provide information to shareholders and other interested parties. The Company is committed to listening to and communicating openly with its shareholders to ensure that its strategy, business model and performance are clearly understood. The Chief Executive Officer and, where appropriate, the Chief Financial Officer and Chair will seek to talk to the Group’s major shareholders on a regular basis and ensure that their views are shared with the Board. The Board recognises the AGM as an important opportunity to meet private shareholders. The Directors are available to listen to the views of all shareholders informally immediately following the 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h2LjdaIiBjbGFzcz0iZzBfMTkiLz4KPC9zdmc+) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 19 of 84 QCA Code Principle Application What we do and why AGM. Where shareholder voting decisions are not in line with the Board’s recommendations or expectations, the Board will seek to engage with the relevant shareholders to understand and address any issues. The Chair, Chief Executive Officer and Chief Financial Officer are the relevant contacts for investor relations purposes. The Company may be required to exercise discretion as to which shareholder questions shall be responded to, and the information used to answer questions will be information that is freely available in the public domain. The Directors believe that these methods of shareholder engagement are sufficient to support the Company’s aims in meeting their needs and expectations. 3. Take into account wider stakeholder and social responsibilities and their implications for long-term success Long-term success relies upon good relations with a range of different stakeholder groups both internal (workforce) and external (suppliers, customers, regulators and others). The Board needs to identify the company’s stakeholders and understand their needs, interests and expectations. Where matters that relate to the Company’s impact on society, the communities within which it operates or the environment have the potential to affect the company’s ability to deliver shareholder value over the medium to long-term, then those matters must be integrated into the company’s strategy and business model. Feedback is an essential part of all control mechanisms. Systems need to be in place to solicit, consider and act on feedback from all stakeholder groups. The Company recognises the importance of establishing good relationships and maintaining open communication channels with different stakeholder groups. The Company is able to identify its key stakeholders through the Directors’ and management’s experience and knowledge of the operation of the Company. The Company’s key stakeholders include employees, subscribers, sponsors and suppliers. Engaging with our stakeholders strengthens our relationships and helps the Company make better business decisions. Some of the initiatives in place to strengthen and support relationships with Company’s key stakeholders may include: • representing the Company or speaking at leading industry events; • internal communications to enable all staff to understand performance; • annual Strategy Days; • regular brainstorming sessions; • semi-annual financial results analysis; • regular meetings with sponsors and prospective sponsors; and • review of feedback from subscribers via the online platform. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 20 of 84 QCA Code Principle Application What we do and why 4.Embed effective risk management, throughout the organisation considering both opportunities and threats The Board needs to ensure that the Company’s risk management framework identifies and addresses all relevant risks in order to execute and deliver strategy; companies need to consider their extended business, including the Company’s supply chain, from key suppliers to end-customer. Setting strategy includes determining the extent of exposure to the identified risks that the company is able to bear and willing to take (risk tolerance and risk appetite). The key risks and challenges to the business are detailed on page 11. The Company uses its internal control systems to identify risk and implement appropriate measures to monitor, manage and mitigate known risks. The Board considers risk to the business at every Board meeting (currently, at least 10 meetings are planned each year). The Company formally reviews and documents the principal risks to the business at least annually. Both the Board and senior managers are responsible for reviewing and evaluating risk. Audit, risk and internal financial controls: The Company has an established framework of internal financial controls, the effectiveness of which is regularly reviewed by the executive management and the Audit Committee in light of ongoing assessment of significant risks facing the Company. The Audit Committee assists the Board in discharging its duties regarding the financial statements, accounting policies and the maintenance of proper internal business, and operational and financial controls. The Audit Committee meets at least twice a year with the Company’s external auditor to discuss any weakness in the internal control systems, any fraudulent acts and possible financial risks discovered by the auditor during their review and audit process. The Board is responsible for reviewing and approving the Company’s overall strategy and its budgets and plans. There is a process for budgeting and planning, for monitoring and reporting business performance against those budgets and plans to the Board, and for forecasting expected performance over the remainder of the financial period. The Board has ultimate responsibility for the Group’s system of internal controls and for reviewing their effectiveness. However, any such system of internal control can provide only reasonable, but not absolute, assurance against material misstatement or loss. The Group continues to review its system of internal controls to ensure they are appropriate for the size, complexity and risk profile of the Group. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 21 of 84 Maintain A Dynamic Management Framework QCA Code Principle Application What we do and why 5. Maintain the board as a well- functioning, balanced team led by the chair The Board members have a collective responsibility and legal obligation to promote the interests of the company, and are collectively responsible for defining corporate governance arrangements. Ultimate responsibility for the quality of, and approach to, corporate governance lies with the chair of the Board. The Board (and any committees) should be provided with high quality information in a timely manner to facilitate proper assessment of the matters requiring a decision or insight. The Board should have an appropriate balance between executive directors and should have at least two independent non-executive directors. Independence is a Board judgement. The Board should be supported by committees (e.g., audit, remuneration, nomination) that have the necessary skills and knowledge to discharge their duties and responsibilities effectively. Directors must commit the time necessary to fulfil their roles. The Company is controlled by the Board of Directors. The non-executive Chair, is responsible for the running of the Board and the Chief Executive Officer, has executive responsibility for running the Group’s business and implementing Group strategy. All Directors receive regular and timely information regarding the Group’s operational and financial performance. Relevant information is circulated to the Directors in advance of Board and committee meetings. All Directors have direct access to the advice and services of the de facto Company Secretary and are able to take independent professional advice in the furtherance of their duties, if necessary, at the Company’s expense. The Board comprises three Executive Directors and two Non-Executive Directors, and is currently in the process of recruiting a third Non-Executive Director and Chairman following Graham Woolfman’s resignation from the role on 14 February 2025. In this process the Board is mindful of obtaining a suitable balance between independence on the one hand, and knowledge of the Company on the other, to enable it to discharge its duties and responsibilities effectively. The Board has a formal schedule of matters reserved to it and is supported by the Audit Committee and Remuneration Committee. Given the size and composition of the Board, a separate Nominations Committee is not considered necessary at this stage in the Company’s development. In November 2024, the Board agreed that the role of the Nominations Committee would be undertaken by the Remuneration Committee, which now leads on matters such as Board composition, succession planning, and the appointment of new directors. The Company has effective procedures in place to monitor and deal with potential or actual Directors’ conflicts of interest. The Board is aware of the other commitments and interests of its Directors, and changes to these commitments and interests are reported to and, where appropriate, agreed with the rest of the Board. At present, each Board member commits sufficient time to fulfil their duties and obligations to the Board and the Company. The number of Board and committee meetings, and the attendance of the Directors is disclosed on page 28. ![](data:image/svg+xml;base64,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World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 22 of 84 QCA Code Principle Application What we do and why 6. Ensure that between them the directors have the necessary up-to- date experience, skills and capabilities The Board must have an appropriate balance of sector, financial and public markets skills and experience, as well as an appropriate balance of personal qualities and capabilities. The board should understand and challenge its own diversity, including gender balance, as part of its composition. The Board should not be dominated by one person or a group of people. Strong personal bonds can be important but can also divide a Board. As companies evolve, the mix of skills and experience required on the Board will change, and board composition will need to evolve to reflect this change. Details on each of the Directors, including a summary of their past experience, is set out on page 26 to 27. The Directors have a wide range of industry, financial and capital markets skills based on both qualifications and experience including significant fundraisings, M&A activity, running and growing businesses and financial management. However, the Board believes that in order to deliver the Company’s strategy for the benefit of the shareholders over the medium to long-term, a Non- Executive Director and Chaiman with experience in the digital and sports development sectors would be beneficial to the Company following Graham Woolfman resignation from the role on 14 February 2025. The search for candidates is being conducted, and any appointment will be made, on merit, against objective criteria and with due regard for the benefits of diversity on the Board, including gender identity and ethnic background. 7. Evaluate board performance based on clear and relevant objectives, seeking continuous improvement The Board should regularly review the effectiveness of its performance as a unit, as well as that of its committees and the individual directors. The Board performance review may be carried out internally or, ideally, externally facilitated from time to time. The review should identify development or mentoring needs of individual directors or the wider senior management team. It is healthy for membership of the board to be periodically refreshed. Succession planning is a vital task for boards. No member of the Board should become indispensable. The Board performed an evaluation, review of its operation and performance with the input of an external facilitator in December 2024. This review was carried out to ensure director performance is, and continues to be effective, and that where appropriate they maintain their independence and that they are demonstrating continued commitment to the role. On 14 February 2025, Graham Woolfman, the Company's Non-Executive Chairman, stepped down with immediate effect and Neil Rafferty, a Non-Executive Director, was appointed as Interim Chairman and the process to recruit a new Non- Executive Director and Chairman to include experience of the digital and sports development sectors, commenced. Continuing Directors stand for re-election at the AGM at least every 3 years. 8. Promote a corporate culture that is The Board should embody and promote a corporate culture that is based on sound ethical The Board aims to lead by example and do what is in the best interests of the Company. The Company has adopted a Code of Conduct ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 23 of 84 QCA Code Principle Application What we do and why based on ethical values and behaviours values and behaviours and use it as an asset and a source of competitive advantage. The policy set by the board should be visible in the actions and decisions of the chief executive and the rest of the management team. Corporate values should guide the objectives and strategy of the Company. The culture should be visible in every aspect of the business, including recruitment, nominations, training and engagement. The performance and reward system should endorse the desired ethical behaviours across all levels of the Company. The corporate culture should be recognisable throughout the disclosures in the annual report, website and any other statements issued by the Company. detailing the Board’s expectations in relation to social responsibility, sustainability, human rights and ethical standards for all employees and contractors. The Company aims to conduct its business with honesty and integrity, respecting human rights and the interests of its employees, partners and third parties and endeavours to follow sustainable and responsible management practices in protecting the long-term interests of the business, its employees and community stakeholders. The Company has adopted a share dealing code for the Directors and applicable employees of the Group for the purpose of ensuring compliance by such persons with the retained EU law version of the Market Abuse Regulation. 9. Maintain governance structures and processes that are fit for purpose and support good decision- making by the Board The Company should maintain governance structures and processes in line with its corporate culture and appropriate to its: • size and complexity; and • capacity, appetite, and tolerance for risk. The governance structures should evolve over time in parallel with its objectives, strategy and business model to reflect the development of the Company. Currently the Board meets at least 6 times each year, either in person or by phone or other “virtual” means. This may be supplemented by additional meetings as and when required. The Board and its Committees receive appropriate and timely information prior to each meeting; a formal agenda is produced for each meeting, and Board and Committee papers are distributed several days before meetings take place. Any Director may challenge Company proposals and decisions are taken democratically after discussion. Any specific actions arising from such meetings are agreed by the Board or relevant Committee and then followed up at the next meeting. The Board is responsible for the long-term success of the Company. There is a formal schedule of matters reserved to the Board. It is responsible for overall Group strategy. It monitors the exposure to key business risks and reviews the Group’s strategic direction, annual budgets and performance in relation to those ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 24 of 84 QCA Code Principle Application What we do and why budgets. There is a clear division of responsibility at the head of the Company. The Chair is responsible for running the business of the Board and for ensuring appropriate strategic focus and direction. The Chief Executive Officer is responsible for proposing the strategic focus to the Board, implementing it once it has been approved and overseeing the management of the Company through the executive team. Senior executives below Board level may attend Board meetings where appropriate to present business updates. The Audit Committee meets at least three times a year and is responsible for review and approval of the half-yearly and annual reports and for communication with the external auditor in relation to any matters found during the courses of their interim review and final audit of the Group. The Audit Committee is also responsible for reviewing the internal control system on a regular basis to prevent the occurrence of any fraudulent acts within the Group and reviewing the independence of the external auditor. The Remuneration Committee will meet at least twice a year. Recommendations will be made to the Board for ensuring that the Executive Directors are fairly rewarded for their individual contribution to the Group. The role of the Nominations Committee is performed by the Remuneration Committee, following a decision of the Board in November 2024. This arrangement is considered appropriate given the size and composition of the Board. The Board will continue to monitor its governance structures with the QCA Code in mind. The Company is committed to the evolution of its corporate governance in line with best practice, to the extent the Directors judge it appropriate considering the Company’s size, stage of development and resources. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 25 of 84 Build Trust QCA Code Principle Application What we do and why 10. Communicate how the Company is governed and is performing by maintaining a dialogue with shareholders and other relevant stakeholders. A healthy dialogue should exist between the Board and all of its stakeholders, including shareholders, to enable all interested parties to come to informed decisions about the Company. In particular, appropriate communication and reporting structure should exist between the Board and all constituent parts of its shareholder base. This will assist: • the communication of shareholders’ views to the board; and • the shareholders’ understanding of the unique circumstances and constraints faced by the Company. It should be clear where these communication practices are described (annual report or website). The Company will communicate with shareholders through the Annual Report and Accounts, regulatory announcements (including full-year and half-year reports), the AGM, one-to-one meetings with large existing or potential new shareholders, and investor presentations to smaller, retail shareholders. A range of corporate information (including all Company announcements and presentations) is also available to shareholders, investors and the public on the Company’s website: www.worldchess.com. The Company’s Report & Accounts and Notices of General Meetings will be available in the Report and Accounts section of the website. The results of voting on all resolutions in future general meetings will be posted to the Company’s website and announced via RNS. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 26 of 84 Board of Directors The Board is comprised of three Executive Directors, the Non-Executive Interim Chair, and a further Non- Executive Director. The Board recognises the current vacancy for a Non-Executive Chair and is seeking to appoint a candidate with experience in the digital and sports development sectors, which will augment the Board’s existing blend of industry, financial, and public market experience. The Audit and Remuneration Committees are comprised of Non-Executive Directors. The role of the Nominations Committee is currently performed by the Remuneration Committee, however when separately constituted, the Nominations Committee will also comprise Non-Executive Directors. The Board is collectively responsible for the long-term success of the Group. The Board provides entrepreneurial leadership within a framework of controls which enables risk to be assessed and managed. The Board determines strategy and ensures that the necessary resources are in place to execute that strategy. An important part of the Board’s role is the review of management performance. The Company’s process for evaluating the effectiveness of the Board and Directors’ performance comprises annual internal reviews of executive and non-executive directors’ performance. The results of such reviews are used to determine whether any alterations are needed or whether any additional training would be beneficial. Non-Executive Directors are required to devote at least 2 days (on average) per month to their directors’ duties whereas Executive Directors are expected to devote such time as is required for the proper performance of their duties. Ilya Merenzon, Chief Executive Officer Ilya was educated in the US and holds an MPhil in Economics and an MBA. His previous experience includes working for the New York mayor’s office where he was part of the team that developed the ‘e- government project’. Ilya led a successful communications and government relations practice in New York, and his clients included the New York Stock Exchange and the New York Times. Ilya advised on several IPOs in the US, including the listing of Rostelecom, Russia’s top telecommunications company. He has won several awards for his work in communications and finance. Matvey Shekhovtsov, Chief Operating Officer Matvey obtained a master’s degree in International Economic Law at the Moscow State Institute of International Relations and a Master I degree of the European and French Economic Law at Paris 1 Pantheon-Sorbonne University. His fields of expertise include tax planning, compliance, sports law and corporate governance. He has participated in numerous PR, sport, and media projects. He joined the World Chess project in 2014 and in his current position oversees day-to-day operations of the Company with special focus on compliance, corporate governance, and finance. Jamison Reed Firestone, Non-Executive Director Jamison is a graduate of Tulane Law School and a member of the New York Bar. He founded the first independent foreign law firm in Russia. He lived in Moscow for eighteen years and has managed a law practice there since 1993. He was also a member of the Board of Directors of the American Chamber of Commerce in Russia for six years, where he lobbied both the US and Russian governments for changes to improve trade and business in Russia. In 2007 Jamison’s original Russian law firm exposed the largest tax fraud perpetrated against the Russian Government. During the last ten years Jamison has spent considerable effort advising on issues of how to effectively sanction dictatorships and kleptocracies and what to do with the frozen funds of kleptocratic regimes which belong to the people of their nations. ![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzI3ewpmaWxsOiAjMDAwOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNODQuMywxMTEuN0g4MjUuMnYtLjhIODQuM3YuOFoiIGNsYXNzPSJnMF8yNyIvPgo8L3N2Zz4=) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 27 of 84 Graham Woolfman, Non-executive Chair (resigned on 14 February 2025) Richard Collett, Chief Financial Officer Richard is a member of the Chartered Institute of Management Accountants (CIMA) and a non-practicing barrister, he has a degree in Economics from the University of Leeds and a post graduate diploma in Law from the City Law School, City University, London. He has nearly 20 years’ experience leading finance, IT, HR and legal teams in SME’s and scale up businesses, both privately owned, AIM and main market listed, across a range of industries including entertainment, travel, property, professional services, manufacturing, and luxury retail. Prior to joining World Chess Richard was Chief Financial Officer at Live Company Group PLC, the AIM listed events and entertainment group, and prior to that he was Chief Operating Officer at Ellwood Atfield. He has also held senior finance positions at Ten Group, Donaldsons (now part of Cushman & Wakefield), and Hay Group (now part of Korn Ferry). Neil Rafferty, Non-Executive Director, appointed interim Chair 14 February 2025 Neil has spent much of his career in the telecoms and technology sectors holding a variety of senior executive positions. These range from being CEO & Board member of Easynet PLC (listed on the main London Stock Exchange before being acquired), CEO of Priority Telecom (a Dutch based cable company), and CEO of UCS (a Swiss based pan-European network carrier) which he managed through to sale after completing a significant business ‘turn-around’. He was also Global Operation Director at Cisco Systems, primarily responsible for the British Telecom relationship, which was one of Cisco’s largest global customers. Neil was a Non-Executive director of Ethernity Networks Ltd, quoted on AIM since 2017, where he supported the process in the run up to its successful IPO and was Chair of the Nomination Committee as well as serving on the Audit & Risk Committee and Remuneration Committee until December 2021. Latterly, as founder of Portent Business Services, he has been advising companies across a variety of sectors primarily helping them implement growth strategies. Neil holds a BA (Hons) degree from Newcastle Polytechnic. Role of the Board The Company will hold timely board meetings as issues arise which require the attention of the Board. The Board is responsible for the management of the business of the Company, setting the strategic direction of the Company and establishing the policies of the Company. It is the Directors’ responsibility to oversee the financial position of the Company and monitor the business and affairs of the Company, on behalf of the Shareholders, to whom they are accountable. The primary duty of the Directors is to act in the best interests of the Company at all times. The Board also addresses issues relating to internal control and the Company’s approach to risk management and has formally adopted an anti-corruption and bribery policy. Graham Woolfman (prior to his resignation), Neil Rafferty, and Jamison Reed Firestone are considered by the Board to be independent Non-Executive Directors. The Directors have established an Audit Committee, and a Remuneration Committee with formally delegated duties and responsibilities. The Company Secretary has the responsibility of advising the Board on corporate governance matters and assisting with the flow of information to and from the Board. Audit Committee The Audit Committee, which during the year comprised Graham Woolfman, Jamison Reed Firestone and Neil Rafferty as Chair, has the primary responsibility for monitoring the quality of internal control and ensuring that the financial performance of the Company is properly measured and reported on and for reviewing reports from the Company’s auditors relating to the Company’s accounting and internal controls. The committee is also responsible for making recommendations to the Board on the appointment of auditors and the audit fee and for ensuring the financial performance of the Company is properly monitored and reported. The Audit Committee will meet not less than three times a year. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 28 of 84 Remuneration Committee The Remuneration Committee, which during the year comprised Graham Woolfman as Chair, Jamison Reed Firestone and Neil Rafferty, is responsible for the review and recommendation of the scale and structure of remuneration for senior management, including any bonus arrangements or the award of share options with due regard to the interests of the shareholders and the performance of the Company. Market Abuse Regulation The Company has adopted a share dealing policy which sets out the requirements and procedures for the Board and applicable employees' dealings in any of its Ordinary Shares in accordance with the provisions of UK Market Abuse Regulations as implemented under the European Union (Withdrawal) Act 2018 as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019. Meeting Attendance Board Meetings Audit Committee Remuneration Committee Ilya Merenzon 13 n /a n /a Matvey Shekhovtsov 13 n /a n /a Jamison Firestone 13 2 1 Graham Woolfman 13 2 1 Richard Collett 13 n /a n /a Neil Rafferty 13 2 1 During the year ended 31 December 2024 the Board met thirteen times, the Audit Committee met twice, (a third meeting would normally be expected to take place in December 2024 but actually took place in February 2025), and the Remuneration Committee met once. (2023: the Board met thirteen times, of which one was prior to the appointment of Graham Woolfman, Richard Collett and Neil Rafferty, the Audit Committee met five times, and the Remuneration Committee met twice.) Directors’ Interest in Shares The interest of Directors and their connected persons in shares of the Company were: 31 December 2024 31 December 2023 Ilya Merenzon 404,520,000 443,870,000 Matvey Shekhovtsov 33,350,000 16,680,000 Jamison Firestone 5,560,000 5,560,000 Graham Woolfman – appointed 6 April 2023, resigned 14 February 2025 - - Richard Collett – appointed 6 April 2023 5,319 5,319 Neil Rafferty – appointed 6 April 2023 - - By an agreement dated 28 April 2023 Graham Woolfman was granted an option over 6,669,055 Ordinary Shares exercisable between 6 April 2024 and 6 April 2029 at a price of €0.07 (seven euro cents) per share. By an agreement dated 28 April 2023 Neil Rafferty was granted an option over 1,667,264 Ordinary Shares exercisable between 6 April 2024 and 6 April 2029 at a price of €0.07 (seven euro cents) per share. The Company does not have an annual or long-term incentive scheme in place, except for the issue of share options as detailed above, for any of the Directors and as such there are no disclosures in this respect. 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World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 29 of 84 Term of Appointment Year of appointment Number of years completed Date of current engagement letter Ilya Merenzon 2017 8 6 April 2023 Matvey Shekhovtsov 2017 8 6 April 2023 Jamison Firestone 2020 4 6 April 2023 Graham Woolfman (resigned 14 February 2025) 2023 1 6 April 2023 Richard Collett 2023 1 6 April 2023 Neil Rafferty 2023 1 6 April 2023 Board Diversity Gender identity Number of Board members Percentage of the Board Number of senior positions on the Board (CEO, CFO, SID and Chair) Men 6 100% 3 Women - - - Not specified/prefer not to say - - - Ethnic background Number of Board members Percentage of the Board Number of senior positions on the Board (CEO, CFO, SID and Chair) White British or other White (including minority-white groups) 6 100% 3 Mixed/Multiple Ethnic Groups - - - Asian/Asian British - - - Black/African/Caribbean/Black British - - - Other ethnic group, including Arab - - - Not specified/ prefer not to say - - - In the opinion of the Board, only the Directors of the Company, as detailed above, are regarded as key management personnel and there are no additional executive management personnel. The Board acknowledges the challenges of its composition and where new Board appointments are considered, the search for candidates, and appointments, will have due regard to the benefits of diversity on the Board, including gender identity and ethnic background. Board Development The Directors receive regular updates on legal, regulatory and governance matters from the Group’s financial advisors, Company Secretary, independent external auditor and other external advisers to ensure the Directors’ awareness and the Board’s governance processes are up to date. Each Director keeps their relevant skills and knowledge up to date through formal and informal methods including qualified continuing professional development (if applicable), memberships of leadership communities and knowledge-based networking. ![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
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</svg>) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 30 of 84 Audit Committee Report The Board has established an Audit Committee, with the appropriate Terms of Reference, as stewards of the Company's financial integrity and transparency. Overview of Activities: The Audit Committee has undertaken a review of the Company's financial reporting processes, internal controls, risk management, and compliance with applicable laws and regulations. Oversight of Financial Reporting: Reviewed and approved the Company's financial statements, ensuring compliance with UK – adopted International Accounting Standards and IFRIC interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS and applicable regulatory requirements. Engaged with management and external auditors to address any significant accounting policies, estimates, or judgments impacting financial reporting. External Audit: Evaluated the independence, qualifications, and performance of the external auditors, Moore Kingston Smith LLP, ensuring their suitability to carry out the audit engagement. The Committee noted that this is the third year of Moore Kingston Smith LLP’s tenure and whilst the Company has no specific policy on auditor rotation the Committee continues to monitor auditor independence and effectiveness and concluded that a resolution to re-appoint Moore Kingston Smith LLP should be put to the shareholders at the next Annual General Meeting. Monitored the progress of the external audit, reviewed audit plans, and provided oversight to ensure the audit was conducted efficiently and effectively. Addressed any issues or concerns raised by the auditors and facilitated their communication with the Board where necessary. This Audit Committee Report was approved by Audit Committee on 29 April 2025 and signed on its behalf by: Neil Rafferty Chair of the Audit Committee ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 31 of 84 Directors’ Remuneration Report Remuneration Committee The Board recognises the importance of attracting, retaining and motivating talent within the Board and the wider team to ensure the success of the Company. The Remuneration Committee is responsible for reviewing and determining compensation arrangements for all Directors and senior executives, including implementing and revieing performance targets, measuring performance against targets and calculating any performance related remuneration as well considering and approving any discretionary payments. The Committee considers the appropriateness of the nature and amount of emoluments of such officers on a periodic basis by reference to relevant employment market conditions with the overall objective of ensuring maximum stakeholder benefit from the retention of a high- quality Board and senior executive team. The Company’s Remuneration Policy was approved by shareholders at the Annual General Meeting held on 24 June 2024 with 99.97% of votes cast in favour 0.01% of votes cast against and 0.02% of votes (representing 82,000 shares) withheld. Policy table for Executive Directors Basic Salary Purpose and link to strategy Operation Opportunity & Performance Conditions Attract, retain, and reward high calibre directors and managers. Salary levels (and subsequent increases) are set after reviewing various factors including individual and Company performance, role and responsibility, internal relativities such as the increases awarded to other employees and prevailing market levels at companies of comparable status and market value, considering the total remuneration package. Salaries are normally reviewed annually, there is no guarantee of an increase as such review. While there is no maximum salary level or maximum increase that may be offered, salary increases will normally be in line with typical increases awarded to other employees in the Group. There are no specific performance criteria, although performance of both the company and the individual are taken into account when determining an appropriate level of base salary (or subsequent increase). Benefits Attract, retain, and reward high calibre directors and managers. Benefits, which are on similar terms to those offered to the wider workforce or required to remain market competitive, generally include private medical cover and life assurance cover. Overseas recruitment or an international assignment may require the benefits package to be more tailored and may include, for example, relocation costs, as necessary. There is no prescribed maximum limit. However, the Committee monitors annually the overall cost of the benefits provided. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 32 of 84 Pension Attract, retain and reward high calibre directors and managers. Defined contribution pension benefits reflect relevant market practice and are determined by the automatic enrolment laws under the Pensions Act 2008 and a potential separate private pension plan arranged by the Company. There is no prescribed maximum limit. However, the Committee monitors annually the overall cost of the benefits provided. Bonus Rewards both short and long- term performance. Bonus arrangements encourage and reward the delivery of business objectives. Bonus payments are discretionary and conditional upon the director of manager meeting in full or in part specific conditions and targets. Bonus may be based on a mix of financial, operational, strategic, and individual performance measures. The exact metrics are determined each year depending on the key goals for the forthcoming year and the annual bonus is normally paid in cash. There is no prescribed maximum limit. However, the Committee monitors annually the overall cost of the benefits provided. Shareholding Aligns interests of directors and managers with shareholders. The Company intends to adopt an incentive plan under which it may award new Ordinary Shares to directors, employees and consultants pursuant to share option and incentive schemes approved by the Board. It is intended that any individual awards under any such scheme will be subject to vesting and/or performance conditions. Ordinary Shares under such plans will not exceed three percent of the Company’s issued Ordinary Shares from time to time without the prior approval of Shareholders. The Chief Executive Officer, Ilya Merenzon, and Chief Operating Officer, Matvey Shekhovtsov, built up significant shareholdings in the Company prior to listing. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 33 of 84 Policy table for Non-executive Directors Fees Purpose and link to strategy Operation Opportunity & Performance Conditions Attract, retain, and reward high calibre directors. Director fees (and subsequent increases) are set after reviewing various factors including individual responsibilities, such as Committee Chairmanship, time commitment, general employee pay increases, and prevailing market levels at companies of comparable status and market value. Fee increases are normally reviewed annually. Non-executive Directors also receive reimbursement of reasonable expenses incurred in connection with Company. There is no maximum fee level or maximum increase that may be offered and there are no specific performance criteria. Shareholding Aligns interests of directors and with shareholders. The Company considers ownership of Company shares by non- executive directors as a positive alignment of their interest with shareholders. Non-executive directors may therefore be invited to participate in any incentive share plan the Company may adopt. It is intended that any individual awards under any such scheme will be subject to vesting and/or performance conditions. The Company’s Executive Directors will periodically review the shareholdings of the Non-executive Directors and will seek guidance from its advisors if, at any time, it is concerned that the shareholding of any Non-executive Director may, or could appear to, conflict with their duties as an independent non- executive Director. There is no target shareholding and there are no specific performance criteria, however the Company’s Executive Directors will periodically review the shareholdings of the Non-executive Directors and will seek guidance from its advisors if, at any time, it is concerned that the shareholding of any Non-executive Director may, or could appear to, conflict with their independence. ![](data:image/svg+xml;base64,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World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 34 of 84 Remuneration of Directors 2024 (audited) Salary and fees € Benefits-in-kind € Pension contributions € 2024 Total € Ilya Merenzon 212,400 - - 212,400 Matvey Shekhovtsov 96,200 - - 96,200 Jamison Firestone 1 37,847 - 773 38,620 Graham Woolfman 50,706 - - 50,706 Richard Collett 1 118,264 - 1,561 119,825 Neil Rafferty 37,899 - - 37,899 553,316 - 2,334 555,650 1 – Pension contributions for Mr Collett and Mr Firestone are in accordance with the auto enrolment provisions of the Pensions Act 2008 Remuneration of Directors 2023 (audited) Salary and fees € Benefits-in-kind € Pension contributions € 2023 Total € Ilya Merenzon 210,000 - - 210,000 Matvey Shekhovtsov 114,600 - - 114,600 Jamison Firestone 1 14,440 - 252 14,692 Graham Woolfman 36,880 - - 36,880 Richard Collett 1 87,810 - 1,031 88,841 Neil Rafferty 27,760 - - 27,760 491,490 - 1,283 492,773 1 – Pension contributions for Mr Collett and Mr Firestone are in accordance with the auto enrolment provisions of the Pensions Act 2008 In 2024 and 2023 all remuneration was fixed. Policy on payment for loss of office Executive Directors’ service agreements include provisions for payment in lieu of notice, the circumstances surrounding any departure, will be considered on a case-by-case basis however the Company strongly opposes rewarding failure. Service agreements may be terminated immediately without notice or payment in lieu of notice in instances of gross misconduct. The Company may require the Executive Director to continue working during their notice period or may opt to place them on ‘garden leave’, especially if they have access to sensitive commercial information, to safeguard the Company’s and shareholders’ interests. The Remuneration Committee retains the discretion to make additional payments upon an Executive Director’s cessation of office or employment. Such payments are made in good faith, either to fulfil existing legal obligations, settle claims arising from the departure, or bolster the Group’s post-termination rights. These payments may encompass reasonable relocation costs, potential tax exposure expenses, fees for outplacement assistance, and legal or professional advisory fees related to the cessation of office or employment. Service agreements and Letters of Appointment In April 2023, following its admission to trading, the Company reviewed the remuneration packages and service contracts for existing Directors and appointed three new Directors, details of the new agreements for all directors are summarised below. UK-based executive Directors are entitled to participate in the Company’s auto-enrolment pension scheme if they wish. The Directors are reimbursed by the Company for any travel, hotel, or other expenses that they occur in connection with the discharge of their duties. ![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
