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2024-01-31-accounts

Registered number: 07489189 Charity number: 1163421 (England & Wales) SCO46500 (Scotland)

THE WAVE PROJECT

(A COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2
Independent Auditors' Report on the Financial Statements 7 - 10
Consolidated Statement of Financial Activities 11
Consolidated Balance Sheet 12
Charity Balance Sheet 13
Consolidated Statement of Cash Flows 14
Notes to the Financial Statements 15 - 31

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2024

Trustees Mr A Brown (resigned 24 April 2023)
Mr W Robertson
Mr G Hooper (resigned 5 August 2024)
Mr W Simpson
Ms S Everard (resigned 24 April 2023)
Miss S Munday
Miss A Oliver (appointed 1 February 2024)
Company registered
number
07489189
Charity registered
number
1163421 (England & Wales)
SCO46500 (Scotland)
Registered office
6 Fore Street
Newquay
United Kingdom
TR7 1LN
Chief executive officer
Joe Taylor (resigned 08/12/2023), Ramon Van De Velde (appointed 01/03/2024)
Independent auditors
Bishop Fleming LLP
Chartered Accountants
10 Temple Back
Bristol
BS1 6FL
Bankers
Lloyds Bank Plc
14 Molesworth Street
Wadebridge
Cornwall
Solicitors
Osborne Clarke
2 Temple Back East
Temple Quay
Bristol

Page 1

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2024

The Trustees present their report and audited financial statements for the year ended 31 January 2024.

The Wave Project financial statements comply with:

REFERENCE AND ADMINISTRATIVE DETAILS

Legal Status and Governing Document

The Wave Project was incorporated on the 11th January 2011. The Memorandum & Articles of Association dated 5th August 2015 were amended by special resolution dated 17th February 2016. The Charity is a company limited by guarantee (registered number 07489189) and does not have a share capital. The Charity is also a registered charity (registered number 1163421 in England and Wales and SCO45600 in Scotland). In accordance with Section 60 of the Companies Act 2006, the word ‘limited’ is omitted from the name. The liability of the members who constitute the Charity is limited to £1 per member.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is run by a Board of Trustees. The Trustees are also Directors of the company for the purposes of the Companies Act 2006.

The day-to-day executive management of the Charity is delegated to the CEO, who is supported by a Senior Management Team (SMT) consisting of three Heads of Departments in Fundraising, Retail and Operations.

The Trustees meet as a full board five times per year including the Annual General Meeting to ensure that the governance of the Charity is implemented, to discuss the strategic direction of the Charity, to monitor financial performance, risk, human resources and operations.

Appointment of Trustees

As set out in the Articles of Association, the Trustees are nominated by the existing directors. They are then formally invited to join the Trust by the Chair. The number of Trustees shall be not less than three.

Looking ahead, and taking into account the growth of the Charity, we recognise the need to increase and diversity the number of trustees involved with The Wave Project in order to take advantage of the opportunities and challenges facing the Charity. A further Trustee, Alison Oliver MBE, has been appointed at the start of the 2024-25 financial year. Plans are well advanced to appoint new trustees during the next 12 months.

Pay policy for senior staff

All Trustees give of their time freely and no trustee received remuneration in the year. The CEO’s salary was not reviewed during this year and remained the same as the previous year. He stepped down from his role after 13 years in post at the end of this financial year.

OBJECTIVES AND ACTIVITIES

Objectives of the Charity

The Charity’s objectives are restricted to the following:

To advance in life, relieve the needs of, and help young people and in particular (but without limitation) those affected by disability, illness, mental health problems, social exclusion, low self-esteem or other disadvantage or difficulty including (but not limited to) by,

Page 2

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2024

Activities of the Charity

The Wave Project runs award winning Surf Therapy projects, a beach school, and outdoor education projects, which help young people to build confidence, improve their educational prospects and avoid problems associated with social isolation. The Wave Project produces an annual Impact Report which is available on the Charity’s website – www.waveproject.co.uk.

Mission Statement

The Wave Project aims to change the lives of young people by using surfing, peer-mentoring and friendship. Our aim is to give clients the skills, confidence and self-belief they need to achieve their goals, no matter what additional challenges they face. We recognise that everyone young person is different and each responds to challenges differently. But we believe that with the right assistance and support they can do it.

