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2025-08-31-accounts

Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

REGISTERED COMPANY NUMBER: 03437923 (England and Wales) REGISTERED CHARITY NUMBER: 1072638

THE PANATHLON FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Cox Costello & Horne Chartered Accountants and Tax Advisors 7 St John’s Road Harrow HA1 2EY

Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Page
Reference and Administrative Details 1
Trustees' Report 2 to 7
Independent Examiner's Report 8 to 9
Statement of Financial Activities 10
Statement of Financial Position 11
Statement of Cash Flows 12
Notes to the Financial Statements 13 to 21

Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2025

TRUSTEES A D Sutch C Chaytors A H Ghani D J Thompson G Lavelle (resigned 14.7.25) J E Fieldhouse (resigned 31.8.25) E A Johnson M Faysal COMPANY SECRETARY Kerry Secretarial Services Limited

REGISTERED OFFICE Thaxted Room C/O Novotel London Stansted Airport Round Coppice Road Stansted Essex CM24 1SF REGISTERED COMPANY NUMBER 03437923 (England and Wales) REGISTERED CHARITY NUMBER 1072638 INDEPENDENT EXAMINER Cox Costello & Horne Chartered Accountants and Tax Advisors 7 St John’s Road Harrow HA1 2EY CHIEF EXECUTIVE OFFICER Ashley Iceton CHIEF OPERATING OFFICER Tony Waymouth HONORARY TREASURER Mr S F M Barker CHARITY WEBSITE https://panathlon.com

Page 1

Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED (REGISTERED NUMBER: 03437923)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The trustees who are also 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 31 August 2025. The Trustees' Report is also a Directors' Report as required by s417 of the Companies Act 2006. In preparing these financial statements, the trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice (effective 1 January 2019) applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006.

The purpose of this document is to report on the charity's activities during the reporting period in order to meet its legal responsibilities as both a charity and a company limited by guarantee, and to demonstrate how the charity works toward achieving its objectives and aims.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity was established to promote the physical and personal development of young people with disabilities and special needs, through organising school sports competitions and by the provision of resources including coaching, equipment and sports leadership opportunities.

Significant activities

The principal activity of the charitable company during the reporting year, having due regard to public benefit, was the funding and organisation of over 1,000 sporting activities for children with special educational needs and disabilities (SEND) The charity has thrived and grown to new areas and delivered more activity to more children in need, than ever before. This has resulted in a record number beneficiaries and events delivered in schools in England, Wales and Northern Ireland.

Public benefit

The trustees confirm they 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.

Donated goods, services and facilities

Volunteers and Schools

The charity benefits greatly from the support of a number of volunteers throughout the year and their contribution is gratefully acknowledged.

The charity benefits from various schools who do not charge for facility hire and many thousands of hours from our 'Young Leaders' who give their time without cost to the charity. There were 9,661 (2024: 8,534) Young Leaders who contributed on average 5 hours each which is the equivalent to at least 48,000 (2024: 42,000) hours.

Suppliers/contractors

The charity benefits from various suppliers/contractors who do not charge and/or greatly discount their goods and services throughout the year. Listed below are some of those suppliers/contractors:

Supplier/contractor
Discount
%
Bilko Merchandising
31
Running Imp
30
British Petroleum
100%
Venues/meeting room hire
100%
GE Website & Printing
20
Cox Costello & Horne
25		 Actual
Spend
£
25,259
125,300
-
-
20,166
14,605
185,330		 Saving
£
11,348
53,700
13,175
2,367
5,042
4,868
90,500

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Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED (REGISTERED NUMBER: 03437923)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

STRATEGIC REPORT Achievements and performance Charitable activities

A summary statement on a year which has seen a record year of activity with participation.

The Panathlon Foundation has grown in size and impact, benefitting tens of thousands of young people with disabilities and special needs for more than 25 years, with only a minor interruption in growth due to the Pandemic in 2020/21. Once again we are able to report record participation figures across all areas of activity, despite the other environmental factors affecting this, including economic and social considerations.

