COVID-19 limitations have forced organisers to abandon next year's Big Splash at the Albury pool.
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The decision was revealed at the weekend with organising committee head Stephen Mamouney saying a cap of 500 people and other COVID-safe rules had made it too hard to stage.
"There's not one thing, but a combination of things," Mr Mamouney said.
"It's quite congested around the pool and we thought people could feel uncomfortable with that.
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"It's the timekeeping, the marshalling, all of that sort of thing."
The Big Splash has been held annually on the first Wednesday night in March since 2014 and raises money for mental health support through swimming contests that draw up to 1500.
Around $15,000 is collected with two-thirds given to headspace for youth needs and the remainder is channeled to cover costs associated with the Winter Solstice mental health night.
Mr Mamouney said although the Big Splash for next year was off there were plans for another function to raise money.
Its exact form is still being decided with Mr Mamouney happy to take suggestions from the public.
"I think it's important to do something, not only to raise some money for those two organisations, but to continue the conversation (on mental health), particularly after this year," Mr Mamouney said.
An announcement on what that event will involve and when it will be held is expected to be made in the second half of January.
Planning for The Big Splash starts in August-September and Mr Mamouney said early December had been set as a cut-off point for deciding its 2021 fate.
