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← The Guildford Waterside Centre

2023-09-30-accounts

Charity Registration No. 1110872

THE GUILDFORD WATERSIDE CENTRE (A CHARITABLE INCORPORATED ORGANISATION)

TRUSTEES' REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

THE GUILDFORD WATERSIDE CENTRE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr J Rossiter
Mr D Kitching
Ms G Vance
Mrs R Sharp
Mr R Kendall
Mr D Halliwell
Secretary Ms G Vance
Charity number 1110872
Principal address The Guildford Waterside Centre
Riverside
Guildford
Surrey
GU1 1LW
Registered office The Guildford Waterside Centre
Riverside
Guildford
Surrey
GU1 1LW
Independent examiner Jim Fardell
March Hares
Thursley Road
Thursley
Surrey
GU8 6QW

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THE GUILDFORD WATERSIDE CENTRE

CONTENTS

Page
Trustees' report 4 - 5
Independent examiners' report 6
Statement of financial activities 7
Balance sheet 8
Notes to the accounts 9 - 12

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THE GUILDFORD WATERSIDE CENTRE

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023

The trustees present their report and accounts for the year ended 30 September 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's constitution and the Statement of Recommended Practice - Accounting and reporting by Charities: SORP applicable to charities preparing their financial statements under FRS102.

Structure, governance and management

The charity is a Charitable Incorporated Organisation (CIO) and operates under a Foundation model constitution where only the trustees have voting powers.

The trustees, who were also the directors for the purpose of company law until the conversion, and who served during the year were:

Mr J Rossiter Mr D Kitching Ms G Vance Mr R Kendall Mrs R Sharp Mr D Halliwell

Trustees are appointed by Member clubs of the Guildford Waterside Centre. The member clubs as at 30 September 2023 are Wey Kayak Club, The Samson Centre for MS (also known as MS Therapy Group (Guildford)) and The Guildford Branch of the British Sub-Aqua Club. Each member club appoints two trustees.

All trustees are familiar with the practical work of the charity and have made declarations of their own suitability for the role.

The Guildford Waterside Centre has a Management Committee of up to 12 members who meet bi-monthly and are responsible for the strategic direction, policy and day to day running of the charity. All the trustees are members of the Management Committee.

The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

Objectives and activities

The Charity's objects are to benefit persons of all ages within the UK without distinction of sex or of political, religious or other opinions by operating and developing the Centre for the benefit of its members.

The aims of the Charity are to operate the Centre in an efficient and effective manner so that the member groups and other users of the Centre can operate from it.

The first objective for the year under review was to continue to run the Centre in an efficient way and ensure users’ needs were met. The second objective was to raise funds to provide for the repairs needed to keep the Centre operating in a safe and secure way. The first objective has been achieved, and the second is being achieved through donations from member organisations, personal loans from individual members and grants from third parties.

The strategy for achieving the first objective is to listen to user groups requests and the second is for members to actively undertake fundraising activities.

The Centre is operated entirely on a voluntarily basis.

Achievements and performance

The main achievement of the year was the installation of approximately 34kW of solar panels together with 27kWH of battery storage. This was funded at a cost of just over £60, 000 through a combination of a £20, 000 grant from the Low Carbon Across the South and East Programme (LOCASE) and £40, 000 of member loans utilising the model successfully used a number of times in the past. This will help offset our greatly increased expenditure on electricity and should have a pay back time of 5 years.

Financial review

The operational income received is from its member groups and other users of the Centre. The operational expenditure is the running expenses of the Centre.

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be

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THE GUILDFORD WATERSIDE CENTRE

maintained at a level equivalent to between two and six months’ cash expenditure on running the centre (currently£12, 000 to £36, 000). The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year though we are close to the bottom of our range.

Within the Restricted Fund, reserved for the buildings of the Centre, an addition was the solar panels and battery storage previously mentioned. Otherwise there was no other activity aside from the normal depreciation of existing assets.

The Designated Fund, intended to be used for significant repairs to the Centre, was replenished by £3, 000 and now stands at £23, 054.

Asset cover for funds

Note 16 sets out an analysis of the assets attributable to the various funds and a description of the trusts.

These assets are sufficient to meet the charity's obligations on a fund by fund basis.

