With the 2020 event being cancelled due to COVID-19, it appeared this year's race would follow suit until three months ago, when a new committee, headed by Lewis Betts, took the reins.

His hard work, alongside the likes of Rex Russell, Brian Gallagher, Wesley Ring, Matthew Betts and Jack Brooks, has laid the groundwork for this Sunday's event.

"Until a small group of us came together, this year's event was actually not going ahead," event organiser Lewis Betts said.

"But we thought this event means so much to the Ulladulla community, that it needs to run.

Read more: Nowra Waterdragons prepare for action-packed regatta weekend on Shoalhaven River

"Although preparations have been a little crammed, trying to organise it all in three months compared to 12, everything is ready for Sunday."

In 2021, the event, which started in April 2003, will still hold its three iconic ocean swims, including the 500 metres (starting at 8.30am at southern end of Mollymook Beach), 2.2km (at 9.30am at the northern end) and dash for cash (11.45am at southern end) - followed by a presentation at 12pm.

After this, the Mollymook Surf Lifesaving Club is hosting an afternoon on the grass full of entertainment in efforts to raise funds for the Black Dog Institute.

"Our new, younger committee have developed an event that appeals to all ages and draws in more younger members of the area to take part," Betts said.

"We've organised three local bands - Mitch and Met, Tall Shaun and the Resolution Blues and West Winds - to play free, live sets.

"There will also be a Welcome to Country ceremony conducted by local Indigenous man Phil Butler, food and coffee trucks on hand as well as the surf club bar being open and event t-shirts being sold - designed by LiTl Studio's Maddy Johnston - for $30 each.

"Events like this, with the support of of the Milton Ulladulla Ex Servos, help show our South Coast community that mental health is an important aspect to be aware of.

"With everything we've gone through over the past 24 months, from bushfires to COVID-19, festival events like this should help put everyone in good spirits and show we can support one another - while also raising funds for a very worthwhile cause."

Read more: Group Seven talents help Dragons end five-game skid against Mounties

The Mollymook SLSC, who will also receive proceeds from the day, has also said they will be making a donation to the Black Dog Institute.

At this stage close to 60 people have registered for the event, with Betts expecting more to come as the event draws closer.

"Now the seven-day forecast is here, I expect we will get a lot more people signing up for the event," he said.

"It's always a fun event and with a full day of activities lined up. Everyone is getting really keen.

"Even if you're not going to participate in the swim, we encourage you to come down and enjoy a fun afternoon on the coast, as it's free for everyone."

If you'd like to sign-up for the event, please visit here.

Need to talk to someone?

Don't go it alone.

Please reach out for help.

Lifeline: 13 11 14 or lifeline.org.au

Beyond Blue: 1300 22 4636 or beyondblue.org.au

Kids Helpline: 1800 55 1800 or kidshelpline.com.au

Headspace: 1800 650 890 or headspace.org.au