2025-09-30-accounts

Annual Audited Accounts LEVEL WATER Year ending 30 September 2025 Helping disabled children learn to swim. pi Charity number: 1151510

Company registration number". 08091814 Charity registration number 1151510 Level Water (A company limited by guaranleel Annual Report and Financial Statements for the Year Ended 30 September 2025

Level Water Contents Reference and Administrative Details Chairfs Statement 2103 Trustees. Report 4t06 Independent Auililors, Report 71010 Consolidated Slalement of Financial Acth"wb"es Consolidated Balance Sheet 12 Balance Sheet 13 Consolidated Slalemenl of Cash Flov 14 Notes to the Financial Stslements 151025

Level Water Reference and Administrative Details Chairman Toby Radcirffe Chlof Exg¢UtIvo Officer lan Thwaites Trusts8$ stuart Rhodes Gemma Jennings Mark Haslam Laura Batty Toby Radcliffe 1151510 Charity Registrdtion NuM￿r Company Registration Number 08091814 Reglsternd Otrice The House Monson Road Tunbridge Welb TN1 ILS Statutory Audltor RBCA Limited Linenhall Exchange 26 Linenhall Street Belfast BT2 8BG Page 1

Level Water Chairfs Statement for the Year Ended 30 September 2025 The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 30 September 2025. in complrance vthh s414C of the Companies Act 2006. Solvlng tho problom Level Water exists to solve a simple problem.. disabled children are excluded from most sports. We leach swimming because rt is uniquely accessible. uniquely beneficial, and uniquely in demand among the children we support. Our purpose is to ensure every disabled child in the country has an equal opportunity to learn to swim. We do not turn projects on and off in response to fvnding. We teach a child until they can swm, and we keep going until every child in town and every town in the country - has equal access. We do whatever is needed lo solve the problem, from working wlh Govemmenl lo a single child, a teacher and a lesson. Changlng the system Since we started in 2012, the culture in swimming has changed. We used to conwnce people.. now pools are approaching us and asking lor help. In the last three years we have doubled our income and tripled the number of chilfjren we support. Our Inclusion Specialist model is creating the capacity to 'solve' disability learn-to-swim in ten tovm$, building local systems that go far beyond what we expected. This year we have expanded our programme lo the lull extent of Our fijndraising. The charity remains financially strong and operationally resilient. and our gro4th is now constrained by our Income, r31her than eapacily or demand. A huge and vlslble need Today more than 6,500 children are on Level Water waiting lists. 36% of familie5 tell us their child has no other suitable sport locally. and 44% of ¢hildren have tned to join swimming lessons three timès or more wilhoul success. Slatislicalty. swmming is the athvity that disabled children most want lo do. yel access is not equal. Our waib'ng list of 6.500 children is one of the clearest indicators of unmel need in Sport. Tho next stage of growth We are deeply grateful lo the funders. partners and donors wthose long-lem support has made thi$ progress possible. Our ambition is to increase the number of ¢hildren we support from 1,500 today to 6,000 within the next five years. The opportunity 15 apparent. the demand is clear and the model is proven. Wth the right support, we believe this is a problem that can be sofved. Flnanclal rovlow The lolal income for the year ￿a5 £1.719.921 12024".£1.665.5641 and expenditure £1,773,671 12024.. £1,382,603> resulting in a net deficrt of £53,75012024'. £282,961 Surplus). Al the year end the balance of unre51ricted general funds held was £789,732, of which £500,000 was held as designated Un￿stn¢ted funds. These designated funds were held lo ensure adequate cash flow to cover expenditure during months were income is reduced due to the seasonality of the harity's activities. Page 2

Level Water Chairfs Statement for the Year Ended 30 September 2025 Policy on reserves We run a cyclical charity, with the vast majority of our lundTaising coming during the summer bul con5151enl costs across the year. In summer we have a surplu5 and in wnter we have a deficit. Vve aim to maintain minimum cash reserves at 2￿0% of annual tumover. This gives the charity and our programmes some resilience if there is a period of increased costs or fundraising shortfall. After the summer fundraising season, reserves at year end Iseplemberl should be sufficient to cover our wnler deficit, with largel reserve5 al year end of 30-50% of our annual turnover. Principal risks and une•rtainti8s The trustees have a$ses$ed the major risks to vthich the charitsble company 1$ exposed and are satisfied that systems are in Flace to mth'gate exposure to these risks. 14 Jun 2026 The strategic report wa5 approved by the trustees of the chanty on .................... and signed on its behaff by.. Toby Radcliffe Trustee Page 3

