REGISTERED COMPANY NUMBER: 056213591England and Wales REGISTERED CHARITY NUMBER: 1113486 REPORT OF THE TRUSTEES AND FIi4ANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 FOR WAVE ACTIVE UMITED PREVIOUSLY KNOWN AS WAVE LEISURE TRUST *ABJAHVYJ' 2011212e22 COMPANIES HOUSE A03
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Il£Cabe Ford Williams ststtrtoryAudilor5 and Chartered Accountsnts Bank Chamters 1 Central AbEnue &th'ngLxJJme Kent ME10 4AE
WAVE ACTIVE UMITED cOPErS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Report of the Twstees 1 to 18 Rewt ofthe Independent Auditi) 19 to 22 stat of Financial Actsvitses 23 Balance Sheet 24 to 25 Cash Fltyw Statement Notes to the Cash Fltr* Statem Notes to the Financial Statenwts 28 to 46
WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 The twstees WIK) are aiso directors of the chty br the PLVFoses ofthe Companies Acl 26, present their rep)rt with fillanaal statements of ts chanty for year endgj 31 March 2022. The trust have ajopted the provisions of Accounting ReportirvJ by CharrtEs'. Statement of R6MmeThjed Prthe appI[cab lo chatities prepaiing their accounts in accordance with the Fin1 StsNlard appIe in the UK aTrJ Republ of Ireland IFRS 102) (effective 1 January 20191. OBJECTIVES AND ACTMTIES Objects of the Charity The Oiyects ofthe Charity per the vmralUrn ofAssCknn we: - To provide or assisl in Ihe provi90n of kn'liiEs aThJ servw for recreatKm, Sport, culture (Y other leisure time ctcupaliorts and the interest of scoal Elf, sh facditss prov*Jed to the putslic at large save that special facililyds maybe te prDvided for FernS who. by Virt of their y, a3e, infirnty. disability. poverty or Sla1 or econornic circumstsnces may have need lor speoal serKe5. - To promte communty participatKin in atthY recreat. - To ajvae the edLrAlw of the gerwal publ on nefits of tir Irfesty, arml in particular value of physical acliwty young peop. . Any olhercharilable activty tener1 to cts1rtY c(x)Slent with the alym ctiethes. pe1
WAVE ACTNE LIMITED REF>ORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 OBJECTNES AND ACTNinES Public benefit The Trustees confimi that ttw with the duks Sth 4 of Charities Act 2011 kn have due regard to the Chanty Commission's gerd gtMJarTh Wb1 The Charity ha5 referted to in the Chaity CommissKm ge giidarKe on putlic benefft when rebiewng aims aTrJ c4"ectives aThJ in pLgnnirKJ lubjre tiVitS. In parbuJl¥. the Tr CLYLSKler how an1 xtivthes will ¢tribUte to Ihe aims ob• that they ha seL The Charity provides kn'sure servrm to ts resilents primarily, but mt restrthd to the LeES District area of East Sussex. For exam. eknEnts of wjth, aligned to ob$ core tjs1r &btS are c4)NJLthd in Eastb¢)ume. The Charity probides Treat¢{Ma servw at folklrj faililies: . cn$ Leisure Centre, Seaford - Le¥S Leisure Centre, Le¥S . Peacehaven Leisure Centre, Pe&ehaven . Seahaven Swim and Fitness Centre. Nets4 - Seaford Head Svamming Pcol - Ringmer Swimming Pool IternFth. y dosed) - Shakespeare Hall, NewhabEn - Newhaven Fort, Newhaven . East Grinste&l Sports Club, East Grinsleaj (to 31st trnr 2022} - Hampden Pa SForts Centre, Eastt#Jume - Easlbourr£ Spjrts Park - Shinewater Sp)rts Centre, Eastrurne - Cavendish Sports Cefrtre, Eas1bOu (to 31st August 20221 - Molcombe Swimming Pool, Eastb)ume IlemF•Thty dosed) - Regency Park Community Centre, EasttKxJme . Sovereign Hartour CommuThty Centre, Eastb)U - Skyhigh TramFdine P Facilits'es provided irtlude" gym and fftness suites. simrning pcoLs, SFxJts halls, crtttdcor areas. squash courts. soft play and meeting rooms al various kKabons. A Va prarn of holijay SLhen 'treS atNJ spla1 events are also provided. The Charity contnlyJies lo the heath aryj Ellbeiro of txjpuktn aThJ an annual sevies of targets with the thal authonty that demonstrales ils Th e'VenesS. The Charity offers a wJe range of nwter5hip cptsyis aThJ aso allo Crners to use the kilrts on a pay and play basis. There are swal (Ji8counted rnefflbethips av&l*dè SFttlftytrli)rS. sbAients and senior5 aTrJ for couples.
WAVE ACTIVE UMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2022
ST114TEGIC REPORT
Achievement and perfornmnce
Charitsble actNitses
The Charity compkbj its 161h year oftradirwJ after ts tra110n fnxn a Lctal Aufvrity I)[ed service to a Charilable
Company in 20C6.
On 20th March 2020, the instnth all leisure centres to cl%e wilh immedkale effect aj Ihal lockdovm
remained in place until 25th July 2020 at whth FKJint leisure centres could -open but if strKt health and safety
measures, irluding soch4 distar£irvJ imF4emerrted aThl manlaifftj. As the year prD3TeSs the Chanty was
subjected to fijrther peri)Js of thkdown. the SecOr commencirvj 4th Novernr 2020, r&oFening on 3rd December
2020 and the third starttng 24th DecemLw 2020. reffeniJ lor uJtsJ(xrf tlbe5 29th March 2021. follovRd by gym
and swim on 12th April and findly re-ynuu lor GrOL Exercise on 171h May 2021.
Newhaven Fort and Skyhigh Tramtdine Park
In relation to Nevthaven ForL a water mains prebEnted the site from re4)penwo k¢kdown aThJ attgh
significant grant of £850,OLIJ trom DCMS, diStn'lted via ts Hentsge Lottery Furvj, was mrded, il was agreed that the
Fort VaDuld remain dosed unlil 5Fj 2021. SkyhJh TrwjIir Pa rwjened for peak tirTES in Septemter 2021.
Staffing
Whilst Furfough Stheme supported the retenb'on of staff. as the first Fericrfj of thkdown ¢XJntin, il berame
ckar that. inevilably, redUndS would te rquitEd to tepttl the new 8nd stnLture of opefalions.
The restrlure cut )sS every deparlmenl, sUpF0rVj key oblVe to TedLtt the financial burden, protect cash
whilst m8
WAVE ACTNE LIPD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 STRATEGIC REPORT. continued Achievefflent and perfomiance- continued ure 1- ojnb'nu im cc41econs reSUd lully in Jw 2021 at 7% pr&l¢xk4k)wn rate and rose to 106% at the of finawal ar PAYG ar Casual reachgj 44% in 2021r12. and i)kingS retumed to 65%. a¥erdge an wim thsons Collecti rern rate set at45% 1r9 r month. Pay As You Go IPAYG} and casual use was assumed a 0% of pre l(Kkdown ts'ty from JanLWy 2021 1r9 to 0% in 2021122 and 100Yo in 2022123. Infla'on set as RPI - 2.5% from Janua Ex enditure Assum Inflation set as RPI- 2.5% from April 2021. arJ CPI f costs. YA froffl Employee cc6ts in 2020121 induded cost of Pri rose of 3.5% in 2021. Ex enditure Perfomiance Achleved mph)yee cc6ts irKrEased by the CPI December 21 of5.4%. 158,156 emOYee c(6ts re incurred as part of the 20r21 rEStnLturi Defefred payment temis 4reed for key ltirte fees and nwt leases. TC Mained full costed. ariable cost base indudirwJ emF4oyees to rise ilh lum of non-memtetshi incomè. ariae costs Ere maintainoy in line Yith KPI'S he lease was not assigned, Skyhigh Tramp)line Park ed September 2021, t[Ing li peak hours Frwjay yhigh Tramp)11 Park kne break at 31st 021 vmth no assi enl. Recovery of ntral Serye costs frryn Herth3e arbj ultufe Recove Grant rnt irdLKled. New operational ion streams aThJ grdnis adrded for rovision of services exclLwJed on tqsi8 that Irtr 'Il match costs. 34.750 rEw¥e ofcentral costs were eamt o.c((J CBIL'5 rant vms a¥Arded in Ju 2021. As presented in the 2020121 ReFXYt crf ts Tnth, the way foTh¥ard pkns for fulure TmIS fcu5ed a three phased recovery.. Phase1; 'Bulldlng ConfNlen¢e" The ttre of the Charitys appnwh to Trrnot4lisakn ds 'BuhJiNJ Cwfyjerte. there is no doubt from survey results aThJ feedback that Custome feli cOnfent in the rneasu impmented by the team. In additn, on the bk of appropriate training, it was clear that staff we confident atJut tM)rkirvJ aThl xhievin9 vhthin a SOCA distanced environrnenl abro th under5tandiro the ba15 to part1upati for MberS aThJ Cust0Th[s. As a perioj of time. phase I wowded the cfwrtunty to Icrf)k to the ftre. attempt to understsTrJ challenges wthin a changed landpe. feflect on cha(itae 'ectives, ensure Chantys PurFose VL8ion mained relevant and lo ensure that required char¥Jes ¥ eMd in ¢yder to gNe ts opb'mal chance of SUT¥lng tt short tern, Ixrt also thriving in long Nn. GNen the cirCumstCes. trt Charity's Fljrpose 'lrwirirKJ N£tibe Lifesw. and Wisi)n kn be al the heart of the improvement of health and knellbeing in the communty. fett even rrw)re vant aThJ, as such a renewed commitment aTh1 vigor to delNer a kYc•Jranme ofheth thrtJngJ foCd thifae5. It was antiapaled the 'BuikJIj CMffiderte' trme contirMR until of the 2020r21 finawal year at whh Foint it vras estimated that 71% of G. Swim aj Claws ffleMbe 57% of swim ffembw5 woubJ be financially engJJed provKiing a rw fouTrJatw trJ Phase 2-'Build Back Better. Unfortunatety. due to fvrtr IrKkdoYms gym and swim activths dKI Tr)t retum unb'l 12th Aptil 2021 avj Group Exercise Classes on 17th May 2021 so it became imFossibk lo achEve ts tsrgets. Since re-q)enIj, altrwh a s1Jnifan1 nwntr of pre-covij cUStonlS have retumed. there is rD doubt that 'conffidence' rem&ns a barrier for S(, particulady ithui the older kwple age band. However as the prDJramme of Heatlh COndOn fc¢used acti¥e$ builds, tre is thal tsre ill ip a resuthThJ irmase in othr parbclpat. Page 4
