Company registration number: 04072775 Charity registration number: 1100418
Wokingham Waterside Centre Limited
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 March 2021
Wokingham Waterside Centre Limited
Reference and Administrative Details
| Trustees | Mr Antony Hayward |
|---|---|
| Mrs Patricia Smith (resigned 25 November 2020) | |
| Mr Roger Ilett | |
| Mr Christopher Reeve (resigned 9 February 2021) | |
| Mr Adam Bailey | |
| Mr Earl Hewett | |
| Mr Cliff Hilton | |
| Mr Christopher Smith | |
| Mrs Jennifer Ann Lissaman | |
| Secretary | Mr Antony Hayward |
| Registered Office | Thames Valley Park Drive |
| Earley | |
| Wokingham | |
| Berkshire | |
| RG6 1PQ | |
| The charity is incorporated in England and Wales. | |
| Company Registration Number | 04072775 |
| Charity Registration Number | 1100418 |
| Bankers | Santander Business Banking |
| Bridle Road | |
| Bootle | |
| Merseyside | |
| L30 4GB | |
| Independent Examiner | PAW Consulting Limited |
| Chartered Accountant | |
| Unit 2, City Limits | |
| Danehill | |
| Reading | |
| Berkshire | |
| RG6 4UP |
Wokingham Waterside Centre Limited
Trustees report
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (the FRSSE) (effective 1 January 2015).
OBJECTIVES AND ACTIVITIES
Objectives and activities for the public benefit
In setting objectives and planning activities, the Board has given careful consideration to the Charity Commission’s general guidance on public benefit.
Objects
The objectives of the Wokingham Waterside Centre (WWC) are:
- To provide accessible, prestigious and a well-equipped facility to all members of the local community at affordable prices. - To enable everyone to have fun whilst experiencing the challenge and excitement of water sports in a safe and beautiful environment.
The Centre management board established these objectives in 2003 when the Charity was first formed to take over the management and direction of a custom built and excellently equipped water sports centre, set on a particularly beautiful stretch of the River Thames, near Reading and Wokingham in Berkshire. Those objectives remain as relevant today as they did at the inception of the Charity.
Aims of the Charity
The Centre has always operated with the emphasis on ALL members of the local community. The Directors have always sought ways to provide the requisite boats and facilities for the disabled, the novice, the under-privileged and all sections of the community who have not had the opportunity to experience water sports. The aim as well, is to provide individuals with the confidence and the support they need to enjoy the challenge and personal satisfaction to be gained from these sports.
Public Benefit
The Centre works closely with all sectors of the community providing numerous water activity experiences, professional coaching, special needs events and prestigious conferencing facilities to the general public and business at affordable prices.
The Centre has good links with a wide range of local charities, youth organisations and schools covering all ages and abilities. Examples include Berkshire scouts and guides, mainstream schools and those schools catering for pupils with a range of educational needs. The Centre has also provided a base for running national and local canoeing competitions also hosting local, national and international rowing regattas.
The Centre is based in Wokingham; however, the facilities are not restricted to people living in the area and are available for use by anyone wishing to visit the Centre.
Wokingham Waterside Centre Limited
Trustees report
Achievement and Performance
This past year has proved to be an extremely challenging period for the Centre.
The Covid-19 pandemic has meant that the Centre has had to be closed for the majority of the year (seven months) with record rainfall stopping all canoeing for a further two months (September and October 2020). Water activities between June and August were restricted by the need for social distancing but bookings were exceptionally good for Stand-Up-Paddle boards and Kayaks. With holiday opportunities heavily restricted, there was a pent-up demand for people to enjoy paddling on the Thames in the good weather.
The enforced closures have put a strain on finances, but all the tenants have paid their rents on time. The Centre has received grants totaling £20,240.93 from Wokingham Borough Council and a further £10,823.73 from other sources. The Centre took the precaution of taking a Bounce Back Loan of £46,000 from Santander but plans to pay this back, funds permitting, during 2021-2022.
The Centre has three sub-tenants. Sub-leases for tenants were prepared and have been signed off in the case of the University of Reading Canoe Club and the Wokingham Canoe Club. Marsport continues to refuse to sign its sub-lease and has indicated it is looking for new premises.
