REGISTERED COMPANY NUMBER: 04684234 (England and Wales)

REGISTERED CHARITY NUMBER: 1123870

SWIMATHON FOUNDATION

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

Page

Reference and Administrative Details

1

Report of the Trustees

2

to

5

Statement of Trustees' Responsibilities

6

Report of the Independent Auditors

7

to

9

Statement of Financial Activities

10

Balance Sheet

11

Cash Flow Statement

12

Notes to the Financial Statements

13

to

22

TRUSTEES

M Leopold

D Notaro

G Pearce

D Radice

R I Riley

P Stinson

COMPANY SECRETARY

Kerry Secretarial Services Limited

REGISTERED OFFICE

7 St. John's Road

Harrow

HA1 2EY

REGISTERED COMPANY NUMBER

04684234 (England and Wales)

REGISTERED CHARITY NUMBER

1123870

AUDITORS

MCA Audit Limited

Chartered Accountants and Statutory Auditors

7 St. Johns Road

Harrow

Middlesex

HA1 2EY

BANKERS

Metro Bank

1 Southampton Row

London

WC1B 5HA

SOLICITORS

Clintons

2 St Giles Square

London

WC2 8AP

WEBSITE

www.swimathonfoundation.org

The narrative reporting in the Report of the Trustees incorporates all Companies Act 2006 requirements for the Directors’ Report and Charities SORP requirements for the Report of the Trustees.

The Trustees, who are directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the Charity for the year ended 30 September 2025. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities Preparing Their Accounts in Accordance with the Financial Reporting Standard, Standards Applicable in the UK and Republic of Ireland (FRS 102) (Effective 31 January 2022) the Charity SORP. They also comply with our charity's governing document, the Companies Act 2006 and Charities Act 2011.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of the Charity are:

"To promote and support any charitable purposes for the benefit of the public, in particular but not limited to the protection of health, the relief of poverty and sickness, the advancement of education and purposes for the general benefit of the inhabitants of the United Kingdom and elsewhere."

Within these general objectives, the Charity works with charitable, commercial, facility operator and national governing body partners to promote the health, wellbeing and education of the general public through swimming. The Charity works with its charity partners - currently Marie Curie and Cancer Research UK - to promote its and their charitable activities through the provision to the public of opportunities to swim and, in so doing, to raise funds in support of those charitable activities.

The Charity also supports when it can smaller organisations that are involved with local swimming projects through its community grants scheme, under which the Charity aims to provide funds for new projects and activities related to the provision of opportunities to swim or to learn to swim.

Significant activities

The Charity continues to seek to invest in, expand and develop swimming events and related services and activities in the United Kingdom both to promote the health, wellbeing and education of the public through swimming and learning to swim and to maximise, in the longer term, the funds available for distribution to good causes. Notwithstanding, the long term material adverse legacy of the COVID-19 pandemic and a challenging economic environment, the Charity was again able to stage, with the support of its charity partners - Marie Curie and Cancer Research UK - the main Swimathon event in Spring 2025. The Charity's wholly owned swimming event, Marathon Swims, again took place under licence both virtually and over a single day at the London Aquatics Centre in November 2024. In doing so, the Charity had to overcome the significant disruption of its event delivery agency, Limelight Sports Limited, ceasing to trade during the Swimathon 2024 campaign. The Charity was able to appoint another team at short notice to take over and successfully deliver Swimathon 2024, working closely with the Charity's advisors and partners.

Public benefit

Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Volunteers

The Charity's events and activities benefit from the work of a significant number of volunteers who assist in local delivery of the events, activities and campaigns promoted by the Charity and are recruited through the relevant party contracted to organise the Charity's events. For the main Swimathon event in 2025 around 2500 volunteers provided support and assistance on each of the three days of the event.

STRATEGIC REPORT

Achievements and performance

Charitable and Fundraising activities

The charity arranges the staging and promotion of swimming events in participating swimming pools and at outdoor swimming venues, to encourage members of the public, whatever their age or ability, to understand and realise the benefits of regular swimming as a life skill and as a means to improve health and wellbeing and to train for and achieve personal fitness goals.

