Charlty raglstratlon number 1206051 (England and Walos}
THE PENGUIN SPORTS FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
IsimpkinsEdwards

THE PENGUIN SPORTS FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs C E Painting
Mrs B Leonard
Mrs F Eckford
Mr G Palmar
Mrs F Johnson
(Appointed 4 D&cember 20231
(Appointed 4 December 20231
IAppoinled 4 December 20231
(Appointed 4 0&¢ember 20231
(Appointed 4 December 20231
Charlty number {England and Wales)
1206051
Prlnclpal address
29 Belmont Road
Ilfracombe
EX34 8DR
Simpkins Edwards LLP
Millennium House
Brannam Crescent
Roundswell Business Park
Bamstaple
Devon
EX313TD

THE PENGUIN SPORTS FOUNDATION
CONTENTS
Page
Trustees, report
Independent examiner's report
Statement of financial activities
Balance sheet
Noltrs to th& financial slalemtrnls
6-15

THE PENGUIN SPORTS FOUNDATION
TRUSTEES. REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The trustees p￿sent their annual report and financial ststements for the period ended 31 De￿mber 2024.
The charity registration number is 1206051. The charity is a Charitable Incorporated Organisation ICIOI.
The principal address for the charity is Millennium House, Roundswell Business Park, Brannam Crescent,
Barnstaple, Devon, EX313TD.
The financial statements have been prepared in accordan￿ wilh the accounting policies set out in note 1 to the
financial statements and comply with the charity's governing document, the Charities Acl 2011, FRS 102 "The
Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP '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 IFRS 1021"
Objectives and activities
The charity's aims are to raise money thrDUgh donations and fundraising activities, with the intention being to
provide therapeutic activity in the form of aquatic physiotherapy, adaptive athletics and accessible sport for children
with physical disabilities in North Devon and beyond. We currently provide hydrotherapy 1..1 sessions, a frame
running club and a Hydrotherapy after school group session.
The trustees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the
charity should undertake.
The Charity does not have any grnployegs and so is entirely suppottsd through sessional stsff and volunteers.
Achievements and performance
The charity has successfully generated income resources and funds lo the value of £120,843 through donations,
fundraising events and restricted grants relating lo specific aclivilies.
The income resources generated include £51,976.18 of amounts re￿iVed in 2024, and the remainder in the period
prior to the charity registration.
Financial review
The surplus for the period amounted lo £65,782 which is split between £47,884 in unreslricled funds lof which
£37,387 represents tangible assets (Which are not cash in the bank and not immediately a￿Ssible)) and £17,898
of ￿stricted funds. As this is the first financial period for the entity this also constitLJtes the reserves held at the
period end.
During the period, the charity has incurred expenses lotaling £55,061 which is split between £37,708 of unrestricted
expenditure and £17,353 of restricted expenditure.
The Iruslees have opted lo relain a larger reserves balance in the period, so that they are able to meet the costs of
the charity if there should be a drop in income in future years lo ensure the charity is sustainable while developing
infraslru¢ture and funding pipeline.
The trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in
place to mitigate exposure to major risks.
The ¢harily does not have a policy relating to operational funds, bul the Iruslge's have discussed maintsining Ihg
charity bank balance of 3-6 months resetve as an aim. The charity is able to be dynami¢ with operational resetves
and reducelpaLJse services temporarily if needed.

THE PENGUIN SPORTS FOUNDATION
TRUSTEES. REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
Structu￿, governan¢e and management
The trustees who served during the period and up to the dale of signature of the financial statements were..
Mrs C E Painting
(Appointed 4 De￿mber 20231
Mrs B Leonard
(Appointed 4 December 20231
Mrs F Eckford
(Appointed 4 December 20231
Mr G Palmar
(Appointed 4 December 20231
Mrs F Johnson
(Appointed 4 December 20231
Membership of the CIO is open to anyone who is interested in furthering its purtx)ses, and who, by applying for
membership, has indicated his, her or its agreement lo become a member and acceptance of the duty of members
sel out in sub-clause 3 of this clause.
A member may be an individual, a ¢orporal& body, or an individual or corporate body representing an org8nis8tion
which is not incorporated.
The trustees, report was approved by the Board of Trustees.
Mrs C E Painting
Trustee
Mrs B Leonard
Trustee
9 July 2025