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</svg>) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 35 of 84 Matvey Shekhovtsov Matvey Shekhovtsov entered into a service agreement with the Company dated 6 April 2023 as Chief Operating Officer of the Company. The service agreement is terminable on six months’ notice by either party and contains customary post-employment restrictive covenants. He also has a German employment agreement dated 1 March 2022 in respect of duties undertaken direct for World Chess Europe GmbH. Ilya Merenzon Ilya Merenzon entered into a service agreement with the Company dated 6 April 2023 as Chief Executive Officer of the Company. The service agreement is terminable on six months’ notice by either party and contains customary post-employment restrictive covenants. He also has a German employment agreement dated 1 March 2022 in respect of duties undertaken direct for World Chess Europe GmbH. Richard Collett Richard Collett entered into a service agreement with the Company dated 6 April 2023 for an initial term of 24 months, but terminable on three months’ notice by either party. The service agreement contains customary post-employment restrictive covenants. Graham Woolfman On 14 February 2025 Graham Woolfman resigned as a Non-Executive Director and Chairman of the Company. Neil Rafferty On 6 April 2023, the Company and Neil Rafferty entered into a letter of appointment pursuant to which Neil Rafferty will act as an independent non-executive director of the Company. The appointment may be terminated upon three months; notice by either party at any time. On 14th February 2025 Neil Rafferty assumed the role of Interim Chairman. Jamison Firestone On 6 April 2023, the Company and Jamison Firestone entered into a letter of appointment pursuant to which Jamison Firestone will act as an independent non-executive director of the Company. The appointment may be terminated upon three months; notice by either party at any time. Material Interests So far as the Board is aware, no director had any material interest in a contract of significance (other than their service contract) with the Company or any of its subsidiary companies during the year. This Remuneration Report was approved by the Remuneration Committee on 29 April 2025 and signed on its behalf by: Neil Rafferty Chair of the Remuneration Committee ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 36 of 84 Directors’ Report The Directors present their Annual Report and the audited Group and Company financial statements of World Chess PLC for the year ended 31 December 2024. In accordance with section 414c (11) of the Companies Act 2006, the Directors have chosen to include information about the future developments, principal risks and uncertainties and relationships with employees, customers and suppliers in the Strategic Report. Principal Activities The Company is the holding company of a group which aims to promote the mass market appeal of chess globally through the commercial offering of different chess related activities, including the organisation of top-level tournaments, operation of the official online gaming platform of FIDE and other sport, lifestyle and social activities, and merchandise related to chess. Directors The Directors who served during the period, and up to the date of this report, except where stated, were as follows: • Ilya Merenzon • Matvey Shekhovtsov • Jamison Reed Firestone • Graham Woolfman (resigned 14 February 2025) • Richard Collett • Neil Rafferty Dividends The Directors do not propose a dividend in respect of the year ended 31 December 2024 (2023: €nil). Political donations The Company did not make any political donations or expenditure in the year (2023: €nil) Directors' and officers’ indemnity insurance During the year, Directors’ and officers’ liability insurance was maintained for Directors and other officers of the Company as permitted by the Companies Act 2006. Financial risk management The Group’s financial risk management objectives are detailed in note 22. Subsequent Events Events occurring after the reporting period have been detailed in the Strategic Report and in note 30. Current Director Shareholdings Directors direct and indirect interests in the issued share capital of the Company as at the date of this report: No. of shares at 29 April 2025 % Ilya Merenzon 404,520,000 56.57 Matvey Shekhovtsov 33,350,000 4.66 Jamison Firestone 5,560,000 0.78 Richard Collett 5,319 0.00 Neil Rafferty - - By an agreement dated 28 April 2023 Graham Woolfman (resigned 14 February 2025) was granted an option over 6,669,055 Ordinary Shares exercisable between 6 April 2024 and 6 April 2029 at a price of €0.07 (seven euro cents) per share. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 37 of 84 By an agreement dated 28 April 2023 Neil Rafferty was granted an option over 1,667,264 Ordinary Shares exercisable between 6 April 2024 and 6 April 2029 at a price of €0.07 (seven euro cents) per share. The Company does not have an annual or long-term incentive scheme in place except for the issue of share options as detailed above, the for any of the Directors and as such there are no disclosures in this respect. Substantial Shareholdings The Directors were advised of the following significant direct and indirect interests in the issued share capital of the Company above 3% as at 29 April 2025: No. of shares % Ilya Merenzon 404,520,000 56.75 Prytek Investment Holdings Pte Ltd 83,910,000 11.73 Yuri Milner 1 50,455,671 7.02 Matvey Shekhovtsov 33,350,000 4.66 Mikhail Merenzon 22,680,000 3.17 Andrey Insarov 2 35,954,761 5.03 AIC Capital LLC 24,740,000 3.46 1 – Yuri Milner’s interest includes ordinary shares held by Breakthrough Initiatives Ltd, Steinitz Investments Ltd, and Euler Fund L.P., entities over which he exerts significant influence. 2 – Andrey Insarov’s interest includes ordinary shares held by Intis Telecom Limited an entity over which he exerts significant control. Controlling Shareholder Ilya Merenzon, who is the Chief Executive Officer of the Group, holds 56.75% of the total issued share capital of the Company. A relationship agreement dated 6 April 2023 between Mr Merenzon, the Company and Novum Securities Limited (‘Novum’) pursuant to which Mr Merenzon has agreed with the Company and Novum that for such time as he and his affiliates own or control interests in Ordinary Shares comprising not less than 25% of the Company’s issued Ordinary Shares from time to time, he will not exercise and will procure that his affiliates will not exercise, his voting rights to influence the Directors or to change the Company’s articles of association to result in his position and those of his affiliates being preferred or promoted ahead of those of other shareholders, and to exercise (or to refrain from exercising, as the case may be) such voting rights so as to ensure that the Company is managed and conducted independently from him and such affiliates acting as majority shareholder on the operational level. Aside from as stated above, to the best of the Directors’ knowledge no-one, directly or indirectly, acting jointly, exercise or could exercise control over the Company. Going Concern The Directors have assessed the viability of the Group as detailed in note 2 on page 58. Based on this assessment, the Directors have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over this period. However, as detailed in note 2 page 58, this assessment includes a material uncertainty related to the refinancing of existing borrowing due in 2026. This uncertainty may cast significant doubt on the Group’s ability to continue as a going concern beyond the assessment period. Streamlined Energy and Carbon Reporting (SECR) Scope of the Report This disclosure covers the reporting period from 1 January 2024 to 31 December 2024 and includes carbon and energy data for World Chess PLC’s consolidated operations. The Group does not own production facilities and operates primarily through serviced office spaces and remote working. As such, the majority of emissions fall within Scope 2 (indirect energy consumption) and Scope 3 (other indirect emissions). The Group does not report Scope 1 emissions as it does not own or operate any facilities that result in direct emissions. ![](data:image/svg+xml;base64,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World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 38 of 84 The following scope categories have been included in the report: • Scope 2 : Electricity use from metered premises, based on consumption data where available. • Scope 3 : Business travel, employee commuting and purchased goods and services. Scope 3 emissions are calculated using the EXIOBASE Multi-Regional Environmentally Extended Input- Output (EEIO) Model to estimate emissions from procurement and travel activity. A location-based approach has been used to calculate Scope 2 emissions, reflecting the average grid emissions in the country of operation (primarily Germany). Methodology Emissions are calculated using the GHG Protocol methodology and apply the latest government conversion factors. For Scope 3 procurement emissions, expenditure data is mapped to EEIO emission factors to provide a reliable estimate of upstream environmental impacts. Energy Efficiency Measures During 2024, the Group implemented several energy efficiency initiatives, including: • Consolidation of in-person business travel through digital alternatives (virtual meetings); • Introduction of procurement guidelines that favour low-emission vendors and services; and • Continued optimisation of the World Chess Club Berlin’s energy usage. Emissions Intensity & Targets The Group is committed to improving its emissions intensity on a per-revenue basis. Its near-term goals are: • Achieve a 10% reduction in emissions intensity (tCO₂e/€m revenue) by 2026, using 2024 as the baseline year; • Transition to 100% renewable electricity in all office and venue locations by 2027; • Reduce carbon intensity per digital user by 30% by 2030 (baseline year: 2024); and • Include Scope 3 supplier engagement in its climate strategy by 2025. In 2024, Scope 3 emissions fell significantly from 1,661 tCO₂e in 2023 to 641.6 tCO₂e, primarily due to the completion of the one-off fit-out of the World Chess Club Berlin (WCCB) in 2023, which reduced carbon- intensive procurement. This reduction occurred despite revenue remaining relatively unchanged, increasing by only 4%. Business travel emissions also declined substantially, from 55.9 tCO₂e in 2023 to 6.3 tCO₂e in 2024, reflecting a more sustainable approach, including greater use of virtual meetings and optimised scheduling of in- person engagements. Kilowatt hours of energy (kWh) Tonnes of carbon dioxide equivalent (tCO2e) 2024 2023 2024 2023 Scope 1 - - - - - Scope 2 Rest of world electricity (location based) 122,127 84,374 39.2 52.1 Scope 3 Business travel 28,183 260,957 6.3 55.9 Employee commuting 124,094 - 27.9 - Upstream transportation and distribution - 1,888,250 - 391.0 Purchased goods and services 2,727,446 6,133,192 613.7 1,270.0 Total 3,001,850 8,366,773 687.1 1,769.0 Intensity ratio per €m revenue 1,233,211 3,567,172 282 754 ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 39 of 84 While electricity usage increased with the first full year of operations at WCCB, Scope 2 emissions fell by 24.7%, largely due to the decarbonisation of the electricity grid in Germany. Looking ahead, the Group will continue to refine its data collection processes and is also developing a more detailed climate transition plan aligned with the UK’s TCFD and SDR frameworks. Equal opportunities The Company promotes a policy for the creation of equal and ethnically diverse employment opportunities including with respect to gender. The Company promotes and encourages employee involvement wherever practical as it recognises employees as an asset and one of the key contributions to the Company’s success. Internal controls The Board has ultimate responsibility for the Group’s system of internal controls and for reviewing their effectiveness. However, any such system of internal control can provide only reasonable, but not absolute, assurance against material misstatement or loss. The Group continues to review its system of internal controls to ensure they are appropriate for the size, complexity and risk profile of the Group. The risk and control management system framework includes: • close management of the day-to-day activities of the Group by the Executive Directors; • regular reviews of its risk register; • comprehensive annual budgeting process, which is approved by the Board; • detailed monthly reporting of performance against budget; and • central control over key areas such as capital expenditure authorisation and banking facilities. The Executive Directors are responsible for ensuring that the risk and control management system framework is implemented effectively within their respective business areas. This includes ensuring an effective risk culture is in place, with risk management embedded in the business. The Board delegates its responsibility to identify, assess and manage climate-related risk to the Audit Committee. The Group continues to review its system of internal control to ensure adherence to best practice, whilst also having regard to its size and the resources available. A whistle blowing policy is in place to enable employees to report to the Board, in confidence, any risks or threats to the operations of the business, however the Board considers that the introduction of an internal audit function is not appropriate at this juncture but will keep this under review. Corporate Governance The Company has adopted the Quoted Companies Alliance Corporate Governance Code (the "QCA Code") as its benchmark for governance practices, having regard to the Company's size, stage of development and resources. The Board believes the QCA Code provides an appropriate framework to support effective corporate governance and long-term value creation for shareholders. A detailed statement of how the Company has applied each of the ten principles of the QCA Code, including an explanation of any departures from the Code and the reasons for them, is set out on pages 18 to 25 of this Annual Report. Provision of information to auditor So far as each of the Directors is aware at the time this report is approved: • there is no relevant audit information of which the Company’s auditor is unaware; and • the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the Company’s auditor is aware of that information. Auditor Moore Kingston Smith LLP were reappointed as auditors for the Company for the financial year 2024 at the AGM in June 2024. A resolution to re-appoint Moore Kingston Smith LLP will be put to the shareholders at the next Annual General Meeting. ![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
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</svg>) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 40 of 84 Website publication The Directors are responsible for ensuring the annual report and the financial statements are made available on a website. Financial statements are published on the Company’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Company’s website is the responsibility of the directors. The Directors’ responsibility also extends to the ongoing integrity of the financial statements contained therein. Directors’ responsibilities pursuant to DTR4 (Disclosure and Transparency Rules) The Directors confirm to the best of their knowledge and belief: • The Group and Company financial statements have been prepared in accordance with UK-adopted International Accounting Standards, and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and Company; and • The annual report includes a fair review of the development and performance of the business and financial position of the Group and Company, together with a description of the principal risks and uncertainties. This Directors’ Report was approved by the Board of Directors on 29 April 2025 and signed on its behalf by: Ilya Merenzon Chief Executive Officer ![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