The campaigns for and the staging of the Swimathon and Marathon Swims provided information, motivation and opportunities for participants and members of the public generally to swim and to encourage others to swim for their own health and wellbeing and to raise funds for the Charity and Marie Curie and Cancer Research UK (in the case of Swimathon) and for The Alzheimer's Society (in the case of Marathon Swims).

The principal third party beneficiaries of the Charity's main Swimathon event during the year and previous year were Marie Curie and Cancer Research UK. The principal third party beneficiary of the Charity's Marathon Swims event during the year was The Alzheimer's Society, having been the charity Level Water in the previous year.

Participant numbers in the Charity's main Swimathon event decreased to 9,540 (2024: 10,004) and associated fundraising for charitable causes decreased to £993,212 (2024: £1,205,000). Marathon Swims again took place under licence both virtually and over a single day at the London Aquatics Centre in November 2024 and participant numbers were decreased to 664 (2024: 711) and associated fundraising for charitable causes increased to approximately £100,000 (2024: £90,000).

Only those funds due to the Charity have been included as income of the Charity.

Financial review

Financial position

As referred in the Future Plans section below, the financial position of the Foundation has further stabilised whilst the economic environment continues to be challenging.

At the balance sheet date, the Charity had net current assets of £522,209 (2024: £379,530); total funds of £455,595 (2024: £270,098) and cash balances of £833,305 (2024: £537,727).

The Charity had net income during the year of £185,497 (2024: £136,183).

Principal funding sources

The principal funding sources supporting the key objectives of the Charity are the financial contributions from third party beneficiaries to, and the fundraising receipts from the main annual pool based Swimathon event.

Investment policy and objectives

Under the Memorandum and Articles of Association, the charity has wide powers to invest at the discretion of the trustees.

The Charity seeks to adopt a cautious and prudent approach to its investment management policy, especially in the light global economic uncertainty, thus its only investments are in cash funds in readily accessible UK bank accounts. The risks attached to these funds are deemed to be minimal.

Reserves policy

Our reserves policy is set to ensure our work is protected from the risk of disruption at short notice due to a lack of funds, whilst at the same time ensuring we do not retain income for longer than required.

Further, it is the policy of the Charity to maintain sufficient unrestricted funds to be able to stage at least one iteration of the main pool based Swimathon event. As a result of the difficult economic environment, the Charity has suffered a material reduction in funds which would otherwise have been reserved under this policy. The Charity will seek to re-establish its reserves to a level equating to 120% of the costs of staging one iteration of the main pool based Swimathon event, over a period of five financial years. The current level of reserves is £455,595 and the desired level is of reserves are £600k.

The reserves policy is kept under periodic review and reserves levels will be adjusted as perceptions of risk and other factors change.

Principal risks and uncertainties

The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that necessary recommendations can be made to reduce these risks. The Trustees also consider non-financial risks. A key element in the management of financial risk is the setting of the reserves policy referred to above.

Future plans

The continued legacy of COVID 19, a challenging economic environment and resulting changes to pool accessibility have continued to have a material negative impact on the number of participants in the Charity's mass participation swimming events and on associated charity fundraising activities.

In these circumstances, the Foundation's Trustees have kept the Foundation's financial position and particularly its cash flow under regular and careful review.For this purpose, the Trustees appointed a new specialist team of consultants to manage the 2025 Swimathon, focusing on both innovations and efficiencies and further stabilising the financial position of the Charity. The Trustees continued to keep other operating overheads at a reduced level to reflect the reduced activity of the Charity.

In keeping with this approach, the Trustees have taken a number of steps to protect the Foundation including:

.

Limiting the Foundation's programme of activities in the three year period from 2022 to 2024 to the main Swimathon event and focussing on the rebuilding of that event towards pre-Covid pandemic levels of participation and fund-raising.

.

With Limelight Sports Limited having ceased to trade, taking the opportunity to appoint a new team of experienced individual consultants to deliver Swimathon 2025, with anticipated cost savings.

.