This year 1,090 competitions were held which drove the growth of 56,221 competitors, with an additional 8,501 in-school virtual participants and the 9,661 young leaders, which resulted in a record breaking 74,383 participants in total.

This was only possible because we delivered those 1,090 events in 44 English Counties and 12 local authority areas in both North and South Wales and N. Ireland. A remarkable 3,928 schools were involved across these geographic areas during the year.

The impact of Panathlon's work has continued to been highlighted in the numerous case studies and news articles published throughout the year which cements further evidence to the recent research which proves that Panathlon increasing participants physical activity, self-esteem and social interaction. It also benefits schools who reported increases in attendance and enthusiasm and teachers being more able to support children with new skills, ideas and resources and for young leaders in terms of enhanced leadership skills and empathy.

In summary some of the highlights of the last year -

Appropriate plans were put in place for the 2025-26 year.

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Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED (REGISTERED NUMBER: 03437923)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

STRATEGIC REPORT Achievements and performance Charitable activities - continued

This year has seen a continued rise of activity which shows the year on year growth since the pandemic in 2020/2021. This demonstrates the success of the various aspects of the Panathlon programmes with record participation levels in all areas.

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Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED (REGISTERED NUMBER: 03437923)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

STRATEGIC REPORT

Achievements and performance

Charitable activities - continued

The Panathlon charity created more activity this year than ever before, demonstrating the popularity of its programmes, at a time of difficult environmental conditions and cost of living crisis meaning rising prices of goods and services and difficult conditions for many young disabled people having access to sporting participation.

With the exception of the two pandemic years affected by national lockdowns, there has been a steady increase in the growth of competitors, young leaders and schools involved over the last two decades. The last 5 years performance of the charity can be seen in the graphs on the previous page.

The Competitors graph shows the growth of the number of young people with SEND participating in Panathlon competitions - whether that be primary, secondary, football, swimming etc. over the period 2021 to 2025. This shows the steady growth from 43,705 in 2021 through the following years to the new record figure of 64,722 in the year being reported 24/25. This is thanks to record income generated this year from a variety of sponsors and funders enabling such growth across England, plus North & South Wales and Northern Ireland.

The Young Leaders Involved graph likewise reflects the growth of the young people actively involved in coach education and young leadership, from 2,140 in 2021 (Covid affected) to 9,661 benefiting last year as we delivered 1,090 events.

Total Young People Involved graph shows the growth in the combined number of competitors and young leaders involved over the last 5 years, growing from a combined figure of 45,845 in 2021, through to an amazing 74,383 in the last year through the rise of the number of events delivered and the continued addition of our in-school virtual programme.

Schools Involved graph show a rise from 583 schools involved in Panathlon in 2021 (Covid affected) through to the record 3,928 involved in the last 12 months. This is a continual growth of those involved in the in-school virtual, face to face physical events and young leader programmes.

Fundraising activities

The charity has received long term support from the Jack Petchey Foundation, Woodland Group and St. James's Place Charitable Foundation. Total support received during the year: Jack Petchey Foundation £137,900, St. James's Place Charitable Foundation £325,000 and Woodland Group £17,500. The rest of the income comes from a variety of sources; being a mixture of smaller charities and trusts, sponsors and a range of funders including individual donors and supporters. This year saw a record amount raised through donors participating in fun runs, bike rides etc £88,486. The full breakdown can be seen on note "2. Donations" in the notes to the financial statements.

Financial review

Financial position

The Statement of Financial Activities for the year ended 31 August 2025 and the Statement of Financial Position as at 31 August 2025 are set out on pages 9 and 10 respectively. The Statement of Financial Activities shows that the charity had net deficit of £49,446 in the year ended 31 August 2025 (2024: £4,614 net surplus).

Income

The charity income is made up of income from donations, investment income and other income. Total income in the year was £966,984, which was marginally down (2.66%) on the previous year (2024: £993,418).

Expenditure

The charity expenditure is made up of fund raising costs and charitable activities.

Total expenditure in the year was £1,016,430 which was marginally higher than the previous year, up 2.86% (2024: £988,131).

Reserves policy

The charity's policy is to build reserves up to the equivalent value of six months expenditure and currently has reserves amounting to £303,326 (2024: £352,772). Included within total reserves are unrestricted funds amounting to £286,598 (2024: £280,229) and restricted funds £16,728 (2024: £72,543). Restricted reserves must be spent on Panathlon Challenge events. Unrestricted reserves have been accrued from funds which have been donated without any restriction. Unrestricted reserves are funds which the trustees consider necessary to sustain the working capital requirements of Panathlon Challenge.

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Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED (REGISTERED NUMBER: 03437923)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

STRATEGIC REPORT

Financial and risk management objectives and policies

The trustees are responsible for ensuring that effective and adequate risk management and internal control systems are in place to manage the major risks to which the charity is exposed.

The trustees regularly assess the major risks to which the charity is faced with particular emphasis put on those risks concerning children. Several policies including Safeguarding were updated this year and the register of interests was again updated. The trustees consider that the charity has sufficient controls for an organisation of this size and are confident that controls are in place to monitor and minimise major risks. The controls are designed to provide reasonable, but not absolute assurance, against material misstatement or loss arising from major risks. All staff, trustees and contractors are required to have DBS checks and staff are also renewing First Aid Qualifications.

Future plans

There has been further commitment from St. James's Place Charitable Foundation, to cover the year ahead from Autumn 2025 to Summer 2026 and a new multi-year agreement with another long term funder, the Jack Petchey Foundation, who are committed to give £158,898 in 25/26 and £171,894 in 26/27. This should further give the trustees confidence and re-assurance that the two largest supporters have committed again to support Panathlon in the years ahead.

Trustees noted the deficit of 49,446 in a year but this generated a 12% rise in beneficiaries despite difficult economic conditions.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document and charity constitution

The Panathlon Foundation Limited ("Panathlon Foundation") is a charitable company limited by guarantee and not having a share capital, as defined by the Companies Act 2006, established under a Memorandum of Association on 22 September 1997, amended by special resolution passed 14 October 1998.

Panathlon Foundation was registered as a charity on 30 November 1998.

Membership

Membership under the Articles of Association is open to all persons who satisfy the membership requirements.

Individual voting members shall have limited liability and corporate members shall have no liability. Every individual voting member of the charitable company undertakes to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up.

Recruitment and appointment of new trustees

New trustees are recruited and appointed as and when required by the existing board of trustees. A skills analysis of current Board members was undertaken recently and a new recruitment policy agreed.

Trustees are appointed by the Board with a view to representing a range of charitable, commercial and non-commercial agencies to give a wide range of experience and background.

A trustee induction process is thorough and documents, policies and previous minutes are available to all Board members through a shared online drive.

The Chair for the year has been Liz Johnson (Paralympic Champion) who chaired three full Board meetings throughout the year, whilst previous Chair, Andrew Sutch chaired three further Finance Sub Committee meetings.

The main Policies of the Panathlon Foundation were updated and signed off by the Chair in March 2024.

Organisational structure

The charity has a board of trustees ("Board") representing various groups interested in the promotion of the sports and leadership participations by children with disabilities and special needs in schools. The charity is governed by the Memorandum and Articles of Association. There are no specific restrictions imposed on the trustees by these documents.

The Board is responsible for the overall management and direction of the charity. The Board take all major financial, organisational and policy decisions. The Board meetings receive regular project progress reports and triannual financial management reports. There is a separate Finance Sub Group which meets to discuss the management accounts and reports back to the main Board.

Day to day financial management of the charity is delegated to the Chief Executive Officer. Day to day operational issues are delegated to the Chief Operational Manager.

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Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED (REGISTERED NUMBER: 03437923)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT Key management personnel remuneration

The policy of the Board is to report the remuneration of trustees, and the senior management team. The trustees are not remunerated; The senior management team is remunerated according to a fixed-salary scale, with individual performance rewarded; rewards are determined upon successful performance as measured by key indicators.

