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 S*im 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 exr*cted 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 legisl*ion. 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