FINANCIAL REVIEW
Reserves Policy
The Waterside Centre’s funds are held in reserve to maintain the building, facilities, and equipment for the entire period of the full repairing lease. In previous years, the reserves had been seriously eroded but had been built up again. This has proved essential since the Centre has continued to rely on its reserves as a result of the Government mandated lockdown due to the Coronavirus pandemic and the autumn flooding.
The Centre owns land adjacent to the Centre which the Charitable Trust purchased in 2004.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The organisation is a charitable company limited by guarantee and registered as a charity on 20 October 2003. The name of the charitable company as listed in the Register of Charities is Wokingham Waterside Centre Limited.
The charitable company is governed under Memorandum and Articles of Association and was incorporated on 15 September 2000.
The registered and principal address of the charity is Thames Valley Park Drive, Reading, Berkshire, RG6 1PQ
Wokingham Waterside Centre Limited
Trustees report
Recruitment and Appointment of Directors
The directors are appointed from time to time by the Board of Directors of the Charity. Wokingham Borough Council, Earley Town Council, Wokingham Canoe Club and Oracle Corporation UK Limited are invited to nominate a director. The University of Reading and Wokingham & District Scout Council nominate two directors each, subject to the approval of the Board. Independent directors are appointed where appropriate from time to time.
Organisational structure
The directors determine the direction and general policy of the Waterside Centre in line with the charity’s objectives.
Board meetings are held quarterly throughout the year
The day to day management of the Waterside Centre is delegated to the Centre Manager and other professional staff who are in turn supported by a number of volunteer staff.
From 13th November 2016 day to day management of the Centre has been contracted out to Cloud9 Pursuits Ltd.
Induction and Training
When new trustees are appointed, they are invited to the Centre to see for themselves the activities of the Centre and the type of programs the Centre offers. These inductions are typically run when there are numbers of young people participating in programmes.
Each new trustee is invited to attend a meeting at which the operation of the Centre is explained. In addition to the day to day running, this covers the administrative and control procedures, the health and safety controls and the responsibilities of the trustees.
Risk Management
Cloud9 Pursuits Ltd carries out regular maintenance, bringing in external contractors as required to ensure the safety and reliability of the Centre in accordance with the relevant legislation and the terms of the Centre’s lease with Wokingham Borough Council.
The Board continues to keep the Centre activity under review, particularly regarding any major risks which may arise from time to time. The major risks identified by this process have been mitigated to an acceptable level by internal control systems, an Operations Procedure manual, insurance cover and other factors as appropriate.
The Centre continues to meet its statutory obligations under UK law, for example Safeguarding and Data Protection issues.
The Centre is inspected on an annual basis by British Canoeing to ensure that the operational activities meet the standards required for the Centre to retain its approved centre status.
The Board regularly reviews the risks associated with a loss of funding from any of the major sources of income (e.g. sub under-lease holders). The Board ensures that the normal Centre operations generate sufficient income to meet the fixed and variable costs.
Wokingham Waterside Centre Limited
Trustees report
Reporting Accountants
The Board of Trustees has appointed a local firm PAW Consulting as its reporting accountants for 2020-2021.
The annual report was approved by the trustees of the charity on 11/05/2021 and signed on its behalf by:
…............................................................ Mr Antony Hayward Company Secretary and Trustee
Wokingham Waterside Centre Limited
Statement of Trustees’ Responsibilities
Year Ended 31 March 2021
The trustees (who are also the directors of Wokingham Waterside Centre Limited for the purposes of company law) 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).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safe guarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on 11/05/2021 and signed on their behalf by:
.........................................
Mr Antony Hayward
Wokingham Waterside Centre Limited
Independent Examiner's Report
To the Managing Trustees
I report to the trustees on my examination of the accounts of Wokingham Waterside Centre Limited for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity's trustees, 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 Trust’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 Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities
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Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and
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content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts 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 accounts to be reached.