We review our remuneration policy and positioning regularly to ensure we are paying appropriately to attract and retain skilled and experienced people, while making best use of supporters' donations.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustees are responsible for the overseeing of the risks faced by the charity. Detailed considerations of risk are delegated to the senior management of the charity. Risks are identified, assessed and controls established throughout the year. A formal review of the charity’s risk management processes is undertaken on an annual basis.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Trustees' report, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by: 31 May 2026

......................................................................... E A Johnson - Trustee

Page 7

Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PANATHLON FOUNDATION LIMITED (REGISTERED NUMBER: 03437923)

Independent examiner's report to the trustees of The Panathlon Foundation Limited

I report to the trustees (who are also Directors for the purpose of company law) on my examination of the financial statements of the The Panathlon Foundation Limited ('the charitable company') for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and related notes.

This report is made solely to the charity's trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the trustees of the charitable company you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Act and are eligible for independent examination, I report in respect of my examination of the charitable company's financial statements carried out under section 145 of the Charities Act 2011 ('the 2011 Act') and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

As permitted by Direction 2, issued by the Charity Commission the firm for which I work has provided the charitable company with bookkeeping services during the year ended 31 August 2024. As a consequence I have followed the requirement of the FRC's Ethical Standard when undertaking this assignment.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a 'true and fair' view and my report is limited to those specific matters set out in the independent examiner's statement.

Independent examiner's statement

Since the charitable company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair view which is not a matter considered as part of an independent examination; or

  4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Page 8

Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PANATHLON FOUNDATION LIMITED (REGISTERED NUMBER: 03437923)

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Michael F Cox FCA

The Institute of Chartered Accountants in England and Wales

Cox Costello & Horne Chartered Accountants and Tax Advisors 7 St John’s Road Harrow HA1 2EY

03 June 2026 Date: ...............

Page 9

Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025

Unrestricted
fund
Notes
£
INCOME FROM
Donations
2
60,000
Investment income
3
6,369
Total
66,369
EXPENDITURE ON
Raising funds
4
11,500
Charitable activities
5
Panathlon Challenge
48,500
Total
60,000
Net gains/(losses) on investments
-
NET INCOME/(EXPENDITURE)
6,369
RECONCILIATION OF FUNDS
Total funds brought forward
280,229
TOTAL FUNDS CARRIED FORWARD
286,598		 Restricted
fund
£
900,615
-
900,615
20,943
935,487
956,430
-
(55,815)
72,543
16,728		 31.8.25
Total
funds
£
960,615
6,369
966,984
32,443
983,987
1,016,430
-
(49,446)
352,772
303,326		 31.8.24
Total
funds
£
979,372
14,046
993,418
42,820
945,311
988,131
(673)
4,614
348,158
352,772

The notes form part of these financial statements

Page 10

Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED (REGISTERED NUMBER: 03437923)

STATEMENT OF FINANCIAL POSITION 31 AUGUST 2025

Notes
CURRENT ASSETS
Stocks
11
Debtors
12
Cash at bank
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
15
Unrestricted funds
Restricted funds
TOTAL FUNDS		 31.8.25
£
141,735
8,195
191,411
341,341
(38,015)
303,326
303,326
303,326
286,598
16,728
303,326		 31.8.24
£
96,420
40,927
281,019
418,366
(65,594)
352,772
352,772
352,772
280,229
72,543
352,772

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

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

29 May 2026

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

.............................................

D J Thompson - Trustee

.............................................

E A Johnson - Trustee

The notes form part of these financial statements

Page 11

Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Notes
Cash flows from operating activities
Cash generated from operations
17
Net cash used in operating activities
Cash flows from investing activities
Sale of fixed asset investments
Interest received
Net cash provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31.8.25
£
(95,977)
(95,977)
-
6,369
6,369
(89,608)
281,019
191,411		 31.8.24
£
(86,016)
(86,016)
(671)
14,046
13,375
(72,641)
353,660
281,019

The notes form part of these financial statements

Page 12

Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

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 2nd edition) 'Accounting and Reporting by Charities: Statement of Recommended Practice' applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), 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. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The charity constitutes a public benefit entity as defined by FRS 102.

