DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
**REGISTERED CHARITY NUMBER: 1153993**
## **REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022**
## **FOR**
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
AKS Advisers Fourth & Fifth Floors 14-15 Lower Grosvenor Place London SW1W 0EX
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022**
||**Page**|
|---|---|
|**Reference and Administrative Details**|1|
|**Report of the Trustees**|2 to 6|
|**Independent Examiner's Report**|7|
|**Statement of Financial Activities**|8 to 9|
|**Balance Sheet**|10|
|**Cash Flow Statement**|11|
|**Notes to the Cash Flow Statement**|12|
|**Notes to the Financial Statements**|13 to 21|
|**Detailed Statement of Financial Activities**|22 to 23|
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 JULY 2022**
**TRUSTEES** Mr M Patel Mr M Lewis Ms T Burgess **PRINCIPAL ADDRESS** Unit 15 Lister Building Marjorie Street Leicester LE4 5GY **REGISTERED CHARITY** 1153993 **NUMBER INDEPENDENT EXAMINER** AKS Advisers Fourth & Fifth Floors 14-15 Lower Grosvenor Place London SW1W 0EX
Page 1
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022**
The trustees present their report with the financial statements of the charity for the year ended 31 July 2022. The trustees have adopted the provisions 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).
The trustees present their report with the financial statements of the charity for the year ended 31 July 2022. The trustees have adopted the provisions 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 2015).
Page 2
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022**
## **OBJECTIVES AND ACTIVITIES Objectives and aims**
## **1.1** Mission of the organisation:
To assist disadvantage groups and individuals achieve a better quality of life by providing outcome orientated solutions to social issues that are innovative and person cantered
## **1.2** Values of the organisation
Person Centred
Build links and community cohesion across ethnicity, culture and gender
Equality
Partnerships
Adaptability and flexibility
Transparency and openness Continual improvement Communication
## **1.3** Objectives and Activities
- **1** . To create a business which will:
Provide quality boxing, sporting and fitness activities Provide good quality volunteering opportunities Support disadvantages and challenging young people
Enable users to be involved in its management and delivery
**2.** To create partnerships with private, public and voluntary organisations to:
Address key social issues facing the young people and local community Facilitate good community cohesion
Support key priorities for the city and local area, e.g. crime and disorder and raising education attainment Improve well being across community groups
## **3.** To become a sustainable organisation by:
Generating income from our activities Reviewing and evaluating our mission on a regular basis Reviewing and evaluating our service on a regular basis
## **4. Objectives:**
## **4.1** Objectives (2016/2017)
- Maintain ourselves as a National Open College Network Centre(NOCN). This will enable the project to work with the Leicester Secondary Behaviour Support Service (SBSS) and provide additional support, alongside its four specialist learning centres, to young people who find it difficult to engage in mainstream education
- To review and grow our volunteering group with the support of Voluntary Action Leicestershire so that we
- have a sustainable and trained voluntary workforce within the club that will support the clubs objectives
- Seek funding to employ an additional paid staff to support our development:
- 1 Administration Manager
- 2 Sport Development Officer
- 3 Premises Officer
- " Increase the number of volunteers that support the work of the organisation"
- " Review the organisations website and Facebook/Twitter accounts"
## **4.2** Medium term objectives (2017/18):
- To increase income from working with Secondary schools in Leicester & Leicestershire.
- **4.3** Medium term objectives (2018/19):
- To increase income from working with Secondary schools in Leicester & Leicestershire.
- **4.4** Medium term objectives (2019/20):
- Supporting workforce development, appoint our first apprentice's through the Coach Core Programme
Page 3
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022**
## **4.5** Medium term objectives (2020/21):
- To review and grow our volunteering group with the support of Leicester and Rutland Sports (LRS), so
- that we have a sustainable and trained voluntary workforce within the club that will support the clubs objectives
- Seek funding to employ an additional paid staff to support our development
- Work with coach core
- With the support of Coach Core ensure that both apprentices complete their apprenticeship
- Provide community projects to assist in reducing inequality gaps
- Review the organisations website and social media accounts
## **4.6** Medium term objectives (2021/22):
- Complete a consultation around Ethnically Diverse Communities to support the future delivery of practice - Working in partnership with Street Games to conduct a consultation with young people around the impact
- of social media on youth violence
- Engagement in Holiday, Activity and Food Programmes throughout the school holidays
- Facilitate community projects to assist in reducing inequality gaps
- Review the organisations website and social media accounts
- To increase our engagement of boxing sessions in secondary schools across Leicester and
Leicestershire
- Increase income working with the University of Leicester through the delivery of their Boxing Society
- Develop new partnerships with community groups
- Deliver sessions in the Charnwood area working with Active Charnwood
## **Significant activities**
Our Significant Activities are Boxing and youth activities which we use as vehicles to engage with young people, and doing keep fit sessions for the local community.