11th May 2021
Paul Andrew Worthington ACA ACMA ATT CTA Chartered Accountant PAW Consulting Ltd Danehill Reading Berkshire RG6 4UP
Wokingham Waterside Centre Limited
Statement of Financial Activities for the Year Ended 31 March 2021
| Notes INCOMING RESOURCES Donations and legacies 7 Charitable activities 8 Investments 9 Other income 10 Total incoming resources RESOURCES EXPENDED Raising funds 11 Charitable activities 12 Other expenditure 13 Total resources expended NET INCOMING (OUTGOING) RESOURCES Transfer between funds NET MOVEMENT IN FUNDS Balances brought forward at 1 April 2020 BALANCES CARRIED FORWARD AT 31 March 2021 |
Unrestricted Restricted Total funds funds 2021 £ £ £ 20,265 10,800 31,065 141,872 - 141,872 33 - 33 30,325 - 30,325 192,495 10,800 203,295 287 - 287 84,631 - 84,631 72,053 - 72,053 156,971 - 156,971 35,524 10,800 46,324 10,800 (10,800) - 46,324 - 46,324 56,524 1,000 57,524 102,848 1,000 103,848 |
Total 2020 £ 3,500 155,150 96 28,450 187,196 392 105,011 81,434 186,837 359 - 359 |
|---|---|---|
Wokingham Waterside Centre Limited
Balance sheet as at 31 March 2021 (Registration number: 04072775)
| Notes ASSETS Fixed assets Tangible assets 15 Balance at 31 March Current assets Stock 16 Debtors 17 Cash & bank Total Current liabilities Creditors 18 Net current assets Creditors: amounts falling due after more Creditors 19 Total net assets CHARITABLE FUNDS Restricted funds Unrestricted funds Total funds |
2021 £ £ £ 28,131 28,131 50 50 6,486 8,088 137,236 31,542 143,772 39,680 22,030 8,018 22,030 8,018 121,742 than one year 46,025 103,848 1,000 102,848 103,848 |
2020 £ 26,910 26,910 31,662 1,048 57,524 1,000 56,524 57,524 |
|---|---|---|
For the financial year ending 31 March 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the trustees, and authorised for issue on 11/05/2021 and signed on their behalf by:
.........................................
Mr Antony Hayward
Wokingham Waterside Centre Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
1 ACCOUNTING POLICIES
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Tangible fixed assets
Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Land - not depreciated
Furniture and equipment - 15%/25% reducing balance
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost Is determined using the first-in, first out method (FIFO).
Wokingham Waterside Centre Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Debtors
Debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs).
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place.
2 STAFF NUMBERS
The average number of persons employed by the charity during the year is 0 (2020 - 0).
3
STAFF BANDING
No employees received employee benefits of more than £60,000.
4 TRUSTEE REMUNERATION AND BENEFITS
None of the trustees have been paid any remuneration or received and other benefits from an employment with the charity.
5
TRUSTEE EXPENSES
No trustees were reimbursed for expenses in the reporting period.
6 RELATED PARTY TRANSACTIONS
There were no related party transactions in the reporting period.
Wokingham Waterside Centre Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
| Unrestricted Restricted Total funds funds 2021 £ £ £ 7 INCOME FROM DONATIONS AND LEGACIES Other Income from Donations and Legacie 20,265 10,800 31,065 20,265 10,800 31,065 Unrestricted Restricted Total funds funds 2021 £ £ £ 8 CHARITABLE ACTIVITIES INCOME Provision of Courses 124,945 - 124,945 Catering and Café 1,029 - 1,029 Camping and Slipway Fees 723 - 723 Room Hire 13,310 - 13,310 Other Services 1,865 - 1,865 141,872 - 141,872 Unrestricted Restricted Total funds funds 2021 £ £ £ 9 INVESTMENT INCOME Bank Interest 33 - 33 33 - 33 Unrestricted Restricted Total funds funds 2021 £ £ £ 10 OTHER INCOME Rental Income 30,325 - 30,325 30,325 - 30,325 |
2020 £ 3,500 3,500 2020 £ 115,460 4,349 2,522 29,974 2,845 155,150 2020 £ 96 96 2020 £ 28,450 28,450 |
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Wokingham Waterside Centre Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