Level Water Trustees, Report The trustees, who are directors for the purposes of company law, Present the annual report together ilh the financial statements and auditors. report of the charitable company for the year ended 30 September 2025. The trustees have adopted the provisions of the Stslement of Recommended Pra¢tise ISORPI 'A¢¢ounting and Reporting by Charities" in accordance wth the Financial Reporting Standard applicable in the UK and Republic of I￿land {FRS1021 and the Companie$ Act 2006 in preparing the annual report and the financial slatemenls of the charty. OblKtlv•s and actlYllJ•s Public benefrt The Charity's Objects are lor the Public Benefft to promote communty participation in healthy recreation by providing or assisting in the provisions of facilities for swmming lessons for children ￿rith disabilits'es. The trustees confirm that they have complied wth the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Flnancial review The total income for the year vrJ$ £1,719,921 12024.. £1,665.5641 and expenditure £1,773,671 12024.. £1.382,6031 resulting in a nel deficrt of £53.75012024.' £282,961 $urplu$l. Al the year end the balan¢e of unrestricted general funds held was £789,732. of ￿1¢h £500.000 was held as designated unreslricled fvnds. These designated fvnds were held lo ensure adequate cash flow lo cover expendrture during months were income is reduced due lo the seasonality of tho charity's activitie$. Poll¢y on re$etves We run a cydical charity, %Mth the vast majority of our fvndraising coming during the Summer but consislenl costs across the year. In summer we have a surplus and in winter we have a deficit. Vve aim lo maintain minimum cash re$eryes al 2￿0% of annual turnover. This gives the ¢harity and our programmes some resilience if there 1$ a period of in¢reased ¢o$t$ or fvndraising Shortfall. After the summer fundraising season, reserves at year end (September) should be sufficient to cover our wnter deficit, with target reserves al year end of 3￿50% of our annual turr￿ver. Golng ¢on¢ern The Trustees have rewewed the applicabilty of the going ¢oncem principle and have determined that it is appropriate to prepare the charity's accounts on the basis that it wll continue as a going concern for a foreseeable future. Page 4

Level Water Trustees, Report Trust88s and Officèrs The trustees and officers serwng during the year and since the year end were as follows.. Trustees". Stuart Rhodes Gemma Jennings Mark Haslam Laura Batty Toby Radcliffe Chairman". Toby Radcliffe Chief Executive Officer.. lan Thwartes 8tructur•. govornanc• and manag•fflont Nature of govemlng document Level Water 15 a company limited by guarantee governed by its Memorandum and Articles of As50cialion dated 26 March 2013, as amended on 20 August 2025. 11 is registered ay 4 charity with the Charity Commission. RKrultm•nt and appolntmenl ol irustees New Iruslees are appointed by the exi$tsng twslee$ on the basis of the skills and experience required. Inductlon and tralnlng of I￿$t••5 New trustees meet wlh the Chair of Trustees and relevant eligibility checks are undertaken lo confim their oppoinlmenl. Then they are given an indLKtion to help them thrive in their new role. They are given information lo help and support them to perfom ell and develop as a trustee on the board. Arrnngoments for settlng key management personnel remuneratlon The Trustees delennine all fomis of consideration paid by the charity including all remuneration, salary. benefits, profit-sharing and bonuses, employer's penS￿n contributions and any termination payments made. Relatlon$hlp8 wlth related partl Swlm Collectlve Llmltsd Swim co1￿Ctive Limited 15 Level Walerfs vtholty owned subsidiary. On 11 February 2022, the charity acquired 100% of the equity of Sim Collective Limited. Major nsks and management ofthose risks The trustees have assessed the major risks to vknich the charitable company is exposed and are satisfied that systems are in place lo mth.gate exposure to these nsks. Page 5

Level Water Trustees, Report Ststsment of trusts•$' ro$pon$lbllltloS The Iruslees (who are also the director5 of Level Water for the purposes of company lawl are responsible for p￿paring the trustees. ￿port and the financial statements in a¢cordan¢e ￿nth applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice), induding FRS 102 The Financ￿ Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees lo prepare financial slalemenls for each financial year. Under company law the trustee5 must not approve the financial stslements unless they are satisfied that they give a true and fair view of the sl*e of affairs of the parent charitsble company and the group and of the incoming resources and application of resources. including its income and expenditure. of the charitable group for that period. In preparing these financial statements, the trustees are required lo.. select suitable accounting policies and apply them consislentty.. observe the methods and pnnciples In the Charitie5 SORP,. make judgement5 and eslimale5 that are reasonable and prudent., stsle whether applicable accounting stsndards, comprising FRS 102 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls." and prepare the financial slalemenl$ on the going ￿nCeM basis unless rt is inappropriate to presume that the parent ¢haritable Company will continue in business. The Iru$tee$ are responsible lor keeyng proper accountsng records that can ¢Jisclose wlh reasonable accuracy at any time the financial position of the parent charitable company and the group and enable them to ensure that the financial slalemenls comply wrth the Companies Act 2006. They are also responsible lor saleguarding the assets of the parent charitable company and the group and hence for taking reasonable steps for the prevention and detection of frau¢J and other irregularities. The Irugtees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislats'on governing the preparation and disseminatson of financial statements may differ from legislation in other jurisdictions. Dis¢lo$urn ol infomiation to audltor Each Iruslee has taken slep5 that they ought lo have taken as a Iruslee in order lo make themselves aware of any relevant audit informats.on and to estsblish that the charity's auditor Is aware of that information. The trustees confimi that there 1$ no ￿levant infomiats'on that they know of and of vthich they know the auditor is unaware. 14 Jun 2026 The annual report was approved by the trustees of the charity ¢)n .................... and signed on its behalf by.. Toby Radcliffe Trustee Page 6