THE PENGUIN SPORTS FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE PENGUIN SPORTS FOUNDATION
I report to the trustees on my examination of the financial statements of The Penguin Sports Foundation (the
charity) for the period endèd 31 Decèmber 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with
the requirements of the Charities Act 2011.
I report in respect of my examination of the charity's financial statements carried OLJt under section 145 of the
Charities Act 2011. In carying out my examination I have followed the Directions given by the Charity Commission
under section 14515llbl of the Charities Act 2011.
Indèpondent •xamlner's statèm8nt
Your attention is drawn lo the fact that the charity has prepared the financial statements in accordance with the
relevant version of the Statement of Recommended Practice applicable to charities preparing their financial
statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS
1021 in preference to the Accounting and Reporting by Ch8rilies.' Stslemenl of Recornmended Practice issued on 1
April 2005 which is referred to in the exlanl regulations bul has now been withdrawn. l understsnd that this has
been done in order for the financial statements to provide a true and fair view in accordance with UK Generally
Ac￿pted Accounting Practice.
I have completed my examination. l Confirm that no matters have come to my attention in ¢onne¢lion with the
examination giving me cause to believe that in any material respect".
accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
the financial statements do not accord with those records., or
the financial ststements do not comply with the applicable requirements Con￿rning the form and content of
financial statements set out in the Charities (Accounts and Reports) Regulabons 2008 other than any
requirement that the financial statements give a true and fair view, which is not a matter considered as part of
an independent examination.
I have no concerns and have come across no other matters in connection with the examination lo which attention
should be drawn in Ihis report in order lo enable a proper understanding of the financial statements to be reached.
Mr J Welton BA (Honsl FCACTA
for and on behalf of Simpkins Edwards LLP
Millennium House
Brannarn Crescent
Roundswell Business Park
Barnstaple
Devon
EX31 3TD
9 July 2025

THE PENGUIN SPORTS FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2024
Unr8strlctèd Unrèstrlcted
funds
funds
general Design8ted
tangible fixed
assets fund
2024
Restrlctad
funds
Total
2024
2024
2024
Notes
Income from..
Donations and legacies
Charitable activities
Other trading activities
71,366
75
35,176
71,441
35,176
14,226
14,226
Totsl income
85.592
35,251
120,843
Expanditura on..
Charitable activities
27,461
10,247
17,353
55,061
Total expenditure
27,461
10,247
17,353
55,061
Not Incom•lloxpendlturo1
58,131
110,2471
17,898
65,782
Transfors between funds
147,6341
47,634
Net movement in funds
10,497
37,387
17,898
65,782
Reconciliation of funds:
Fund b818nces at 4 December 2023
Fund balances at 31 December 2024
10.497
37,387
17,898
65,782
The $18tement of financial activities includes all gains and losses re¢ognised in the period. All income and
expenditu￿ derive from Continuing activities.

THE PENGUIN SPORTS FOUNDATION
BALANCE SHEET
ASAT31 DECEMBER 2024
2024
Notes
Fixed assets
Tangible assets
11
37,387
Current assets
Debtors
Cash al bank and in hand
12
629
31,334
31,963
13,5681
Creditors- amounts falling due within one year
13
Net current assets
28,395
Total assets loss current Ilabllltlès
65,782
The funds of the charity
Reslricled income funds
Unrestricted funds- general
Unrestricted funds- Designated tangible fixed assets fund
14
16
15
17,898
10,497
37,387
65,782
The financial statements were approved by the trustees on 9 July 2025
Mrs C E Painting
Trustee
Mrs B Leonard
Trustee

