**Charity registration number 1206051 (England and Wales)** # **THE PENGUIN SPORTS FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **THE PENGUIN SPORTS FOUNDATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** ## **Trustees** Mrs C E Painting Ms B Pedroni Mrs F Eckford Mr G Palmer Mrs F Johnson **Charity number (England and Wales)** 1206051 **Principal address** 29 Belmont Road Ilfracombe EX34 8DR **Independent examiner** Mr J Welton BA (Hons) FCA CTA Simpkins Edwards LLP Millennium House Brannam Crescent Roundswell Business Park Barnstaple Devon EX31 3TD ## **THE PENGUIN SPORTS FOUNDATION** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 4| |Independent examiner's report|5| |Statement of financial activities|6| |Balance sheet|7| |Notes to the financial statements|8 - 20| ## **THE PENGUIN SPORTS FOUNDATION** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ The trustees present their annual report and financial statements for the year ended 31 December 2025. The charity registration number is 1206051. The charity is a Charitable Incorporated Organisation (CIO). The principal address for the charity is Millennium House, Roundswell Business Park, Brannam Crescent, Barnstaple, Devon, EX31 3TD. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 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 (FRS 102)". ## **Objectives and activities** The objective of the CIO, for the public benefit, is to relieve the needs of children who have a physical disability residing in North Devon and the surrounding area, by providing, or assisting in the provision of, aquatic physiotherapy and accessible sport and recreational activities. The Trustees have paid due regard to the Charity Commission’s guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities. The focus of our activities is to provide inclusive, supportive spaces where disabled children access therapeutic movement through hydrotherapy, adaptive sports, and physiotherapy disguised as playful exercise. Founded to tackle inequalities in rural, low-income areas, the Foundation provide opportunities that enable every child to enjoy movement, build confidence, and reach their full potential. - 1 - ## **THE PENGUIN SPORTS FOUNDATION** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **Achievements and performance** 2025 was The Penguin Sports Foundation’s second full year as a registered charity. We are delighted to have grown our income, our range of activities, and developed the team that deliver such vital work. We have also taken pains to ensure that our growth is based on solid foundations, investing time to ensure we have the right skills and connections to allow the charity to deliver its vision for the future. Key highlights for the year were securing the funding to expand our range of activities to include Adaptive Athletics and Rebound Therapy as part of our regular programme. 2026 will focus on the consolidation of these sessions and reach out to develop our schools outreach programme. ## **Over the course of the year, the Foundation delivered:** _**1:1 Hydrotherapy sessions**_ for children aged 2–16 with physical disabilities, neuromuscular conditions, or acquired brain injuries who otherwise can’t access a hydro-pool. Blending physiotherapy with play, the buoyancy of the water allows children to enjoy a freedom of movement not possible on land, while the warm water helps them relax, eases pain, improves strength and flexibility, balance and coordination, and assists in developing gross motor skills while boosting confidence, and emotional wellbeing. ## 17 service users accessed 178 sessions in 2025. _**Hydrotherapy in our afterschool Penguin Club**_ which was launched in response to parents' requests for an activity the whole family could enjoy together and as a follow-up to our 1:1 sessions. When children have gained water confidence through our 1:1 programme, we offer access to this weekly drop-in club, that creates a fun, social setting for the children, building confidence, fostering friendships and boosting selfesteem. With specialist physiotherapists on hand to provide continued