Level Water Independent Auditorfs Report to the Members of Level Water Oplnlon We have audited the financial stslemen15 of Level Water lthe '¢harrtable parent company'l and its subsidiaries (the 'group'l for the year ended 30 September 2025. %thi¢h ￿MprISe the Consolidated Statement of Financial Adiwbes. Consolidated Balance Sheet. Balance Sheet. Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Stsndards. comprising charib.es SORP FRS 102 The Financial Repo￿.n9 Standard applicable in the UK and Republ￿ of Ireland, and applicable law (United Kingdom Generally Accepted Accounbng Practice). In our opinion the financial statements.. give a true and fair view of the state of the group's and parent charity's affaifs as at 30 September 2025 and of its incoming resources and applicab'on of resources, including its income and expenditure, for the year then ended., have been property prepared In accordance United Kingdom Gener8lly Accepted Accounting Practice". and have been prepareil in accordance wth the WU1￿MentS of the Companies Act 2006. Basls for oplnlon We conducted our audrt in accordance Imth Intemats'onal Slandards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance ￿th the ethical requiremenls that are felevanl lo our audit of the financial slalemenls in the UK. including the FRC'S Ethical Stsndard. and we have fvlfilled our other ethical re$pon$ibililie$ in a¢cordan¢e wth these requirement$. We believe that the audit eviden¢e we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu8lon$ relatlng to golng ¢on¢*m In auditing the financial stalements, we have concluded that the trustees use of the going concern ba$1$ of accounting in the preparolion of the financial 5tstements is appropriate. Based on the work we have perfomed. we have not ￿ent￿led any material uncertainties relating lo events or conditions that. individually or collectivety. may cast significant doubl on the group's ability lo continue as a going concern for a period ol al least Iwefve months from when the Original financial statements were 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 infomiation The Iruslees are responsible for the other irrformalion. The other information comprises the infomiation included in the annual report. other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwse ex￿1cluY slated in our report, do not express any fomi of assurance conclusion Ihereon. Page 7

Level Water Independent Auditorfs Report to the Members of Level Water In connectKJn our audit of the financial statements, our responsibility is lo read the other infomiation and, in doing so, consider whether the other informats.on is materially Inconsistent with the financial stslements or our kno%￿e(1ge obtained in the audit or otherwse appears to be materially misstated. If we identify such material inconsistencies or apparent material mi$stalements. we are required to detemiine whether there is a material misstatement in the financial statements or a material misstatement of the other informats'on. If, based on the work we have perfomied, we conclude that there is a material misststemenl of this other infomation. we are required lo report that fact. We have nothing lo report in this regard. Opinion on other mattor pr8scrib8d by tha Companies Act 2006 In our opinion, based on the work unilertaken in the course of the audit.. the information given in the Chairfs Sl*emenl and Trustees, Report for the financial year for vhich the financial statements are prepared is consistent wth the financial staternents,. and the Chairfs Statement and Trustees. Report have been prepared in accordance vAth applicable legal requirements. Mattors on wthlch wo are requlr•d to roport by ox¢optlon In the light of our knO%￿edge and understsnding of the group and the parent charitable company and its environment obtained in the course ol the audit. we have not thntified material misslatemenls in the Chair's Statement and the Trustees, Report. We have nothing to report in respect of the follow'ng matters vthere the Companies Act 2006 requires us lo report lo you if, in our opinion.. adequate accounting records have not been kept by the parent charrtable company, or relums adequate for our audit have not been received from branches not vislted by us,. or the parent chanlable company financial statements are not in agreement wlh the accounting records and returns., or certain disclosures of trustees remunerab.on specified by law are not made,. or we have not received all the infomalion and explanatsons we require for our audit. Rosponsibilitios of tru¥t••8 As explained more fully in the Slalemenl of Iruslees, responsibilities Isel out on page 61. the trustees are responsible for the preparation of the financial ststements and for being sats'sfied 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 stalemenls, the Iruslees are Tesponsible for assessing the ¢harrty's ability to continue as a going con¢em. disclosing. as applicable. matters related lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic altemalive but to do so. Page 8

