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2024-12-31-accounts

Charity number: 1193601

Sweaty Betty Foundation

Report and unaudited financial statements For the year ended 31 December 2024

Sweaty Betty Foundation

Contents

For the year ended 31 December 2024

Reference and administrative information ....................................................................................................... 2 Trustees’ annual report ..................................................................................................................................... 3 Independent examiner’s report ...................................................................................................................... 18 Statement of financial activities (incorporating an income and expenditure account) .................................. 19 Balance sheet ................................................................................................................................................... 20 Statement of cash flows .................................................................................................................................. 21 Notes to the financial statements ................................................................................................................... 22

1

Sweaty Betty Foundation

Reference and administrative information

For the year ended 31 December 2024

Charity number 1193601
Country of registration England & Wales
Registered office and Wolverine Worldwide
Operational office Kings Place
90 York Way
London
N1 9AG
Trustees Trustees who served during the period and up to the date of this report
were:
Tamara Hill-Norton
Amman Johal (resigned 9 October 2024)
Chantel-Mariee Lewis
Omoefe Odeka
Melissa Mullen
Yoon Gi Yang (resigned 18 July 2024)
Heidi Coppin (resigned 12 January2024)
Kerry Williams (Appointed 13 March 2024)
Nicky Affleck (Appointed 19 June 2024)
Emma Atkins (Appointed 19 June 2024)
Preeya Varsani (Appointed 19 June 2024)
Kainaat Siddiqi (Appointed 8 October 2024)
Key management Afsana Lachaux
Director
Personnel
Bankers HSBC
21 Kings Mall
Hammersmith
London W6 0QF
CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4TA
Independent Jonathan Coyle
Examiner Sayer Vincent LLP, Chartered Accountants
110 Golden Lane
LONDON
EC1Y 0TG

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Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2024

The Trustees present their report and the unaudited financial statements for the year ended 31 December 2024.

Reference and administrative information set out on page 2 forms part of this report. The financial statements comply with current statutory requirements, the charity's constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The Foundation’s objects are to advance in the interests of social welfare the opportunities for women and girls to engage in physical activity. The key beneficiaries are women and girls who face specific challenges, barriers and difficulties accessing those opportunities.

The Foundation was launched in February 2021 and has now delivered a range of activities and research to support women and girls to help them to get active. In the last few years, the Foundation has focused on the least active teenage girls to help them overcome barriers to participation.

Globally, only 15% of teenage girls are doing enough physical activity. The changes to girls’ bodies during puberty has a huge impact on their body confidence and their confidence doing physical activity.

In the U.K., teenage girls are significantly less active than boys - girls aged 8-15 average only 25 minutes of sports or exercise per day compared to 40 minutes for boys, and just 44% meet recommended activity levels versus 51% of boys. This lack of activity is linked to concerning health trends, with 36% of girls aged 13-15 being overweight or obese, and dissatisfaction with physical well-being rising sharply through adolescence[1] .

Mental health data further underscores the urgency: only 14% of girls aged 11-16 now describe themselves as ‘very happy’ (down from 38% in 2009), while anxiety levels have soared, with 89% of girls aged 7-21 feeling generally worried and 61% experiencing anxiety most of the time. With research showing that physical activity improves happiness, resilience, and life satisfaction, helping girls get active is a crucial intervention.[2]

The challenge is even greater for girls from low-income backgrounds and black and ethnic minority communities, who face additional barriers to participation in sports. Economic constraints, cultural perceptions, and a lack of accessible opportunities mean these girls are even less likely to be active. Children from lower-income families are least likely to meet recommended activity levels, and ethnic minority girls are more likely to drop out of sport in adolescence.

By breaking down these barriers, the Sweaty Betty Foundation ensures that all girls, regardless of background, can experience the physical and mental health benefits of an active lifestyle.

1 Data from SBF Grant Funded research by Women in Sport: State of Play report 2024

2 As above

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Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2024

In 2024, the Foundation focused on three key priority areas:

Approach to achieving impact

As a predominantly grant-making Foundation, we seek out organisations and partners with similar values who can demonstrate alignment with our vision, mission and objectives. We do not operate an open grants programme and work with select partners to co-design and co-produce programmes and initiatives.

The Foundation awards grants to further its objects and purpose. The Trustees have ultimate responsibility for all grant-making decisions in line with agreed priorities.

As well as providing grants, the Foundation designs and implements a small number of projects itself, some of which are in partnership with our key partner the activewear company, Sweaty Betty.

The Trustees review the aims, objectives and activities of the charity each year to ensure the charity remains focused on its stated purposes. The Foundation is now in its fourth year and can report on tangible outcomes and benefits from the partnerships it has developed since its inception in 2021.

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance during 2024

The Foundation empowers women and girls from all backgrounds to achieve lifelong health and activity through grant-making programmes and initiatives and research.