Entering a three year licence for a third party to assume the management and promotion of the Foundation's Marathon Swims event in 2022, 2023 and 2024, whilst making plans to re-assume responsibility for this event from 2025 with the support of The Alzheimer's Society.

.

Maintaining operating overheads at a reduced level to reflect the reduced activity of the Foundation.

.

Agreeing a loan with Metro Bank under the UK Government business recovery loan scheme, to alleviate cash flow pressure during the re-build period, if necessary.

Since the implementation of the plan both participant numbers in and fund-raising from Charity owned swimming activities have steadily increased. In 2022 Swimathon participant numbers were 6,202, in 2023: 7,861, in 2024: 10,004 but a drop in 2025: 9,540. In 2022 fund-raising associated with Charity owned swimming activities was £709,965, in 2023 £1,020,000, in 2024 £1,205,000 and in 2025: £993,212..

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity was incorporated on 3 March 2003 and is governed by its Memorandum and Articles of Association. The Memorandum and Articles of Association have since been amended by special written resolutions dated 8 June 2011 and 20 October 2015 respectively.

Charity status

Swimathon Foundation is a company limited by guarantee, as defined by the Companies Act 2006 and is a registered charitable company with the Charity Commission.

Recruitment and appointment of new trustees

The Articles of Association allows for the appointment of at least 2 Trustees as directors but with no maximum. The Trustees may be appointed during the year by the Trustees or at any general meeting. Retirement by rotation provisions apply.

Organisational structure

Trustees

The Trustees oversee a robust governance framework. The Trustees meet at least quarterly in each financial year. The charity's governance complies with the Code for the Voluntary and Community Sector endorsed by the Charity Commission. The Trustees have agreed a schedule of matters which includes approval of annual budgets. All Trustees are members of the charity and directors of the charitable company.

During the period there were 5 (2024: 5) meetings of the trustees.

The trustees who held office during the financial year 2024-25 were:

Mr M Leopold

Ms D Notaro

Mr G Pearce

Mrs D Radice

Mr R I Riley

Mr P Stinson

Members

The Charity's constitution allows the appointment of members and has no restriction on member numbers. They are entitled to attend all general meetings, including the AGM, where they receive the annual report and accounts and elect trustees. There are currently 6 members, all of which 6 are Trustees. Each member guarantees to contribute up to ten pounds sterling (£10) to the charity's debts, liabilities and costs in the event of the Charity being wound up and for one year after ceasing to be a member.

Induction and training of new trustees

The Trustees offer a wide range of skills and experience essential to the good governance of the charity. On an informal basis, new Trustees undergo orientation to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association and decision-making process, the business plan and recent financial performance of the Charity. During the informal induction, Trustees meet key persons of the Charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. New Trustees will need to demonstrate an interest in swimming and its benefits which may include experience of and/or commitment to Swimathon events.

Wider network

The Trustees maintain a wide network of contacts in the United Kingdom through the delivery of Swimathon events in swimming pools and outdoor swimming venues in the United Kingdom, as well as through the operation of a community grants programme. These include Sport England, the National Governing Bodies for Swimming of England, Scotland and Wales, two major charities in Marie Curie, and Cancer Research UK and The Alzheimer's Society and all major Pool Operating Groups in the UK.

Related parties

Philip Stinson, a Trustee, is a principal at Clintons, a law firm engaged to provide professional legal services to the Charity.

The trustees have considered the requirements as set out in the Charity Commission publication on "Trustee payments and expenses (CC11)". All related party transactions are approved by independent trustees.

Financial statements

The audited financial statements comply with the Statement of Recommended Practice (SORP) - (FRS 102) (Effective 31 January 2022), the Charities Act 2011, the Companies Act (2006) and the Charities (Accounts and Reports) Regulations 2008. The Trustees' report and financial statements are submitted to Companies House and the Charity Commission following approval by the membership at the AGM.

AUDITORS

A resolution for the reappointment of MCA Audit Limited as auditors for the charity will be proposed at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 30 July 2026 and signed on the board's behalf by:

P Stinson - Trustee

The Charity's Trustees (who are also directors of Swimathon Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and financial statements in accordance with applicable law and regulations.