expert support, therapeutic guidance, and access to specialist equipment, this a valuable and much-loved part of our community offering. ## 17 service users + 4 siblings joined in for 2025, with 34 sessions delivered. _**Frame Running Club**_ works in partnership with North Devon Athletics Club, breaking barriers for children with physical disabilities to access sport. Thanks to grant funding, we secured 10 running frames in various sizes and 2 racing wheelchairs, opening up the exhilarating world of running to those who never thought it possible. Led by volunteer physiotherapists, occupational therapists and assistants, our weekly sessions blend fun, games, and skill-building activities. For the first time, these children can run alongside family and able-bodied friends — building strength, confidence, and joy. ## 10 service users and 7 siblings enjoyed 43 frame running sessions in 2025. _**Adaptive Athletics**_ sessions are for users of wheelchairs and mobility aids who are unable to access mainstream PE sessions at school due to their differing abilities. Sessions begin with warm-up games based on the core principles of Run, Jump, and Throw, relevant to the level of function to each individual, progressing to movement challenges and adapted athletics activities using specialist equipment like soft javelins, mini hurdles, adapted shot puts, and our running frames. Children are given the chance to move, explore, and compete at their own pace. Opportunities to engage without assistive equipment are also offered, making the experience empowering, enjoyable, and developmentally meaningful. ## 23 service users enjoyed our Adaptive Athletics in 2025. We partnered with 4 new schools SEN departments. _**Rebound therapy**_ uses the bounce, rhythm, and anti-gravity effects of a trampoline to support active movement. It’s a fun therapeutic activity, particularly beneficial for children with complex physical disabilities, autism, learning difficulties, sensory processing challenges, or communication impairments. This form of therapy enhances muscle tone, posture, balance, spatial awareness, balance and coordination. It can help relax overly tight muscles in children with high tone or build strength in those with low tone. It also supports cardiovascular fitness, sensory integration, and relaxation, while making room for plenty of fun, laughter & joy of experiencing movement. Delivered by a specially trained physiotherapist/ physiotherapy assistant this is a safe, effective, evidence-based therapy in a format that many children rarely get to enjoy. With funding secured we are due to **start this provision in January 2026, 6 children are on our waiting list already keen to get started.** - 2 - ## **THE PENGUIN SPORTS FOUNDATION** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **Financial review** The Penguin Sports Foundation has had a successful year, securing some significant grant funding to allow us to grow and develop new activities. The charity has successfully generated income resources and funds to the value of £81,505 through donations, fundraising events and restricted grants relating to specific activities. During the period, the charity has incurred expenses totalling £58,122, resulting in a surplus of £23,383. We are grateful to the grant makers that supported our growth this year: BBC Children in Need, Clare Milne Charitable Trust, The National Lottery Awards for All, Sport England, Active Devon, Action for Children, Sports Foundation for the Disabled, The Gibbons Trust, Norman Family Charitable Trust, The Weinstock Fund, Devon County Council Growing Communities Fund, The True Colours Trust, Fullabrook Windfarm CIC. The Personal Best Foundation (England Athletics), John Lewis, Tesco Groundworks. We were also honoured by the support of local organisations: Irwin Mitchell Solicitors, Philip Milton & Company, Live Well Braunton. We are supported by the North Devon Community Lottery and had five participants in the London Landmarks half marathon raising valuable funds. The Trustees have reviewed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate known risks. All policies and procedures are updated regularly. ## _Reserves policy_ The trustees’ policy for reserves is to maintain a designated fund which equates to a minimum of 3 months of unrestricted running costs. This, alongside restricted funds are calculated to be sufficient to support our clients during a structured closure of the charity, should operational reserves deplete to a level at which the charity is no longer sustainable. This designated fund is reviewed annually and currently stands at **£8,200.