## **Public benefit**
Easter HAF Programme - April 2022 Summer HAF Programme July 2022 Ethnically Diverse Communities Consultation - July 2022 Peer Action Collective Consultation - July 2022
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
April 2022- Easter HAF Programme July 2022 - Summer HAF Programme July 2022 - Ethnically Diverse Communities Consultation July 2022 - Peer Action Collective Consultation
## **Fundraising activities**
We will be doing boxing, keep fit, dance sessions to raise money
As well as writing bids for funding from organisation
## **FUTURE DEVELOPMENTS**
Looking for Funding Bids to develop more activities for disadvantage young people
## Developments
We will be looking to maintain & increase our ties with local community organisations
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Page 4
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure**
|Board of Trustees|3|
|---|---|
|Centre Manager|1|
|DEvelopment Officers|2|
|Apprentices|0|
|Volunteers||
|Boxing Coaches|5|
|Youth Workers|2|
|General Volunteers|8|
We have 3 Trustees at Waterfront Sport & Education Academy who over see's the project.
The Centre Manager is our only full time worker at present he take care of funding bids and the day-to-day running of the centre and report back to the trustees. We now employ seven part time workers.
## **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 provide reasonable assurance against fraud and error.**
The Board conducts a general annual review of the risks the charity may face and it reviews its systems and procedures to mitigate those risks it identifies.
Specific requirements will arise from time to time under risk management procedures according to the undertakings to be embarked upon in any year. Where an exposure arises through, for example, major property refurbishment works, it is invariably the case that specialist professional advice will be sought and followed.
The Board believes that with its periodic review of financial management and its quarterly meetings with Centre manager, effective measures are in place to monitor the creation of any new risks which may arise and to attend to their mitigation.
Page 5
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022**
## **GOING CONCERN**
For Waterfront the pandemic was a turbulent time. The first effects of the lockdown restrictions was that 85% of the schools we work withdrew their student placements, which consequently stop any payment of services during the pandemic. During this period we were still required to pay PAYE & NI contributions to the Government for our employees who we put onto furlough, with minimum income coming in. The circumstances which were presented combined with costs that we were still required to pay out, lead to the restructure of our business plan. The restructure was to provide the best opportunity to enable long term sustainability. Apart of this was making the decision to lay off staff, keeping 3 members of staff
Today we have been able to rebuild since the pandemic offering a comprehensive service to the community. The need for our services has increased significantly since the pandemic, recognised by Public Health England, regional and local partners who govern sports and physical activity, to our community who directly seek support from ourselves. The greater need has come about for a multitude of reasons: from the effects of inactivity since the pandemic, the limited social interaction and loneliness individuals experienced, to the long term health effects that are now apparent from Long Covid.
To meet our current demand we now run more sessions than previously which in turn generates income. In addition to our club sessions, we have seen an significant increase in our outreach work delivering weekly sessions in educations establishments including primary schools, secondary schools, colleges and Universities across the city. In addition to this we work with various council around Leicester and Leicestershire delivering targeted programmes using physical activity and also run our own Multisport and Nutrition Education Programme. From consultation with parents in the community, their children's decrease in social skills ranked as greatest concern since the pandemic; in response to this theme we ran social clubs 3 times a week where young people could attended our premises and our staff engaged in a range of activities to building confidence, teamwork and communication skills. During these session interactive devices such as consoles, iPad's and the Tv's were prohibited. Due to the success of this programme we extended our Holiday Provision for children in which the community utilised to great success. We also now work with the Council and The Department of Education in being a provider for the Holiday hunger programme, providing food and activity provision to families with low incomes. Expanding from our delivery work, we currently work with our County Sport Partnership and Street Games in a consultancy capacity. Through this role we are employed to engage with our community network to establish views and themes to better understand the climate of the local area. Our resultant findings and reports are then utilised to established changes to enhance practice and ways of working.
