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← Wave Active Limited

2025-03-31-accounts

REGISTERED COMPANY NUMBER: 05621359 (England and Wales) REGISTERED CHARITY NUMBER; 1113486 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR WAVE ACTIVE LIMITED TIA WAVE ACTIVE Mccabe Ford Williams Statutory Auditors and Chartered Accountants Building 1063 Cornforth Drive Kent Science Park Sittingboume Kent ME9 8PX 'AEHP4GRU* 1811212025 COMPANIES HOUSE A17

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WAVE ACTIVE LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Report of the Trustees 1 to 20 Report of the Independent Auditors 21 to 24 Statement of Financial Activities 25 Balance Sheet 26 to 27 Cash Flow Statement 28 Notes to the Cash Flow Statement 29 Notes to the Flnanclal Statements 30 to 50

WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their rewrt with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the promsions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objects of the Charity The Objects of the Charity per the Memorandum of AsS￿lation are.. To provide or assist in the provision of facilities and services lor recreation. sport, culture or other leisure time occupations and the interest of social welfare, such facilities being provided to the public at large save that special facilities fflaybe be provided for persons who, by virtue of their youth, age, infi￿lty, disability, povety or social or economic circumstsnces may have need for special facili￿.eS or services. To promote community participation in healthy recreation. To advance the education of the general public on the benefits of active lifestyles, and in particular the value of physical activity for young people. Any other charitable activity benef￿la1 to the local community consistent with the above objectives. Page 1

WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 OBJECTIVES AND ACTIVITIES Publlc benefit The Trustees confimi that they have complied with the dUt￿S in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission's general guidan￿ on public benefit. The Charity has referred to the guidance in the Charity Commission general guidance on public benefit when reviewing aims and objectives and in planning future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that they have set. The Charity provides leisure and health related servi￿$ to the residents primarily but not restricted to the Lewes District and Eastboume Borough areas of Easl Sussex. The Charity provides leisure and health related services at the following facilities; - Downs Leisure Centre, Seaford. - Lewes Leisure Centre, Lewes. Peacehaven Leisure Cenlre, Peacehaven. Seahaven Swim and Fitness Centre, Newhaven. - Seaford Head Swimming Pool. Ringmer Swimffling Pool (re￿pened May 2025 after closing due to Covid and extensive maintenance issues). Shakespeare Hall, Newhaven (transferred back to Lewes District Council June 2025). - Newhaven Fort, Newhaven. - Hampden Parf( Sports Centre, Eastboume. - Easlboume Sports Park. - Shinewater Sports Centre, Eastboume. Motcombe Swimming Pool, Eastbourne {closed since April 2020 due to extensive maintenance issues). - Regency Par* Community Centre, Eastbourne. - Sovereign Harbour Community Centre, Eastboume (trar￿ferred to communty group1st October 2024). Skyhigh Trampoline Park. Saltdean Lido (commenced 1 st May 2023) Hillbrow Health and Wellbeing, Eastboume {freehold purchase in partrership with South Downs Health & Care GP Federation. Commenced operation 1st August 2024). Facilities provided include., gym and fitness suites, swimming pools, sports halls, squash courts, soft play and meeting rooms at various locations. A varied prograrnme of holiday scheme activities and special events are also provided. The Charity contributes to the health and wellbeing of the population in general but also, in particular via its sub brand Wave Active Health offering behavioural change courses and acts'vities for those with health conditions, injury or illness. The Charity offers a wide range of membership options and also allows customers to use the facilities on a pay and play basis. There are special discounted memberships available specifically for juniors, students, seniors, couples and those with health conditions. Page 2

WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT Achievements and performance Charitable activities The Charity completed its 19th year of trading afler its transition from a Local Authority controlled seNice to a Charilable Company in 2006. Creating a new Wave of Active Health Whilst the Charity's 'Creating a new Wave of Active Health. Strategy continues to develop, signthcant prthjress has been achieved with actions directly aligned to the Chariws purpose and vision now split across Iwo distinct brands: Wave Acts've. and "Wave Ath've Heatth" each with their own supporting aim, to provide greater focus, traction and impact, The following table sumrnarises the shared elements of both brands and those individual elements: Wave Actlve Wave Active Health We believe in the power of physical activity to improve people's physical, mental and emotional health 'Inspiring Active Lifestyles" 'To be at the heart of the improvement of health and wellbeing in our community.. "Inspiring and sustaining an active life. Developing and operating high-quality, sustainable facilities, activities and programmes for the general public Common Bellef Purpose Vision Alm "Empowering independent health and well-being. Designing and delivering behavioural change and activtty programmes and pathways that help those suffering from a health condition, injury, illness and inactivity back to positive physical and mental health. Key ActivSties Staffing As highlighted in the prior yearfs report, the organisational restructure implemented in August and October of 2020 cut across every department, supporting the key objective lo reduce the financial burden and protect cash whilsl maximising revenue opportunities. However, as the Charity has continued to grow and evolve, and demand for more Wave Active Health activities has increased, it became clear that a number of key changes were required to ensure the ongoing effective management of the Charity. In addition, with the reli￿rnent of Neil Harrison (30th June 2025) several key functions needed to be redistribuled. This r&shaping went live on 1st June 2025. Principal management role changes included.. Name Previous Role New Appointment.. Name Fred Furner Previous Role Head of Propety, Quality and Compliance Sales and Campaign cO￿rdInal0r. Head of Community and Stakeholder Engagement. Health Improvement Practitioner. Wave Acts've Health Co-ordinator. New Appointment Head of Servi￿. Property and Compliance. Sales and Marketing Manager. Project Manager, Victoria Smith Liz Allsobrook Hannah Maybury Andrea Maynard Wave Active Health Co-ordinator. Health Coach. Page 3

WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 In addition, three new roles were crealed: Name Emily Hart Juliette Harrison Hannah Mclnnes Previous Role Duty Manager New Appointment Health and Safety Cfrordinator Marketing Executive Wave AGtive Health Markeling Executive. In line with the implementation of role changes, the management team structure was also reviewed and amended. The Business Development Team was disbanded, replaced by a Senior Leadership Tearn and additional departmental leaders were onboarded to the monlhly Charity Perfonnance Team Meeting. As highlighted, after 29 years of setvice, Neil Harrison retired from the Charity on 30th June 2025. In the kn'me that Neil worked for the Charity he covered a number of key roles including Head of Operations and more latterty. Head of Commercial Development. In those roles Neil was involved with a number of key projects but his last, project managing the £7.5 million Newhaven Towns Fund Project at Newhaven Fort was by far the most significant. The Fort was closed for 12 months whilst works were caThied out and when it re-opened the impact was palpable. Th8 project had been completed on budget and on time, but, beyond that, the quality of the refurbishment was transf0M￿tIonal, notably the reworked exhibitions within the Forvs casemates. The Fort now boasts an enhanced visitor experience, featuring a brand-new adventure playground, interactive exhibitions and an excibng 1970s-Ihemed escape room, which opened in April. Also, visitors can now explore previously hidden parts of the Fort including th8 Battery Obsepiation Post, which offers some of the best views of the Sussex coastline. Since it opened in February 2025, BBC Radio Sussex has broadcast from the Fort, Carol Kirkwood from BBC Breakfast broadcasl the weather from the Fort and in April, the Charity received a Royal Visit from the Duke of Gloucester who was impressed with what has been achieved. Neil was a proud and loyal enthusiast of the Charity, and all colleagues and Trustees thank him for his seNice and wish him a long and healthy retirement. Flnance For the12 months to March 2025 profit of £1,089,261 was generated compared a budgeted loss £{92,713) giving rise lo a positive variance of £1,181.974, predominantly reflecting restriGtive capital fund rnovements in the year not included in the budget. The net profit arises from income of £8,066,607 less expenditure of £6,941,000 and finance costs of £36,346. Total income exceeds budget by £1,878,927 and prior year by £1,503,930. including a one off donation of £143,011. £73,698 Swimming Pool Support Fund grant, LDC Capital grant of £943,000 and £421,803 relating to Newhaven Fort along with strong bookings income contribute to the positive income variance and increase on prior year. Total expenditure exceeded budget by £696,953 and prior year by £748,684. The negative variance mainly relates to depreciation of capital items purchased by restricted funds and expenditure relatsng to Newhaven Fort. In summary. the Charity continued to provide a strong result adding to reserves and holding cash balances. Funding and Investment Through ub'lisats'on of the Charity's funds. successful grant and loan applications, or in partnership with key stskeholders, e.g. Lewes District Council and Eastboume Borough Council, a number of large project have been successfully delivered through 2024125 including: Page 4

WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Site Peacehaven Leisure Centre Seahaven Leisure Centre Project Purpose C￿ate extension to Revenue generation currenl gym. Customer sats'sfactson Newhaven Health Hub., Revenue generation This regeneration proposal Customer satisfacts'on has Ihree elements to it. firstly, to rehome Quayside Medical Practice and Chapel Street Surgery in Newhaven Town Centre adjacent lo the current leisure centre, secondly to physically link and extend the leisure centre and create a new gyrn, studios, cafe and reception area next to a new, shared entrance foyer and finally, refurbish the current swirnming pool building. Improve visitor experience Increase visitor numbers through a series of Revenue generation projects linked to'.- Health, improve Visitor experience Safety and Environment- Visitor Attractions- Restoration Health Hub 2025 Update Complete In progress, due for complekn'on October 2026. Newhaven Fort Complete Downs Leisure Centre To support the new strategy, empowering independent health and wellbeing for those with health condibons, LDC Cabinet decision not to proceed. On the back of being awarded a circa £1,000,000 granl from LDC a number of additional projects have also been completed including.. Sitels Lewes Leisure Centre Seahaven Leisure Centre Lewes Leisure Centre Downs Leisure Centre Seahaven Leisure Cenlre Lewes Leisure Centre Downs Leisure Centre Lewes Leisure Centre Projecus Pool Covers Purpose Reduce energy costs 2025 Update Complete Green Technology Reduce energy costs Complete Reception refurbishment Revenue protection Complete Wet Change refurbishment Turnstiles 3G Flood Lights Replace corridor flooring Replace lighting in foyer Revenue protection Complete Lewes Leisure Centre Downs Leisure Cent Lewes Leisure Centre Lewes Leisure Centre Revenue p￿tectIon Reduce energy costs Revenue protection Reduce energy costs Complete Complete Cofflplete Complete Page 5

WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Downs Leisure Centre Refurbish Studio 3 Lewes Leisure Centre E15 Pool CirculatK)n Seahaven Leisure Centre purnps Grow and protect revenue Complete Reduce energy costs Complete Hillbrow Health and Wellbeing In addition, following the University of Brighton's decision to exit Eastboume and procure 8 new freehold owner of their sports centre in Meads, the Charity entered into a new partnership with South Downs Health and Care GP Federation to bid for the site. Following a fomial procurement process, on 26th March 2024 the new partnership was selected as preferred bidder and on1 st Augusl 2024 "Hillbrow Health and Wellbeing. opened to the public. Over the past twelve months, the Charity has been investing in Hillbrow Health and Wellbeing which has a focus on person-centred care, and posib've outcomes for physical, mental and emotional wellbeing, achieved through effective treatment, including encouraging participation in relevant and appropriate physical activity. The goal is to change the way clinical and leisure health professionals work togelher on a daily basis to improve Ihe health of the local community. As trading levels grow, invesknent in Hillbrow has enabled: strategy development. Employment opportunities. Marketing xts'vities. Purchase ol equipment. Programmes of Activity. The creation of a Refomer Pilates Studio ( Refom)er Movement.) In addition, on the back of South Downs Health and Care GP Federation's {SDHC) decision to rel(Kate and become a tenant of Hillbrow, investment has enabled Ihe creation of 13 consultation rooms for the provision of a number of services including.. - Urgent GP Care. Extended Hours Provision. Vaccinations. The decision for SDHC to relocate has enabled the vision for Hillbrow to be realised earlier than anticipated and over the coming months the focus will be on driving footfall and participation levels whilst providing ex￿lIent customer care. Wave Active Health The Charity has been at the heart of community health since 2006 and has well-established and respected partnerships with several Public Health Pathers including East Sussex Public Health. Integrated Care Board, Primary Care Networks, and the NHS in relation to the delivery of commissioned services supporting those in greatest need wth physical and mental health conditions. During 2023. the decision was made to create a new sub brand of Wave Acb've called Wave Active Health, with the aim of 'EmpJwering independent health and well-being. by designing and delivering behavioural change and activity programrnes and pathways that help those suffering from a health condition, injury, illness and inactivty back to positive physical and mental health. The Govemmenys new 10-year plan for the NHS offets insight as lo what the new landscape will look like, and it offers the Charity the opportunity to build on work done to date and the relatt'onships already established across Public Health to support positive health impact. Examples of current weekly classes include.. Chair Based Exercise {to improve strength and mobilily) Chair Based Yoga (beginner level) - Circuits (to improve strength, balan￿, cardio and reach) Page 6

WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 - Guided Gym (to improve strength, balance, cardio and reach) Low Level Functs-onal Fit (to improve strength and fitness) Move and Mobilise (to improve strength and balan￿) - Move More (progression from Move and Mobilise) Move More Yoga (progression from chair based yoga) - Remedial Yoga {for management and mainlenance for aging and injury recovery) Referral Pilates {beginner level) Pregnancy Yoga (for calmness and anxiety during pregnancy) Yoga, Mindfulness and Meditation {holistic approach to improving mental health) Cardiac Rehabilitation Exercise Classes (for members wrth cardiac related health Conditi￿5) Whilst there has been growth in participats'on, the Charity wants to achieve more and, as such, has set some ambits'ous developmental targets including,. To continue to provide an increase in activities in the Easttjourne Borough area to provide equity with serwice provision in the Lewes District. To provide services across the weekend and weekday evenings to help increase the number of members vtho work across Monday lo Friday in the daylime, when the current majority of services are provided. Increase marketing to new ￿ferrIng partner organisations across primary and secondary care services. Improve communications with potential members via Ihe Referral Clinic activity i.e. first point of contact and follow up. Increase volume of free courses for potential members. To increase referrals from across primary and secondary care partner organisalions by engaging with new referrers. To focus on significantly increasing markets'ng and activits'es in the Eastbourne Borough to increase referrals and memberships in that area. To continue to increase the volume of classes, courses and referral clinics where workforce and site capacity is available. To increase attendance rates to 90% or higher of maximum capacity. Plan for Future Perlods The Charity has been successfully delivering on its Inspiring Active Lifestyles purpose and, over the past12 months has continued to fflake posikn've progress against its vision., 'to be at the heart of the improvement of health and wellbeing in the community Moving forward, Ihe Charity will continue to be Committed to Ihe "Creating a new Wave of Active Health. Strategy which has two key acts'vities: 1. Wave Active. developing and operaling h￿h-qualIty, sustainable facilities, activities and programmes for the general public. 2. Wave Acts've Health,. designing and delivering behavioural change and activity programmes and pathways that help those suffering from health conditions, injury, illness and inacts'vity back to positive physical and rnental health. As the Charity enters its 20th year of operation. these two acts'vities will continue to be Ihe focal point, ensuring the Charity remains financial sustainable whilst ensuring impact on the health of the local community. Whilst performance continues to be px)sitive, the Charity continues to face ongoing financial pressures and it is unlikely that this will change in the coming months, potentially years. 2024125 has been a year of invesbment in le￿nS of facilty developments, new ventu￿$ and employment opportunities, and this will continue inlo the 2026127 financial year. Increasing financial pressures means that growing participation and revenue coupled with good cost control must remain key focus areas year on year. Page 7

WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Whilst the Charity enters the final year of CBILS repayments on the back of the Covid Pandemic, On￿ repaid in full, the intention is to invest in new gym equipment across the sites. This will support the continuing drive to increase participation levels, membership sales and improve retention levels. The focus on increasing participation linked to Wave Active Health will continue. Growing and diversifying the offer across a number of sites will play a key role in attracting new participants, and as the Charity grows, investment in more Health Practitioners and other Health Professionals will follow. Over the yeatB, continuing to evolve has not only brought financial stability bul also a growing confidence in the Charitys ability to deliver in isolation andlor with external partners. As such, the Charity will seek to expand the offer in new locations and explore opportunities where relevant. Fundralslng activilies The Trustees are responsible for ensuring that the charity operates within a responsible, sustainable financial framework and that it has adequate reSoUr￿S to carry out its role in educating residents in the local community. While the Trustees may delegate many of the operalions of fundraising to other parts of the organisation, they retain the responsibility for inspiring other fundraisers, demonstrating the perceived importance of fundraising to the organisats'on, and demonslraling their leadership in this area. In carrying out fundrdising, the charity adheres to the following slandards.. - The Trustees will have regard to the Charity Commission's publicalion 'Charity Fundraising, (CC20). Fundraising activities carried out by the charity will comply with all relevant laws. Any communications to the public made in the course of carrying Out a fundraising activity shall be truthful and non-deceptive. All monies raised via fundraising activities will be for the stated purpose of the appeal and will comply with the charitys stated mission and purpose. The charity will comply with GDPR Legislation in relation to all personal data collected. Nobody directly or indirectly employed by or volunteering for the charity shall accept commissions, bonuses or payments for fundraising aclivrties. No general solicitations shall be undertaken by telephone or door-to-door. Fundraising activities should not be undertaken if they may be detrimental to the good name or comfflunity standing of the charity. - All Trustees, casual, pemianent and contract staff and volunteers are responsible for adhering to these procedures. Fundraising activities should not be undertaken if they will expose the charity lo signrficant financial risk. - Complaints will be dealt with in accordance with the Chanty Commissions guide CC20. Page 8

WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT Flnancial review Financial Position The resulls for this nineteenth year continue to demonstrate the value of working to an approved budget that reflects the Companls strategic plan along with continual business development reviews to ensure long term income resilience. Incoming resources of £8,066.607 (2024.. £6.562,677) which ex￿eded expended resources by £1,089,261 (2024., £304,015) before pension adjustments, includes £1,016,698 of restricted funds {2024: £57,666). A total of £506,519 (2024; £145.587) restricted funds were matched expenditure in 2024125. The principal incoming resources arising from operats'ons tolalling £7,812,922 (2024.. £6.487,604) were from grdnt from Eastboume Borough Council, joint user arrangements, membership fees, swimming and other health and fitness activities. Expended resources of £6,899,346 {2024: £6,228,662) includes £506,519 {2024.' £145,587) in relation to the restricted incoming resources brought foThvard from 2024 and arising in the year, this restricted operational expenditure being depreciation and impairment, where applicable. Restricted funds carried forward at 31 March 2025 were £971,233 (2024.. £534,752) relatsng to fixed assets which are being depreciated over their useful lives, Investment powers Under the Memorandum and Articles of Association, the Charity has the power to invest any monies not immediately required for its objects in or upon such investments, securities or property as may be thought fit. The Charity having regards to the liquidity requirements of operating the centres and to the reserves policy has operated a policy of keeping available funds in interest bearing Public Sector ReseNe Accounts. During 2023124, the Charity sought to maximise the interest earning potential by investing £1,001,00012024.' £1,001,000) of available funds with the Nationwide Building Sociely in a 124 day Saver - Issue 4 account, £785,33112024: £503,214) with Virgin Money on 120 day call account and £310,522 {2024: £503,563) held in Cooperats've Bank Instant Access Deposit account, Subsequent to the year end £200,000 was moved from the Cooperative deposit xcount to the Cooperative current account to fund drawdowns of the loan to Hillbrow Health and Wellbeing Limited. Borrowlng powers Under the Memorandum and Articles of Association, the Charity has the power to borrow and raise money for the objects of the Company on such tems and condibons and on such security as may be thought fit. During the year to 31 March 2021 Charity secured a loan of £500,000 from Lewes District Council to provide working capital during closure as a result of the COVID-19 pandemic, and a CBILS loan of £650,000. The £500,000 loan is due for repayment in full after 10 year5 and the CBILS is due to be repaid in full in 48 months from August 2022. In the year to 31 March 2025 the Charity repaid £186,781 of the CBILS loan of which £22,596 was interest payable and £164,183 repayment of principal, along with £13,750 interest only to Lewes District Council. Page 9

WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT Financial review ReseTves policy The Charity. prior to the COVID-19 pandemic, had accumulated a favourable cash flow position. It also re￿iVeS some income such as service fees and grants in advan￿ of its expenditure. The Trust&s, however, recognise the need for a buffer of financial reserves that ￿￿11 protect the Charitsble Company from the possibility of any adverse unforeseen circumstsnces. These include a number of specific risks that have been identified in the Charitable Company's Risk Register. The key ffinancial risk is arxess to cash, which is determined by the level, timing and certainty of the Charity's income and the phasing and control of expenditure. The Charitys budget process identifies peaks and troughs in cash Ilow and it is deemed essential that suffKient funds are available at all points in Ihe cycle. Trustees have examined the requirement for any useable reseNes, i.e. those unrestricted funds not invested in tsngible fixed assets, designated for Specif￿ purposes or otherwise committed. In defining the reserves p)licy Trustees have been mindful of the requirements within the following areas:. Insurance IT strategy Pension Liability -Business Development and Investment Fund. The TrUSt￿S have assessed that the target free reserves of the Charity should be £1.5million, which is based on th￿e months expenditure cover. The current level of free reserves is £2,134,02012024'. £1,481,240). Budgets will be set in future years with the Reserves Policy in mind, The Trustees have reviewed the all(xats'on of funds to the defined Unrestricted funds and mindful of the impact on cash reserves for the repayment of the CBIL'S loan by August 2026 have deemed that there should be £80,263 designated resepies, Penslon Reserve Within Unrestricted ReseNes the Charity has a pension scheme asset of £3,959,000 {2024: £3,191,000) as of 31 March 2025,. however an a55el ceiling has been applied to the same value and therefore there is a £NIL asset within the financial statements. In the long temi, the cash flow impact of having a pension scheme asset is thal employer contributions may redu￿ to reduce the asset. The Charity will always pay the employer contribution rates set by the pension scheme actuaries which as of 31 March 2024 for 3 years will be 7.1 OA per an independent scheme valuation. Page 10

WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT Financial review Going concern In the wake of the COVIO-19 pandemic and the ongoing Russian invasion of Ukraine companies worfdwide are experiencing adverse effects on the supply chain, availability of employee resources and rising inflation which put pressure of the cost of supplies to businesses and the economic health of the consumer. In the year to 31 March 2024 and into the year to 31 March 2025 the adverse global effects continued to result in a testing time for the leisure sector as a whole in the UK. Inflation though reducing continues to put pressure on the cost of supplies and services to the business and the economic health of Ihe corisumer, and on the charity's financial performance, bmth Ihe most affected a￿aS being.. Profitability Pricing structures - Going concem consideration Risk and cashflow forecasting Wave Active Limited have reacted to the inflationary pressures by maintaining price increases below inflationary impacts on the business to ease the pressure on mefflbers and casual users of the leisure facilities, and by applying increases to employee rates at the prevailing level of inflation as measured by the increase in the minimum wage. The Trust also considers long lerm viability of the business when reacting to inflationary pressures. To counter the inflationary pressures Wave Acts've Limiled will apply the cash reserves as held at 31 March 2025 which ensures that it can meet its debts as they fall due, including repayment of COVID-19 related loans which will provide sustainability in the medium term. Long tenn sustainability will be gained through the capital purchase plans which provides for ongoing investment in the Charills facilities. Growth of the business supports long tem sustainability with post balance sheet evenls that give rise to positive impact on reserves and by mitigating any risk attached to new business opportunities. Management continues to explore new business opportunities with a focus on de-risking the business fflodel. The business model is under constant review to ensure that it reflects the latest I0￿caSt for inflation along with detailed review of energy pricing from flexible fop*vard purchase contracts for gas and electricity, Although uncertainty surrounding inflation and energy pricing past 31 March 2025 remains, the Charity has produced forecasts that indicate the Charitable Company will remain able to meet its financial obligations as they fall due for the foreseeable future. Therefore, the Board is confident that no material uncertainty exists that woukl put doubt on the Charity's abilty to conts'nue as a going concem and has therefore produced the financial statements on a going concern basis. Page11

WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Wave Active Limited is a Charitable Company limited by guarantee. It was incorporated on 14 November 2005, registered as a Charity on 14 March 2006 and commenced trading on 1 April 2006. On 28 November 2023 the Charity passed a special resolution changing its name from Wave Leisure Trust Limiled to Wave Acb've Limited. In addition, on 3rd April 2023 a Board meeting of WLT Solutions Ltd (domant trading subsidiary of Wave Active Limited) was held, and a Special Resolulion passed to change its name from WLT Solutions Limited to Wave Active Health Limited, The Charity was established under a Memorandum of Assctiation vthich established the objects and powers of the Charitable Company and is govemed under its Articles of Association. Page 12

WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees As set out in the Articles of Ass(xiats'on the Board shall consist of at least six and not more than nine Trustees all of which shall be required to become a member of the Charity. The Board of Tmstees shall consist of: - A maximum of two Local Authority Trustees - One Employee Truslee (if determined by the Charity) One individual app)inted to be the Chief Executive Officer Trustee (if detemiined by the Charity) No less than four or more than nine other individuals appointed as Community Trustees, In exercisiro their povRrs to nominate, appoint, reappoint, elect, re-elect, approve and dismiss Trustees, both the members and Trustees shall seek to ensure that the Board is representative of those with an interest in the facilib'es and seniices offered by the Charity and also comprises persons with a broad range of skills and who are likely to contribute to the Charity's success. The Local Authority Trusteels shall be nominated by Lewes District COU￿11 to serve for such period of office as shall be confirmed by Lewes District Council. On the back of the Employee Trustee and CEO Trustee resigning, The Charity detennined that repla￿ments V￿Uld not be appoinled, At the first Annual General Meeting after the Charity has commenced its activities all of the Trustees shall retire but will be eligible for reapp)intment without requirement for nomination, At each Annual General Meeting held thereafter, one third of the Community Trustees must retire, those longest in office retiring fitEt and the choice between any equal service being made by drawing lots. No Trustee shall Sep￿ on the Board for more than nine years in total excluding the period between the commencement of activities and the first Annual General Meets'ng, All Trustees give their time voluntarily and receive no benefits Irom the Charity. Any expenses redeemed by the Charity are set out in note 8 to the accounts, Trustee Induction and Training New Trustees undergo an induction session to brief them of their legal requirements under charity and company law, the content of the Memorandum and Articles of Association, the board meetings and decision-making process, the business plan and recent financial perfomiance of the Charity. They will also meet key employees and other members of the Board and will be encouraged to attend any appropriate internal or exlemal training where it will facilitate the undertaking of their role. In 2024125. intemal training for Trustees comprised the foll0v￿ng. o Expression of Interest pack including application foffns, detsils of the wotk of the Charity and the role and expectations of TruSt￿S o Selects'on meetings with the CEO and Chair of Trustees o Invilation to attend a Board meeb'ng prior to becoming a Trustee o Visits to the facilities and meeting key staff o Invitation to attend the meetings of Sub Groups o On-going training in legislation and responsibilities of Trustees Page 13

WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisation The Board of Trustees administers the Charity. The Board meets quarterly and there are three Sub Groups covering Finance and Audit, GovemarKe and Health and Safety which meet regularly. On a biennial basis, Trustees attend a strategK away day to review performance, re assess market conditions and prepare a tactical plan for the future. In keeping with the lime frames a Trustee Away Day was held on 03 February 2024. In addition to training, one new Trustee was inducted to the Board. Figure 2 highlights the core skill sets and experien￿5 of the current Board: Figure 2 Servlng Board Members Eric Khilslrom (Chair) Occupation Chaimianrrrustee Core Skills Strategy, Financial Management, National Goveming Bodies, Healthcare Services, Sociavcare Services FounderlMDIEntrepreneur Business start-up and new Male product development Private sector- retail and service management Public and Charity sector- Male Special Needs Educatson Strategy, Financial Managemenl, Accountancy, Treasury Managemenl, Governance. Training & Development Financial Management. Accountancy, Banking. Treasury Management, Insurance, Pensions, Working with Local Authorities Strategy, Community Relations, Local Govemment, Working with Local Authorities. Healthca￿ Services Financial Management, Local Govemment & Human Resources Gender Male Mark Beaumont{Retired 18111124) Phil Cla￿e Retired Director Tesco Stores Ltd Retired Head Teacher Barnardo's Retired Actuary & Private Math's Tutor Male Mike PricelRetired 18111124) Kevin Ellis Male Marcel Miller Treasurer Male Cllr Laurence O'connor Dept for Work & Pensions Male Cat Harwood-smith Charity Senior Leader Female Cllr Chadotte Keenan District Councillor Female Following his appointment on 5th December 2022, Eric Khilstrom continues as Chairman of the Board. Marcel Miller is the Chaimian of the Finance and Audit Sub Group, Cllr Laurence O'conner is Chaiman of the Health and Safety Sub Group and Phil Clarke is Chaimian of the Govemance Sub Group. Sub Groups work effectively with the management team and the report back to Board on a quarterfy basis. Page 14

WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Board and Trustee Evaluation During 2024125, the Govemance Sub Group, of three trustees, continued to review matters in line with the annual work plan which includes a comprehensive review of the Govemance arrangements of the Charity. As VRII review of the Risk Register and identifying areas to strengthen current arrangements around policy and pr0￿dureS. Related parties On 31st March 2021, a new 10 year extension to the original 2006 contract was agreed with Lewes District Council securing the long term partnership to 2031. The extension is not supported a seniice f￿. In addition, on 1st April 2019 Eastboume Borough Council agreed to support the Charity with an annual grant relating to a long-temi project (10 years) to provide improved leisure, sports, and cofflmunty ServI￿S and to support healthcare and wellbeing in Easlboume {"the Project.). The Agreement provides for the transfer of certain assets to the Charity, rights of occupation of relevant facilities and the transfer of employees to the Charity to support the Project. Page15

WAVE ACTNE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Pay Policy for Senior Staff The Directors comprise the Board of Directors, who are the Charity's Trustees, and the Senior Leadership Team which comprise of the key Tnanagement personnel of the Charity in charge of directing and controlling, running and operating the Charity on a day-to-day basis. All Trustees give their time freely. Details of Tnjstee expenses and related party transactions are disclosed in notes 8 and 21 to the accounts. The pay for senior staff is reviewed annually arKI increased with reference to the Consumer Price Index, financial conditions and reserves. Disabled Ernployees The Charity believes that ex￿lIent service provision will be achieved through recognising the value of every individual. The Charity aiffls to create an environment that respects the dIVe￿ity of staff and customers and enables them to achieve their own personal goals, contribute fully, and derive maximum benefit and enjoyment from their relationship with the Charity. The Charity recognises and values the diversity of the workforce and communities and wants to ensure that all the attributes, tslents, and skills available throughout the community are recognised when employment opportunities arise. The principle is that jobs should be filled by those best able to do them. The Charity takes every possible step to ensure that staff, and potenti81 slaff, are all treated fairty and given equal opportunity and support appropriate to their needs. All employment decisions including those on recruitment, selection, training and career development, are based job related objective criteria and personal qualities. All applicants will be provided with a full job description of the dulles and responsibilities. and a person specification setting out the essential reqU1￿MentS in terms of education, qualification, knowledge, work perfomiance, competencies and personal qualities. Employee Involvement The Charity ensures that employees are treated equally at work, across all levels and locations. This includes making sure they have the same opportunities for recognition, reward and career development. Diversity and inclusion are central to the business to ensure continued success, The Charity must create a culture where people can be themselves al work, regardless of their gender or any other attribule or choice. The Charity is comrnitted to the belief that well-informed and properly consulted e￿ploYeeS will work better and feel an integral part of the organisation. The Charity values everybody's contribution to success and believes that effective communication and working together as a team are critical to achieving business success. It is the Charitls aim to encourage effective communication that is open and two-way. In helping to achieve this objective the management team all have a responsibility to encourage upward infomation from their teams and in turn ensure that their teams are well informed about whal is happening within the organisation. The Charity has agreed joinuy with Staff Rep￿sentatIonS a protocol and structure for inforning and consutting with stsff. In accordan￿ with legal requirements and in response to good employmenl practice the Charity's aim is to ensure employees are: Informed about the business's econornic situation Infonned and consulted about employment prospects, and Infomied and consulted about decisions likely to lead to substantial changes in work organisation or contractual relations, which may include redundancies and transfers Page16

WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Some key principles of effective consultation are followed, including: A free exchange of ideas and news affecting the interests of the employees and the organisalion. - Communicats'ons are two way. Management and Staff Representatives will agree on the issues that will be the subject of consultation. - Appropriate information to made available. - Those participating know their roles. Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to prowde reasonable assuran￿ against fraud and error. The risks and uncertainties faced by the Charity are regularly reviewed by senior management and fonTtally with the Trustees as part of the V￿rk assigned to the Finance and Audit Sub Group and Govemance Sub Group subsequently reported to the Board. A Risk Register, used to identify the primary risks faced by the Charity and the aGtions and initiatives to be taken to mitigate those risks is reviewed by the Govemance Sub Group al each meeting as a Stsnding agenda item. The risk register is reported to the Board as required. The risks and uncertainlies faced by the Charily are those inherent with the management of sports arKI leisure services with the core aim of,, Promoting community participalion in healthy recreation, andlor Advancing the education of the public on the benefit of active lifestyle and in particular the value of physical activity for young people, andlor Such other charitable purposes beneficial to the community consistent with the objects as the Trustees shall in their discretion determine. Page17

WAVE ACTNE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Figure 5: Identified Risks and Management Procedures Identified Rlsk Conlraclual risk Description Failure to perfomj in tem)s of the Contract to provide leisure and recreational services to communities. Incurring losses as a result of inadequate or failed intemal arKI extemal processes, systerns and human error or from extemal events. Failure to comply with relevant regulations and procedures, for example health and safety. How we manage the risk Through regular partnetship meetings and reporting with Local Authority partners highlighting Charity Performance and Impact. Internal audit and extemal audit programme in place. Documented processes in place for all financial controls and processes. Operalional risk Regulatory risk Robust systems of intem81 and external audits and training by specialist training providers and Ihird-paty advisor5 With specialist knowledge of the sports and leisure sector. Comprehensive programme of training provided across the business including annual assessment needs, competency checks and systems for behaviour and perfonnance monitoring. Failure to ensure we maintain Reserves policy regularfy reviewed as adequate reserves to ensure the part of the annual Board assessment on-going financial requirements of in line with the future needs of the the Charity are mel. business. Failure to meet the expectations of Comprehensive partner relations our key stakeholders, our partners, established with key stakeholder staff and customers in the groups that have a direct or indirect performance and management of influence on the perf0mlan￿ of the the charitls affairs. business. Failure to achieve income levels Regular review of pricing against due to Inc￿ ased competition ora competitors, pri￿ promotion and reduction in levels of customers, comprehensive systems for gathering disposable income. customer feedback. People risk Failure to ensure we maintain well.Irained, competent and motivated workforce. Financial risk Reputational risk Economic risk Page18

WAVE ACTIVE LIMITED . REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND AOMINISTRATIVE DETAILS Registered Company number 05621359 (England and Wales) Reglstered Charity number 1113486 Registered office Clo Downs Leisure Centre Sutton Road SEAFORD BN25 4QW Trustees Mr K Ellis Mr P Clarke Mr E Kihlstrom (Chair) Mr M Beaumont Mr M Price Mr M Miller Cllr L O'connor Ms Cat Harwood-smith Cllr C Keenan Resigned 18th November 2024 Resigned 18th November 2024 Company Secretary Ms D Pollard Auditors Mccabe Ford Williams Statutory Audilors and Chartered Accountants Building 1063 Comforth Drive Kent Science Park Sittingboume Kent ME9 8PX Page 19

WAVE ACTIVE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMINISTRATIVE DETAILS SolicitOTS Mayo Wynne Baxter 20 GIld￿dge Road Eastbourne East Sussex, BN214RP STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the direclors of Wave Aclive Limited for the purposes of company law) are responsible for preparing the Report of the Trnstees and the financial statements in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Practs'ce) including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the Iruslees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statefflents in accordance with United Kingdom Generally Accepted Accounting Practs'ce (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of reSoUr￿s, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP,, make judgements and estifflates that are reasonable and prudent,. prepare the financial statements on the going cOn￿M basis unless it is inappropriate to presume that the charitable company will eonts'nue in business. The trustees are responsible for keeping proper accounts'ng records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also resp)nsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the ptevenlion and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit information of which the charitable company's auditors are unaware., and the trustees have taken all steps Ihat they oughl to have taken to make themselves aware of any relevant audit infomialion and to establish that the auditors are aware of that infomiation. AUDITORS The auditors, Mccabe Ford Williams, will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on17 November 2025 and Signed on the board's behalf by: MrE Kihlslrom - Tru51ee Page 20

