White Swan (CIO) Annual Report and Financial Ststements Year Ended 31 December 2024 Charity v•gl•trntlon number: 1176486
White Swan (CIO) Contents Refwce and A(knini¥trative Detals Tru8tees' Report 3108 Statement of Trustees, ReSp(ibllitlgS Indgpendent Examinevs Rèport Statement of Financial Activit 10 Balance Sheet 12 Not6S to the Financial Ststements 13to18
White Swan (CIO) Reference and Administrative Details Tru8t?gs John Clrft Dr Paul Ch'ft Philip Hedges, Chair Rggister•d Offi¢• Minlel House 4 Playhou¥e Yard London EC4V SEX Oparatlon$ Offlc• Mintel House 4 Playhouse Yard London EC4V SEX Telephone .' +44 02076W533 Email . h9110IhrtesWan.0rg.uk Website.. www.whrteswan.org.uk Ch•rlty R8g18tratlon Numbor 1176486 Soll¢ltorn Tozers Solicrtorn LLP Exel8r EX1 1UA Ind•p•ndenl Examln•r Neil Hrtchings FCA Francis C18rk LLP Centenary Housa P8ninsula Park Rydon Lane Exeter EX2 7XE
White Swan (CIO) Trustees, Report For the year ended 31 Drnber 2024 The Trustses present the annual report tD3etherwith the financial statements of the charty forlhè year to 31st December 2024. TrnstO08 John Clhft Dr Paul Clift Philip Hedges, Chair Ml•sion Stat•m•nt As a registered charity to improve health and wellbeing through Artirla[ Intelligence tèchnology and analytics we belveve that nwne should suffer nn8$Sari. physically. or emotionally. not knowing what is wrong with them. what to do about rt or how lo prevent rt. We make rt our mtssion lo improv8 heahh by levgraging propnety technow, algorilhm5. and leadingge data science capability to create tools and Insights which improve our holistic understsrKling of how we can h8lp ourselves. help those who can hel) Lbs. and help oth6rB in the Objoctlvu and •ctlvlti On 2nd January 2018 Whfte Swan ICIOI was registsred wrth the Chanty Commission under reg18tralion number 1178486. Th6 thanty's Constrtulion defings thè objects as foll¢y4V8'. The iinpmvem&nl of physic818nd mental he81th for public beneft. in partul&r (but wrthout limitation) by provn9 technolog1 tools and an81ytKal msearch lo l prnvent #14¥trh. aLrel6rnte diagnosis 8nd improv8 the effeclrvgness ollrgalment. Foundatlon8 and Fundral$lng ite Swan was originalty 8el-up as a nonrofft off-shoot dM8lon of Black Swan Dats Ltd, the predictsve ¢Jala anatytics and technok)gy organisalw. Black Swan Data ub"lised its technology and skllls to help clinicians diagnos6 a patient with a rare fomi of Parkinson's. She is receiving Irealmenl and living a nomial family lrfe with her tsvo chiklren This inspired Ihe people of Black Swan to found While Swan as a nol-for-profit offshoot, to make a positive drfIen¢8 to the world to improve health 8nd wellbeing,. from this foundation rte Swan d6velop8d into an independgnt regist8fed charty. Our technology (Million Minds) provides acceleration of patien1-centr research at reducod cosl, incorporating the views of millions of PaInts worldwide in an UnbSed way, enabling access to hard- lo&rh patient groups and rare disease paInts at xale. Powered by over 400 million patient conversations. MillhJn Mirbds has global reach and unriVal insight which flexible and actionable, acros8 the palTentjoumey. Black Swan Data previousty pged funding of the tharity's expense8. bul during 2023 this fvnding ceased, and the charity has generated funds through primarity Commissed project income as well as seeking grants and other corWle prNate dOnatls. Black Swan Data continue lo donate free use of their proprietary te¢hnokngy to rte Swan, for whh the Trustees and charity are immensely grateful. Publlc b0Th1t The Trusl89s confm that they Iwe compli&1 with the duty im18ed on them by S17(S1 of the Charithes Act 2011 tr) have due regard to the CharrtÈs Commission guidance on publ tEn8fft including the guidance 'Public benefft including the gulllarkce Tunning a charity {P82)'.