Preparation of the financial statements on a going concern basis

The financial statements are drawn up on the going concern basis which assumes the charity 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 the charity. The Board of Trustees consider the charity's current and forecast cash resources to be sufficient to cover the working capital requirements of the charity for at least 12 months from the date of signing the financial statements.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income

Donations are recognised in the financial statements 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 professional services and 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 by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised. On receipt, donated professional services and 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. Gifts in kind are included in the charity's financial statements if the estimated value is in excess of £500.

Interest receivable on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income arises in the United Kingdom.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. A further analysis of this expenditure is given in the notes to the financial statements.

Support costs, which include general management, payroll administration, budgeting and accounting, information technology, and human resources, are apportioned based on the estimated amount of time spent by the support area on each activity category.

Page 13

continued...

Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES - continued

Expenditure

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to independent examination, accountancy and legal fees.

Stocks

Stocks held for charitable activities are measured at cost.

Investments

Unlisted investments are included at historical cost less impairment.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Debtors - trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand - cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors - creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

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 is not registered for VAT, as the trustees consider the charity's sources of income are exempt from VAT. VAT is included within the attributable cost under resources expended.

Fund accounting

Unrestricted funds are donations and other income received or generated and can be used in accordance with the charitable objectives at the discretion of the trustees. Designated funds are included within unrestricted funds and are earmarked by the trustees for particular purposes. At the reporting date, the charity has no designated funds.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Expenditure which meets these criteria is charged to the fund together with a fair allocation of management and support costs.

Transfers are made from unrestricted to restricted funds to cover any overspends on restricted projects during the year where the cost will not be met by the funder. Transfers between restricted funds and from restricted to unrestricted funds are made with the permission of the funder.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Leasing commitments

Rentals payable under operating leases are charged to the Statement of Financial Activities evenly over the period of the lease.

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Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES - continued

Pension costs

The charity makes contributes into the personal retirement schemes of certain staff. Contributions by the charity and staff are determined by mutual agreement.

From 1 April 2015, under the Pensions Act 2008, the charity must put certain staff into a pension scheme and contribute towards it. This is called automatic enrolment. To comply with automatic enrolment laws, the charity signed a participation agreement with a pension provider by which staff become members of an independently administered pension plan. The charity and staff make contributions as specified in the plan.

In the aforementioned schemes, staff contract directly with the pension company, and assets of those schemes are held separately from those of the charity. The charity acts as agent in collecting and paying over staff pension contributions. Once the contributions have been paid, the charity as employer has no further obligations.

The charity's contributions are charged to the Statement of Financial Activities in the period to which they relate. At the reporting date, outstanding contributions amounted to £4,266 (2024: £1,262).

Critical accounting judgements and key sources of estimation uncertainty

In preparing these financial statements, the Board of Trustees have made judgements, estimates and assumptions that affect the application of the charity’s accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key areas that are deemed to be material for these financial statements concern income recognition and allocation of support costs:

Income recognition

An appropriate proportion of income, sufficient to cover future costs, is deferred to future periods when the charity has obligations extending to future periods. As a result, judgement is required in assessing the extent and associated costs of fulfilling those future obligations. The charity uses historical experience and forecast activity levels in determining the appropriate amount of income to recognise in the current period and how much to defer to future periods.

Allocation of support costs

Allocation of support costs involves an appropriate proportion of staff time and estimated costs. As a result, judgement is required in assessing the extent of staff time and associated costs. The charity uses historical experience and forecast activity levels in determining the appropriate amounts to be allocated.