Company law requires the Charity's Trustees to prepare financial statements for each financial year. Under that law, the Charity's Trustees must prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Charity's Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period

In preparing these financial statements, the Charity's Trustees are required to:

-

select suitable accounting policies and then apply them consistently;

-

observe the methods and principles in the Charities Statement of Recommended Practice;

-

make judgements and accounting estimates that are reasonable and prudent;

-

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

-

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue to operate.

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

The Charity's Trustees confirm that so far as they are aware:

-

there is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the charitable company's auditors are unaware.

-

they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.

Opinion

We have audited the financial statements of Swimathon Foundation (the 'charitable company') for the year ended 30 September 2025 which comprise the statement of financial activities, the charitable company balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies.The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the the charitable company's affairs as at 30 September 2025 and of the charitable company's incoming resources and application of resources, including its income and expenditure, for the year then ended;

-

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the report of the trustees other than the financial statements and our auditor's report thereon. 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 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 or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-

the information given in the report of the trustees, including the strategic report, for the financial year for which the financial statements are prepared, is consistent with the financial statements; and

-

the report of the trustees, has 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the report of the trustees,

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

-

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

-

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

-

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

-

we have not received all the information and explanations we require for our audit; or

-

the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

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

In preparing the financial statements, the trustees are responsible for assessing the the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with regulations made under the Acts. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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

Based on our understanding of the charitable company and the industry the provisions of the charitable company's governing documents in which it operates, we identified that the principal laws and regulations that directly affect the financial statements to be Companies Act 2006, the Charities Act 2011, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2020); and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

In addition, the charitable company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation.

We identified the following areas as those most likely to have such an affect: the provisions of the charitable company's governing documents, Charity legislation; VAT legislation, employment Law; data protection and health and safety legislation.

International Auditing Standards (UK) limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.

Audit procedures performed by the engagement team included:

-

obtaining an understanding of the legal and regulatory framework applicable to the charitable company and how charitable company is complying with that framework, including agreement of financial statement disclosures to underlying documentation and other evidence;

-

obtaining an understanding of the charitable company's control environment and how the charitable company has applied relevant control procedures, through discussions with Trustees and other management and by performing walkthrough testing over key areas;

-

obtaining an understanding of the charitable company's risk assessment process, including the risk of fraud;

-

reviewing meeting minutes of those charged with governance throughout the year; and

-

performing audit testing to address the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter three of Part 16 of the Companies Act 2006 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Shailesh Patel (Senior Statutory Auditor)

for and on behalf of MCA Audit Limited

Chartered Accountants and Statutory Auditors

7 St. Johns Road

Harrow

Middlesex

HA1 2EY

30 July 2026

30.9.25

30.9.24

Unrestricted

Total

Total

fund

Designated

funds

funds

Notes

£

£

£

£

INCOME FROM

Donations

2

246,048

-

246,048

317,008

Other trading activities

3

523,201

-

523,201

75,453

Investment income

4

2,216

-

2,216

1,109

Total

771,465

-

771,465

393,570

EXPENDITURE ON

Raising funds

5

453,343

-

453,343

140,367

Charitable activities

6

Support costs

132,625

-

132,625

117,020

Total

585,968

-

585,968

257,387

NET INCOME

185,497

-

185,497

136,183

Transfers between funds

19

(25,885

)

25,885

-

-

Net movement in funds

159,612

25,885

185,497

136,183

RECONCILIATION OF FUNDS

Total funds brought forward

270,098

-

270,098

133,915

TOTAL FUNDS CARRIED FORWARD

429,710

25,885

455,595

270,098

CONTINUING OPERATIONS

An integral part of the charitable activities of the foundation is facilitating the raising of funds for other charities, swimmers are sponsored with funds raised being due to the foundation and other charities. The funds raised on behalf of other charities are collected on trust for the other charities and in accordance with the requirements of the Charity SORP are not recognised in the figures noted above, in the current year £365,115 was raised on behalf of Marie Curie (2024:£467,001) and £365,115 was raised on behalf of Cancer Reseach UK (2024: £467,001). The amounts disclosed in the Fundraising section of the Trustees' Report represent the total funds raised including those due to the Foundation.