The Wave Project has wide-ranging aims for the public benefit

Fundraising Activities of the Charity

The Charity continues to fundraise through appeals for support from other charities and donors, and attending events and festivals. This year the Charity appointed a new Head of Fundraising to optimise the opportunities to support our charitable objectives.

OVERVIEW

Action
Rationale and Detail		 Action
Rationale and Detail
1.
Trustees to support the Chair of
Finance by raising funds and by
identifying opportunities. (Risk 2)
Diversify sources of income by developing a
corporate proposition, a membership scheme;
individual giving; the retail and online store and
regulardonation income.
2.
Improve the quality of our service by
developing industry leading analytics
(Risk 3)
Regularly monitor and review our scientific
evaluation
of
courses. Determine
new
measurements for children we help and
support
3.
Continue to develop the data security
plan(Risk 1)
Review security and data handling in the light
ofthe GDPR legislation.
4.
Develop and implement a marketing
plan (Risk 2)		 Establish a marketing plan to support fund
raising, increase our PR, improve our digital
capability & build our retail sales.
5.
Consolidate the expansion of the
Wave Project's newer locations (Risk
1 and 4)
Monitor Management Information to ensure a
high standard of Health and Safety control for
each site, financial control, good client and
volunteer relations, and written supplier
contracts.

We have been able to maintain a service delivery for all projects by successful funding applications and working closely with local authorities. Our core business of Surf Therapy has been maintained by a combination of grants and donations.

PUBLIC BENEFIT

The trustees have complied with their duty to have due regard to guidance published by the Charity Commission on the operation of the Public Benefit requirement.

Page 3

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2024

ACHIEVEMENTS AND PERFORMANCE

In 2023, we increased the level of delivery compared with the previous year, supporting 2,154 people through our Surf Therapy, Surf Club, Education, and Adaptive Surfing programmes.

The charity’s main programme, Surf Therapy, supported 712 new clients across the UK, along with 1,172 young people in the Surf Club who had previously completed a Surf Therapy Course. During 2023, the charity used pre and post self-evaluation surveys to measure the impact of its surf therapy courses on new clients, and obtained a sample of 365 completed surveys from clients. These surveys used validated psychological wellbeing scales to assess changes to children’s wellbeing pre and post course. The data showed that participant wellbeing improved across 9 wellbeing areas (see Table 1 below).

Table 1: results of pre and post evaluation: Surf Therapy 2023 (n=365)

These findings were supported by surveys of parents and referral partners, whose comments and feedback reinforced the findings of the self-assessment surveys, that surf therapy changes lives for the better, and helps to build confidence, self-esteem and resilience in young people.

In addition to the Surf Therapy programme, the charity supported a further 121 young pupil through its Education programmes – Beach School, Surf Back To School and Wave Rangers. These projects operate in direct partnership with schools, and sessions are delivered in school time. The courses are highly targeted a children who are identified by the school as being in need of additional support.

We also supported 149 disabled people through our Adaptive Surfing programme, delivered at our three Adaptive locations in Croyde -North Devon, Watergate Bay - Cornwall and Scarborough, North Yorkshire.

CURRENT STATUS AND FUTURE PLANNING

A four-year strategy has been updated and continues to be reviewed by the trustees. It creates the long-term objective of bringing evidence-based Surf Therapy programmes, or other evidence-based programmes involving open water, to support any young person in the UK who needs it. We will consistently review our strategy in order to reflect the ongoing demand for our services. We also need to consider how we might, on a cost-effective basis, deliver the benefits of our services to a wider range of children throughout the UK in order the better help them, their families and society in a wider context.

Page 4

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2024

FINANCIAL REVIEW

The year ending January 2024 has been a challenging one for The Wave Project. In keeping with the charity sector in general, the cost of living crisis across the UK has seen pressure on income levels. The year also saw an end to a number of the larger grants which had come to an end of their funding period. As a result, total income fell by £120,100 to £1,616,777.