2. DONATIONS

Donations
Donated services and facilities		 31.8.25
£
870,115
90,500
960,615		 31.8.24
£
888,739
90,633
979,372

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Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

2. DONATIONS - continued

Analysis of donors:
St. James's Place Charitable Foundation
Jack Petchey Foundation
Inthallo
Aspen Insurance UK
Ovingdean Hall Foundation
Pentland Brands
Woodland Group
Garfield Weston Foundation
The Neumark Foundation
Hilton Foundation
Essex County Council
Peter John Ford Charitable Trust
Focus Foundation
Broome Family Trust
William Lithgo Trust
The TH Foundation
Thomas Howell
CHR Charitable Trust
Cymru Welsh
Human Made Machine
King Edward
Moondance
Sir John Knott Foundation
The Rockley Charity
Aldgate & All Hallows
Cheetham Hill construction
Ed Ne Nunzio
Emma Holloway Foundation
Leslie Smith Foundation
Royal bank of Canada
JCB Medway
Other smaller donors
3.
INVESTMENT INCOME
Interest receivable
4.
RAISING FUNDS
Raising donations and legacies
Marketing costs - internal
Marketing costs - external		 31.8.25
£
325,000
137,900
30,000
20,000
25,000
15,000
24,487
25,000
22,500
20,000
10,000
-
-
9,000
9,000
-
-
-
-
-
-
-
-
-
5,000
5,000
5,000
5,000
5,000
5,000
3,000
164,228
870,115
31.8.25
£
6,369
31.8.25
£
15,000
17,443
32,443		 31.8.24
£
337,800
132,670
-
30,432
25,000
25,000
18,900
25,000
15,000
-
10,000
10,000
9,865
-
-
7,686
6,500
6,000
5,000
5,000
5,000
5,000
5,000
5,000
-
-
-
-
-
2,000
-
196,886
888,739
31.8.24
£
14,046
31.8.24
£
15,000
27,820
42,820

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Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

5. CHARITABLE ACTIVITIES COSTS

6.

CHARITABLE ACTIVITIES COSTS
Panathlon Challenge
SUPPORT COSTS
Management

£
Panathlon Challenge
47,340		 Finance
£
(85)		 Support
Direct
costs (see
Costs
note 6)
£
£
904,005
79,982
Governance
Other
costs
£
£
15,000
17,727		 Totals
£
983,987
Totals
£
79,982

Support costs have been allocated based on the appropriate combination of staff costs/time and transaction volumes.

Analysis:

Management and finance

Premises hire
Sundry, insurance, subscriptions, telephone,postage & stationery,
donations and bank interest & charges
Governance costs
Independent examiner's fees:
- Examination fees
- Other services
Legal and professional fees
The total support and governance costs are included in restricted funds.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Hire of plant and machinery
Premises hire
Independent examiner's fees		 31.8.25
£
23,010
24,245
47,255
31.8.25
£
6,135
10,519
1,073
17,727
31.8.25
£
29,536
23,010
6,135		 31.8.24
£
20,160
24,353
44,513
31.8.24
£
6,120
8,485
415
15,020
31.8.24
£
27,723
20,160
6,120

7. NET INCOME/(EXPENDITURE)

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Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

8. TRUSTEES' REMUNERATION AND BENEFITS

Trustees remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31 August 2025 nor for the year ended 31 August 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2025 nor for the year ended 31 August 2024.

9. MARKETING COSTS - INTERNAL

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Charitable activities		 31.8.25
£
221,545
15,867
9,857
247,269
31.8.25
5		 31.8.24
£
213,097
16,333
6,767
236,197
31.8.24
5

No employees received emoluments in excess of £60,000.

Remuneration of key management personnel: The total remuneration paid to key management personnel was £221,545 (2024: £213,097) which relates to five individuals: chief executive officer, chief operating officer and three events/logistics managers. In the prior year, there were four individuals: chief executive officer, chief operating officer and two events/logistics managers.