30.9.25

30.9.24

Unrestricted

Total

Total

fund

Designated

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Investments

13

-

-

-

1

CURRENT ASSETS

Debtors

14

103,849

-

103,849

274,913

Cash at bank

807,420

25,885

833,305

537,727

911,269

25,885

937,154

812,640

CREDITORS

Amounts falling due within one year

15

(414,945

)

-

(414,945

)

(433,110

)

NET CURRENT ASSETS

496,324

25,885

522,209

379,530

TOTAL ASSETS LESS CURRENT LIABILITIES

496,324

25,885

522,209

379,531

CREDITORS

Amounts falling due after more than one year

16

(66,614

)

-

(66,614

)

(109,433

)

NET ASSETS

429,710

25,885

455,595

270,098

FUNDS

19

Unrestricted funds

455,595

270,098

TOTAL FUNDS

455,595

270,098

The financial statements were approved by the Board of Trustees and authorised for issue on 30 July 2026 and were signed on its behalf by:

D Notaro - Trustee

Cash flows from operating activities

Cash generated from operations

21

348,369

225,385

Net cash provided by operating activities

348,369

225,385

Cash flows from investing activities

Interest received

2,216

1,109

Net cash provided by investing activities

2,216

1,109

Cash flows from financing activities

Bank loan repayments in year

(41,592

)

(37,089

)

Bank loan interest

(13,415

)

(18,276

)

Net cash used in financing activities

(55,007

)

(55,365

)

Change in cash and cash equivalents in the reporting period

295,578

171,129

Cash and cash equivalents at the beginning of the reporting period

537,727

366,598

Cash and cash equivalents at the end of the reporting period

833,305

537,727

1.	ACCOUNTING POLICIES

Basis of preparation

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 31 January 2022)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial statements have been prepared taking advantage of the reduced disclosure regime for ultimate parents. As permit by FRS 102 paragraph 1.12 (b) the parent charity's own statement of cash flow has not been presented.

Going concern

The financial statements are drawn up on the going concern basis which assumes Swimathon Foundation will continue in operational existence for the foreseeable future. The board of trustees have given due consideration to the working capital and cash flow requirements of Swimathon Foundation. The board of trustees consider Swimathon Foundation's current and forecast cash resources to be sufficient to cover the working capital requirements of the charity and its subsidiary for at least 12 months from the date of signing the financial statements.

Our financial performance throughout the pandemic has enabled the charity to incur a planned surplus in 2023/24 whilst maintaining our liquidity and reserves position at a reasonable level. Cash and reserves are monitored closely, with regular forecasts prepared to assess financial needs. These forecasts, combined with an assessment of the future cash and reserves position, form the basis of our assessment of going concern. Our forecasts are stress tested to reflect a number of possible scenarios. Our stress test scenarios, potential financial impact and probability are linked to our principal risks and include potential: reduction in swimmer numbers, reduction in fundraising per head and increase of event costs. Any shortfall in income or increase in costs over the next twelve months can be covered from the charity's cash holdings. At 30 September 2025, the charity held £833,305 in bank deposits. Based on our cash flow, liquidity, and reserves forecasts, we believe that the going concern basis of accounting remains appropriate for our accounts. We have also considered whether there is any material uncertainty that may cast significant doubt over the use of that basis for a period of at 12 months from the date of approval of the financial statements. We do not believe that this is the case.

The charity as a qualifying entity has chosen not to present an individual statement of Cash flows as it has taken advantage of the reduced disclosure exemption in paragraph 1.12(b) of FRS 102.

Basis of the consolidation

The financial statements contain information about Swimathon Foundation as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires the Board of Trustees to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenditure during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Judgements

Revenue recognition

Swimathon Foundation recognises revenue on a receivable basis where the amount is reliably measurable and there is adequate probability of receipt. Income recognition policies are detailed in the accounting policy for income. When it is considered that the key criteria of entitlement, probability and measurement for revenue recognition are not fulfilled for a transaction, revenue recognition is delayed until these are judged to have been met. Payments received in advance of revenue recognition are recorded as deferred income.