4

Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2024

On International Day of the girl, we announced our campaign to donate 300 hijabs to girls across the UK.

The new study sheds light on the untold struggles of disabled teenage girls in accessing sport and exercise, exposing the harsh realities faced by 12.2% of disabled females aged 10-19 in England.

The Foundation awarded five new grants with a total value of £ 154,958.

  1. Teach First (£50,000)

  2. Causeway Education (£37,458)

  3. Ark Schools, Birmingham, (£22,500)

  4. Our Parks (£10,000)

  5. Women In Sport (£35,000)

We partnered with eleven organisations to deliver a range of impactful programmes and research in support of our strategic goals. In addition to the above new partners, we continued to support existing delivery with Black Girls Hike, Scottish Sports Futures, Greenhouse Schools, Access Sport, London Sport and Sporting Equals

Summary of Key Projects

PACK Framework Programmes: Puberty, Attitudes, Changing Rooms, Kit

Puberty: Period Education Workshops

Puberty is a significant barrier to girls being active. Periods, low confidence and being watched by other people are factors preventing girls from being active. According to The Youth Sports Trust, periods remain the biggest barrier to girls’ participation age 11-13 (47%) and age 14-15 (52%). Through

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Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2024

our PACK model, the Foundation has been supporting Greenhouse Schools and Teach First to deliver period education workshops across schools in the U.K.

GREENHOUSE SPORTS : GamechangeHers Period Education pilot programme

In 2024 we extended our partnership with Greenhouse Schools to help us test the effectiveness of period education workshops across schools in London.

Key outcomes included:

Greenhouse conducted pre and post surveys which revealed actionable insights for future delivery, with suggestions to enhance engagement and overcome any barriers to participation. Overall, the pilot successfully contributed to increasing awareness and participation in physical activity among young girls.

Vital feedback and insight from teachers and pupils further demonstrated the impact and importance of this

programme.

‘’I found the workshop helpful because I wasn’t really comfortable talking about periods before, but now I feel more confident. The workshop was great.’’ Year 10 pupil

‘This is really great content. I also lead on PSHE and will do a direct swap with the current material we use on the menstrual cycle.’’ Mrs Troiano, P.E teacher, St.Anne’s

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Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2024

‘’We enjoyed delivering the sessions and found it very useful.We have girls asking us now where the products are kept and if they can access them. This was never really spoken about before so it has really helped to create positive conversations around periods for our young scholars.’’

TEACH FIRST : Period Education workshops

Teach First is a new strategic partner and their focus has been on working with schools primarily across the Northwest region.

In its first year, Teach First have engaged with four schools with 380 girls receiving period education with ongoing delivery and a further two -three schools to be identified.

The project is already having an impact by opening conversations and providing a safe space for pupils to share their experiences.

Teachers also included boys in the conversations about periods and the menstrual cycle, with one school deciding to deliver workshops to pupils of all genders.

‘They are beneficial for boys and girls to gain an understanding that this is part of life for women’…. ‘As brothers, sons, future partners the boys need to have an awareness of the impact that periods have on women's lives.’ Mrs Wood, Teacher

Attitudes

CAUSEWAY EDUCATION: Active and relatable role model initiative

Negative attitudes and lack of positive role models can deter teenage girls from participating in Sports and physical activity. This picture is more pronounced for ethnic minority girls who face unique barriers to sports and physical activity, stemming from negative social attitudes and a scarcity of relatable role models.

The Causeway Education ‘active and relatable career role model’ project delivered a series of mentoring sessions in schools to inspire and encourage girls from underrepresented communities to get active in sport and discover the joy of movement.

These were delivered through school-led inspirational encounters using relatable role models from the wider community, who are professional women who have made sports and being active a central part of their career and life goals.

The project engaged 307 girls across 10 different schools, delivering a total of 13 workshops.

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Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2024

The project exceeded its original target of recruiting 5-8 mentors, experiencing a high demand for the mentoring roles with 55 initial volunteer sign-ups, 32 volunteers accepted onto the programme and trained. A further 10 volunteers co-delivered a workshop with Causeway Education. The project collated a wide range of data to evaluate the impact of the programme.

Initial proposed outcomes aimed for participants to register positive learning through exit survey. This was collected by using pre-workshop and post-workshop surveys, to identify if students agreed or disagreed with 3 statements more or less after completing the workshop.

----- Start of picture text -----
Physical activity helps me in a lot of
different ways
50.0
40.0
30.0
20.0
10.0
0.0
Strongly Disagree Neutral Agree Strongly
disagree agree
Pre-workshop (%) Post-workshop (%)
----- End of picture text -----

To register the intention of positive behaviour change, students were asked to set a pledge that they will work towards over the next three months, linked to physical activity and the three areas the workshop focused on (positive wellbeing, skill development and goal setting). 187 students set 3- month pledges. An example of pledges set can be seen below:

“My final pledge is to be more engaged with physical activity and have a more positive mindset next year. Be more responsible for my actions and have the capability and strength to participate in many different types of sports. This could help me physically and mentally”

“I’m going to take a walk outside more frequently to be mindful and overcome overstimulation and reset from stress and anxiety”

The pledges and testimonials throughout the programme demonstrate the shift in attitudes and behaviours as a result of this programme’s delivery.