WAVE ACTIVE UMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 STRATEGIC REPORT. continued Achievement and perf0mnCe- contlnued Phase 2; "Build Back Bettef, 31st March 2021 brought to an the original contrxtual arrangement bet fv Chartty and Le$ DIst Council. However, despite the chalkrying urtumstances the Charity was able to S(ceSSfij1IY nepts'ate a new 10-year aJreement with LeÈs DstrKt CourK41 erKliThJ 2031 1th the tential fi)r a fijrttrr 5 year extension. In &JditDn, to support with the imndth financia pressure. Le C(Nj1 pro¥led a k)an of £5CQ.000 to ease cash fflow pressures. th a new 1(>year agreeffenl with Le5 DislrKt in e the Charity was ab to Implent ts '8uibJ Ba Betterf Strategy whKh fu1 on the key areas.. 1. Rebuikl 2. Funding and Investsnents 3. Community Health Phase 3,, "Re.build" COVID-19 aNJ fockdown provided the oppyknnty to redeswJn day to day ¢¥eratK, streamhnir¥J to r&Juce costs, establish new foundab'ons to maximise revenue 5tream5 ar¥J the L4th)nShiP ith the customer base. Several In site, measures ha teen implemente(I to OFerations IlL31r9 redLKed OFening hours and reduced staff head count. However, '8uild Back 8ettert was not just atrtjrt U¢1j count but aso rtrfttusKQ Ct lo maximise retum. For example, outsourryro Maets.ng and CcffirnunKab'ons (Marcommsl io a thal extemal proer 'Cobb PR and Marketing. who also prDvide Marketing arnj commUnal0n supFKxt to a number of ihe Charitys key partners, including Lewes District an(i Eastbourr Borough Counols. This rw partnership with Cobb has continued, alteit wth some refinement and a$sj cost redti, ka1ir¥J to ts lntrrAlucl of a w rrmber of the intemal Matkelirg Team. Whilst the rebuilding process ntinueS. ttE Sbj of the Charity has remained Stab and settled for over SIX months. in part due to the introdUctJn of a new Senr OFer"ons ManaJer co-ordinab'ng a] communicth'ng in the heart of the front line team. This new rDle has Pfoven to be immensely valualAe n suppNtry gtes staff, addSIng key issues quklY wlylst driving perform aThd mainta1j staTrJarts. Funding and Investment Either through utilisatson of the Charitys fvnds, suctessfijl grant and ban appltst)ns, or in partnership with key slakeholdet5, e.g. Lewes Disthcl Council and Easltoume Borough C(wnol. the are a numter of potential 'in silè, projects to te implementsd #udirJ'. ite 21u ove Gym to In(k)r Play Dino's eNenue Generalni CustorrÉr sfl10n venue Generati)n Ct(Thr tkn¥rts Leisure Centre wns Leisure Centre furtxshrrn1 ofsrte nSn lo GyTr lo xpar>J Strength WeiJhts rea eacehaven Leisu entre sktKJn In less wes Leisure Centre ymlswn Exierwt ym extension le ebuild or Identsfy [tab hJtemati¥e. evenue Generatw CSt0 aven Lei8ure Centre In P4e5
WAVE ACTNE LIMITED REPORT OF THE TRUSTEES FOR ThE YEAR ENDED 31 MARCH 2022 STRATEGIC REPORT. continued Achievement and rformance- continued Increase Studerrt NumLv5 Impro¥e TeachirYJ perierttReven neralion Customer reate Gym Fxilrty arxj dwuc Tethi Imwove vtsilorexFerr rough a Ser of roFcts linked to... H&illh, fety arJ Envtronfflent- Isitor Attr&tMJi> estoration Easlboume S rts Park om rKrease Visiior NumtW5 ue Generntvjn mpmve Visits)r oyms Project in Nevthaven F(Kt In Jd11.¢, the Charity Contin to explo new o)ntr invests1 cw)thnits algned kn the Cty'S PurFose, Vistyjn Charitab Obiti.S as tFy aw. 3. Community Health The Chanty has tn at the art of communty wth snce 2006 and welkeslablisw ar)J re¥ected pa[Shi[ th several Public Health Partners i1L¥jir0 East Suw PU Heath aTrJ the NHS in relatKJn lo the delivery of commissioned seNces suppth'ng those in greatest need with physKal aTrJ tNital heath condib'ons.. seNices that w1 prove invaluabk in the tsjming rTrJnths and yeats to supwmt th)se affect8J by COVID-19. In line Y4ith Ihe deffi t¢{ne$ frcmn a rd Stralegy PlanniThJ Fketir¥J held earfy Ni 20Y2, a remd commiimenl to expand the range of health c0ThJitned partnet5hips aThJ aCtity sessiMs have tttn fomd aThJ implemented. For example, the intruluction ofts'M a Kkne. Pro irrratiThJ 'lltheNkKe" sess#)ns. "Make a Ve. ams to improve tr lalth and Ite charKes of adults and has three primary objectives.. 1. Aijuifs physical and mental lalth ill t inyoved tlwh e$S1j a range of Fcentric fc¢ussed heahh1El11Thj tivtttes. 2. Adult's phyyca and menta health wll Improb axessiru heamh CoThJin grrmjp &tivty sessions. 3. Adulfs ertK)thonal ElItBrvJ te imkyoved by atternliry ilUSR within c(rfnrnunity setting5 aTr green sp&es. In additK)n lo specific health condthon sessijns. e.g.. cardix. stroke and cancer ab seSSn. new multi health condition.based SessiC haNe been intrr>Juced across the Chanty suFpyb'tvJ te Irt in rEed of physal activity for health improvefflent or m24ntsnarKe. Also, new partnerships have been created. kn example. M) patrerslmp with South tl)wns Heatth and Care GP Fe(lefalion, new LoThJ CovwJ-19 supwrt SeSsiS are beitYJ w)vthJ. SUPFthrvJ have been most affected by the phys11. mental and emot#)nl IM of the Co¥v&19 Finally, a the-tiDIn1 propctsal has en presented to LeEs th'strKt COU11 whrh. rfapproved w)uld briThJ about the fomialion of a new Heaith Hub in Nevthaven Tom Centre comtmning GP and otr Primary Health Care Services with ISU centre f1[ItieS and actiwties. The Heatth Hub *ill te a key fctus thrO[h the 2022123 financial year. hoFefulty compleb'ng an(i Operrj at sonE in 2024. Recovery Timeline As presented, through ts impkff£ntsn of ts ChaWs'Buikl Belteff Straty, the aim remairs lo rebuild back lo the 2021 Pre-1kdoWn budget by March 2023, stabilise and repay CBILS ban en by 2026 and 2030 and settle any local counul h)ans thereafter. of 31 DeCts 2022. ts rnntrxt with East &insteaJ Sports will LE tenninated by mutua ajreernenl. Page 6
WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 STRATEGIC REPORT. continued Achievement and perf0Mnce- continued Fundraising actNities The Trustees are resForfjible ts ensurrKJ that the chty operales within a respMibk, Sustainab finarKral framewo aThJ th81 it has adequate resouJces lo cary Tts rok in edty'r0 res¥Jents in the Iccl communty. While the Trustees may delegate many of the orerdtiorts of fuTrJraNrKJ to other parts of the organ6ation, retain the responsibility for inspiring other fundratsers, denN)nsting ts Fwcei¥ed imwtw of fUndj to the organis'on, and demonstralirrfJ tsir leadw5hip in this aa. In carrying tyjt fuThJrdiSiThJ. the chth aJlEres to the fc4kThirg stathrils: T1 TteeS wll have regard to the Chanty cnL$s)n'S IKlon.CharitY FrdiS1J, {CC20). FurJraIng tiVe5 13rried out by ts charity will o)mpty th all rdeyanl la. Any communutpn to the wblic maje wi ts c(wrse of caryiThJ Lxrt a fvThJraisirvJ &li¥ity shal be twthful and nOn-dpkn¥e. AJI monies fdised via fundrnNro iitytEs wll be kjr ts slated purFKtse of ts apFel will comly vth charitls staled mission Wfwse. The charity will comply wth GDPR Legi51ats)n in relation to all pEt50nal data thLd. Nobc¢Jy direcdy or iThJiredy empbyed by or wunteeri lor ts charity shall ept commissions, Ix)nuses or payments for fuThJraising acts'viti'es. No general solicitslrfj shall undertaken by teITh ordr-ttsd(4. Fundraising &tivthes shoukl 1 te urnjertaken rf they may te detrimental to the go1 n&ne or community Standing ol the chanty. All Trustees, casual, pernanent and contr staff aThl bDlunteers are ressILle for adhtting lo these FdUreS. Fundraising &tiwtses shoukj not uThlertaken rf they 111 extx)se ts chanty to srjnrfn1 financial risk. Complaints wll k deatt with in Clwtty Commisshx6 guhje CC20. Financial miew Financlal Position The Charity has teen wjrking to an updated serYe Flan which vrds the bass on the semce fee from Lewes Distrtct Council was secured. The resurrs for th(s fffteenlh JEar tInue to denKJnsfrale value of this plan and the practti of rnonitoriThJ air6t the FAan. IrmIng resources excetsjed eed re9)urces by £99,19812021." irK¥Knir¥J resources exceeded wirrfJ res(MJrces by £74,045) telore pensson adjuslffents. TIE surplus for finarKia year irKludes restth lund itKome of £225,652 of which £206,053 is a rebats under the Job Retention ScknE I[er Note 2}. In ajdibon. the SUfpIu5 for the year has been imped by ihe recapt of a Sxhal Investrnent Bu grant of £2ThJ.000. A totsl of £319.446 restrthd funds brought forward from 2020121 We matcw with eXpIllU[e in 2021r22. tKincipal irrn resOLyr arisng tr( opErakn totalh'NJ £4.953,986 {3)21: £1,744.5451 were from the service fees from Lewes DislrKI CourKil, grant EastbJJrr BOr0h Courril, pint w arrdngerrMts, membership fees, swimming and other hèamh and fibsS Expended resources of£5,348,440 {2021: £4,952.09n irKILth £545,09812021.' £2,019,866> in rdation lo the restsictgj incoming tesoutces brought fward trcrfn 2021, the prirKipal resttKted OperalKal exFenditure being ernpbyee o%ts of whh £206,05312021'. £1,878.8821 Ere covered by the COa¥Ints JLJ Retention eme (refer Note 21. P4e7
WAVE ACTNE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 STRATEGIC REPORT Financial review Investrnent powers UThJer the memoJum a1 A[b¢ of Asxo'akn, ts Chanty has ttE to invest any rnOn rH)t imrrEdiately required for its objects in or UFon suth investrnents, StieS or prrwty as may be Ihoughl fiL The Charity hang rEgards lo the liquNJty requIrents of cferab'rwJ the centS and to trE reserbEs Fdicy has OFeratgJ a Folicy of keeping aValab lurKJs in interest bearing publ Reserye Accounts. During 2021r22. interest rates remaining low, the TTht sothJht to maxiriw interest eamirvJ p)tentia by in¥esb'ro £601,000 of available funds th the NatWIde BudIr9 Scwiety arwj £451,(KXI Virgin K4yEy. Subsequent to ts year end a further £450,000 c reserves were invested. Borrowlng powers Under the Memorandum ar¥J Articles of Awcrdth)n. the Charity ha5 the wwer to borrDW and raise rnoney obFGts of the Company on sh terns and CoThJit and cfi sh security as may be tlwhl fiL During ihe year to 31 March 2021 Charity a kian of £5C¥J.LO from Lees DislrKt CoutKil lo provmje VrkIng Catal during cbsure. The loan is due for repayment in full after10 years. In year to 31 March 2022 the Chanty drew down a CBIL'S loan of £650,000, a government backed h)an maje awlth a5 a direct Ul[ of COVlfk19 par11em to provide w01r¥J ats1 lo aid recovery aThJ Inves1MenI in cwatiro • repayment of ihe kjan is ow48 mnlhs from Au9USt 2022 and canies an interest payabk of 7%. Reserves policy The Charity. prior to the COVILL19 paTrJemi. haj Umulal a faUrab cash tlow k%)s.on. It akn receives some income such as service fees and gTrnts in &jVan of ts expeTrJiture. The TrLEtee5, ¥ever, rEugnise the need for a buffer of finala1 reserves that will protect the Charilaile Company from the Kwibility of any adverse unforeseen CircumstceS. These Irlude a number of sFecific iisks thal have tn Klents'f in the Charitsble Companls R Register. The key fjnancial risk is to cash, is dete1 by the kvel. tsmiThJ and certainty of the Charivs income and the phasing and ntrol of exFerttliture. The Chanty's dget prccess Klentsfies peak5 and troughs in osh flow aThJ it is deemeJJ essenba that suffrnit furmls are available at all li ts Cy. Trustees have examined the reqUirennI for any Usea) reser, i.e. tFThe unrestrKted funds It invested in tangible fixgj assets. designated lor specift purpjses or othemise commth. In definirKJ resefves polKy Truslees have een rniThJful ofthe requ1mts with¥i the folbmw %.. - Insurance Pension Liabilty - DeveloFxnenl Fund In li9hl of the di imp&t on resefves as a cowuertt of the COVID-19 paThJern. as of 31 Mah 2021 the Designated Funds totslling £763,523 were rekased into the Gera Fund leawng a tjtal of £90,703 in Unrestrict& Funds brought foNtsfd 1st April 2021 {refer Note 20}. Tr Trustees wll tewew realbxation of IlS to the defin&J Unreslricled funds after a FerKxJ of 4 years to Ib)w ftjrts rompany to rerJ)ver arnl retwihl post ts covIt>19 pandemi a1 repay in fvll the CBILS loan lfer Note 201. Pension and Tax Reserve Within Unrestricbd ReseNes ts Chaty has a liab'hty of£720.0 {2021'. £2.117,OC(Jl as of 31 M*¢h 2022. In the short lemi, the cash fbw irnpad of havirNJ a nSIOn thme liats'lty is that empbyer contiibubons may increase lo liatx'ty. The Chartty 111 aways pay emFAoyer lribUtIon rates Set by Ihe kEnsiJn sch&Tre actuaries whh a5 of31 ma 2020 for 3 years wll te Fer an IrKIent S¢ vabja1K. PaJe 8