THE PENGUIN SPORTS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Accounting poli¢ies
Charity information
The Penguin Sports Foundation is a Charitable Incorporated Organisation. Membership is open to everyone,
as set out in the constitution, with members having voting rights, not just the Trustees.
1.1 Reportlng ￿rIOd
The financial statements for the charity contain information relating to 2 13 month financial period from 4
December 2023 to 31 December 2024. Entries relating lo the pre-regislralion period for the charity have also
been included in the financial slalements lo give a true and a fair view.
1.2 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the
Ch8rities A¢t 2011, FRS 102 "The Finan¢i81 Reporting Stsndard applicable in the UK and Republi¢ of Ireland"
and the Charities SORP "A¢¢ounting and Reporting by Charities." Ststement of Recommended Pra¢ti¢e
applicable to charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland {FRS 1021" The charity is a Public Benefit Entity as defined by
FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a ststemenl of
cash flows.
The financial statements 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 the Statement of
Recommended Practice for charities applying FRS 102 rather than the version of the Statement of
Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial slalements are prepared in slerfing, which is the functional currency of the charity. Monetsry
amounts in these financial statements are rounded lo the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting
policies adopted are sel out below.
1.3 Going concern
Al the time of approving the financial stalerllenls, the trustees have a reasonable expectstion that the charity
has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees
onlinue lo adopt the going concern basis of accounting in preparing the financial statements.
1.4 Charltablè funds
Unrestricted funds are available for use al the discretion of the Iruslees in furtherance of their charitable
objectives.
Restricted funds are subject to sp8¢ific Conditions by donors or grantors as to how they may be used. The
purposès and usgs of the restri¢tgd funds are sel out in thg notes to the financial ststemènts.
1.5 Income
Income is recognised when the charity Is legally enlilled to il after any Performan￿ conditions have been mel,
the arnounls ¢an be measured reliably, and il is probable that income will be received.
Cash donations are rècognised on receipt. Other donations are recognised once the charity has been notified
of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in
relation to donations received under GiftAid or deeds of covenant is recognised at the time of the donation.

THE PENGUIN SPORTS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
Accounting policies
(Continued)
Grants are recognised at the fair value of the asset received or receivable when there is reasonable
assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are
mel. Where a grant does not specify performance conditions il is recognised in income when the proceeds
are received or re￿1Vable. A grant re￿iVed before the recognition criteria are satisfied is recognised as a
1.6 Exp&nditur8
Expenditure is recognised On￿ there is a legal or conslruclive obligation lo transfer economic benefit lo a
third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of
the obligation can be measured reliably.
Expenditure is classified by aclivily. The costs ol each activity are made up of the total of direct costs and
shared ¢osls, in¢lLJding support Costs involved in undertaking each a¢tivily. Direct Costs allribulable to a singlo
a¢tivity are allocated directly to that activity. Shared costs which contribute to more than one activity and
support costs which are not attribuiable to a single activity are apportioned between those activib'es on a basis
consistent with the use of resources. Cenlral staff cosis are allocated on the basis of time spent, and
depreciation charges are allocated on the portion of the asset's use.
1.7 Tangible fixed assets
Tangible fixed assets are initially measLJred at Cost and subsequently Measured at cost or valuation, net of
depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their
useful lives on the following bases..
Plant and equipment
CompLJters
200/0 Reducing Balance
1 S°/0 Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds
and the carrying value of the asset, and is recognised in the statement of financial activities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12
'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the
contractual provisions of the instrurllenl.
Financial assets and liabilities are offset, with the net arnounls presentsd in the financial slalements, when
the￿ is 8 legally enforceable right to sel off the recognised amounts 8nd there is an intention lo setue on 8 net
basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measLJred at
transaction price including transaction costs and are subsequently carried at amortised cost using the effective
interest method unless the arrangement Constitutes a financing transaction, where the transaction is
measured at the present value of the future receipts discounted at a market rate of interest. Financial assets
classified as re￿1vable within one year are not amortised.

THE PENGUIN SPORTS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
Accounting policies
(Continued)
Basic fiTnanciTal liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless
the arrangement constitutes a financing transaction, where the debt Instrument Is measured al the present
value of the fjutu￿ payments discounted at a market rate of interest. Financial liabilities classified as payable
within one year are not 8mortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one
year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.
Income from donations and legacies
Unrestrlctod
funds
2024
Restrlct•d
funds
2024
Total
2024
Donations and gifts
Donated goods and services
43,396
27,970
43,396
28,045
75
71,366
75
71,441
Income from charitable activities
Restricted
fund$
2024
Children in Negd
other income
14,984
Hydrotherapy
Other income
6,715
Frame Running Club
Other income
1,847
Sports Foundatlon
other income
5,000
The clai￿ Milne Foundation Trust
Olher income
6,630
35,176

THE PENGUIN SPORTS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
In¢ome from other trading activities
Unrestricted
funds
2024
Fundraising events
14,226