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Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2024

Changing Rooms

Transforming girls changing rooms is critical to our mission to get more teenage girls active. The lack of privacy, inadequate facilities and negative attitudes are key contributory factors putting girls off from doing PE.

She currently finds it uncomfortable or unenjoyable, so the Sweaty Betty Foundation is calling for better changing room facilities that inspire girls to find the joy in movement. In 2025, we will be launching a transformative campaign to address one of the most overlooked barriers to girls' sports participation: the changing room experience.

The campaign will unfold across 2025, with a strategic approach that puts girls at the centre of solution-finding. In its inaugural year, the Foundation will be working with four schools across the U.K where groups of girls from each school will participate in a unique co-creation process that empowers them to redesign their changing environments.

Kit

The Sweaty Betty Foundation aim to get girls across the UK active and stay active. One of the ways we do this is through providing kit to break the barriers that many girls face around clothing, such as: lack of access, poor quality and impractically designed kit. The hijabs are designed by girls, for girls, so they are high quality, accessible and fit for purpose.

On International Women’s Day, our partner Sweaty Betty launched the redesigned Sports Hijab. The culmination of two years' work with girls from This Girl Can (Leeds) and Sweaty Betty designers to make a product that would enable Muslim girls to take part in sports and physical activity.

All profits from the sales of the Sports Hijab, as well as the profits of an exclusive long sleeve Breathe Easy Top, are donated to the Sweaty Betty Foundation.

Furthermore, girls in schools across the UK received 300 sport hijabs. The donation was made to students at Springburn Academy and Shawlands Academy in Scotland, as well as City Academy Bristol, and 4 Ark schools in Birmingham: Ark Boulton, Ark Kings, Ark St Alban’s and Ark Victoria.

Students at City Academy Bristol said: “ We think that the sports hijabs are a great concept because it is inclusive and allows other Muslim hijabi girls to feel comfortable in their space wherever they are, such as when doing things they enjoy like sports.”

Community Projects

SPORTING EQUALS

The four-year partnership with Sporting Equals has led to improvements in the experiences and life opportunities of over 1,000 women and girls across Greater Manchester. The programme has delivered a range of activities which include, access to sporting and physical activity opportunities, breaking down barriers to access capacity building and strengthening 5 community-based organisations which are now fully sustainable without support from Sporting Equals.

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Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2024

In its final year, Sporting Equals has developed strong partnerships with National Governing Bodies to support the five community organisations with access to opportunities for female only sessions and coaching qualifications. This has enabled young women to access higher level coaching qualifications to complete their Level 2 and Level 3 coaching qualifications. A total of 58 young women have attended a coaching course.

The final phase of this project focused on the content creation campaign ‘Play Her Way’ to celebrate the four-year partnership and share the learnings from the Girls Powered Project with wider stakeholders. The project has adopted a codesign/coproduction approach engaging the girls in a series of workshops creating content and assets which have been shared on their social media channels.

Summary of outcomes for 2024

Wider benefits include:

BLACK GIRLS HIKE

Black Girls Hike continues to deliver a variety of outdoor sessions with groups of young women from Manchester. The natural environment is still perceived to be inaccessible to black and ethnic minority communities. The project aims to break down those barriers for black girls by delivering empowerment and confidence building activities as well as teaching them new skills, such as, hiking and navigation.

In addition to running these sessions, Black Girls Hike are in the process of developing Black Girls Hike and Sweaty Betty Foundation Activity Booklet that is cocreated with the support of the young women who partake in the outdoor activities. The booklet will capture learnings and practical advice and is intended to be a key resource for young women who want to take part in outdoor activities.

This year, the project has empowered over 80 girls by building their confidence and skills to embrace the natural environment.

“The best part of the experience for me was being able to explore and see bits of nature. I loved being able to talk and socialise with the people around but also to get some exercise in. I also like the fact

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Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2024

that the trail was a straight part, so the hike didn’t feel like a chore and was actually enjoyable.” Young participant

Research Projects

WOMEN IN SPORT

Landscape report: The state of play for teenage girls in sport : This report brings together all the available research and evidence to inform the Foundations forward strategy and help shape its grant programme.

Impact Framework and resources to guide best practice for teenage girls in sport : In collaboration with the Foundation, Women in Sport, will gather qualitative insight into what positive impact looks like for teenage girls in sport, and in life. Alongside a framework for success, the Impact and Evaluation framework will be a vital tool to help the Foundation track and measure the impact of its programmes with the overarching objective of driving systemic change for teenage girls.