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</svg>) World Chess Plc – Company Registration No. 10589323 GOVERNANCE Page 41 of 84 Statement of Directors’ Responsibilities 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 are required to prepare the Group and Company Financial Statements in accordance with UK- adopted International Accounting Standards and as regards the Company financial statements, as applied in accordance with the requirements of the Companies Act 2006. 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 Company and the Group as at the end of the financial year and of the profit or loss of the Group and the Company for that period. In preparing these financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgments and accounting estimates that are reasonable and prudent; • state whether the applicable UK-adopted International Accounting Standards have been followed subject to any material departures disclosed and explained in the financial statements; and • prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Group and the 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 Company and the Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions. This Report was approved by the Board of Directors on 29 April 2025 and signed on its behalf by: Ilya Merenzon Chief Executive Officer ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 REPORT TO THE MEMBERS OF WORLD CHESS PLC Page 42 of 84 Opinion We have audited the financial statements of World Chess Plc (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2024 which comprise the Consolidated Statement of Profit or Loss and Other Comprehensive Income, the Consolidated and Company Statements of Financial Position, the Consolidated and Company Statements of Changes in Equity, the Consolidated and Company Statements 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 UK adopted International Accounting Standards and, as regards the parent company financial statements, as applied in accordance with the provisions of the Companies Act 2006. In our opinion: • the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 December 2024 and of the group’s loss for the year then ended; • the group financial statements have been properly prepared in accordance with UK adopted International Accounting Standards; • the parent company financial statements have been properly prepared in accordance with UK adopted International Accounting Standards and as applied in accordance with the provisions of the Companies Act 2006; and • the financial statements 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 the 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 as applied to listed public interest entities, 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. Our approach to the audit Our audit approach was a risk-based approach founded on a thorough understanding of the group’s business, its environment and risk profile. We conducted substantive audit procedures and evaluated the group’s internal control environment. We also addressed the risk of management override of internal controls, including assessing whether there was evidence of bias by the directors that may have represented a risk of material misstatement. Our group audit focused on the financial information of components which, in our view, either individually or in combination, represented the most significant areas of financial reporting risk or were quantitatively material to the Group's results. For those components that presented a higher risk of material misstatement or contributed significantly to the overall group’s results or financial position, either a full scope or a specified audit approach was determined based on their relative materiality to the group and our assessment of the audit risk. For components requiring a full scope approach, we evaluated controls by performing walkthroughs over the financial reporting systems identified as part of our risk assessment, reviewed the accounts production process and addressed critical accounting matters. We then undertook substantive testing on significant transactions and material account balances. In order to address the audit risks in respect of the group and company financial statements identified during our planning procedures, we performed a full scope audit of the financial statements of the parent company and World Chess Events Limited. For the purpose of expressing our opinion on the group financial statements, we also performed a full scope audit of the financial information of World Chess Europe GmbH., World Chess US, Inc. and World Chess Europe GmbH. We performed analytical procedures on the ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 REPORT TO THE MEMBERS OF WORLD CHESS PLC Page 43 of 84 remaining components, which were individually immaterial but collectively covered residual group risk. All work was carried out by the group audit engagement team. We communicated with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant findings, including any significant deficiencies in internal controls that we identified during the audit. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the group and company financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the audit engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. This is not a complete list of risks identified during our audit. Key Audit Matters How our scope addressed this matter Valuation of intangible assets Refer to note 2 on page 59 for the relevant accounting policies and page 60 for the key judgements taken by management in preparing the consolidated financial statements . As at the reporting date, the group had intangible assets of €3.48m (2023: €3.09m). Management and those charged with governance are required to assess whether there are potential indicators of impairment of the group’s intangible assets at each reporting date and, if potential indicators of impairment are identified, management are required to perform a full impairment test of the recoverable value of the intangible assets in accordance with the requirements of IAS 36. Management identified potential indicators of impairment of the intangible assets and consequently performed an impairment test, based on which they concluded that no impairment was ultimately required. The assessment of the recoverable value of the intangible assets required judgements and estimates to be made by management regarding the inputs applied in the models including future cash flows, operating and development costs and discount rates. The carrying value of the intangible assets was therefore considered to be a key audit matter. Our audit work included, but was not restricted to, the following procedures: • Critically assessing the appropriateness of management’s determination of the relevant Cash Generating Units (CGUs). • Obtaining management’s assessment of the future forecast discounted cash flows and critically assessing the Value In Use (VIU) model for intangible assets to test compliance with the requirements of the applicable financial reporting standards, specifically IAS 36. • Performing data integrity and mechanical checks on the discounted cash flow model. • Critically assessing and challenging the impairment test prepared by management including the forecast discounted cash flows, focusing on the appropriateness of the assumptions and key inputs used in preparing them. • Performing sensitivity analysis on the impairment test and assessing the accuracy of the forecasts used based on historical trading performance for the CGUs. • Evaluating the accounting policy and detailed disclosures in the notes to the financial statements to determine whether the information provided in the financial statements is compliant with the requirements of IAS 36 and consistent with the results of the impairment test. • Reviewing the amortisation accounting policy for non-goodwill intangible fixed assets to ensure it was appropriate. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 REPORT TO THE MEMBERS OF WORLD CHESS PLC Page 44 of 84 • Critically assessing the relevant disclosures within the financial statements Key observations: Based on our audit work, we concluded that intangible assets are not materially misstated at the reporting date and that management’s assessment that no impairment was required was appropriate. We consider the disclosures in the financial statements relating to this area to be adequate. Valuation of property, plant and equipment and right of use assets Refer to note 2 on page 58 for the relevant accounting policies and page 59 for the key judgements taken by management in preparing the consolidated financial statements . As at the reporting date, the group had property, plant and equipment of €0.935m (2023: €1.03m) and right of use assets of €1.06m (2023: €1.21m) Management and those charged with governance are required to assess whether there are potential indicators of impairment of the group’s property, plant and equipment at each reporting date and, if potential indicators of impairment are identified, management are required to perform a full impairment test of the recoverable value of the relevant assets in accordance with the requirements of IAS 36. Management identified potential indicators of impairment as the chess club in Berlin has been loss making and consequently performed an impairment test, based on which they concluded that no impairment was ultimately required. Subsequent to the reporting date, management announced the closure of the club as referred to below.. The assessment of the recoverable value of the property, plant and equipment required judgements and estimates to be made by management regarding the inputs applied in the models including future cash flows, operating and development costs and discount rates. Management also performed a detailed assessment to determine whether the announcement post year end that the chess club was to be closed is an adjusting or non-adjusting event after the reporting date. Given the significance of the estimates and Our audit work included, but was not restricted to, the following procedures: • Obtaining management’s analysis of their assessment of whether there are any indicators of impairment. • Critically assessing the assumptions underpinning the valuation of property, plant and equipment and right of use assets. • Evaluating the accounting policy and detailed disclosure to determine whether information provided in the financial statements is compliant with the requirements of IAS 36 and consistent with the results of the impairment review. • Critically assessing management’s assessment and supporting information to determine whether the closure of the chess club post year end is an adjusting or non- adjusting post balance sheet event. • Critically assessing the appropriateness of the depreciation policy. • Critically assessing the relevant disclosures within the financial statements. Key observations: Based on the audit work performed and the conditions that existed at the reporting date, we agree with management’s assessment that the closure of the chess club post year end is a non- adjusting event and concluded that property, plant and equipment and right of use assets are not materially misstated at the reporting date and that management’s assessment that no impairment was required was appropriate. We consider the disclosures in the financial statements relating to this area to be adequate. ![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
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</svg>) World Chess Plc – Company Registration No. 10589323 REPORT TO THE MEMBERS OF WORLD CHESS PLC Page 45 of 84 judgments involved, the valuation of property, plant and equipment and right of use assets was considered to be a key audit matter. Going concern Refer to note 2 on page 58 in the consolidated financial statements. The group has incurred a loss of €3.80m for the year (2023: €4.69m) and the net assets disclosed in the Consolidated Statement of Financial Position at 31 December 2024 are €0.951m representing a decrease from €2.52m at 31 December 2023. The directors have prepared cashflow forecasts that show that the group will be able to meet its ongoing liabilities as they fall due for at least twelve months from the date of signing of these financial statements. Our audit work and conclusions in respect of going concern has been detailed in the ‘Material uncertainty related to going concern’ section of our audit report. Our application of materiality The scope and focus of our audit were influenced by our assessment and application of materiality. We define materiality as the magnitude of misstatement that could reasonably be expected to influence the economic decisions of the users of the financial statements. We use materiality to determine the scope of our audit and the nature, timing, and extent of our audit procedures and to evaluate the effect of misstatements, both individually and on the financial statements as a whole. We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of misstatements. Based on our professional judgement we determined materiality for the financial statements as a whole and performance materiality as follows: Group financial statements Parent company financial statements Materiality €193,000 €50,500 Basis for determining materiality 5% of loss before tax 1% of gross assets Rationale for the benchmark applied As the group is a profit-oriented group and profit/loss is a key financial indicator of the business performance we considered this to be an appropriate basis for materiality. As the parent company does not have any trading operations, total assets is the key indicator of the business performance, accordingly, gross assets has been considered as an appropriate benchmark. Performance materiality €96,500 €25,250 Basis for determining performance materiality 50% of group materiality. This was considered an appropriate percentage based on our risk assessment and our assessment of the overall control environment of the group. 50% of parent company materiality. This was considered an appropriate percentage based on our risk assessment and our assessment of the overall control environment of the parent company. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 REPORT TO THE MEMBERS OF WORLD CHESS PLC Page 46 of 84 Materiality levels for World Chess Events Limited were set at 5% of loss before tax and for all the other components, we set materiality based on a percentage of group materiality dependent on the size of each component and our assessment of the risk of material misstatement relevant to that component. Component materiality, other than that of the parent company, ranged from €75,000 to €173,700. In the audit of each component, we further applied performance materiality levels of 50% of the component materiality to our testing to ensure that the risk of errors exceeding component materiality was appropriately mitigated. We agreed with the Audit Committee that we would report to them all individual audit differences in excess of €9,650 for the group and €2,525 for the parent company. We also agreed to report differences below this threshold that, in our view, warranted reporting on qualitative grounds. We also reported to the Audit Committee on disclosure matters that we identified when assessing the overall presentation of the financial statements. Material uncertainty related to going concern We draw attention to note 2 to the financial statements, which indicates that the group is dependent on a borrowing facility, originally repayable in December 2025, to continue in business and meet its liabilities as they fall due. Whilst the facility has been renewed for another year subsequent to the year end and the Board expects refinancing or replacement funding to be secured over the course of the next twelve months, the need to secure this future funding represents a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern. In addition, the impact on the group as a whole of the recent announcement of the closure of the Berlin chess club is yet to be determined. Our opinion is not modified in respect of this matter. 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. Our evaluation of the directors’ assessment of the group’s and the parent company’ ability to continue to adopt the going concern basis of accounting included, but was not limited to, the following procedures: • Critically assessing the going concern assessment prepared by management covering at least twelve months from the date of the audit report and challenging the client as regards the key assumptions and forecasts used in their assessment; • Performing sensitivity analysis on the forecasts to ensure there is sufficient cash flow headroom for the group to continue as a going concern for at least that period; • Reviewing the terms of the facilities available to the group; • Reviewing the trading performance of the group post year end and comparing it to the forecasts to assess their accuracy; and • Assessing the adequacy of the going concern disclosures in the financial statements. 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. In connection with our audit of the financial statements, 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 there is 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. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 REPORT TO THE MEMBERS OF WORLD CHESS PLC Page 47 of 84 We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion the part of the directors’ remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006. In our opinion, based on the work undertaken in the course of the 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. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent company and its 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 where 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 and the part of the directors’ remuneration report to be audited 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; or • a corporate governance statement has not been prepared by the parent company. Responsibilities of directors As explained more fully in the directors’ responsibilities statement set out on page 41, 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 group’s and 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 group or the parent 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities is available on the FRC’s website at https://www.frc.org.uk/auditors/auditor-assurance/auditor-s-responsibilities-for-the-audit-of-the- fi/description-of-the-auditor's-responsibilities-for This description forms part of our auditor’s report. 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 ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 REPORT TO THE MEMBERS OF WORLD CHESS PLC Page 48 of 84 irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. Our approach was as follows: • We obtained an understanding of the legal and regulatory requirements applicable to the group and parent company and considered that the most significant are the Companies Act 2006, UK adopted International Accounting Standards, the Listing Rules, the Disclosure and Transparency Rules, and UK taxation legislation. • We obtained an understanding of how the group and parent company complies with these requirements by discussions with management and those charged with governance. • 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 inquired of management and those charged with governance as to any known instances of non- compliance or suspected non-compliance with laws and regulations. • 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 and obtaining additional corroborative evidence as required. • We evaluated managements’ incentives to fraudulently manipulate the financial statements and determined that the principal risks related to management bias in accounting estimates and judgemental areas of the financial statements. We challenged the assumptions and judgements made by management in respect of the significant areas of estimation, as described in the key audit matters section. Further audit procedures performed to address the risk of fraud included but were not limited to the testing of journals and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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. Other matters which we are required to address Following the recommendation of the Audit Committee, we were reappointed at the Company’s Annual General Meeting (AGM) on 24 June 2024 as auditor of the Company to hold office until the conclusion of the next AGM of the Company. We were originally appointed by the Audit Committee on 6 March 2023 to audit the financial statements for the year ended 31 December 2022. Our total uninterrupted period of engagement is three years, covering periods from our appointment to the year ended 31 December 2024. The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the group or the parent company and we remain independent of the group and the parent company in conducting our audit. Our audit opinion is consistent with the additional report to the Audit Committee. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 REPORT TO THE MEMBERS OF WORLD CHESS PLC Page 49 of 84 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 which 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 company’s members as a body, for our work, for this report, or for the opinions we have formed. Matthew Banton (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 6th Floor 9 Appold Street London EC2A 2AP ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 50 of 84 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes € € Revenue 3 2,434,173 2,345,492 Cost of sales (1,544,550) (2,166,390) GROSS PROFIT 889,623 179,102 Other operating income 16,003 11,706 Administrative expenses (4,561,471) (4,344,248) OPERATING LOSS BEFORE EXCEPTIONAL ITEMS (3,655,845) (4,153,440) Exceptional items 5 - (326,776) OPERATING LOSS (3,655,845) (4,480,216) Finance costs 6 (187,325) (191,393) Finance income 6 139 139 LOSS BEFORE INCOME TAX 7 (3,843,031) (4,671,470) Income tax 8 47,885 (13,629) LOSS FOR THE YEAR - CONTINUING AND TOTAL OPERATIONS (3,795,146) (4,685,099) OTHER COMPREHENSIVE INCOME Gain/(loss) on currency translation 12,753 (7,323) TOTAL COMPREHENSIVE INCOME FOR THE YEAR (3,782,393) (4,692,422) Loss attributable to: Owners of the parent (3,795,146) (4,685,099) Total comprehensive income attributable to: Owners of the parent (3,782,393) (4,692,422) LOSS PER SHARE – CONTINUING AND TOTAL OPERATIONS Basic and diluted 9 (0.006) (0.007) The notes on pages 58 to 84 should be read in conjunction with these consolidated financial statements. ![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