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WAVE ACTIVE LIMITED Opinion We have audited the financial statements of Wave Active Limited (the 'charitable companl) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounts'ng Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements: give a tnje and fair view of the state of the charitable companls affairs as al 31 March 2025 and of its incoming resources and application of reSoUr￿s, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally AC￿pted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)} and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilitses for the audit of the financial statements section of our report, We are independent of the charitsble company in accordance with the ethical requirements thai are relevant to our audit of the financial statements in the UK, including the FRC'S Eth￿al Standard, and y￿ have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Conclusions relating lo going concern In auditing the financial statements, we have cor)Gluded that the trustees, use of the going concem basis of accounting in the preparation of the financial ststements is appropriate. Based on the y￿rk we have performed, we have not identffied any material uncertainties relating to evenls or conditions that, individually or collectively, may cast significant doubt on the charitable companls ability to continue as a going concem for a period of at least fv￿1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wilh respect to going concem are described in the relevant sections of this report, Other infomiation The trustees are responsible for the other infomation. The other infomiation comprises Ihe infonnation included in the Annual Report, other than Ihe financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other infomalion and. except to the exlent otherwise explicitly stated in our ￿POrt, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Ihe other infomiation and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or olheTwise appears to be materially misstated. If we identify such material inconsistencies or apparenl material misstatements, we are required to detemine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work V￿ have perfomied, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infornation given in the Report of the Trustees for the financial year for whrch the financial statements are prepared is consistent with the financial statements- and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Page 21

REPORT OF THE. INDEPENDENT AUDITORS TO THE MEMBERS OF WAVE ACTIVE LIMITED Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the coutse of the audit, we have not identsfied material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you rf, in our opinion: adequate accounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us; or the financial statements are nol in agreement with the accounting records and retums. or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the infomiation and explanations we requi￿ for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilib'es, the trustees (who a￿ also the directors of the charitable company for the purposes of company law) are resFK)nsible for the preparation of the financial statements and for being satisfied that they give a tme and fair view, and for such intemal control as the trustees deterffline is ne￿SSary to enable the preparation of financial statements that are free from material misslatement, whether due to fraud or error. In preparing th8 financial ststements, the trustees are responsible for assessing the charitable companls abilty to continue as a going concem, disclosing, as applicable, matters related to going con￿rn and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operalions, or have no realistic altemative but to do so. Page 22

REPORT OF THE INOEPENDENT AUDITORS TO THE MEMBERS OF WAVE ACTIVE LIMITED Our responsibilities forthe audit of the financial statements Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material misststement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assuran￿ is a high level of assurance, but is not a guarantee that an audit conducted in accordan￿ with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be ex￿ed to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that Ihe engagement team collectively had the appropriale competence, capabilities and skills to identify or recognise non<ompliance with applicable laws and regulabons., we identified the laws and regulations applicable to the charitable company through discussions with management, trustees and our experience of the sector,. we focused on specific laws and ￿gulationS which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including, but not limited to, the Companies Act 2006, UK tax legislation., assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and identified laws and regulations were communicated wthin the audit team regularly and the team refflained alert to instances of non-compliance throughout the audit. We assessed the SUS￿p11b1lIty of the charitable companys financial statements to material misstalefflent, including obtaining an understanding of how fraud might occur, by.. making enquiries of management and the trustees as to vthere they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. - considering the intemal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. perfomed analyt'cal procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual Iransactions; reviewed fflanagement contracts where contract variations had arisen., assessed whether judgements and assumptions made in determining the accounting estimates set out in note 1 were indicative of potential bias., and investigated the rth'onale behind significant or unusual transactions. In response to the risk of irregularikn'es and non<ompliance with laws and regulations, we designed prO￿dureS which included, but were not limited to.. agreeing financial slatement disclosures to underlying supporting documentation,. reading the minutes of meetings of those charged with govemance, enquiring of management as to actual and polents'al litigation and daims; and reviewing correspondence wth HMRC and the relevant regulator. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions. the less likely it is that we would become aware of non<ompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of Ihe board of trustees and other managernent and Ihe inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detecl than those Ihat arise from error as they may involve deliberate concealment or collusion. Page 23

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WAVE ACTIVE LIMITED A further descripkn-on of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibi15ties. This description fonns part of our Report of the Independent Auditors. Use of our report This report is made solely lo the charitable companls members, as a body, in accordance with Chapter 3 of Part16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable companls members those matters we are required to stale to them in an auditors, report and for no other purkY)se. To the fullest extent pernitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable companls members as a b(Kly, for our audit work. for this report, or for the opinions we have fomied. Ashley Phillips (FCCA) {Senior Ststulory Auditor) for and on behalfof Mccabe Ford Williams Statutory Auditors and Chartered Accountants Building 1063 Comforth Drive Kent Science Pa Sittingboume Kent ME9 8PX 17 November 2025 Page 24

WAVE ACTIVE LIMITED STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 MARCH 2025 31.3.25 31.3.24 FRS102 Pension Unrestricted Adjustment funds Un-restricted Restricted funds Total funds Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 157,884 157.884 30,193 Charitable actlvities Leisure Centre activity 6,796,224 1,016,698 7,812,922 6,487,604 Investment income 95,801 95,801 44,880 Total 7,049,909 1,016,698 8,066,607 6,562,677 EXPENDITURE ON Charitable activities Leisure Centre activity 6,470,827 78,0001 506,519 6,899,346 6,228,662 NET INCOME Transfers between funds Other recognlsed gainsl(losses) Actuarial gainsl{losses) on defined benefit schemes 579,082 73,698 78,000 510,179 {73,698) 1,167,261 334,015 21 78 000) 78,000 2,601,000) Net movement In funds 652,780 436,481 1,089,261 (2,266,985) RECONCILIATION OF FUNDS Total funds brought forward 1,481,240 534,752 2,015,992 4,282,977 TOTAL FUNDS CARRIED FORWARD 2,134,020 971,233 3,105,253 2,015,992 The notes fom part of these financial statements Page 25

WAVE ACTIVE LIMITED REGISTERED NUMBER: 05621359 BALANCE SHEET 31 MARCH 2025 31.3.25 31.3.24 FRS 102 Pension Unrestricted Adjustment funds Un-restricted Restricted funds Total funds Total funds Notes FIXED ASSETS Tangible assets Inveslments 11 12 644,629 971,233 1,615,862 946,072 644,630 971,233 1,615,863 946,073 CURRENT ASSETS Stocks Debtors Investments Cash al bank and in hand 13 14 15 28,878 1,366,488 1,786,331 632,962 28,878 1,366,488 1,786,331 632,962 28,647 685,466 1,001,000 1,447,031 3,814,659 3,814,659 3,162,144 CREDITORS Amounts falling due within one year 16 (1,768,104> (1,768,104) (1,359,062) NET CURRENT ASSETS 2 046,555 2 046 555 1,803,082 TOTAL ASSETS LESS CURRENT LIABILITIES 2,691,185 971,233 3,662,418 2,749,155 CREDITORS Amounts falling due after more than one year 17 {557,165) {557,165) {733,1631 NET ASSETS 2,134,020 971.233 3,105,253 2,015,992 The notss fomi part of these financial statements Page 26 continued...

WAVE ACTIVE LIMITED REGISTERED NUMBER: 05621359 BALANCE SHEET- contlnued 31 MARCH 2025 FUNDS Unrestricted funds Restricted funds 21 2,134,020 971,233 1.481,240 534,752 TOTAL FUNDS 3,105,253 2,015,992 The financial statements were approved by the Board of Trustees and authorised for issue on 17 November 2025 and were signed on its behalf by.. MrE Kihlstrom - Trustee The notes form part of these financial statements Page 27

WAVE ACTIVE LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 31.3.25 31.3.24 Notes Cash flows from operating actlvltles Cash generated from operations 1,492,260 784,998 Net cash provided by operating activities 1,492,260 784,998 Cash flows from investing activities Purchase oftangible fixed assets Sale of tangible fixed assets Interest received Movement on deposit investments Loan issued in the year {1,248,173) 1,526 95,801 (785,331) 205,967) {162,194) 44,880 (250,000) Net cash used in investing activities 2,142,144) 367,314) Cash flows from flnancing activitles Loan repayments in year 164 185) 153,003) Net cash used in financing activities 164185) 153,003) Change in cash and cash equlvalents In the reporting period Cash and cash equlvalents at the beginning of the reporting period (814,069) 264,681 1,447,031 1,182,350 Cash and cash equivalents at the end of the reporting period 632,962 1,447,031 The notes fomi part of these financial statements Page 28

WAVE ACTIVE LIMITED NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31,3.25 31.3.24 Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Loss on disposal of fixed assets Interest received Impaimient Increase in stocks Increase in debtors Increase in creditors Difference be￿een pension charge and cash contributions 1,167,261 334,015 345,311 535 {95,8011 231,011 1231) 1475,055) 397,229 181,307 (44,880) (966) (15,825) 361,347 Net cash provided by operations 1,492,260 784 998 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow Al 31.3.25 Net cash Cash at bank and in hand 1447 031 814,069 632,962 1,447,031 814,069) 632,962 Llquld resources Deposits included in cash Current asset investments 1,001,000 785,331 1,786,331 1,001,000 785,331 1,786,331 Debt Debts falling due within 1 year Debts falling due after1 year {164,1851 733,1631 (11,813) 175,998 1175,998) 557,165) 897,348) 164,185 733,163 Total 1,550,683 135,447 1,686,130 The notes form part of these financial statements Page 29

WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Statement of compliance The financial statements of the charitable company, which Is a public benefit entity under FRS 102, have been prepared in accordance Mth the Charits'es SORP IFRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} {effeclive 1 January 2019),, Financial Reporting Slandard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Cofflpanies Act 2006. The financial statements have been prepared under the historical cost convention, with the eX￿p￿.on of investments which are included at market value. Basis of preparing the financial statements Under Financial Reporting Standard 102 (Retirement benefits) the surplus on the Irust's pension schemes is included in the financial statements and the trusfs reseNes have therefore been Increased by the pension Surplus creating net assets of £3,105,253 (2024.. £2,015,992) at the year end. The Managen￿nt committee are satisfied that the Trust will be able to meet all of its obligations as and when they fall due. Critical accounting Judgements and key sources of estlmatSon uncertalnty In the applicats'on of the charitable company's accounting policies, management is required to make judgemenls, estimates and assumptions about the carying value of assets and liabilities that are not readily apparent from other sources. The estimates and underfying assumptions are based on historical experience and other factors that are considered relevant, Actual ￿Ults may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoin9 basis. Revisions to accounts'ng estimates are recognised in the period to which the estimate is revised if the revision affects only thal period or in the period of the revision and future periods if the revision affects both current and future Feriods. The key sources of estimation uncertainty that have a signif￿an1 effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with refe￿nce to the useful economic life of fixed assets and the valuation of the pension deficit in respect of the local government pension scheme. The present value of the Local Government Pension Scheme defined benefit asset depends on a number of factors that are detennined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost {income) for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 22, will impact the carrying amount of the pension assel. Furthemiore, a roll forward approach which projects results from the latest full actuarial valuats'on performed at 31 March 2022 has been used by the acluary in valuing Ihe pension asset al 31 March 2025. Any differences between the figures derived from the roll fO￿ard approach and a full actuarial valuation would impact on the carrying amount of the pension assevliability. In detemiining the value of the pension asset the impact of an asset ceiling has been included to assess for recoverability, in accordan￿ with the requirements of FRS 102. Incoming resources Incorning resources from recreation and leisure sites are included in the Slatement of Financial Activities when receivable. Income for annual memberships is accounted for over the membership year. Monthty direct debit subscriptions are recognised on the first day of the period in which they are paid. Income represents net sales of goods and serrfices and managemenl fees excluding value added tax, to customers during the year. Page 30 continued...

WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES . contlnued lftcomlng resources Under certain contracts that the charitable company has entered into, the entity is entitled to management fees. Management f￿S are often paid in equal instslments over the life of the contract. However the entity recognises the management fee in accollIan￿ wilh the expected profile of the operating results and contracted lifecyGle maintenance. Restricted income is included when the charitable company is legally entitled to the income and the amount can be quantified with reasonable accuracy. Management Fee The nomial service fee is an unrestricted fund wh￿h is available for use at the discretion of the Trustees In fvrtherance of the general objectives of Ihe Charity. Legacy Income For legacies, entiuemenl is taken as the earlier of the date on which either,. the charity is aware that probate has been granted. the estate has been finalised and notification has been made by the executor{s) to the Trust that a distribution will be Made, or when a distribution is received from the estale. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executorfs intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been mel, then the legacy is a trealed as a contingent asset and disclosed if material. Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. whe￿ costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Resources expended include attributable VAT which cannot te recovered. Tangible fixed assets Individual fixed assets relating to leasehold propety costing £10,000 or more, or other assets costing £4,000 or more are capitalised at cost. Tangible fixed assels a￿ depreciated on a straight line basis over the remaining term of the lease of the properties or in the case of vehicles, their expected useful life. Depreciation is calculated as follows.. Improvements to property Motor vehicles Plant and machinery Information Technology systems - Over remaining term of lease Straight line over 3 years Over remaining term of lease Straight line over 5 years Stocks Stacks consists of purchased goods for resale and is valued al the lower of cost and net realisable value, on a first in first out basis, after making due allowance for obsolele and slow moving items. Taxallon The charity is exempt froffl corporation tax on its charitable activities. Unrestricted funds Unrestricted funds are incoming resources receivable or generated for the objectives of the Charity without further specified purpose and are available as general funds. Page 31 conlinued...

WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES . continued Restricted funds Restn'cted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the funds. Leaslng commitments Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Pension costs and other post.retlrement beneflts The Charity operates one pension scheme providing benefits based on final pensionable pay. Contributions to the defined benefit scheme a￿ charged to the Statement of Financial ktiwties in order to allocate the cost of providing the pension recognising any actuarial surplus or deficil (where appropriate), over the working lives of the relevant employees as assessed in accordance with the advice of professional qualified actuaries. The assets of the scheme are held separately in independently administered funds. Contributions to the defined Contribubon pension scheme a￿ charged to the Statement of Financial Activities as incurred. These include 'contribubons to the stakeholder pension scheme and employees, personal Fension schemes. Investments Investments will be valued al open market as assessed by the Trustees. Investments in jolntly controlled entitles Investments made in joinuy controlled entities are measured at cost18ss any accurnulated impairmenl. Golng Coftcem In the wake of the COVID-19 pandemic and the continuing economic impact or the Russianlukrainian conllict availability of employee resources and ongoing inflation which puts pressure on the economic health of the consumer and supplier pricing. Inflation, which is predicted to not significanuy reduce below 3.510 in the short to medium tem, and the financial pressure brought aljout by the increase in employer national insurance rates from April 2025 and the continual increase in the minimal wage above inflation have a signif￿an1 impact on the charity's financial perfomiance, with the most affected areas being: 1. Profitability 2. Pricing structures 3. Going concern consideration 4. Risk and cashllow forecasb'ng Wave have reacted to the inflalionary presSU￿S by maintaining pri￿ inGrease5 at or below inflation to ease the pressure on members and casual users of the leisure facilitses, and by applying increases to employee rates at the prevailing level of inflation subject lo the allocation of the minimum wage. In addition, the purchasing process for energy prwurement has been undertaken to smoothing price increases in the peri(hd to 31 March 2025 and beyond. Page 32 continued...

WAVE ACTNE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES. continued To counter the inflationary pressures Wave will apply the cash reserves as held at 31 March 2025 which ensures that it can meet its debts as they fall due, including repayment of COVID-19 related loans which will provide sustsinability in the medium term. Long temi sustainability will be gained through the capital purchase plans which provides for ongoing investmenl in the charivs facilib'es and income streams. Growlh of the business supports long temi suslainabilily with post balance sheet events that give rise to positive impact on reserves and by mitigating any risk attached to new business opportunits'es. Management conts'nues to explore new business opportunities with a focus on de-risking the business model. The business model is under constant review to ensure that it reflects the latest forecast for inllalion along with detailed review of energy pricing from flexible forward purchase contracts for gas and electricity. Although uncertainty surrounding inflation and energy pricing past 31 March 2025 remains, the charity is confident that no material uncertainty exists that would but doubt on the charity's ability to continue as a going concem. DONATIONS AND LEGACIES 31.3.25 31.3.24 Donations Legacies 14,873 143.011 30,193 157,884 30,193 During the year, the Charity received one residuary legacy of£143,011 (2024: £Nil). INVESTMENT INCOME 31.3.25 31.3.24 Deposil account interest 95,801 44,880 Page 33 continued...

WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM CHARITABLE ACTIVITIES 31.3.25 31.3.24 Acts'vity Leisure Cent￿ incoffle Leisure Centre activity Management Fee Leisure Centre activity Joint Use Agreement Income Leisure Centre activity Grants Leisure Centre activity 5,468,527 496.827 408,870 1,438,698 5,403,771 220,793 343,374 519,666 7,812,922 6,487,604 Included within granls received are unrestricted grants of £422,000 {2024.' £462,000) and restricled grants of £1,016,698 (2024.. £57,666). Grants received, included in the above, are as follows: 31.3.25 31.3.24 Eastboume Borough Council Adult Social Care InfeGtion Control Fund Active Sussex Grant Prifflary ca￿ PCN Swimming Pool Support Fund (SHP) Lewes District Council Capital Grant 422,000 462,000 1,035 4,000 20,079 32,552 73,698 943,000 1438 698 519 666 CHARITABLE ACTIVITIES COSTS Support costs (see note 6) Direct Costs Totals Leisure Centre activity 2,254,343 4 645.003 6,899,346 Page 34 continued...

WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS- COn￿nUed FOR THE YEAR ENDED 31 MARCH 2025 SUPPORT COSTS Govemance Management Finance Totals Leisure Centre activity 4,168,001 456,551 20,451 4,645,003 NET INCOMEI(EXPENDITURE) Net incomel(expenditurel is ststed after chargingl(crediting)'. 31.3.25 31.3.24 Auditorfs remuneration Depreciats'on - owned assets Hire of plant and machinery Deficit on disposal of fixed assets 20.451 345,311 22,626 535 15.103 181,307 25,134 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees. ￿MUneratIon or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees, expenses There were no trustees, expenses paid for the year ended 31 MarGh 2025 nor for the year ended 31 March 2024. STAFF COSTS 31.3.25 31,3.24 Wages and salaries Social security costs Other pension costs 3,533,897 218,369 77.076 3,171,965 189,084 167,189 3 829.342 3,528.238 The averdge monthly number of efflployees during the year was as follows.. 31.3.25 12 105 12 198 31.3.24 12 90 Senior fflanagement Recreation Sites Administration Casual Slaff 206 327 319 Page 35 continued...