ACCESS SPORT

The 'Breaking Barriers’ research, led by Access Sport in partnership with Women in Sport and Nuffield health was released in May. The report sheds light on the untold struggles of disabled teenage girls in accessing sport and exercise, exposing the harsh realities faced by 12.2% of disabled females aged 1019 in England.

The study emphasises that disabled teenage girls’ experiences of sport and exercise have often been overlooked. Going forward the research calls for an intersectional approach that considers the significance of race, disability and socio-economic status when examining female inclusion in sport and exercise.

The report was widely publicised in the press and accompanied by a short film and toolkit. The data and valuable partnerships will help build more inclusive programmes and initiatives that will improve the health of disabled girls and allow them to be more active.

Financial review

Sweaty Betty Foundation’s corporate member is Sweaty Betty Limited. The Foundation is primarily funded through donations from Sweaty Betty Limited with an increasing amount of donations received from Sweaty Betty’s customers and staff. Sweaty Betty Foundation receives quarterly donations from Sweaty Betty Limited based on an annual funding agreement.

During the reporting period, Sweaty Betty Foundation received £309,868 (2023: £322,821) in donations, £202,847 of which was from Sweaty Betty Limited.

The primary source of funding consisted of the core donation of £150,000 from Sweaty Betty Limited.

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Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2024

Additional sources of funding included:

From Sweaty Betty:

From external sources

In addition to the above funding, Sweaty Betty donated 300 sports hijabs equivalent to a market value of £9,000 to the Foundation to distribute to girls in schools. Additional income of £5,374 was received from the sales profit of the Sweaty Betty sports hijabs

The Foundation’s expenditure is predominantly focussed on providing grant funding to partners, funding our own projects and on internal costs including staff. The Foundation awarded grants totalling £154,958 (2023: £234,480) during the year. This was offset by the amount of £51,893 returned by Sporting Equals at the end of their project. Grant funding is lower than in the previous year as many projects approved in 2023 were only delivered in 2024.

The charity accounts for all grant funding at the time at the grant commitment is entered into; grant commitments unpaid on 31 December 2024 totalled £99,500 (2023: £200,160).

Staff costs of £118, 514 (2023: £103,716) are allocated between charitable activities and costs of raising funds.

During this period Sporting Equals reported an underspend of £51,983 from previous years of the Girls Powered Project. This underspend was due to Sporting Equals absorbing internal marketing & communications and research costs within their operational budget. While this approach aligns with their standard practice, it has led to an unintentional underspend. This sum was returned to the Foundation as required under the Grant Agreement.

The Foundation started the financial year with considerable free reserves which were accumulated over the first two years of the Foundation. The Foundation intends to spend the surplus free reserve in FY2025 and the spend will be in line with the Foundations charitable objectives. The board therefore expects a deficit to arise in the current and previous financial years.

The Foundation’s funding model is reliant on annual cash donations from Sweaty Betty Limited; the Foundation has a very limited appetite for financial risk. Foundation funds are therefore held in accessible cash bank accounts.

12

Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2024

Principal risks and uncertainties

The Trustees have conducted a review of the major risks to which Sweaty Betty Foundation is exposed. Risks are assessed on the basis of their likelihood and potential impact, and mitigation strategies are put in place to manage them in line with the board's risk appetite. They are recorded in a risk register which is regularly reviewed by the Trustees and updated and approved annually. Where appropriate, systems or procedures have been established to manage the risks the charity faces.

The Foundation Director continually monitors changes in risk levels or emergence of new risks that may impact upon the organisation and escalates any concerns to the trustees. The trustees consider the following to be the key principle risks that Sweaty Betty Foundation faces:

Financial Risks

Funding from Sweaty Betty reduces, stops or redirected

Sweaty Betty have confirmed funding of £150,000 for 2025 supported with unrestricted income from the warehouse sales and products to support fundraising efforts.

We will use minimum guaranteed donation projections to forecast committed expenditure.

Reliance on Sweaty Betty funding and lack of income diversification

To mitigate this risk, we will maintain and continue to drive a steady stream of income from Sweaty Betty’s existing channels. The Foundation will be hiring a dedicated fundraising manager in 2025 to drive income diversification.

We have a commercial participation agreement with Sweaty Betty in place with agreement that profits from the sale of the Sweaty Betty Sports Hijab will be donated to the Foundation on an annual basis

Operational Risks

Grantee fails to deliver project as agreed [for reasons not outside their control/without informing Foundation]

A grants reporting tracker is now in place to monitor progress with monthly/quarterly check ins by the Director.

Risk was increased due to recent concerns over a couple of projects. Reduce by implementing a robust plan of action with the partner, agreeing project extensions and building further capacity to deliver where concerns are raised.

All serious incidents and contract breaches are reported to the Board.

We have a partnership agreement with Women In Sport to develop an Impact and evaluation framework and provide us with tools and resources to strengthen our monitoring, evaluation and learning (MEL) approach and project governance.