** The charity believes that the reserves required for 3 months is £8,148.93 and to cover 6 months £16,297.86 At the end of the period, the charity held £8,157 in unrestricted funds in the bank. In addition, from donations to the charity, £34,876 was held within an unrestricted designated tangible fixed asset fund, which is represented by assets and is not available as free cash. The charity also held £46,132 in restricted reserves to continue delivering its projects. We will continue to seek further grant funding to develop our programmes and strengthen delivery. The trustees feel that these figures demonstrate robust financial management and place the charity in a strong position to continue its day-to-day operations and planned expansion during 2026. ## **Structure, governance and management** The Penguin Sports Foundation is a Charitable Incorporated Organisation (CIO). It registered as a charity in December 2023. The trustees who served during the period and up to the date of signature of the financial statements are listed on **page 1.** Membership of the CIO is open to anyone who is interested in furthering its purposes, and who, by applying for membership, has indicated their agreement to become a member and its acceptance of the duty of members set out in sub-clause 3 of the constitution. A member may be an individual, a corporate body, or an individual or corporate body representing an organisation which is not incorporate. The trustees who served during the year and up to the date of signature of the financial statements were: Mrs C E Painting Ms B Pedroni Mrs F Eckford Mr G Palmer Mrs F Johnson - 3 - ## **THE PENGUIN SPORTS FOUNDATION** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **Statement of Trustees' Responsibilities** The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 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 and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records which 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 and the Charity (Accounts and Reports) Regulations 2008. 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' report was approved by the Board of Trustees. Mrs C E Painting Ms B Pedroni **Trustee Trustee** 30 April 2026 - 4 - ## **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 year ended 31 December 2025. ## **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 out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011. ## **Independent examiner's statement** Your attention is drawn to 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 (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011. - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 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 to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Mr J Welton BA (Hons) FCA CTA **for and on behalf of Simpkins Edwards LLP** Millennium House Brannam Crescent Roundswell Business Park Barnstaple Devon EX31 3TD 11 May 2026 - 5 - |**Fund balances at 31 December 2025**|Fund balances at 1 January 2025|**Reconciliation of funds:**|**Net movement in funds**|Transfers between funds|**Net income/(expenditure)**||**Total expenditure**|Charitable activities|**Expenditure on:**||**Total income**|Other trading activities|Charitable activities|Donations and legacies|**Income and endowments from:**||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||||**6**|||||**5**||||**4**|**3**|**2**||**Notes**|||||||| |8,157
34,876|10,497
37,387||(2,340)
(2,511)|(6,015)
6,015|3,675
(8,526)||9,339
8,526|9,339
8,526|||13,014
-|8,495
-|-
-|4,519
-||**£**