White Swan (CIO) Trustees, Report (continued) For the year ended 31 December 2024 Achi•v•monts and porfornianc• During 2024 lthrte Swan undertook a trmad rarvae of pmpcts across a vanety of health areas, WOTkn'ng with partners including LrfeArc, the British Heart FOUndatn, Ow'd CommuniLlions, UnNersty of Exeter. UnNer8ty of Bristol. The Mayo Cknnic and The Kinetix Group. ile Swan had the resources of 5 personnel for nv)st of the year and 3 Tfusteeg with around 129 Voluntee who contr.bute services. based around the worfd. Swan Data employee services are engaggj from a pool of empk)yees in offw in 4 Countr. The Swan team &)ntinuou8ty opgrate on a virtual basis. w0"n9 from home. Durlng 2024 wo ch1ov the followlng: 11 Publlcatlon of p•prn ID modlcal Journal• i) FibrOmYa.8- working wrth Dr Anu8hka Soni to tsveb)p work completed wth Whtte Swan on Fibromyalgia. 'So¢ial medw IL8tenmg to understand the fved experion¢a of pgople wrth Fibromyalgia". machirle?ming and natyral language processing". Social Media Phenotypes w01ng wrth University of Bimiingham -hMJhlights the difference befvn acadfjm understanduig and perspecb'ves on disea vs those of the patlents and utillses sooal data lo unmver patient perSt8 arKI dk8cover novel phendype associations. il) Published in NPJ Digrlal Medicine.. "Tan(ing ab(Art di88368s'. develon9 a mod81 of pats'ent and publwri0ritj disease phenotypes.. 21 01Vory of prnono pr0Cts l) Data gnd methodol¢)gy mfo1rnati lo support Bristol Univeiwty with acca88 to experiences 01 K8G. a very rare syndrome. Lung cancer taxonomy Wofk for patsent understanding and communic8tKJns 8t(JuI genomic and genet care in the di80488 for the vc4unte8r project. 0•1Sv•ry of odd1tl0n prnJ•cts durfng 2026 lo d•t• and In progr•J•: I Cardiac amyloido$i8- conduthd anaty818 and shared a pr•séntation 8ummafiwng the result8 with Dr Moody IUnNersty of 8imiinghaml and 8 pthnt athocate reggrding thgir exPenCe of the condrtion. Illl Completed dats #natysi$ shared reGuIts with Dr Irani at the Mayo clin in conjuncon with South Denmarf( dinlan5, regarding controlled evaluatM)n of neurological condith)ns using S[al data a Joumal submission Tegardirtg PANDAS (PaedtriC Auloimmuna NeUropsYthiatr Disorders Assouated with strepto¢¢al Infections}. wl Rare di89ase dataset creat#)n and upk¥8d to Milln Minds Expbrer tool for researther8 at the Unbvergity of Bimiingham vl Newborn genom screening datasèt ueation and UP to Mlllion Minds Explorer tool for researchers at the UnNersity of Exetgr. vi) Psoriatic arthritis datsset creation and UFdo*J to Million Minds Explorer tool for re8earcher¥ al BRITPACT and Bath UnNersity vii) Created a tool for ac8d8mK researchws to 1rNestatg our dalasets to answer key quostiorss in various areas. We curr¥ntty have three drfferenl academic teams at different universities utilizing besFKJke datasets in the t(x)l - in Nth¥bom Gen1)rn Screening. Psoriatic Arthritis and Rare Dwa5es, across the Universty of Exeter, UnNersty of 88th and University of Bimiingham. vnli Restarted work C our Lung Cancer ¥olunteer projed.