Or
* U>r
co
tOr￿j
T5 * t
o(no ¢u<(o ￿(nb Q) J Q Cin(nuty

THE PENGUIN SPORTS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
Net movement in fund$
2024
The nel movement in funds is stated after chargingllcredilingl..
Depreciation of owned tangible fixed assets
10,247
Accountants remuneration
Fees payable to the charity's auditor and associates..
2024
For independent examination servicas
independent examination of the financial stslemenls of the charity
300
For other Se￿iceS
Accounls-relaled assurance services
1,260
Trust¢¢s
None of the trustees lor any persons connected with them) received any remuneration, expenses or benefits
from the charity during the period.
Employees
The average monthly number of employees during the period was nil.
There were no employees whose annual remuneration was more than £60,000.
10 Taxation
The charity is exempt from tsxation on its activities because 811 its income is applied for Charitable purposes.
11 Tangible fixed assets
Plant and
equipment
Compu¢er5
T+)tsl
Cost
Additions
47,375
259
47,634
At 31 Décèmbèr 2024
47,375
259
47,634
Depreciation and impairment
Depreciation charged in the period
10,205
42
10,247
Al 31 De¢&mber 2024
10,205
42
10,247
Carrying amount
At 31 December 2024
37,170
217
37,387
12-

THE PENGUIN SPORTS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
12 Debtors
2024
Amounts falling due within one year..
Trade debtors
629
13 Creditor5- amounts falling due within one year
2024
Trade creditors
Accruals and deferred incorne
1,161
2,407
3,568
14 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust
subject to specific conditions by donors as to how they may be used.
At4
December
2023
Incoming
resources
Resources
expended
At31
December
2024
Children in Need
Hydrotherapy
Frame Running Club
Sports Found81ion
The Claire Milne Foundation Trust
14,984
6,790
1,847
5,000
6,630
13,4361
13,4021
14101
13,4751
16,6301
11,548
3,388
1,437
1,525
35,251
117,3531
17,898
13-

THE PENGUIN SPORTS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
14 Restricted funds
(Continued)
All our grants are part of our overall vision..
The provision of Water and Land based Movement therapy and Adapted Sport for Children and young Adults
with Physical disabilities living in North Devon.
Specifically..
Child￿n in Need- _ A 3 year Core funding grant lo cover some of the oper81ional costs of the ¢harity Ilhese
are sptrcific and agretrd)
Hydrotherapy.. (predominately raised from donations towards Hydro club and 1=1 Hydro sessions) to be used
specifically for costs associated with these programmes (Physiotherapist costs and associated equipmentl
Frame Running Club.. raised through donation towards Frame Running club - to be used for associated
costs
i.e track hire. equipment, any additional frame rna1ntenan￿ costs not covered by Children in Need
Grant.
Sports Foundation for the disabled.. a £5,000 fixed grant issued to spe¢ifi¢ally cover costs of Hydrotherapy
Club from May 2024- May 2025 to Cover Pool Hi￿, Physiolherapisl. Physio Assistant and lifeguard costs.
The Clalro Mllne Tw$t: a fixed grant of £6,330 used for 1=1 Hydrotherapy ¢osts from May - De¢ember 2024
covered 1..1 Physiotherapist costs.
15 Unrestrlctad funds - Daslgnated tanglblo flx•d assets fund
These are unrestricted funds which 8re material lo the ch8rily'$ activities.
At4
December
2023
Resources
expended
Transfers
At31
December
2024
Transfers
Depreciation
47,634
47,634
110,2471
110,2471
110,2471
47,634
37,387
The tangible fixed assets fund represents the net book value of the fixed assets which are used for charity
purpose. The movement in the fund every year represents the movement in the net book value, including
depreciation of assets, additions and disposals.
14-

THE PENGUIN SPORTS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
16 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balan￿5 of donations and grants which are
not subject lo specific conditions by donors and grantors as lo how they may be used. These include
designated funds which have been sel aside out of unreslri¢led fLJnds by the trustees for specific purposes.
At4
De¢ember
2023
Incoming
resources
Resources
expended
Transfers
At31
De¢ember
2024
General funds
85,592
127,4611
147,6341
10,497
17 Analysis of net assets between funds
Unrestricted Unrestricted
funds
funds
general Designated
tangible fixed
assets fund
2024
Restricted
funds
Total
2024
2024
2024
At 31 December 2024:
Tangible assets
Current assetsllliabililiesl
37,387
37,387
28,395
10.497
17,898
10,497
37,387
17,898
65,782
18 Related party transactions
During the period, the charity worked closely with il's founder Mrs G Rous. Services were provided by Mrs G
Rous which lolalled £21.404. During the period a donation was received by Mrs G Rous which lolaled £2,900
and £20 was received relating to a charitable activty.
15-