**£**|**2025**
**2025**|**fund**|**fixed assets**|**tangible**|**general Designated**|**funds**
**funds**|**Unrestricted Unrestricted**| |46,008|17,898||28,110|-|28,110||40,382|40,382|||68,492||68,492|-||**£**|**2025**|||||**funds**|**Restricted**| |89,041|65,782||23,259|-|23,259||58,247|58,247|||81,506|8,495|68,492|4,519||**£**|**2025**||||||**Total**| |10,497
37,387|-
-||10,497
37,387|(47,634)
47,634|58,131
(10,247)||27,461
10,247|27,461
10,247|||85,592
-|14,226
-|-
-|71,366
-||**£**
**£**|**2024**
**2024**|**fund**|**fixed assets**|**tangible**|**general Designated**|**funds**
**funds**|**Unrestricted Unrestricted**| |17,898|-||17,898|-|17,898||17,353|17,353|||35,251|-|35,176|75||**£**|**2024**|||||**funds**|**Restricted**| |65,782|-||65,782|-|65,782||55,061|55,061|||120,843|14,226|35,176|71,441||**£**|**2024**||||||**Total**| ## **THE PENGUIN SPORTS FOUNDATION** ## **BALANCE SHEET** ## _**AS AT 31 DECEMBER 2025**_ |**Notes**
**Fixed assets**
Tangible assets
**11**
**Current assets**
Debtors
**12**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**13**
**Net current assets**
**Total assets less current liabilities**
**The funds of the charity**
Restricted income funds
**14**
Unrestricted funds - general
**16**
Unrestricted funds - Designated tangible
fixed assets fund
**15**|**2025**
**£**
103
59,303
59,406
(5,241)|**£**
34,876
54,165
89,041
46,008
8,157
34,876
89,041|**2024**
**£**
629
31,334
31,963
(3,568)|**£**
37,387
28,395| |---|---|---|---|---| |||||65,782| |||||17,898
10,497
37,387| |||||65,782| The financial statements were approved by the trustees on 16 April 2026 Mrs C E Painting Ms B Pedroni **Trustee Trustee** - 7 - ## **THE PENGUIN SPORTS FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **1 Accounting policies** ## **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 **Reporting period** The financial statements for the charity contain information relating to the 12 month period to 31 December 2025. The comparative information relates to a 13 month period from 4 December 2023 to 31 December 2024 being the charities first year, therefore the comparative amounts including related notes are not entirely comparable. ## **1.2 Basis of preparation** The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 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 (FRS 102)". 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 statement 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 statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.3 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.4 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. ## **1.5 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised 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 Gift Aid or deeds of covenant is recognised at the time of the donation. - 8 - ## **THE PENGUIN SPORTS FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **1 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 met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. ## **1.6 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to 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 activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs 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 measured 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 20% Reducing Balance Computers 15% 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 instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a 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 measured 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 receivable within one year are not amortised. - 9 - ## **THE PENGUIN SPORTS FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ - **1 Accounting policies** ## **(Continued)** ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 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. ## **2 Income from donations and legacies** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
Donations and gifts
4,519
-
Donated goods and
services
-
-
4,519
-|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
4,519
43,396
-
-
27,970
75
4,519
71,366
75|**Total**
**2024**
**£**
43,396