WAVE ACllVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 STRATEGIC REPORT Financial review Significant post year end events Trustees are pleased lo report that the trsfer of the Thrys)n of IEalth aTrJ isure titlIeS ol The S)vereign Cenlre ITOM Easlboum PA)rough Council to W&e knmrted as of1st June 2023 was ralffied by Council on 3 November2022. The cOntrt %th East Grinsleaj Strjrts Cb terninates as of 31 Dece)er 2022. On the 28th Noyemter 2022, the Trustees 4wroved a n1j ofts cofflpany to Wave Active Limite(l. STRUCTURE, GOVERNANCE AND MANAGEMENT Govemlng document Wave Active Mited is a charrtab Company limited by guarantee. tt was irKorpJraled on 14 Novemter 2005, regislered as a Charity on 14 March 2C(E arNJ comMeed tradirq on 1 Wil 20C6. Charity paswj a special resolulion cfi 10 January 2C(6 chaJIng ts na frun LeES DistrKt Lei%ure Trt Limrted to Wave Aclibe Limrted. The Charity was esIaEAigd under a Vmordr¥Jum of As9x1m wlxh estsblIs Obj arNJ Frf)wers of th8 Charitable Company aThJ is gover1d urwjer ts Athles of ASxKIat. Recruitment and appointment of ne trustees Appointment of Trustees As set OLFt in the Arbdes of AsscQ'alK Board shall of at knt six arKI tv)t than nine Trustees all of which shall te ulTed to become a member oftr Chty. The BoaJd ol Trustees shall corlsist ofr - A maximum of hyo Lccal Authority Tntstees - One Employee Trustee lif determined by the Ch&ity) - One individua appointed to LE the Chf Executive Officer Trustee (rfdelemiined by the Charity) - No less than ftr or than nine other IldNua5 app)irttd as CcThmunty Trustees. In exercising thwr FoErs to nominate, aptKrf'nl, reapp)in( ew * aFprove dism Trustees. tth the members and Trustees shall to ensure that the Boarf ts rekwntative of t1 with an interest in the facilities and serVeS offered by the Charity aThJ akn ccffnprises pemns vrth a broaj rarge of skills and who are likely lo contribute to the Chanty's success. The Lrxal Aulhonty Trusleejs shall be rhjminaled by Le Llistrict C11 to seThE for SLKh Feriod ol office as shdl L confirmed by Le$ Di5titt Couwl. On the b&k of Employee Trustee a1 CEO Trustee re5vJniTh3, Tr Chanty detemiined tha replwments not be appnts. At ts fitst Annual Generdl Mting after the Charity has C(MMerKj its lI¥eS al of the Trustees shall retire bul will be eligible fi)r reappointment Iwthout uireMeftt for rnmlnati. At exh Annual ne Meetr'ng held thereafter. one third of the Communty Tnjstees musl relire. tlThe h)ThJest wi offKe ret1]J ffirst arxl ts ch0e tEn any equal service being made by drawirvj bts. No Twslee shall see I the BO3 fi)r mGYe than nine in told. l Trustees give ther time Kjluntarily aThl no benefts frc¥n ts Charity. Any expertses redeemed by the Charity a sel out in note 8 to the &counts. Paje 9
WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 STRUCTURE, GOVERNANCE AND MANAGEMEpir Recruitment and app01ntsnt of new trustees Trustee Induction and Training New TNslees ur¥Jergo an induclion sess)n to bref them of th&r Nuirements uTrJeT charity and company law, the content of the Memorandum and AleS of L&8(rtatK)n, the b)ard tirJ$ armj deciswmakiro process, the business plan recentfinJKia perfomw ofttE CI. They 111 also meet key empbyees aNI other memttts of the Board arnj wll t ermurw to attend Y appnjpriate intemal orextemal IrainirKJ wlEre il WIS thlitate uNleriakirwJ of their role. In 2021r22, intemal for Trustee5 folhiThJ.' Expression of Interest p&k I11rj aFvficabon fomls. detaLs of of the Chanty arnj the ro and exFeCt'ons of Trustees Seleth'on meetings With the 0 and Char ofTnthes Invtsb'on lo attend a Board meets.j pnor to bwnirwJ a Tr Visiis lo the fxi1th5 meeting key slaff Invrtaion lo attend the meebngs of Sub GrouF6 oiryJ trnIng in islab'on aThJ re¥onsilylths of Tn Extemal Iranir¥J is arraryl thffjugh He of Pec and Culiure. cr$e$ relev1 likety lo te of iiteresl to Tnjslees in enhaIng their own rforne knoledge are KIentif throLuh links with kcal vduntary seryice organisthns, AVECO. Chan'ty Comffllssi otsw Cthanty Training pb *. Pap 10
WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 STRUCTURE, GOVERNANCE AND hlANAGEMENT Organisation The BO8 of TNslees almii¢ster5 ts Charity. &)arLt every second ITh)1 d ttEre are three Sub GTOUPS coverirvJ FinarrR and Adit, (>Jvemarte arKI Health aThJ Saw nel tegukrty. On a btennial tA&s. Trusts att1 a Strateg day to Ferfomwce. aSS market conditnS arKi prepare a tsctul plan knlhe fvbjre. In keepr¥J Vlith the ttn franEs a Tnjske Away Day was held on 15 January 2022. In add'tsn to training, rmv TnLStee wa5 induded b) ts Boad. 2 hNJhlvJhts the CO skill sets experiences of the current Board: ure2 eThing Board Members ccu ore Skill$ usiness rt4Up aThJ new pru1 ender Mark Beaufflont FounderlMDI Entyjte Retired Difeclor Tesco lores Ltd eb'red Heal Tethr Male 'vate seckff . retail and seryKe n•Jement b1 arnj Charty sth. SrAcral ds EducatK trgy, Finala1 Man¥menl, uditing. Infomatn Technckgy, Sxial re Seryb trategy, FinarKial Mana3efflent, ccountarty. Treasury Management vemarKe. Training & Devebpment inancial ManeMent A£cntanCY, anking. Treawry na3eftRnLInsurae. PertsKK trategy, Finawal Mana3efflent, ational ¥eMing Bols, Fka1t1ar eNtts. &xiaVCare SeryS orkn'ng thal AuthontEs undraisiThJ. Strategy, Cornmunty latsons Govemarte Phil Clarke Male Mike Pite tired Saks & Gera lan Wisnievtski Male Kevin Ellis vate Tr12ths Tutor Male Marcel Miler reasurer Male ric lQ'hLstrom (Chair) Ilr Laurence (Yconnor halarrustee pl for Work & Pensw abinel V£mber fc uslomets & Communits Ma Ilr Johnn tnis Al the board nReting of 3rd Cktoter 2022 Mark BeavThKffll resuned as Chaifftwi and Eric Kihlstrom expre&8ed an interest vthich was yted by a m40rity vote Vlilh immediate effect. Eric hl$trom,5 chamanship will be rab'fEd by the P4)ard at Ihe AGM lo be hekfj 5th temter 2022. In additi'on. DavKI Heam was aL80 as a C04)pled Trustee Jxl c(rtinues to suFp)rt Tr Tntsl as Chaimian of the Hedth and Safety Sub Group. On Ihe back of a CWÈ to the ArtKles of Associth. enthing a seoJThJ L(tsl Authority Trustee Represenlalive to te apFointe(l. on 8th December 2021 Councilbr Johnny Dells tre Boad. In addition, on 4th April 2022 {ErK's frst Board N*etiNJ) ErK 'hIstrorn, a ComrNnty Trustee p)ined the Board ar is currently th{h the iThJwtion prccess. The totsl numter of Tnth ¢urrentty on thè Boa slaxls at nim. Ptye 11
WAVE ACTIVE LIMITED REPORT OF ThE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT The CEO and Board Members have ¥Jreed sFecth r)rk rns for 8tsa, aThJ this is dTa¥Th up in Matters Reseryed for the Board. Exh of the Sub Group5 have Tern of RefererKe for their areas of restonsibfiity aThJ this reviewed annually. A Chair for the Board 15 elected at e&h AGM. The Chair nominates Trustees lo undertake the role of Chair of each ofthe Sub Groups. T of eth Sub (>oup are selthd at the ffirst ntir@ afterthe AGM. Schedule ofthe vThk tha the Board 0[S ts provided in figu 3: ure3 inimurn requency ave Actlve Limited od of Scnrtlny lected Chalr No. of rustees per nuM ndlg the AGM although additnal br¥Jsmay be Ibj as wuir&l) rk Beaumnt signed 3110122 replaced by Eric Full Board rustees++ ovemance Sub roup Health and Safety ub Group Finance aThJ Aj11 ub Grou Boanl and in Fl&e emis of Refere£ ajreed IKI in pe eS of RefereTr2 aJregJ l in pl&e enns of Re[e[ere 4ree(I in 12r221 per anwm ike fvi peranNm VKI Heam r annum rcell M'l At e&h full 8oarf meetir¥J, ts age[ I1¢ the c)rt fix the Chw of e&h Sub Gup to rerth on their Yrk plan. re4 inance & udit Sub rou ealth & fety Sub rou Full Board incl AGM overnance ub Grou Name Mark Beaumont (Chair- signed 3110122IRegisl fed.. 16107115 Mike Price Registered.. 16107115 Phil Clarke Regi5tered'. 5102116 Kevin Ellis Registergj.. 3110712018 Marcel Miller Registered..2210 2018 lan w15nie Registered,. 6105r2017 hair 6ffj NIA NIA air711 li P¥12