White Swan (CIO) Trustees, Report (continued) For the year ended 31 Drnber 2024 3) Owelopm•nt of Milllon Mlnd platForni: During 2024 we conttnued to devdop the ¢apth'lities platfL¥m In order to lernte and advance our anatytul capabiltlies, as well as ueatsng ne4V tools to empTh)wef researchers to sew-anatyse our datasets. to increase our charitable impscl and meet the needs ofthes8 audiences. Specifie advaneements this year induded.. il Devek)pment of methodoh)gies to leverage the afvanced pr(>•no of large langua99 mod81 ILLM) eapabilrtw on our own data. whilst ensuring hh aecuracy. ill Use of duslering melhodokJies to segment and define spacE of patsent nd. ill Creation of new taxonomies in Weh1 loss and motor neurone disease. N) Development of methodoh¥y Standa¥t)n for the Million Minds Platforni. Induding dats ingestion and taxonom$. vl Development of the Million Mind$ Disc¢very T(1 for dinwns and researcher8. enabling them to access and seK-analy8e our data88ts. Tool launched in January 2025. So far in 2025, we have extended the xcess of th6 Million Minds Discovery Tool. Furthermoie we have uploadod {8ign-POSted) 3 UK condttion datssets to HDRUK (Health Dats Research UK) to highlight availability to Mseaar$ in oncology. cardiovascular health and immunology. 41 0ollv•ry of CommlMlon•d Projects, l•v•raglfig Mlllk>n Mlndj: il Anatysing conversatiorn into Motor Neurone Disease IMNDI, in order lo Ident key them88 and then do a deeper anatygi8 on areas of interest better support patients INing with MND. ill Devek)ping bespcd(e methodok)gitis to better understand patsnt engagement and social modia mpaun perf0mnce for ph8mWUtub across a wide spectrum of disease areas. lill calIng and delivering a mixed methodology study {wrth a thirdrtY partner) using 80¢ial dats and ethnographies to understand hoaEth fftequalit$ in cardk)va8cular di8èa8e aw8ren888 and experioftces. N) Curating, cle8n8ing and anatysing a va$l110 million+} dataset in mental health for th¢ Universty of Exeler, focused on wory and ruminatn, helping r8se8rche(s to understand experignces of and patient percewj effectweness of drfferent psychological mechantsms. vl Anaty&ng over4 million patjent axperiences ol GLPl$ Iweighl loss drugs), including idenbfying patient profiles. understanding effKacy. se eflects. impact on nutritional needs and foodldrink choices, lrfestyle chang8s, e>yrnnce8 a(u88ing medKation ond 8urvort Sought by patients on their weight bss ioumey. 5) Outr•a¢h Actlvlllo• and Coll•borntk> We have continued lo raise awareness of the power of swal data lo answer a broad range of research qU6Stions and enable a patsen1ntr approach to accelorgle diagno. improve and Klents"fy new Ir8alments, and enhanee care. i) continued lo seek acbve collaborations acro$8 the heaith sector. incfuding with organisalions l*e CAMFi4RE, offering lo be a w'kit partner. ii) presented at lour conferences in 2024, irKluding IIEX. D18[ Rewired, 1 Busine8s StartP and Ihg General PIactilneT Divi8v)n of the Computer SOcty annual conference iii) We conducted outr8ach actNities to hun¢Yred$ of organisat and explored partnerships with many new partners ts)th in the UK and internatnalty, across the Clin1, academic. chantable and eoiporate sectors iv) We launched 8 new bsIte (January 2024), created and wblished gducative cnntent on Linkedln and Twitter bweekty. v} We also participated in 4 prn0 press profiling xtwilies across a number of titles in order to drive further awareness of the pthver of Sla1 dats lo Improve heahh.
