**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:
- The Charities Act 2011
- The Companies Act 2006
- Memorandum and Articles of Association, and Accounting and Reporting by Charities:
- The 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) (as amended for accounting periods commencing from 1 January 2019).
## **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.
- The Board is formally supported by three Sub Committees:
- Finance
- Operations
- People
## **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,
- a) the provision of recreational and leisure time activities provided in the interests of social welfare, with a view to improving their conditions of life, and
Page 2
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2024**
- b) the advancement of their education and the development of their skills, capabilities and confidence, in particular (but without limitation) through the provision of instruction in and facilities for surfing and other related sports.
## **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
- 1) To promote a healthy lifestyle amongst disadvantaged people, especially the young with mental health and physical disabilities, by organising surfing courses and other water based physical activities.
- 2) To encourage our volunteers to support disadvantaged young people.
- 3) To measure the benefits of the activities offered.
- 4) To ensure the benefits of the Wave Project’s approach are made available nationally in the United Kingdom, and, as a secondary priority, elsewhere in the world.
- 5) To ensure the long-term survival of the Wave Project by diversifying the sources of its funding.
## **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:
- Risk of accidents in the water, including the health and safety of participants, volunteers and staff
- Risk of fraud perpetrated by trustees or employees of the Charity
- Risk of accidental damage to the Charity’s assets
- Risk of losing funding for support costs and additional projects
## **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:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the applicable Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
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:
- so far as that Trustee is aware, there is no relevant audit information of which the charitable group’s auditors are unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group’s auditors are aware of that information.
## **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:
- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 January 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
## **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:
- the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Trustees' Report has been prepared in accordance with applicable legal requirements.
## **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:
- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
## **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:
- the nature of the charity sector, control environment and charity performance;
- results of our enquiries of management and the Trustee board about their own identification and assessment of the risks of irregularities;
- for any matters we identified having obtained and reviewed the Charity’s documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
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:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
- enquiring of Trustees and management and those charged with governance concerning actual and potential litigation and claims;
- performing procedures to confirm material compliance with the requirements of the laws and regulations
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;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance and reviewing internal control reports; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
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|
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**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