Registered charity in England and Wales (1148600) and Scotland (SC051304)
PATRON - HRH THE PRINCESS ROYAL
ANNUAL REPORT AND ACCOUNTS 2023/24
www.wetwheelsfoundation.org
“Only offshore can you truly get to understand the magnificence of the ocean, the wildlife, the infinite skies, the sensory overload from a breaking wave; on one hand the feeling of insignificance as a human being, a mere dot on an ocean, countered by this overwhelming sense of being alive, at one with nature.”
Geoff Holt MBE DL, Founder and Trustee
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Contents
| Page | ||
|---|---|---|
| 1. | Chair’s introduction | 4 |
| 2. | Objectives and activities | 5 |
| 3. | Achievements and performance | 6 |
| 4. | Mason’s poem | 9 |
| 5. | Widening participation | 10 |
| 6. | A message from Geoff | 12 |
| 7. | Thank you to our supporters | 14 |
| 8. | Structure, Governance & Management | 15 |
| 9. | Trustees report and unaudited financial | 16 |
| statements |
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1. Chair’s introduction
Dear Friends, I am pleased to share our Annual Report and Accounts 2023/24.
Wetwheels provides inspirational barrier-free boating and the opportunity for disabled people of all ages to go to sea. Our purpose-built, fully accessible powerboats provide the opportunity for all, including some of the most profoundly disabled, to access the water with a true sense of freedom.
The past year has seen us reach more people than ever, to empower and bring
joy to the lives of those who come onboard, their family and friends. As well as enjoying and celebrating these wonderful moments, we were delighted to support our Founder and inspiration Geoff Holt MBE DL on his ‘Finishing The
Dream’ round Britain challenge. With James, Sam and their amazing onshore team, it demonstrated the best of Wetwheels and shone a new light on how important it is to follow your dreams even in the most difficult of circumstances.
Our Operators across the UK do an incredible job and are the heartbeat of Wetwheels – I with my fellow Trustees thank them for all they do.
The highly experienced Trevor Phillips becomes Chair of Trustees this year – he is an excellent choice and I wish him
well. I am honoured to take up my new role of Vice President as we look to the future. May I thank all those who continue to support us be it via
donations or their time attending events or volunteering onboard. I hope you enjoy reading this Report and I look forward to seeing you on the water.
Andy Fell - Chair of Trustees
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2. Charitable object
The relief of those in need by reason of disability through powerboating in the interests of social welfare and the object of improving their conditions of life.
Vision
To ensure everyone can access the water with a safe, barrier free, enriching experience.
Mission Statement
Wetwheels offers a unique opportunity for disabled and disadvantaged people of all ages - including those with multiple, profound and complex impairments - to access the water.
Central to our experience is active participation - helping to broaden aspirations, increase confidence and directly impact on health and wellbeing.
We continually innovate through new technologies such as developing new steering systems for those with particular disabilities, and improve what we offer through feedback from our dedicated teams, and participants.
Ensure a sustainable operation through a range of income streams.
By 2026, we aim to support 12,000 people every year to participate in a Wetwheels experience across the UK, with a wide reach and awareness.
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Wetwheels Foundation is a national charity that supports the health and wellbeing of disabled people of all ages. By enabling disabled people to be active in a highly sensory, rich maritime environment, Wetwheels helps to increase confidence and reduce anxiety.
Through a network of fully accessible, custom-built powered catamarans strategically located around the UK, we offer barrier free access to the sea.
Participants not only learn new skills such as seamanship and boat handling but these lived-life experiences encourage independence of thought and can be shared with family and friends.
3. Achievements and performance
Overall we delivered at our full capacity with c. 8,000 people participating in a Wetwheels experience. The range of disabilities of those accessing Wetwheels across the year included, but was not limited to:
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Wheelchair users;
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People affected by stroke;
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People with sensory or mobility impairments;
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Those with neurological conditions including dementia, Parkinson’s or Alzheimer’s;
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Behavioural disabilities including autism;
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People with learning difficulties;
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People with acquired brain injuries;
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People with multiple, profound and complex conditions;
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Former service personnel and Veterans
We continue to evolve our experiences onboard Wetwheels to ensure the widest impact for the broadest range of people.
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Our Young Mariners trips give the opportunity to enjoy a fun and inspirational adventure on the water, experiencing all the sensory elements and learning seamanship alongside their peers, friends and families. All the young people who join us are active participants - with specialist adapted controls, everyone has the opportunity to take the helm and drive.