White Swan (CIO) Trustees, Report (continued) For the year ended 31 Drnber 2024 vi) We participated in the Make an Impact CIC podcast, driving awareness of the power of social data lo improve health, sharing study inshts. 6) Grnnl Appllc•tlon8 During 2024 w8 explored grant funding optsons across a wide range of sources. We applied for a signrfKant grant to Innovate UK to develop a morg thanced verSn of the Milln Minds Explorer Tool la Vetsn of Million Minds eMp0eng 8cademts to Se-anatyse our datal. Flnanclal r•vièw During 2024 Whrte Swan noeded to fc¢us on genernting Iorne from commis$Kin&J projects and to engage employees on the Swan payroll now that partner funding from Black Swan Dats Ltd had ceas. ite Swan genwated £272.042 revenue for the year to 31 Dember 202412023. £196,891}. Thi6 resulted in net expendrture for the year £106.627 {2023." net expenditure £30,496). Commissioned projects revenue increased 110% to £229,$4212023. £109.354}. The charty Carr oul ccxnmissioned work for clients lo gener8te income lo rep the donation and facilrties funding from 8L3ck Swan wh ceased during 2023. Cash donatK)ns of £42,500 {2023". £25.0701 were reiVed from corporates and indivlduals. The lunding enabled the tharty to develop its reach with leads and eommis¥ion8. The balance held in unrestrictèd fvnds al 31 Decembfjr 2024 wa8 £20,855 (2023.. £127.4821. Five employees delivered the charilies seNKes throughout the yeaf. During 2025 ftjrther revenuè has been raised whi1 tran8fomilng the tharity into a vc4untw lod charity wrthoutemployeesand minimal OVeThead$ in order lo preserye reser¥es whilst seeking funding partners and comml8sioned projects. Ro8epi88 are foreca to be suffbxnt to maintwn the chanty through 2026 year. Pollcy on ro••rv•8 The Trustses aim lo occumulate and maintain tree reserves in unrestricted funds at a level which equates to al least efve months offora$1 unrestrKled expendrtufe. The Twstges con$Klerthe CIO, exp)sure lo major risks in terns of their likety impact on incomg sources and planned expndlture In the 8hLvt to medium le. a8 wo11 a8 asses8tt the best way to manage such nsk& Plan• for futurn p•rlod• After a challenging financial penod in Q31Q4 2024, where industy-wbje markèt. pOl"Cal and economic uncertainty to the pipdine of commissioned work faAing kn convert. we made the deasion in early 2025 to revert lo s volunteer-onty organiSan. The prcLess oftransiti.on was completed by end of May 2025 and we have sufficient funds to continue as a vdunlary organisation into 2026. Miranda Maplelon remains as CEO, in a volunlary tspajty. and the Trustees and other volunteers remain committed to the Wthits Swan miwon. We are currenUy expbring altem8tpfft fund1 sources low lem. wth the aim of Securing suffKient funds lo refomi a core team ofdedicat8d personnel aTrJ accelerats the deveb)pmeni of the Million Minds Explorer Tool, which has receivgd very positNe inrtkql feedback from academics. Throughout 2025 we will continue to buikl awareness of the pNef of sw81 data to improve health outcomes through our social Med and outreach athrties. as well as pro-bono projects. We also conbnue to explore support that corporations such as Black Swan Data Ltd and Mintel {v4hth recentty acquir&1 Black Swan Data Ltd), as well as others, can the charity. The Trustees consider that the ot4ectNes set for 2024 were th"ev&J but the development of Million Minds patient facing app in tern of dinicsl validatA)n arKI testing was restricted by the need to generate commisswed projects inrne. 61Page
White Swan (CIO) Trustees, Report (continued) For the year ended 31 December 2024 S¢ructur•y gov•manc• and manag•m•ftt Natur• of govemlng documont The trust is a regislgred charity- number 11764&8 is a charitable incorporated ntion ICIO} consliluted under trust deed dated 2M January 2018 in England and Wales. If the CIO wound up. the membèrs of the CIO have a liabdity limrted to £10 as may be required for payment of the debts and liailrties of the CIO. Rocrultm•nt arbd appolntm•nt of Tru•tw• The constttutKin provkles for a minimum of three Trustees wilh a maximum of seven. Every Truste& musl be appointed by a res0KJtft passed at a property convened meeting of thè charrty Tiustee8. In s8CtIng individu818 for appointrn8nt regard ts given to skills. kncrtvFedge, and experienc8. Overall responsibilty for the management of the CIO is vested in the Trustee8. Trustees can serve until they erther restgn or their term ends without renewal. Truslees are unpaMJ and ddails of Trustee expenses are disclosed in these finanaal statwnent8 when oc¢%rred. Voluntary h•lp and glfts In klnd The Tru81ees are immènsely gralthl to 129 volunteérs for their very Vaable 8UPPOrt and enthusiastic conlribulion