Level Water Independent Auditorfs Report to the Members of Level Water Audltor r•sponslbllltlo$ for tho audlt of th• finan¢l•l $tstgm•nts Our objective5 are lo obtain reasonable assurance about vthether the financial 5ts1ements as a vthole are free from material misstatement. whelher due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but 1$ not a guarantee that an audit conducted in accordance ISAS IUKI wll afvlays detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or In the aggregate, they could reasonably be exrcted to inlluence the economic decisions of users taken on the basis of these financial stslemenls. The extent lo vh)ich our procedures are capable of delecb.ng Ir￿ular[beS. induding fraud is detailed below.. We identified areas of laws and regulations that could reasonabty be expected lo have a material effect on the financial statements from our sector experience through discussion the directors and other mana9emenl las requi￿d by audib.ng stsndardsl". We had regard to laws and regulations in areas that direclly affect the financial slalements including financial reporting and laxalion legislion. We considered that extent of compliance those laws and regulations as part of our procedures on the related financial statement rtems., With the exception of any knovm or possible nonrycompliance. and as required by auditin9 standards, our work in respect of these was limited to enquiry of the Directors.. We communicated applicable laws and regulab.ons throughout our audrt team and remained alert lo indic*ions of non-compliance throughout the audit.. We addre$$ed the ri$k of fraLKI through managemenl ¢)verride of Controls, by testing the appropriateness of journal entries, and other adjustments,. assessing whether the judgement$ made in making accounbng estsmates are indicative of a potential basis,. and evaluating the business rationale of any signrficanl transactions that are unusual or outside the normal course of business., and Our audit Pr￿ed￿re$ %%tre d&$igned to respond to risks of material mi$stslement in the finan¢ial Statements. recognising that the risk of nol detecting a material misstatement due to traud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery. misrepresentation5 or through collusion. There are Inherent limitations in the audit procedu￿$ performed and the further removed non-compliance wrth laws and regulaliong is from the events and transactions reflected in the financial ststemenls. the less likely we are to become aware of it. Because of the inherent limitations of an audit, there is a risk that ¥￿ wll not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increase5 the more that compliance a law or regulation is removed from the events and Iransa¢lions reflecle<l in the financial slatemenls. as we wll be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularth'es occurring due to fraud rather than error, as traud involves intentsonal ¢on¢ealment, forgery, ¢ollu$ion, omi$$ion or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's web511e al.. www.frc.org.uklaudrtorsTe5ponsibilth"es. This de5cripb.on forms part of our auditor's report. Page 9

Level Water Independent Auditorfs Report to the Members of Level Water Us• of our r•port This report is made solely lo the charrtable parent company'5 trustee5, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stste lo the group's trustees those matters we are reqUI￿d to stste to them in an auditor'$ report and for no other purpose. To the lullesl extent perni￿ed by law, we do not accept or assume responsibility to anyone other than the charrtable parent company and rts trustees as a body, for our audrt work, for this report, or for the oynions v* have fomied. Brian Stewart FCA Isenior Slalutory Audilorl For and on behalf of R8CA knmiled, StsILrtory Audrtor Linenhall Exchange 26 Linenhall Street Belfast BT2 88G Dale.. ..1SJun202&... Page 10

Level Water Consolidated Statement of Financial Activities for the Year Ended 30 September 2025 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Totsl 2024 £IAs r•ststodl Unrestricted lunds Restricted lunds Total 2025 Nots Incom• and Endowm•nts from: Donations and grants Other trading ath'vilies Other income 1.012.953 458.935 37.909 210.124 1.223.077 458,935 37.909 1.179,869 439,381 46.334 Total income 1.509,797 210,124 1.719,921 1.665,564 Expondltur• on: Raising funds Charitable activities Other expenditure 1200.8451 1921.3731 421.026 1200,8451 11.151,6001 421,026 1204,6031 1839,0271 338,973 {230.427} Total expenditure Nel lexpenditurellincome 1,543,244 230,427 1,773,671 1,382,603 33,447 20,303 53,750 282,961 Nel movement in fund$ 133,4471 {20,303) 153,750 282,961 Reconclllatlon of lund• Total funds brought forward Total funds carried forward 16 823.179 78,377 901,556 618,595 789.732 58.074 847.806 901,556 The notes on pages 15 10 25 fom an integral part of these finan¢ial statements. Page 11

Level Water IRegistration number: 08091814) Consolidated Balance Sheet as at 30 September 2025 2024 £IAs r•$tstodl 2025 Nots Fixed assets Intsngible assets 10 177,709 208,745 Current a55ets Debtors Cash at bank and in hand 12 13 45,191 949.592 177,966 689.329 994,783 867,295 Croditorn.. Amounts falling due within ono year Net current assats 14 324,686 174,484 670,097 692,811 Net assets 847,806 901,556 Funds of tho group: R•$trl¢t•d In¢om• funds Reslricled fvnds 58,074 78,377 Unr•strfctsd In¢om• funds Unrestrided funds 789.732 823,179 Total funds 16 847,806 901,556 The notes on pages 15 10 25 fom an integral part of these finan¢ial statements. Page 12

Level Water IRegistration number: 08091814) Balance Sheet as at 30 September 2025 2024 £IAs r•$tstodl 2025 Nots Fixed assets Investments 316,620 316,620 Current a55ets Debtors Cash at bank and in hand 12 13 44,382 779.783 358,705 437.207 824,165 795,912 Croditorn.. Amounts falling due within ono year Net current assats 14 175,284 129,596 648,881 666,316 Net assets 965,501 982,936 Funds of tho charlty: R•$trl¢t•d In¢om• funds Reslricled fvnds 58,074 78,377 Unr•strfctsd In¢om• funds Unrestrided funds 907.427 904.559 Total funds 16 965,501 982,936 Th31'5"881è tatements on pages 11 to 25 %%ere approved by Ihe trustees, and authorised for issue and signed on their behall by.. IODY Ilaociitte Tw$lee The notes on pages 15 10 25 fom an integral part of these finan¢ial statements. Page 13