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
Restricted
fund
fund
£
£
INCOME FROM
Donations
57,714
921,658
Investment income
14,046
-
Total
71,760
921,658
EXPENDITURE ON
Raising funds
11,500
31,320
Charitable activities
Panathlon Challenge
57,714
887,597
Total
69,214
918,917
Net gains/(losses) on investments
-
(673)
NET INCOME
2,546
2,068
RECONCILIATION OF FUNDS
Total funds brought forward
277,683
70,475		 Total
funds
£
979,372
14,046
993,418
42,820
945,311
988,131
(673)
4,614
348,158

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Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
fund
£
TOTAL FUNDS CARRIED FORWARD
280,229
11.
STOCKS
Consumables
12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Prepayments and accrued income
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income
Restricted
fund
£
72,543
31.8.25
£
141,735
31.8.25
£
8,195
31.8.25
£
1,946
4,697
7,789
23,583
38,015		 Total
funds
£
352,772
31.8.24
£
96,420
31.8.24
£
40,927
31.8.24
£
9,839
5,193
6,724
43,838
65,594
Included in accruals and deferred income is deferred income of £15,000 (2024: Included in accruals and deferred income is deferred income of £15,000 (2024: Included in accruals and deferred income is deferred income of £15,000 (2024: £25,000) comprising funds received
by Postcode Lottery. The deferred income will be expended during the following financial year.
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
31.8.25 31.8.24
Unrestricted Restricted Total Total
fund fund funds funds
£ £ £ £
Current assets 286,598 54,743 341,341 418,366
Current liabilities - (38,015)
(38,015)		 (65,594)
286,598 16,728 303,326 352,772
15. MOVEMENT IN FUNDS
Net
movement
At 1.9.24 in funds At 31.8.25
£ £ £
Unrestricted funds
General fund 280,229 6,369 286,598
Restricted funds
Panathlon Challenge 72,543 (55,815) 16,728
TOTAL FUNDS 352,772 (49,446) 303,326

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Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

15. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Panathlon Challenge
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Panathlon Challenge
TOTAL FUNDS
Comparative net movement in funds, included in the
r
Unrestricted funds
General fund
Restricted funds
Panathlon Challenge
TOTAL FUNDS		 Incoming
resources
£
66,369
900,615
966,984
At 1.9.23
£
277,683
70,475
348,158
above are as follows:
Incoming
Resources
esources
expended
£
£
71,760
(69,214)
921,658
(918,917)
993,418
(988,131)		 Resources
expended
£
(60,000)
(956,430)
(1,016,430)
Net
movement
in funds
£
2,546
2,068
4,614
Gains and
losses
£
-
(673)
(673)		 Movement
in funds
£
6,369
(55,815)
(49,446)
At 31.8.24
£
280,229
72,543
352,772
Movement
in funds
£
2,546
2,068
4,614

Purpose of unrestricted funds:

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.

Purpose of restricted funds:

These funds relate to unspent money from donations and other incoming sources where the funder has specified what the money must be spent on and the trustees do not have the power to use the funds for other purposes.

Restricted funds are to be utilised as follows:

Funds held at the reporting date will be expended in the following financial year.

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Docusign Envelope ID: 1D0694C0-24AC-8735-8298-9E947A19B625

THE PANATHLON FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

16. RELATED PARTY DISCLOSURES

Except for key management remuneration, there were no related party transactions for the year ended 31 August 2025 nor for the year ended 31 August 2024.

17. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:
Losses on investments
Interest received
Decrease in amounts owed by group
Increase in stocks
Decrease/(increase) in debtors
Decrease in creditors
Net cash used in operations		 31.8.25
£
(49,446)
-
(6,369)
-
(45,315)
32,732
(27,579)
(95,977)		 31.8.24
£
4,614
673
(14,046)
661
(37,475)
(36,603)
(3,840)
(86,016)

18.

ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.24 Cash flow At 31.8.25
£ £ £
Net cash
Cash at bank 281,019 (89,608) 191,411
281,019 (89,608) 191,411
Total 281,019 (89,608) 191,411

19. COMPANY LIMITED BY GUARANTEE

The charitable company is limited by guarantee and has no share capital. Every member of the charity undertakes to contribute to the assets of the company in the event of its being wound up, for payments of the debts and liabilities of the company, such amount as may be required, not exceeding £10.

Page 21