2023-01-31-accounts - The Wave Project

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				Page
Reference and administrative			details ofthe Charity, its Trustees and advisers
Trustees' Report
Independent	Auditors'	Report	on the Financial Statements	9-12
Consolidated	Statement of Financial Activities			13
Consolidated	Balance	Sheet		14
Charity Balance Sheet				15
Consolidated	Statement ofCash Flows			16
Notes to the	Financial	Statements		17-33

Trustees			Mr BEvans (resigned 15February 2022)	Mr BEvans (resigned 15February 2022)	Mr BEvans (resigned 15February 2022)	Mr BEvans (resigned 15February 2022)
			Mr A Brown
			Miss EJohnson	(resigned		16May 2022)
			Mr W Robertson
			Dr A Pearson (resigned 25 July 2022)
			Mr G Hooper
			Mr W Simpson
			Ms S Everard (resigned 24 April 2023)
			Miss S Munday	(appointed		25 July 2022)
Company	registered
number			07489189
Charity registered			1163421(England		8 Wales)
number			SCO46500 (Scotland)
Registered		office	6 Fore Street
			Newquay
			United Kingdom
			TR7 1LN
Chief executive officer			Joseph Taylor
Independent		auditors	Bishop Fleming	LLP
			Chartered Accountants
			10Temple Back
			Bristol
			BS16FL
Bankers			Lloyds Bank Pic
			14 Molesworth	Street
			Wade bridge
			Cornwall
Solicitors			Osborne Clarke
			2 Temple Back	East
			Temple Quay
			Bristol

			Action						Rationale and Detail
1.	Trustees to		support	the Chair of Finance				Diversify	sources of income by developing a
	by raising	funds and		by identifying				corporate	proposition, driving national fundraising
	opportunities. (Risk			2)				opportunities, increasing support from
								philanthropists and trusts and foundations as well
								creating	more opportunities for community
								fundraising and individual giving and our retail
								corn an	.
2.	Improve the		quality	ofour		service by		Regularly	monitor and review our scientific
	developing		industry	leading analytics				evaluation of courses. Determine new
	Risk 3							measurements for children we hei and su ort
3.	Continue	to	develop	the	data security			Review	security and data handling in the light of
	lan Risk1							the GDPR le islation introduced in Ma 2018.
4.	Develop and implement				a	marketing	plan	Establish	a marketing plan to support fund raising,
	(Risk 2)							increase	our PR, improve our digital capability 8
								build our	retail sales.
5.	Consolidate		the expansion			ofthe Wave		Monitor	Management Information to ensure a high
	Project's newer locations (Risk 1 and						4)	standard	of Health and Safety control for each site,
								financial	control, good client and volunteer
								relations,	and written su plier contracts.

			Restricted	Unrestricted	Total	Total
			funds	funds	funds	funds
		Note	2023	2023f	2023	2022 F
Income from:
Donations and legacies			844,304	636,048	1,480,352	1,129,762
Charitable activities				173,457	173,457	233,636
Other trading activities				83,068	83,068	115,080
Total income			844,304	892,573	1,736,877	1,478,478
Expenditure on:
Raising funds				87,919	87,919	62,802
Charitable activities			629,196	604,793	1,233,989	1,601,239
Total expenditure			629,196	692,712	1,321,908	1,664,041
Net income/(expenditure)			215,108	199,861	414,969	(185,563)
Transfers between	funds	15	11,924	('11,924)
Net movement in	funds		227,032	187,937	414,969	(185,563)
Reconciliation of	funds:
Total funds brought	forward		252,954	4,311	257,265	442,828
Net movement in funds			227,032	187,937	414,969	(185,563)
Total funds carried forward			479,986	192,248	672,234	257,265

					2023		2022
			Note		f.
Fixed assets
Intangible assets			11		7,125		9,500
Tangible assets			12		63,714		58,876
					70,839		68,376
Current assets
Stocks				17,085		10,654
Debtors			13	295,156		60,759
Cash at bank and	in	hand		335,726		148,418
				647,967		219,831
Creditors: amounts		falling due within one
year			14	(46,572)		(30,942)
Net current assets					601,395		188,889
Total net assets					672,234		257,265
Charity funds
Restricted funds			15		479,986		252,954
Unrestricted funds			15		192,248		4,311
Total funds					672,234		257,265

					2023		2022
			Note
Fixed assets
Intangible assets			11		7,125		9,500
Tangible assets			12		63,714		58,876
					70,839		68,376
Current assets
Stocks						10,654
Debtors			13	313,582		60,759
Cash at bank and	in	hand		335,726		148,418
				649,308		219,831
Creditors: amounts		falling due within one
year			14	(44,517)		(30,942)
Net current assets					604,791		188,889
Total net assets					675,630		257,265
Charity funds
Restricted funds			15		479,986		252,954
Unrestricted funds			15		195,644		4,311
Total funds					675,630		257,265