Over the same period, expenditure has increased by some £287,181 to £1,609,089. This increase includes approximately £90,000 of one-off costs relating to the restructure of the charity. It also reflects the inflationary pressures on the cost base which have been seen across all businesses over the last year.

As a consequence of the movements in income and expenditure noted above, the result for the year is a surplus of £7,688 (2023: £414,969).

This is a disappointing outturn for the year. But, in addition to the increase in beneficiaries, there are a number of positives to note for the future. A new senior leadership structure, including a new CEO, was put in place in Spring 2024, which is better positioned to drive the charity. The team is focussed on improved financial controls, introducing better internal monitoring and reporting, and increased impact both by increasing the number of beneficiaries and further improving the quality of the evidence-based programmes. And the charity is increasing its footprint at “in-land” locations too with, for example, in addition to the existing location at The Wave in Bristol, a new location at the new wave pool Lost Shore near Edinburgh which will open in October 2024. At the same time, there has been investment in the fundraising resource who are concentrating on increasing the number of different income streams and making the charity less reliant on traditional grants and funders. We are expecting that the 2025 year will show an improved picture.

Reserves Policy

The Reserves Policy of The Wave Project has recently been revisited by the Trustees. The decision has been made for the charity to maintain sufficient unrestricted reserves to cover three months of management, administration and support costs. This represents a prudent extension from the previous policy of two months such expenditure being covered by unrestricted reserves. Much of the direct activity is covered by matching restricted reserves. The unrestricted free reserves amounted to £144,964 at the end of the year. The unrestricted expenditure reported in the accounts includes one-off costs as noted above, and as such a better estimate of three-month expenditure would be close to £231,000 (being an annual £1,015k less one of £90k one-off costs, divided for three months). The unreserved funds are close to the previous policy of two months expenditure being covered by unrestricted reserves and the charity is now looking to gradually increase the free reserves to meet the new policy of three months expenditure in the near future.

Risk Policy

The Trustees have examined the major strategic, business and operational risk which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to mitigate the exposure to these risks.

The principal risks to which the Charity is exposed are:

Investment Policy

The trustees have considered the most appropriate policy for investing funds and agreed that instant access to funds is currently necessary to enable the Charity to operate effectively. The funds, therefore, are currently held in bank deposit accounts with an approved UK regulated bank. Looking forward, we would like to commit some funds to longer term investments whilst fulfilling our short term aims of providing our services to more children.

Page 5

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2024

Going Concern

The accounts are prepared on a going concern basis which assumes the Trust will continue to operate for the foreseeable future. The trustees consider this to be appropriate having regard to the circumstances outlined in Note 2.2 to the accounts.

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The Trustees (who are also Directors of the Charity for the purposes of Company Law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company Law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its income and expenditure for that year. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are also responsible for ensuring that the assets are properly applied in accordance with charity law.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Trustees at the time when this Trustees’ report is approved has confirmed that:

AUDITORS

The auditors, Bishop Fleming LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the Board of Trustees and signed on their behalf by:

W Simpson

Trustee

Date:

Page 6

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WAVE PROJECT

OPINION

We have audited the financial statements of The Wave Project (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Page 7

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WAVE PROJECT (CONTINUED)

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 8

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WAVE PROJECT (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue, management override of controls using manual journal entries, purchase ledger and payroll, and identified the greatest potential for fraud as incorrect recognition of revenue and management override using manual journal entries.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, The Charities Act and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity’s ability to operate or to avoid a material penalty. These included data protection regulations, occupational health and safety regulations and employment legislation.

Our procedures to respond to risks identified included the following:

Page 9

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WAVE PROJECT (CONTINUED)

that the Charity are subject to;