of expertise and resource to the developmgnt ol the charity'8 mi881on. AJI volunteers, contributnS induding the Trustee8' rolé¥ are unpaid. Arrnng•m•nts for k•y m•nag•m•nt pw•oTrnel and •mployM• The day-to4ay management of the chanty 18 caled out by fvliranda Mapleton a8 CEO. wrth support from other key volunteers staff memb6rs lin operatjons, data Sence. insights development and admini8tralion}. From May 2025 al personnel arg voluntegTr and not empl¢)yee8 duriThJ the prgfinancing pericd. Ory•nl••tlonal #trucrn The board ofTrustse8 dear aboutthecharty's aimtsand ensures thtse are being delNered effectwe and sustainab. The board and indwidual Trustees take llectO responsibility for rts decisions, bul the chair ensures the board has agreed priorities, apprcyriate structures. and prSSeS in place. The board ol Trustees is entirely independènt and urKonnected with cryanies engaged with Mthrte Swan cio. Each Trustee understands their ponsIbIl"e5 arKI liabilrties, arKI has read the charity's goveming document, 8cwun18 and financial informatw and polKies lo under5t8nd how the chanty opgrale8. Trustees meet our CEO evèry 24 weeks to revivm charty progress in addition lo fomial quartedy board meetings. Meeting minutes are taken al each fomial quarterty TNstee meetsng and are circulated lo the TnJ$lee8 after the rn11ng for comment and confirmatton ofthe accuracy ofthe notes takon. Ch1 Ex•¢utlve and Op•rdtlon8 Dlr•ctor and employ•e8 Our Chief ExecutNe Miranda Mapleton rs responsible for the day4W opgration of the tharity and manages the staff and volunteers of the chatrty on behalf of the Trustees. She heads up the staff team lo deliver thg strategy and objects of the charity. The Trustees are immensety grateful for Miranda and 71Page
White Swan (CIO) Trustees. Report (continued) For the year ended 31 Dernber 2024 our four employees and the team of 129 vobJnteers tr1r ded3t8d skills and energy and passion for the work of the tharity. Risk lknnagement All signfficant activities undertaken are subject to a risk rgviv4¥ prior to implementation. Risks are 858essed against th1 F¥)lertt and likety effed i)n'. Operabonal rfoanCe Financial $ustsinabil Achievement of our aims ar otfjectNes Meeting the exp8Ctalions of our benefKwri8s I supporte Charity integrity and g)od gov8mane8 We rèview these risks on an ongotng basis particutarty during quarterly Tru$te8 meetings and monthty management calls to sattsfy oursefve$ that adequate measures and prcÉedur8s hava been taken to manage the risk8 Yentified. 14lthere approprHte Mthg*C mga6ures are ccrfnfflk8sned Such ab in8ur8nc& ond independent professional advice. Golng conc•m Al the dal8 of thiy report the Trustees consthr that there are no immediate material uncertainties about the chanty's abilty lo continue as a going cOncn. Monthty (>)8ts are minimal with no employees. Cash at bank and reserves are accumulated lo albw for the chanty'g forecast expgnditure tor the next e1v0 months. its behalf by. Philip Hgd9eS Chaimian TTLislee 81Page
Whlte Swan CIO Statement of Trustees. Responsibilities For the period ended 31 DecEmber 2024 The Trustees are responsible for prepariry the Trustees. repryt and the financial statements in accordan with the United "ngdorn Accounting Standards {Unrted lQngdom Generalty Accepted A£counb"ng Practe) and awlKable and regulations. The law applicable to charit requires the Trustees lo prep8re financial statements for each financial year whh gwe a true and fair view of thè stale of affai of chanty and of the incoming resources and applKation of resources of the Chanty for that penod. In preparing these finanaal statements, the Trustses ar& required lo.. select surtablo a¢xounting 8nd then apply them ts)nsr6tenty.' observe the methods and pnwples in the Chanties SORP., make judgements and èstimates thal are reason&sle and prudent, stale whether applicable accounts.ng standards have been folk)wed. subj'ect to any material departures disdosed and explained in the financtal 8tstements,' and prepare the financial statements on the going ¢oncem bas unless rt is inappropriate to presumo that the tharfty will