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Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2024

Grant policy and processes will be reviewed in 2025 in line with our cycle of planned policy reviews.

Governance Risks

Partner misuses funds, potentially leading to the partner’s inability to deliver our project due to lack of funds.

The following mitigation measures are in place.

Existing controls will be further strengthened in 2025

Loss of business continuity caused by loss or extended absence of staff member.

Reserves policy and going concern

The reserves policy states that at any given time Sweaty Betty Foundation should hold accessible cash reserves sufficient to cover:

At the end of the reporting period, free reserves were £235,563 (2023: £229,442), which is significantly above our reserves policy requirement.

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Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2024

As a responsible charity, we recognise the importance of maintaining adequate reserves to ensure financial stability and long-term sustainability. While our target reserve level is £75,000, our current reserves exceed this amount, providing us with a crucial safeguard against unforeseen challenges. In an unpredictable economic climate, higher reserves enable us to navigate potential funding shortfalls, rising operational costs, and increased demand for our services without compromising our mission. Additionally, maintaining a higher reserve allows us to invest strategically in future initiatives, expand our impact, and respond flexibly to emerging needs within the community. This prudent financial approach ensures that we remain resilient, adaptable, and well-positioned to continue delivering meaningful support to those who rely on us.

Sweaty Betty have committed to donating £150,000 for 2025 and guaranteed The Foundation will continue to benefit from existing income streams and further fundraising activity. The additional recruitment of a dedicated fundraising manager is anticipated to increase income and provide financial stability.

The Sweaty Betty Foundation has no tangible fixed assets, notice accounts or investments therefore all assets can be realised immediately.

The trustees believe that the Foundation is well placed to manage its business risks successfully. The trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Fundraising

The Sweaty Betty Foundation engages in public fundraising through Sweaty Betty stores and website and has a commercial participation agreement in place to govern this arrangement. The Foundation also receives funds raised through fundraising activities carried out with Sweaty Betty employees. The Foundation does not use professional fundraisers.

2025 Strategic Plan

Our strategy is focused on three priorities that help us go further, reach more girls, and create deeper, lasting impact. We will:

These pillars are interdependent: Together, they help us shift systems, unlock access, and build a future where girls can be active on their own terms.

Our strategy is grounded in practical action. Across all priorities, we’ll use tried-and-tested tactics to bring our ambitions to life. These include:

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Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2024

Structure, governance and management

The Sweaty Betty Foundation is a charitable incorporated organisation registered as a charity on 19 February 2021 in England and Wales. The charity is constituted under a constitution.

All trustees give their time voluntarily and receive no benefits from the charity. Details of any expenses claimed by trustees are detailed in note 6 of the financial statements.

The Trustees are supported in the day-to-day management of Sweaty Betty Foundation by the Foundation Director, Afsana Lachaux. The Director is responsible for the effective running of the Foundation by managing relationships with partner organisations. The Director makes grant recommendations to the Trustees in accordance with agreed grant-making policies and an approved scheme of authority. Trustees make decisions about grants at Trustee Meetings which are typically held on a quarterly basis.

Appointment of trustees

The Constitution supports a minimum of three Trustees. There is no maximum number of Trustees. Trustees are either nominated or appointed on a need basis. There must always be more appointed trustees than nominated trustees on the board. Apart from the first charity trustees, every appointed charity trustee shall be appointed for a term of up to three years.

As the sole Member of The Foundation, Sweaty Betty Limited may nominate charity trustees who are members of staff, directors or consultants of a company within the Sweaty Betty Group. Appointed trustees must have no current connection as a staff member, director or consultant of any company within the Sweaty Betty Group and are selected with a due regard to the skills, knowledge and experience needed for the effective management of the charity.

Trustee induction and training

New Trustees attend suitable induction and training with the Foundation Director and existing trustees to familiarise themselves with the charity, its governance and the context within which it operates. Trustees are provided with CC3 The Essential Trustee and the Charity Governance Code. Trustee training is also integrated into our Board meetings throughout the year.

Related parties and relationships with other organisations

Sweaty Betty Foundation’s sole member is Sweaty Betty Limited. The Foundation is primarily funded through donations from Sweaty Betty Limited. The Trustees recognise their charitable responsibilities and state formally that the charity's activities will always be consistent with achieving its objects. Any benefit which may accrue to Sweaty Betty Limited from the Foundation's activities will be incidental

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Sweaty Betty Foundation

Trustees’ annual report

For the year ended 31 December 2024

and outweighed by the contribution to the Foundation's charitable objectives. Please see note 10 for further Related Party transaction details.

Remuneration policy for key management personnel

The Foundation Director’s pay and remuneration are set with reference to sector benchmarks and is periodically reviewed against comparable organisations using market data. Pay and benefit changes are approved by the full Trustee Board. The Foundation Director receives ongoing performance management and an annual feedback report which provides feedback from the Trustees and external grant partners.