Estimates

Tangible fixed assets

The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life. Increasing an asset's expected life would result in a reduced depreciation charge. The useful lives of the assets are determined at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events which may impact their life such as changes in technology.

Accruals

Expenditure incurred in the reporting period where there is uncertainty as to the final amount to be paid is accounted for on the basis of an estimated value where this treatment is viewed as appropriate. An accrual is recognised when it is probable that an obligation exists for which a reliable estimate can be made. The amount may change in the future due to new developments or as additional information becomes available.

Income

All income is recognised in income and expenditure once the charitable company has a legal entitlement to the income, it is certain that the income will be received, and the monetary value of income can be measured with sufficient reliability and accuracy.

Unrestricted donations

Charitable donations are recognised in income and expenditure when the charitable donation has been received, or if, before receipt, there is sufficient evidence to provide the necessary certainty that the donation will be received, and the value of the incoming resources can be measured with sufficient reliability.

Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (2022), the general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Conduit - Funds - Sponsorship which relates to charities other than the Foundation are not recognised in these financial statements on the basis that the charity has no rights or benefits arising from these funds.

Income from fundraising events

Income is recognised soon after the event has been held, and usually before the year end. Donations are received into the Barclays trust account, and once the donations have stopped coming in (usually within 2 months of the event), a distribution schedule is prepared, and the charity's portion is transferred.

Right fees

Determined by the "Deed of Variation". Billing and payments are determined by the deed.

The amount of funds raised up to an amount equal to the aggregate total of the Marie Curie (MC) payment and Cancer Research UK(CRUK) payment. MC Share - at any time 50% of such Funds. CRUK Share - at any time 50% of such Funds. The Foundation Share - 0% of such Funds.

That amount of Funds raised over and above the aggregate total of the MC Payment and the CRUK Payment. MC Share - at any time 33% (2024: 31.5%) of such Funds. CRUK Share - at any time 33% (2024: 31.5%) of such Funds. Foundation Share - at any time 34% (2024: 37%) of such Funds.

Expenditure

The charitable company is not registered for VAT as its sources of income are considered to be exempt from VAT. For this reason, it is unable to recover input VAT it suffers on purchased goods and services and the cost is included with the item of expense to which it relates. Expenditure is recognised on an accrual basis as a liability is incurred.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the charitable company. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they receive a grant and any condition attaching to the grant is outside of the control of the charity.

Grants offered subject to conditions which have not been met at the reporting date are noted as a commitment but not accrued as expenditure.

Management costs

Management costs comprise all costs involving the public accountability of the trust and its compliance with regulation and good practice. These costs include costs related to audit and management fees together with an apportionment of overhead and support costs.

Allocation and apportionment of costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back-office costs, finance, personnel, payroll and governance costs which support the charity's society services and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in the notes.

Financial instruments

The Foundation only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like simple bank loans; trade and other debtors; and trade creditors and other creditors.

Financial assets and liabilities are offset, and the net amount reported in the balance sheet 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.

Debtors: Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and Cash equivalents: Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors: Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method. Bank borrowings are recognised on an amortised cost basis.

Interest income: Interest income is recognised in income and expenditure using the effective interest method.

Intangible fixed assets

Intangible fixed assets are initially measured at historic cost and subsequently carried at cost less accumulated amortisation and any accumulated impairment losses.

At the reporting date, the charity assesses whether there is any indication that an asset may be impaired. An impairment loss is recognised if the recoverable amount of an asset is less than its carrying amount.

Amortisation is provided at rates calculated to write down the cost of each asset to its residual value (realistic value at the end of its economic life) on a systematic basis over its useful economic life. The amortisation rates in use on a straight-line basis are as follows:

Website cost - 3 years.

Fixed Asset Investment

Subsidiary undertaking is recognised in the charity's own balance sheet at cost less impairment.