continue in busineso. The Trustee8 are re8ponsible for keeping propèr accnt records that dwlo89 With fe880nable accuracy al any lme the financial posthn of th6 charity and enable them to ensure that the financ[ statoments compty wth the ch8nb.es A£t 2011, the applicable Charilies (Aecounts and Reports} Regulations, and the provisions of the cOnstrtutn. The Ttu$tee8 are also responsible for safeguarding the assets of the charity and hence for taking reasonablg step8 forthe prevenb)n and detection of fraud and other irregularitre$. Thg Tru8tses are r•spOn81b the maintènafKe and integnty of the charity and financial information included on the charity's web8rte in accordanc wrth 18gislalion in the Unrted lQngdom goveming the preparation and dissemination of financial stal8ments. Approved by the Tru8leè5 of the charty on yk 2025 and $h3ned on rt8 behalf by.. Phi Ch Hèdges an Trustee 91Pa8e
Whtte Swan (CIO) Independent Examinerfs Report to the Trustees of INhite Swan (CIO) I rew)rt to tho charity TTUStees on my examinats.on of the wxounts of the CIO for the year ended 31st December 2024 whh are set out on pages 11 to 18. Re8ponslblllt1•8 and bash of rnport The Trustees are responSie for the preparats.on of the accounts in accordance with the requirements of the Charities Act 2011. The Trustees consider that an audrf( is not rOqLbired for this year under 6ection 144121 of the Charities Act 2011 (Ihe 2011 Act) and that an dePendent 8xaminatK>n 18 needed. I report In respect of my examin'on of thè CIO'S awounts orried oul und8r section 145 of the ACL In carrying OLIt my ex8minal#)n I have follcmed am applicable Oirectl$ by the Charity Commi88ion undér section 145(SMbl of the 2011 ALL Ind•p•ndont •xamln•rf8 •tatem•nt Slnce the Company's gross income exceeded £250,1))O your eyaminer must be a member of a body listed in S. 145 of the 2011 ACL I confirm that l am qualffied to undertake the examinon becsu8e l am member of the In8titut6 of Chartered Accountsnts in EnglarKI and Wal88 IICAEVW, which is on8 of the listed bodie8. In connecth)n with my examnation, no matter has ccwne to my attention.. whkh gNes me reasonable couse to belwe thal in any material respect the requiremenl$'. a. to keep accounting records in aecordonce wrth section 130 01 the Chariknes Act 2011.. and b. to prepare accounts whth w)rd wth th8 acc4)untsng reco9 and compty with the accounting requirements of the 2011 Act have not been met", or 2. to which, in my opinion. otttrntion should be drawn in orderto enable 8 propgr underst8Nling of th& accounts lo be reached. /L/a I-t6 Neil Hilchings FCA Independent exIner Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE Oate.. 8 September 2025 IOIPage
White Swan (CIO) Statement of Financial Activities Year to 31st December 2024 Unr•Btricted Restricted funds nds Totsl 2024 Total 2023 Incomg and Endowmants froffl". DonatK)ns and lègacies 42.500 87,537 Revenue from s8Ntces provKJ 229 542 Total lTrcomg 272,042 272,042 196.891 Expenditure on.. Charitable a¢tMti8S 378.669 378 669 227 387 Total Exp•ndltur• 378.669 378 669 227,387 N•t In¢omell•xp•ndttur•l Reconciliation of lunds Total funds brwht Ii)ThMrd 157978 Total fund8 carried fward 20,855 All of Ihe charty's aCtIlies derive from conts"nuing op•r8tion$ dunng the above peric¥J. The funds bfeakdown for 2024 and 21723 is shcvm in note 9. IIIPage
White Swan (CIO) Balance Sheet As al 31 st Dember 2024 2024 2023 Investm•nt In Subsidiary 100 1(M) Currnnt as80ts Debtors and prepayments 43.373 40,365 Cash at bank and in harKI 16.620 59.993 116201 1 $6,566 CT•dltorn: Amount8 falllng due wllhin one yMr N•t cufr•nt •88eto 39.238 29,184 127,382 20.756 N•t u••ts 20,856 127,482 R••trlctod lund8 Unrn8trlCt Incom• lunds Unrestricted fvnds 20,856 127,482 Total tund• 20,865 127,482 Th8 financial statements on pages 11 18 wère approved by thg Tnlee8. and auth0ri8ad for issug on *k gti 2025 and sned on their behaff by.. Philip He Chairman Trustee 121 Page