Level Water Consolidated Statement of Cash Flows for the Year Ended 30 September 2025 2024 £IAs restated) 2025 Note Cash flows from op•ratlng a¢tl¥ltles Net cash lexpenditurellincome {53,7501 282,961 Adjustments to cash flows from non<ash items Amortisation 31.036 31,036 122,7141 313,997 Worklng capltal adJustm•nts Decreasellincreasel in debtors Increase in creditors 12 14 132,775 150,202 179,6131 112,836 Nel cash flows from operating actiwb'es Nel increase in cash and cash equivalents 260.263 347.220 260,263 347,220 Cash and cash equivalents al 1 Odober 689,329 342,109 Cash and cash equivalents al 30 September 949,592 689,329 All of the cash flows are derived from conb'nuing Operat￿n8 during the above peri￿$. The notes on pages 15 10 25 fom an integral part of these finan¢ial statements. Page 14

Level Water Notes to the Financial Statements for the Year Ended 30 September 2025 1 Charity status The charity is limilwj by guarantee. incorporated in England and Ws. and consequenuy does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The charty is registered as a charity wth the Charity Commission of England and Wales. The Chanty Number is 1151510. The Company Number is 08091814. The address of its registered office is.. The House Monson Road Tunbridge Wells TN1 1LS 2 ACcoUn￿ng pollcl Summary ol 8lgnlfi¢ant a¢¢ountlng pollcles and koy accountlng estlmatos The principal a￿untIng policies appld In the preparation of these financial statements arè sel out below. These policies have been consislenuy applied lo all the years presented, unless olhenhrise slale(l. ststoment of compllance The financial statements have been prepared in accordance Accounting and Reporting by Charities.. Statement of Recommended Practice lapplicable lo charitie5 preparin9 their accounts in accordance with the Financial Reporting Slandart1 applicable In the UK and Republic of Ireland IFRS 10211 (issued in October 20191- Ichanlies SORP IFRS 10211. the Finan¢ial Reporbng Standard appIl￿ble in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Ba81$ of preyration Level Water meets the definition of a public beneffil entity under FRS 102. Assets and liabilities are Initially recogni5ed al historical ￿$1 or ITansaclion value unless Otherwise 51aled in the relevant accounting policy notes. The presentation currency is £ Sterfing and the level of rounding is to ihe nearest £. Basis of ¢on$olidation The consolidated financial Statements consolidate the financial slalements of the charity and its subsidiary undertakings drawn up lo 30 Seplemlxr 2025. Page 15

Level Water Notes to the Financial Statements for the Year Ended 30 September 2025 A subsidiary is an entity controlled by the charity. Control is achieved %there the charity has the power to govem the financial and operating policies of an ents.ty so as to obtain benefits from ils aclivrties. The resuts of subsidiaries acquired or dispose(l of during the year are induded in the statement of financial activities from the effective date of aCqUis￿On or up to the effective date of disposal, a$ appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line vthh those used by the group. The purchase method of accounting 1$ used to account for business combin*ions that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed al the dale of exchange, plus costs directly attriblrtable lo the business combinabon. Idents"fiable assets acquired and liabilits'es and conlingenl liabilibes assumed in a business combination are measured initially at their lair values at the acquisrtion date. Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identrfiable a$$et$, liabilities and contingent liabilitie$ recognised is recorded as 9000￿11. Inter-company transactions, balances and un￿aliSe<l gains on transactions between the charity and rts subsidiaries, vthich are related parties, are eliminated in fvll. Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial slatemenls. Accounting policies of subsidiaries have been changed vthere necessary to ensure consi$len¢y wth the policies adopted by the group. Nonwcontrolling interests in the net assets of consolidated Subsidiaries are identified separately from the group's equity therein. Non-conlrolling interests consist of the amount of those inleresly al the dale of the original business combination and the non-conlrolling shareholder's share of changes in equity since the date of the combination. Total comprehensive income is attributed to non<ontrolling inte￿31$ even rf this results in the non-controlling interests having a deficit bala￿e. Golng concern The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern nor any significant areas of uncertainty that affect the carying value of assets held by the group. Page 16