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The Maritime Adventures experience, developed in Portsmouth, involves local charities and community groups sharing local history, landmarks and nature, from the unique perspective of the water. Our interactive website provides the opportunity to research these landmarks and we continue to discover new routes and magical secrets each trip.
Harbour Breezes provides a unique and wonderful experience for older people and those living with dementia, together with accompanying family members, friends or carers.
The trips trigger memories for elderly people - for example, remembering previous maritime jobs, holidays or visiting the local area. Those with such illnesses are often forgotten but we value their experiences and knowledge, and enjoy seeing their delightful reactions to coming onboard.
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4. Mason’s poem
Legs that worked was so much fun, I’d spin, hop and run,
Jumping, skipping, rolling around, laughing hard, I’d fall to the ground.
That’s now a dream, laying in bed, happy days spinning round my head.
Remembering as things used to be, before being taken away by DMD.
Life’s different in my wheelchair, I’m angry, sad, life’s so unfair,
On the sidelines, that’s how it feels, no-one plays with me in my wheels.
I long to feel, happy and free, soaring like a bird, over the sea,
Skimming waves, bouncing around, jumping up and down,
Laughing loud, sea splashing my face, I’m winning a race!
Sun kissed, happy, I’ll feel the breeze, rustling my hair, tickling my knees!
Ending the day snuggled in bed, magical feelings racing round my head.
I’ll remember what Wetwheels gave to me, Mason Fearnley, as he was meant to be.
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5. Widening participation
Our Outreach programme is designed to widen our reach and network of disabled participants in new areas, and deliver our aims to raise our profile and develop as an organisation.
Throughout 2023/24 visits to Plymouth, Yarmouth, Torquay, Eastbourne, North Shields, Chatham Marina - and many more - formed part of our planning and delivery.
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We continue to work with the Angling Trust and the British Disabled Angling Association, delivering highly successful sea angling trips and providing the only co-ordinated disabled sea angling programme in the UK. We provide state-of-the-art equipment including electric reels enabling those with little or no hand movement to land their catch independently.
Wetwheels South West entered the Falmouth Bay Blue Shark Angling Competition enabling a keen disabled angler to join in the competition for the first time!
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6. A Message from Geoff
I am pleased to share my reflections as part of the Wetwheels Foundation Annual Report 2023/24. The work undertaken by my friends and colleagues across the country in each of our locations has enabled more people than ever to get out on the water and feel the far reaching benefits of the ‘Blue space’ which are truly unique.
As every year passes and more people - both new and returning - come onboard, Wetwheels plays a vital part in the wellbeing of many thousands of participants, their families and carers.
This year I undertook a new project - ‘Finishing The Dream’- circumnavigating Great Britain onboard Wetwheels, just as I did many years ago in 2007, but in a very different craft! It was incredibly challenging in many ways but we made it back safely to Tower Bridge meeting many new friends along the way. Paralysed from the neck down in an accident at the age of 18, I have maintained the passionate belief that anything can be achieved, given a positive approach and the support to help make that dream a reality.
The challenges of transforming a small charity with 1 boat, Wetwheels Solent, to a national organisation with 8 vessels, are wide and varied. But with our excellent Trustees we have come a long way in a relatively short space of time. As part of our ongoing and vital fundraising efforts, we are launching a new Legacy campaign highlighting our work - such support really will make a difference for generations to come. Please visit our website to find out more information.
Thank you to all those who continue to support us on the journey and I hope to see you out on the waves.
Geoff Holt MBE DL, Founder and Trustee, Wetwheels Foundation
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Wetwheels is committed to equality & diversity across all our activities. We welcome and celebrate the diversity of all the communities where we are located, with the background of many coastal towns and cities dealing with the challenges of economic deprivation and inequality of opportunity.
As a core value we recognise and develop the potential of our staff teams, volunteers and participants. Our Operations Director along with our Company Secretary manage our Operator audits, training and annual review of our policies and procedures.
Our Environmental and Sustainability policy outlines our ongoing commitment wherever possible to help protect and preserve our coastline.