White Swan (CIO) Notes to the Financial Statements Year ended 31 st December 2024 11 Accoynllng poli¢1 Ststèm•nt ol compliance The financial ststemenls have been prepared in ardance with Aecounting and Reporting by Chantves.. Ststement of R8commerKled Practice applicable to charities prepanng their accounts in accordance with the Finanual Raporting Slandard applicabk in the UK and Republic of Ireland IFRS 1021 (effectNe 1 January 20191 (Chanbes SORP IFRS 102)), the Financial Reporting Stsndard applicable in the UK and Republ of Ireland {FRS 1021 aThl the Charrties Act 2011. 8asi8 of preparation While Swan ICIOI meets the definition of a public benefit entrty under FRS 102. Assets and li8bililies are Initialty reco9nised at histor co or transactft value unless othe1$8 slal&J in the relevant accounting note8. Functlonal ¢urr•ncy The functional currency of White Swan (CIO) 1$ PourKls Sterling as that L8 the primary econom environment in whh thè trust operates. Golng con¢•m The charity is currentty a volunteer W chatty with no gmployees and minimal overhe8ds. Unroslricted Reserye8 arè forecast lo be £10.000 as al 31.12.25 with overheads running al less than £500 per month which will enable ongoing pro bono research aclwity and marketing for al th$1 a further 12 months. During Ihts period financing partners are bwng sought. The Trustees are satisfied on that basis that there are no material uncÉrtaintwJ in the charty's abilty lo conb'nue as a going concem for a period of al least the next 12 months Judg•ments and key Sourc of 08tlmatlon unurtinty In the application of the Trust's accounb'ng policies, which are described in this note, the TnJstees are required lo make judgements, eslimalos and a¥8umpkn"ons about the carryin9 value of assets and li8bililie8 that are not readily apparent from other scMJrce8. The estimates and undartying 85sumptron8 are based on htOriCal known faclors and experience. Therefore. the Trnslees do not perce¢ve there lo be any critical areas of judgement or key Source8 of estsm8tion uncertainty In the foMiulatn of the financial statements. Income and èndowments Voluntary income including donati¢)ns. grfts, legac488. aThl grants that PThKle core fvnding or a of general nature is recognised when th8 charty has enlrflemenl lo the income, it is probablg that tho income will be received, and the amount can be measufed with 8uffiuent reliabilty. Donatlon$ and legaci•s Donations and legacies are recognised on a receNable ba8L% when receyt is probabb, and the amount can be reliabty measured. Donations of g¢)ods, facilities, and servw are recognrs&J al the cost to the doTr)r. Expendlture All expenditure is recognised once there rs a legal or constructive obligatlon lo that expenditure. il is probable settlement Is required and the amount can be measured reliabty. All eo$ts are allted lo the applicable expenditure headings that aggregate similar costs lo that category. ere costs cannot be directly attribLrted to partular headings, they have been alk)cated on a basis eonsistent wrth the use of resources. 131Page
White Swan (CIO) Notes to the Financial Statements Year ended 31 st December 2024 1) A¢countlng polkleB (continu•d) Ch8rltablo adlvftlos Charitable expendrture mpriseS those costs incurred by the charty in the delivery of its activities and seivices for its benefries. It includes bjth costs that be allocated directy to such activrties and those costs of an indirect nalure necessary to support th. Support costs Support costs Indude Central functions and have been gNo¢at&J to aclNty cost (xtegories on a b0818 consistent wrth the u89 of resources. Govemance These include the costs attrbutsble to th8 Chanty'8 Comr¢ wilh cMstItutThal and stslulory requirements, Including IndeFendent examination, strateglc mgnagemenl and Trustee's maetsngs and reimbursed èxpens65. Taxatlon The charty is con$Jer•d to pass the tests tet out in Pardgraph 1 Sthedule 6 of the Finance h£t 2010 and Iherefore it meets the definrtknn ol 8 charitablg e4)mpany for UK cor[ratIon tax purposes. Accordingly, the charty is polentialty exempl frryn tsxalion in respect of inc(wne or capital gains recgived within categories covered by Ch8Ptgr 3 Port 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chwgeable Gains Act 1992, to the extent that