| 11 COSTS OF RAISING FUNDS Advertising 12 EXPENDITURE ON CHARITABLE ACTIVITIES Provision of Courses Catering and Café 13 OTHER EXPENDITURE Centre Management Staff Training Rent Venue Hire Rates Light, Heat and Power Insurance Repairs and Maintenance Repairs and Renewals Telephone and Fax Computer Software and Maintenance costs Printing, Postage and Stationery Licences and Subscriptions Equipment Hire Sundry Expenses Cleaning Travel and Subsistence Accountancy Fees Legal and Professional Fees Bank Charges Depreciation, amortisation and other similar costs (Profit)/Loss on Disposal of assets |
Unrestricted Restricted Total funds funds 2021 £ £ £ 287 - 287 287 - 287 Unrestricted Restricted Total funds funds 2021 £ £ £ 83,937 - 83,937 694 - 694 84,631 - 84,631 Unrestricted Restricted Total funds funds 2021 £ £ £ 43,655 - 43,655 360 - 360 100 - 100 136 - 136 25 - 25 7,445 - 7,445 3,541 - 3,541 3,377 - 3,377 662 - 662 651 - 651 516 - 516 34 - 34 1,209 - 1,209 2,626 - 2,626 761 - 761 340 - 340 - - - 1,946 - 1,946 - - - 140 - 140 3,706 - 3,706 823 - 823 72,053 - 72,053 |
2020 £ 392 392 2020 £ 102,413 2,598 105,011 2020 £ 32,057 - 100 1,020 1,084 7,532 3,807 15,704 4,847 1,015 36 25 1,876 1,613 378 1,231 - 1,843 3,023 143 4,527 (427) 81,434 |
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14 INDEPENDENT EXAMINER FEES
Included within accounting services is £1,440 relating to fees for the independent examiner (2020: £1,380).
Wokingham Waterside Centre Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
| 15 FIXED ASSETS Cost at 1 April 2020 Additions in the year Disposals in the year Cost at 31 March 2021 Depreciation at 1 April 2020 Elimination on disposal Charge for the year Depreciation at 31 March 2021 Net book value at 31 March 2021 Net book value at 31 March 2020 16 STOCK Stocks 17 DEBTORS Trade Debtors 18 CREDITORS Other Creditors Accruals Deferred Income 19 CREDITORS Trade Creditors Bounce Back Loan |
Land and Furniture and Total Buildings Equipment £ £ £ 17,181 100,578 117,759 - 5,750 5,750 - (28,876) (28,876) 17,181 77,452 94,633 - 90,849 98,479 - (28,053) (28,053) - 3,706 3,706 - 66,502 74,132 17,181 10,950 28,131 17,181 9,729 26,910 2021 2020 £ £ 50 50 2021 2020 £ £ 6,486 8,088 2021 2020 £ £ 285 225 13,282 1,500 8,463 6,293 22,030 8,018 2021 2020 £ £ 25 1,048 46,000 - 46,025 1,048 |
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Wokingham Waterside Centre Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
| 20 STATEMENT OF FUNDS Unrestricted funds General Restricted funds Total of funds Unrestricted funds General Restricted funds Total of funds |
2021 Opening Income Expense Transfer in/(out) Closing £ £ £ £ £ 56,524 192,495 (156,971) 10,800 102,848 56,524 192,495 (156,971) 10,800 102,848 1,000 10,800 - (10,800) 1,000 1,000 10,800 - (10,800) 1,000 57,524 203,295 (156,971) - 103,848 2020 Opening Income Expense Transfer in/(out) Closing £ £ £ £ £ 57,165 183,696 (186,837) 2,500 56,524 57,165 183,696 (186,837) 2,500 56,524 - 3,500 - (2,500) 1,000 - 3,500 - (2,500) 1,000 57,165 187,196 (186,837) - 57,524 |
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Wokingham Waterside Centre Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Restricted funds
During the year restricted donations of £10,800 were received. The donations were all receieved for specific items which were purchased during the year.
During the prior year a donation of £3,500 was received from Thames Water for a canoe and katakanu. The katakanu was purchased for £2,500 leaving £1,000 in restricted funds.
21 ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Tangible fixed assets Current assets Creditors due within one year Creditors due over one year Tangible fixed assets Current assets Creditors due within one year Creditors due over one year |
Unrestricted Restricted Total funds funds £ £ £ 28,131 - 28,131 142,772 1,000 143,772 (22,030) - (22,030) (46,025) - (46,025) 102,848 1,000 103,848 Unrestricted Restricted Total funds funds £ £ £ 26,910 - 26,910 38,680 1,000 39,680 (8,018) - (8,018) (1,048) - (1,048) 56,524 1,000 57,524 2021 2020 |
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