Recognition was given to the charitable arm of the PSA by the Charity Commission for England and Wales.

The Foundation has the aim of supporting and growing squash globally through community involvement, as well as ensuring equal opportunities and boosting player well-being.

"We welcome the PSA Foundation's new status as an official charity and are focused on increasing player education, developing the sport through community and grassroots programmes and offering equal playing and earning opportunities across both genders," Alex Gough, the PSA's chief executive, said.

"As one of the few sports that has a joint men's and women's tour, we have been advocating for equal opportunity for years.

"This is naturally one of our core objectives as we ultimately look to achieve parity in income, which will help to drive the sport forward."

The PSA unveiled the Foundation's new website, which will enable squash fans to find more information about the charity's initiatives.

During the past 18 months, the Foundation has helped to deliver squash equipment to more than 500 children involved in urban outreach programmes though the "ReBound" project.

The recycled squash equipment was provided to children in disadvantaged communities in India, Colombia, South Africa, Zimbabwe and Nigeria.

Thanks to the support of the initiative, South African Urban Squash programme Egoli Squash was able to compete on the international stage for the first time.

They sent two players to Zimbabwe after being provided with clothing, equipment and transportation costs.

The PSA Foundcation also helped raise more than £4,000 ($5,000/€4,500) at the British Open to support 11-year-old squash player Sumner Malik, who has been diagnosed with a rare form of brain tumour.

Helping current players adapt to life after their squash career has ended is also a key goal of the Foundation.

An inaugural post-squash career day was held during this year's Canary Wharf Classic, where speakers from across several businesses were on hand to offer their advice and tips to players on how to successfully transition to a more traditional career path when their playing career ends.

"We are delighted that the PSA Foundation is now an officially recognised charity in the United Kingdom and we are committed to creating a thriving and sustainable environment for squash players to flourish," Adriana Olaya, the PSA's marketing and foundation manager, said.

"Our professional players are the cornerstone of the future of professional squash and they work hard in promoting it and making the sport as exciting as possible.

"Their well-being and guaranteeing a healthy and sustainable career for them is one of our main objectives.

"Through the PSA Foundation, we are determined to make a lasting impact in the lives of all of our players, regardless of age, gender or precedence.

"Together we can protect the heritage of squash and inspire the next generation of players."