28,045| |---|---|---| |||71,441| - 10 - ## **THE PENGUIN SPORTS FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **3 Income from charitable activities** |**Income from charitable activities**||| |---|---|---| ||**Restricted**|**Restricted**| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |**Children in Need**||| |Other income|14,948|14,984| |**Hydrotherapy**||| |Other income|3,016|6,715| |**Frame Running Club**||| |Other income|980|1,847| |**Sports Foundation**||| |Other income|-|5,000| |**The Claire Milne Foundation Trust**||| |Other income|-|6,630| |**Active Devon**||| |Other income|1,709|-| |**Gibbons Family Trust**||| |Other income|1,500|-| |**DCC Growing Community**||| |Other income|800|-| |**Awards for all**||| |Other income|20,000|-| |**Norman Family Trust**||| |Other income|3,000|-| |**Viscount Amory's Charitable Trust**||| |Other income|2,000|-| |**Fullabrook CIC**||| |Other income|5,951|-| |**Sport England**||| |Other income|9,921|-| |**Personal Best Foundation England Athletics**||| |Other income|1,667|-| |**Weinstock Fund**||| |Other income|3,000|-| ||68,492|35,176| - 11 - ## **THE PENGUIN SPORTS FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **4 Income from other trading activities** |**Unrestricted**
**funds**
**2025**
**£**
Fundraising events
8,495
Other trading activities
8,495|**Total Unrestricted**
**funds**
**2025**
**2024**
**£**
**£**
8,495
14,226
8,495
14,226|**Total**
**2024**
**£**
14,226| |---|---|---| |||14,226| - 12 - ||Restricted funds|assets fund|Unrestricted funds - Designated tangible fixed|Unrestricted funds - general|**Analysis by fund**|||||Sundry expenses|Outgoings related to fundraising|Bad debt|Legal and professional|Printing, Postage & Stationary|Insurance|Track Hire|Accountancy|Pool costs|Telephone|Repairs and maintenance|IT|Advertising|Depreciation and impairment|Staff costs|**Direct costs**|||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |19,398
6,129|19,398
6,129|-
-||-
-|||||19,398
6,129|-
-|-
-|-
150|107
-|445
-|547
-|-
-|2,476
-|3,532
583|144
-|367
2,372|276
-|-
-|-
-|11,504
3,024||**£**
**£**|**2025**
**2025**||||**in Need**|**Children**
**Hydrotherapy**| |1,526|1,526|-||-|||||1,526|-|-|-|-|-|-|-|-|858|-|-|-|-|-|668||**£**|**2025**||||**Foundation**|**Sports**| |1,285|1,285|-||-|||||1,285|-|-|-|-|-|-|381|-|-|-|-|-|-|-|904||**£**|**2025**||||**Devon**|**Active**| |1,430|1,430|-||-|||||1,430|-|-|-|-|-|-|-|-|-|-|-|-|-|-|1,430||**£**|**2025**|||**Trust**|**Family**|**Gibbons**| |185|185|-||-|||||185|-|-|-|-|-|-|-|-|-|-|-|-|-|-|185||**£**|**2025**|||**Community**|**Growing**|**DCC**| |5,300
2,975|5,300
2,975|-
-||-
-|||||5,300
2,975|-
-|-
-|-
-|-
-|-
-|-
-|75
-|-
-|1,104|-
-|-
-|-
-|-
-|-
-|4,121
2,975||**£**
**£**|**2025**
**2025**|||**Trust**|**for all**
**Family**|**Awards**
**Norman**| |947
1,208
17,864 58,247|947
1,208
- 40,383|-
-
8,526
8,526||-
-
9,338
9,338|||||947
1,208
17,864 58,247|-
-
141
141|-
-
1,957
1,957|-
-
-
150|-
-
52
159|-
-
-
445|-
-
-
547|-
840
-
1,296|-
-
-
2,476|143
-
-
6,220|-
-
-
144|-
-
-
2,739|-
-
-
276|-
-
903
903|-
-
8,526
8,526|804
368
6,285 32,268||**£**
**£**
**£**
**£**|**2025**
**2025**
**2025**
**2025**|**Athletics**|**Trust**
**England**|**Charitable**
**Foundation**|**Amory's**
**Best**
**Funds**|**Viscount**
**Personal**
**Unrestricted**
**Total**| ||||||||||||||||||||||||||||||**5**| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||Restricted funds|Unrestricted funds - Designated tangible fixed assets fund|Unrestricted funds - general|**Analysis by fund**|||Accountancy|Printing, Postage & Stationary|Insurance|Track Hire|Sundry charitable expenditure|Staff Training|Telephone & Internet|Outgoings related to fundraising|IT Software/Subscriptions|Repairs & Maintenance|Pool Hire|Bank Charges|Advertising|Depreciation and impairment|Staff costs|**Direct costs**||||||**Previous period:**|**Expenditure on charitable activities**| |3,436|3,436|-|-|||3,436|-|9|448|-|-|-|96|-|657|-|-|-|82|-|2,144||**£**|**2024**|||**Need**|**Children in**|| |3,402
410|3,402
410|-
-|-
-|||3,402
410|-
-|-
-|-
-|-
210|-
-|-
-|-
-|-
-|-
-|-
200|820
-|-
-|-
-|-
-|2,582
-||**£**