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7. Thank You to our supporters
Baillie Gifford Cheetah Marine Geoff & Fiona Squire Foundation Henri Lloyd Hugh James LLP Jack Brunton Charitable Trust Mindworks Marketing Mrs FB Laurence Charitable Trust The Patrick & Helena Frost Foundation Pantaenius UK Peter Harrison Foundation Raymarine Sport England Suzuki Marine The Gosling Foundation The Provincial Grand Lodge of Hampshire & Isle of Wight The Provincial Grand Lodge of Sussex The Stelios Philanthropic Foundation Truemark Trust Worshipful Company of Fishmongers Worshipful Company of Barbers Worshipful Company of Insurers Wylie Charitable Trust
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8. Structure, Governance & Management
The Wetwheels Foundation is a registered charity that delivers services through our network of Wetwheels Operators. The charity is constituted by way of Trust Deed created 25[th] July 2011.
The Trustees play a central role and have regard to the Charity Commission's guidance on public benefit in planning the activities of The Wetwheels Foundation. As the organisation has grown, we have recruited a skilled and experienced core team to ensure a sustainable and thriving organisation.
The Foundation provides stewardship, Trustee management, guidance, support and information for our network:
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Wetwheels Solent (WWS): based in Portsmouth
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Wetwheels Jersey (WWJ)
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Wetwheels Hamble (WWH)
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Wetwheels South East (WWSE): based in Dover
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Wetwheels Yorkshire (WWY): based in Whitby
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Wetwheels South West (WWSW): based in Falmouth
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Wetwheels Edinburgh (WWE)
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Wetwheels Torbay (WWT)
Safety remains our highest priority. Detailed risk assessments, a range of policies and a suite of Standard Operating Procedures (SOPs), promote the highest standards under which activities are delivered. These exceed the requirements of UK law and government guidance.
Our Skippers are fully trained and commercially endorsed by the regulating authorities, and our volunteer crew receive our bespoke disability awareness training in a maritime context. All Wetwheels boats are MCA / MECAL coded vessels, licensed to take passengers to sea.
Wetwheels are considered ‘subject matter experts’ by the Maritime & Coastguard Agency (MCA). Our Trustees, who include Founder Geoff Holt MBE DL, guide the development of the organisation, consider risk and review operations by means of a bi-annual internal audit of all Operators.
The Wetwheels Foundation is registered with the Fundraising Regulator and adheres to The Code of Fundraising Practice, which sets out the responsibilities that apply to fundraising carried out by charitable institutions in the UK.
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9. Trustees Annual report 2023/24
The Trustees present their annual report and financial statements for the year ended 31[st] March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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).
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Structure, governance and management
Charity name: Wetwheels Foundation Registered charity in England & Wales 1148600 and Scotland SC051304
Principal address: The Victory, Gunwharf Quays House, Gunwharf Quays Portsmouth PO1 3TZ Website: www.wetwheelsfoundation.org
Patron: HRH The Princess Royal
The Trustees who served during the year were: A Cummings A Fell G Osgood P Strzelecki G M Holt MBE DL
T Phillips D Parkinson L Trapnell (appointed 5 October 2023)
Trustees are recruited when the opportunity arises to enhance and strengthen the oversight of our work.
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
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The Foundation has 4 paid team members comprising The Executive Team – The Company Secretary, Operations Director, Fundraising Lead and Finance Manager all of whom work part-time.
Achievements and performance
Financial review
Across all our activities we have continued our aim to both manage costs prudently whilst maintaining a robust and effective core function, ensuring our charitable obligations are delivered.
Unrestricted Funds as of 31st March 2024 stood at £67,352 reflecting our careful management of funds received as we co-ordinate the delivery of accessible boating across our locations.
In this regard, The Foundation continues to be in a healthy financial position but as ever, we continue to develop further partnerships and donors in what remains a challenging funding environment.
The Wetwheels network has retained a mix of income streams locally which is extremely positive. As in previous years, participants may make a contribution towards their voyage costs. These are waived or off-set for groups and individuals by applying grants, to ensure no one is excluded due to lack of finance.
If making grants to individual Operators, The Foundation manages this process via the Trustee Board in order to ensure scrutiny and fairness.
Restricted Funds stood at £747,552 which reflects both the ownership of 3 boats by The Foundation - Wetwheels South West, Wetwheels Edinburgh and Wetwheels Torbay - and the management of grants that we receive centrally, or that we hold as designated funds for each Operator, for specific purposes.
Through a flexible costing model we remain financially stable, with careful monitoring via Trustee oversight and The Executive Team.
The Financial position at the Balance Sheet date (total funds held) is £814,904.