Level Water Notes to the Financial Statements for the Year Ended 30 September 2025 In¢omg and endowm•nts All Income is recognised once the ¢hanty has entitlement lo the income. il is probable that the income 11 be received and the amount of the income ￿CeiVable can be MeasU￿d ￿lIablY. For donations to be recognised the chanty wll have been nolified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before enliyement can be obtsined then income is deferred until those conditions are fully met or the fulfilmenl of those conditions is vthin the control of the charity and il is probable that they wll be fulfilled. Gift aid lax recoverable is recognised on the date of the respective donatson. Fundraising income is recognise(l on the dale of the event tsking place. Grants are recognised ￿en the charity has an entiljement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be mel, the income is recognised as a liabilty and included on the balance sheet as deferred income to be released. Expendituro All expenditure 1$ recogniwl once there 1$ a legal or constru¢tive obligation lo that expenditure, il 1$ probable settlemenl is required and the amount can be measured reliably. AJI costs are allocated lo the applicable expenditure heading that aggregate similar costs lo that category. Where Costs cannot be directly attributed lo particular headings they have been allocated on a basis consistent ￿rith the use of resources, wth central staff ¢osls allocated on the basis ol ts'me spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread ol staff costs. Ralslng funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading actsvilies that raise lunds. Charltable actlvltles Charitable expenditure comprises those costs incurred by the charty in the delivery of it$ activitie$ and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Taxatlon The charity is considered lo pass the lesls set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the defin￿'On of a charttable company for UK corporation tsx purposes. Accordingly, the chanty is potents'ally exempt ftom tsxation in respect of income or capital gains received wthin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gain5 are applieil exclusively to charitsble purposes. Goodwill Goodwll is amortised over its useful lrfe, vknith shall not exceed ten years if a reliable estimate of the useful life cannot be made. Page 17

Level Water Notes to the Financial Statements for the Year Ended 30 September 2025 Amortl$atlon Amort15ation is provided on intsngible fixed assets so as to write off the cost, less any estimated residual value. over their expected useful economic life as follows". Ass8t class Goodwll Amortisation method and rate 10Qk straight line R•s•arch and d•¥olopmont Research and development expendrture is Wr￿en off as incurred. Business combinations On 11 February 2022, Level W*er acquired 100% of the ordinary Share capital of Swim Colleth've Limited for total consideration of £316.620. The goodwll arising from the a¢qui$ition is £310,348 and the Trustees have eslimaled the useful life of this goodwill to be 10 years. Trade dobtorn Trade debtors are amounts due from customers for merchandise sold or services perfomied in the ordinary course of business. Trade debtors are recognised inth'alty at the transaction price. They are subsequently rneasured at amortised cost usin9 the effective interest method. less provision for impairnient. A provision for the impairment of trade debtors is estsblished svhen there is objecb've evidence that the charity wll not be able to collect all amounts due according lo the Original temis of the receivables. Cash and cash oquivalont8 Cash and cash equivalents comprise cash on hand and call deposits, and other short-temi highly liquid investments that are readily convertible to a knovm amount of cash and are subject lo an nsignificant risk of Change in value. Trade credltors Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable a￿ classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for al least twelve rnonlhs after the reporting dale. If there is an uncondrtional right lo defer settlement for at least twelve months after the reporting dale, they are presented as non-currenl Trade creditors are recognised inrtj'ally at the transaction price and subsequenty measured at amorb'sed cost usin9 the effectsve interest method. Page 18

Level Water Notes to the Financial Statements for the Year Ended 30 September 2025 Borrowlngs Interesl-bearing borrowngs are i￿￿"311Y ￿cOrded at fair value, net of transaction cost5. Interesl-bearing borrowngs are subsequently Carried at amortised cosl. wth the dIffe￿nCe between the proceeds. nel of transaction Costs. and the amount due on redemption being re¢ognised as a charge to the Statement of Financial Activities over the period of the relevant borrowng. Interest expense is recognised on the basis of the effective Inte￿$1 method and is included in interest payable and similar charges. Borrowings are classffied as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least fv￿1ve months after the repoth'ng date. Fund $truclurg Unrestricted income funds a￿ general funds that a￿ available for use al the Iruslees discretion in furtherance of the objectives of the group. Designated unrestricted funds are unresth'cle(I funds set aside for specific purposes at the discretion of the trustees. Restricted income funds are those donated for use in a particular area or for Specific purpose$, the use of which is restricted to that area or purpose. 3 Income from donatlon8 and grants Unrgstrl¢t•d RoStrf¢t•d Totsl Total 2024 lund• fund• 2025 r•$tat•dl 1,013,094 166,775 Donations from individuals Grants from companies 1,012,953 1,012,953 210,124 210.124 1,012,953 210,124 1,223,077 1,179,869 4 Incom• from oth•r tradlng actlvltlos Unrgstrl¢tgd funds Totsl 2025 Total 2024 Income fr¢)m subsidiary 458,935 458,935 439,361 458,935 458.935 439.361 5 Expenditure on raislng funds Unrestri¢ted fund$ Total 2025 Total 2024 Fundraising costs 200.845 200,845 204,603 Page 19