To support our development we successfully applied for the Bounce Back Loan (which if we were required to pay back today, we would be able to), and still have just over £81,000 in our account. As we continue to move forward our charity work will not be affected, as we look to continue developing alternative ways to strive forward in the times we are living, providing a services more relevant than ever to our community.
## **FINANCIAL REVIEW**
Details of the current year's results appear in the accounts from page 8.
The total incoming resources for the year amounted to £116,762 (2021: £240,495). The main items of income are from grants of £44,000 (2021: £202,305) and donations of £33,750 (2021: £25,067). Grants are to be utilised for premises improvement, sports and administration support.
The total resources expended for the year amounted to £138,451 (2021: £248,307). The main items of expenditure are Wages cost £54,128 (2021: £139,140) and property rental £32,400 (2021: £31,170). Governance costs totalling £25,070 (2021: £59,354) are held to be satisfactory for the size and complexity of the charity's operations (financial details can be found on page 21).
26 October 2023
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. Trustee
Page 6
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WATERFRONT SPORTS & EDUCATION ACADEMY**
## **Independent Examiner's Report to the Trustees of Waterfront Sports & Education Academy**
I report to the trustees on my examination of the financial statements of Waterfront Sports & Education Academy ('the charity') for the year ended 31 July 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and related notes.
This report is made solely to the charity's trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work, for this report, or for the opinions I have formed.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity's financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- accounting records were not kept in respect of the charity as required by section 130 of the Act; or - the financial statements do not accord with those records; or
- the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Ashish Kirtikumar Shah ACA
AKS Advisers Fourth & Fifth Floors 14-15 Lower Grosvenor Place London SW1W 0EX 26 October 2023 Date: .............................................
Page 7
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2022**
|**31.7.22**
Unrestricted
Restricted
**Total**
funds
funds
**funds**
Notes
£
£
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**33,750**
**-**
**33,750**
**Charitable activities**
Grant for Wages
**12,911**
**30,000**
**42,911**
Samworths Bros
**-**
**-**
**-**
Lottery
**-**
**-**
**-**
General
**15,540**
**-**
**15,540**
Streetgames UK
**-**
**-**
**-**
Voluntry Action
**-**
**-**
**-**
Leics Police-Pcc Funding
**-**
**-**
**-**
Youth Projects
**-**
**-**
**-**
Other trading activities
2
**24,553**
**-**
**24,553**
Investment income
3
**9**
**-**
**9**
**Total**
**86,763**
**30,000**
**116,763**
**EXPENDITURE ON**
**Charitable activities**
Grant for Wages
**33,752**
**29,823**
**63,575**
Alternative Educations
**-**
**-**
**-**
Samworths Bros
**-**
**-**
**-**
General
**74,700**
**177**
**74,877**
Streetgames UK
**-**
**-**
**-**
Voluntry Action
**-**
**-**
**-**
Leics Police-Pcc Funding
**-**
**-**
**-**
Youth Projects
**-**
**-**
**-**
**Total**
**108,452**
**30,000**
**138,452**
**NET INCOME/(EXPENDITURE)**
**(21,689)**
**-**
**(21,689)**|31.7.21
Total
funds
£
25,067
162,260
1,959
18,696
-
6,000
2,280
9,510
1,600
13,119
4
240,495
30,535
193,495
1,959
2,928
6,000
2,280
9,510
1,600
248,307
(7,812)|
|---|---|
The notes form part of these financial statements
Page 8
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2022**
|**31.7.22**
Unrestricted
Restricted
**Total**
funds
funds
**funds**
Notes
£
£
**£**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**68,602**
**3,272**
**71,874**
**TOTAL FUNDS CARRIED FORWARD**
**46,913**
**3,272**
**50,185**|31.7.21
Total
funds
£
79,686|
|---|---|
||71,874|
The notes form part of these financial statements
Page 9
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **BALANCE SHEET 31 JULY 2022**
|Unrestricted
Restricted
funds
funds
Notes
£
£
**FIXED ASSETS**
Tangible assets
6
**41,435**
**-**
**CURRENT ASSETS**
Debtors: amounts falling due within one year 7
**4,583**
**-**
Cash at bank and in hand
**81,091**
**-**
**85,674**
**-**
**CREDITORS**
Amounts falling due within one year
8