Statement of responsibilities of the trustees

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees’ annual report has been approved by the trustees on 23 September 2025 and signed on their behalf by

Tamara Hill-Norton Chair of Trustees

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Independent examiner’s report

To the trustees of

Sweaty Betty Foundation

I report to the trustees on my examination of the accounts of The Sweaty Betty Foundation for the year ended 31 December 2024.

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

Responsibilities and basis of report

As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

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

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

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

Signed: Name: Jonathan Coyle Relevant professional qualification or membership of professional bodies (if any): FCA Address: Sayer Vincent LLP, 110 Golden Lane, London, EC1Y 0TG Date: 07 October 2025

18

Sweaty Betty Foundation

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2024

Unrestricted
Note
£
Income from:
Donations
2
291,968
Investments
4,694
Total income
296,662
Expenditure on:
Raising funds
32,555
Charitable activities
Schools
250,093
Community
(51,893)
Digital
-
Research
59,786
Total expenditure
3
290,541
5
6,121
Reconciliation of funds:
Total funds brought forward
229,442
Total funds carried forward
235,563
Net income/(expenditure) for the
year		 Unrestricted
Note
£
Income from:
Donations
2
291,968
Investments
4,694
Total income
296,662
Expenditure on:
Raising funds
32,555
Charitable activities
Schools
250,093
Community
(51,893)
Digital
-
Research
59,786
Total expenditure
3
290,541
5
6,121
Reconciliation of funds:
Total funds brought forward
229,442
Total funds carried forward
235,563
Net income/(expenditure) for the
year		 Restricted
£
17,900
-
17,900
-
17,500
-
-
-
17,500
400
-
400		 2024
2023
Total
Total
£
£
309,868
322,821
4,694
336
314,562
323,157
32,555
48,204
267,593
70,282
(51,893)
284,363
-
13,628
59,786
24,154
308,041
440,631
6,521
(117,474)
229,442
346,916
235,963
229,442
296,662
32,555
250,093
(51,893)
-
59,786
290,541
6,121
229,442
235,563

All of the above results are derived from continuing activities. All income and expenditure in 2023 was unrestricted. There were no other recognised gains or losses other than those stated above. Movements in restricted funds can be found in note 13.

19

Sweaty Betty Foundation

Balance sheet

As at 31 December 2024

Note
£
Current assets:
10
67,052
279,535
346,587
Liabilities:
11
(110,624)
13
235,563
Total unrestricted funds
Restricted income funds
Unrestricted income funds:
The funds of the charity:
Creditors: amounts falling due within one year
Total net assets
Cash at bank and in hand
Debtors
General funds
Total charity funds		 Note
£
Current assets:
10
67,052
279,535
346,587
Liabilities:
11
(110,624)
13
235,563
Total unrestricted funds
Restricted income funds
Unrestricted income funds:
The funds of the charity:
Creditors: amounts falling due within one year
Total net assets
Cash at bank and in hand
Debtors
General funds
Total charity funds		 2024
£
£
70,548
371,502
442,050
(212,608)
235,963
400
229,442
235,563
235,963		 2023
£
346,587
(110,624)
235,563
229,442
-
229,442
229,442

Approved by the trustees on 23 September 2025 and signed on their behalf by

Tamara Hill-Norton Chair of Trustees

20

Sweaty Betty Foundation

Statement of cash flows

For the year ended 31 December 2024

Cash flows from operating activities
Net income/(expenditure) for the reporting period
(as per the statement of financial activities)
(Increase)/decrease in debtors
Net cash used in operating activities
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents
Cash and cash equivalents at the end of the year
Cash and cash equivalents at the beginning of the year
Decrease creditors - amounts falling due after one year
Decrease in creditors - amounts falling due within one year		 2024
£
6,521
3,496
(101,984)
-		 Cash flows
£
(91,967)		 2023
£
(117,474)
164,412
(22,942)
(32,360)
(91,967)
371,502		 (8,364)
379,866
279,535 371,502
At 1
January
2024
£
371,502		 At 31
December
2024
£
279,535
371,502 (91,967) 279,535

21

Sweaty Betty Foundation

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies

a) Statutory information

Sweaty Betty Foundation is a Charitable Incorporated Organisation registered with the Charity Commission for England and Wales.

The registered office address and principal place of business is: Wolverine Worldwide, Kings Place, 90 York Way, London, N1 9AG.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

d) Going concern

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

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

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

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

22

Sweaty Betty Foundation

Notes to the financial statements

For the year ended 31 December 2024

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Although the contribution of volunteer time from trustees and employees of the Sweaty Betty Group is valuable to the Foundation this is not recognised in the accounts as a cash value cannot be reliably estimated.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

23

Sweaty Betty Foundation

Notes to the financial statements

For the year ended 31 December 2024

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Four years

m) Debtors

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

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

o) Creditors and provisions

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

The Foundation does not operate its own pension scheme. The Foundation contributes on behalf of employees to a defined contribution scheme. The charge in the statement of financial activities represents the actual amount of the contribution payable to the pension scheme in respect of the accounting year. There is no liablility in excess of this.