WAVE ACTNE LIMrrED REPORTOF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 STRUCTURE, GOVERNANCE AND AIANAGEMEpir F" UrÈ4-tttinUed inance & dit Sub ealth & Sub Full Board incl AGM overnance b Grou Name Ilr Laurere O'connor cl1fhnnY Denis Co-opted Da¥iJ Heam 14 NIA hair 414 Board and Trustee Evaluation In 2021122, Govemance Sub Group, of Ihree trustees. rJ)ntinugJ lo tEview matter5 in line the annual work plan which incIleS a comprehensive reeW of the Govemance affangemenls of the Charity. As well as K1entfyg areas to strengthen current aThaThJements around Fdicy and prcKgJures. To fxililale the effective cperation of the Charity, the Board has dekgald the resFY)rtsitMIty of &Jrninisterir¥J the Charity to the Business Developrwil Team of six offtsrs. The BLtsiness tVekJpnI Tean ns on a wular basis and K8 made up of.. - Chtef EXUl1Ve Offi - Head of Finance arKi Resources . Head ofCIKnmercial De¥elwmenl - Head of Peop and Cultu - Head of Matheling and Stskehokjer ErvJageThL - Heaj of ProFety, Qualty and Compliance. The Business Developrnenl Team is SUPFQrt&Y by Area mae. a Sile Manager. Aquatics Devdopment Ccordinator. Memter5hip sa aTrJ Relentn Ccrfxdinator, Senior Cperations Manag, Group Exercise Coordinator, Senior Fitness Instrucl(x. ICT Man&Jer and Finartkl Contmlkr. Related parties Thè Charity has a very cthe relaIN)nshi with Le¥s Distrrt CcmlI. WIKJ fee up lo 31st March 2020, al whrh roint service fee fundirvJ ceased. On 31st March 2021. a new 10 year extensim to the orvJirbal 2 contr&t was reed with Lewes DiStt securing the long iem) pthrship to 2031. The eXtenSp is Th)t supwffied with a servre fee. Pay Policy for Senior Staff The D1Clot5 compnse the Board ol Directots. vkn are tr Tnjsvs Tntstees. and the Business EÈvelopmenl Team which compn'se of key mana3ement rerson of the Chanty in charge of direcb'ThJ and corrtrolling, running and operats'ng the Trust on a day to day basis. AJI Tws gNe of theif time freety. Ctsils ol Twstee expenses and related party transaCtS a disckgJ in rte$ 9 th 22 to the urts. pay for senvjr aff is ree¥ amually and nomially infftased in aCcOrdae Vlilh the Corwmer Pre lThJex. Page 13
WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT Disabled Employees Wave Acb've LirnAed telieves that excelknt sermce pro$1)n will be &hved thrc44h recognisirKJ the value of every individua. The Charity aims to create en¥inMmenl thal resrrtts tr di¥er5ty of staff and custorner5 aThJ enables them to achieve their FersLMal goats, ca)ntiibule fulty. atvj derive maimum terEfft enjoyment (rn their rdatKfflship with Charity. The Ctr• reeJ)gnises a1 vaues ts drsty of the c¢Jmmuntties ar¥J wts to ensure thal all tt attributes, tants and skills availab thrwJhout the ccrfnmunrty are recogntsed knen emptynenl OFpJknnitie5 arise. The prirKiple is thatpbs slhjjld be filled by ItK)se best able to do thwn. The Charity takes every FoSsie step to ensure that staff, Fxjtentia slaff, are all treated farty arJ given equal opportunty and SUPF4Nt apprDpriate to their needs. emF4oyment decasions IVdIng trSe on recnjthenl. sekntion, training and carEer de¥ebpnI. a b&ed Job lated objective criteria atwj Fersonal qualib'es. Al applicants will te provhled ¥Mth a full job description of the dub'es and resF(Mgtilthes.' and a person spwficab'on selb.ng out the essents'al requirenths in terms ofed, qualits, krMNknJge. perfmarKe, cOMten¢ perwnal qualilEs. Employee Involvwnent The Charity erU$ that employees a treated equalty al wryk, xross all kvels aTrJ kral1)r. Tlis indLhJes makirMJ sure ty have the same opportUneS for recoanin. revrdrtl a1 Careerdevelcgfflent. Diversty aThJ inclusion a centra to trE bune$S to ertsu ntind sCess. The Charity must create a culture where people can te themselves at work, wardkss oftheir geTrJer or any otlw attn'bute or choKe. The Charity 15 committed to the belEf that W1 infom&J arNJ property consulted employees Mll vnrk tetter and feel an integral part of the otganisation. The Charity vlues everybDJls contribut¥)n to success arn1 believes that etstive communication and workirg tcgether & a team are uitKa lo busness Slu. It is the Charity's aim to encourage efth've mmUnIca.0n that open and tsWay. In helpng to %hÈve this otFctive the manement team all have a re5pJnsibilty lo encour¥ upward information ftt¥n tsr teaffts and in lum etwre thai their teams are well inforned at<)uivthat is hapFening *ithin the ofganisabon. The Charity has a3reed Joinuy with Staff Repre5errtalKfflS a woicwl aThJ Stnth kn infoming arKI consuftirvJ wth staff. In accoftlance Y+ith bJal requirements &KI in res[ io gwj empbynEnl pwtre ow aim is ki eUre employees are.. . Infomed about the business's stiu . Infomigj and consulted abwi empbymt Wowts. aThJ . Infoed and J11 atout decish)ns likety lo aj l) sut6tanlial charvjes in knrrfk organisabon or rA)ntrtUal relations. vthKh may include redundancies and tranthr Some key prinoples of effectNe ccfflsuhation that we folbjw. A free exchange of ideas aThJ rwS affectirvJ the interests of the empkiyees and the organtsation. CommunationS a way Managemenl and Stsff Representatives will agree ¢)n is thal wdl te the SUbit of consultation Appropriate Inf0rnat to be made Those parbapalirvJ their ffjS. PaJe 14
WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AIARCH 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT Flsk management The Iruslees have a duty lo ¥Jenbfy arKI rebiew the risks b whh chanty is extLwd to ensure appropriate ctjntrols are in place to provpde reasonabte assurart a3ansl fraud and errN. The iisks ar uncertanties faced by the Chty a regularfy reweMEd fonrBIty and inf0mlty by senior management and fomialty wth the Trustees as part of assigned to the FinarKe Art Sub Group and Govemance Sub Group subsequenuy reported to Board. The Chartty has devew a Rk Registsr used to enIty the primary rsks faced by the Charity. rtsk register ts regularfy lieed and the initialibts to be taken to mitsgate those risks are agreed as part oftr wuLgr business ofthe Boar(l. risks and uncertaintEs fed by the Chwity ae iilErent ith the rnan¥jefft of SFQrts and ki5ure seNices witti the re aim ot - PromotirYJ community part'cpation in hethy recrethn. aTrJlor . Advanciry the edLKattiJn of Ihe Wb1 on the terth of xb¥e lifk JKI in pth'cul¥ the walue of Ysal tIvIty for young people, andkjr . Such otlr charitable wrrM)ses benefrial to the communrty conststenl 04'&ts as the Trustees shall in their diSc.0n detemir. ure 5: Identified Risk5 and Mana Identified Risk ement Procedures on Failure to perfrym in teS of n11 to provide leisu and ¢alK)nal ser¥ices tr) mfflunrtEs Incuffltyj bsses as a re9Jtt of nquate or taikd intema a¥J xtema pr(Kesses, systems aKI uman enDr orfrom extemal nts. ow we mana e the risk hroLtsJh regular partnership meetsngs nd reportsng with Lccal AUthcty rs hKJhlighb Chanty er1 aj Imp ontr&tual Rk Intemal a111 ar extemal audit ramme in pl. DruMented 5ses in place for all financial trols and prCSseS obust systems of intemal arJ xlemal audits and tranirrtJ by eaali5t training pVerS and ird-paty adwsors wilhspec¢alBt no%edge of the sports and lSUre OFerational Risk allu to Cpty with relevant regUlatiOr and prCCedU. for xample heath safety. egulatory risk mpreSi¥e programme oftrainirKJ rovNJed across the business including n assessrnenl needs, rnpetencychecks and systen for haour arA Ferfomartt monltoring eseryes [Y regukrly reviewed as rt ofthe annual Board assessment n lirE future neets of t allure to ensure mainlain a*ll ined. compEterty checks ple risk allu to ensure we maintan uale reseNes to erLsure the nwng financial requirements of Cl• are ailuo to meet the exFectations of ur key slakehokjers, pthws, ff aTrJcustorrers in the rKe and maryffErt of s affa'. inanoal iisk prehensivè partner rdations blishLNJ th key stakeholder roupsthal have a direct or indirect nffluetKe the tErform of the siness. utational risk he cha 15
WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT Flgure S: klentified Rlsks and Management Procedures . continued Identlfied Rlsk Descri ion Failure to &hie i1orne ue lo Incre COMFetst or a in thls ofcustm ow we mana e the rlsk egular rev of prIng agatnsl mpetitots. pite prornots'on arJ mprehensive systems for customer feedb%k EcoThThic Risk Board Jvj Tr EValuan In 2021122, trÈ GovemarKe Sub Group, of trustees, ntInu&j to wew nwtter5 in line vitth the annual work plan which incIje$ a comprehensive review of the ())vern arrangerr of ts Chanty. As 11 as identy'ng areas to strerothen curTenl arrangements wnd Fdicy and pr¢edures. To facilitate the effective opetiOn oftre Chty, ts Board has ddegated the resimxtsikn'lty of adminBtering the Charity to the Business Developrr£nl Team of six offKers. The BlnesS CbEbFrfrent Team on a gUlar basis and is male up of.. o Chief Executive Officer o Head of Finance and Resources o Head of Commercial Devekpment o Head of People Cuhure o Head of Markeb'ng ar Slakeholder ENJagemenL o Head of ProFerty, aulity and Complian. The Business Cevelopment Team is supForted by Area Marojers, a Srte Man&3er, Aquics DeVelOent Ccordinator, Wmbetship Ss arNJ RetentK)n Cwtdinator, SenKJr OFeRtions Manager, Group Exercise Coordinator, Sellior Fitness In51nt0r, ICT ManaJer aThJ Financia trr. Pay PcAicy for Senior Stsff The Directors comprise the Board of Dirthts. vtho are the Trusvs Trustees. and the Business tvelopmenl Te vthich comprise of the key Man&Jennt retsre1 of the Charity in Charge of direth'ng and controlling. running and OFefab'ng the Tntst on a day to day basi8. All Trustees give of their tirne freety. Deta'L8 of Trustee expenses and related party iransactions are disclosed in rKtes 8 aThJ 21 to axounts. Tr pay for senKf Staff is rev%%Ed annually an¢J rKsmally increased Wi &cordance with rKiky. REFERENCE AND ADMINISTRATNE DEfAILS Registered Company number 05621359 (England and Wales) Registered Charlty number 1113486 Registered office Clo Downs LeEurE Centre Sutton Road SEAFORD BN25 4QW PwJe16
WAVÉ ACTNE LIM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 Trustees Mr EIIis KtrP CLgrke 11.rKI Bern1 IA. Prioe Mr M Mjér A Wlstlew ClrL O'conn Mr E tltrOM app.ojnied 8'De_M.ber-zQ21'. Cgmp¥iy..$,eGreta: AuthtO( M¢Cth.FMi JIan, R thatnb.er4.. . Sittlngbourft. Kenl. ME104AE. CHANGE.OF NAME. loW8vèAdlve Ild., ol the slaje ol?ffal.QI the"£harilaEk comparry OT the~.1111r9 Ir£eS apFAicatth.oi Tesourcès, Includin9 ob5eNe the Mel)dS3ndprinapk charitY's0RP , rnakejydgqn¢nl¥ and. e$lmales'"thaf ale89)nabaj w.n.. ffinartcl.al ¢f It charilable. eomiwy?ri(I loellab (Th19 pmire thal1he IlnaKial"slalp.ttÈ0ls.comY.wth the"CtynpanEs kl ?6. Th¢y are 0 re¥rf)ri9bfe,k¥ saieguarrfiDg the a.yts ofthetharlable fthpany d. trt¢nte IC¢lang reasonabs[pE6 FentrtxI *léeterArrtiolfraKI ath] Lfiatile& P•JelT