**£**|**2024**
**2024**|||**Club**|**Hydrotherapy Frame Running**|| |3,475|3,475|-|-|||3,475|-|-|-|-|-|-|-|-|-|-|700|-|-|-|2,775||**£**|**2024**|||**Foundation**|**Sports**|| |6,630|6,630|-|-|||6,630|-|-|-|-|-|-|-|-|-|-|-|-|-|-|6,630||**£**|**2024**|**Trust**|**Foundation**|**Milne**|**The Claire**|| |37,708|-|10,247|27,461|||37,708|1,560|8|383|-|634|540|60|1,063|1,026|3,401|2,559|13|508|10,247|15,706||**£**|**2024**|||**funds**|**Unrestricted**|| |55,061|17,353|10,247|27,461|||55,061|1,560|17|831|210|634|540|156|1,063|1,683|3,601|4,079|13|590|10,247|29,837||**£**|**2024**||||**Total**|**(Continued)**| ## **THE PENGUIN SPORTS FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ |**6**
**Net movement in funds**
The net movement in funds is stated after charging:
Depreciation of owned tangible fixed assets
**7**
**Accountants remuneration**
Fees payable to the charity's auditor and associates:
**For independent examination services**
independent examination of the financial statements of the charity
**For other services**
Accounts-related assurance services|**2025**
**£**
8,526
**2025**
**£**
600
1,876|**2024**
**£**
10,247| |---|---|---| |||**2024**
**£**
300| |||1,260| ## **8 Trustees** None of the trustees (or any persons connected with them) received any remuneration, expenses or benefits from the charity during the year. (This was the same in 2024). ## **9 Employees** The average monthly number of employees during the year was one. (2024: 0). There were no employees whose annual remuneration was more than £60,000. ## **10 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. - 15 - ## **THE PENGUIN SPORTS FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ |**11**
**Tangible fixed assets**
**Plant and**
**equipment**
**Computers**
**£**
**£**
**Cost**
At 1 January 2025
47,375
259
Additions
3,349
2,666
At 31 December 2025
50,724
2,925
**Depreciation and impairment**
At 1 January 2025
10,205
42
Depreciation charged in the year
8,092
434
At 31 December 2025
18,297
476
**Carrying amount**
At 31 December 2025
32,427
2,449
At 31 December 2024
37,170
217
**12**
**Debtors**
**2025**
**Amounts falling due within one year:**
**£**
Trade debtors
103
**13**
**Creditors: amounts falling due within one year**
**2025**
**£**
Trade creditors
-
Accruals and deferred income
5,241
5,241|**Total**
**£**
47,634
6,015| |---|---| ||53,649| ||10,247
8,526| ||18,773| ||34,876| ||37,387| ||**2024**
**£**
629| ||**2024**
**£**
1,161
2,407| ||3,568| - 16 - ## **THE PENGUIN SPORTS FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **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. ||**At 1 January**|**Incoming**|**Resources**|**At 31**| |---|---|---|---|---| ||**2025**|**resources**|**expended**|**December**| |||||**2025**| ||**£**|**£**|**£**|**£**| |Children in Need|11,548|14,948|(19,400)|7,096| |Hydrotherapy|3,388|3,016|(6,129)|275| |Frame Running Club|1,437|980|-|2,417| |Sports Foundation|1,525|-|(1,525)|-| |Active Devon|-|1,709|(1,284)|425| |Gibbons Family Trust|-|1,500|(1,430)|70| |DCC Growing Community|-|800|(185)|615| |Awards for all|-|20,000|(5,300)|14,700| |Norman Family Trust|-|3,000|(2,975)|25| |Viscount Amory's Charitable Trust|-|2,000|(946)|1,054| |Fullabrook CIC|-|5,951|-|5,951| |Sport England|-|9,921|-|9,921| |Personal Best Foundation England Athletics|-|1,667|(1,208)|459| |Weinstock Fund|-|3,000|-|3,000| ||17,898|68,492|(40,382)|46,008| |**Previous period:**|**At 1 January**|**Incoming**|**Resources**|**At 31**| ||**2024**|**resources**|**expended**|**December**| |||||**2024**| ||**£**|**£**|**£**|**£**| |Children in Need|-|14,984|(3,436)|11,548| |Hydrotherapy|-|6,790|(3,402)|3,388| |Frame Running Club|-|1,847|(410)|1,437| |Sports Foundation|-|5,000|(3,475)|1,525| |The Claire Milne Foundation Trust|-|6,630|(6,630)|-| ||-|35,251|(17,353)|17,898| - 17 - ## **THE PENGUIN SPORTS FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **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: **Children in Need:** - A 3 year Core funding grant to cover some of the operational costs of the charity (these are specific and agreed). **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 