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

David Butler FCA, DChA (Senior Statutory Auditor)

for and on behalf of

Bishop Fleming LLP

Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL

Date: 9th October 2024

Page 10

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JANUARY 2024

Note
INCOME FROM:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
TOTAL INCOME
EXPENDITURE ON:
Raising funds
7
Charitable activities
8
TOTAL EXPENDITURE
NET INCOME/(EXPENDITURE)
Transfers between funds
17
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED FORWARD
17		 Restricted
funds
2024
£
612,168
52,500
-
664,668
-
629,049
629,049
35,619
22,601
58,220
479,986
58,220
538,206		 Unrestricted
funds
2024
£
559,254
297,776
95,079
952,109
104,350
875,690
980,040
(27,931)
(22,601)
(50,532)
192,248
(50,532)
141,716		 Total
funds
2024
£
1,171,422
350,276
95,079
1,616,777
104,350
1,504,739
1,609,089
7,688
-
7,688
672,234
7,688
679,922		 Total
funds
2023
£
1,480,352
173,457
83,068
1,736,877
87,919
1,233,989
1,321,908
414,969
-
414,969
257,265
414,969
672,234

Page 11

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:07489189

CONSOLIDATED BALANCE SHEET AS AT 31 JANUARY 2024

Note
FIXED ASSETS
Intangible assets
13
Tangible assets
14
CURRENT ASSETS
Stocks
Debtors
15
Cash at bank and in hand
20
Creditors: amounts falling due within one
year
16
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
17
Unrestricted funds
17
TOTAL FUNDS		 12,560
375,176
338,785
726,521
(104,667)		 2024
£
4,750
53,318
58,068
621,854
679,922
538,206
141,716
679,922		 17,085
295,156
335,726
647,967
(46,572)		 2023
£
7,125
63,714
70,839
601,395
672,234
479,986
192,248
672,234

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr W Simpson Trustee Date:

The notes on pages 15 to 31 form part of these financial statements.

Page 12

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:07489189

CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 JANUARY 2024

Note
FIXED ASSETS
Intangible assets
13
Tangible assets
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
17
Unrestricted funds
17
TOTAL FUNDS		 414,479
320,405
734,884
(100,933)		 2024
£
4,750
53,318
58,068
633,951
692,019
540,324
151,695
692,019		 313,582
335,726
649,308
(44,517)		 2023
£
7,125
63,714
70,839
604,791
675,630
479,986
195,644
675,630

The Charity's net movement in funds for the year was £16,389 (2023 - £418,366).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr W Simpson Trustee Date:

The notes on pages 15 to 31 form part of these financial statements.

Page 13

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2024

Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
19
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of borrowing
Repayments of finance leases
NET CASH (USED IN)/PROVIDED BY FINANCING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
20		 2024
£
(421)
34,485
(31,087)
3,398
82
-
82
3,059
335,726
338,785		 2023
£
216,923
-
(9,875)
(9,875)
-
(19,740)
(19,740)
187,308
148,418
335,726

The notes on pages 15 to 31 form part of these financial statements

Page 14

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

1. GENERAL INFORMATION

The Wave Project is a charitable Company limited by guarantee without share capital, incorporated in England and Wales (company number 07489189). The charitable Company is also a registered charity in England and Wales (charity number: 1163421) and Scotland (charity number: SCO46500). In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

The registered office and principle address is 6 Fore Street, Newquay, Cornwall, TR7 1LN.

2. ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Wave Project meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 GOING CONCERN

The Trustees perform regular and on-going reviews of the financial and cash position of The Wave Project. The Trustees will review the management accounts presented by the CEO and Finance Officer at each Board meeting. This process involves their understanding of both current and anticipated impacts of funding and expenditure.

The Trustees receive a forecast of the expected income and expenditure for the forthcoming year from the Wave Project executive team which is sense-checked and amended by the Trustees. The forecasts and budget can be modelled to reflect alternative scenarios which allow informed decision making.

The Finance Committee undertake monthly management account reviews led by the CEO and Finance Officer through our in-house Xero system.

The Trustees use this financial information, along with feedback from the executive management committee, to ensure that the charity is operating as a going concern. Consequently, the financial statements are prepared on a going concern basis.

Page 15

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES (continued)

2.3 INCOME

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

2.4 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 allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 INTANGIBLE ASSETS AND AMORTISATION

Intangible assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

Computer software - 20 %

Page 16

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES (continued)

2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery - 25% per annum straight line Motor vehicles - 20% per annum straight line Fixtures and fittings - 20% per annum straight line

2.7 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

The Charity is a corporate Director of The Wave Project Retail Limited. The Wave Project Retail Limited is a company limited by guarantee. The Company is deemed to be a subsidiary of the Charity by virtue of common control.

