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 . h9110￿IhrtesWan.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 D￿rnber 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 Artir￿la[ Intelligence tèchnology and
analytics we belveve that nwne should suffer ￿nn8￿$Sari￿. physically. or emotionally. not knowing
what is wrong with them. what to do about rt or how lo prevent rt. We make rt our mtssion lo improv8
heahh by levgraging propnety technow, algorilhm5. and leading￿ge data science capability to
create tools and Insights which improve our holistic understsrKling of how we can h8lp ourselves. help
those who can hel) Lbs. and help oth6rB in the
Objoctlvu and •ctlvlti
On 2nd January 2018 Whfte Swan ICIOI was registsred wrth the Chanty Commission under reg18tralion
number 1178486. Th6 thanty's Constrtulion defings thè objects as foll¢y4V8'.
The iinpmvem&nl of physic818nd mental he81th for public beneft. in part￿ul&r (but wrthout limitation)
by prov￿￿n9 technolog￿1 tools and an81ytKal msearch lo l* prnvent #14￿¥trh. aLrel6rnte diagnosis
8nd improv8 the effeclrvgness ollrgalment.
Foundatlon8 and Fundral$lng
ite Swan was originalty 8el-up as a non*rofft 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 drfIe￿n¢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 PaI￿nts worldwide in an Unb￿Sed way, enabling access to hard-
lo&r￿h patient groups and rare disease paI￿nts 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 p￿ged funding of the tharity's expense8. bul during 2023 this fvnding
ceased, and the charity has generated funds through primarity Commiss￿￿ed project income as well as
seeking grants and other corW￿le prNate dOnat￿ls. Black Swan Data continue lo donate free
use of their proprietary te¢hnokngy to ￿rte Swan, for wh￿h the Trustees and charity are immensely
grateful.
Publlc b0Th￿1t
The Trusl89s confm that they Iwe compli&1 with the duty im1￿8ed 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 FOUndat￿n, Ow'd CommuniL*lions, 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". machir￿le?ming and natyral language processing".
Social Media Phenotypes w0￿1ng wrth University of Bimiingham -hMJhlights the difference
befv￿n acadfjm￿ understanduig and perspecb'ves on disea￿ vs those of the patlents and
utillses sooal data lo unmver patient perS￿t￿8 arKI dk8cover novel phendype associations.
il) Published in NPJ Digrlal Medicine.. "Tan(ing ab(Art di88368s'. develo￿n9 a mod81 of pats'ent
and publwri0rit￿j disease phenotypes..
21 0￿1Vory of prn*ono pr0￿Cts
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$i8- conduthd anaty818 and shared a pr•séntation 8ummafiwng the result8
with Dr Moody IUnNersty of 8imiinghaml and 8 pthnt athocate reggrding thgir exPe￿nCe of
the condrtion.
Illl Completed dats #natysi$ shared reGuIts with Dr Irani at the Mayo clin￿ in conjunc*on with
South Denmarf( din￿lan5, regarding controlled evaluatM)n of neurological condith)ns using
S￿[al data a Joumal submission Tegardirtg PANDAS (Paed￿triC Auloimmuna
NeUropsYthiatr￿ Disorders Assouated with strepto￿¢¢al Infections}.
wl Rare di89ase dataset creat#)n and upk¥8d to Mill￿n 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 1rNest￿atg 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 D￿rnber 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 h￿h aecuracy.
ill Use of duslering melhodok*Jies to segment and define spacE of patsent n￿d.
ill Creation of new taxonomies in We￿h1 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 Msea￿ar$ 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 perf0m￿nce for ph8mWUtub across a wide spectrum of disease areas.
lill c￿alIng and delivering a mixed methodology study {wrth a third￿rtY 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$l110 million+} dataset in mental health for th¢ Universty
of Exeler, focused on wory and ruminat￿n, helping r8se8rche(s to understand experignces of
and patient percewj effectweness of drfferent psychological mechantsms.
vl Anaty&ng over4 million patjent axperiences ol GLPl$ Iweighl loss drugs), including idenbfying
patient profiles. understanding effKacy. s￿e 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 patsen1￿ntr￿ approach to accelorgle diagno*. improve and Klents"fy new
Ir8alments, and enhanee care.
i) continued lo seek acbve collaborations acro$8 the heaith sector. incfuding with
organisalions l*e CAMFi4RE, offering lo be a w'kit partner.
ii) ￿ presented at lour conferences in 2024, irKluding IIEX. D￿￿18[ Rewired, 1 Busine8s Start￿P
and Ihg General PIactil￿neT Divi8v)n of the Computer SOc￿ty annual conference
iii) We conducted outr8ach actNities to hun¢Yred$ of organisat￿￿ and explored partnerships with
many new partners ts)th in the UK and internat￿nalty, across the Clin￿1, academic. chantable
and eoiporate sectors
iv) We launched 8 new ￿bsIte (January 2024), created and wblished gducative cnntent on
Linkedln and Twitter b￿weekty.
v} We also participated in 4 pr￿n0 press profiling xtwilies across a number of titles in order to
drive further awareness of the pthver of S￿la1 dats lo Improve heahh.

White Swan (CIO)
Trustees, Report (continued)
For the year ended 31 D￿rnber 2024
vi) We participated in the Make an Impact CIC podcast, driving awareness of the power of social
data lo improve health, sharing study ins￿hts.