WAVE ACTIVE"& Jrn • r REPORT OF THÈ TRUSTEES FOR THE YEAR ENDED 31 JIARCH 2022 STATEMENT. O.F T.RUSTEES'.RESPONSIBIUTIES- ¢ontlnued In sg lar aslhe'trllstees are are.. Ihe trustees havE taken al 5teps.lhai W w9hl tohave'laken lo mae ihemsElves awaie.of'43y re1eyg.nl audit AUDITQRS. dI¢1iLl5, ::. ....:S./.1O/a::.::.:.. Mr E Kihls
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WAVE ACTIVE LIMITED Opinio We have audited the fink1 statenEnts of Wave Acti¥E mrted (the 'charilable company) for the year erxled 31 March 2022 which comprise the Ststeth of FinarKia ACtrDes, Balare SleL Cash Flow Statement arnl notes to the financial stslements, incl(•Jiry a summary of gnfficanI rnntityj F)1les. Tr financial pOrts'ng framework that has been aPd in thar ppardOn is appIab law and United ngdoM Ac£ounling Stalards {United K'jngdom GeallY Accepted Acc(JJnb'rg Prthe), includirvj FmarKial Rwjiting Standard 102 'The Financial Reportwig Stsndard appIab in the UK arrfl Reput4tG of Irekrnl.. In our opinv)n the finaal 5tstements: give a tnje and fair view of the state ol the charitati companls affairs as at 31 Marth 2022 and of ts incomirvj resour aThJ applicabon of (eyjurces. inchjdirq its income an(i eynfirture. for ttE year then eTrJed,' have properfy prepared in accordance th United Jd0M Generally Ac¢epted Awunting Pwti¢e, i1ludIng Finanoal Rewtrrg Slandard 102 Tr Financia Rerth'ThJ StaThJanl aablE in tre UK and Republic of Iand,. havè been rAepared in ¢0[lae ith ts requirnts oftr Companw l£t 20C6. Basis for opinion We conducted our a111 in arJ))rdarte ilh Internati StsThJards on Audng (UK) {ISls {UK)} and applicable law. Our respjnsibilities under those standaS are lurther descriW in Audrtors. reS[s1.1eS fc< the audrt of the financial stslements sectrjn of our rewrt. We are independent of the charitae company in accordance with the ethal requirements that are relevant to T alIt of the financk4 statemènts in the UK. i]uding the FRC'S Ethical Standard, and we have frjlfilled our other ethica resFonSitMleS in xcorfarKe wth these requirements. We beleve that a1t evidetKe have obtsined is Suff1 aNJ aFvropnate lo provmje a bags for ourn1¢)n. Conclusions relating to going concern In aUdIng the financ¢al stalenEnts, we have Co1[mIed that ts trustees. use of ttÈ gciNJ ts)rKem basis of xcounting in the preparatn ol finarla1 slatenpnls is aF[ate. Based on the woth we have FerfomEd, V have r)t NJenttfEd any merial uncertainties latir0 lo ents or conditions that, indiwdually or collecbvety, may cast Sfv3nrfnI doubl on ts Chantab companys aknlity to Contin as a going concem for a FericMI of at least mnths from vtsn the financial s&ments are for issue. Our responsibl11 and the reskMXfyt4lths of the trustses with • to gcir¥J cotKem are described in the relevant StionS of this tEpJrL Other Information The twslees are respmsible other Informat. Tre olher informthn ctynpr6es the infomwtion i1Jed in I Annual Report. other trt [ancrdl statnts arKI our ReFXYt ofthe IndeFendl Auditors thereon. Our opinK)n on the finarKki1 stslefflents Tr)t cover the otlw InfoAtion arhl. except to extent otherwAse explty slated in i)ur reFNI, we do not exwess any fcth of assuraTr corwJu5ion tIHeon. In conrth hllh our aj11 of the financial SL7teTrnts. ¢wr restKJngbilrty is to reaj the other inforrnation and, in d(ing so. consider whether the other infornbon is matsiialty Ionsi$lent the finala1 Statements or our krowledge obtained in the audit or othervmse appear5 to LE matetialty misstated. If we tdentify material inconsistencies or apparent matenal m1sstatents, we are required to detenine tsther thi5 gives w to a matenal misstatement in the financial statements themselves. If, based on the have Ferfomd. we c¢Mclude that there ¢5 a material misslalemenl ol Ifus other informaknn, we are required to ieFQrt that It. We have rK)thing to reFh)rt in Ihis regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based the undertaken in course of ts audrt.. the infomab'on given in the Retth of the Trustees for the finawal year for the finarKial staternents are prepa1 is consislenl with the financial statements,. a1 the ReF*Nt ofthe Tntstees has Lwn prepared in applh2ble18Jal Wulretts. Pa3e 19
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WAVE ACTIVE LIMITED Matters ¢)n which we are required to report by exceoion In the light of knowledge uThJefStanding of ts charitsble company ar¥J ts environment obtsined in ts course of audit, have not Mkntifi8J material nisstaknts in ts Re[ oftre TnLStees. We have ThthrvJ to rem in tespect of the kJlloiTrJ maters where the Cowies Act 2CTh requires us tr) report lo you rf, in our Opini.. adequate 0)Unting rec(¥ds habE 1 been keo retums thiu br T alit have rnt teen recèived from brancFs not vk%ited by l.. or the financial statements a rn)t in a9reerne with the axounb'ng records aNI relums.. or certan disclosures oftrjstees. remuneratKin S[rj by law ate not m: have not received al inf0mts.0n aThJ explanat$ we require br our alit. Responsibilities of trustees As eXained MO fulty in Stalement of Tntslees, Re¥#xsits'lities. trustees (W are akn the directors of the charitle c(Knpany for the PUftK)ses of company L7AtI are responsbk for the prepar'on of finanGkg1 slaleNEn15 and being sab'sfied that they give a true aThJ fair VEW, and for Sh intema tontrDI as the Iruslees deternine is necessary lo enable the preparation offinancial statements that a free from material mTSStalement. whether due to fraud or error. In pparing the finarKial statefflents. the trustees are respjnsitle ts a5seswg ttE tharitab companls ability to conkn'nue as a goirMJ corKem, discb)sirg, as applrAbk. matter5 related to g(Mng C1)reM aThJ using going cor basis of COUntr.ng unless the tnjslees either intend to14uKlate tr charitable company orlo cease operations, or have no realisti'c aernave txrt to do so. Pè3e 20
REPO T OF THE lNDEPEN'DEf AUOlT.ORS TO THE MEA18ERS OF WAVE ACTIVE LIM I i Our.wponslbllltie$lorttse"aU.i1fthe finanGl415ts1ements c¢jeclives are'fo otrtain leas8b aWFary'.about w.tdlJer th8 finwa sla"lemenis as a thole are free li¢¥r.. rDalerial m15s!aleffjenl. wheitiq'due iolrwj.. .e[rOr, an(S.io bsue a RepNiDlthé lJxiependeDI Audilotslhal InclLNjes "OF¥nifi)". ' Réasonable assiir8rt& is a hh level oi Urats" but Is Tr21 a:guaranlee that audit ¢o"Thiude.d in ordanco th.IsAs IUKI Isill Oetecta malena MlateI iitièn lex&& Misstaleinents Gan.'ari&&from fraud or erior are ce1dered.mri I,,fvIuaty'fjr In the ¥regale, thoy coulj reaginably EeEVCted'lo knfluence legislabo hsta'ncesffjtlion-eomP.IlaB.knrf4jghOthQ.3rt. - teskdiownal enlites loidan.uuSl traclIls,, . . ifidKatiYé.:ofpqieniw( tsas':.. ' in¢luaets.. butvere miltthlle.d.ts.' -.adtrig Ihe mlnules of meen9$ of Ok)sétharged Tirilh.gi¥e-riQiè: Thère a InherentrUrIatsOSJn.tsJ[ abJve. The miKe rethoyed Ihaljalys aha tèWlaloTrs.are from ffDancla1 Iransathns.ISS it15.th.we Tmxtkl tem ¥¥e Ofumptian. AuoFlirKJ skndards aso lifflft It¢ gudil wwedures reouiro&lo.iJenbfy Tr)n<0M.ffj *iih Irf ¥fvj rqgLdatsonsioMqLiry of th¢ ¢ommSlle&'or hS$t318¢Ats Ihal ¥i8e ¢kie to.. fraud cari be harr to (klecl than thosé tha Brlse euof 3s may IDK)Ive
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERSOF WAVE ACTIVE A..furfher4e.scriptol FespX)bNIItegf[ fv. •)Jit ol Ike finw.aL$!atw. b ts Ixd ory the FInclaI Reportirvj Co¢Jncils'thEbsttÈal YPAW.f.U.Larto(srespOnsIMty Tris dewi)IhJn l(knpgrtof'cw. RepsitoI:tFÈ In4e01 Audifots. Use'olour"ieport Cornpan P£l.W, aud.i!.hyk. ha5 tg.n dertaken. th inyhl siiitr_lo Ihe ElJarIlae C4)mPanVs. nE"mkts tho* thalters :e wuired loslarè b thenin aud1¢, rewAI aryd fy.M othèr. purposè. To.Ihe lullestr eIen[F¢fIrriled ty lai¥,kn hokaccepl Or$Surap(wThfY".1cl arry0 (Iher-IhaAthe thar1tabletompany4d Ihe. Ashky Philffp5 (FC¢Aj jÈerikW.$3lulw.#thrtoÈi :; lor'spl. on b_eha!olMcCabeFerd W!lliarrE_ 8ankcb4thbern. ' SIW'rqboum& ME1D4AE
%iIAVE ACTIVE LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 31.3.22 31.3.21 FRS 1(r2 PenSn Unrestrthd AAijustnRnt Restrthj fuNts Un-restrthd ds Tot frjnds Total fijnds Notes INCOME AND ENDOWMEKrs FROM Donations and leg&ies 211,053 1,878,882 Charitable activltles Leisure Centre &tivity 4,948,782 19,599 4.968.381 2.943.333 Investment incoffle 3,927 Total 4.953.986 225,652 5,179,638 4,826,142 EXPENDtTURE ON Raising furKIs 18,405 18,405 Charitable activities Leisure Centre tlty 4,516,937 545.098 5.330,035 4,952,097 Total 4 535 342 545.098 5,348,440 4,952,097 NET INCOMEIIEXPENDITURE) Transfers between funds Other re¢ognised gainsl(lossesl Actuarial gainsllkjssesl on defined benefit SC 418,644 162,664 (268,000) (319,4461 (162.6641 {168,8021 1125,9551 1.665.(KJO 1.665.ot 1,188,000) Net movement In lunds 581.308 1.397.C (482,1101 1,496,198 11,313,955) RECONCILIATION OF FUNDS Total fiJnds brougm forward 90,703 (2,117.000) 1,192,71 {833,5911 480,364 TOTAL FUNDS CARED FORWARD 672,011 720.Otx) 710.596 662.607 833.5911 The r#)les fomi part ofthese st*nwts Paje 23
WAVE ACTIVE LIMITED REGISTERED NUMBER: 0562f359 BALANCE SHEET 31 MARCH 2022 31.3.22 31.3.21 FRS 102 Pensh)n UnrE5trthd AdjusfnEnt lurKls Urrestr Total funds Total funds funds FIXED ASSErs Tangibk assets Investments 12 13 301.670 710.596 1,012,266 1,004,1 301,671 710,596 1.012.267 1,C4)4,005 CURRENT ASSETS Stocks DebtS Cash al bank aTrJ in haj 14 15 21,443 622,942 1,712,044 21.443 622,942 1,046 628,693 1,183,195 fgJ,551 2.356.429 60.551 2,416,th1 1.812,934 CREDITORS Amounts falliThJ due IwtlNn (N year 16 1954.680) 160.551) (1.015.231) {1,033.5301 NET CURRENT ASSETS 1,401,749 1,401,749 779.404 TOTAL ASSEfs LESS CURRENT LIABILITIES 1,703,420 710,596 2,414,016 1,783,409 CREDITORS Amounts lalliTrJ due after rrrf)re than one year 17 11,031.409) {1.031,409) (5fXJ,000} PENSION LIABILir 21 1720.CKMJI 1720.ofAI) 12,117.000) NET ASSEfsi(LIABIUTIES) 672,011 20,m)I 710,596 662,607 833,591) The notes f7 part of tkese finarKial Statents Paje 24 conlinwl...
WitVE' ACMVE. RgGISTÈREO NUMBER: 05621359 .BALAPiCE SHEET. corilinued .31 IAARC.H .2021 -UnfeslncterJ funds ReStr1]"1unoS 147.988) 12.028,29n. 1,182,706 YOTAL FUIIDS. .E62,607 ib E.lQhlStyoffi.
WAVE ACTIVE , U tsi l-r£b CASH FLOWSTATEMENT FOR THE YEAR ENOED 31 MARCH 2022 31.322. Cash ilows..Irom operaling a"tiNits*s ashqetkrai¢O from OPOtafjlg .791 IntP$t tp.oeiMEd. Change:4.ty tash)nd g.$h:MHfyaJpNl¥ lry tile Yepoiling,perlo .-Cash' and'cj$li¢quiValents' at the beginnln9 01..Ibe Fépoiting i).eritsJ Ca$b oJia Gash equfvliehts g¢llio . 'the reportlD9poiiod' partol sfalwnèls
WAVE ACTNE LIMITED NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022 RECONCILIATION OF NET EXPENDtTURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.22 31.3.21 Net expenditure forthe rePtIng perlod {as perthe statelrt af Financial Activities} Adjustrnents for: Depreciation charrjes Interest received 11naseyde¢(ease li stith Decrease in debtor5 IDecreasellivKrease in ClitS DiffererKe perM)n chapje and trIbub[lI {168,8021 {125,9551 152.292 {204) {20,39n 5.751 1136.890) 268,000 90,308 (3,9271 7.120 1C6,944 295,314 200,000 Net cash provlded by operations 99,750 569,804 ANALYSIS OF CHANGES IN NET FUNDS At1.4.21 Cash fflow At 31.3.22 Net cash Cash at bank aThJ in hand 1,183,195 589,400 1772.595 1,183.195 589.400 1.772,595 Debt Debts falling dLP within l year Debts falling due afief l y 1118.591) 531.409 1118.5911 1.031.409 650,000 1,150,000 Total 683.195 60.600 622,595 The notes form partof Ihese fmancia ststements Page 27
WAVE ACTNE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES Statement of conwlian The financia staternents of charitable company. whh is a pubh'c tvofil enty urthr FRS 102. have been ppared ill accordaKe wilh the Charities SORP IFRS 1021 'P£countirYJ and RepoitNJ by Charitses. Statement ol RecommerJed Practice apF4icable lo charitses t¥eparing tsir acUnts in rdance vALh the Financial ReportiThJ Stsndarf icable in UK an(i Republic of Irel IFRS 1021 (eff. 1 January 20191,, Financial ReportiThJ SlaThJard 102 The FinarKial ReForts"ng Standard applicable in the UK aThJ Republic of Ireland, and I Companies Act 2006. The finanoal statenEnts have teen prepared uThJer the histoiul cost ConvenIn. I exception of investrnents ¥thKh are at markel value. Basis of preparing the financlal statements Under Financial Rewbng Standard 102 (Reliremerrt fits) the on the trusfs rension scheme ig incIjed in the financial statnts the trusls rE5efves have thefOre teen rvjuced by the pens)n defficit Creab'ng net assets of £662,60712021.' net liabileS of £833,591) at the year end. The Man?3nI CMittee are satisfied that the Tfust will the to meet all of ts otligons as aThJ when trY fall due. Crlllcal accounting judgements and key sources of estimati¢)n uncertalnty In the application of the chanlable companls Ounting w11c. management is required to make judgements, estimates and assumplN)ns atx)ut ts canyir¥J valLE of assets liaÈ41ities that are ml readily apparent from other sources. The esb'rnales and urKlertying a5SUfflPtion5 are based on historical experience and other factors that are considered rekvanl. Actual result5 may differ from these esiimates. The eslimales and underfyirg assump1K$ are reviewed on an wng basis. RewsThs lo COunb'rlj eslynates are recognised in the perioj to which the estsmate is rewsed if the revisb)n affects only that perioj or in the Feriod of1he rewsion and lutu pericJs rf the revisw)n aff&rts toth current and fulutE Fe]$. key souw of eslimalion uncertainty that have a s¥JnifKanl effect the amounts reccJnised in the stnts are the depreciabon charges that are calculated with ference to the usefvl &MiC lrfe Offed assets arKI valuation ofthe pensijn deficrt respect of the IcKai govemment pengon Incoming resource5 Incoming resources from reat)n a1 leEure gtes are 1rdled in the Statement of Financial ActNitEs when recwvat4e. IrCe for annual ffErnber5hips is axounted foroverthe membership year. Management Fee The nomal service f is an Lstn'l1Qj fund 7AIMth is availabk kjr use at thè dtscretion of Ihe Trustees in furtheraKe ofts geal obiecb'bES of the Charrty. Resources expended All expendilure is accounted for on an nJaL$ bags aThJ tss been cLqs%'fRd under heajiros that aggregate all costs related to tre catewy. ere costs cannot diredy attributed to pathular healings they have been allted to aclNilEs on a bS consistent with the use of resour. Resources expeThJed irKlude attributsble VAT whKh not te e0ve. Government grants Govemment grants are rewJni8ed the rfOrniae rekled c(nJits)r6 imF¥)sed upJn the receipt of grant have been mel. Whefe these a have not been satisfvj, these grants are teccgnised a5 liabilrtÈs. If grants are not condrtional on future Ferf0m1a rekted colI1j0ns, Ihen income is recogntsed when the grant prctteds a rttdvatrfe. Cjjrirfj year the ¢panY ved the frAkxwrvJ grants.. CorOnavn Job Retention Scheme IGJRS) to cOr a kvJrtk)n of erykjyees, waJes *re lurfoughgj due to the cora¥IrUS paThlem. The a)KJJnt received totslw £1.88m and has been irKIL¥Jed in ts)come {nole 2). Pa3e 28 cltintd...
WAVE ACTIVE LIMITED 140TES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES. continued Tanglble fixed assets Individual fixed &sets relabriJ to leasthkl proFerty ¢(tir £10,IILYi or mre, or Veh5 CSting £4.000 or more are capitalised at cost. Tangible fLxed assets are deprec1 on a stsoht line basis over the remaining lem of the lease of the proFerb'es or in the case of YeheS, their exFted useful lrfe. Depreciation is calculated as follovts.. Improvements to ptDperty tor vehicles Plant and Mhinery Infomiabon TechrnbJy systems . remarirvj tsmi oflease - Straght line ObEr 3 year5 - Over maIn1r0 of kne - Straght line over 5 year5 Stocks Stocks ¢xnsists of pUh&&I for resae JKJ valued at the kmr of r1 nel reai5&de value, a ffitst in firsl basis. after makn'ng due ah)¥yan for ot6okte sbw items. Taxation harity exempl corpNati its Charitat xtits. Fund accountlng Unrestricted Funds Unrestricted funds are incnmiThJ resou receT¥able or gwWa1j for the obFGts of the Charity without further specffied purrrt and are availatAe as generl ftÉnds. Restricted Funds Restricted funds atE to be used for w)SeS as laid (h) by fv (h)rh)r. ExFendiknJre which meets these ¢rileria is chatged to ts funds. Leasing commitrmnts Rentals paid uThJer OFeratirKJ leases ae charged to the Statement of FInCla Activtiies on a straight line basK8 over the pefDJ ofthe kase. Rentals patd under operaling aSe$ a chaffjed to ts sklemenl of fmarKial &bvitEs a straight line ba51S over penrJ of the kase. Penslon costs and other pastetirert beneffts The Charity oFerates a Fensi)n $CMe pm¥idiNJ tereffts based on final nS)nae pay. Conlributp)ns lo the defjned benefit scheme are tharged lo Ihe Stalement of Finawal ActivrtEs in order lo alk¢ale the cost of providing the Fensi¢Jn rwnisirvJ any acbjarial sulUS or (Jefictl Ivtsre appropriatel, 0r the working lives of the relevant employees as &sessed in accLYdance vith the ajvre of professmal qualified acluarEs. The assets of the scl)eme a ld separatdy in an indeFendenty •Jmini8tered fu1. Contributions lo defined contribution pension SCnES are charged to ts Ststewil of Financd Activities as incurred. These include ¢ontributions lo ts slakeh(kn per6K)n Sche and emp.$ pergxal pEnsp)n schemes. Going concern In the wake of the COVICk19 parWJeffl aThJ the Russhqn Invasi of Ukraine companies vrtdde are expenenciro ad¥w5e effects on the SUPFAY chain, availaknlity of empl)yee resC4jeS an(i rBiThJ inflatton which put pressure cost 0fSUFpIs to businesses the econcffl IEakh of the consumer. Rising infiatKin. vthith ts predicted to recold hKJhs in excess of 10%. have a sgnthcant IM on the charrtls finanoal [erfe, ith the rnc61 affecbj areas 'rj.. Page 29 crmlinued...
WAVE ACTNE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENOED 31 MARCH 2022 AccouKfiNG POUCIES- continued Going conGem . Mntinued - Profftabilty - Pricing stnjcbjres - Going corw corLgderabon . Risk aryj cashfiow forecirwJ Wave Actibe knnmted have rethd to 1nllatnary wewres by maintainirKJ wce irmases bebw inllation to ease the ptEssure on memters and Cas users of ts leisure thilitEs. and by applying In¢aseS to employee rates at the prevailirrfj kvel ol in11atn. In add'on, the purchasirvJ P$5 for energy procurement has been undertaken to smcolhing priz Irease$ in ts perh)J to 31 March 2024 aThJ beyoThl. To counter Ihe inflationary pressures Wave Actr%E knmite(I appty the cash reseNes as held al 31 March 2022 which ensures that it can meet its debts as they fall due, irudIr1j repayment of COVID-19 relatEI loans which 11 provije sus'nabllity in the medium term. Lorg teTr sustainabiltty will it gal thrOh the capita rthase pkns provNJe5 for(ryoing instsMrt in Chaitls kilitEs. GrovAh of the ISir supports long temi SustslnabrtY rx)st sheet events that give rise to Fosib've impact ¢ reserve5 and my mitigatirKJ any r affhl lo r tMJ5ine55 oPFQrtunils. Management continues to explore new j$InesS Opportun'e5 vnth a k£us on de-rtskirKJ the tInesS mcJel. The busirEss ne[ is under constsnl re¥iew lo ensure that it re)lects Lalesl fCrasI for inflation akng with detajied review of erQY priciThJ froffl fiexible foThArd purchase contracts for gas and electiicty. Alth)ugh uncertainty surroundirg irfflation energy pmro past 31 ma h 2025 remains, the Charity ha5 produced forecasts that drAte the Charitable CnpanY will remain ab to meet its financial c&ligab'ons as trY fall due for the foreseeaile fuiure. Theffft. Ihe Board is confmlent that merial uncertainty exists that would wt doubl on ihe Cris ability to as a goirvJ cern arvj has theref(Ke produceJ finarKial statsments a gcing corKem bags. DONATIONS AND LEGACIES 31.3.22 31.3.21 Donab'ons Job ReteniK)n sch inD)me 5.000 X6,053 1,878,882 211,053 1,878,882 continued...