WAVE ACTNE LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 STAFF COSTS . continued The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 31.3.25 31.3.24 £60,001- £70,000 £70.001- £80.000 £120,001- £130,000 £140,001- £150,000 The number of employees eaming in excess of £60,000 (for the year and the preceding year) to whom retirement benefits V￿re accruing was as follows: 2025 2024 Defined benefil schemes The total amount of employee remuneration ￿ceiVed by key management personnel is £319,290 {2024: £286,886). The Charitable Company considers its key rnanagemenl personnel comprises of the CEO, the Head of Finance and the Head of Commercial Development. 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES FRS 102 Pension Unrestricted Adjuslmenl funds Un-restncted Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 30,193 30,193 Charltable actlvltles Leisure Centre activity 6,429,938 57,666 6,487,604 Investment income 44,880 44,880 Total 6,505,011 57,666 6,562,677 EXPENDITURE ON Charitable activities Leisure Centre activity 6,113,075 30,000) 145,587 6,228,662 NET INCOMEI{EXPENDITURE) Other recognised gainsl{losses) Actuarial gainslllosses) on defined benefrt schemes 391,936 30,000 (87,921) 334,015 2,601,000) 2.601,000) Page 36 continued...

WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES . contlnued FRS 102 Pension Unrestricted Adjustment funds Un-restricted Restricted funds Total funds Net movement in funds 391,936 (2,571,000) (87,921) {2,266.985) RECONCILIATION OF FUNDS Total funds brought forward 1,089,304 2,571,000 622,673 4,282,977 TOTAL FUNDS CARRIED FORWARD 1481240 534 752 2,015.992 11. TANGIBLE FIXED ASSETS Improvements to property Fixtures and fittings Plant and machinery COST Al 1 April 2024 Additions Disposals 2,179,221 777,186 348.231 411,378 41,498 225 At 31 March 2025 2 956.407 759 609 35,618 DEPRECIATION At 1 April 2024 Charge for year Eliminated on disposal Impaiments 1,503.783 223,940 151,181 89,411 13,599 4.939 <4,044) 231,011 At 31 March 2025 1,958,734 240,592 14,494 NET BOOKVALUE At 31 March 2025 997 673 519,017 21,124 At 31 Ma￿h 2024 675.438 197,050 27,899 Page 37 continued..

WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 MARCH 2025 11. TANGIBLE FIXED ASSETS. contlnued Motor vehicles Computer equipment Totals COST At 1 April 2024 Additsons Disposals 8,580 239,082 59.384 2,816,612 1,248,173 At 31 March 2025 298 466 4 058,680 DEPRECIATION At1 April 2024 Charge for year Eliminated on disposal Impaiments 8,580 193,397 27.021 1,870,540 345.311 {4,044) 231,011 Al 31 March 2025 8,580 220.418 2.442,818 NET BOOKVALUE At 31 March 2025 78,048 1,615,862 At 31 March 2024 45,685 946,072 12. FIXED ASSET INVESTMENTS Shares in group undertakings MARKET VALUE At1 April 2024 and 31 March 2025 NET BOOK VALUE At 31 March 2025 Al 31 March 2024 There were no investment assels outside the UK, The companls inveslments at the balance sheet dale in the share capital of companies include the following.. Page 38 continued...

WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 12, FIXED ASSET INVESTMENTS - continued Subsidiary Wave Active Ventures Limited Registered offKe'. Downs Lebsure Centre, Sutton Road, Seaford, East Sussex, BN25 4QW Nature of business.. Dorynant Class ofshare.. Ordinary holding 100 31.3.25 31.3.24 Aggregate capital and reserves Joint venture Hillbrow Health and Wellbeing Llmlted Registered office.. Downs Leisure Centre. Sutton Road, Seaford, East Sussex, BN25 4QW Nature of business.. Community health and wellbeing 31.3.25 31.3.24 Ag9￿gate capital and resenrfes Loss for the periodlyear {381,692) 381,692) The Charity has entered into joint control over the entity in partnership, with South Downs Health And Care Limited, incorporated on 15 May 2024. The entity is limited by guarantee without share capital. 13. STOCKS 31.3.25 31.3.24 Stocks 28,878 28,647 14. DEBTORS 31.3.25 31.3.24 Amounts falling due within one year. Trade debtors Amounts owed by group undertakings Arnounts owed by participating interests Other debtors Prepayments and accrued income 716,471 750 205,967 35,598 349,652 255,154 750 29,127 342,385 1,308,438 627,416 Page 39 continued...

WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 14. DEBTORS - continued 31.3.25 31.3.24 Amounts falling due after more than one year: Other debtors 58,050 58.050 Aggregate amounts 1,366.488 685,466 15. CURRENT ASSET INVESTMENTS 31.3.25 31,3.24 Unlisted investments 1,786.331 1,001,000 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Other loans (see note 18) Trade credrtors Social security and other taxes Other creditors Accruals and defeffed income 175,998 761,210 94,921 22,777 713,198 164,185 291,501 130,322 103,872 669,182 1768,104 1359.062 Deferred Income: 31.3.25 31.3.24 Deferred income at 1 April 2024 Released from previous years Resources deferred in the year 199,370 {199,3701 204,553 172,606 {172,606> 199,370 Deferred income as at 31 March 2025 204.553 199,370 Page 40 continued...

WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.25 31.3.24 Other loans (see note 18) 557,165 733,163 Social Inveslmenl Business FM Limited hold a fixed charge and a floats'ng charge covering all the property or undertaking of the Charitable Company. The Charitable Company received an unsecured loan of £500,000 from Lewes Distrtct Council in 2020121. The loan was issued at an interest rate of 2.75010 which shall accrue daily from the draw down of the loan. The first payment of interest was due on the last business day of March 2023. The Charitable Company secured a Coronavirus Business Intemjption Loan of £650,000 repayable over 5 years. Interest is charged at 7.0%. 18. LOANS An analysis of the maturity of loans is given below: 31,3,25 31.3.24 Amounts falling due within one year on demand: Other loans 175 998 164,185 Amounts falling between one and trwo years.. Other loans - 1-2 years 57,165 175,998 Afflounts falling due between and five years.. Other k)ans - 2-5 years 57,165 Amounts falling due in more than five years: Repayable othe￿iSe than by instalments.. Other loans more 5yrs non-inst 500,000 500,000 19, LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows: 31.3.25 31.3.24 Within one year Betrween one and five years 15,253 3,169 65,299 10,330 Page 41 continued...

WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 20. SECURED DEBTS The following secured debts are included within creditors: 31.3.25 31.3.24 CBILS Loan 233,163 397,348 CBILS Loan The shareholdets of S¢xial Investmenl Business FM Limited hold a floating and fixed charge of the assets of Wave Active Limited due to a loan given in 2021. 21. MOVEMENT IN FUNDS Net movernent in funds Transfers be￿een funds At 31.3.25 At1.4.24 Unrestricted funds General fund Future LGPS Pension Liabilities 1,481,240 579,082 16,565) 2,053,757 80.263 1,481,240 579,082 73,698 2,134,020 Restricted funds Ancient History Centre Newhaven Fort Recovery Swirnming Pool Support Fund (SHP) Lewes District Council Capital grant 21,047 513,705 {3,463) {315,510) 73,698 755,454 17,584 198,195 (73,698) 755,454 534 752 510 179 73 698) 971233 TOTAL FUNDS 2,015,992 1,089,261 3,105,253 Page 42 conlinued...

WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 21. MOVEMENT IN FUNDS. continued Net movefflent in funds, included in the above are as follovts: Incoming resources ReSoU￿S expended Gains and losses Movement in funds Unrestricted funds General fund FRS 102 Pension Adjustment Un-restricted 7,049,909 <6,470,827> 579,082 78,000 78,000) 7,049,909 (6,392,827) {78,000) 579,082 Re5trlcted funds Ancient History Centre Newhaven Fort Recovery Swimming Ptsjl Support Fund {SHP) Lewes Districl Council Capital grant (3,4631 (315,510) (3,463) (315,510) 73,698 755,454 73,698 1016,698 506,519> 510 179 TOTAL FUNDS 78,000) 1,089,261 Comparatlves for movement In funds Net movement in funds At 31.3.24 At1.4,23 Unrestricted funds General fund FRS 102 Pension Adjustment Un-restn'cted 1,089,304 391,936 1,481,240 3,660,304 {2,179,064) 1,481,240 Restrlcted funds Ancient History Centre Newhaven Fort Recovery 24,508 (3,461) 21,047 513,705 622 673 534,752 TOTAL FUNDS 4,282,977 2.266,985) 2,015,992 Page 43 continued,..

WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 MARCH 2025 21. MOVEMENT IN FUNDS. contlnued Comparative net movement in fvnds. included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund FRS 102 Pension Adjustment Un-restricted 6,505,011 16,113,075) 391,936 30,000 2,601,000) 2,571,000> 6,505,011 (6,083,075) 12,601,000) (2,179,064) Restricted funds Ancient History Centre Newhaven Fort Recovery Adult Social Care Infects'on Control Fund Active Sussex (SSC & SHCC) Primary Care PCN Swmming Pool Supp)rt Fund (SHP) (3,461) (84,460) {1,035) (4,000> (20,0791 (3,461) (84,460) 1,035 4,000 20,079 57,666 145,587) 87,921 TOTAL FUNDS 2.266,985) Newhaven Fort . Ancient History Centre The charity received £55,000 via East Sussex County Council lo transform an exhibition in one of the casements into a new exhibitionllearning resource. This Spa￿ now tells the story of how Newhaven and surrounding areas were inhibited during pre.Roman times, and offers events to the public. The funding was capitalised in 2017118 and written down over the remaining period of the lease for the site with Lewes District Council. As of 31 st March 2025 the restrictive fund balance was £17,584 (2024: £21,047). Newhaven Fort . Herltage Lottery Fund Awarded by the Department of Digital, Cultural, Media and Sports, administered by the Heritage Lottery Fund. A total of £850,000 was awarded specifically for Newhaven Fort to enable it to relaunch in spring 2021. Overall purpose of the grant was to create an on-site visitor experience which complies h￿th Govemment COVID-19 safe working protocols. Exhibition spaces were reviewed. adapted and renewed along wth ticketing, tea room and shop to enable social distancing. The use of 'virtual' and 'digital' technology was applied to improve the visitor experience both on and off sile. The grant was deemed lo be a restrictive capital nature with £766k being treated as Fixed Asset additions with the majority of spend in 2021122 related to physical building works and interactive audio visual displays. During the year to 31st March 2025 there was expenditure of £315,510 leaving a restricted fund balance of £198,19512024: £513,705) The fund was fully expended in recognition of the new. investment from the New Towns Fund that transformed the site from a museum attraction into an award winning cultural attraction. This investment added to the works canied out 2021122 with the lottery funding which focused mainly on sustaining a site of historical interest post the pandemic. Page 44 continued...

WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 21. MOVEMENT IN FUNDS. continued Seahaven Swim and Fitness Centre- Swlmmlng Pool Support Fund A total of £73,698 was awarded by the fund to invest in fixed assets thal redU￿d energy consumption at Seahaven Swim and Fitness Centre. Following the investment of funds into relevant fixed assets. as pei the grant restsictson, Ihe funds were no longer considered to be restricted once the asset was brought into use to support the charitys unrestricted acb"vib'es. Therefore, the fund has been transferred to unrestricted general funds and the applicable assets depreciated therein. Lewes District . Capital Grant Lewes District Council awarded a grant of £943,000 for the improvement of Council owned properties managed by Wave Acts've for the refurt)ishment of the properties and upgrading plant and equipment for the purpose of efficiencies including reducing energy consumption. The total value of the grant has been recognised as Fixed Assets with matching expenditure of £187,546 being depreciation of the assets leaving a restricted fund balance of £755,454 at 31st March 2025. Future LGPS Penslon Llabllltles . Deslgnated Fund The charity has designated unreslricled fijnds of £80,263 for the purpose of funding future LGPS pension liabilities that may arise should the fund fall into deficit in the future. Transfers between funds A transfer of £73,698 is shown from restricled funds to unrestricted funds during the year. The transfer relates to granl income that was initially restricted to the purchase of fixed assets to improve energy efficiency. Following the investment of funds into relevant fixed assets, as per the grant restriction, the funds were no longer considered to be restricted once the asset was brought into use to support the charity's unrestricted activities. EMPLOYEE BENEFIT OBLIGATIONS The cofflpany operates a defined benefit scheme in the UK. The pension cost and provision for the year are based on the advice of a professionally qualified actuary the most re￿nI full actuarial valuation is dated 31 March 2022. A roll forward approach which projects results froffl the latest full actuarial valuation performed at 31 March 2022 has been used by the actuary in valuing the pension liability al 31 March 2025. Any differences between the figures derived from the roll fopward approach and a full actuarial valuabon would impacl on the carrying amount of the pension liability. LeV￿S District Council has given a legal undertaking guaranteeing that if any sums are due and owing to the pension scheme by the Charity pursuant to the tenns of the pension admissions agreement between the Charity and Lewes Dislricl Council dated 31 March 2006, that Lewes District Council will make good any deficit in the event of the liquidation or winding up of the charitable company. As this indemnity represents a contingent assel has not been reflected in the financial statements. At 31 March 2025 the scheme was valued with a £3,959,000 surplus. This surplus is not recoverable by the scheme employer and therefore a nil assevliability is recTr3nised in these accounts with an asset ceiling being applied. Page 45 conlinued...

WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS . Continued FOR THE YEAR ENDED 31 MARCH 2025 22. EMPLOYEE BENEFIT OBLIGATIONS - continued The amounts recognised in the Statement of Financial Acts'vities are as follows: Defined benefit pensÉon plans 31.3.25 31.3.24 Current service cost Net interest from nel defined benefit assevliability Past service cost 104,000 104,000 (153,000) (115,000) 49,000) 11,000) Actual retum on plan assets 520,000 472,000 Changes in the present value of the defined benefit obligation are as follows: Defined benefit pension plans 31.3.25 31.3.24 Opening defined benefit obligation Current service cost Contributions by scheme parts'cipants Interest cost Benefits paid Remeasurements., Actuarial (gains)Ilosses from changes in demographic assurnptions Actuarial (gains}Ilosses from changes in financial assumptions Obligats'ons other remeasuremenl 7,461,000 104.000 43,000 367,000 (157,000) 7,970,000 104,000 41,000 357,000 (228,000) (17,000) (81,000) (1,111,000) (201,000) 23,000 6,676,000 7,985,000 Cessation of scheme 524,000) 6 676,000 7,461,000 Page 46 continued...

WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS. continued FOR THE YEAR ENDED 31 MARCH 2025 EMPLOYEE BENEFIT OBLIGATIONS. continued Changes in the fair value of scheme assets are as follows.. Defined benefit pension plans 31.3.25 31.3.24 Opening fair value of scheme assets Contributions by employer Contributions by scheme participants Expected return 8enefits paid Admin expenses Remeasurements.. Retum on plan assets (excluding interest income) Assets other reffleasurement 10,534,000 38,000 43,000 520,000 (157,000) (9,000) 10,541,000 27,000 41,000 472,000 (228,000) (8,000) (334,000) 316,000 15,000 10,635,000 11,176,000 Asset Ceiling Cessation of scheme {3,959,000) (3,191.000) 524 000) 6 676 000 7 461000 The amounts recognised in olher recognised gains and losses are as follows.. Defined benefit pension plans 31.3.25 31.3.24 Actuarial (gainslllosses from changes in demographic assumptions Actuarial (gainslllosses from changes in financial assumptions Obligations other remeasurement Retum on plan assets (excluding interest income} Assets other remeasurement 17,000 81,000 1,111,000 14,000 201,000 (23,000) (334,000) 316.000 15,000 808,000 590,000 Page 47 continued...

WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS. continued FOR THE YEAR ENDED 31 MARCH 2025 22. EMPLOYEE BENEFIT OBLIGATIONS - continued The major categories of scheme assets as a percentage of total scheme assets are as follows.. Defined benefit pension plans 31.3.25 31.3.24 Equities Bonds Property Cash 17.50 /ts 15.OOVo 15.00V. 2.500 100.000/0 100.OOV. Principal actuarial assumptions al the Balance Sheet date (expressed as weighted averages): 31.3.25 5,85'/0 2.90'/o 2.90'/0 31.3.24 4.95% 2.850/0 Discount rate Future salary increases Future pension increases Amounts for the current and previous four periods a￿ as follows: 2025 2024 2023 2022 2021 Defined beneflt penslon plans Defined benefit obl￿allOn Fair value of scheme assets (Deficit)surplus 16,676.000) (7,461,000) (7,970,000) {11,799,000) (12,133,000) 6,676,000 7,461,000 10,541,000 11,079,000 10,016,000 2,571,000 (720,000) (2,117,000) Sensitivity Analysis Changes In assumptions at 31 March 2025 Approx. OA Increase to Employer Liabllity Approximate Monetary Amount (£) 0.1Vo decrease in Real Discount Rate 0.1010 increase in Salary Increase Rate 0.10/0 increase in the Pension Increase Rate 1.72% 0.09% 1.63% 115,000 6,000 109,000 Page 48 continued..

WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 MARCH 2025 23. CAPITAL COMMITMENTS As at 31 March 2025 there was capitsl expenditure authorised by the senior leadership team but not contracted for of£68,491 {2024'. £32,295). 24. RELATED PARTY DISCLOSURES The Charity has a very close relats'onship with Lewes District Council, however it is not considered to be a related party due to the control criteria not being met. The Charity engaged in transactions with an entity in vthich it has joint control over. Hillbrow Health and Wellbeing Limited which was incorporated on 15 May 2024. The Charity received central seNices income of £84,354, interesl receivable of £12,954 and made £2,604 of payments. The Charity also issued working capitsl to the entity via a loan draw down of £200,000, with the outstanding balance owed to the Charity at the year-end of £205,967, including unpaid Inte￿$1 of £5,967. The operational net debtor owed to the charity at the yearond was £54,594, A member of the Key Management Pe￿Onnel, Neil Harrison, had a family connection with several employees at Wave Active Limited. The employees We￿ remunerated during 2024125 as follows.. 31.3.25 31.3.24 S Harrison A Harrison J Harrison M Harrison 2,746 3,521 470 3,137 3,865 1,002 181 Another member of the Key Management Personnel. Deborah Pollard, had a family connection with an employee at Wave Active Limited. The employee was remunerated during 2024125 as follows: 31.3.25 31.3.24 T Witts 7,525 5,004 One final member of the Key Management Personnel, Duncan Kerr, had a family connection with an employee al Wave Active Limited. The employee was remunerated during 2024125 as follows.. 31.3.25 31.3.24 E Clarke 519 499 Page 49 continued...

WAVE ACTIVE LIMITED NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 MARCH 2025 25. ULTIMATE CONTROLLING PARTY There is no ultimate controlling party. The Board of Trustees and the management team are responsible for the strategic and operational decisions of the charity. Page 50