such w)Gome or g•ins are apphed exclusively lo Chantab purposes. Fund 8trnctur• Unrestricted incomg funds arn genéral fund6 that are aValab for uge the Twste88' discretson In fvrtheran¢e of tho otyective8 of the charity. Restricted income fttnd8 are th08e donat&J for use in a partr area or for spo¢ffic puw8, the u8e of whKh is re¥tncled to that area or purpo80. Fln•n¢tal In8trum•nt• Cla8slfle•tlo Th8 charity holds the foll¢)wing fina81 instrurnents.. Short lem) other credrtors Cash and bank bolances AJI financial instruments are ck58ffied as b88 Recognltlon •nd m•a•ur•m•nl The charrty ha# chosen to appty the recognitb)n and me8surwtht Pfincplès in FRS102. Finan¢ial instruments are recognised when the charity becomes party to the contfactual provisions of the instrumenl and derecognised when in the cas8 of the assets, the Contrxtual nghts to cash I8 from the assets expire or substantkqlty all ttbe risks and rvwards of nershIp are transferred to anolher party, or in the case of liabilits, vthen the charws obligotk)ns are dh%harged. expire or are cancelled. 141Page
White Swan (CIO) Notes to the Financtal Statements Year ended 31 st Dernber 2024 2) Anaty#is of Incom• Unre8trlct•d Fund8 Totsl 2024 Total 2023 Donations from individua15 and corporatio Donated faalrttes and services Chantsble activrties 42.500 42.$ 25.070 62,467 109,354 196,891 229,542 272.042 3) Expwdltsrn on ¢harItab xtlvltlm (unr••trl¢t•d fvnd•) undertaken support costy Tot•1 2024 Totsl 2023 Bank fees Consulting staff eonlracted in co¥ts Staff tsjsts Marketing IT Sothvaro and Consumables Insurance Travel- Notn81 Govemance co$ls'. Independent examinws 186s 293 71.602 293 71.602 274 77,967 143,996 293.070 4.2 4.142 293.070 4,962 4.142 2,608 992 558 3,591 151 2.608 992 1.0 3.608 850 227 387 378 669 3.1) Staff colts 2024 2023 Sala8 Social secunty Pension 263.191 24.696 132,572 8.564 2,860 143,996 293 070 Employeg number where totsl omolumonts wero £80.000- £69.999 Total paid to key managament pennl Average headcount in the year. Charilabte actwrtjes Other 127,185 11,863 151page
White Swan (CIO) Notes to the Financial Statements Year ended 31 st December 2024 41 Flx•d ao80ts invostments Investrment in s"dIary Total 2024 Cost as at 1 January 2024 Addition{dIS)Sal$I Cost as at 31•1 Decembgr 2024 100 100 The whdty cwned subsKliary. Whrte Swan Healih Oata Ltd, lo incory>)rated in the UK. The regi8ter¢d office is the $ame as thal of th8 CIO. The company was domwt thring the perlod. 61 Tru•toM' rnmun•rntlon and •xpoiM•• No Trustees, nor any persons connected wth them, recived or waived rgmuneration or reHnbursed expen durlng the year12023' £nill. 6) Debtor8 and pr•paym•nts Total 2024 Total 2023 Accounts receivable Accrued donation Prepayments 42,188 13.260 25,000 2.105 40,365 1,185 43.373 7) Crlt0. amount• falllng due wlthln one yr Totsl 2024 Total 2023 Trade credrtors Short lermloon from 81ack Swan Data {repaid 15th January 202S) Accruals Unpamd share caprtal in Imirte Swan Heallh Data Ltd Pension contributions Payroll taxes VAT Other 18,784 15.000 2,021 100 3,415 7,668 11,034 850 100 1,835 S,950 221 29.238 39,238 161Page
White Swan (CIO) Notes to the Financial Statements Year ended 31st December 2024 8P Fund• Balance at 1st January 2024 B*lan¢• at 318t D•cemb8r 2024 Income Expendrture Unro8trl¢ted fund8 G•n•ral UnreStrted furKI 127,482 Total fund• 378.669 Balanc• at 1st January 2023 Balance at 3181 Decemb&r 2023 IrK>Jme Expenditure Unr68trlct•d fund8 General Unrestricted funtj 157 978 227.38 127 482 Total fund• 157.978 127,482 9) Anaty•l• of n•t aM•ts b•tw••n fvnds Unr••trlctod fund• G•nèrnl Restrfctod fund8 Totsl fund• 2024 Investment & CLFrr8nt assets Current Ikwbilities 60,093 60.093 Total net assets 20.855 Prlory•ar comparntlv• funds General Resthcted funds Total funds 2023 Investrnent & Currerrt a888ts Current Ikabilthes 156,666 29.184 1S6,666 29,184 Total net 88sg18 127,482 127.482 171Page
White Swan (CIO) Notes to the Financial Statements Year ended 31st Dember 2024 10) Rol•ted party transadions There ware no related party transactions during the year (2023". £nil) which require di10$ure. 181 Page