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</svg>) World Chess Plc – Company Registration No. 10589323 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 51 of 84 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 2024 2023 as restated Notes € € NON-CURRENT ASSETS Owned: Intangible assets 10 3,477,150 3,086,827 Owned: Property, plant and equipment 11 935,240 1,029,516 Right-of-use: Property, plant and equipment 11, 21 1,055,967 1,206,820 Trade and other receivables 14 162,884 - Deferred tax 25 111,374 63,272 5,742,615 5,386,435 CURRENT ASSETS Inventories 13 147,549 187,018 Trade and other receivables 14 234,167 256,464 Tax receivable 64,734 - Cash and cash equivalents 15 267,396 186,881 713,846 630,363 TOTAL ASSETS 6,456,461 6,016,798 EQUITY AND LIABILITIES SHAREHOLDERS' EQUITY Called up share capital 16 78,520 75,647 Share premium 17 12,754,046 11,048,183 Share capital to be issued 18 2,016,703 1,508,737 Translation reserve 18 71,371 58,618 Retained earnings 18 (13,969,870) (10,174,724) TOTAL EQUITY 950,770 2,516,461 NON-CURRENT LIABILITIES Lease liabilities 21 1,174,319 1,304,273 Provision for liabilities 24 157,887 157,887 1,332,206 1,462,160 CURRENT LIABILITIES Trade and other payables 19 2,641,987 1,888,980 Lease liabilities 21 129,955 116,208 Interest bearing loans and borrowings 20 1,401,543 32,989 4,173,485 2,038,177 TOTAL LIABILITIES 5,505,691 3,500,337 TOTAL EQUITY AND LIABILITIES 6,456,461 6,016,798 The notes on pages 58 to 84 should be read in conjunction with these consolidated financial statements. The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by: Ilya Merenzon Chief Executive Officer ![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
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</svg>) World Chess Plc – Company Registration No. 10589323 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 52 of 84 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 2024 2023 as restated Notes € € NON-CURRENT ASSETS Investments 12 301,616 301,616 301,616 301,616 CURRENT ASSETS Trade and other receivables 14 4,732,815 5,790,209 Tax receivable 16,712 6,025 Cash and cash equivalents 15 6,551 21,366 4,756,078 5,817,600 TOTAL ASSETS 5,057,694 6,119,216 EQUITY AND LIABILITIES SHAREHOLDERS' EQUITY Called up share capital 16 78,520 75,647 Share premium 17 12,754,046 11,048,183 Share capital to be issued 18 2,016,703 1,508,737 Retained earnings 18 (10,422,057) (6,871,864) TOTAL EQUITY 4,427,212 5,760,703 CURRENT LIABILITIES Trade and other payables 19 630,482 358,513 630,482 358,513 TOTAL LIABILITIES 630,482 358,513 TOTAL EQUITY AND LIABILITIES 5,057,694 6,119,216 The notes on pages 58 to 84 should be read in conjunction with these financial statements. As permitted by Section 408 of the Companies Act 2006, the statement of Profit and loss and comprehensive income of the parent company is not presented as part of these financial statements. The parent company's loss for the financial year was €3,550,193 (2023: €1,542,691). The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by: Ilya Merenzon Chief Executive Officer ![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
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</svg>) World Chess Plc – Company Registration No. 10589323 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 53 of 84 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024 Called up share capital Share Premium Share capital to be issued Translati on reserve Retained Earnings Total equity € € € € € € Balance at 1 January 2023 68,260 6,518,849 - 65,941 (5,489,625) 1,163,425 Changes in equity Issue of share capital 7,387 4,529,334 - - 4,536,721 Total comprehensive income - - (7,323) (4,685,099) (4,692,422) Balance at 31 December 2023 75,647 11,048,183 - 58,618 (10,174,724) 1,007,724 Prior year adjustment (note 31) - - 1,508,737 - - 1,508,737 As restated 75,647 11,048,183 1,508,737 58,618 (10,174,724) 2,516,461 Changes in equity Issue of share capital 336 199,664 - - - 200,000 Movement in share capital to be issued 2,537 1,506,199 507,966 - - 2016,702 Total comprehensive income - - - 12,753 (3,795,146) (3,782,393) Balance at 31 December 2024 78,520 12,754,046 2,016,703 71,371 (13,969,870) 950,770 The notes on pages 58 to 84 should be read in conjunction with these consolidated financial statements. COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024 Called up share capital Share Premium Share capital to be issued Retained Earnings Total equity € € € € € Balance at 1 January 2023 68,260 6,518,849 - (5,329,173) 1,257,936 Changes in equity Issue of share capital 7,387 4,529,334 - - 4,536,721 Total comprehensive income - - - (1,542,691) (1,542,691) Balance at 31 December 2023 75,647 11,048,183 - (6,871,864) 4,251,966 Prior year adjustment (note 31) - - 1,508,737 - 1,508,737 As restated 75,647 11,048,183 1,508,737 (6,871,864) 4,251,966 Changes in equity Issue of share capital 336 199,664 - - 200.000 Movement in share capital to be sissued 2,537 1,506,199 507,966 - 2,016,702 Total comprehensive income - - - (3,550,193) (3,550,193) Balance at 31 December 2024 78,520 12,754,046 2,016,703 (10,422,057) 4,427,212 The notes on pages 58 to 84 should be read in conjunction with these financial statements. As detailed in note 31 the Group identified a classification error in the year ended 31 December 2023. An amount of €1,508,737 received under a binding share subscription agreement was incorrectly classified within Trade and other payables. This has been reclassified as share capital to be issued in the Consolidated and Company Statements of Changes in Equity. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 54 of 84 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 as restated Notes € € Cash flows from operating activities Cash absorbed from operations 1 (2,149,377) (3,338,149) Interest paid (34,657) (6,638) Finance cost paid (151,200) (163,495) Tax refund received (20,985) 250,913 Net cash used in operating activities (2,356,219) (3,257,369) Cash flows from investing activities Purchase of intangible fixed assets (6,473,527) (3,317,267) Proceeds from disposal of intangible fixed assets 5,503,318 2,495,727 Purchase of property, plant and equipment (39,315) (631,603) Proceeds from disposal of property, plant and equipment - 1,185 Interest received 139 139 Net cash used in investing activities (1,009,385) (1,451,819) Cash flows from financing activities Loan advanced in the year 2,279,714 - Loan repayments in year (912,628) (30,050) Payment of lease liabilities (116,207) (100,596) Amount introduced by directors 165,785 14,167 Proceeds from share issue - 3,475,569 Received in advance of share issuance 2,016,702 1,508,737 Net cash generated from financing activities 3,433,366 4,867,827 Increase in cash and cash equivalents 67,762 158,639 Cash and cash equivalents at beginning of year 2 186,881 35,565 Effect of foreign exchange rate changes 12,753 (7,323) Cash and cash equivalents at end of year 2 267,396 186,881 The notes on pages 56 to 57 and on pages 58 to 84 should be read in conjunction with these consolidated financial statements. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 55 of 84 COMPANY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 as restated Notes € € Cash flows from operating activities Cash absorbed by operations 1 (881,937) (1,655,432) Interest paid (6,241) - Net cash used in operating activities (888,178) (1,655,432) Cash flows from investing activities Interest received 112,675 106,145 Net cash generated from investing activities 112,675 106,145 Cash flows from financing activities Amounts paid to group undertakings (1,430,427) (3,436,509) Amounts introduced by directors 174,413 16,613 Proceeds from share issue - 3,475,570 Received in advance of share issuance 2,016,702 1,508,737 Net cash generated from financing activities 760,688 1,564,411 (Decrease)/increase in cash and cash equivalents (14,815) 15,124 Cash and cash equivalents at beginning of year 2 21,366 6,242 Cash and cash equivalents at end of year 2 6,551 21,366 The notes on pages 56 to 57 and on pages 58 to 84 should be read in conjunction with these financial statements. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 56 of 84 NOTES TO THE STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 1 RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH ABSORBED FROM OPERATIONS | | | | | --- | --- | --- | | Group | 2024 | 2023 | | | € | € | | Loss before income tax | (3,843,031) | (4,671,470) | | Depreciation and amortisation | 864,330 | 843,237 | | Provision | - | (22,765) | | Finance costs | 187,325 | 191,393 | | Finance income | (139) | (139) | | | (2,791,515) | (3,659,744) | | Decrease in inventories | 39,469 | 673 | | (Increase)/decrease in trade and other receivables | (184,553) | 406,102 | | Decrease in trade and other payables | 787,222 | (85,180) | | Cash absorbed from operations | (2,149,377) | (3,338,149) | | | | | | --- | --- | --- | | Company | 2024 | 2023 | | | € | € | | Loss before income tax | (3,550,193) | (1,542,691) | | Impairment of intercompany loan | 2,631,441 | - | | Finance costs | 6,241 | 21,260 | | Finance income | (112,675) | (106,145) | | | (1,025,186) | 1,627,576 | | Decrease/(increase) in trade and other receivables | 887 | (6,118) | | Increase/(decrease) in trade and other payables | 142,362 | (21,738) | | Cash absorbed by operations | (881,937) | (1,655,432) | An impairment charge of €2,631,441 relating to the write-down of the carrying value of an intercompany loan, being a significant non-cash transaction, has been added back to loss before tax in the Company cash flow statement. 2 CASH AND CASH EQUIVALENTS The amounts disclosed on the Statements of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: | | | | | --- | --- | --- | | Group | 2024 | 2023 | | | € | € | | Year ended 31 December 2024 | | | | Cash and cash equivalents | 267,396 | 186,881 | | Year ended 31 December 2023 | | | | Cash and cash equivalents | 186,881 | 35,565 | ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 57 of 84 | | | | | --- | --- | --- | | Company | 2024 | 2023 | | | € | € | | Year ended 31 December 2024 | | | | Cash and cash equivalents | 6,551 | 21,366 | | Year ended 31 December 2023 | | | | Cash and cash equivalents | 21,366 | 6,242 | 3 RECONCILIATION OF NET DEBT | | | | | --- | --- | --- | | Group | 2024 | 2023 | | | € | € | | At 31 December | | | | Other loans | (1,401,543) | (32,989) | | Amounts owed to Directors | (300,865) | - | | Lease liabilities | (1,304,274) | (1,420,481) | | Total Borrowings | (3,006,682) | (1,453,470) | | Cash and cash equivalents | 267,396 | 186,881 | | Net debt | (2,739,286) | (1,266,589) | | | | | | --- | --- | --- | | Company | 2024 | 2023 | | | € | € | | At 31 December | | | | Amounts owed to Directors | (194,322) | - | | Cash and cash equivalents | 6,551 | 21,366 | | Net (debt)/cash | (187,771) | 21,366 | Amounts owed to Directors includes balances due to Directors disclosed in note 27 to the financial statements. Although classified under ‘trade and other payables’ in the Statement of Financial Position, these amounts represent short-term financing from Directors and are included in net debt. ![](data:image/svg+xml;base64,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) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 58 of 84 1 STATUTORY INFORMATION World Chess PLC is a public company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. 2 ACCOUNTING POLICIES Basis of preparation These financial statements have been prepared in accordance with UK – adopted International Accounting Standards and IFRIC interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention, except for certain financial assets and liabilities, including crypto assets which are measured at fair value. The Group had no discontinued operations during the year. All results presented relate to continuing operations. The financial statements are presented in Euro which is the functional currency of the Group and rounded to the nearest €. Going concern In assessing the Group’s ability to continue as a going concern, the Directors have considered the Group’s Statement of Financial Position, forecast future operating budgets and cash flow projections for a period of at least twelve months from the date of approval of these consolidated financial statements. This assessment has included the evaluation of certain reasonable downside scenarios and associated mitigating actions. The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the consolidated financial statements have been prepared on a going concern basis. However, the Group has an existing borrowing facility which is due for repayment in 2026. While the Directors expect that refinancing or replacement funding will be secured in the ordinary course of business, this funding is not yet committed as at the date of signing these financial statements. As such, the need to secure this future funding represents a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern. Notwithstanding this material uncertainty, and based on current forecasts and available resources, the Directors believe the Group will be able to continue in operation and meet its obligations as they fall due for a period of at least twelve months from the date of approval of these consolidated financial statements. These financial statements do not include the adjustments that would be required if the Group were unable to continue as a going concern. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. Intra-group balances and transactions are eliminated on consolidation. ![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzU5ewpmaWxsOiAjMDAwOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNzIuNiwxMTEuNkg4MzQuMnYtLjdINzIuNnYuN1oiIGNsYXNzPSJnMF81OSIvPgo8L3N2Zz4=) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 59 of 84 Critical accounting judgements and key sources of estimation uncertainty The preparation of the financial statements in conformity with UK – adopted International Accounting Standards requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management's best knowledge of the amounts, events or actions, actual results ultimately 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. The material areas in which estimates and judgements are applied as follows: Impairment of other intangible assets The Group is required to test, on an annual basis, whether other intangible assets have suffered any impairment. Determining whether there has been any impairment requires an estimation of the fair value in use of the cash-generating units. The value in use calculation requires the Directors to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate to calculate the present value, the discount rate applied is 12.81% (2023: 16.15%). The carrying value of intangible assets is set out in the table below (see also note 10): | | | | | --- | --- | --- | | | Group | | | | 2024 | 2023 | | | € | € | | Exclusive FIDE rights | 221,059 | 331,588 | | Software Licences | 36,000 | 59,000 | | Online Platform | 2,942,925 | 2,692,024 | Sensitivity Analysis The impairment review is sensitive to changes in key assumptions, particularly the discount rate and the forecast revenues and costs. The Directors have considered possible changes in these assumptions and their potential impact on the headroom available in the impairment model. • A 1% increase in the discount rate (from 12.81% to 13.81%) would reduce the value in use of the cash-generating unit by approximately €2,150,000 but would not result in impairment of any of the assets tested. • A 1% decrease in forecast revenues would reduce the value in use of the cash-generating unit by approximately €850,000 but would not result in impairment of any of the assets tested. • A 1% increase in forecast costs would reduce the value in use of the cash-generating unit by approximately €700,000 but would not result in impairment of any of the assets tested. Investments and amounts owed by group undertakings for impairment (Company Only) At each reporting date, the Company assesses whether amounts owed by group undertakings have suffered any impairment. Determining whether there has been any impairment requires an estimation of the recoverable amount of the receivables, based on the financial position and expected future cash flows of the relevant group undertakings. This assessment involves estimating future cash flows expected to arise from the group undertaking and applying a suitable discount rate to calculate the present value. The discount rate applied is 12.81% (2023: 16.15%) and the carrying value of amounts owed by group undertakings is set out in the table below: | | | | | --- | --- | --- | | | Company | | | | 2024 | 2023 | | | € | € | | World Chess Events Ltd | 4,713,435 | 3,290,077 | | World Chess Europe GmbH | - | 2,479,904 | As of the reporting date, an impairment charge of €2,631,441 (2023: €512,854) has been recognised in the Company’s income statement to reflect a reduction in the recoverable amount of the balance. The ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 60 of 84 Directors will continue to monitor the financial performance of the group undertakings and reassess the recoverability of the amount owed on an ongoing basis. The Directors will continue to monitor the financial performance of the subsidiary and reassess the recoverability of the loan on an ongoing basis. Legal proceedings and other provisions Provisions for legal proceedings are recognised as other expenses when the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount can be measured reliably. At the Statement of Financial Position date there is an ongoing claim with one supplier, if the claim is successful then an invoice, amounting to €1,140,000, will become payable. The invoice is not provided for in the financial statements as the Directors consider it to be null and void and raised by the supplier in breach of contract (see note 26). The Group has also recognised a dilapidations provision of €157,887 at 31 December 2024 (2023: €157,887), representing the estimated cost of reinstating a leased property to its original condition at the end of the lease term. The estimate is based on the Group’s current understanding of the lease requirements and will be reviewed regularly throughout the lease term, which ends on 31 December 2031. Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue from sale of goods is recognised when control of the goods has transferred to the customer. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Any revenue received in advance gives rise to contract liabilities which is deferred and included in accruals and deferred income. The carrying amount of the deferred income included in payables being €401,898 (2023: €650,098). No obligation for returns, refunds or other similar obligation is recognised, the Directors following careful consideration, having concluded that any potential obligation is trivial. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all the following conditions are satisfied: • The Company has transferred the significant risks and rewards of ownership to the buyer; • The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • The amount of revenue can be measured reliably; • It is probable that the Company will receive the consideration due under the transaction; and • The costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: • The amount of turnover can be measured reliably; • It is probable the Company will receive the consideration due under the contract; • The stage of completion of the contract at the end of the reporting period can be measured reliably; and • The costs incurred and the costs to complete the contract can be measured reliably. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 61 of 84 The policies specific to the Group’s revenue types within its activities are outlined below: Events Revenue is recognised in the period in which the event takes place; revenue is typically linked to multiyear agreements where payment is received in advance of the event to which it relates. Online income Revenue is recognised over the period of the subscription; online subscriptions are paid annually in advance. Merchandising and Clubs Revenue is recognised when control of the goods has transferred to the customer; typically, control is transferred upon payment by the customer. Segment reporting IFRS 8 Operating Segments requires operating segments to be identified and reported in a manner consistent with the internal reporting provided to chief operating decision maker (‘CODM’), who is responsible for allocating resources and assessing performance of the operating segments as identified by the Directors. The Directors have reviewed the Group’s activities and consider the Group to comprise a single line of business being a mass market promoter of chess. Within the single line of business, the Group undertakes integrated revenue generating activities across tournaments, an online platform, chessarena.com, and merchandise and clubs. These revenue generating activities are closely aligned within a business model which seeks to promote a chess community across tournaments, online and physical environments. The individual revenue generating activities are managed in an integrated way by the CODM and executive management team who review financial information on the same integrated way. The Group has geographically separate operations and a geographic split of revenue as well as the split between the revenue types within its activities is included in note 3. Cash and cash equivalents Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value. In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position. Crypto-assets Included within intangible assets are crypto-assets held in the Group’s name in the Binance crypto exchange, the Group has not traded in crypto-assets to date and such activities do not form part of its strategy. The crypto-assets are not held as long-term investments, nor do they form part of the Group’s inventory. The Group’s strategy is to convert crypto-assets to fiat currencies at the earliest opportunity, usually upon receipt or in accordance with an agreed schedule of conversion. Any crypto-assets received are recognised at the exchange rate prevailing at the date that the risk and reward associated with the crypto-asset passes to the Group. Where the exchange rate of the crypto- assets has a guaranteed minimum floor price, a receivable is recognised for any short-fall. Crypto-assets are not amortised but are reviewed for impairment if the prevailing exchange rate indicates their value has fallen below their carrying value. Any impairment or realised exchange gains on the conversion of crypto-assets to fiat currency are recognised within exceptional items on the Consolidated Statement of Profit or Loss and Other Comprehensive Income. ![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzYyewpmaWxsOiAjMDAwOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNzIuNiwxMTEuNkg4MzQuMnYtLjdINzIuNnYuN1oiIGNsYXNzPSJnMF82MiIvPgo8L3N2Zz4=) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 62 of 84 Other intangible assets Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets. Intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows: • Exclusive rights to organise and host top-level chess events in association with FIDE amortised using the straight-line method over the ten-year term of the original contract. Following the 2022 FIDE Grand Prix, the rights were varied such that the company now holds the exclusive right to operate the official gaming platform of FIDE, chessarena.com. This was treated as a disposal of the old rights and an acquisition of the new rights at the same carrying value, with the new rights being amortised over the remaining life of the original contract. • Capitalised costs associated with developing the online platform used for the FIDE Online Arena, ten years using the straight-line method. • Licences to operate certain software incorporated into the platform, the life of the contract, being five years using the straight-line method. The basis for choosing these useful lives is with reference to the years over which they can continue to generate value for the Group. The Group reviews the amortisation period and method whenever events or circumstances indicate that the useful lives of intangible assets may have changed since the last reporting date. The amortisation charge for the year is recognised within Administrative Expenses in the Consolidated Statement of Profit or Loss and Other Comprehensive Income. The Group assesses at each reporting date whether there is any indication that intangible assets may be impaired. If any such indication exists, the recoverable amount of the asset is estimated. An impairment loss is recognised in the income statement if the carrying amount of an intangible asset exceeds its recoverable amount. The recoverable amount is determined as the higher of fair value less costs of disposal and value in use, based on estimated future cash flows discounted to their present value. Property, plant and equipment Depreciation is provided in order to write off each asset over its estimated useful life or, if held as a right- of-use asset, over the lease term, whichever is the shorter, which are typically. | | | | | --- | --- | --- | | • | Fixtures and fittings | - Straight line between 1 and 10 years depending on the type of asset | | • | Computer equipment | - Straight line over 3 years | The Group assesses at each reporting date whether there is any indication that property, plant and equipment may be impaired. If such an indication exists, the recoverable amount of the asset is estimated. An impairment loss is recognised if the carrying amount exceeds the recoverable amount, which is determined as the higher of fair value less costs of disposal and value in use. Any impairment losses are recognised in profit or loss. Impairment losses are reviewed at each reporting date for possible reversal. Financial instruments The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other receivables and payables, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade receivables and payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 63 of 84 the payment of trade debt deferred beyond normal business terms or financed at a rate of interest that is not market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Profit or Loss and Other Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the date of the Statement of Financial Position. Financial assets and liabilities are offset, and the net amount reported in the Statement of Financial Position when there is an 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. Inventories Inventories of traded goods are valued at the lower of cost or net realisable value (the estimated selling price less the estimated costs to sell), after making due allowance for obsolete and slow-moving items. Taxation Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules in the UK, USA and Germany where the Group operates, using tax rates enacted or substantively enacted by the date of the Statement of Financial Position. Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the date of the Statement of Financial Position. Commercial legislation within the Russian Federation in which the Group operated prior to April 2022, including tax legislation, is subject to varying interpretations and frequent changes. The Group's management is confident that all necessary tax accruals have been made and, accordingly, no additional provision is required in the Consolidated Financial Statements. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 64 of 84 Research and development Research and development expenditure is capitalised if it can be demonstrated that: • it is technically and commercially feasible to develop the asset for future economic benefit; • adequate resources are available to maintain and complete the development; • there is the intention to complete and develop the asset for future economic benefit; • the Group is able to use the asset; • use of the asset will generate future economic benefit; and • expenditure on the development of the asset can be measured reliably. Other development expenditure is recognised in the Consolidated Statement of Profit and Loss as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses. Foreign currencies Assets and liabilities in foreign currencies are translated into euro at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into euro at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. The results and financial position of subsidiaries whose functional currency is not the euro are translated into euro as follows: • Monetary assets and liabilities are translated at the closing exchange rate at the statement of financial position date. • Non-monetary items (such as equity investments and property, plant and equipment) are translated at historical exchange rates. • Income and expenses are translated at the average exchange rate for the period, unless exchange rates fluctuate significantly, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising from the translation of the financial statements of foreign subsidiaries are recognised in other comprehensive income and accumulated in a separate component of equity, called the foreign currency translation reserve. On disposal of a foreign subsidiary, the cumulative translation differences are reclassified to profit or loss as part of the gain or loss on disposal. IFRS 16 ‘Leases’ Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of- use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: • Fixed payments (including in-substance fixed payments), less any lease incentives receivable; • Amounts expected to be payable by the lessee under residual value guarantees; and • Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 65 of 84 The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group’s incremental borrowing rate. Right-of-use assets are measured at cost comprising the following: • The amount of the initial measurement of lease liability; • Any lease payments made at or before the commencement date less any lease incentives received; and • Any initial direct costs. Adoption of new and revised standards There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective from 1 January 2024, none of which have a material impact on these financial statements. Standards issued but not yet effective At the date of approval of these financial statements, the following new or amended standards and interpretations had been issued by the International Accounting Standards Board (IASB) and endorsed for use in the UK, but were not yet effective for the year ended 31 December 2024. The Group has not early adopted any of these standards: • IAS 1 (Amendments) – Classification of Liabilities as Current or Non-current (effective date 1 January 2027) • IAS 7 and IFRS 7 (Amendments) – Supplier Finance Arrangements (effective date 1 January 2027) • IFRS 10 and IAS 28 (Amendments) – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (effective date deferred indefinitely) • IFRS 18 – Presentation and Disclosure in Financial Statements (effective date 1 January 2027) • IFRS 19 – Subsidiaries without Public Accountability: Disclosures (effective date 1 January 2027) It is not expected that the amendments listed above, except for IFRS 18, once adopted, will have a material impact on the financial statements. Financial liabilities The Group does not have financial liabilities that would be classified as fair value through the profit or loss. Therefore, all financial liabilities are classified as other financial liabilities. The Group use the amortised cost method for financial liabilities include borrowings, trade and other payables and are recognised at their original amount. 3 REVENUE Revenue from contracts with customers | | | | | --- | --- | --- | | Revenue by type | 2024 | 2023 | | | € | € | | Tournaments | 394,736 | 1,381,341 | | Online Arena (chessarena.com) | 691,144 | 204,151 | | Clubs | 581,061 | 163,305 | | Merchandising | 767,232 | 596,695 | | | 2,434,173 | 2,345,492 | ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 66 of 84 | | | | | --- | --- | --- | | By geographical area | 2024 | 2023 | | | € | € | | United Kingdom | 1,677,916 | 1,391,453 | | United States of America | 690,172 | 51,804 | | Europe | 66,085 | 902,235 | | | 2,434,173 | 2,345,492 | Revenue is reported by geographical area based on the location where the revenue is recognised in the Group’s financial records, rather than the location of the customer. | | | | | --- | --- | --- | | By timing of recognition | 2024 | 2023 | | | € | € | | Revenue recognised over time | 1,085,880 | 1,585,492 | | Revenue recognised at a point in time | 1,348,293 | 760,000 | | | 2,434,173 | 2,345,492 | Revenue recognised over time relates primarily to subscription income from the Online Arena and Sponsorship income, which are recognised evenly over the duration of the performance obligation. Revenue recognised at a point in time includes, merchandise sales, and club-related income, which are recognised when control of the goods or services transfers to the customer. Major customer Included in Tournaments revenue are revenues of €353,004 attributable to a major customer (2023: €991,008 attributable to two major customers), being customers who represent more than 10% of revenue; revenue attributable to major customers are Customer 1: €353,004 (2023: €606,008) and Customer 2: €nil (2023: €385,000). Included in Online Arena revenue are revenues of €303,408 attributable to a major customer (2023: €nil), being a customer who represents more than 10% of revenue; revenue attributable to the customer are: €303,408 (2023: €nil). 4 EMPLOYEES AND DIRECTORS The aggregate payroll costs (including Directors not under employment contracts) | | | | | --- | --- | --- | | | 2024 | 2023 | | | € | € | | Wages and salaries | 1,282,546 | 1,286,290 | | Social security costs | 208,280 | 190,459 | | Pension contributions: | 2,344 | 1,544 | | | 1,493,170 | 1,478,293 | In the opinion of the Board, only the Directors of the Company, as detailed in the Corporate Governance Report, are regarded as key management personnel. The remuneration of key management personnel during 2024 was, in aggregate, €553,317 (2023: €491,490). Contributions to a defined contribution pension scheme on behalf of directors of €2,334 (2023: €1,544) were made during the year. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 67 of 84 | | | | | --- | --- | --- | | | 2024 | 2023 | | | € | € | | Directors' remuneration: | 553,317 | 491,490 | | | 553,317 | 491,490 | Further details of Directors’, including Non-Executive Directors’, remuneration and fees during the year are set out in the Directors Remuneration Report on page 34 of these consolidated financial statements. The highest paid director was Ilya Merenzon whose total remuneration was €212,400 (2023: €210,000). The average number of employees (including Directors) during the year was as follows | | | | | --- | --- | --- | | | 2024 | 2023 | | Directors | 6 | 5 | | Other Employees | 24 | 27 | | | 30 | 32 | The Group had no UK employees in 2024 and 2023 except the Directors. 5 EXCEPTIONAL ITEMS | | | | | --- | --- | --- | | | 2024 | 2023 | | | € | € | | Listing costs | - | 308,250 | | Exchange loss on Crypto-assets | - | 18,526 | | | - | 326,776 | Listing Costs One-off costs associated with the Company’s listing on the Main Market of the London Stock Exchange in April 2023. Exchange loss on Crypto-assets Most of the crypto-assets received by the Group are in stablecoin which tracks the US Dollar and are converted into USD on receipt, however where crypto-assets values fluctuate a (gain)/loss is recognised. 6 NET FINANCE COSTS | | | | | --- | --- | --- | | | 2024 | 2023 | | | € | € | | Finance income: | | | | Loan interest receivable | 139 | 139 | | | 139 | 139 | | Finance costs: | | | | Other interest on loan | 36,125 | 27,898 | | Interest lease liabilities | 151,200 | 163,495 | | | 187,325 | 191,393 | ![](data:image/svg+xml;base64,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) 7 LOSS BEFORE INCOME TAX The loss before income tax is stated after charging/(crediting): | | | | | --- | --- | --- | | | 2024 | 2023 | | | € | € | | Cost of inventories recognised as expense | 1,537,242 | 2,166,390 | | Research costs expensed | 72,801 | 90,124 | | Depreciation - owned assets | 133,591 | 194,313 | | Depreciation – right-of-use assets | 150,853 | 150,853 | | Exclusive FIDE rights amortisation | 110,529 | 110,529 | | Licence amortisation | 23,000 | 23,000 | | Computer software amortisation | 446,357 | 364,542 | | Auditors' remuneration for the audit of the Companies | 104,223 | 76,936 | | consolidated group accounts | | | | Auditor’s remuneration for the audit of the individual accounts | 44,667 | 32,972 | | of subsidiaries | | | | Foreign exchange (gain)/loss | (25,794) | 1,970 | 8 INCOME TAX Analysis of tax expense/(income) | | | | | --- | --- | --- | | | 2024 | 2023 | | | € | € | | Current tax: | 217 | 204 | | Deferred tax | (48,102) | 13,425 | | Total tax (income)/expense in consolidated statement | (47,885) | 13,629 | | of profit or loss and other comprehensive income | | | Factors affecting the tax expense The tax assessed for the year is lower (2023: lower) than the standard rate of corporation tax in the UK. The difference is explained below: | | | | | --- | --- | --- | | | 2024 | 2023 | | | € | € | | Loss before income tax | (3,843,031) | (4,671,470) | | Loss multiplied by the standard rate of corporation | (960,758) | (1,098,730) | | tax in the UK of 25% (2023 - 23.52%) | | | | Effect of: | | | | Originations and reversal of temporary differences | (48,102) | 13,425 | | Capital allowances in excess of depreciation | (92,643) | (262,437) | | Non-taxable expenses | 43,289 | 155,622 | | Tax losses carried forward | 1,010,112 | 1,205,545 | | Foreign tax | 217 | 204 | | Tax (income)/expense | (47,885) | 13,629 | The corporation tax in the UK increased from 19% to 25% on 1 April 2023 an equivalent annual rate of 23.52% for the year ended 31 December 2023. World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 68 of 84 ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 69 of 84 9 EARNINGS PER SHARE The basic earnings per share is calculated by dividing the loss attributable to owners of the parent company by the weighted average number of shares in issue during the year. In calculating the diluted earnings per share, subscribed shares under a binding agreement where no further conditions exist are included as are outstanding share options, warrants and convertible loans where the impact of these is dilutive. | | | | | --- | --- | --- | | | 2024 | 2023 | | Loss attributable to the owners of the parent | (3,795,146) | (4,685,099) | | company € | | | | Weighted average number of shares in issue | 689,110,129 | 650,232,851 | | Basic and diluted earnings per share | (€0.006) | (€0.007) | After the reporting period, and as set out in note 30, 717,948 new ordinary shares were issued at a price of 3.9p per ordinary share to a senior consultant in lieu of compensation and 22,666,672 new ordinary shares were issued for total cash consideration of €1,600,000 of which €1,200,000 had been received prior to 31 December 2024 and is included in Trade and other payables at that date. 10 INTANGIBLE ASSETS | | | | | | | | --- | --- | --- | --- | --- | --- | | Group | | | | | | | | Exclusive | Software | Online | Crypto- | Total | | | FIDE rights | Licence | Platform | assets | | | | € | € | € | € | € | | COST | | | | | | | At 1 January 2024 | 331,588 | 115,000 | 3,924,971 | 4,215 | 4,375,774 | | Additions | - | - | 697,258 | 5,776,269 | 6,473,527 | | Disposals | - | - | - | (5,503,318) | (5,503,318) | | At 31 December 2024 | 331,588 | 115,000 | 4,622,229 | 277,166 | 5,345,983 | | AMORTISATION | | | | | | | At 1 January 2024 | - | 56,000 | 1,232,947 | - | 1,288,947 | | Amortisation for year | 110,529 | 23,000 | 446,357 | - | 579,886 | | At 31 December 2024 | 110,529 | 79,000 | 1,679,304 | - | 1,868,833 | | NET BOOK VALUE | | | | | | | At 31 December 2024 | 221,059 | 36,000 | 2,942,925 | 277,166 | 3,477,150 | ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 70 of 84 | | | | | | | | --- | --- | --- | --- | --- | --- | | | Exclusive | Software | Online | Crypto- | Total | | | FIDE rights | Licence | Platform | assets | | | | € | € | € | € | € | | COST | | | | | | | At 1 January 2023 | 1,105,291 | 115,000 | 3,107,438 | 208 | 4,327,937 | | Additions | 331,588 | - | 817,533 | 2,499,734 | 3,648,855 | | Disposals | (1,105,291) | - | - | (2,495,727) | (3,601,018) | | At 31 December 2023 | 331,588 | 115,000 | 3,924,971 | 4,215 | 4,375,774 | | AMORTISATION | | | | | | | At 1 January 2023 | 663,174 | 33,000 | 868,405 | - | 1,564,579 | | Amortisation for year | 110,529 | 23,000 | 364,542 | - | 498,071 | | Elimination on disposal | (773,703) | - | - | - | (773,703) | | At 31 December 2023 | - | 56,000 | 1,232,947 | - | 1,288,947 | | NET BOOK VALUE | | | | | | | At 31 December 2023 | 331,588 | 59,000 | 2,692,024 | 4,215 | 3,086,827 | The Exclusive FIDE rights were varied following the 2022 FIDE Grand Prix. This variation has been treated as a disposal of the original Exclusive FIDE rights and the acquisition of new Exclusive FIDE rights, with the same carrying value. The Directors considered the carrying value at 31 December 2024 for each asset identified above (except crypto-assets), based on a detailed budget and forecast, discounted over five years at the Groups current cost of capital, considered by the Directors to be 12.81%, and it was determined that no impairment was required. Where an asset does not generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets the carrying value was considered against the smallest identifiable group of assets that generates cash inflows (cash generating unit or CGU). The Directors considered the carrying value at 31 December 2024 for crypto-assets based on the prevailing exchange rate at which the crypto-asset could readily be converted into US dollars or Euros and it was determined that no impairment was required. 