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2023-03-31-accounts

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 2023

Wokingham Waterside Centre Limited

Reference and Administrative Details

Trustees Mr Antony Hayward Mr Roger Ilett Mr Adam Bailey Mr Earl Hewett (Chairman) Mr Cliff Hilton Mrs Jennifer Ann Lissaman Ms Shirley Boyt Mr David Palfrey Ms Parvinder Singh Batth (resigned 10 June 2022) Mr N Frankland (trustee designate) Every member of the charitable company undertakes to contribute to the assets of the charitable company, in the event of it being wound up, for payment of the debts and liabilities of the charitable company. The contribution from any member shall not exceed £1. 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 Woodwhite Accountants Ltd Chartered Accountant Unit 4, 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 2023. 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:

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 prides its work in supporting people with disabilities.

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.

The Centre has provided a base for running national and local canoeing competitions also hosting local, national and international rowing regattas.

Wokingham Waterside Centre Limited

Trustees report

Achievement and Performance

The Centre has had a good year in that activity bookings have recovered with the removal of Covid

The holiday club run by the Centre was extremely active – parents could drop off their children for days of activities knowing that their children would enjoy water-based activities in safety. Bookings were also very good for Stand-Up Paddle boards and Kayaks.

Marsport left the Centre at the end of June 2022. Rather than seek a replacement tenant, the Centre has moved into the vacated bay on the expectation that the increased business will compensate for the loss of Marsport rental income. The high rate of financial inflation remains a worry.

The Centre has purchased new boats as part of the rolling boat replacement programme, and is repurposing the Marsport bay to accommodate a secure boat repair space and refreshment retail space.

WBC have installed about 100 solar panels on the roof of the Centre which has considerably reduced the electricity bill although the Centre is awaiting formal connection to the National grid. It seems WBC are re-thinking how the heating system will be installed as a result of budgetary constraints.

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. Despite an intensive refurbishment programme (which is ongoing), the Centre has managed to avoid dipping into it’s reserves.

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 a British Canoeing Delivery Partner.

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 Woodwhite Accountants Ltd as its reporting accountants for 2022-2023.

The annual report was approved by the trustees of the charity on 09/05/2023 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 2023

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:

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 09/05/2023 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 2023.

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:

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.

9th May 2023

Keith Westran FCCA ACA Chartered Accountant Woodwhite Accountants Ltd Unit 4 City Limits Reading Berkshire RG6 4UP

Wokingham Waterside Centre Limited

Statement of Financial Activities for the Year Ended 31 March 2023

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 2022
BALANCES CARRIED FORWARD AT 31 March 2023		 Unrestricted
Restricted
Total
funds
funds
2023
£
£
£
2,025
-
2,025
229,851
-
229,851
131
-
131
25,268
-
25,268
257,275
-
257,275
19
-
19
112,872
-
112,872
140,887
-
140,887
253,778
-
253,778
3,497
-
3,497
1,000
(1,000)
-
4,497
(1,000)
3,497
112,947
1,000
113,947
117,444
-
117,444		 Total
2022
£
8,046
216,059
5
34,693
258,803
7
129,189
119,508
248,704
10,099
-
46,324

Wokingham Waterside Centre Limited

Balance sheet as at 31 March 2023 (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		 2023
£
£
£
45,336
45,336
50
50
14,505
12,626
72,058
97,395
86,613
110,071
14,505
36,669
14,505
36,669
72,108
than one year
-
117,444
-
117,444
117,444		 2022
£
40,679
40,679
73,402
-
114,081
1,000
112,947
113,947

For the financial year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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 9/05/2023 and signed on their behalf by:

.........................................

Mr Antony Hayward

Wokingham Waterside Centre Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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 2023

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 (2022 - 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 any 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 2023

7 INCOME FROM DONATIONS AND LEGACIES
Other Income from Donations and Legacies
8 CHARITABLE ACTIVITIES INCOME
Provision of Courses
Catering and Café
Camping and Slipway Fees
Room Hire
Other Services
9 INVESTMENT INCOME
Bank Interest
10 OTHER INCOME
Rental Income		 Unrestricted
Restricted
Total
funds
funds
2023
£
£
£
2,025
-
2,025
2,025
-
2,025
Unrestricted
Restricted
Total
funds
funds
2023
£
£
£
203,769
-
203,769
2,968
-
2,968
2,430
-
2,430
15,215
-
15,215
5,469
-
5,469
229,851
-
229,851
Unrestricted
Restricted
Total
funds
funds
2023
£
£
£
131
-
131
131
-
131
Unrestricted
Restricted
Total
funds
funds
2023
£
£
£
25,268
-
25,268
25,268
-
25,268		 2022
£
8,046
8,046
2022
£
199,721
2,499
2,772
9,937
1,130
141,872
2022
£
5
33
2022
£
34,693
34,693