Plans for the future

Cognisant of growing pressure on the Centre’s finances and the need for increased maintenance of the Centre, the Centre's members will continue to raise funds to supplement the existing revenue sources. As every year, the trustees will also put aside funds to grow the Designated Fund to provide cover for future repairs.

On behalf of the trustees

Jim Rossiter (Chair of trustees) Date: 8 April 2024

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THE GUILDFORD WATERSIDE CENTRE

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE GUILDFORD WATERSIDE CENTRE LTD

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 30 September 2023, which are set out on pages 7 to 12.

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.

Mr J Fardell

Date: 8.4.2024

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THE GUILDFORD WATERSIDE CENTRE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2023

Unrestricted Unrestricted Restricted Total 2023 Total 2022
General Designated funds
funds funds
Notes £ £ £ £ £
I ncoming
resources
from generated		 funds
Donations and legacies 2 20,000 20,000 2,738
Investment income is bank interest
received.		 3 107 107 20
107 20,000 20,107 2,758
Incoming resources from charitable
activities		 4 77,713 77,713 64,109
Other incoming resources 5 9,082 9,082 7,490
Total incoming resources 86,903 20,000 106,903 74,357
Resources
expended		 6
Charitable activities
Centre operation 97,177 24,710 121,887 95,294
Other resources expended 7 - - -
Total resources expended 97,177 24,710 121,887 95,294
Net incoming/(outgoing)
resources before transfers		 (10,275) (4,710) (14,985) (20,937)
Gross transfers between funds (3,000) 3,000
Net income/(expenditure) / Net
movement in funds		 (13,275) 3,000 (4,710) (14,985) (20,937)
Fund balances at 1 October 2022 30,218 20,054 1,787,401 1,837,673 1,858,611
Fund balances at 30September
2023		 16,944 23,054 1,782,691 1,822,689 1,837,673

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THE GUILDFORD WATERSIDE CENTRE

BALANCE SHEET AS AT 30 SEPTEMBER 2023

Notes
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Bar stock
Creditors: amounts falling due
withinone year
12
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
13
Net assets
Income funds
Restricted funds
14
Designated funds
15
General funds		 2023
2022
£
£
£
£
1,827,146
1,797,834
1,827,146
1,797,834
11,590
9,904
25,674
33,708
868
483
38,131
44,095
(2,589)
(4,256)
35,542
39,839
1,862,689
1,837,673
(40,000)
1,822,689
1,837,673
1,782,691
1,787,401
23,054
20,054
16,944
30,218
1,822,691
1,837,673		 2023
2022
£
£
£
£
1,827,146
1,797,834
1,827,146
1,797,834
11,590
9,904
25,674
33,708
868
483
38,131
44,095
(2,589)
(4,256)
35,542
39,839
1,862,689
1,837,673
(40,000)
1,822,689
1,837,673
1,782,691
1,787,401
23,054
20,054
16,944
30,218
1,822,691
1,837,673
1,837,673
1,837,673
1,787,401
20,054
30,218
1,837,673

The financial statements on pages 7 to 12 were approved by the trustees on 8[th] April 2024 and signed on their behalf by

Jim Rossiter (Trustee)

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THE GUILDFORD WATERSIDE CENTRE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. Accounting policies

1.1.Basis of preparation

These financial statements have been prepared under the historic cost convention and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities SORP (FRS102) effective 1st January 2019, and the Charities Act 2011, as applicable for smaller entities.

1.2.Incoming resources

Incoming resources are included when they are receivable.

1.3.Resources expended

Expenditure is included on an accruals basis and includes irrecoverable value added tax. It has been allocated to the activities of the charity on a direct cost basis.

Governance costs are those costs relating to the running of the charity as an entity.

1.4.Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Leasehold property Over the term of the lease
Solar Panels Over 25 years
Fixtures, fittings & equipment 20% or 25% per annum

1.5.Investments

Fixed asset investments are stated at market value.

1.6.Accumulated funds

Unrestricted funds – represent those funds available to use at the discretion of the trustees.

Restricted funds – comprise those funds that have been received with specific conditions attaching to their use by the trustees.

Designated funds – represent funds set aside out of general unrestricted funds by the trustees for future projects.