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Statement on the charities policy on reserves
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Declaration
The Trustees declare that they have approved the Trustees report and annual accounts for 2023/24 and this is signed on their behalf:
Trustee
Trevor Phillips
Date
22[nd] November 2024
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WETWHEELS FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WETWHEELS FOUNDATION I report kn the trustees on my examination of the financial statem&nts of Wetwheels Foundation {the charity) for the year ended 31 March 2024. Responslbllltles and basls of report As the Iru518e8 of the charity you are responsible fDr the preparation of the financial statements in accordanc6 with th& rèquirements of the Charities and Trustee Investment Iseotlandl Ad 2005 Ithe 2005 Acll. the Charities Accounis (Scollandl Regulations 2006 la5 amended) and the Charities Act 2011 (the 2011 A¢tl. You are satisfied that your charity is not required by charity law to be audited and have chosen instead to havg an independent examinat40n. I report in resped of my examinalon of the charity's financial stat8ments carried out under section 44111 I c} of the 2005 Act and section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of Regulation 11 of the Charities Accounts (Scollandl Regulations 2006 las amended) and all the applicable Directlons given by the Charity Commission under secJon 14515llbl of the 2011 Act. Independent èxaminerfs ststement Sincè the charity has preparod its atYnts on an accruals basis and is also registerod in Swtl8nd your examiner must be a member of a body listed in Regulation 11121 of the Ch8ri1185 Accounts (Scotlandl Regulations 2006 las mendedl. I confimi that l am qualified lo undertake the exam5nalion because l am a mtrmbei of the Association of Ch8rt8red Certified Accountants, whCh is one of the listed bodies. Your attention Is drawn lo the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their aecounts in accordance with th& Financial Reporting Standard applicable in the UK and Rgpublic ol Ireland IFRS 1021 in preference to the Accounting and Reporting by Chariti85.' Ststement of Recommènd8d Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been WIthdvm. l understand that this has been done in order for finan¢ial 51alemenls to provide a tru8 and fair view in accordance with Generally Accept8d Accounting Practice effe¢tlve for reporting periods beginnlng on or after 1 January 2015. I have completed my examination. I conflm that no matters have come tr) my attention in connectlon with th8 examination glving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 44111 lal of the 2005 Act and Regulation 4 of the Charities Accounts IS¢c>llandl Regulations 2006 las amended) and section 130 of thts 2011 Act.. or the financial statements do not accord with those records., or th8 financial statements do not comply with the accounting requirements of Regulation 8 of th8 Charities Accounts Iscouandl Regulalons 2006 las amandèdl and do not comply with the applicable requirements conceming thè form and content of accounts S8t out in the Charities (Accounts and Reports) Regulations 2008 other than any rèquirement that the accounts give a true and fair view which is not a matter considered as p8rt of an indapèndont examination. I have no eoncems and have come across no other matters in conn8Ction with the examinatTon to which attention should be dr8wn in this report in order to enable a Proper understanding of the financial statements lo be reached. F J Wllde FCCA MBA DChA Dated.. zo Lck Wamer Wildg 4 Marigold Driva Bis18y Surrey GU24 9SF 19-
WETWHEELS FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted | Restricted | Restricted | Total | Unrestricted | Restricted | Restricted | Total | ||
|---|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | ||||
| Notes | £ | £ | £ | £ | £ | £ | |||
| Income from: | |||||||||
| Donations and legacies | 3 | 30,591 | 370,298 | 400,889 | 56,497 | 287,214 | 343,711 | ||
| Charitable activities | 4 | 11,500 | 2,500 | 14,000 | 9,000 | - | 9,000 | ||
| Other trading activities | 5 | - | - | - | 4,920 | - | 4,920 | ||
| Investments | 6 | 2,823 | - | 2,823 | 632 | - | 632 | ||
| Total income | 44,914 | 372,798 | 417,712 | 71,049 | 287,214 | 358,263 | |||
| Expenditure on: | |||||||||
| Raising funds | 7 | 303 | 254 | 557 | 14,644 | 320 | 14,964 | ||
| Charitable activities | 8 | 52,395 | 215,079 | 267,474 | 69,971 | 187,964 | 257,935 | ||
| Total expenditure | 52,698 | 215,333 | 268,031 | 84,615 | 188,284 | 272,899 | |||
| Net income/(expenditure) | (7,784) | 157,465 | 149,681 | (13,566) | 98,930 | 85,364 | |||
| Transfers between | |||||||||
| funds | - | - | - | 7,741 | (7,741) | - | |||
| Net movement in | |||||||||
| funds | (7,784) | 157,465 | 149,681 | (5,825) | 91,189 | 85,364 | |||
| Reconciliation of funds: | |||||||||
| Fund balances at 1 April | 2023 | 75,136 | 590,087 | 665,223 | 80,961 | 498,898 | 579,859 | ||