**(42,060)**
**3,272**
**NET CURRENT ASSETS**
**43,614**
**3,272**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**85,049**
**3,272**
**CREDITORS**
Amounts falling due after more than one year 9
**(38,136)**
**-**
**NET ASSETS**
**46,913**
**3,272**
**FUNDS**
12
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|**31.7.22**
**Total**
**funds**
**£**
**41,435**
**4,583**
**81,091**
**85,674**
**(38,788)**
**46,886**
**88,321**
**(38,136)**
**50,185**
**46,913**
**3,272**
**50,185**|31.7.21
Total
funds
£
52,917
4,199
96,408
100,607
(32,576)
68,031
120,948
(49,074)
71,874
68,602
3,272
71,874|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 26 October 2023
............................................. Trustee
The notes form part of these financial statements
Page 10
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2022**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Interest paid
Net cash (used in)/provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Interest received
Net cash provided by/(used in) investing activities
**Cash flows from financing activities**
Loan repayments in year
Net cash used in financing activities
**Change in cash and cash equivalents**
**in the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
2
**Cash and cash equivalents at the end**
**of the reporting period**
2|**31.7.22**
**£**
**(10,087)**
**-**
**(10,087)**
**-**
**9**
**9**
**(5,470)**
**(5,470)**
**(15,548)**
**96,408**
**80,860**|31.7.21
£
11,533
(208)
11,325
(6,686)
4
(6,682)
(926)
(926)
3,717
92,691
96,408|
|---|---|---|
The notes form part of these financial statements
Page 11
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2022**
|**1.**|**RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING**|**RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING**|**RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING**|**RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING**|**RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING**|
|---|---|---|---|---|---|
||**ACTIVITIES**|||||
|||||**31.7.22**|31.7.21|
|||||**£**|£|
||**Net expenditure for the reporting period (as per the Statement**|||||
||**of Financial Activities)**|||**(21,689)**|(7,812)|
||**Adjustments for:**|||||
||Depreciation charges|||**11,483**|15,012|
||Interest received|||**(9)**|(4)|
||Interest paid|||**-**|208|
||Increase in debtors|||**(384)**|(558)|
||Increase in creditors|||**512**|4,687|
||**Net cash (used in)/provided by operations**|||**(10,087)**|11,533|
|**2.**|**ANALYSIS OF CASH AND CASH EQUIVALENTS**|||||
|||||**31.7.22**|31.7.21|
|||||**£**|£|
||Cash in hand|||**205**|189|
||Notice deposits (less than 3 months)|||**80,886**|96,219|
||Overdrafts included in bank loans and overdrafts falling|due within one||||
||year|||**(231)**|-|
||Total cash and cash equivalents|||**80,860**|96,408|
|**3.**|**ANALYSIS OF CHANGES IN NET FUNDS**|||||
|||At 1.8.21||Cash flow|**At 31.7.22**|
|||£||£|**£**|
||**Net cash**|||||
||Cash at bank and in hand|**96,408**||**(15,317)**|**81,091**|
||Bank overdraft||**-**|**(231)**|**(231)**|
|||**96,408**||**(15,548)**|**80,860**|
||**Debt**|||||
||Debts falling due within 1 year||**-**|**(5,469)**|**(5,469)**|
||Debts falling due after 1 year|**(49,074)**||**10,938**|**(38,136)**|
|||**(49,074)**||**5,469**|**(43,605)**|
||**Total**|**47,334**||**(10,079)**|**37,255**|
The notes form part of these financial statements
Page 12
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
**WATERFRONT SPORTS & EDUCATION ACADEMY**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
## **Preparation of the financial statements on a going concern basis**
The financial statements are drawn up on the going concern basis which assumes the charity will continue in operational existence for the foreseeable future. The Board of Trustees have given due consideration to the working capital and cash flow requirements of the charity. The Board of Trustees consider the charity's current and forecast cash resources to be sufficient to cover the working capital requirements of the charity for at least 24 months from the date of signing the financial statements.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance Fixtures and fittings - 25% on reducing balance Computer equipment - 33% on reducing balanc Long leasehold - 10% on reducing cost
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
## **Leasing 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-retirement benefits**
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Page 13
continued...