Taxation

The charity is an institution within the meaning of the Charities Act 2011 and as such is a charity within the meaning of Section 506(1) of the Taxes Act 1988. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains within categories covered by Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied exclusively to charitable purposes. The charity receives no similar exemption in respect of Value Added Tax.

The charity is an institution, which is established for charitable purposes within the meaning of the Charities Act 2011 and as such is a charity within the meaning of Para 1 of Schedule 6 to the Finance Act 2010. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Sections 478-488 of the Corporation Tax Act 2010 (formerly enacted in Section 505 of the Income and Corporation Taxes Act 1988) or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes. The charity receives no similar exemption in respect of Value Added Tax. For this reason, the charity is generally unable to recover input VAT it suffers on goods and services purchased. The charity's subsidiary company is subject to corporation tax and VAT in the same way as any commercial organisation.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

2.

DONATIONS

30.9.25

30.9.24

£

£

Event donations

208,156

270,298

Gift aid

37,892

46,710

246,048

317,008

For the 2025 Charity Funds Raised £1,070,206 (2024: £1,276,988) donations were collected by the Swimathon Foundation and distributed to Marie Curie £365,115 (2024: £467,001) and Cancer Research UK £365,115 (2024: £467,001). The donations collected for Marie Curie and Cancer Research were not recognised in these financial statements.

3.	OTHER TRADING ACTIVITIES

30.9.25

30.9.24

£

£

Fundraising events

523,201

75,453

Additional analysis:

30.9.25

30.9.24

£

£

Event entrance fees

72,933

75,453

Rights fees

450,000

-

Other fundraising

268

-

523,201

75,453

4.	INVESTMENT INCOME

30.9.25

30.9.24

£

£

Deposit account interest

2,216

1,109

5.	RAISING FUNDS

Raising donations

30.9.25

30.9.24

£

£

Event promotion

453,343

140,367

6.	CHARITABLE ACTIVITIES COSTS

Support

costs (see

note 7)

£

Support costs

132,625

7.	SUPPORT COSTS

Governance

Management

Finance

Other

costs

Totals

£

£

£

£

£

Support costs

109,358

13,798

1

9,468

132,625

8.	AUDITORS' REMUNERATION

30.9.25

30.9.24

£

£

Fees payable to the charity's auditors and their associates for the audit of the charity's financial statements

6,825

6,825

Auditors' remuneration for non audit work

1,785

3,885

9.	TRUSTEES' REMUNERATION AND BENEFITS

The charity trustees were not paid or received any other benefits from employment with the charity or its subsidiary in the year £nil (2024: £nil). No charity trustee received payment for professional or other services supplied to the charity £nil (2024: £nil).

Trustees' expenses

During the period two trustees claimed expenses: travel and meal. £156 (2024: £220 - two trustees).

10.	STAFF COSTS

There were no staff costs for the year ended 30 September 2025 nor for the year ended 30 September 2024.

The average monthly number of employees during the year was nil (2024: nil)

No employees received emoluments in excess of £60,000 (2024: nil).

11.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Total

fund

Designated

funds

£

£

£

INCOME FROM

Donations

317,008

-

317,008

Other trading activities

75,453

-

75,453

Investment income

1,109

-

1,109

Total

393,570

-

393,570

EXPENDITURE ON

Raising funds

140,367

-

140,367

Charitable activities

Support costs

117,020

-

117,020

Total

257,387

-

257,387

NET INCOME

136,183

-

136,183

RECONCILIATION OF FUNDS

Total funds brought forward

133,915

-

133,915

TOTAL FUNDS CARRIED FORWARD

270,098

-

270,098

12.	INTANGIBLE FIXED ASSETS

Website

cost

£

COST

At 1 October 2024 and 30 September 2025

116,577

AMORTISATION

At 1 October 2024 and 30 September 2025

116,577

NET BOOK VALUE

At 30 September 2025

-

At 30 September 2024

-

13.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST LESS IMPAIRMENT

At 1 October 2024

1

Impairments

(1

)

At 30 September 2025

-

NET BOOK VALUE

At 30 September 2025

-

At 30 September 2024

1

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following: