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 #130 Il£Cabe Ford Williams ststtrtoryAudilor5 and Chartered Accountsnts Bank Chamters 1 Central AbEnue &th'ngLxJJme Kent ME10 4AE WAVE ACTIVE UMITED cOP￿E￿rS 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 2￿6, 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 R6￿MmeThjed Prthe appI[cab￿ lo chatities prepaiing their accounts in accordance with the Fin￿1￿ StsNlard appI￿￿e 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 v*mra￿lUrn ofAssC￿knn 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￿￿, s￿h facditss prov*Jed to the putslic at large save that special facililyds maybe te prDvided for Fer￿nS who. by Virt￿ of their y￿, a3e, infirnty. disability. poverty or S￿la1 or econornic circumstsnces may have need lor speoal serKe5. - To promte communty participatKin in ￿atthY recreat￿￿. - To ajva￿e the edLrAlw of the gerwal publ￿ on ￿nefits of ￿ti￿r Irfesty￿, arml in particular value of physical acliwty young peop￿. . Any olhercharilable activty tener￿1￿ to cts1￿￿rtY c(x)S￿lent with the alym ctiethes. p￿e1 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 ger*d 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 ￿tiVit￿S. In parbuJl¥. the Tr￿ CLYLSKler how ￿an￿1 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 Le*ES District area of East Sussex. For exam*. eknEnts of wjth, aligned to ob￿$ core t*js1r￿ &b*￿t*S are c4)NJLthd in Eastb¢)ume. The Charity probides T￿reat¢{Ma servw at folk￿lr￿j faililies: . c￿n$ Leisure Centre, Seaford - Le¥￿S Leisure Centre, Le¥￿S . Peacehaven Leisure Centre, Pe&ehaven . Seahaven Swim and Fitness Centre. Ne*ts4 - Seaford Head Svamming Pcol - Ringmer Swimming Pool IternF￿th. y dosed) - Shakespeare Hall, NewhabEn - Newhaven Fort, Newhaven . East Grinste&l Sports Club, East Grinsleaj (to 31st t￿r￿n￿r 2022} - Hampden Pa￿ SForts Centre, Eastt#Jume - Easlbourr£ Spjrts Park - Shinewater Sp)rts Centre, Eastr￿urne - 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. s*imrning pcoLs, SFxJts halls, crtttdcor areas. squash courts. soft play and meeting rooms al various kKabons. A Va￿ p￿rarn￿￿ of holijay SLhen* ￿￿'￿treS atNJ sp￿la1 events are also provided. The Charity contnlyJies lo the heath aryj *Ellbeiro of txjpukt￿n aThJ an annual sevies of targets with the thal authonty that demonstrales ils T￿h e￿'VenesS. The Charity offers a w*Je range of nwter5hip cptsyis aThJ aso allo￿ C￿rners to use the kilrt*s on a pay and play basis. There are swal (Ji8counted rnefflbethips av&l*dè SFttlf￿￿tytrl￿i)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 tra￿110n 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 a￿j Ihal lockdovm remained in place until 25th July 2020 at whth FKJint leisure centres could ￿-open but if strKt health and safety measures, ir￿luding soch4 distar£irvJ imF4emerrted aThl manlaifftj. As the year prD3TeSs￿ the Chanty was subjected to fijrther peri)Js of thkdown. the SecOr￿ commencirvj 4th Novern￿r 2020, r&oFening on 3rd December 2020 and the third starttng 24th DecemLw 2020. reffeni￿J lor uJtsJ(xrf ￿tl￿be5 ￿ 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 att￿gh significant grant of £850,OLIJ trom DCMS, diStn'l￿ted via ts Hentsge Lottery Furvj, was mrded, il was agreed that the Fort VaDuld remain dosed unlil 5F￿￿j 2021. Skyh*Jh 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, redUnd￿S would te rquitEd to tepttl the new 8nd stnLture of opefalions. The restr￿lure cut ￿)sS every deparlmenl, sUpF0￿rVj key obl￿￿Ve to TedLtt the financial burden, protect cash whilst m8year finatKid mcrfjel illustrating Ferfornarr£ from a t•)sitTh of £1.4 Milli￿ kjss in 2020121 to a projected £48.(DJ SUTFdus by ofthe 2022r23 finarKia year based ¢￿.. 2020121 'Reslarf slripped nYJJel on re-openirwJ 25th July 2020. 2021122 'Rebuild' bas&1 on 50% of we IC¢kdO￿ rth4nembership ino)nE. 2022123 'Recoveff relum lo 2020r21 pre kxk-down [K￿-￿t£￿hiP ￿tivIty. Unfortunalety, due to fvrther hxkdovms the timeline asscrAted With the ¥¥WE un&hieVab￿. However, the targets rerrine(i. albeit revEe(i tsmeline. Figure1 highl*3hts the assLrnPtion5 used to prewe the aTKI the x*Jal ttrformartt wthieved.. ure1 Income Assum tion emtership Direct Debrt colknts'l￿ commerring August 020. ember5hip retum assumed al 55% 01 pre-thk41own le risin month to the end ofthe financi Income Perfomiance Achieved Membership LI[￿t E*t¥'l ￿11￿￿0￿$ lully resumed in June 2021 mber5hip retur￿ al 64% of pr￿k￿k-dOwn rate and Jse lo 85% at the etKI of ts financial ear BookabÈ swm sesshJn5 commerttd Septemt*r 2020 arMI Swm s¢￿XI dirKtdebts resumed Ctlotser 2020. wim aGb'vilies relu￿1 WAVE ACTNE LIP￿D REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 STRATEGIC REPORT. continued Achievefflent and perfomiance- continued ure 1- ojnb'nu im cc41ec*ons reSU￿d 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￿ re￿rn 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. ar*J 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 em￿￿OYee 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. aria￿e 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 Sery￿e costs frryn Herth3e arbj ultufe Recove Grant rnt irdLKled. New operational i￿on￿ streams aThJ grdnis a￿drded for rovision of services exclLwJed on tqsi8 that Ir￿tr '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 ￿T￿mIS fcu5ed a three phased recovery.. Phase1; 'Bulldlng ConfNlen¢e" The ttr￿e of the Charitys appnwh to Trrnot4lisakn ￿ds 'BuhJiNJ Cwfyjerte. there is no doubt from survey results aThJ feedback that Custome￿ feli cOnf￿ent in the rneasu￿ imp*mented by the team. In addit￿n, on the b￿k of appropriate training, it was clear that ￿ staff *we confident at*Jut tM)rkirvJ aThl xhievin9 vhthin a SOCA distanced environrnenl abro ￿th under5tandiro the ba￿1￿5 to part1upati￿ for ￿￿MberS aThJ Cust0Th￿[s. As a perioj of time. phase I wowded the cfwrtunty to Icrf)k to the ft￿re. attempt to understsTrJ challenges wthin a changed land￿pe. feflect on cha(ita￿e ￿'ectives, ensure ￿ Chantys PurFose VL8ion ￿mained relevant and lo ensure that required char¥Jes ¥￿￿ eM￿d in ¢yder to gNe ts opb'mal chance of SUT¥l￿ng tt* short tern, Ixrt also thriving in long Nn. GNen the cirCumst￿Ces. 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 thrt￿JngJ foC￿d thifae5. It was antiapaled the 'BuikJI￿j CMffiderte' tr*me contirMR until of the 2020r21 finawal year at wh￿h Foint it vras estimated that 71% of G￿￿. Swim a￿j Claws ffleMbe￿ 57% of swim ffembw5 woubJ be financially engJJed provKiing a r*w fouTrJatw trJ Phase 2-'Build Back Better. Unfortunatety. due to fvrt￿r 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)en￿Ij, altrwh a s1Jnif￿an1 nwnt*r of pre-covij cUSton￿lS 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 COnd￿On 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 perf0m￿nCe- contlnued Phase 2; "Build Back Bettef, 31st March 2021 brought to an the original contrxtual arrangement bet￿ fv Chartty and Le*$ DIs￿t Council. However, despite the chalkrying urtumstances the Charity was able to S(￿ceSSfij1IY nepts'ate a new 10-year aJreement with Le*Ès DstrKt CourK41 erKliThJ 2031 ￿1th the ￿tential fi)r a fijrttr￿r 5 year extension. In &JditDn, to support with the imn*dth financia pressure. Le￿ ￿ C(Nj￿1 pro¥*led a k)an of £5CQ.000 to ease cash fflow pressures. th a new 1(>year agreeffenl with Le￿￿5 DislrKt in *e the Charity was ab￿ to Implen￿￿t ts '8uibJ Ba Betterf Strategy whKh f￿u￿1 on th￿e 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 I￿lL￿31r9 redLKed OFening hours and reduced staff head count. However, '8uild Back 8ettert was not just atrtjrt ￿U¢1￿j count but aso rtrfttusKQ C￿t lo maximise retum. For example, outsourryro Ma￿ets.ng and CcffirnunKab'ons (Marcommsl io a thal extemal pro￿￿er 'Cobb PR and Marketing. who also prDvide Marketing arnj commUn￿al0n 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$s￿￿j cost red￿ti￿, ka1ir¥J to ts lntrrAlucl￿ of a w rr*mber of the intemal Matkelirg Team. Whilst the rebuilding process ￿ntinueS. ttE S￿￿bj￿ of the Charity has remained Stab￿ and settled for over SIX months. in part due to the introdUct￿Jn of a new Sen￿r 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 supp*Ntry gtes staff, add￿SIng key issues qu￿klY wlylst driving perform￿ aThd mainta￿1￿j 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 #￿udir￿J'. ite 21u ove Gym to In(k*)r Play Dino's eNenue Generalni CustorrÉr sf￿l10n venue Generati)n C￿t(Thr tkn¥rts Leisure Centre wns Leisure Centre furtxshrr￿n1 ofsrte nS￿n 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 C￿St0 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 vtsilorexFer*r rough a Ser￿ of roFcts linked to... H&illh, fety ar*J 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* invests￿1 cw)thnit*s algned kn the C￿ty'S PurFose, Vistyjn Charitab* Obi￿ti.￿S as tFy aw. 3. Community Health The Chanty has t￿n at the ￿art of communty wth snce 2006 and welkeslablisw ar)J re¥ected pa￿[Shi[ th several Public Health Partners i1￿L¥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 w￿1 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 rem￿d commiimenl to expand the range of health c0ThJit￿ned partnet5hips aThJ aCti￿ty sessiMs have tttn fom*d aThJ implemented. For example, the intruluction ofts'M* a Kkne. Pro￿ ir￿r￿￿ratiThJ 'lltheNkKe" sess#)ns. "Make a ￿Ve. ams to improve tr* l*alth and Ite charKes of adults and has three primary objectives.. 1. Aijuifs physical and mental l*alth *ill t* inyoved tlwh ￿e$S1￿j a range of Fcentric fc¢ussed heahh1*El1￿1Thj tivtttes. 2. Adult's phyyca and menta health wll Improb￿ axessiru heamh CoThJi￿n grrmjp &tivty sessions. 3. Adulfs ertK)thonal *ElItBrvJ te imkyoved by atternliry i￿lUS￿R within c(rfnrnunity setting5 aTr green sp&es. In additK)n lo specific health condthon sessijns. e.g.. cardix. stroke and cancer ￿ab seSS￿n. new multi health condition.based SessiC￿ haNe been intrr>Juced across the Chanty suFpyb'tvJ t￿￿e Ir￿t in rEed of phys￿al 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 SeSsi￿S are beitYJ w)vthJ. SUPFthrvJ have been most affected by the phys1￿1. mental and emot#)nl IM￿ of the Co¥v&19 Finally, a th￿e-￿tiDIn1 propctsal has ￿en presented to Le*Es th'strKt COU￿11 whrh. rfapproved w)uld briThJ about the fomialion of a new Heaith Hub in Nevthaven To*m Centre comtmning GP and ot￿r Primary Health Care Services with ISU￿ centre f￿1[ItieS and actiwties. The Heatth Hub *ill te a key fctus thrO[￿h the 2022123 financial year. hoFefulty compleb'ng an(i Oper￿r￿j at sonE in 2024. Recovery Timeline As presented, through ts impkff£nts￿n of ts ChaWs'Buikl Belteff Straty, the aim remairs lo rebuild back lo the 2021 Pre-1￿kdoWn budget by March 2023, stabilise and repay CBILS ban ￿e￿n by 2026 and 2030 and settle any local counul h)ans thereafter. of 31 DeC￿ts 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 perf0M￿nce- continued Fundraising actNities The Trustees are resForfjible ts ensurrKJ that the chty operales within a resp*Mibk, Sustainab￿ finarKral framewo aThJ th81 it has adequate resouJces lo cary Tts rok in ed￿ty'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)nst￿ing ts Fwcei¥ed imwtw of fUnd￿￿j to the organis*'on, and demonstralirrfJ tsir leadw5hip in this a￿a. In carrying tyjt fuThJrdiSiThJ. the chth aJlEres to the fc4kThirg stathrils: T1￿ T￿￿teeS wll have regard to the Chanty c￿n￿L$s￿)n'S ￿￿IK￿lon.CharitY F￿￿rdiS1￿J, {CC20). Fur*JraI￿ng ￿tiV￿e5 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-d￿pkn¥e. AJI monies fdised via fundrnNro *iitytEs wll be kjr ts slated purFKtse of ts apFel will comly v*th charitls staled mission Wfwse. The charity will comply wth GDPR Legi51ats)n in relation to all pEt50nal data thL￿d. Nobc¢Jy direcdy or iThJiredy empbyed by or w￿unteeri￿ lor ts charity shall ￿ept commissions, Ix)nuses or payments for fuThJraising acts'viti'es. No general solicitsl￿rfj shall ￿ undertaken by te￿I￿Th ord￿r-ttsd(4￿. Fundraising &tivthes shoukl ￿1 te urnjertaken rf they may te detrimental to the go￿1 n&ne or community Standing ol the chanty. All Trustees, casual, pernanent and contr* staff aThl bDlunteers are res￿sILle for adhtting lo these F￿dUreS. Fundraising &tiwtses shoukj not uThlertaken rf they ￿111 extx)se ts chanty to srjnrf￿n1 financial risk. Complaints wll k deatt with in Clwtty Commisshx6 guhje CC20. Financial miew Financlal Position The Charity has teen wjrking to an updated serY￿e 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. Ir￿mIng resources excetsjed e￿￿ed 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 imp*ed 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 eXp￿IllU[e in 2021r22. tKincipal ir￿rn￿ 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* BOr0￿h Courril, pint w arrdngerrMts, membership fees, swimming and other hèamh and fib￿sS 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 OperalK￿al exFenditure being ernpbyee o%ts of wh￿h £206,05312021'. £1,878.8821 *Ere covered by the CO￿a¥Ints JL*J 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 memo￿Jum a￿1 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, S￿￿tieS or prrwty as may be Ihoughl fiL The Charity ha￿ng rEgards lo the liquNJty requIren￿ts of cferab'rwJ the cent￿S 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 TTh￿t sothJht to maxiriw interest eamirvJ p)tentia by in¥esb'ro £601,000 of available funds th the Nat￿WIde Bu￿dIr9 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 s￿h terns and CoThJit￿￿ and cfi s￿h security as may be tlwhl fiL During ihe year to 31 March 2021 Charity a kian of £5C¥J.L￿O from Le*es DislrKt CoutKil lo provmje V￿rkIng Ca￿tal 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 w0￿1r¥J a￿ts1 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 ￿Umula￿l a fa￿Urab￿ 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 fina￿la1 reserves that will protect the Charilaile Company from the Kwibility of any adverse unforeseen Circumst￿ceS. These Ir￿lude a number of sFecific iisks thal have t￿n Klents'f￿ in the Charitsble Companls R Register. The key fjnancial risk is ￿ to cash, is dete￿1￿ 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 reqUiren￿nI for any Usea)￿ reser￿, i.e. tFThe unrestrKted funds I￿t invested in tangible fixgj assets. designated lor specift purpjses or othemise commth. In definirKJ resefves polKy Truslees have een rniThJful ofthe requ1￿m￿ts 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 Ma￿h 2021 the Designated Funds totslling £763,523 were rekased into the Ge￿ra Fund leawng a tjtal of £90,703 in Unrestrict& Funds brought foNtsfd 1st April 2021 {refer Note 20}. Tr Trustees wll tewew realbxation of I￿￿lS 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 a￿1 repay in fvll the CBILS loan l￿fer 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 wh￿h a5 of31 ma￿ 2020 for 3 years wll te Fer an I￿rKIent 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 tr￿sfer of the ￿Thrys￿)n of IEalth aTrJ *isure ￿tit￿lIeS 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 cOntr￿t %￿th East Grinsleaj Strjrts C￿b terninates as of 31 Dece￿)er 2022. On the 28th Noyemter 2022, the Trustees 4wroved a ￿n￿1￿j 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 comMe￿ed tradirq on 1 Wil 20C6. Charity paswj a special resolulion cfi 10 January 2C(6 cha￿JIng ts na￿ frun Le*ES DistrKt Lei%ure Tr￿t Limrted to Wave Aclibe Limrted. The Charity was esIaEAig￿d under a V*mordr¥Jum of As9x￿1￿m wlxh estsblIs￿ ￿ Obj￿ arNJ Frf)wers of th8 Charitable Company aThJ is gover1￿d 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 Ch￿f Executive Officer Trustee (rfdelemiined by the Charity) - No less than ft￿r or than nine other IldN￿ua5 app)irttd as CcThmunty Trustees. In exercising thwr Fo*Ers to nominate, aptKrf'nl, reapp)in( ew * aFprove dism￿ Trustees. t￿th the members and Trustees shall to ensure that the Boarf ts rekwntative of t1￿ with an interest in the facilities and serV￿eS 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 C￿￿11 to seThE for SLKh Feriod ol office as shdl L confirmed by Le￿￿$ Di5titt Couwl. On the b&k of Employee Trustee a￿1 CEO Trustee re5vJniTh3, Tr Chanty detemiined tha replwments not be app￿nts￿. At ts fitst Annual Generdl M￿ting after the Charity has C(MMerK￿j 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 ch0￿e tE￿￿n any equal service being made by drawirvj bts. No Twslee shall se￿e 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 app01ntsn￿t 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 A￿l￿￿eS of L&8(rtatK)n, the b)ard ￿￿tir￿J$ 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 I￿￿11r￿j 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 tr￿nIng in *islab'on aThJ re¥onsilylths of Tn Extemal Iranir¥J is arraryl thffjugh He￿ of Pec* and Culiure. c￿r$e$ relev￿1 likety lo te of iiteresl to Tnjslees in enha￿Ing their own ￿rforn￿￿e ￿ kno*ledge 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 A￿dit, (>Jvemarte arKI Health aThJ Saw n*el tegukrty. On a btennial tA&s. Trust*s att￿￿1 a Strateg￿ day to Ferfomwce. ￿ aS￿S market condit￿nS 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 tr*gy, Fina￿la1 Man¥menl, uditing. Infomat￿n Technckgy, Sxial re Seryb trategy, FinarKial Mana3efflent, ccountarty. Treasury Management vemarKe. Training & Devebpment inancial Man￿eMent A£c￿ntanCY, anking. Treawry na3eftRnLInsura￿e. PertsKK trategy, Finawal Mana3efflent, ational ￿¥eMing Bol￿s, Fka1t1￿ar￿ eNtts. &xiaVCare Sery￿S orkn'ng thal AuthontEs undraisiThJ. Strategy, Cornmunty latsons Govemarte Phil Clarke Male Mike Pite tired Saks & Ge￿ra lan Wisnievtski Male Kevin Ellis vate Tr12ths Tutor Male Marcel Miler reasurer Male ric lQ'hLstrom (Chair) Ilr Laurence (Yconnor hal￿ar￿rustee pl for Work & Pensw abinel V£mber fc uslomets & Communit*s Ma Ilr Johnn t*nis 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 t*emter 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 n￿tir@ 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 nd￿l￿g the AGM although addit￿nal 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 A￿j11 ub Grou Boanl and in Fl&e emis of Refere￿£ ajreed IKI in p￿e e￿S of RefereTr2 aJregJ l in pl&e enns of Re[e[er￿e 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[￿ I￿1¢￿ the c￿)rt￿￿ fix the Chw of e&h Sub G￿up to rerth on their Y￿rk 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-tt￿tinUed inance & dit Sub ealth & Sub Full Board incl AGM overnance b Grou Name Ilr Laurer￿e O'connor cl1f￿hnnY 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 incI￿leS a comprehensive re￿eW of the Govemance affangemenls of the Charity. As well as K1entfy￿g 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 t*VekJpn￿I Tean n*s on a wular basis and K8 made up of.. - Chtef EX￿Ul1Ve Offi - Head of Finance arKi Resources . Head ofCIKnmercial De¥elwmenl - Head of Peop￿ and Cultu - Head of Matheling and Stskehokjer ErvJageTh￿L - Heaj of ProFety, Qualty and Compliance. The Business Developrnenl Team is SUPFQrt&Y by Area ma￿e￿. a Sile Manager. Aquatics Devdopment Ccordinator. Memter5hip sa￿ aTrJ Relent￿n 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)nsh￿i with Le¥*s Distrrt Ccml￿I. 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 DiSt￿t securing the long iem) pthrship to 2031. The eXtenSp￿ is Th)t supwffied with a servre fee. Pay Policy for Senior Staff The D1￿Clot5 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. C*tsils ol Twstee expenses and related party transaCt￿S a￿ disck*gJ in r￿te$ 9 th 22 to the ￿urts. ￿ pay for senvjr *aff is re￿e¥￿ amually and nomially infftased in aCcOrda￿e Vlilh the Corwmer Pr￿e 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￿$1)n will be &h*ved thrc44h recognisirKJ the value of every individua. The Charity aims to create ￿ en¥inMmenl thal resrrtts tr* di¥er5ty of staff and custorner5 aThJ enables them to achieve their FersLMal goats, ca)ntiibule fulty. atvj derive maimum terEfft enjoyment (￿rn their rdatKfflship with Charity. The Ctr• reeJ)gnises a￿1 vaues ts dr￿sty of the c¢Jmmuntties ar¥J w￿ts to ensure thal all tt attributes, ta￿nts and skills availab￿ thrwJhout the ccrfnmunrty are recogntsed *knen emptynenl OFpJknnitie5 arise. The prirKiple is thatpbs slhjjld be filled by ItK)se best able to do thwn. The Charity takes every FoSsi￿e step to ensure that staff, Fxjtentia slaff, are all treated farty ar*J given equal opportunty and SUPF4Nt apprDpriate to their needs. emF4oyment decasions I￿VdIng tr￿Se on recnjthenl. sekntion, training and carEer de¥ebpn￿I. a￿ b&ed Job ￿lated objective criteria atwj Fersonal qualib'es. Al applicants will te provhled ¥Mth a full job description of the dub'es and resF(Mgtilthes.' and a person spwficab'on selb.ng out the essents'al requirenths in terms ofed￿, qualits￿, krMNknJge. perf￿marKe, cOM￿ten¢￿ perwnal qualilEs. Employee Involvwnent The Charity er￿U￿$ that employees a￿ treated equalty al wryk, xross all kvels aTrJ kral1)r￿. Tlis indLhJes makirMJ sure ty have the same opportUn￿eS for recoani￿n. revrdrtl a￿1 Careerdevelcgfflent. Diversty aThJ inclusion a￿ centra to trE bu￿ne$S to ertsu￿ ￿ntin￿d s￿Cess. 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 W￿1 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 man￿ement 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 e￿Ure employees are.. . Infomed about the business's stiu . Infomigj and consulted abwi empbymt Wowts. aThJ . Info￿ed and ￿￿J1￿1 atout decish)ns likety lo ￿aj l) sut6tanlial charvjes in knrrfk organisabon or rA)ntr￿tUal relations. vthKh may include redundancies and tranthr Some key prinoples of effectNe ccfflsuhation that we folbjw. A free exchange of ideas aThJ r￿wS affectirvJ the interests of the empkiyees and the organtsation. Commun￿ationS a￿ way Managemenl and Stsff Representatives will agree ¢)n is￿ thal wdl te the SUbi￿t of consultation Appropriate Inf0rnat￿ to be made Those parbapalirvJ their ffj￿S. 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 wh￿h 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 inf0m￿lty by senior management and fomialty wth the Trustees as part of assigned to the FinarKe A￿rt Sub Group and Govemance Sub Group subsequenuy reported to Board. The Chartty has devew a R￿k Registsr used to ￿enIty the primary rsks faced by the Charity. rtsk register ts regularfy ￿lie*ed and the initialibts to be taken to mitsgate those risks are agreed as part oftr* wuLgr business ofthe Boar(l. risks and uncertaintEs f￿ed by the Chwity ae iilErent *ith the rnan¥jeff￿t 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 lif*k JKI in pth'cul¥ the walue of ￿Ys￿al ￿tIvIty for young people, andkjr . Such otl*r 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 te￿S of n1￿1 to provide leisu￿ and ¢￿alK)nal ser¥ices tr) mfflunrtEs Incuffltyj bsses as a re9Jtt of n*quate 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 AUthc￿ty rs hKJhlighb￿￿ Chanty er1￿￿ a￿j Imp ontr&tual R￿k Intemal a￿111 ar￿ extemal audit ramme in pl￿. Dr￿uMented 5ses in place for all financial trols and prC￿SseS obust systems of intemal ar*J xlemal audits and tranirrtJ by eaali5t training p￿V￿￿erS and ird-paty adwsors wilhspec¢alBt no%￿edge of the sports and ￿lSUre OFerational Risk allu￿ to C￿pty with relevant regUlatiOr￿ and prCCedU￿. for xample heath safety. egulatory risk mpre￿Si¥e programme oftrainirKJ rovNJed across the business including n￿￿ assessrnenl needs, rnpetencychecks and systen￿ for ha￿our 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* i1￿orne ue lo Incre￿ COMFetst￿ or a in thls ofcustm ow we mana e the rlsk egular rev￿ of pr￿Ing agatnsl mpetitots. pite prornots'on ar*J mprehensive systems for customer feedb%k EcoThThic Risk Board Jvj Tr￿ EValua￿n In 2021122, trÈ GovemarKe Sub Group, of trustees, ￿ntInu&j to wew nwtter5 in line vitth the annual work plan which incI￿je$ 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 ope￿tiOn oftre Chty, ts Board has ddegated the resimxtsikn'lty of adminBtering the Charity to the Business Developrr£nl Team of six offKers. The B￿lnesS C*bEbFrfrent 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, Aqu*ics DeVelO￿ent Ccordinator, Wmbetship S*s arNJ RetentK)n Cwtdinator, SenKJr OFeRtions Manager, Group Exercise Coordinator, Sellior Fitness In51n￿t0r, ICT ManaJer aThJ Financia ￿tr￿￿r. Pay PcAicy for Senior Stsff The Directors comprise the Board of Dirthts. vtho are the Trusvs Trustees. and the Business t*velopmenl Te vthich comprise of the key Man&Jen￿nt rets￿re1 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 rK*tes 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 Bern￿1 IA. Prioe Mr M M￿jér A Wlstlew ClrL O'conn Mr E ￿tl￿trOM app.ojnied 8'D￿e_M.ber-zQ21'. Cgmp¥iy..$,eGreta￿: AuthtO( M¢Cth.FMi ￿JI￿an￿, R thatnb.er4.. . Sittlngbourft. Kenl. ME104AE. CHANGE.OF NAME. loW8vèAdlve Ild., ol the slaje ol?ffal￿.QI the"£harilaEk comparry OT the~.1￿111r9 I￿r£eS ￿ apFAicatth.oi Tesourcès, Includin9 ob5eNe the Mel￿)dS3ndprinapk ￿charitY's0RP , rnakejydgqn¢nl¥ and. e$lmales'"thaf a￿le89)nab￿a￿j w￿.n.￿. ffinartcl.al ¢f It￿ charilable. eomiwy?ri(I loellab￿ (Th￿19 pmire thal1he IlnaKial"slalp.ttÈ0ls.com￿Y.wth the"CtynpanEs kl ?￿6. Th¢y are *0 re¥rf)ri9bfe,k¥ saieguarrfiDg the a.yts ofthetharlable fthpany ￿d. trt¢nte IC¢la￿ng reasonab￿s[pE6 F*e*ntrtxI *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 fin￿k1 statenEnts of Wave Acti¥E ￿mrted (the 'charilable company) for the year erxled 31 March 2022 which comprise the Ststeth of FinarKia ACtr￿Des, Balar￿e Sl*eL Cash Flow Statement arnl notes to the financial stslements, incl(•Jiry a summary of ￿gnfficanI rnntityj F￿)1￿les. Tr financial ￿pOrts'ng framework that has been aP￿￿d in thar p￿pard￿On is appI￿ab￿ law and United ￿ngdoM Ac£ounling Sta￿lards {United K'jngdom Ge￿allY Accepted Acc(JJnb'rg Prthe), includirvj FmarKial Rwjiting Standard 102 'The Financial Reportwig Stsndard appI￿ab￿ in the UK arrfl Reput4tG of Irekrnl.. In our opinv)n the fina￿al 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, i1￿ludIng Finanoal Rewtrrg Slandard 102 Tr Financia Rerth'ThJ StaThJanl a￿￿ablE in tre UK and Republic of I￿and,. havè been rAepared in ￿¢0[la￿e *ith ts requir￿￿nts oftr* Companw l£t 20C6. Basis for opinion We conducted our a￿111 in arJ))rdarte *ilh Internati￿ StsThJards on Aud￿ng (UK) {ISls {UK)} and applicable law. Our respjnsibilities under those standa￿S are lurther descriW in Audrtors. reS[￿s1￿.1￿eS fc< the audrt of the financial stslements sectrjn of our rewrt. We are independent of the charita￿e company in accordance with the eth￿al requirements that are relevant to ￿T a￿lIt of the financk4 statemènts in the UK. i￿]uding the FRC'S Ethical Standard, and we have frjlfilled our other ethica resFonSitMl￿eS in xcorfarKe wth these requirements. We beleve that a￿￿1t evidetKe ￿ have obtsined is Suff￿￿1 aNJ aFvropnate lo provmje a bags for our￿n1¢)n. Conclusions relating to going concern In aUd￿Ing the financ¢al stalenEnts, we have Co￿1[mIed that ts trustees. use of ttÈ gciNJ ts)rKem basis of xcounting in the preparat￿n ol finar￿la1 slatenpnls is aF￿￿[￿ate. Based on the woth we have FerfomEd, V￿ have r*)t NJenttfEd any m*erial uncertainties ￿latir0 lo e￿nts or conditions that, indiwdually or collecbvety, may cast Sfv3nrf￿nI 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 S￿tionS of this tEpJrL Other Information The twslees are respmsible other Informat￿￿. Tre olher informthn ctynpr6es the infomwtion i￿1￿Jed in I Annual Report. other trt [￿ancrdl stat￿￿nts arKI our ReFXYt ofthe IndeFend￿l Auditors thereon. Our opinK)n on the finarKki1 stslefflents Tr)t cover the otlw Info￿Ation arhl. except to extent otherwAse expl￿ty slated in i)ur reF*NI, we do not exwess any fcth of assuraTr corwJu5ion tIHeon. In conrth hllh our a￿j11 of the financial SL7teTr￿nts. ¢wr restKJngbilrty is to reaj the other inforrnation and, in d(ing so. consider whether the other inforn￿bon is matsiialty I￿onsi$lent the fina￿la1 Statements or our krowledge obtained in the audit or othervmse appear5 to LE matetialty misstated. If we tdentify material inconsistencies or apparent matenal m1sstaten￿ts, we are required to dete￿nine *tsther thi5 gives w to a matenal misstatement in the financial statements themselves. If, based on the have Ferfom*d. we c¢Mclude that there ¢5 a material misslalemenl ol Ifus other informaknn, we are required to ieFQrt that I￿t. We have rK)thing to reFh)rt in Ihis regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based ￿ the undertaken in course of ts audrt.. the infomab'on given in the Retth of the Trustees for the finawal year for the finarKial staternents are prepa￿1 is consislenl with the financial statements,. a￿1 the ReF*Nt ofthe Tntstees has Lwn prepared in applh2ble18Jal Wulret￿ts. Pa3e 19 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WAVE ACTIVE LIMITED Matters ¢)n which we are required to report by exceoion In the light of knowledge uThJefStanding of ts charitsble company ar¥J ts environment obtsined in ts course of audit, have not Mkntifi8J material nisstaknts in ts Re[￿ oftre TnLStees. We have ThthrvJ to rem in tespect of the kJllo*iTrJ maters where the Cowies Act 2CTh requires us tr) report lo you rf, in our Opini￿.. adequate ￿0)Unting rec(¥ds habE ￿1 been keo retums thiu* br ￿T a￿lit have rnt teen recèived from brancF*s not vk%ited by l￿.. or the financial statements a￿ rn)t in a9reerne￿ with the axounb'ng records aNI relums.. or certan disclosures oftrjstees. remuneratKin S[￿r￿j by law ate not m*: have not received al inf0m￿ts.0n aThJ explanat￿￿$ we require br our a￿lit. Responsibilities of trustees As eX￿ained MO￿ fulty in Stalement of Tntslees, Re¥#xsits'lities. ￿ trustees (W￿ are akn the directors of the charit￿le 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 S￿h 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 p￿paring 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)r￿eM 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 a￿erna￿ve txrt to do so. Pè3e 20 REPO T OF THE lNDEPEN'DE￿f AUOlT.ORS TO THE MEA18ERS OF WAVE ACTIVE LIM I i Our.wponslbllltie$lorttse"aU￿.i1fthe finanGl415ts1ements c¢jeclives are'fo otrtain leas￿8b* aWFary'.about w.tdlJer th8 finwa sla"lemenis as a thole are free li¢¥r.. rDalerial m15s!aleffjenl. wheitiq'due iolrwj.. ￿.e[rOr, an(S.io bsue a RepNiDlthé lJxiependeDI Audilotslhal InclLNjes "OF¥nifi)". ' Réasonable assiir8rt& is a h￿h level oi ￿Ura￿ts" but Is Tr21 a:guaranlee that ￿ audit ¢o"Thiude.d in ordanco ￿th.IsAs IUKI Isill Oetecta malena M￿late￿I iitièn lex&& Misstaleinents Gan.'ari&&from fraud or erior are ce￿1dered.m*ri￿ I,,￿￿fvI￿uaty'fjr In the ¥regale, thoy coulj reaginably EeEVCted'lo knfluence legislabo hsta'ncesffjtlion-eomP.IlaB￿.knrf4jghO￿thQ.3￿rt. - teskdiownal enlites loidan￿￿.u￿uS￿l tra￿clI￿ls,, . . ifidKatiYé.:ofpqieniw( tsas':.*. ' in¢luaets.. butvere miltthlle.d.ts.' -.￿adtrig Ihe mlnules of mee￿n9$ of Ok)sétharged Tirilh.gi¥e-riQi*è: Thère a￿ InherentrUr￿IatsO￿SJn.tsJ[ abJve. The miKe rethoyed Ihaljalys aha tèWlaloTrs.are from ffDancla1 Iransathns.I￿￿SS it15.th*.we Tmxtkl tem ¥*¥e Of￿￿umptian￿. AuoFlirKJ skndards aso lifflft It¢ gudil wwedures reouiro&lo.iJenbfy Tr)n<0M￿.ffj *iih Irf ¥fvj rqgLdatsonsioMqLiry of th¢ ¢ommSlle&'or h￿S$t318￿¢Ats Ihal ¥i8e ¢kie to.. fraud cari be har￿r to (klecl than thosé tha Brlse euof 3s may IDK)Ive REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERSOF WAVE ACTIVE A..furfher4e.script￿￿ol FespX)￿bNIItegf[￿ fv. •)Jit ol Ike finw.aL$!atw. b ts Ix*d ory the FIn￿claI Reportirvj Co¢Jncils'thEbsttÈal YPAW.f￿.U￿.L￿a￿rto(srespOnsIMty Tris dewi)IhJn l(knpgrtof'cw. RepsitoI:tFÈ In￿￿4e01 Audifots. Use'olour"ieport Cornpan* P£l.W, aud.i!.hyk. ha5 t*g.n ￿dertaken.￿ th* inyhl siiitr_lo Ihe ElJarIla￿e C4)mPanVs. nE"mkts tho* thalters ￿:￿e wuired loslarè b thenin ￿ aud1¢￿￿, rewAI aryd fy.M othèr. purposè. To.Ihe lullestr e￿Ien[F¢fIrri￿led ty lai¥,kn hokaccepl Or￿$Sur￿a￿p(w￿￿ThfY".1cl arry0￿ (Iher-IhaAthe thar1tabletompany￿4d 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 PenS￿n 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 ￿tl￿ty 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 CAR￿ED 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 Ur￿restr 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 Debt￿S Cash al bank aTrJ in ha￿j 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 f￿7 part of tkese finarKial Staten￿ts Paje 24 conlinwl... WitVE' ACMVE. RgGISTÈREO NUMBER: 05621359 .BALAPiCE SHEET. corilinued .31 IAARC.H .2021 -UnfeslncterJ funds ReStr￿1￿]"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 OPOtafj￿lg .791 Int￿P$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 reP￿tIng perlod {as perthe statel￿rt af Financial Activities} Adjustrnents for: Depreciation charrjes Interest received 11n￿aseyde¢(ease li stith Decrease in debtor5 IDecreasellivKrease in C￿lit￿S DiffererKe per￿M)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. wh￿h is a pubh'c tvofil enty urthr FRS 102. have been p￿pared ill accordaKe wilh the Charities SORP IFRS 1021 'P£countirYJ and RepoitNJ by Charitses. Statement ol Recommer*Jed Practice apF4icable lo charitses t¥eparing tsir ac￿Unts 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 ConvenI￿n. 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 incI￿jed in the financial stat￿￿nts ￿ the trusls rE5efves have the￿fOre teen rvjuced by the pens*)n defficit Creab'ng net assets of £662,60712021.' net liabil￿eS of £833,591) at the year end. The Man?3￿nI C￿Mittee are satisfied that the Tfust will ￿ the to meet all of ts otlig*ons as aThJ when tr￿Y 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 peric*Js rf the revisw)n aff&rts toth current and fulutE Fe￿]$. key souw of eslimalion uncertainty that have a s¥JnifKanl effect ￿ the amounts recc*Jnised in the st*￿nts are the depreciabon charges that are calculated with ￿ference to the usefvl &￿￿MiC lrfe Off￿ed assets arKI valuation ofthe pensijn deficrt respect of the IcKai govemment pengon Incoming resource5 Incoming resources from ￿￿reat￿)n a￿1 leEure gtes are 1rdl￿ed in the Statement of Financial ActNitEs when recwvat4e. Ir￿C￿e for annual ffErnber5hips is axounted foroverthe membership year. Management Fee The nomal service f* is an L￿￿stn'l1Qj fund 7AIMth is availabk kjr use at thè dtscretion of Ihe Trustees in furtheraKe ofts ge￿al obiecb'bES of the Charrty. Resources expended All expendilure is accounted for on an ￿nJaL$ 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 all￿ted to aclNilEs on a b￿S consistent with the use of resour￿. Resources expeThJed irKlude attributsble VAT whKh ￿not te ￿e0ve￿. Government grants Govemment grants are rewJni8ed the ￿rfOrnia￿e 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 co￿lI1j0ns, Ihen income is recogntsed when the grant prctteds a￿ rttdvatrfe. Cjjrirfj ￿ year the ¢￿panY ￿ved the frAkxwrvJ grants.. CorOnavn￿ Job Retention Scheme IGJRS) to cO￿r a kvJrtk)n of erykjyees, waJes *re lurfoughgj due to the cor￿a¥IrUS paThlem￿. The a)KJJnt received totslw £1.88m and has been irKIL¥Jed in ts)come {nole 2). Pa3e 28 cl￿tint￿d... 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 Veh￿￿5 C￿Sting £4.000 or more are capitalised at cost. Tangible fLxed assets are deprec￿1 on a stsoht line basis over the remaining lem of the lease of the proFerb'es or in the case of Yeh￿eS, their exF￿ted useful lrfe. Depreciation is calculated as follovts.. Improvements to ptDperty tor vehicles Plant and M￿hinery Infomiabon TechrnbJy systems . remarirvj tsmi oflease - Straght line ObEr 3 year5 - Over ￿maIn1r0 of kne - Straght line over 5 year5 Stocks Stocks ¢xnsists of pU￿h&&I for resae JKJ ￿ valued at the kmr of r￿1 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 gwWa1￿j 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 FIn￿Cla 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 penr*J of the kase. Penslon costs and other past￿etire￿*rt beneffts The Charity oFerates a Fensi)n $C￿Me pm¥idiNJ tereffts based on final ￿nS￿)na￿e pay. Conlributp)ns lo the defjned benefit scheme are tharged lo Ihe Stalement of Finawal ActivrtEs in order lo alk¢ale the cost of providing the Fensi¢Jn rwnisirvJ any acbjarial su￿lUS or (Jefictl Ivtsre appropriatel, 0￿r the working lives of the relevant employees as &sessed in accLYdance vith the ajvre of profess*mal qualified acluarEs. The assets of the scl)eme a￿ ￿ld separatdy in an indeFendenty •Jmini8tered fu￿1. Contributions lo defined contribution pension SC￿nES are charged to ts Ststewil of Financd Activities as incurred. These include ¢ontributions lo ts slakeh(kn per6K)n Sche￿ and emp￿￿.$ pergxal pEnsp)n schemes. Going concern In the wake of the COVICk19 parWJeffl￿ aThJ the Russhqn Invasi￿ of Ukraine companies v￿rtd￿de are expenenciro ad¥w5e effects on the SUPFAY chain, availaknlity of empl)yee resC4j￿eS an(i rBiThJ inflatton which put pressure cost 0fSUFpI￿s 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 [erf￿￿e, *ith the rnc61 affecbj areas ￿'r￿j.. 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 forec*irwJ Wave Actibe knnmted have rethd to 1nllat￿nary 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 in11at￿n. In add￿'on, the purchasirvJ P￿$5 for energy procurement has been undertaken to smcolhing priz I￿rease$ 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, ir￿udIr1j repayment of COVID-19 relatEI loans which 11 provije sus￿'nabllity in the medium term. Lorg te￿Tr sustainabiltty will it gal￿ thrO￿h the capita rthase pkns provNJe5 for(ryoing in*stsMrt in Chaitls kilitEs. GrovAh of the I￿Sir￿ supports long temi Sustslnab￿rtY rx)st sheet events that give rise to Fosib've impact ¢￿ reserve5 and my mitigatirKJ any r￿ aff￿h￿l lo r￿ tMJ5ine55 oPFQrtunil￿s. Management continues to explore new ￿j$InesS Opportun￿'e5 vnth a k£us on de-rtskirKJ the tI￿nesS mc*Jel. The busirEss n￿e[ is under constsnl re¥iew lo ensure that it re)lects Lalesl fC￿rasI for inflation akng with detajied review of er￿QY priciThJ froffl fiexible foThArd purchase contracts for gas and electiicty. Alth)ugh uncertainty surroundirg irfflation energy pmro past 31 ma￿ h 2025 remains, the Charity ha5 produced forecasts that ￿drAte the Charitable C￿npanY will remain ab￿ to meet its financial c&ligab'ons as tr￿Y fall due for the foreseeaile fuiure. The￿ffft. Ihe Board is confmlent that ￿ m*erial uncertainty exists that would wt doubl on ihe C￿ri￿s ability to as a goirvJ c￿ern arvj has theref(Ke produceJ ￿ finarKial statsments ￿ a gcing corKem bags. DONATIONS AND LEGACIES 31.3.22 31.3.21 Donab'ons Job ReteniK)n sch￿ inD)me 5.000 X6,053 1,878,882 211,053 1,878,882 continued... WAVE ACTNE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2022 INVESTMENT INCOME 31.3.22 31.3.21 Deposit account Inte￿$t 3,927 INCOME FROM CHARITABLE ACTMTIES 31.3.22 Letsure Centre 31.3.21 Tot activitiès Leisure L*nlre irKome Managerr￿1 Fee Joint Use Agree￿nI 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 BOr0￿h Council Newhaven Fort ReCo￿ry T%kling IrEqualrties FurKI PPE EquipnEnt NLRF (LOCI NLRF IEBCI Summer Events pr￿jramme 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 Sup1￿￿1 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 Le￿Ure Centre &ti¥ty 3.472.829 256.408 10,51(1 3 739 737 NET INCOMEIIEXPENOITUREI Nel incomellexFenditure) is slated after cW1￿1(cr￿j￿rlJ). 31.3.22 31.3.21 Audilorfs remuneration Deprttiation- owned assets Hire of plant and n￿￿h# 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 Ma￿h 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 ￿ ￿ary￿a$ 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 b￿rts lexcWiThJ empbyer perts￿ costs) exceeded £60.000 was.. 31.3.22 31.3.21 £g0,(L11- £100,C The nUm￿r ofeM￿YeeS 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 C￿npanY cOr￿￿￿e[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 DOnati￿S a￿1 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 fU￿S brought fotward 1.170,078 I7￿.[￿￿)) 39.286 480,364 TOTAL FUNDS CARRIED FORWARD 1,192,7(6 833,5911 P￿e 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 equipff￿1 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 Ma￿h 2021 There were m inNEStn￿l assets outside the UK The companls Invest￿nts a the balance sheet date in the Share capita of companies i￿1￿le the lolloMiNJ.' WLT Solutions Llmitsd Registe￿ office.. Downs Leiwre Centre, Sutton R￿1, Seafryd. East S(wx, BN25 4QW Nature of busirws.. Do￿t Class of share: Ordinary v)klirvJ 100 31.3.22 31.3.21 Aggregate ca￿tal 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 7￿1 37,413 223,312 134,707 750 8,455 426,731 564.892 570.643 ccKJ1in￿I... 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￿￿ ir￿orne 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 DiStr￿t 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 L*t tmtsiness day of March 2023. In the year the Charitable CoMp￿Y seujred a Coronavirus Busiress Inte￿upIl￿ 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 gI￿n 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 bel￿Pen arbj fr* yeats: ot￿r 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 payTh￿ts urrfjer nOn4￿dab￿ operatiry fall due as fcllovts: 31.3.22 31.3.21 Within c￿e year Be￿n 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 R￿￿Ery 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 mverr*nl in fvThJs. I￿1(￿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 Inequal￿eS Furxl Summei Events Prc*Jramrne 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 T￿hr￿logY Buildings, Plant & Equpmpnt Community Furnj Development Fund FRS 102 Penson Adjustment un-￿tri￿ed 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 ReCo￿ry Tackling Inequailies Fu￿1 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, I￿uded in the atrfm Je as fdkm.. IncomirvJ Resources r￿urteS 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 R￿Very Job Relent￿n Scheme T￿klIng 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 inha￿ted 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 reM￿nIr0 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)vemn￿l COVID-19 safe w(xking prot￿￿S. Exhibibon Sp￿ were tEviewed, adapted aThJ renewed akng with t￿keting. 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)c￿Ve captsi nature with £766k beiro treated as Fixed Asset addthns y￿￿1 the maff)rity of the S￿nd 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 bala￿e 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 tr*en 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 phYs￿al health 8ThJ wellbeing. pathipating in healthy eab'r@ aThJ improwng ttE empk)yab'lty of Y￿jn9 people in the mewh￿n a￿a 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) a￿1 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 tot*J £10,OCrt) a nil baL￿r￿ in the furKI at tke 31 March 2022. Summer Events Programme Grdnt was awarded in the ye¥ endeil 31 March 2021. ￿rir￿j the year erbjed 31 March 2022 income totalled £nil 12021.. £5,000) and extEThliture tolalkd £5.C(l) ￿a￿ng a nil balance in the fuTrJ al IfE 31 Ma￿h 2022. National Leisure Recovery Fund The fund was made avalat4e to Sukwrt ts dfftrerKe betrAEen a￿1 extendrture for ￿ period 1 December 2020 10 31 March 2021 thal enables I￿sUre faulitEs to reoFÉn. or pattally reopen. During the year ended 31 March 2022, £14,599 (2021.. £236.6421 was rtteived and was used against re0￿nIng ￿lated sFend in Ihe year ended 31 March 2022 of £251.241. as aib*Ed by an affe￿￿Ment lo the grant c(￿dItionS when a further nationa Icckdown was intr￿l￿eJraphic assumptions Actuanal Igains}Ik)sses fr￿n 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 Sctr￿Tre 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 B￿a￿e Sheetdate {exp￿ssed 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$￿ffl scheme by tr* Chanty pursuant to the terns of the pen&on almi5sions agreement tetween the Charity a￿1 Lewes ThslrKt Couwl dated 31 March 2006. that Le*s District CcHJ￿il wll make gc(yJ any deficit in the event of the Ih]uidation or Y￿nding up of the charitabk company. As this iThJemnity represents a contingent asset it has not been reflected in the financial statenEnts. Sensitivity kntysis Changes In assumptlons at 31 Mwch 2022 Approx % Increase to Employer Liabilty Appmximate Monetary Amount (£OOOI 0.1% decrease in Real DiSC￿jnI Rale 0.1% increase in Salary Irmase Rale 0.1% increase in the Per￿lon Increase Rate 2.56% 0.13% 302,000 15,000 278,000 RELATED PARTY DISCLOSURES The Chanty has a ck*e relaI￿￿h1p V&ilh Le￿￿$ tlislrict cou￿￿. Powever it is ￿t Cor￿Idered lo te a related party due to the conlrc4 criteria not teiThJ mel A Trustee. Mike Piice, h&J a fami￿ ￿nect￿n 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 P￿e 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 reSp￿ible for the strategic aNI operatwal d&isions ofthe charity. Paje 46