| Fund balances at 31 March | |||||||||
| 2024 | 67,352 | 747,552 | 814,904 | 75,136 | 590,087 | 665,223 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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WETWHEELS FOUNDATION
BALANCE SHEET
AS AT 31 MARCH 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible assets | 12 | 493,158 | 323,311 | ||
| Current assets | |||||
| Debtors | 13 | 23,107 | 12,275 | ||
| Cash at bank and in hand | 301,985 | 482,307 | |||
| 325,092 | 494,582 | ||||
| Creditors: amounts falling due within | 14 | ||||
| one year | 3,346 | 152,670 | |||
| Net current assets | 321,746 | 341,912 | |||
| Total assets less current liabilities | 814,904 | 665,223 | |||
| The funds of the charity | |||||
| Restricted income funds | 16 | 747,552 | 590,087 | ||
| Unrestricted funds | 67,352 | 75,136 | |||
| 814,904 | 665,223 |
The financial statements were approved by the trustees on 22nd November 2024
A Fell Trustee
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WETWHEELS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
WetWheels Foundation is a charity registered by trust deed dated 25 July 2011, amended 8 October 2013.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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WETWHEELS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Website
3 years, straight line
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Powerboat Hulls 20 years, straight line Powerboat Engines & Equipment 4 years, straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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WETWHEELS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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WETWHEELS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
3 Income from donations and legacies
| Unrestricted | Restricted | Restricted | Total | Unrestricted | Unrestricted | Restricted | Restricted | Total | ||
|---|---|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||||||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |||||
| £ | £ | £ | £ | £ | £ | |||||
| Donations and gifts 30,591 |
324,473 | 355,064 | 54,497 | 225,064 | 279,561 | |||||
| Grants - |
45,825 | 45,825 | 2,000 | 62,150 | 64,150 | |||||
| 30,591 | 370,298 | 400,889 | 56,497 | 287,214 | 343,711 | |||||
| Income from charitable activities | ||||||||||
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |||||
| funds | funds | funds | funds | |||||||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |||||
| £ | £ | £ | £ | £ | £ | |||||
| Charitable activities | ||||||||||
| Licence fees 11,500 |
2,500 | 14,000 | 9,000 | - | 9,000 |
4 Income from charitable activities
5 Income from other trading activities
| Income from other trading activities | ||
|---|---|---|
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Fundraising events | - | 4,920 |
6 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Interest receivable | 2,823 | 632 |
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WETWHEELS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
7 Expenditure on raising funds
| Unrestricted | Unrestricted | Restricted | Total | Unrestricted | Restricted | Total |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Fundraising and publicity | ||||||
| Other fundraising costs | 303 | 254 | 557 | 14,275 | 320 | 14,595 |
| Trading costs | ||||||
| Other trading activities | - | - | - | 369 | - | 369 |
| Total costs | 303 | 254 | 557 | 14,644 | 320 | 14,964 |
8 Expenditure on charitable activities
| Charitable | Charitable | Charitable |
Charitable |
|
|---|---|---|---|---|
| activities | activities | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Direct costs | ||||
| Depreciation and impairment | 39,886 | 27,723 | ||
| Publicity and marketing | 3,239 | 7,390 | ||
| Grants to Wetwheels CICs | 118,738 | 122,221 | ||
| Operators support costs | 5,683 | 6,555 | ||
| Team costs | 60,329 | 63,617 | ||
| 227,875 | 227,506 | |||
| Share of support and governance costs (see note 9) | ||||
| Support | 37,799 | 29,133 | ||
| Governance | 1,800 | 1,296 | ||
| 267,474 | 257,935 | |||
| Analysis by fund | ||||
| Unrestricted funds | 52,395 | 69,971 | ||
| Restricted funds | 215,079 | 187,964 | ||
| 267,474 | 257,935 |
- 26 -
WETWHEELS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
9 Support costs allocated to activities
| Support costs allocated to activities | |||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Professional fees | 4,921 | 1,600 | |
| Accountancy | 5,400 | 7,824 | |
| Legal expenses | - | 420 | |
| Trustees expenses | 6,417 | 1,711 | |
| IT software and consumables | 9,515 | 4,988 | |
| General expenses | 11,213 | 11,787 | |
| Printing, postage and stationery | 333 | 803 | |
| Governance costs | 1,800 | 1,296 | |
| 39,599 | 30,429 | ||
| Analysed between: | |||
| Charitable activities | 39,599 | 30,429 |
Governance costs include Independent Examiners fees of £1,800 (2023: £1,296).