						2023	2022
						R	F
Cash flows from operating		activities
Net cash used in operating	activities					216,923	(212,838)
Cash flows from investing		activities
Purchase oftangible fixed assets						(9,875)	(24,998)
Net cash used in investing		activities				(9,875)	(24,998)
Cash flows from financing		activities
New finance leases						(19,740)
Net cash (used in)/provided		by financing		activities		(19,740)
Change in cash and cash		equivalents	in	the year		187,308	(237,836)
Cash and cash equivalents		at the beginning		ofthe year		148,418	386,254
Cash and cash equivalents		at the end of		the year		335,726	148,418
The notes on pages 17to 33form part of these financial					statements

	Restricted	Unrestricted	Total	Total
	funds	funds	funds	funds
	2023 f.	2023 f	2023	2022
Donations		629,898	629,898	365,757
Grants	844,304	6,150	850,454	764,005
	844,304	636,048	1,480,352	1,129,762
TOTAL2022	625,546	504,216	1,129,762

	Restricted	Unrestricted	Total	Total
	funds	funds	funds	funds
	2023	2023	2023	2022
	F			F
Beach School income		17,773	17,773	12,875
Surf Club		24,517	24,517	15,819
Adaptive income		47,000	47,000	31,089
Referral partner contributions		61,830	61,830
Other sales and services		22,337	22337	173,853
TOTAL 2023		173,457	173,457	233,636
TOTAL 2022	1,000	232,636	233,636

	Unrestricted	Total	Total
	funds	funds	funds
	2023	2023	2022
	R		F
Shop Income	83,068	83,068	115,080
TOTAL 2022	115,080	115,080

		Activities
		undertaken	Support	Total	Total
		directly	costs	funds	funds
		2023	2023	2023	2022
Costs ofcharitable	activities	841,387	392,602	1,233,989	1,601,239
TOTAL 2022		1,038,456	562,783	1,601,239

			Total	Total
			funds	funds
			2023	2022
				F
Staff costs			79,872	132,581
Depreciation			27,152	37,739
Legal and professional		fees	13,097	86,922
Premises costs			56,657	81,560
IT			9,057	9,272
Training			23,071	11,168
Administration			139,897	164,324
Fun draising			9,582	1,398
Loss on fixed	asset disposal			5,716
Governance	Costs		34,217	32,103
			392,602	562,783

				2023	2022
	Fees payable to the Charity's	auditor for the audit ofthe Group's	annual
	accounts			14,540	10,680
8.	STAFF COSTS

				Group	Group	Company	Company
				2023	2022	2023	2022
					E		E
Wages and	salaries			730,871	854,309	691,250	854,309
Social security costs				63,491	64,370	61,470	64,370
Contribution	to defined	contribution	pension
schemes				14,200	16,140	13,641	16,140
				808,562	934,819	766,361	934,819

The average number ofpersons em	ployed by the Charity during t	he year was	as follows:
	Group 2023	Group 2022	Company 2023	Company 2022
	No.	No.	No.	No.
CEO	1	1	1	1
Administrators	3	5	3	5
Project managers Project workers	21 4	23 11	21 4	23 11
Shop	6
	35	40	29	40

Group	Group
2023	2022
No.	No.

11.	INTANGIBLE ASSETS
	GROUP &COMPANY
		Computer
		software
	COST
	At 1 February 2022	11,875
	At 31 January 2023	11,875
	AMORTISATION
	At 1 February 2022	2,375
	Charge for the year	2,375
	At 31 January 2023	4,750
	NET BOOK VALUE
	At 31 January 2023	7,125
	At 31 January 2022	9,500

	Plant and	Motor	Fixtures and
	machinery	vehicles	fittingsf	Total
COST
At 1 February 2022	54,392	54,094	111,358	219,844
Additions		19,740	9,875	29,615
At 31 January 2023	54,392	73,834	121,233	249,459
DEPRECIATION
At 1 February 2022	49,770	20,743	90,455	160,968
Charge for the year	4,622	10,819	9,336	24,777
At 31 January 2023	54,392	31,562	99,791	185,745
NET BOOK VALUE
At 31 January 2023		42,272	21,442	63,714
At 31 January 2022	4,622	33,351	20,903	58,876

DEBTORS
		Group	Group	Company	Company
		2023	2022	2023	2022
		F.	F	R	f'.
DUE WITHIN	ONE YEAR
Trade debtors		23,885	26,245	23,885	26,245
Amounts owed by group undertakings				18,440
Other debtors		1,179		1,165
Prepayments	and accrued income	270,092	34,514	270,092	34,514
		295,156	60,759	313,582	60,759

		Group	Group	Company	Company
		2023	2022	2023	2022
				F.	F
Trade creditors		3,154	3,990	2,819	3,990
Other taxation and social security		16,756	15,369	15,036	15,369
Obligations under finance lease and hire
purchase contracts		19,740		19,740
Other creditors		2,860	2,683	2,860	2,683
Accruals and deferred	income	4,062	8,900	4,062	8,900
		46,572	30,942	44,517	30,942