11 PROPERTY, PLANT AND EQUIPMENT | | | | | | | --- | --- | --- | --- | --- | | Group | | | | | | | Right of use | Fixtures and | Computer | Total | | | asset | fittings | Equipment | | | | € | € | € | € | | COST | | | | | | At 1 January 2024 | 1,495,114 | 1,283,631 | 1,698 | 2,780,443 | | Additions | - | 39,315 | - | 39,315 | | At 31 December 2024 | 1,495,114 | 1,322,946 | 1,698 | 2,819,758 | | DEPRECIATION | | | | | | At 1 January 2024 | 288,294 | 254,115 | 1,698 | 544,107 | | Charge for year | 150,853 | 133,591 | - | 284,444 | | At 31 December 2024 | 439,147 | 387,706 | 1,698 | 828,551 | | NET BOOK VALUE | | | | | | At 31 December 2024 | 1,055,967 | 935,240 | - | 1,991,207 | ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 71 of 84 | | | | | | | --- | --- | --- | --- | --- | | | Right of use | Fixtures and | Computer | Total | | | asset | fittings | Equipment | | | | € | € | € | € | | COST | | | | | | At 1 January 2023 | 1,374,409 | 773,918 | 1,698 | 2,150,025 | | Additions | 120,705 | 510,898 | - | 631,603 | | Disposals | - | (1,185) | - | (1,185) | | At 31 December 2023 | 1,495,114 | 1,283,631 | 1,698 | 2,780,443 | | DEPRECIATION | | | | | | At 1 January 2023 | 137,441 | 59,802 | 1,698 | 198,941 | | Charge for year | 150,853 | 194,313 | - | 345,166 | | At 31 December 2023 | 288,294 | 254,115 | 1,698 | 544,107 | | NET BOOK VALUE | | | | | | At 31 December 2023 | 1,206,820 | 1,029,516 | - | 2,236,336 | 12 INVESTMENTS Company Shares in group undertakings | | | | | --- | --- | --- | | | 2024 | 2023 | | | € | € | | COST | | | | At 1 January | 351,616 | 351,616 | | Additions | - | - | | Disposals | - | - | | At 31 December | 351,616 | 351,616 | | IMPAIRMENTS | | | | At 1 January | 50,000 | 50,000 | | Disposals | - | - | | At 31 December | 50,000 | 50,000 | | CARRYING VALUE | | | | At 1 January | 301,616 | 301,616 | | At 31 December | 301,616 | 301,616 | The Directors considered the carrying value at 31 December 2024 for each group undertaking, identified below, based on a detailed budget and forecast, discounted over five years at the Groups current cost of capital, considered by the Directors to be 12.81% and it was determined that no further impairment was required. The Group’s investments at the Statement of Financial Position date in the share capital of companies include the following subsidiaries: World Chess Events Limited Registered office: Eastcastle House, 27/28 Eastcastle Street, United Kingdom, W1W 8DH Nature of business: Organising chess events (Worldwide) | | | | --- | --- | | Class of shares: | % holding | | Ordinary | 100.00 | ![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzcyewpmaWxsOiAjMDAwOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNzIuNiwxMTEuNkg4MzQuMnYtLjdINzIuNnYuN1oiIGNsYXNzPSJnMF83MiIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik0zMDEuMSw3MjcuOEg0MTAuNFY3MjdIMzAxLjF2LjhaIiBjbGFzcz0iZzBfNzIiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNMzAxLjEsNzI2LjNINDEwLjR2LS43SDMwMS4xdi43WiIgY2xhc3M9ImcwXzcyIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTQzMC45LDcyNy44SDU0MC40VjcyN0g0MzAuOXYuOFoiIGNsYXNzPSJnMF83MiIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik00MzAuOSw3MjYuM0g1NDAuNHYtLjdINDMwLjl2LjdaIiBjbGFzcz0iZzBfNzIiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNMzEzLDk5NEg0MjEuNHYtLjdIMzEzdi43WiIgY2xhc3M9ImcwXzcyIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTQ0Myw5OTRINTUxLjJ2LS43SDQ0M3YuN1oiIGNsYXNzPSJnMF83MiIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik01NzIuOCw5OTRINjgxdi0uN0g1NzIuOHYuN1oiIGNsYXNzPSJnMF83MiIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik03MDIuNyw5OTRIODExLjF2LS43SDcwMi43di43WiIgY2xhc3M9ImcwXzcyIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTMxMywxMDE1LjVINDIxLjR2LS44SDMxM3YuOFoiIGNsYXNzPSJnMF83MiIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik00NDMsMTAxNS41SDU1MS4ydi0uOEg0NDN2LjhaIiBjbGFzcz0iZzBfNzIiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNTcyLjgsMTAxNS41SDY4MXYtLjhINTcyLjh2LjhaIiBjbGFzcz0iZzBfNzIiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNzAyLjcsMTAxNS41SDgxMS4xdi0uOEg3MDIuN3YuOFoiIGNsYXNzPSJnMF83MiIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik0zMTMsMTA3OEg0MjEuNHYtLjhIMzEzdi44WiIgY2xhc3M9ImcwXzcyIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTQ0MywxMDc4SDU1MS4ydi0uOEg0NDN2LjhaIiBjbGFzcz0iZzBfNzIiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNTcyLjgsMTA3OEg2ODF2LS44SDU3Mi44di44WiIgY2xhc3M9ImcwXzcyIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTcwMi43LDEwNzhIODExLjF2LS44SDcwMi43di44WiIgY2xhc3M9ImcwXzcyIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTMxMS45LDExMDAuOUg0MjEuNHYtLjdIMzExLjl2LjdaIiBjbGFzcz0iZzBfNzIiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNMzExLjksMTA5OS40SDQyMS40di0uN0gzMTEuOXYuN1oiIGNsYXNzPSJnMF83MiIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik00NDEuOSwxMTAwLjlINTUxLjJ2LS43SDQ0MS45di43WiIgY2xhc3M9ImcwXzcyIi8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTQ0MS45LDEwOTkuNEg1NTEuMnYtLjdINDQxLjl2LjdaIiBjbGFzcz0iZzBfNzIiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNTcxLjcsMTEwMC45SDY4MXYtLjdINTcxLjd2LjdaIiBjbGFzcz0iZzBfNzIiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNTcxLjcsMTA5OS40SDY4MXYtLjdINTcxLjd2LjdaIiBjbGFzcz0iZzBfNzIiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNzAxLjYsMTEwMC45SDgxMS4xdi0uN0g3MDEuNnYuN1oiIGNsYXNzPSJnMF83MiIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik03MDEuNiwxMDk5LjRIODExLjF2LS43SDcwMS42di43WiIgY2xhc3M9ImcwXzcyIi8+Cjwvc3ZnPg==) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 72 of 84 World Chess US, Inc Registered office: 1201 N. Orange Street, Suite 762, Wilmington, New Castle County, DE, USA 19801 Nature of business: Organising chess events (USA), online chess | | | | --- | --- | | Class of shares: | % holding | | Ordinary | 100.00 | World Chess Europe GmbH Registered office: Mittelstrasse 51 – 53, 10117 Berlin, Deutschland Nature of business: Various chess related activities | | | | --- | --- | | Class of shares: | % holding | | Ordinary | 100.00 | World Chess Sakartvelo LLC Registered office: Georgia, City Tbilisi, Didube district, Ak. Tsereteli Avenue, N 49-51-51a, Entrance 3, Floor 13, Apartment N 128 Nature of business: Organising chess events, chess club activities | | | | --- | --- | | Class of shares: | % holding | | Ordinary | 100.00 | This company was incorporated on 2 June 2022 but did not commence trading until 1 January 2023. The results of the subsidiaries identified above are included in the consolidated financial statements. All subsidiaries are exempt from an audit except World Chess Events Ltd. 13 INVENTORIES | | | | | --- | --- | --- | | Group | | | | | 2024 | 2023 | | | € | € | | Inventories: | 147,549 | 187,018 | 14 TRADE AND OTHER RECEIVABLES | | | | | | | --- | --- | --- | --- | --- | | | Group | | Company | | | | 2024 | 2023 | 2024 | 2023 | | | € | € | € | € | | Current: | | | | | | Trade receivables | 50,447 | 29,668 | - | - | | Amounts owed by group | - | - | 4,713,473 | 5,769,981 | | undertakings | | | | | | Other receivables | 36,902 | 204,974 | 1,306 | 1,306 | | Prepayments and accrued | 146,818 | 21,822 | 18,036 | 18,922 | | income | | | | | | | 234,167 | 256,464 | 4,732,815 | 5,790,209 | | Non-current | | | | | | Other receivables | 162,884 | - | - | - | | Aggregate amounts | 397,051 | 256,464 | 4,732,815 | 5,790,209 | ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 73 of 84 15 CASH AND CASH EQUIVALENTS | | | | | | | --- | --- | --- | --- | --- | | | Group | | Company | | | | 2024 | 2023 | 2024 | 2023 | | | € | € | € | € | | Bank accounts | 267,396 | 186,881 | 6,551 | 21,366 | | | 267,396 | 186,881 | 6,551 | 21,366 | 16 CALLED UP SHARE CAPITAL | | | | | | | --- | --- | --- | --- | --- | | | 2024 | | 2023 | | | | Number of | € | Number of | € | | | shares | | shares | | | Allotted, issued, and fully | 691,724,039 | 78,520 | 667,193,501 | 75,647 | | paid Ordinary shares of | | | | | | £0.0001 | | | | | On 9 February 2024, the Company issued 21,663,386 new ordinary shares for total cash consideration of €1,508,737 and a further 2,867,152 new ordinary shares to a development partner of the Company in settlement of development fees of €200,000. On 8 February 2024, the Company entered into a subscription agreement with an existing investor for the issue of 11,667,187 new ordinary shares for total cash consideration of €816,703 payable in five instalments. On 31 December 2024, all five instalments had been received, however application for the Shares to be admitted to the Official List and to trading on the London Stock Exchange's Main Market had not yet been completed. On 25 April 2024, the Company entered into a Put Option Agreement with an existing investor, for the issue of up to 40,000,028 new ordinary shares for total cash consideration of up to €1,500,001 at a price of €0.0375 per share between 25 April 2024 and 31 December 2024. During this period the Company exercised the option to issue 10,666,672 shares for total cash consideration of €400,000, however application for the shares to be admitted to the Official List and to trading on the London Stock Exchange's Main Market was not completed until 24 February 2025, after the end of the reporting period. On 27 September 2024, the Company entered into a subscription agreement with a strategic investor, Blitz Intelligence FZCO, a gaming technology consultancy for the issue of 12,000,000 new ordinary shares for total cash consideration of €1,200,000 payable in three instalments. On 31 December 2024 the first two instalments had been received however application for the shares to be admitted to the Official List and to trading on the London Stock Exchange's Main Market did not take place until 24 February 2025 after the third instalment had been received. At 31 December 2024, the number of additional shares authorised for issue is 205,326,214, which includes 34,333,859 shares which the Company has committed to issue in accordance with binding subscription agreements (2023: 100,000,000 which included 21,663,386 under binding subscription agreements). ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 74 of 84 17 SHARE PREMIUM | | | | | --- | --- | --- | | | 2024 | 2023 | | | € | € | | At 1 January | 11,048,183 | 6,518,849 | | Premium arising on issue of equity shares | 1,705,863 | 4,529,334 | | At 31 December | 12,754,046 | 11,048,183 | 18 RESERVES Share capital comprises the amount for the nominal value of shares issued. Share premium comprises the amount subscribed for share capital which exceeds the nominal value, after deducting costs of issue. Share capital to be issued comprises amounts received under binding share subscription agreements where shares have not yet been issued.. The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. Retained earnings comprises of the brought forward cumulative profit and loss balances carried forward from previous accounting periods. 19 TRADE AND OTHER PAYABLES | | | | | | | --- | --- | --- | --- | --- | | | Group | | Company | | | | 2024 | 2023 | 2024 | 2023 | | | | as restated | | as restated | | | € | € | € | € | | Trade payables | 1,211,014 | 728,213 | 119,402 | 7,582 | | Amounts owed to group undertakings | - | - | 156,552 | 212,044 | | Social security and other taxes | 78,875 | 45,430 | 60,277 | 8,250 | | Other payables | 17,302 | 18,101 | 75 | 10,730 | | Accruals and deferred income | 1,033,931 | 962,151 | 99,854 | 100,000 | | Amounts owed to Directors | 300,865 | 135,080 | 194,322 | 19,909 | | | 2,641,987 | 1,888,980 | 630,482 | 358,513 | Included in accruals and deferred income at the start of the period was €530,887 (2023: €679,087) of deferred income which was recognised as revenue during the year. ![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzc1ewpmaWxsOiAjMDAwOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNzIuNiwxMTEuNkg4MzQuMnYtLjdINzIuNnYuN1oiIGNsYXNzPSJnMF83NSIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik01MTguOCw3MTIuNEg2MjcuMXYtLjhINTE4Ljh2LjhaIiBjbGFzcz0iZzBfNzUiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNTE4LjgsNzEzLjhINjI3LjF2LS43SDUxOC44di43WiIgY2xhc3M9ImcwXzc1Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTY0OC44LDcxMi40SDc1N3YtLjhINjQ4Ljh2LjhaIiBjbGFzcz0iZzBfNzUiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNjQ4LjgsNzEzLjhINzU3di0uN0g2NDguOHYuN1oiIGNsYXNzPSJnMF83NSIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik01MTguOCw3NzYuM0g2MjcuMXYtLjdINTE4Ljh2LjdaIiBjbGFzcz0iZzBfNzUiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNjQ4LjgsNzc2LjNINzU3di0uN0g2NDguOHYuN1oiIGNsYXNzPSJnMF83NSIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik01MTcuNyw3OTkuM0g2MjcuMXYtLjhINTE3Ljd2LjhaIiBjbGFzcz0iZzBfNzUiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNTE3LjcsNzk3LjhINjI3LjF2LS43SDUxNy43di43WiIgY2xhc3M9ImcwXzc1Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTY0Ny43LDc5OS4zSDc1N3YtLjhINjQ3Ljd2LjhaIiBjbGFzcz0iZzBfNzUiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNjQ3LjcsNzk3LjhINzU3di0uN0g2NDcuN3YuN1oiIGNsYXNzPSJnMF83NSIvPgo8L3N2Zz4=) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 75 of 84 20 FINANCIAL LIABILITIES - BORROWINGS | | | | | | | --- | --- | --- | --- | --- | | | Group | | Company | | | | 2024 | 2023 | 2024 | 2023 | | | € | € | € | € | | Current interest-bearing loans and | 1,401,543 | 32,989 | - | - | | borrowings | | | | | Terms and debt repayment schedule | | | | | | | --- | --- | --- | --- | --- | | Group | 1 year or less | More than 1 | More than 5 | Total | | | | year and less | years | | | | | than 5 years | | | | | € | € | € | € | | Other loans | 1,401,543 | - | - | 1,401,543 | At 31 December 2024 outstanding loans due in less than one year comprise a loan of €275,616 which accrues interest at 4% per year and a loan of €1,125,927 which accrues interest at a rate of 5% per year. (2023: €32,989 which accrued interest at 10% per year. 21 FINANCIAL LIABILITIES - LEASES Lease liabilities The lease liability and corresponding right-of-use asset recognised in the financial statements are as follows: | | | | | --- | --- | --- | | Group | 2024 | 2023 | | | € | € | | Right-of-use asset | 1,055,967 | 1,206,820 | | Current lease liability | 129,955 | 116,208 | | Non-current lease liability | 1,174,319 | 1,304,273 | | | 1,304,274 | 1,420,481 | A right-of-use asset was recognised in 2022 for a lease on premises to be occupied by World Chess Club Berlin for a term of 10 years ending on 31 December 2031. An addition to the right of use asset of €120,705 was recognised during 2023 following an increase in lease payments following a review. Lease liabilities are measured at the present value of the remaining lease payments, discounted using the Group’s cost of capital at the inception of each lease. The Group considers this rate to reflect the rate it would have to pay to borrow over a similar term, with similar security, in a comparable economic environment. The weighted average discount rate applied to lease liabilities as at 31 December 2024 was 11.83% (2023: 11.83%). ![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzc2ewpmaWxsOiAjMDAwOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNzIuNiwxMTEuNkg4MzQuMnYtLjdINzIuNnYuN1oiIGNsYXNzPSJnMF83NiIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik01MTguOCwyODQuNEg2MjcuMXYtLjhINTE4Ljh2LjhaIiBjbGFzcz0iZzBfNzYiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNjQ4LjgsMjg0LjRINzU3di0uOEg2NDguOHYuOFoiIGNsYXNzPSJnMF83NiIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik01MTguOCwzMDUuNkg2MjcuMXYtLjdINTE4Ljh2LjdaIiBjbGFzcz0iZzBfNzYiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNTE4LjgsMzA3LjFINjI3LjF2LS43SDUxOC44di43WiIgY2xhc3M9ImcwXzc2Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTY0OC44LDMwNS42SDc1N3YtLjdINjQ4Ljh2LjdaIiBjbGFzcz0iZzBfNzYiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNjQ4LjgsMzA3LjFINzU3di0uN0g2NDguOHYuN1oiIGNsYXNzPSJnMF83NiIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik01MTguOCw1MjEuMUg2MjcuMXYtLjdINTE4Ljh2LjdaIiBjbGFzcz0iZzBfNzYiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNjQ4LjgsNTIxLjFINzU3di0uN0g2NDguOHYuN1oiIGNsYXNzPSJnMF83NiIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik01MTcuNyw1NDRINjI3LjF2LS43SDUxNy43di43WiIgY2xhc3M9ImcwXzc2Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTUxNy43LDU0Mi42SDYyNy4xdi0uOEg1MTcuN3YuOFoiIGNsYXNzPSJnMF83NiIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik02NDcuNyw1NDRINzU3di0uN0g2NDcuN3YuN1oiIGNsYXNzPSJnMF83NiIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik02NDcuNyw1NDIuNkg3NTd2LS44SDY0Ny43di44WiIgY2xhc3M9ImcwXzc2Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTUxOC44LDEwMjIuNEg2MjcuMXYtLjdINTE4Ljh2LjdaIiBjbGFzcz0iZzBfNzYiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNjQ4LjgsMTAyMi40SDc1N3YtLjdINjQ4Ljh2LjdaIiBjbGFzcz0iZzBfNzYiLz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNTE3LjcsMTA0NS4zSDYyNy4xdi0uN0g1MTcuN3YuN1oiIGNsYXNzPSJnMF83NiIvPgo8cGF0aCBmaWxsLXJ1bGU9ImV2ZW5vZGQiIGQ9Ik01MTcuNywxMDQzLjlINjI3LjF2LS44SDUxNy43di44WiIgY2xhc3M9ImcwXzc2Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTY0Ny43LDEwNDUuM0g3NTd2LS43SDY0Ny43di43WiIgY2xhc3M9ImcwXzc2Ii8+CjxwYXRoIGZpbGwtcnVsZT0iZXZlbm9kZCIgZD0iTTY0Ny43LDEwNDMuOUg3NTd2LS44SDY0Ny43di44WiIgY2xhc3M9ImcwXzc2Ii8+Cjwvc3ZnPg==) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 76 of 84 Lease Payments Minimum lease payments fall due as follows: | | | | | --- | --- | --- | | Group | 2024 | 2023 | | | € | € | | 1 year or less | 267,408 | 267,408 | | Between 1 and 5 years | 1,069,632 | 1,069,632 | | More than 5 years | 534,816 | 802,224 | | | 1,871,856 | 2,139,264 | Lease Expense The total lease expense recognised during the period, including both the depreciation of right-of-use assets and the interest on lease liabilities, is as follows: | | | | | --- | --- | --- | | Group | 2024 | 2023 | | | € | € | | Depreciation on right-of-use asset | 150,853 | 150,853 | | Interest expense on lease liability | 151,200 | 163,495 | | Total lease expense | 302,053 | 314,348 | 22 FINANCIAL INSTRUMENTS Financial instruments used by the Group, from which financial instrument risk arises, are as follows: • trade and other payables • cash and cash equivalents • trade and other receivables, and • crypto-assets The main purpose of these financial instruments is to finance the Group’s operations and manage working capital requirements. All financial instruments are measured at amortised cost, except for crypto-assets, which are measured at fair value through profit or loss. The Group holds crypto-assets as part of its treasury activities and monitors their fair value at each reporting date. | | | | | --- | --- | --- | | | 2024 | 2023 | | | € | € | | Other financial assets | | | | Trade and other receivables more than one year | 162,884 | - | | Trade and other receivables less than one year | 234,167 | 256,464 | | Crypto-assets | 277,166 | 4,215 | | Cash and cash equivalents | 267,396 | 186,881 | | Total financial assets | 941,613 | 447.560 | ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 77 of 84 | | | | | --- | --- | --- | | | 2024 | 2023 | | | | as restated | | | € | € | | Other financial liabilities | | | | Lease liabilities more than one year | 1,174,319 | 1,304,273 | | Trade payables less than one year | 1,211,014 | 1,888,980 | | Other payables less than one year | 397,042 | 198,616 | | Lease liabilities less than one year | 129,955 | 116,208 | | Interest bearing loans and borrowings less than one year | 1,401,543 | 32,989 | | Total financial liabilities | 4,313,873 | 3,541,066 | The Directors consider that the carrying value for each class of financial asset and liability, approximates to their fair value. Financial risk management The Group's activities expose it to a variety of risks, including market risk (foreign currency risk and interest rate risk), credit risk and liquidity risk. The Group manages these risks through an effective risk management programme, and, through this programme, the Board seeks to minimise the potential adverse effects on the Group's financial performance. Credit risk Credit risk is the risk of financial loss to the Group if a customer to a financial instrument fails to meet its contractual obligations. The Group's credit risk is primarily attributable to its receivables and its cash deposits. It is Group policy to assess the credit risk of new customers before entering into contracts. The Group continues to assess the risk and a further loss allowance for the full lifetime expected credit losses is recognised if the credit risk has increased significantly since initial recognition. The Group considers any contractual payment being 30 days past due, and each subsequent period of 30 days, to be an indicator of a significant increase in credit risk which may require an additional loss allowance to be recorded. The risks specific to the Group’s revenue types within its activities are outlined below: • Events, payment is typically received in accordance with multi-year agreement in advance of the event to which it relates, the Directors therefore consider the credit risk to be non-trivial but minimal. • Online income, payment is typically received annually in advance, the Directors therefore consider the credit risk to be trivial. • Merchandising and Clubs, payment is typically received prior to control of goods purchased being transferred to the customer, the Directors therefore consider the risk to be non-trivial but minimal. Credit losses of €14,010 was recognised during the year (2023: €4,888). This amount relates to a specific provision against a trade receivable and does not represent an Expected Credit Loss (ECL) assessment under IFRS 9. ![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzc4ewpmaWxsOiAjMDAwOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZmlsbC1ydWxlPSJldmVub2RkIiBkPSJNNzIuNiwxMTEuNkg4MzQuMnYtLjdINzIuNnYuN1oiIGNsYXNzPSJnMF83OCIvPgo8L3N2Zz4=) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 78 of 84 Financial assets past due but not impaired as at 31 December 2024: | | | | | | | | --- | --- | --- | --- | --- | --- | | | Not | | | | | | | impaired | Not impaired but past due by the following | | | | | | and not | | | | amounts | | | past due | | | | | | | | >30 days | >60 days | >90 days | >120 days | | | € | € | € | € | € | | Group: Trade and other receivables more | 162,884 | - | - | - | - | | than one year | | | | | | | Group: Trade and other receivables less | 75,909 | 11,440 | - | - | - | | than one year | | | | | | | Company: Trade and other receivables | 4,714,779 | - | - | - | - | | less than one year | | | | | | Financial assets past due but not impaired as at 31 December 2023: | | | | | | | | --- | --- | --- | --- | --- | --- | | | Not | | | | | | | impaired | Not impaired but past due by the following | | | | | | and not | | | | amounts | | | past due | | | | | | | | >30 days | >60 days | >90 days | >120 days | | | € | € | € | € | € | | Group: Trade and other receivables less | 214,365 | 2,975 | 1,098 | | 16,204 | | than one year | | | | | | | Company: Trade and other receivables | 5,771,286 | - | - | - | - | | less than one year | | | | | | Liquidity risk and interest rate risk Liquidity risk arises from the Group's management of working capital. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group’s funding strategy is to ensure a mix of funding sources offering flexibility and cost effectiveness to match the requirements of the Group. At 31 December 2024 outstanding loans due in less than one year comprise a loan of €275,616 which accrues interest at 4% per year and a loan of €1,125,927 which accrues interest at a rate of 5% per year. (2023: €32,989 which accrued interest at 10% per year). Foreign currency risk The Group's exposure to foreign currency risk is limited as most of its invoicing and payments are denominated in Euro. The Group identifies and manages currency risks using an integrated approach that takes into account the possibility of natural (economic) hedging. For the purpose of short-term management of currency risk, the Group selects the currency to reduce the open currency position (the difference between assets and liabilities in foreign currencies). Analysis of sensitivity of financial instruments to foreign currency exchange rate risk Currency risk is assessed monthly using sensitivity analysis and maintained within parameters approved in accordance with the Group's policy. At the reporting date, the effect of the Euro's growth/(depreciation) against other currencies in the Group's profit/(loss) before tax is not significant. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 79 of 84 23 CAPITAL MANAGEMENT The Group’s objective when managing capital is to safeguard the Group’s ability to continue as a going concern, so that it can continue to provide returns to shareholders and benefits for other stakeholders. The Group's capital management strategy is to retain sufficient working capital for operating requirements and to ensure sufficient funding is available to meet commitments as they fall due and to support growth. There are no externally imposed capital requirements. The Group had net assets of €950,770 at 31 December 2024, (2023: €1,007,724). | | | | | --- | --- | --- | | | 2024 | 2023 | | | € | € | | Interest bearing loans and borrowings | (1,401,543) | (32,989) | | Amounts owed to directors | (300,865) | - | | Lease liabilities | (1,304,274) | (1,420,481) | | Cash and cash equivalents | 267,396 | 186,881 | | Net indebtedness | (2,739,286) | (1,266,589) | Amounts owed to Directors includes balances due to Directors disclosed in note 27 to the financial statements. Although classified under ‘trade and other payables’ in the Statement of Financial Position, these amounts represent short-term financing from Directors and are included in net indebtedness. 24 PROVISION FOR LIABILITIES | | | | | --- | --- | --- | | Group | 2024 | 2023 | | | € | € | | PROVISIONS | | | | At 1 January | 157,887 | 180,652 | | Dilapidations provision | - | (22,765) | | At 31 December | 157,887 | 157,887 | A dilapidations provision was recognised in 2022 relating to the estimated reinstatement costs at the expiry of a new 10-year lease ending on 31 December 2031. 25 DEFERRED TAX | | | | | --- | --- | --- | | Group | 2024 | 2023 | | | € | € | | Balance at 1 January | 63,272 | 76,697 | | Movement in current year | 48,102 | (13,425) | | Balance at 31 December | 111,374 | 63,272 | There are €9,917,456 (2023: €6,397,725) of tax losses available to the Group which, at the applicable tax rate of 25%, would provide an additional deferred tax asset of €2,479,364 (2023: €1,599,431). This has not been recognised in the financial statements due to the uncertainty of the timing of future taxable profits against which these losses could be utilised. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 80 of 84 Analysis of deferred tax: | | | | | --- | --- | --- | | | 2024 | 2023 | | | € | € | | Timing differences arising on provisions for liabilities, | (430,942) | (470,052) | | lease liabilities and losses carried forward | | | | Timing difference arising on capital allowances in excess | 319,568 | 406,780 | | of depreciation | | | | | (111,374) | (63,272) | 26 CONTINGENT LIABILITIES The Group has an ongoing claim with one supplier, if the claim is successful then an invoice, amounting to €1,140,000, will become payable. The invoice has not been provided for in the financial statements as the Directors consider it to be null and void and raised by the supplier in breach of contract. 27 RELATED PARTY DISCLOSURES Details of the Directors’ remuneration are disclosed in note 4 and in the Directors Remuneration Report on page 34 of these consolidated financial statements. Group undertakings Intercompany balances and transactions between the Company and its subsidiaries are eliminated on consolidation. These balances arise from normal trading activities, loans, and cost recharges. Intercompany loans are measured at amortised cost, with expected credit loss provisions recognised where applicable under IFRS 9. The following transactions took place during the year ended 31 December 2024 with and between group undertakings. | | | | | | | --- | --- | --- | --- | --- | | | Interest | Purchase/ | Purchase/ | Transaction | | | paid/ | (sales) of | (sale) of | fees paid/ | | | (received) | inventory | services | (received) | | | € | € | € | € | | World Chess PLC | (112,675) | - | - | - | | World Chess Events Ltd | 12,762 | (8,887) | 82,500 | 54,561 | | World Chess Europe GmbH | 99,913 | 7,254 | - | - | | World Chess US Inc. | - | 1,633 | 7,500 | (54,561) | | World Chess Sakartvelo LLC | - | - | (90,000) | - | The following transactions took place during the year ended 31 December 2024 with the Company. | | | | | | | --- | --- | --- | --- | --- | | | Interest | Purchase/ | Purchase/ | Transaction | | | paid/ | (sales) of | (sale) of | fees paid/ | | | (received) | inventory | services | (received) | | | € | € | € | € | | World Chess Events Ltd | 12,762 | - | - | - | | World Chess Europe GmbH | 99,913 | - | - | - | ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 81 of 84 The following transactions took place during the year ended 31 December 2023 with and between group undertakings. | | | | | | | --- | --- | --- | --- | --- | | | Interest | Purchase/ | Purchase/ | Transaction | | | paid/ | (sales) of | (sale) of | fees paid/ | | | (received) | inventory | services | (received) | | | € | € | € | € | | World Chess PLC | (106,120) | - | - | - | | World Chess Events Ltd | 29,125 | 26,818 | 1,667,169 | 58,810 | | World Chess Europe GmbH | 76,968 | (26,818) | (674,815) | - | | World Chess US Inc. | - | - | (637,563) | (58,810) | | World Chess Sakartvelo LLC | - | - | (276,000) | - | The following transactions took place during the year ended 31 December 2023 with the Company | | | | | | | --- | --- | --- | --- | --- | | | Interest | Purchase/ | Purchase/ | Transaction | | | paid/ | (sales) of | (sale) of | fees paid/ | | | (received) | inventory | services | (received) | | | € | € | € | € | | World Chess Events Ltd | 29,152 | - | 78,791 | - | | World Chess Europe GmbH | 76,968 | - | - | - | The following movement on Director (payables) and receivables with the Group took place during the year ended 31 December 2024. | | | | | | | --- | --- | --- | --- | --- | | | (Payable)/ | Increase in | Increase in | (Payable)/ | | | receivable at | payables | receivables | receivable at | | | 1 January | and received | and paid to | 31 December | | | 2024 | from director | director | 2024 | | | € | € | € | € | | Ilya Merenzon | (133,186) | (1,034,143) | 903,568 | (263,761) | | Matvey Shekhovtsov | (1,582) | (16,800) | 1,582 | (16,800) | | Graham Woolfman | - | (6,236) | - | (6,236) | | Jamison Firestone | - | (4,698) | - | (4,698) | | Richard Collett | - | (14,673) | - | (14,673) | | Neil Rafferty | (312) | (4,698) | 312 | (4,698) | The following movement on Director (payables) and receivables with the Group took place during the year ended 31 December 2023. | | | | | | | --- | --- | --- | --- | --- | | | (Payable)/ | Increase in | Increase in | (Payable)/ | | | receivable at | payables | receivables | receivable at | | | 1 January | and received | and paid to | 31 December | | | 2023 | from director | director | 2023 | | | € | € | € | € | | Ilya Merenzon | (93,494) | (705,578) | 665,886 | (133,186) | | Matvey Shekhovtsov | (27,418) | (1,582) | 27,418 | (1,582) | | Neil Rafferty | - | (312) | - | (312) | ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 82 of 84 The following movement on Director (payables) and receivables with the Company took place during the year ended 31 December 2024. | | | | | | | --- | --- | --- | --- | --- | | | (Payable)/ | Increase in | Increase in | (Payable)/ | | | receivable at | payables | receivables | receivable at | | | 1 January | and received | and paid to | 31 December | | | 2024 | from director | director | 2024 | | | € | € | € | € | | Ilya Merenzon | (18,015) | (169,900) | 40,698 | (147,217) | | Matvey Shekhovtsov | (1,582) | (16,800) | 1,582 | (16,800) | | Graham Woolfman | - | (6,236) | - | (6,236) | | Jamison Firestone | - | (4,698) | - | (4,698) | | Richard Collett | - | (14,673) | - | (14,673) | | Neil Rafferty | (312) | (4,698) | 312 | (4,698) | The following movement on Director (payables) and receivables with the Company took place during the year ended 31 December 2023. | | | | | | | --- | --- | --- | --- | --- | | | (Payable)/ | Increase in | Increase in | (Payable)/ | | | receivable at | payables | receivables | receivable at | | | 1 January | and received | and paid to | 31 December | | | 2023 | from director | director | 2023 | | | € | € | € | € | | Ilya Merenzon | (238) | (637,777) | 620,000 | (18,015) | | Matvey Shekhovtsov | (2,818) | (1,582) | 2,818 | (1,582) | | Neil Rafferty | - | (312) | - | (312) | The following balances remained outstanding at 31 December 2024 with related parties. Included in trade and other payables | | | | | | | --- | --- | --- | --- | --- | | | Group | | Company | | | Related party | 2024 | 2023 | 2024 | 2023 | | | € | € | € | € | | Group undertakings | | | | | | World Chess Events Ltd | n/a | n/a | - | - | | World Chess Europe GmbH | n/a | n/a | - | - | | World Chess US Inc. | n/a | n/a | 156,552 | 212,044 | | World Chess Sakartvelo LLC | n/a | n/a | - | - | | Directors | | | | | | Ilya Merenzon | 253,760 | 133,186 | 147,217 | 18,015 | | Matvey Shekhovtsov | 16,800 | 1,582 | 16,800 | 1,582 | | Graham Woolfman | 6,236 | - | 6,236 | - | | Jamison Firestone | 4,698 | - | 4,698 | - | | Richard Collett | 14,673 | - | 14,673 | - | | Neil Rafferty | 4,698 | 312 | 4,698 | 312 | ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 83 of 84 Included in trade and other receivables | | | | | | | --- | --- | --- | --- | --- | | | Group | | Company | | | Related party | 2024 | 2023 | 2024 | 2023 | | | € | € | € | € | | Group undertakings | | | | | | World Chess Events Ltd | n/a | n/a | 4,713,473 | 3,290,077 | | World Chess Europe GmbH | n/a | n/a | - | 2,479,904 | 28 ULTIMATE CONTROLLING PARTY The ultimate controlling party is Ilya Merenzon by virtue of his shareholding in the Company. 29 SHARE-BASED PAYMENT TRANSACTIONS On 9 February 2024 the Company issued 2,867,152 to a development partner of the Group, Engiscent PTE LTD. The total value of the shares issued was €200,000, at fair value based on the prevailing market price. On 4 August 2023 the Company issued 288,000 new ordinary shares to its sole broker, Novum Securities Limited, in settlement of its first year’s fees. The total value of the shares issued was €20,160, at fair value based on the initial listing price. 30 SUBSEQUENT EVENTS On 14 January 2025, 717,948 new ordinary shares were issued at a price of €0.0462 per ordinary share to a senior consultant in lieu of compensation. On 24 February 2025 12,000,000 new ordinary shares were issued at a price of €0.10 per ordinary share and a further 10,666,672 new ordinary shares were issued at a price of €0.0375 per ordinary share. On 17 April 2025, World Chess PLC announced the planned closure of its Berlin venue, which had opened in 2023 as a concept space. Despite developing a loyal chess clientele, the venue did not achieve its commercial objectives. Following a detailed operational and strategic review, the Company will close the site at the end of April 2025 and use the findings of the review to establish a revised venue model. This is not considered to be an adjusting event and the operations of the club are included as a continuing operation in these financial statements. 31 PRIOR YEAR ADJUSTMENT During the year ended 31 December 2024, the Group identified a classification error in its previously issued financial statements for the year ended 31 December 2023. An amount of €1,508,737 received in accordance with a binding subscription agreement for the issue of new shares was incorrectly presented within Trade and Other Payables, however given the binding nature of the subscription agreement, this amount should have been classified as Share capital to be issued in the consolidated and company statements of financial position. The comparative figures have been restated accordingly. The effect of this restatement on the Consolidated Statement of Financial Position as at 31 December 2023: ![](data:image/svg+xml;base64,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) World Chess Plc – Company Registration No. 10589323 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page 84 of 84 | | | | | | --- | --- | --- | --- | | | 2023 | adjustment | 2023 | | | as previously | | as restated | | | reported | | | | | € | € | € | | Trade and Other Payables | 3,397,717 | (1,508,737) | 1,888,980 | | Reserves – Equity pending issuance | - | 1,508,737 | 1,508,737 | | Total Equity | 1,007,724 | 1,508,737 | 2,516,461 | The effect of this restatement on the Consolidated Statement of Cash Flows for the year ended 31 December 2023: | | | | | | --- | --- | --- | --- | | | 2023 | adjustment | 2023 | | | as previously | | as restated | | | reported | | | | | € | € | € | | Received in advance of share issuance | - | 1,508,737 | 1,508,737 | | Loan advanced in the year | 1.508.737 | (1,508,737) | - | There was no impact on the Consolidated Statement of Profit or Loss and Other Comprehensive Income. The effect of this restatement on the Company Statement of Financial Position as at 31 December 2023: | | | | | | --- | --- | --- | --- | | | 2023 | adjustment | 2023 | | | as previously | | as restated | | | reported | | | | | € | € | € | | Trade and Other Payables | 1,867,250 | (1,508,737) | 358,513 | | Reserves – Equity pending issuance | - | 1,508,737 | 1,508,737 | | Total Equity | 4,251,966 | 1,508,737 | 5,760,703 | The effect of this restatement on the Company Statement of Cash Flows for the year ended 31 December 2023: | | | | | | --- | --- | --- | --- | | | 2023 | adjustment | 2023 | | | as previously | | as restated | | | reported | | | | | € | € | € | | Received in advance of share issuance | - | 1,508,737 | 1,508,737 | | Loan advanced in the year | 1.508.737 | (1,508,737) | - | There was no impact on the Company Statement of Profit or Loss and Other Comprehensive Income.