10 Trustees
Seven (2023: six) trustees received a total of £6,417 (2023: £1,711) reimbursed travel and other disbursements.
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
12 Tangible fixed assets
| Tangible fixed assets | |||||
|---|---|---|---|---|---|
| Powerboat | Powerboat | Total | |||
| Hulls | Engines & | ||||
| Equipment | |||||
| £ | £ | £ | |||
| Cost | |||||
| At 1 April 2023 | 277,779 | 103,761 | 381,540 | ||
| Additions | 173,799 | 35,935 | 209,734 | ||
| At 31 March 2024 | 451,578 | 139,696 | 591,274 | ||
| Depreciation and impairment | |||||
| At 1 April 2023 | 17,159 | 41,070 | 58,229 | ||
| Depreciation charged in the year | 13,947 | 25,940 | 39,887 | ||
| At 31 March 2024 | 31,106 | 67,010 | 98,116 | ||
| Carrying amount | |||||
| At 31 March 2024 | 420,472 | 72,686 | 493,158 | ||
| At 31 March 2023 | 260,620 | 62,691 | 323,311 |
- 27 -
WETWHEELS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13 Debtors
| Debtors | ||
|---|---|---|
| 2024 | 2023 | |
| Amounts falling due within one year: | £ | £ |
| Trade debtors | 19,375 | 10,000 |
| Other debtors | 1,377 | - |
| Prepayments and accrued income | 2,355 | 2,275 |
| 23,107 | 12,275 |
14 Creditors: amounts falling due within one year
| 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | |||||
| Deferred income | 15 | - | 150,000 | ||||
| Trade creditors | 679 | 662 | |||||
| Other creditors | 867 | 712 | |||||
| Accruals and deferred income | 1,800 | 1,296 | |||||
| 3,346 | 152,670 | ||||||
| 15 | Deferred income | ||||||
| 2024 | 2023 | ||||||
| £ | £ | ||||||
| Other deferred income | - | 150,000 | |||||
| Deferred income is included in the financial statements as follows: | |||||||
| 2024 | 2023 | ||||||
| £ | £ | ||||||
| Deferred income is included within: | |||||||
| Current liabilities | - | 150,000 | |||||
| Movements in the year: | |||||||
| Deferred income at 1 April 2023 | 150,000 | 9,000 | |||||
| Released from previous periods | (150,000) | (9,000) | |||||
| Resources deferred in the year | - | 150,000 | |||||
| Deferred income at 31 March 2024 | - | 150,000 |
- 28 -
WETWHEELS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
16 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At | At | 1 April | Incoming |
Incoming |
Resources |
Resources |
Transfers |
Transfers |
At 31 March | At 31 March | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | resources | expended | 2024 | ||||||||
| £ | £ | £ | £ | £ | |||||||
| Central Operator Funds Wetwheels Torbay |
27,446 0 |
- 15,002 |
- 5,000 |
- - |
27,446 10,002 |
||||||
| Powerboat Fund South West | 124,359 | - | (20,757) | - | 103,602 | ||||||
| Powerboat Fund Scotland | 191,675 | 3,500 | (27,487) | - | 167,688 | ||||||
| Wetwheels Solent | 74,612 | 19,576 | (35,233) | - | 58,955 | ||||||
| Wetwheels Yorkshire | 25,313 | 8,963 | (6,626) | - | 27,650 | ||||||
| Wetwheels Hamble | 46,800 | 38,161 | (800) | - | 84,161 | ||||||
| Wetwheels South East | 146 | 2,962 | (1,732) | - | 1,376 | ||||||
| Wetwheels Jersey | 20 | 350 | (370) | - | - | ||||||
| Core 2021-25 | 8,408 | 45,825 | (54,233) | - | - | ||||||
| Wetwheels South West | 10,890 | 3,961 | - | - | 14,851 | ||||||
| Eastbourne | 5,317 | 3,642 | (5,501) | - | 3,458 | ||||||
| Powerboat Fund Torbay | 50,101 | 155,195 | (6,420) | - | 198,876 | ||||||
| Wetwheels Edinburgh | 25,000 | 350 | (25,350) | - | - | ||||||
| FTD Capitalised | - | - | - | 19,500 | 19,500 | ||||||