Wokingham Waterside Centre Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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
2023
£
£
£
19
-
19
19
-
19
Unrestricted
Restricted
Total
funds
funds
2023
£
£
£
108,652
-
108,652
4,220
-
4,220
112,872
-
112,872
Unrestricted
Restricted
Total
funds
funds
2023
£
£
£
65,322
-
65,322
39
-
39
75
-
75
544
-
544
120
-
120
9,956
-
9,956
4,563
-
4,563
13,870
-
13,870
-
-
-
837
-
837
19,142
-
19,142
358
-
358
1,641
-
1,641
1,616
-
1,616
287
-
287
7,318
-
7,318
-
-
-
2,076
-
2,076
-
-
-
98
-
98
12,932
-
12,932
93
-
93
140,887
-
140,887		 2022
£
7
392
2022
£
126,729
2,460
129,189
2022
£
50,984
513
100
408
856
5,863
4,695
36,355
138
722
128
402
2,756
1,655
1,154
2,337
-
2,083
240
146
7,660
313
119,508

14 INDEPENDENT EXAMINER FEES

Included within accounting services is £1,680 relating to fees for the independent examiner (2022: £1,560).

Wokingham Waterside Centre Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

15
FIXED ASSETS
Cost at 1 April 2022
Additions in the year
Disposals in the year
Cost at 31 March 2023
Depreciation at 1 April 2022
Elimination on disposal
Charge for the year
Depreciation at 31 March 2023
Net book value at 31 March 2023
Net book value at 31 March 2022
16
STOCK
Stocks
17
DEBTORS
Trade Debtors
Prepayments
18 CREDITORS
Trade Creditors
Other Creditors
Accruals
Deferred Income
19 CREDITORS
Bounce Back Loan		 Land and
Furniture and
Total
Buildings
Equipment
£
£
£
17,181
96,806
113,987
-
17,816
17,816
-
(7,725)
(7,725)
17,181
106,897
124,078
-
73,442
73,442
-
(7,632)
(7,632)
-
12,932
12,932
-
78,742
78,742
17,181
28,155
45,336
17,181
23,364
40,545
2023
2022
£
£
50
50
2023
2022
£
£
11,819
10,329
2,686
2,297
14,505
12,626
2023
2022
£
£
2,252
12,328
426
275
6,389
14,161
5,438
9,905
14,505
36,669
2023
2022
£
£
-
-
-
-

Wokingham Waterside Centre Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

20 STATEMENT OF FUNDS
Unrestricted funds
General
Restricted funds
Total of funds
Unrestricted funds
General
Restricted funds
Total of funds		 2023
Opening
Income
Expense
Transfer in/(out)
Closing
£
£
£
£
£
112,947
257,275
(253,778)
1,000
117,444
112,947
257,275
(253,778)
1,000
117,444
1,000
-
-
(1,000)
-
1,000
-
-
(1,000)
-
113,947
257,275
(253,778)
-
117,444
2022
Opening
Income
Expense
Transfer in/(out)
Closing
£
£
£
£
£
102,848
258,803
(248,704)
-
112,947
102,848
258,803
(248,704)
-
112,947
1,000
-
-
-
1,000
1,000
-
-
-
1,000
103,848
258,803
(248,704)
-
113,947

Wokingham Waterside Centre Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Restricted funds

During the year no restricted donations were received.

During the prior years a donation of £3,500 was received from Thames Water for a canoe and katakanu. The canoe and katakanu were both purchased leaving a nil balance 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
£
£
£
45,336
-
45,336
86,613
-
86,613
(14,505)
-
(14,505)
-
-
-
117,444
-
117,444
Unrestricted
Restricted
Total
funds
funds
£
£
£
40,679
-
40,679
109,071
1,000
110,071
(36,669)
-
(36,669)
-
-
-
113,081
1,000
114,081
2023
2022