2 Income from donations

Income from donations
Donations Unrestricted
£
291,968		 £
17,900
Restricted		 2024
2023
Total
Total
£
£
309,868
322,821
309,868
322,821
291,968 17,900

There are no resources from donated goods or services that have not been recognised as income. All income from donations in 2023 was unrestricted.

24

Sweaty Betty Foundation

Notes to the financial statements

For the year ended 31 December 2024

3a Analysis of expenditure (current year)

Staff costs (Note 6)
Grants given (Note 4)
Project costs
Operations
Cost of fundraising
Support costs
Governance costs
Total expenditure 2024
Total expenditure 2023		 Raising
funds
£
20,445
-
-
-
6,852		 Charitable activities Charitable activities Governance
costs
£
-
-
-
5,617
-		 Support
costs
£
31,494
-
-
21,021
-		 2024
Total
£
118,514
103,065
52,972
26,638
6,852		 2023
Total
£
103,716
234,480
45,955
54,487
1,993
Schools
£
54,417
119,958
50,000
-
-		 Community
(see note)
£
-
(51,893)
-
-
-		 Digital
£
-
-
-
-
-		 Research
£
12,158
35,000
2,972
-
-
27,297
4,750
508		 224,375
39,042
4,176		 (51,893)
-
-		 -
-
-		 50,130
8,723
933		 5,617
-
(5,617)		 52,515
(52,515)
-		 308,041
-
-		 440,631
-
-
32,555 267,593 (51,893) - 59,786 - - 308,041 440,631
48,204 70,282 284,363 13,628 24,154 - -

Note:

The Sporting Equals project "Play her Way" finished during the year and unspent funds were returned to the Foundation. There was no other expenditure on Community in the year.

25

Sweaty Betty Foundation

Notes to the financial statements

For the year ended 31 December 2024

3b Analysis of expenditure (prior year)

Staff costs (Note 6)
Grants given (Note 4)
Project costs
Operations
Cost of fundraising
Support costs
Governance costs
Total expenditure 2023		 Raising
funds
£
37,000
-
-
-
1,993		 Charitable activities Charitable activities Governanc
e costs
£
-
-
-
4,800
-		 Support
costs
£
29,716
-
-
49,687
-		 2023
Total
£
103,716
234,480
45,955
54,487
1,993
Schools
£
5,246
37,800
13,805
-
-		 Community
£
28,030
196,680
5,312
-
-		 Digital
£
1,343
-
9,681
-
-		 Research
£
2,381
-
17,157
-
-
38,993
8,686
525		 56,851
12,665
766		 230,022
51,243
3,098		 11,024
2,456
148		 19,538
4,353
263		 4,800
-
(4,800)		 79,403
(79,403)
-		 440,631
-
-
48,204 70,282 284,363 13,628 24,154 - - 440,631

26

Sweaty Betty Foundation

Notes to the financial statements

For the year ended 31 December 2024

Grants given (current year)
Causeway Education
Ark Academy
Our Parks
Teach First
Women in Sport
Schools
Community
Completion of phase 3 of the Play her Way campaign to support
grassroots organisations to improve the experiences and life
opportunities of young ethnically diverse girls across Greater
Manchester and build on the work already started in Phases 1 & 2.
The final year focused on content creation for social media platforms
and engagement with parents.
Unspent funds were returned to the Foundation at the end of the
project, which has resulted in negative expenditure for the year.
Produce a ‘State of Play’ research which will update the evidence base
on teenage girls in sport to inspire and steer the Sweaty Betty
Foundation and wider sector. Develop an impact and evaluation
framework and additonal resources to steer positive change for
teenage girls.
Research
The Active Relatable Role Model Project aims to inspire the least active
girls across schools in London through inspirational mentoring and
messaging. Volunteer role models are trained and supported to
deliver one off mentoring sessions to schools.
The Project will enable Ark Schools to develop sustained and
progressive girls only provision across four secondary schools in
Birmingham. This offers the least active girls a range of free, open-
access extra-curricular clubs and teams in school, mentoring,
training and kit provision.
Proof of concept test and learn pilot for a mother and daughters
programme in South London (restricted funding) based on the Our
Parks Coach Parker training programme model.
Pilot a series of period education workshops in partnership with
selected schools across the North West region. The pilot programme
will provide the Foundation with valuable insight on how to improve
education and awareness of the menstrual cycle and its impact on
physical activity for teenage girls.
Sporting Equals		 2024
£
37,458
22,500
10,000
50,000
(51,893)
35,000
103,065