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 verS￿n of the Mill￿n Minds Explorer Tool
la Vets￿n of Million Minds eMp0￿e￿ng 8cademts to Se￿-anatyse our datal.
Flnanclal r•vièw
During 2024 Whrte Swan noeded to fc¢us on genernting I￿orne 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 D￿ember 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,$4212023. £109.354}. The charty Carr￿ oul ccxnmissioned
work for clients lo gener8te income lo rep￿￿ the donation and facilrties funding from 8L3ck Swan wh
ceased during 2023. Cash donatK)ns of £42,500 {2023". £25.0701 were re￿iVed from corporates and
indivlduals. The lunding enabled the tharty to develop its reach with leads and eommis¥ion8. The
balance held in unrestrictèd fvnds al 31 Decembfjr 2024 wa8 £20,855 (2023.. £127.4821. Five
employees delivered the charilies seNKes throughout the yeaf.
During 2025 ftjrther revenuè has been raised whi￿1 tran8fomilng the tharity into a vc4untw lod charity
wrthoutemployeesand minimal OVeThead$ 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 offor￿a$1 unrestrKled expendrtufe. The Twstges con$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 organiSa￿n. 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 in￿rne.
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 ￿n￿tion 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 res0KJt￿ft passed at a property convened meeting of thè charrty Tiustee8. In
s8￿CtIng 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 Va￿able 8UPPOrt and enthusiastic
conlribulion of expertise and resource to the developmgnt ol the charity'8 mi881on. AJI volunteers,
contribut￿nS 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 ca￿led out by fvliranda Mapleton a8 CEO. wrth support
from other key volunteers staff memb6rs lin operatjons, data Se￿nce. insights development and
admini8tralion}. From May 2025 al personnel arg voluntegTr and not empl¢)yee8 duriThJ the prgfinancing
pericd.
Ory•nl••tlonal #truc￿rn
The board ofTrustse8 dear aboutthecharty's aimtsand ensures thtse are being delNered effectwe
and sustainab￿. The board and indwidual Trustees take ￿llect￿O responsibility for rts decisions, bul
the chair ensures the board has agreed priorities, apprcyriate structures. and pr￿SSeS 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 rn￿11ng 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 De￿rnber 2024
our four employees and the team of 129 vobJnteers tr￿1r ded*3t8d 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 th￿1 F¥)lertt￿ and likety effed i)n'.
Operabonal ￿rfo￿anCe
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 ccrfnfflk8s￿ned 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 cOnc￿n. 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 Pract￿e) and awlKable and regulations.
The law applicable to charit￿ requires the Trustees lo prep8re financial statements for each financial
year wh￿h 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 acc￿nt￿￿ records that dwlo89 With fe880nable
accuracy al any l*me 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 cOnstrtut￿n. 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 wh￿h are set out on pages 11 to 18.
Re8ponslblllt1•8 and bash of rnport
The Trustees are responSi￿e 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 examin*on 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 reco￿9 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 ex￿Iner
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 aCtI￿lies 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 De￿mber 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 Tn￿lee8. and auth0ri8ad for issug
on *k gti 2025 and s￿ned 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 a￿￿rdance 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 transact￿ft value unless othe￿1$8 slal&J in the relevant
accounting note8.
Functlonal ¢urr•ncy
The functional currency of White Swan (CIO) 1$ PourKls Sterling as that L8 the primary econom
environment in wh￿h 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$1 a further 12 months.
During Ihts period financing partners are bwng sought. The Trustees are satisfied on that basis that
there are no material uncÉrtaintwJ in the charty's abilty lo conb'nue as a going concem for a period of
al least the next 12 months
Judg•ments and key Sourc￿ of 08tlmatlon unurt*inty
In the application of the Trust's accounb'ng policies, which are described in this note, the TnJstees are
required lo make judgements, eslimalos and a¥8umpkn"ons about the carryin9 value of assets and
li8bililie8 that are not readily apparent from other scMJrce8. The estimates and undartying 85sumptron8
are based on h￿tOriCal￿ known faclors and experience. Therefore. the Trnslees do not perce¢ve there
lo be any critical areas of judgement or key Source8 of estsm8tion uncertainty In the foMiulat￿n of the
financial statements.
Income and èndowments
Voluntary income including donati¢)ns. grfts, legac488. aThl grants that PThKle core fvnding or a￿ of
general nature is recognised when th8 charty has enlrflemenl lo the income, it is probablg that tho
income will be received, and the amount can be measufed with 8uffiuent reliabilty.
Donatlon$ 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 all￿ted lo the
applicable expenditure headings that aggregate similar costs lo that category. ￿ere costs cannot be
directly attribLrted to part￿ular 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 benef￿￿ries. 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 Com￿*r￿¢ wilh cMstItut￿Thal 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 part￿￿r 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 fina￿81 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 I￿8 from
the assets expire or substantkqlty all ttbe risks and rvwards of ￿￿nershIp are transferred to anolher party,
or in the case of liabilit￿s, 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 De￿rnber 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- Not￿n81
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
Sala￿8
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 pe￿nn￿l
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, rec*ived 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) Cr￿lt0￿. amount• falllng due wlthln one y￿r
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
UnreStr￿ted 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 De￿mber 2024
10) Rol•ted party transadions
There ware no related party transactions during the year (2023". £nil) which require di￿10$ure.
181 Page