STATEMENT OF		FUNDS -CU	RRENT YEAR
			Balance at 1				Balance at
			February 2022	Income	Expenditure	Transfers in/out	31 January 2023
			R	E	E	E	E
UNRESTRICTED		FUNDS
General Funds			4,311	892,573	(692,712)	(11,924)	192,248
RESTRICTED FUNDS
Big Lottery			26,961	97,656	(95,731)	9,301	38,187
Wave Rangers -		Sport England	6,032	50,000	(56,032)
South Devon			4,600	26,417	(23,867)		7,150
North Yorkshire	Council		13,457		(13,457)
Aviva			10,000		(10,000)
Children in Need			62,434		(65,057)	2,623
North Devon			34,820		(34,820)
Tudor Trust			23,960		(23,960)
London			8,381		(8,381)
Foundation for Children			7,174	22,500	(24,674)		5,000
LNER				30,000	(19,946)		10,054
Boeing (London)				17,875			17,875
Lottery Sustainability			40,770	118,956	(115,834)		43,892
Cornwall				49,000	(18,138)		30,862
Innox Foundation				25,000	(25,000)
Scotland				42,500	(34,500)		8,000
Raise your Hands				21,700	(16,698)		5,002
Beach School				25,000	(11,036)		13,964
Prudence Trust				300,000			300,000
Other restricted		funds	14,365	17,700	(32,065)
			252,954	844,304	(629,196)	11,924	479,986
TOTAL OF FUNDS			257,265	1,736,877	(1,321,908)		672,234

STATEMENT OF FUNDS	STATEMENT OF FUNDS	(CONTIN	UED)
STATEMENT OF FUNDS		- PRIOR	YEAR
			Balance at				Balance at
			1 February 2021f	Income E	Expenditure	Transfers in/out E	31 January 2022 F
UNRESTRICTED FUNDS
General Funds			128,769	851,932	(976,390)		4,311
RESTRICTED FUNDS
Big Lottery			74,739	99,600	(147,378)		26,961
Wave Rangers - Sport England				83,672	(77,640)		6,032
South Devon				5,700	(1,100)		4,600
North Yorkshire Council			7,522	6,100	(165)		13,457
Aviva				10,000			10,000
Children in Need			95,794	115,280	(148,640)		62,434
The Tides Fountains	(Vans)			73,393	(73,393)
Laureaus - Sustainability		and
City to the Sea			36,109	11,550	(47,659)
North Devon			6,847	60,168	(32,195)		34,820
Brighton			2,687	6,000	(8,687)
Scotland			9,662		(9,662)
Tudor Trust			23,533	35,000	(34,573)		23,960
South Wales			29,068		(29,068)
Cornwall			514		(514)
London			4,101	5,000	(720)		8,381
Tynemouth			5,821		(5,821)
Foundation for Children			4,483	27,500	(24,809)		7,174
Barbara Ward Foundation			7,500	10,000	(8,814)		8,686
Buffini Chao Foundation			5,679	13,125	(13,125)		5,679
Lottery Sustainability				64,458	(23,688)		40,770
			314,059	626,546	(687,651)		252,954
TOTAL OF FUNDS			442,828	1,478,478	(1,664,041)		257,265

		Restricted	Unrestricted	Total
		funds	funds	funds
		2023	2023	2023
				R
Tangible	fixed assets	12,059	51,655	63,714
Intangible	fixed assets		7,125	7,125
Current assets		467,927	180,040	647,967
Creditors	due within one year		(46,572)	(46,572)
TOTAL		479,986	192,248	672,234

		Restricted	unrestricted	Total
		funds	funds	funds
		2022 F	2022 f	2022 F
Tangible	fixed assets	20,927	37,949	58,876
Intangible	fixed assets		9,500	9,500
Current assets		232,027	(12,196)	219,831
Creditors	due within one year		(30,942)	(30,942)
		252,954	4,311	257,265

											Group	Group
											2023	2022
											F
Net income/expenditure			for	the	year	(as	per	Statement	of	Financial
Activities)											414,969	(185,563)
ADJUSTMENTS FOR:
Depreciation	charges										24,777	35,363
Amortisation	charges										2,375	2,375
Loss on the	sale offixed		assets									5,716
Decrease/(increase)		in stocks									(6,431)
Increase in	debtors										(234,397)	(42,236)
Increase/(decrease)		in creditors									15,630	(28,493)
NET CASH	PROVIDED		BY/(USED		IN)	OPERATING ACTIVITIES					216,923	(212,838)

			Group	Group
			2023	2022
				P
Cash	in	hand	335,726	148,418

	At 1			At 31
	February		New finance	January
	2022	Cash flows	leases	2023
		f.
Cash at bank and in hand	148,418	187,308		335,726
Finance leases			(19,740)	(19,740)
	148,418	187,308	(19,740)	315,986

payments	und	er non-cancellable operating lease	s as follows:
			Group	Group	Company	Company
			2023	2022f	2023 f.	2022 F
Not later than		1 year	26,024	27,501	26,024	27,501
Later than	1 year and not later than 5years		56,042	69,792	56,042	69,792
			82,066	97,293	82,066	97,293