27

Sweaty Betty Foundation

Notes to the financial statements

For the year ended 31 December 2024

4b
Grants given (prior year)
Greenhouse Sports
Sporting Equals
Girls on the Pitch
London Sport
Access Sport CIO
Make Space for Girls
Friends of Rowntree Park
Scottish Sport Futures
5
2024
£
4,200
Net income/(expenditure) for the year
Independent Examiner's Fee (excluding VAT):
This is stated after charging / (crediting):
Independent Examination
Schools
Community
All grants were awarded to institutions.
Support for Women and Girls in Sport Week 2023, a multi-sport event
with activities to celebrate female participation.
Funded equipment for older girls to enable them to have a safe space
for play.
The GameChangeHERS initiative to increase girls' participation in
school co-curricular sports clubs.
Phase three of the project in Manchester supporting grassroots
organisations to deliver the 'Play her Way' campaign to amplify girls'
voices.
Five grants to small community organisations for girl-led projects to
get more girls active. The highest value grant was £3,000. GoP grants
were awarded to: This Girl Can Leeds, Milk Honey Bees, Scottish
Sports Futures, Youth Excellence Academy and Muslimah Sports
Association.
Dance project to support teenage girls to start culturally specific
dance activities in East London.
Empowering Disabled Teenage Girls Research Project in partnership
with Women in Sport and Nuffield Health.
Parkwatch, a citizen led research project aimed at increasing the
awareness of the lack of facilities for teenage girls in parks.		 2023
£
37,800
130,000
10,460
20,000
22,000
8,420
5,000
800
234,480
2023
£
4,000

28

Sweaty Betty Foundation

Notes to the financial statements

For the year ended 31 December 2024

Staff costs were as follows:

Staff costs were as follows:
Social security costs
Employer’s contribution to defined contribution pension schemes
Salaries and wages		 2024
£
108,543
5,733
4,238		 2023
£
96,798
3,635
3,283
118,514 103,716

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2024 2023
No. No.
£60,000 - £69,999 - 1
£70,000 - £79,999 1 -

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £81,407 (2023: £66,940).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

Trustees' expenses represent the payment or reimbursement of travel and subsistence costs totalling £1,475 (2023: £1,034) incurred by 5 (2023: 1) members relating to attendance at meetings of the trustees.

7 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 2 (2023: 2).

8 Related party transactions

Name of related party Relationship to the Description of the 2024 2023
Foundation transaction
£ £
Sweaty Betty Limited Organisation which Donation 202,847 278,834
provides funding and
other support. Of this,
£62,042 is unpaid at year-
end.

29

Sweaty Betty Foundation

Notes to the financial statements

For the year ended 31 December 2024

9 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

10
Trade debtors
Other debtors
Prepayments
Debtors
Amounts due from related parties		 2024
£
-
4,296
62,042
714		 2023
£
1,250
4,728
64,382
188
67,052 70,548

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other creditors
Taxation and social security
Grants payable
Accruals
Trade creditors		 2024
£
495
2,643
99,500
1,986
6,000		 2023
£
-
3,535
200,160
1,666
7,247
110,624 212,608

12a Analysis of net assets between funds (current year)

Net current assets
Net assets at 31 December 2023
Net current assets
Net assets at 31 December 2024
Analysis of net assets between funds (prior year)		 Unrestricted
£
235,563		 Restricted
£
400		 Total funds
£
235,963
235,563 400 235,963
Unrestricted
£
229,442		 Restricted
£
-		 Total funds
£
229,442
229,442 - 229,442

12b Analysis of net assets between funds (prior year)

30

Sweaty Betty Foundation

Notes to the financial statements

For the year ended 31 December 2024

13a Movements in funds (current year)

Movements in funds (current year)
Total restricted funds
General funds
General funds
Total funds
Restricted funds:
Jemma Bailey, the Buchanan Programme
Movements in funds (prior year)
Unrestricted funds:
Total funds
Total unrestricted funds
Scott and Clare Mackin		 At 1 January
2024
£
-
-		 Income &
gains
£
10,400
7,500		 Expenditure
& losses
£
(10,000)
(7,500)		 At 31
December
2024
£
400
-
- 17,900 (17,500) 400
229,442 296,662 (290,541) 235,563
229,442 296,662 (290,541) 235,563
229,442 314,562 (308,041) 235,963
At 1 January
2023
£
346,916		 Income &
gains
£
323,157		 Expenditure
& losses
£
(440,631)		 At 31
December
2023
£
229,442
346,916 323,157 (440,631) 229,442

13b Movements in funds (prior year)

Purposes of restricted funds

Jemma Bailey, the Buchanan Programme - to empower women to be active within their communities especially involving outdoor pursuits and/or with their children in South East London.

Scott and Clare Mackin - Towards the cost of recruiting and training 5-8 role models as part of the School Mentorship Programme, in furtherance of the charitable purposes to empower women and girls to get active in schools, communities and online

14 Legal status of the charity

The charity is a Charitable Incorporated Organisation and has no share capital.

31