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:
- 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 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:
- 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;
- 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 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:
- the accounting records were not kept in accordance with section 130 of the Charities
- Act; or
- the accounts did not accord with the accounting records; or
- the accounts did not comply with the applicable requirements concerning the form and
- 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.
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:
- 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
- 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 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**|
|---|---|