| Twist system display unit | - | - | 3,492 | - | 3,492 | ||||||
| Finishing The Dream | - | 75,311 | (29,316) | (19,500) | 26,495 | ||||||
| 590,087 | 372,798 | (215,333) | - | 747,552 | |||||||
| Previous year: | At | 1 April | Incoming |
Resources |
Transfers |
At 31 March | |||||
| 2022 | resources | expended | 2023 | ||||||||
| £ | £ | £ | £ | £ | |||||||
| Central Operator Funds | 27,446 | - | - | - | 27,446 | ||||||
| Powerboat Fund South West | 152,857 | - | (20,757) | (7,741) | 124,359 | ||||||
| Powerboat Fund Scotland | 144,775 | 65,350 | (18,450) | - | 191,675 | ||||||
| Wetwheels Solent | 55,519 | 29,834 | (10,741) | - | 74,612 | ||||||
| Wetwheels Yorkshire | 27,975 | 32,076 | (34,738) | - | 25,313 | ||||||
| Wetwheels Hamble | 58,050 | 26,200 | (37,450) | - | 46,800 | ||||||
| Wetwheels South East | (159) | 1,338 | (1,033) | - | 146 | ||||||
| Wetwheels Jersey | 100 | 270 | (350) | - | 20 | ||||||
| Core 2021-25 | 5,407 | 54,150 | (51,149) | - | 8,408 | ||||||
| Wetwheels South West | 20,069 | 931 | (10,110) | - | 10,890 | ||||||
| Eastbourne | 6,859 | 1,964 | (3,506) | - | 5,317 | ||||||
| Wetwheels Torbay | - | 50,101 | - | - | 50,101 | ||||||
| Wetwheels Edinburgh | - | 25,000 | - | - | 25,000 | ||||||
| 498,898 | 287,214 | (188,284) | (7,741) | 590,087 |
The powerboat funds balances should reconcile to the Net Book Value of the related asset. This did not reconcile for one of the assets. A funds transfer of £7,741 has been agreed to correct the balance.
- 29 -
WETWHEELS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
17 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At | At | 1 April | Incoming |
Incoming |
Resources |
Resources |
Transfers |
Transfers |
At 31 March | At 31 March | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | resources | expended | 2024 | ||||||||
| £ | £ | £ | £ | £ | |||||||
| General funds | 75,136 | 44,914 | (52,698) | - | 67,352 | ||||||
| Previous year: | At | 1 April | Incoming |
Resources |
Transfers |
At 31 March | |||||
| 2022 | resources | expended | 2023 | ||||||||
| £ | £ | £ | £ | £ | |||||||
| General funds | 80,961 | 71,049 | (84,615) | 7,741 | 75,136 | ||||||
| Analysis of net assets between funds | |||||||||||
| Unrestricted | Restricted | Total | |||||||||
| funds | funds | ||||||||||
| 2024 | 2024 | 2024 | |||||||||
| £ | £ | £ | |||||||||
| Fund balances at 31 March 2024 are | represented by: | ||||||||||
| Tangible assets | - | 493,158 | 493,158 | ||||||||
| Current assets/(liabilities) | 67,352 | 254,394 | 321,746 | ||||||||
| 67,352 | 747,552 | 814,904 | |||||||||
| Unrestricted | Restricted | Total | |||||||||
| funds | funds | ||||||||||
| 2023 | 2023 | 2023 | |||||||||
| £ | £ | £ | |||||||||
| Fund balances at 31 March 2023 are | represented by: | ||||||||||
| Tangible assets | - | 323,311 | 323,311 | ||||||||
| Current assets/(liabilities) | 75,136 | 266,776 | 341,912 | ||||||||
| 75,136 | 590,087 | 665,223 |
18 Analysis of net assets between funds
19 Related party transactions
Grants totalling £118,738 (2023: £122,221) were allocated to various Wetwheels CICs, for water-based activities, of which Trustee Geoff Holt is a Director of Wetwheels Solent.
The Foundation has a conflict of interest procedure at each Trustee meeting, whereby should any such potential conflict be identified across all areas of activity, these are prevented, and this is then recorded.
- 30 -