WAVE ACTNE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2022 INVESTMENT INCOME 31.3.22 31.3.21 Deposit account Inte$t 3,927 INCOME FROM CHARITABLE ACTMTIES 31.3.22 Letsure Centre 31.3.21 Tot activitiès Leisure L*nlre irKome Managerr1 Fee Joint Use AgreenI Ir Grants 3.858.792 146.204 281,786 681,599 766,610 1(Ki,841 411.026 1.664,856 4,968.381 2,943.333 Grants rtteived. ¥Kluded in the aL¥)ve, ate a5 follo. 31.3.22 31.3.21 Easltoume BOr0h Council Newhaven Fort ReCory T%kling IrEqualrties FurKI PPE EquipnEnt NLRF (LOCI NLRF IEBCI Summer Events prjramme Capitsl Comrnunity Fund Big Lottery SIB Grant 462,000 462,000 850.000 5,000 9,960 181.542 55.100 8,500 141 92.613 5.000 14,599 200.000 681.599 1.664,856 PaJe 31 conlinued...
WAVE ACTIVE LIMrrED NOTES TO THE FINANCEAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2022 RAISING FUNDS Other trnding aclivities 31.3.22 31.3.21 Bad debts 18.405 CHARITABLE ACTMTIES COSTS Sup11 costs Isee )te 71 Direct Totals Leisure Centre 1,5,298 3,739,737 5,330,035 SUPPORT COSTS Operdtionai & Man&3enEnt FinarKe Gobtmance Totsls LeUre Centre &ti¥ty 3.472.829 256.408 10,51(1 3 739 737 NET INCOMEIIEXPENOITUREI Nel incomellexFenditure) is slated after cW11(crjrlJ). 31.3.22 31.3.21 Audilorfs remuneration Deprttiation- owned assets Hire of plant and nh# lo.0 152,292 144,097 15.030 ,308 127,489 TRUSTEES. REMUNERATION AND BENEFITS There trustees, nU[ation or otrer for the ywermled 31 March 2022 Thx kjr the year et)aed 31 Mah 2021. Trustees, expenses There were rn trustees. exrErtses pad fix the year eth 31 March2022 nor for ttp year ended 31 March 2021. Paje 32 itinugj...
WAVE ACTIVE UMITED NOTES TO THE FINANCiAL STATEMENTS. continued FOR THE YEAR ENDED 31 MARCH 2022 10. STAFF COSTS 31.3.22 31.3.21 Wages aThJ saLqries Sc¢ial security costs Other pensN)n costs 2,fAO,473 169.681 288.416 3,032,087 167,716 287,915 3,098.570 3,487,718 The averdge monthty numberof empkjyees durirvJ arya$ a5 fdlows.. 31.3.22 11 82 11 134 31.3.21 11 132 10 193 Senior mryement Re¢alKin Srtes Adrninistratw Casual SL 238 346 The number ofemployees wts)se empw brts lexcWiThJ empbyer perts costs) exceeded £60.000 was.. 31.3.22 31.3.21 £g0,(L11- £100,C The nUmr ofeMYeeS eaming in ex¢ess of £60.rM)o {hr the yearand the precediNJ yeaQ lo whom retirement benefits were xGruiThJ was as follow5. 2022 20 Defined benefit The total amount of empbyee remuneral)n received by key fflanaFment personnel is £250.331 12021." £244,348). The Charitable CnpanY cOre[S ts key management rersonnel comprises of the CEO, the Heaj of Finance the Heaj of CommeNd tÈvebpmert 33 conlinued...
WAVE ACTIVE UMITED NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 MARCH 2022 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES FRS 102 Pensw)n Unrestrp*d Adjustment Restric+aJ furals fuThfjs Total funds INCOME AND ENDOWMENTS FROM DOnatiS a1 kg&ies 1.878,882 1,878,882 Charitable activitres Leisure Centre 1.740.618 1.202,715 2,943.333 Inveslmenl 3,927 3,927 Totsl 1.744.545 3,081,597 4,826.142 EXPENDITURE ON Charitable activities Leisure Centre tMty 2.732.231 2.000 2.019.866 4.952.097 NEf INCOMEI{EXPENDITURE) Translers between funds Other recognised gainslllossesl Actuarial gainsllk)ssesl on defin&J trEnefft {987,686) (91,689) 12LYi,LKKiI 1.061,731 91,&89 1125,9551 1,188.0) 1,188,000) Net movement in funds {1,079,37¥ (l,388.c)l 1.153.4XI 11,313.9551 RECONCILIATION OF FUNDS Total fUS brought fotward 1.170,078 I7.[)) 39.286 480,364 TOTAL FUNDS CARRIED FORWARD 1,192,7(6 833,5911 Pe 34 conliThJed...
WAVE ACTIVE UMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 PIARCH 2022 12 TANGIBLE FIXED ASSETS Improvenpnts Fixtures and frttirKJs PL4nt and hinery COST At1 April 2021 Additi 2.057,3 97,892 146,611 29,628 10,221 11,471 AI 31 2022 2,155,2V2 176,239 21,692 DEPRECIATION Al1 April 2021 Charge for Jfar 1.194, 102,694 109.167 8.714 3,727 Al 31 Mar¢h 2022 1,296.7&2 117.881 5,685 NET BOOK VALUE Al 31 March 2022 58,358 16,007 Al 31 March 2021 863,302 37,444 6,494 Motor Computer equipff1 Totals COST Al 1 April 2021 Additions 165,917 21,563 2,388,719 160,554 Al 31 March 2022 8.580 187,480 2,549,273 DEPRECIATION Al 1 April 2021 Charge for year 7,150 1,430 70,583 37,496 1,384,715 152,292 Al 31 Marth 2022 8.580 108,079 1.537.007 NET BOOK VALUE Al 31 March 2022 79,401 1.012,266 Al 31 March 2021 1,430 95.334 1,004,004 35 continued...
WAVE ACTIVE LIMrrED NOTES TO THE FINANCL4L STATEMENTS. continued FOR THE YEAR ENDED 31 MARCH 2022 13. FIXED ASSET INVESTMENTS Shares in group undertaking5 MARKET VALUE Al l April 2021 31 2022 NET BOOK VALUE Al 31 March 2022 At 31 Mah 2021 There were m inNEStnl assets outside the UK The companls Investnts a the balance sheet date in the Share capita of companies i1le the lolloMiNJ.' WLT Solutions Llmitsd Registe office.. Downs Leiwre Centre, Sutton R1, Seafryd. East S(wx, BN25 4QW Nature of busirws.. Dot Class of share: Ordinary v)klirvJ 100 31.3.22 31.3.21 Aggregate catal arNJ reserbES 1& STOCKS 31.3.22 31.3.21 Stocks 21.443 1,046 15. DEBTORS 31.3.Y2 31.3.21 Arnounts falling due Iwthin orE year. Trade debto Arnounts owed by group urhlertakings Other deblot5 Prepayments and xcrued incon 303.417 71 37,413 223,312 134,707 750 8,455 426,731 564.892 570.643 ccKJ1inI...
WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2022 15, DEBTORS- contlnued 31.3.22 31.3.21 Ajmounts falling after mre than orÉ yw. Other deblo 58.050 58,050 Aggregate )Unts 622.942 628,693 16. CREDITORS.. AMOUNTS FALLING DUE WIThIN ONE YEAR 31.3.22 31.3.21 Olhei loans (see mte 18) Traje creditors security and other laxes Other ¢reditor5 Accnpls th defer irorne 118,591 332,186 76,495 89,723 398,236 498,982 97,042 133,984 303,522 1,015,231 1,033,530 17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.22 31.3.21 Other (see te 18) 1,031,4Cg 500,C((J The Charitajle Company recei¥Ed an ur6ecured k)an of £gXi,O(Ki from DiStrt CouncA in 2020121. The kian was issued at an inlefest rate of 2.75% shall accrue daity frDm tr draw do of the . The first payment of interest shall tE made Lt tmtsiness day of March 2023. In the year the Charitable CoMpY seujred a Coronavirus Busiress InteupIl Loan of £650,()0 repayab over 5 years. Inlefesl is charged at 7.0%. Social Investment Bu%ness FM Mited FKdd a ffixed tharpè aKI a ftjabng charge coveriThJ all the propety or uThJertaking ofthe charitab Company. 18. LOANS An analysis of the rnaurity of h)ans is gIn 31.3.22 31.3.21 Amounts falling due mithin tTh yearon dem. Other loans 118,591 Amounts falling one and year5.. Other loans- 1-2 yea 169,416 Amounts falling belPen arbj fr* yeats: otr loans- 2-5 361.993 500.000 PJ3e 37 Continued...
WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS. continued FOR THE YEAR EMDED 31 MARCH 2022 18. LOANS. contlnued 31.3.22 31.3.21 Afflounts falling in than years.. Repayabk (rthernise than by instsknents.. Other bans mfft 5yrs non.ir ).000 19. LEASING AGREEMENTS Mininum lease payThts urrfjer nOn4dab operatiry fall due as fcllovts: 31.3.22 31.3.21 Within ce year Ben one and five years 115,085 8,016 126.332 109.502 123,101 235,834 MOVEMENf IN FUNDS Transler5 en fuThls nKJvement in funts Al 31.3.22 At 1.4.21 Unrestricted funds General fund FRS 102 PensK4) MjusknEnt Un.restrKted .703 418.644 162.664 672,011 2,117.C(Ki 1,397,000 20,0001 {2.026.2971 1.815,644 162,664 147,9891 Restricted funds Anaent History Centre Big Lottery Newhaven Fort REry T&kiing Inequalities FurKI Summer Events Prc¥3ramrne National Leisu Recoveraknlty FuThJ 31,429 92,613 818.522 5.000 8,500 13.4611 {92,613) 26,770 15.OlXII I8,5) 27,968 {162,664) 682,628 710,596 TOTAL FUNDS 833.5911 1,496,198 662,607 PaJe 38 conlinl...
NYAVE ACTIVE UMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 IAARCH 2022 hlOVEMENT IN FUNDS- contlnued Net mverrnl in fvThJs. I1(Jed in alx)NE are as fdk. Incoming Resources Gains arvj lknvement in funds Unrestrfcted funds General fund FRS 102 Pension Adjustrnenl Un.reslriGte(I 4,953,9&fj 14,535.342) 418,644 1.665,000 1,397,000 4.953.986 {4,803,3421 1,665,000 1,815,644 Restricted funds Ancient History Centre Lottery Nevthaven Fort Recovery Job Retenli)n Scheme Tackling InequaleS Furxl Summei Events PrcJramrne NatKsnal Leisure Recoveratxlty Fund (3.461) 192.613} 26,770 {,053} {10.CQ)I 18.5fyJl 251,2411 {3.461) 192.6131 26,770 {5.000) {8,500} 236,642} 14.599 225,652 545,098 319.4461 TOTAL FUNDS 5.179.638 1.665.000 1496.198 Page 39 cfjntinued...