2.8 STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Donated items of stock for resale or distribution are not included in the financial statement until they are sold or distributed becuase the Trustees consider it impractical to be able to assess the amount of donated stocks as there are no systems in place which record these items until they are sold.

2.9 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Page 17

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES (continued)

2.11 FINANCIAL INSTRUMENTS

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 FINANCE LEASES AND HIRE PURCHASE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.13 OPERATING LEASES

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease term.

2.14 PENSIONS

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.15 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The preparation of the financial statements requires the Charity to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means the actual outcomes could differ from those estimates. The following have been considered to be significant estimates or judgements:

Page 18

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

4. INCOME FROM DONATIONS AND LEGACIES

Donations
Grants
TOTAL 2023		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
17,357
507,056
594,811
52,198
612,168
559,254
844,304
636,048		 Total
funds
2024
£
524,413
647,009
1,171,422
1,480,352		 Total
funds
2023
£
629,898
850,454
1,480,352

5. INCOME FROM CHARITABLE ACTIVITIES

Beach School income
Surf Club
Adaptive income
Referral partner contributions
Other sales and services
TOTAL 2024
TOTAL 2023		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
24,922
-
25,714
-
22,265
-
74,585
52,500
150,290
52,500
297,776
-
173,457		 Total
funds
2024
£
24,922
25,714
22,265
74,585
202,790
350,276
173,457		 Total
funds
2023
£
17,773
24,517
47,000
61,830
22,337
173,457

Page 19

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

6. INCOME FROM OTHER TRADING ACTIVITIES

Income from non charitable trading activities

Unrestricted
funds
2024
£
Shop Income
95,079
TOTAL 2023
83,068		 Total
funds
2024
£
95,079
83,068		 Total
funds
2023
£
83,068

7. EXPENDITURE ON RAISING FUNDS

FUNDRAISING TRADING EXPENSES

Unrestricted
funds
2024
£
Fundraising trading costs
570
TOTAL 2023
1,455
OTHER TRADING EXPENSES
Unrestricted
funds
2024
£
Cost of sales
23,161
Administration expenses
22,175
Administration staff costs
58,444
103,780
TOTAL 2023
86,464		 Total
funds
2024
£
570
1,455
Total
funds
2024
£
23,161
22,175
58,444
103,780
86,464		 Total
funds
2023
£
1,455
Total
funds
2023
£
25,585
18,678
42,201
86,464

Page 20

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

8. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Activities
undertaken
directly
2024
Support
costs
2024
£
£
Costs of charitable activities
930,477
574,262
TOTAL 2023
841,387
392,602
ANALYSIS OF SUPPORT COSTS
Staff costs
Depreciation and amortisation
Legal and professional fees
Premises costs
IT
Repairs and maintenance costs
Vehicle costs
Training
Administration
Fundraising
Governance costs
9.
AUDITORS' REMUNERATION
Fees payable to the Charity's auditor for the audit of the Group's annual
accounts		 Total
funds
2024
£
1,504,739
1,233,989
Total
funds
2024
£
150,219
24,118
85,111
49,185
16,824
18,343
1,370
11,356
108,691
47,592
61,453
574,262
2024
£
17,000		 Total
funds
2023
£
1,233,989
Total
funds
2023
£
79,872
27,152
13,097
56,657
9,057
25,462
9,666
23,071
104,769
9,582
34,217
392,602
2023
£
14,540

Page 21

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

10. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2024
£
912,953
76,159
22,016
1,011,128		 Group
2023
£
765,088
63,491
14,200
842,779		 Charity
2024
£
858,536
73,007
21,141
952,684		 Charity
2023
£
725,467
61,470
13,641
800,578

Included in the above staff costs are £5,000 in relation to termination payments in lieu of notice for one employee.