equipment) **Frame Running Club** : raised through donation towards Frame Running club – to be used for associated costs – i.e track hire, equipment, any additional frame maintenance costs not covered by Children in Need Grant. **Sports Foundation for the disabled:** a £5,000 fixed grant issued to specifically cover costs of Hydrotherapy Club from May 2024 – May 2025 to cover pool hire, physiotherapist, physio assistant and lifeguard costs. **The Claire Milne Trust:** a fixed grant of £6,330 used for 1:1 Hydrotherapy costs from May – December 2024 – covered 1:1 physiotherapist costs. **Personal Best Foundation:** a fixed grant of £1,667 to be used for Adaptive athletics. **Active Devon:** a fixed grant of £1,709 to be used for Adaptive athletics. **The Gibbons Family Trust:** a fixed grant of £1,500 to be used for 1:1 Hydrotherapy sessions. **The Norman Family Trust:** a fixed grant of £3,000 to be used for 1:1 Hydrotherapy sessions. **Viscount Amory's Charitable Trust:** a fixed grant of £2,000 to be used for 1:1 Hydrotherapy sessions and other related costs. **Awards for All (National Lottery):** a fixed grant of £20,000 to be used £8,000 for 1:1 Hydrotherapy and £12,000 to be used for the CEO fund. **DCC Growing Community:** a fixed grant of £800 to be used for group Hydrotherapy club sessions for four months from October 2025. **Fullabrook CIC:** a fixed grant of £5,951 to be used for a size zero frame and the remainder of Adaptive athletics. **Weinstock fund:** a fixed grant of £3,000 to be used for the Rebound club. **Sports England:** a fixed grant of £9,921 for Rebound Therapy costs. - 18 - ## **THE PENGUIN SPORTS FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **15 Unrestricted funds - Designated tangible fixed assets fund** These are unrestricted funds which are material to the charity's activities. ||**At**|**1 January**|**Resources**|**Transfers**|**At 31**| |---|---|---|---|---|---| |||**2025**|**expended**||**December**| ||||||**2025**| |||**£**|**£**|**£**|**£**| |Transfers||37,387|-|6,015|43,402| |Depreciation||-|(8,526)|-|(8,526)| |||37,387|(8,526)|6,015|34,876| |**Previous period:**|**At**|**1 January**|**Resources**|**Transfers**|**At 31**| |||**2024**|**expended**||**December**| ||||||**2024**| |||**£**|**£**|**£**|**£**| |Transfers||-|-|47,634|47,634| |Depreciation||-|(10,247)|-|(10,247)| |||-|(10,247)|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. ## **16 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. ||**At 1 January**|**Incoming**|**Resources**|**Transfers**|**At 31**| |---|---|---|---|---|---| ||**2025**|**resources**|**expended**||**December**| ||||||**2025**| ||**£**|**£**|**£**|**£**|**£**| |General funds|10,497|13,014|(9,339)|(6,015)|8,157| |**Previous period:**|**At 1 January**|**Incoming**|**Resources**|**Transfers**|**At 31**| ||**2024**|**resources**|**expended**||**December**| ||||||**2024**| ||**£**|**£**|**£**|**£**|**£**| |General funds|-|85,592|(27,461)|(47,634)|10,497| - 19 - ## **THE PENGUIN SPORTS FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **17 Analysis of net assets between funds** |**Unrestricted**
**Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**Designated**
**tangible fixed**
**assets fund**
**2025**
**2025**
**2025**
**£**
**£**
**£**
**At 31 December 2025:**
Tangible assets
34,876
-
Current assets/(liabilities)
8,157
-
46,008
8,157
34,876
46,008
**Unrestricted**
**Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**Designated**
**tangible fixed**
**assets fund**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**At 31 December 2024:**
Tangible assets
-
37,387
-
Current assets/(liabilities)
10,497
-
17,898
10,497
37,387
17,898|**Total**
**2025**
**£**
34,876
54,165| |---|---| ||89,041| ||**Total**
**2024**
**£**
37,387
28,395| ||65,782| ## **18 Related party transactions** During the period, the charity worked closely with it's founder Mrs G Rous. Services were provided by Mrs G Rous which totalled £19,164.39. This was made up of £7,010.62 for expenses and CEO self employed wages and £12,153.77 for physiotherapist costs. (2024: Total expenses £21,404.00). - 20 -