WAVE ACTIVE LIMITED NOTES TO THE FINANCiAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2022 MOVEMENT IN FUNDS. ¢ontinued Comparatives for movement in funds Net K*ent in lurNJs Transfets between funds At 31.3.21 Al 1.4.20 Unrestricted funds General fijnd Insuran & Risk thagement Informabon ThrlogY Buildings, Plant & Equpmpnt Community Furnj Development Fund FRS 102 Penson Adjustment un-tried 314,866 10,1))J 67,250 236.819 3.000 538,143 {987,686) 763,523 {10,0001 {67,2501 1236.8191 {3,0001 1538,1431 90,703 2.117,Cth) 441.078 12.375,686) {91,689) 12,026,297) Restricted funds Ancient History Centre Big Lottery Nevthaven Fort ReCory Tackling Inequailies Fu1 Summer Events Projramme National Leisure Recoverabilty FUNI 17.857} 92,613 726,833 31.429 92,613 818,522 91,689 236.fA2 236,642 39.286 1,(1,731 91,689 1192,706 TOTAL FUNDS 480.364 1.313.955) 833.591} PaJe 40 continugj...
WAVE ACTNE LIMITED IIOTES TO THE FINANCIAL STATEMENTS. contlnued FOR THE YEAR ENDED 31 MARCH 2022 MOVEMENT IN FUNDS. contlnued Comp*'ve rEt rrKJbEmenl in fvnds, Iuded in the atrfm Je as fdkm.. IncomirvJ Resources rurteS exFeThled Gains ar Movernent in funds Unrestricted funds General fvnd FRS 102 PensN)n Adjustrnenl Un-restricted 1.744,545 {2,732,231) 1987.6861 1.744.545 12,932,231) 11,188,otKI) {2,375,686) Restricted funds Ancient History Centre Big Lottery Newhaven Fort RVery Job Relentn Scheme TklIng Iwualths FuThl Sumrntr Events Prr>Jramme Adu Sc¢ial Care Infection Control FuThJ National Leisure Recoverability Fund 17.85n 17,8571 92,613 726,833 92.613 850.OTrJ 1.878.882 1123,1671 11,878,882) 5,000 8,500 (9,9601 236.642 236.642 3,081.597 2,019,866 1,(61,731 TOTAL FUNDS 1,188,CQO) 1,313.955) Ancient History Centre Charity ha5 received luThJirvJ of £55.OCQ via East &tssex County CourKil to trartsfom a relatively tired existing eXhI.tion in one of the casemates, into a new exhibthnlleamiThJ resource. This space now tells the story of how Newhaven arKI surroundiro areas re inhated during prE-Thn tiThEs, and Offe events prcgram5 to the pull. The tull fuThling of £55.CMXI treen capitalisgj in 2017118 arwj written dovm over the reMnIr0 perK)J ofthe lease. Heritage Cultural Recovery Fund Awarded by the tkpartrnenl of Digltal. Culiurdl. Media arny SM ajministered by the Heril&Je Lottery Fund. A total of £850,000 was awarfed SFecrfKally for Newhaven Fort lo enable il to laUrth in spring 2021. Overall purpose of the grant was to create an on-srte wsitor expewice whrh COrnFI G)vemnl COVID-19 safe w(xking protS. Exhibibon Sp were tEviewed, adapted aThJ renewed akng with tketing. tea room a shop to enable xoal distswThJ. The use of ,rtU, and 'duital' teGhnokJgy was applied to imwove the visitc exFerience tolh off and site. grdnl was d&med to of a $b)cVe captsi nature with £766k beiro treated as Fixed Asset addthns y1 the maff)rity of the Snd in Z)r21 relab'ng to physical buikling works and interaclve audio wsual di%ayS Durir@ ts yeareThknJ 31 March 2022, the was expenditure of £28,532 {2021.' £123.167) leaving a restiicled fund balae 01 £682,62612021". £818,522). PaJe41 conts'nued...
WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS. continued FOR THE YEAR ENDED 31 MARCH 2022 20. MOVEMENT IN FUNDS. continued Big Lottery The Charity has tren awarded a grdnt of £264.&J3 BNJ Lottery RethiTh3 Communities Fu] towards staffirKJ, administr'on and accQNnnK#Jati ovetsads for the 'Nevthaven Ve Life Pro to te at Shakeswre Hall, Newhaven. The proFct involves inueasitYJ phYsal health 8ThJ wellbeing. pathipating in healthy eab'r@ aThJ improwng ttE empk)yab'lty of Yjn9 people in the mewhn aa over a five year Feriod. The five year project com1 in SeptemtEr 2015 and inc(Mne arKI e4Enditure included in the 2020121 accounts amounted to of £nil (2021: £92,613) a1 expendiiurE of £92,613 {2021'. £rill, this has left restricted balarte of £nil at 31 Marth 2022. Tackllng Inequalities Fund Grant was awarded in the year erllled 31 March 2021. JnIv the yeJ erKled 31 Marth 2022 income loiaied £5,000 {2021'. £5,¢XQl aTrJ expervjilwe totJ £10,OCrt) a nil baLr in the furKI at tke 31 March 2022. Summer Events Programme Grdnt was awarded in the ye¥ endeil 31 March 2021. rirj the year erbjed 31 March 2022 income totalled £nil 12021.. £5,000) and extEThliture tolalkd £5.C(l) ang a nil balance in the fuTrJ al IfE 31 Mah 2022. National Leisure Recovery Fund The fund was made avalat4e to Sukwrt ts dfftrerKe betrAEen a1 extendrture for period 1 December 2020 10 31 March 2021 thal enables IsUre faulitEs to reoFÉn. or pattally reopen. During the year ended 31 March 2022, £14,599 (2021.. £236.6421 was rtteived and was used against re0nIng lated sFend in Ihe year ended 31 March 2022 of £251.241. as aibEd by an affeMent lo the grant c(dItionS when a further nationa Icckdown was intrle<l. Transfers belween fvnds A tsansfer of £107.365 is fr restrthd luThJs to uwestncled fijIS during the year. The transfer ielates to grant income that was incwecuy recogntsed ithin the 31 March 2021 financk4 Statnts. The error was wnrnalerial and rdales lo the Ne%thaven Fort Recobery 21. EMPLOYEE BENEFIT OBUGATIONS The company 0rateS a defined tserÉfit scheme in the UK. The pertsion ¢))sl and provision for the year are based on the advice of a pnfessK)nally qualffjd xtuary the rrw)st recent full &arial valuatDn is dated 31 March 2019. A roll forward apprOh which proj results from the latsst fvll acluanal vaualion performed al 31 March 2019 has teen by the tUary in v4uirvJ pens Irabilrty al 31 MarGh 2022. Any differencs tet*een the figures derived from the roll fOrard apwoth a fvll xbjwial valuation impact on the carryirg amount ofttE pens Iia.1ty. Page 42 continued...
WAVE ACTNE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2022 21. EMPLOYEE BENEFIT OBLIGATIONS. Gontinued The amounts recogniwj in ts Statement of Fr1 1theS are as blk)ws: tkfined benefft pension plans 31.3.22 31.3.21 Current seTrice cost Nel interest from t defined benefft as5etlliabilty Past seNice cost 218,000 161,000 44.000 17.000 25,000 262,OLIJ 203,000 Actul retum on plan awts 204.0) 191,000 Changes in present value of the defird benefft OtA[ga arE a5 folk).. Defingj berfil pensK)n plar 31.3.22 31.3,21 Openir@ deffid befft oblig& CUrn1 Se cost Past service $1 Conknbutions by SCTr pathpants Inlerestcost Benefits paid ReMeaSuments'. Actuaria Igains}knses from tharvJes in demoJraphic assumpts'ons Actuaria IgairEllh)sses from tharwJes Hi financial assumpipjns Oblig crther TenSU[ement 12.133.CQO 218,C0 g,C62.000 161,000 25,000 37.000 208,000 (127.000) 40.000 248.tKJo {121,¢YXI) 1147,000} (744,000) 25.fJxJ 3,020,000 106.0001 11.799.Cl(J 12.133.frJO Pe 43 c0ntinl...
WAVE ACTI1 LIMITED NOTES TO THE FINANCIAL STATEMEKfs- continued FOR THE YEAR ENDED 31 MARCH 2022 21. EMPLOYEE BENEFrr OBUGATIONS- continued Charoes in the fairvalt of sdme assets ap as [dk7•' Defined benefft FenS)n plan5 31.3.22 31.3.21 oFenN fair value Of$dle assets Conlributscfis by employer Contributions by scheme pa1pants Expected relum Benefits paid Assets m descr Relum on plan assets lexcludrg intsrest incoThEI 10,016,1)Xl 8.333,000 13,000 37,000 191.000 (127,0001 110,0001 40,(X)O 204.OCKJ {121.C4JOI {6,LOI 946,C 1,579,000 11,079,¢X 10,016,C4JO amounts reco3nisgJ in thr rwnised gaN)s athl bsses are as fr)kn.. Defined benefit pensKfi plar 31.3.22 31.3.21 Actvarial Igansllkjsses from changes demc>Jraphic assumptions Actuanal Igains}Ik)sses frn dwiges #i financial assumpiv)ns OblKJ Other remeasurenEnt Relum on plan assets lexdLwJirKJ inte irK¢ynel 147.000 744,000 {25.CO)) 13,020,000} 106,000 946,000 1,579,000 1.665,C(X) 1188.0001 The categoiies of SctrTre assets &$ a petcent¥ oftotJ xlEme assets e as folbws.. Oeffined benefit pens¥ plans 31.3.22 31.3.21 74% 75% 16% 15% 8% Equibes BoThJ5 Propety Cash P4e 44 continued...
IYAVE ACllVE LIMrrED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2022 21. EMPLOYEE BENEFIT 08UGATIONS- continued Principa acluwial assumpborks at Bae Sheetdate {expssed as MEuhted averaJesl'. 31.3.22 2.60% 3.15% 3.15% 31.3.21 2.05% 2.85% 2.85% 'scount r Future salary irmase5 Future penwon irKreases Amunts forthe curTent and pYevKW four peiKMts arp a5 fdkyhs.. 2022 2021 2020 2019 2018 Defined benefrt penslon pla Defined benefit obligation Fair value of scheme assets (Deficitlsurpl 111,799,CQO) {l2,133,lI 19,C62,c(M)1 111.146.C(Ql 19.659,0001 11,079,000 10.016,000 8,333.(0) 9.161.oc(1 8.532,DJO 1720.C¥)O) {2.117.OlJ)1 (729,ofxll {1,985,COJI 11,127,000) Lewes Oistrict Covnol has given a uTrJertakirg guaranteeN¥J that rf any are due and owirNJ to the pen$ffl scheme by tr Chanty pursuant to the terns of the pen&on almi5sions agreement tetween the Charity a1 Lewes ThslrKt Couwl dated 31 March 2006. that Les District CcHJil wll make gc(yJ any deficit in the event of the Ih]uidation or Ynding up of the charitabk company. As this iThJemnity represents a contingent asset it has not been reflected in the financial statenEnts. Sensitivity kntysis Changes In assumptlons at 31 Mwch 2022 Approx % Increase to Employer Liabilty Appmximate Monetary Amount (£OOOI 0.1% decrease in Real DiSCjnI Rale 0.1% increase in Salary Irmase Rale 0.1% increase in the Perlon Increase Rate 2.56% 0.13% 302,000 15,000 278,000 RELATED PARTY DISCLOSURES The Chanty has a cke relaIh1p V&ilh Le$ tlislrict cou. Powever it is t CorIdered lo te a related party due to the conlrc4 criteria not teiThJ mel A Trustee. Mike Piice, h&J a fami nectn wlth an errpknyee at Wave Active Liniled. Tr* employee employment in 2020r21 and tlwefrye there is Th) dithure for 2021r22.' 31.3.22 31.3.21 J Pe SaLgry 18,576 Paje 45 continued...
WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMEpifs. continued FOR THE YEAR ENDED 31 MARCH 2022 23, ULTIMATE CONTROLLING PARTY There is rL) U.Mats rx)ntrdliThJ paty. The Board of Tn aKI Ihe manajewl kam are reSpible for the strategic aNI operatwal d&isions ofthe charity. Paje 46