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022**
## **2. OTHER TRADING ACTIVITIES**
|Unrestricted
Restricted
funds
funds
£
£
Income-Gym
**-**
**-**
Income-Schools
**24,553**
**-**
**24,553**
**-**
**INVESTMENT INCOME**
Unrestricted
Restricted
funds
funds
£
£
Deposit account interest
**9**
**-**|**31.7.22**
**Total**
**funds**
**£**
**-**
**24,553**
**24,553**
**31.7.22**
**Total**
**funds**
**£**
**9**|31.7.21
Total
funds
£
5
13,114|
|---|---|---|
|||13,119|
|||31.7.21
Total
funds
£
4|
## **3. INVESTMENT INCOME**
Interest on cash balance is accounted for when received and accrued when entitled to the income.
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
Mr. M Burgess remuneration was £4,985 (2021:£29,936) and Ms T Burgess remuneration was £15,283.84(2021:£26,877).
## **Trustees' expenses**
There were no expenses paid to trustees for the year ended 31 July 2022 and year ended 31 July 2021.
## **5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
||Unrestricted|Restricted|Total|
|---|---|---|---|
||funds|funds|funds|
||£|£|£|
|**INCOME AND ENDOWMENTS FROM**||||
|Donations and legacies|25,067|-|25,067|
|**Charitable activities**||||
|Grant for Wages|162,260|-|162,260|
|Samworths Bros|1,959|-|1,959|
|Lottery||||
||-|18,696|18,696|
|Streetgames UK||||
||6,000|-|6,000|
|Voluntry Action||||
||2,280|-|2,280|
|Leics Police-Pcc Funding|9,510|-|9,510|
|Youth Projects||||
||1,600|-|1,600|
|Other trading activities|13,119|-|13,119|
|Investment income|4|-|4|
Page 14
continued...
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022**
|**5.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
Unrestricted
Restricted
funds
funds
£
£
**Total**
221,799
18,696
**EXPENDITURE ON**
**Charitable activities**
Grant for Wages
11,839
18,696
Alternative Educations
193,495
-
Samworths Bros
1,959
-
General
2,928
-
Streetgames UK
6,000
-
Voluntry Action
2,280
-
Leics Police-Pcc Funding
9,510
-
Youth Projects
1,600
-
**Total**
229,611
18,696
**NET INCOME/(EXPENDITURE)**
(7,812)
-
**RECONCILIATION OF FUNDS**
Total funds brought forward
76,414
3,272
**TOTAL FUNDS CARRIED FORWARD**
68,602
3,272|Total
funds
£
240,495
30,535
193,495
1,959
2,928
6,000
2,280
9,510
1,600
248,307
(7,812)
79,686
71,874|
|---|---|
Page 15
continued...
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022**
## **6. TANGIBLE FIXED ASSETS**
|**6.**|**TANGIBLE FIXED ASSETS**||||
|---|---|---|---|---|
|||||Fixtures|
|||Short|Plant and|and|
|||leasehold|machinery|fittings|
|||£|£|£|
||**COST**||||
||At 1 August 2021 and 31 July 2022|**20,750**|**275**|**94,548**|
||**DEPRECIATION**||||
||At 1 August 2021|**7,136**|**248**|**60,328**|
||Charge for year|**1,361**|**7**|**8,555**|
||At 31 July 2022|**8,497**|**255**|**68,883**|
||**NET BOOK VALUE**||||
||At 31 July 2022|**12,253**|**20**|**25,665**|
||At 31 July 2021|13,614|27|34,220|
|||Motor|Computer||
|||vehicles|equipment|Totals|
|||£|£|£|
||**COST**||||
||At 1 August 2021 and 31 July 2022|**6,500**|**18,696**|**140,769**|
||**DEPRECIATION**||||
||At 1 August 2021|**5,136**|**15,004**|**87,852**|
||Charge for year|**341**|**1,218**|**11,482**|
||At 31 July 2022|**5,477**|**16,222**|**99,334**|
||**NET BOOK VALUE**||||
||At 31 July 2022|**1,023**|**2,474**|**41,435**|
||At 31 July 2021|1,364|3,692|52,917|
|**7.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||
||||**31.7.22**|31.7.21|
||||**£**|£|
||Trade debtors||**-**|560|
||Prepayments and accrued income||**4,583**|3,639|
||||**4,583**|4,199|
Page 16
continued...