The average number of persons employed by the Charity during the year was as follows:

CEO
Administrators
Project managers
Project workers
Shop		 Group
2024
No.
1
4
22
5
6
38		 Group
2023
No.
1
3
21
4
6
35		 Charity
2024
No.
1
4
22
5
-
32		 Charity
2023
No.
1
3
21
4
-
29

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 1 1

The Trustees considered its key management personnel in the year to comprise of the Trustees, CEO and senior management. The total employment benefits including pension contributions of the key management personnel were £203,974 (2023: £160,483).

11. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 January 2024, no Trustee expenses have been incurred (2023 - £NIL).

Page 22

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

12. TAXATION

The Wave Project is a registered charity and is thus exempt from tax in income and gains under the relevant taxation acts to the extent that these applied to its charitable objects. No tax charges have arisen in the charity and there was no UK corporation tax payable by The Wave Project in 2024 or 2023.

13.
INTANGIBLE ASSETS
GROUP & COMPANY
COST
At 1 February 2023
At 31 January 2024
AMORTISATION
At 1 February 2023
Charge for the year
At 31 January 2024
NET BOOK VALUE
At 31 January 2024
At 31 January 2023		 Computer
software
£
11,875
11,875
4,750
2,375
7,125
4,750
7,125

Page 23

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

14. TANGIBLE FIXED ASSETS

GROUP AND CHARITY

COST
At 1 February 2023
Additions
Disposals
At 31 January 2024
DEPRECIATION
At 1 February 2023
Charge for the year
On disposals
At 31 January 2024
NET BOOK VALUE
At 31 January 2024
At 31 January 2023
15.
DEBTORS
DUE WITHIN ONE YEAR
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Tax recoverable		 Plant and
machinery
£
54,392
10,195
-
64,587
54,392
1,735
-
56,127
8,460
-
Group
2024
£
42,211
-
1,207
331,744
14		 Motor
vehicles
£
73,834
14,495
(19,740)
68,589
31,562
15,525
(1,990)
45,097
23,492
42,272
Group
2023
£
23,885
-
1,179
270,092
-
295,156		 Fixtures and
fittings
£
121,233
6,397
-
127,630
99,791
6,473
-
106,264
21,366
21,442
Charity
2024
£
42,211
39,316
1,194
331,744
14
414,479		 Total
£
249,459
31,087
(19,740)
260,806
185,745
23,733
(1,990)
207,488
53,318
63,714
Charity
2023
£
23,885
18,440
1,165
270,092
-
313,582
375,176

Page 24

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other taxation and social security
Obligations under finance lease and hire
purchase contracts
Other creditors
Accruals and deferred income		 Group
2024
£
69,370
24,178
-
3,753
7,366
104,667		 Group
2023
£
3,154
16,756
19,740
2,860
4,062
46,572		 Charity
2024
£
68,069
21,745
-
3,753
7,366
100,933		 Charity
2023
£
2,819
15,036
19,740
2,860
4,062
44,517

Page 25

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

17. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICTED FUNDS
General Funds
RESTRICTED FUNDS
Big Lottery
Ant Fonden
South Devon
Chimo Trust
St James's Place
Dorset
The Hargreaves Foundation
Children's Alliance
Foundation for Children
LNER
Boeing (London)
Lottery Sustainability
Cornwall
Innox Foundation
Scotland
Raise your Hands
Beach School
Prudence Trust
Other restricted funds
TOTAL OF FUNDS		 Balance at 1
February
2023
£
192,248
38,187
-
7,150
-
-
-
-
-
5,000
10,054
17,875
43,892
30,862
-
8,000
5,002
13,964
300,000
-
479,986
672,234		 Income
£
952,109
68,029
40,102
-
90,000
77,430
15,000
46,000
15,000
-
-
-
54,498
12,000
60,000
90,000
-
-
-
96,609
664,668
1,616,777		 Expenditure
£
(980,040)
(89,590)
-
(7,150)
(25,293)
(13,412)
(15,000)
-
(15,187)
(20,625)
(10,054)
(17,875)
(106,078)
(43,717)
(30,000)
(25,712)
-
(13,964)
(95,535)
(99,857)
(629,049)
(1,609,089)		 Transfers
in/out
£
(22,601)
-
-
-
-
-
-
-
187
15,625
-
-
7,688
855
-
-
(5,002)
-
-
3,248
22,601
-		 Balance at
31 January
2024
£
141,716
16,626
40,102
-
64,707
64,018
-
46,000
-
-
-
-
-
-
30,000
72,288
-
-
204,465
-
538,206
679,922