2. Donations and legacies

Donations and Legacies income includes a grant of £20, 000 received via the Low Carbon Across the South and East Programme (LOCASE) scheme. The trustees wish to express their thanks for this.

Donations and gifts
.
Investment income is bank interest received
Interest receivable		 2023
2022
£
£
20,000
2, 738
2023
2022
£
£
107
20

3. Investment income is bank interest received

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THE GUILDFORD WATERSIDE CENTRE

4. Incoming resources from charitable activities

Affiliation & membership fees
Sale of Equipment
Hall hire
5.
Other incoming resources
Nett income from lottery
Income from bar trading
6.
Total resources expended
Charitable activities (Centre operation
Utilities
Cleaning of the Centre
Repairs and Maintenance
IT & Telecoms
Insurance
Others
Costs for bar trading
Deprecation
Total		 2023
2022
£
£
72,660
63,469
4,353
700
640
77,713
64,109
2023
2022
£
£
1,436
1,430
7,646
6,060
9,082
7,490
2023
2022
£
£
30,359
20,724
25,004
22,501
12,483
9,942
1,514
2,404
9,449
8,103
7,373
423
4,310
2,330
31,395
28,867
121,887
95,294

Governance costs include payments to independent examiner of £Nil (2022: £Nil) and £Nil (2022: £Nil) for other services.

7. Other resources expended

Other resources expended
2023 2022
£ £
None - -

Trustees

None of the trustees (nor any persons connected with them) received any remuneration during the year.

Employees

There were no employees during the year.

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THE GUILDFORD WATERSIDE CENTRE

10. Tangible fixed assets

10. Tangible fixed assets
Cost
At 1 October 2022
Additions
At 30 September 2023
Depreciation
At 1 October 2022
Charge for the year
At 30 September 2023
Net book value
At 1 October 2022
At 30 September 2023
.
11. Debtors
Prepayments and accrued income
12. Creditors: amounts falling due within on
Other creditors
Accrued Loan Interest
Other Accruals
Deferred income
13. Creditors: amounts falling due after mor		 Land and buildings
Fixtures, fittings &
equipment
Total
£
£
£
2,062,395
55,558
2,117,953
60,707
-
60,707
2,123,102 55,558
2,178,660
271,945
48,174
320,119
24,710
6,685
31,395
296,655
54,859
351,514
1,790,451
7,384
1,797,834
1,826,447 699
1,827,146
e year
e than one year		 2023
2022
£
£
11,590
9,904
11,590
9,904
2023
2022
£
£
50
933
1,155
3,620
500
586
2,589
4,256
2023
2022
£
£
40,000
-
40,000
-

The creditors relate to the Solar Panel installation. These loans pay a fixed rate of 4% interest per annum and are payable over a 5 year period.

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THE GUILDFORD WATERSIDE CENTRE

14. Restricted funds

The income funds of the charity include the following restricted funds which have been received with specific conditions for their use. The rebuilding fund are monies raised to rebuild the Centre. The Gate and fencing fund are monies donated for a new gate and fence.

Rebuilding fund
Gate and fencing fund		 Movement in funds
Balance at 1
October 2022
Incoming
resources
Resources
expended
Balance at 30
September 2023
£
£
£
£
1,785,401
20,000-
24,710
1,780,691
2,000
-
-
2,000
1,787,401
20,000-
24,710
1,782,691

15. Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purpose of maintenance of the building.

Maintenance of building Movement in funds
Balance at 1
October 2022
Incoming
resources
Resources
expended
Transfers
Balance at 30
September
2023
£
£
£
£
£
20,054
-
-
3,000
23,054
20,054
-
-
3,000
23,054

The transfer is to capitalised fixtures and fittings within the unrestricted funds.

16. Analysis of net assets between funds

Analysis of net assets between funds
Fund balances at 30 September 2023 are
represented by:
Tangible fixed assets
Investments
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after one year		 Unrestricted
funds
Designated
funds
Restricted
funds
Total
£
£
£
£
699
-
1,826,447
1,827,146
-
-
-
-
18,834
23,054
(3,756)
38,131
(2.589)
-
-
(2,589)
-
-
(40,000)
-
16,944
23,054
1,782,691
1,822,689

17. Taxation

The company is exempt from Corporation Tax on its charitable activities.

18. Related Party Transactions

There were no related party transactions during the period.

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