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022**
|**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**31.7.22**
**£**
Bank loans and overdrafts (see note 10)
**5,700**
Taxation and social security
**-**
Other creditors
**33,088**
**38,788**
**9.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
**31.7.22**
**£**
Bank loans (see note 10)
**38,136**
**10.**
**LOANS**
An analysis of the maturity of loans is given below:
**31.7.22**
**£**
Amounts falling due within one year on demand:
Bank overdrafts
**231**
Bank loans
**5,469**
**5,700**
Amounts falling between one and two years:
Bank loans - 1-2 years
**5,469**
Amounts falling due between two and five years:
Bank loans - 2-5 years
**32,667**
**11.**
**LEASING AGREEMENTS**
Minimum lease payments under non-cancellable operating leases fall due as follows:
**31.7.22**
**£**
Within one year
**30,000**
Between one and five years
**120,000**
In more than five years
**4,000**
**154,000**||31.7.21
£
-
2,766
29,810|
|---|---|---|
|||32,576|
|||31.7.21
£
49,074|
|||31.7.21
£
-
-|
|||-|
|||9,815|
|||39,259|
|||31.7.21
£
30,175
90,350
15,000|
||135,525||
Page 17
continued...
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022**
## **12. MOVEMENT IN FUNDS**
|At 1.8.21
£
**Unrestricted funds**
General fund
**37,002**
BBC Children in Need
**10,000**
LCC - Ward
**1,000**
Incredible Investion
**9,600**
The Henry Smith Charity
**10,000**
Samworth Bros
**1,000**
**68,602**
**Restricted funds**
GFW-R
**(16,800)**
Samworth Bros
**13,530**
Box Smart
**6,542**
**3,272**
**TOTAL FUNDS**
**71,874**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
**40,102**
Street Games UK
**4,547**
WSE Academy Ltd
**33,750**
Leicestershire County Council-Active
Together Apprenticeship Grant
**8,364**
**86,763**
**Restricted funds**
Samworth Bros
**30,000**
**TOTAL FUNDS**
**116,763**|Net
movement
At
in funds
31.7.22
£
£
**(21,689)**
**15,313**
**-**
**10,000**
**-**
**1,000**
**-**
**9,600**
**-**
**10,000**
**-**
**1,000**
**(21,689)**
**46,913**
**-**
**(16,800)**
**-**
**13,530**
**-**
**6,542**
**-**
**3,272**
**(21,689)**
**50,185**
Resources
Movement
expended
in funds
£
£
**(61,791)**
**(21,689)**
**(4,547)**
**-**
**(33,750)**
**-**
**(8,364)**
**-**
**(108,452)**
**(21,689)**
**(30,000)**
**-**
**(138,452)**
**(21,689)**|
|---|---|
Page 18
continued...
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022**
## **12. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
BBC Children in Need
LCC - Ward
Incredible Investion
The Henry Smith Charity
Samworth Bros
**Restricted funds**
GFW-R
Samworth Bros
Box Smart
**TOTAL FUNDS**|Net
movement
At 1.8.20
in funds
£
£
44,814
(7,812)
10,000
-
1,000
-
9,600
-
10,000
-
1,000
-
76,414
(7,812)
(16,800)
-
13,530
-
6,542
-
3,272
-
79,686
(7,812)|At
31.7.21
£
37,002
10,000
1,000
9,600
10,000
1,000
68,602
(16,800)
13,530
6,542
3,272
71,874|
|---|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Samworth Bros
Street Games UK
Voluntary Action
Leics Police-PCC Funding
Young Leicestershire Ltd - Youth
Projects
**Restricted funds**
Loterry Fund
**TOTAL FUNDS**|Incoming
resources
£
200,450
1,959
6,000
2,280
9,510
1,600
221,799
18,696
240,495|Resources
Movement
expended
in funds
£
£
(208,262)
(7,812)
(1,959)
-
(6,000)
-
(2,280)
-
(9,510)
-
(1,600)
-
(229,611)
(7,812)
(18,696)
-
(248,307)
(7,812)|
|---|---|---|
Page 19
continued...