Level Water Notes to the Financial Statements for the Year Ended 30 September 2025 6 Expenditure on charitable activities Unrnstrict8d R8strict•d funds funds Total 2025 Total 2024 Provision of swmming lessons Insuran¢e Accountancy Office costs Travel expenses Marketing 765,067 24,231 37,308 34,025 33.505 27,237 230,427 995,494 24,231 37,308 34,025 33.505 27.237 765,605 16,529 10,824 13,781 15,440 16,848 921.373 230,427 1.151,800 839,027 7 Other eX￿ndIture Unrnstrlcted funds Total 2025 Total 2024 Expendrture by subsidiary 421.026 421.026 338,973 8 Stsff costs The aggregate payroll ¢o$ts were a$ folbws.. 2025 2024 Salaries and wages National insurance Pension scheme 430.890 42.943 21.749 377,174 37,590 20,599 495,582 435,363 The monthly average number of persons (including senior management I leadership team) employed by the group during the year expressed as fvll lime equivalents as follows.. 2025 No 2024 No Average number of stsff during year The number ol employees vthose emolumenls fell vAthin the followng bands vA$'. 2025 No £120,001 - £130,000 Page 20

Level Water Notes to the Financial Statements for the Year Ended 30 September 2025 The key management personnel of the charity comprise the truslees, Chief Executive Officer and Operations Director. The total employee benefits of the key management personnel of the group were £174,281 12024 - £163,8391. 9 Taxation The group Is a registered ¢harty and is therefore exempt from tsxats"on. 10 Intanglbl• fixod aysèts Group Goodwlll Totsl Co$t Al 1 October 2024 310,348 310,348 AI 30 September 2025 310,348 310,348 Amortl•atlon Al 1 o￿Ober 2024 Charge for the year AI 30 September 2025 101,603 31.036 101,603 31,036 132,639 132,639 Net book value AI 30 September 2025 177,709 177,709 AI 30 September 2024 208,745 208,745 11 Flx•d asg•t inv•gtm•nts Charlty Subsidiary undertakings Total Cost Al 1 October 2024 316,620 316,620 AI 30 September 2025 316,620 316,620 N•t book value At 30 September 2025 316,620 316,620 AI 30 Septembef 2024 316,620 316,620 Page 21

Level Water Notes to the Financial Statements for the Year Ended 30 September 2025 12 Debtors Group Charity 2024 £IAs rgstatèdl 186,934 76,920 94,851 2025 2024 2025 Due from group undertakings Prepayments Accrued income 1,954 43,237 76,920 101,046 1,954 42,428 45.191 177.966 44.382 358,705 13 Cash and ¢*$h •qulv•lènts Group Charlty 202$ 2024 2025 2024 Cash al bank 949.592 689.329 779,783 437,207 14 Cr•dltorn.' amounts falllng du• wlthln on• yoar Group Charlty 2025 2024 2025 2024 Trade creditors Due lo group undertakings Other laxalion and ￿CIal securrty Other creditors Accrual$ and Deferred Income 46.340 31.6S9 43.022 16.149 21,345 11,842 2,343 264.161 14,071 11.842 14,071 128.754 101.927 94,180 129,596 324,686 174,484 175,284 1S Ponslon and othgr schemes The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the chanty lo the scheme and amounted lo £21.749 12024.. £20,599). Contributions lolalling £2,34412024.. £3531 ￿re payable to the Scheme at the end of the year and are Included in creditor5. Page 22

Level Water Notes to the Financial Statements for the Year Ended 30 September 2025 16 Funds Group Balance at 30 s•pt•m￿r 2025 Balan¢0 at 1 October 2024 In¢omlng rnsources Resour¢o$ expended Unrg$lrf¢tod funds General General Designated 523.421 299,758 1,309,555 200,242 11.543,244 289,732 500,000 823,179 1,509,797 11.543,244 789,732 R•$trfct•d funds Restricted 78,377 210,124 230,427 58,074 Total funds 901.556 1.719.921 1.773,671 847.806 The designated funds are held In order lo ensure adequate cash flow during months there income is reduced due lo nature ol the charity's activilies. Page 23

Level Water Notes to the Financial Statements for the Year Ended 30 September 2025 17 Analysis of net assets between funds Group Total funds at30 Soptembgr 2025 Unrestricted funds Restricted funds Intsngible fixed assets Current assets Current liabilities 177,709 908,570 296.547 177,709 994,783 1324,686 86.213 28.139 Total nel assets 789,732 58,074 847,806 Total fund8 at30 s•pteM￿r 2024 Unro8trS¢tod funds Règtrlctèd fund• Intangible fixed assets Current assets Current liabilities 208,746 668,292 109.122 208,746 867.996 175,186 199.704 66.064 Total nel assets 767,916 133.640 901,556 18 Prlor year adlustmont A management fee of £147,531 oV￿d to Level Water from Swim Collective wa5 excluded from the charity standalone figures In error In the prior year. This adjustment increased the 2024 standalone charity income and the intercompany deblor by £147.531. This adjustment did not affe￿ the ¢on$olidated figures in the prior year. 19 Relat8d party transactlons Swim Collective Limrted is a related party as it is a %tholly owned subsidiary of Level Water. Included n debtors is £37,90912024.. £39.4031. Page 24