Page 26

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

17. STATEMENT OF FUNDS (CONTINUED)

Restricted Funds

Big Lottery - This represents funding for supporting the running costs of surf therapy programmes in Dorset, Northern Ireland the Isle of Wight

Ant Foden - This represents the purchase of a van purchased for the St Andrews Project

South Devon - This represents funding to support the surf project in this area

Chimo Trust - This represents funding towards our delivery team staff costs across the UK to enable future growth

St James's Place - This represents funding to support the cost of the North East Project. The funding will be received over a 3 year period

Dorset - This represents funding to support the 2023 programme in Dorset

The Hargreaves Foundation - This represents funding to support the project costs in Bristol

Children's Alliance - This represents funding to support the project costs in North Yorkshire Foundation for Children - This represents funding to support the project in South Devon

LNER - This represents funding to support the programme in Tynemouth & Dunbar

Boeing (London) - This represents funding to support surf projects taking place in 2023

Lottery Sustainability - This represents funding to support the running costs of surf therapy programmes Cornwall - This represents funding to support the surf programme in this area

Innox Foundation - This represents funding to support the project in the South of England

Scotland - This represents funding to support the surf programme in this area

Raise your Hands - provides funding to support the Charity's activities

Beach School - supported by Comic Relief

Prudence Trust - funding awarded in the current year to support the sustainability of the surf therapy programme and projects that commenced in 2023. The funding will be received over a 3 year period.

Other restricted funds - include Bauer Cash for Kids, Buffino Chao Foundation, Barbara Ward Foundation and funding to support surf projects in Yorkshire and Dorset

Transfers relate to unrestricted funds being used to cover restricted expendiure.

Page 27

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

17. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR

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

Page 28

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Restricted Restricted Unrestricted
Total		 Unrestricted
Total		 Unrestricted
Total
funds funds
funds
2024 2024
2024
£ £
£
Tangible fixed assets 1,918 51,400 53,318
Intangible fixed assets - 4,750
4,750
Current assets 536,288 190,233
726,521
Creditors due within one year - (104,667)
(104,667)
TOTAL 538,206 141,716
679,922
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Restricted Unrestricted
Total
funds funds
funds
2023 2023
2023
£ £
£
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

Page 29

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

19.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
ACTIVITIES
Net income for the year (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
Amortisation charges
Loss/(profit) on the sale of fixed assets
Decrease/(increase) in stocks
Increase in debtors
Increase in creditors
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
20.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
21.
ANALYSIS OF CHANGES IN NET FUNDS
At 1
February
2023
Cash flows
£
£
Cash at bank and in hand
335,726
3,059
Finance leases
(19,740)
-
315,986
3,059		 FROM OPERATING
Group
Group
2024
2023
£
£
7,688
414,969
23,733
24,777
2,375
2,375
(16,735)
-
4,525
(6,431)
(80,020)
(234,397)
58,013
15,630
(421)
216,923
Group
Group
2024
2023
£
£
338,785
335,726
Other non-
cash
changes
At 31
January
2024
£
£
-
338,785
19,740
-
19,740
338,785

Page 30

THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

22. PENSION COMMITMENTS

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £22,016 (2023: £14,200) in the year. £3,753 (2023: £2,860) were payable to the fund at the Balance Sheet date and are included in creditors.

23. OPERATING LEASE COMMITMENTS

At 31 January 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2024
£
27,078
33,542
60,620		 Group
2023
£
26,024
56,042
82,066		 Charity
2024
£
27,078
33,542
60,620		 Charity
2023
£
26,024
56,042
82,066

24. RELATED PARTY TRANSACTIONS

During the year the Charity paid ERA Adventures Limited, a Company controlled by the spouse of a member of key management personnel, £6,950 (2023: £7,770) for provision of surf school. There were no outstanding balances at the year end (2023: £Nil).

25. CONTROLLING PARTY

The Charity is controlled by its Trustees.

Page 31