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022**
## **12. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
BBC Children in Need
LCC - Ward
Incredible Investion
The Henry Smith Charity
Samworth Bros
**Restricted funds**
GFW-R
Samworth Bros
Box Smart
**TOTAL FUNDS**|Net
movement
At 1.8.20
in funds
£
£
44,814
(29,501)
10,000
-
1,000
-
9,600
-
10,000
-
1,000
-
76,414
(29,501)
(16,800)
-
13,530
-
6,542
-
3,272
-
79,686
(29,501)|At
31.7.22
£
15,313
10,000
1,000
9,600
10,000
1,000
46,913
(16,800)
13,530
6,542
3,272
50,185|
|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Samworth Bros
Street Games UK
Voluntary Action
Leics Police-PCC Funding
Young Leicestershire Ltd - Youth
Projects
WSE Academy Ltd
Leicestershire County Council-Active
Together Apprenticeship Grant
**Restricted funds**
Samworth Bros
**TOTAL FUNDS**|Incoming
resources
£
240,552
1,959
10,547
2,280
9,510
1,600
33,750
8,364
308,562
30,000
357,258|Resources
Movement
expended
in funds
£
£
(270,053)
(29,501)
(1,959)
-
(10,547)
-
(2,280)
-
(9,510)
-
(1,600)
-
(33,750)
-
(8,364)
-
(338,063)
(29,501)
(30,000)
-
(386,759)
(29,501)|
|---|---|---|
Page 20
continued...
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022**
## **13. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 July 2022.
## **14. ULTIMATE CONTROLLING PARTY**
In the opinion of the trustees, the charity has no ultimate controlling party.
## **15. GOING CONCERN**
At the time of approving the financial statements, the trustees has made an assessment and has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continues to adopt the going concern basis of accounting in preparing the financial statements.
Page 21
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2022**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Other trading activities**
Income-Gym
Income-Schools
**Investment income**
Deposit account interest
**Charitable activities**
Grants
Grants - other
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Wages
Social security
Pensions
Coaching & games costs
Depn of long leasehold
Depn of plant & machinery
Depn of fixtures & fittings
Depn of motor vehicles
Depn of computer equipment
**Support costs**
**Management**
Other operating leases
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Travelling
Sundries
Carried forward|31.7.22
£
**33,750**
**-**
**24,553**
**24,553**
**9**
**44,111**
**14,340**
**58,451**
**116,763**
**54,128**
**4,952**
**620**
**278**
**1,361**
**7**
**8,555**
**341**
**1,219**
**71,461**
**32,400**
**902**
**2,305**
**9,983**
**2,149**
**3,160**
**559**
**1,170**
**52,628**|31.7.21
£
25,067
5
13,114|
|---|---|---|
|||13,119
4
202,305
-|
|||202,305|
|||240,495
139,140
1,032
1,896
4,458
1,513
9
11,862
-
1,628|
|||161,538
31,170
3,301
2,548
6,230
2,633
891
453
1,287
48,513|
This page does not form part of the statutory financial statements
Page 22
DocuSign Envelope ID: 443099F2-E42B-4D8A-9B2C-C091364F1839
## **WATERFRONT SPORTS & EDUCATION ACADEMY**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2022**
|**Management**
Brought forward
Subscriptions
Refreshments
Repairs & renewals
Training costs
Accountancy
Independent examinator fees
Consultancy fees
Clothing expenses
Computer costs
**Finance**
Bank charges
Bank loan interest
**Other**
Bank loan interest
Total resources expended
**Net expenditure**|31.7.22
£
**52,628**
**290**
**988**
**5,728**
**268**
**2,817**
**1,985**
**-**
**104**
**843**
**65,651**
**90**
**1,250**
**1,340**
**-**
**138,452**
**(21,689)**|31.7.21
£
48,513
479
592
33,324
150
2,541
-
56
487
329
86,471
90
-
90
208
248,307
(7,812)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 23