Level Water Notes to the Financial Statements for the Year Ended 30 September 2025 20 Post balance sheet events Insurance settlement On 21 November 2025. Swm Collective Ltd reached a final agreement wth its insurers in re$ped of an insurance claim relating to the cancellatson of the Dart 10K event in September 2025. The total Settlement agreed vrds £118.082.57. which indudes an interim payment of £80,000 received on 19 November 2025. The cancellation of the event occurred before the year end. however the InsU￿r,$ acceptsnce of the claim and Confimialion of the setuemenl amount look place after 30 September 2025. As the acceptance and measurement of the claim were concluded post year end, the settlement represents a non-adjusts'n9 event under the relevant accounting standards. No amounts in respect of thi5 settlement have been recognised in these financi81 statemen15 for the year ended 30 September 2025. The settlement bMII be refiected In the company's financial slalemenls for the subsequent financial year. Page 25

nable Issuer RBCA Ltd Document generated Fri, 12th Jun 2026 16'.54.'36 BST Dacumant flngarprlnt bf44d2f588f4atsbc03028c75ee8e168 Parties involved with this document D¢¢umont pro¢•$$•d Party + Flng•ry*rlnt Sun, 14th Jun 2026 7.40. 15 BST Tobias Raddrfe- Signer Ibde2c711a60a7f46f63d14757864d8a91 Mon, 15th Jun 2026 12'.46.'38 BST R8CA Limited- Signer le6f639358b2782904eb8b2751dce14bfj Audlt hlstory log Date Actlon Fri, 12th Jun 2026 16'.54'.37 BST Envelope generated by Prakhar Kashive1188.66.74.801 Document generated with fingerprint bf44d2f588f4af9bc03028c75ee8e168 Fri, 12th Jun 2026 16..54.37 BST 1188.66.74.801 Fri, 12th Jun 2026 16'.54',37 BST Document generated wth fingerprint 7dce085bfaOb9bd7d2e8fe5d257068b7 {188.66.74.801 Fri, 12th Jun 2026 16'.54.37 BST Document generated wlh ffingerprint 94b5c483c3tsfe3d20781¢7e865e17741188.66.74.80} Fri, 12th Jun 2026 16.'54 39 BST Document generated wth fingerprint 15ce¢d30188816¢a2f3¢04870f1c4¢¢0 1168.66.74.801 Fri, 12th Jun 2026 16'.54'.41 BST Document generated wth fingerprint 012566d226850fv1a4e9081089d2df231188.66.74.801 Fri, 12th Jun 2026 17.'09.'01 BST Sent the envelope to Tobias Radcliffe ([e-mail] for Signing 1188.66.74.801 Fri, 12th Jun 2026 17.'09'.03 BST Document emailed to [e-mail] Fri, 12th Jun 2026 17'.46.'31 BST Tobias Raddrffe opened the document email.181.1 $4.191.1641 Fri, 12th Jun 2026 17".46.31 BST Tobias Rad¢lfft opened the document email.181.154.191.1641 Fri, 12th Jun 2026 17'.48.'18 BST Tobias Raddrffe opened the document email.181.154.191.1641 Fri, 12th Jun 2026 17".48."21 BST Tobias Radclfft viewed the envelope {81.154.191.1641 Fri, 12th Jun 2026 20'.22.'03 BST Tobias Raddiffe opened the document email.181.154.191.164} Fri. 12th Jun 2026 20".22".04 BST Tobias Raddiffe opened the document email.181.154.191.1641 Sun, 14th Jun 2026 6'.01.'58 8ST Tobias Raddiffe opened the document email.181.154.191.1641 Sun, 14th Jun 2026 6'.01.'58 BST Tobias Raddiffe opened the document email.181.154.191.1641

Sun, 14th Jun 2026 7'.39.'23 8ST Tobias Radcliffe viewed the envelope {81.154.191.164} Sun, 14th Jun 2026 7'.40'.15 BST Tobias Raddrffe signed the envelope181.154.191.1641 Sun, 14th Jun 2026 7.40." 15 8ST Sent the envelope lo RBCA Limited [e-mail] for signing 181.154.191.164) Sun, 14th Jun 2026 7'40.'15 BST Document emailed to [e-mail] RBCA Limited opened the dwument email.161.104.236.751 Sun, 14th Jun 2026 10".52.'44 BST Sun, 14th Jun 2026 10'.52.'44 BST RBCA Limited opened the document email.181.104.236.751 Mon. 15th Jun 2026 12 42."02 8ST RBCA Limite(I wewed the envelope1188.66.74.801 Mon, 15th Jun 2026 12'.46.'38 BST RBCA Limited signed the envelope1188.66.74.801 This envelope has been signed by all parties1188.66.74.801 Mon. 15th Jun 2026 12 46 38 8ST Mon, 15th Jun 2026 12'.46.'38 BST Signed document confinnation emailed to toby zerobees.com <188.66.74.80) Signed document confimalion emailed to [e-mail] Mon, 15th Jun 2026 12'.46.'38 BST 1188.66.74.801 Mon. 15th Jun 2026 12 46.38 8ST Signe(I document confim)alion emails have been sent lo all parties. Document URL.. https."Ilapi.signable.applshareablelenvelope?1-46dce414-209f41ab-b2ca-2 68fo919dOcO {188.66.74.80)