**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 2025**
**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**|8 - 11|
|**Consolidated Statement of Financial Activities**|12|
|**Consolidated Balance Sheet**|13|
|**Charity Balance Sheet**|14|
|**Consolidated Statement of Cash Flows**|15|
|**Notes to the Financial Statements**|16 - 32|
**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 2025**
|**Trustees**|Mr W Robertson, Chair|
|---|---|
||Mr G Hooper (resigned 5 August 2024)|
||Mr W Simpson (resigned 24 June 2025)|
||Miss S Munday|
||Miss A Oliver (appointed 1 February 2024, resigned 24 June 2025)|
||Mr J Murphy (appointed 22 April 2025)|
||Ms R Parker (appointed 22 April 2025)|
||Ms C Keylock (appointed 22 April 2025)|
||Mr R Jones (appointed 22 April 2025)|
||Mr G Dreghorn (appointed 22 April 2025)|
|**Company registered**
**number**
07489189
**Charity registered**
**number**
1163421 (England & Wales)
SCO46500 (Scotland)
**Registered office**
6 Fore Street
Newquay
Cornwall
TR7 1LN
**Chief executive officer**
Ramon Van De Velde (appointed 1 March 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 2025**
The Trustees present their report and audited financial statements for the year ended 31 January 2025.
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 (Full Time), Operations (Full Time), and Finance (Part Time – 1 day a week).
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 considering the growth of the Charity and the opportunities and challenges that are faced, we recognised the need to increase and diversity the number of Trustees involved with The Wave Project. Accordingly, five further Trustees were appointed at the start of the 2025-26 financial year.
## **Pay policy for senior staff**
All Trustees give of their time freely and no Trustee received remuneration in the year. The salary of the CEO, who was appointed in March 2024 was not reviewed during this year.
Page 2
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2025**
## **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
- 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 improve the mental health and wellbeing of children and young people through Surf Therapy and the healing powers of the ocean and other blue spaces. Our aim is to give our surfers the skills, confidence and self-belief they need to achieve their goals, no matter what additional challenges they face. We recognise that every young person is different, and each respond 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 reviewed its fundraising operation, and obtained funding to invest in its retail operation, to optimise the opportunities to support our charitable objectives. 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, despite the challenging fundraising climate.
## **OVERVIEW**
The year has been one of significant change for the Charity. The focus has been to establish a sound foundation from which to drive future growth. As part of this process, a new senior leadership structure, including a new CEO, was put in place in Spring 2024. A number of strategic decisions, including the closure of the non-core Education department, have been taken and both internal and external reviews undertaken to strengthen the Charity. These reviews include:
- A proposal for a Digital Revolution – this proposal was awarded significant funding in April 2025 to enable it’s roll out.
- A fundraising health check.
- Updating of our evaluation procedures, now using the WHO-5 scale which enables the Charity to calculate its impact in WELLBY’s (wellbeing adjusted life years).
- the updating of the Charity’s Vision and Purpose, and the creation and roll out of Team Values.
- an updated Theory of Change and Case for Support, and
- a significant Shared Prosperity Fund investment into the pre-loved wetsuit retail operation, in partnership with SUEZ UK.
Page 3
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2025**
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. Our Adaptive Surfing programme - now delivered in Croyde (Devon), Watergate Bay (Cornwall), Scarborough (North Yorkshire) and on the Isle of White - has become part of the Core programmes too.
There has been an increase in the Charity’s 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 opened in November 2024. The Charity is now the chosen Surf Therapy partner at both existing inland wave pools in the UK.
## **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.
## **ACHIEVEMENTS AND PERFORMANCE**
In 2024, we increased the level of delivery compared with the previous year, supporting 2,558 people through our Surf Therapy, Surf Club, Education, and Adaptive Surfing programmes.
The Charity’s main programme, Surf Therapy, supported 846 new clients across the UK, along with 1,083 young people in the Surf Club who had previously completed a Surf Therapy Course. During 2024, the Charity used pre and post self-evaluation surveys to measure the impact of its Surf Therapy courses on new 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 2024 (n=340)
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 71 young pupils through its Education programmes – Beach School, Surf Back To School and Wave Rangers. These projects operate in direct partnership
Page 4
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2025**
with schools, and sessions are delivered in school time. The courses are highly targeted at children who are identified by the school as needing additional support.
We also supported 450 disabled people through our Adaptive Surfing programme, delivered at our four Adaptive locations in Croyde - North Devon, Watergate Bay – Cornwall, Isle of Wight and Scarborough, North Yorkshire.
## **CURRENT STATUS AND FUTURE PLANNING**
Our 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 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.
## **FINANCIAL REVIEW**
The year has resulted in a deficit for the Charity of £62,654 (2024 profit £7,688). The financial deficit is a result of a number of factors:
- The significant changes referred to above in the Overview above, including closure of the Education department at the end of the financial year.
- Income from multiyear grant awards being recorded in previous years’ accounts at point of grant (in line with accounting standards), although cash was received in the current year, having the effect of reduction of recorded income in this year’s income statement.
- General economic pressures that have impacted both increase of costs and impacted the environment for public donations and increased competition for grant applications.
Income reduced marginally to £1,589,299, (2024 £1,616,777), because of the impact of the accounting treatment of multi-year grant awards (see above) but also as a reflection of the increasingly difficult environment faced by charities as the cost of living crisis and uncertainty effects donors.
Costs have increased to £1,651,953 (2024 £1,609,089). This reflects underlying trends in cost inflation and one of costs for restructuring and for the closure of the Education department.
There has been a focus on improvements to financial controls and the introduction of better and more timely internal management monitoring and reporting.
## **Reserves Policy**
The Reserves Policy of The Wave Project was updated by the Trustees in September 2024. The decision was made for the Charity to aim 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 of expenditure being covered by unrestricted reserves. Much of the direct activity is covered by matching restricted reserves.
The unrestricted free reserves amounted to £32,686 at the end of the year (2024 £141,716).
The deterioration in the unrestricted funds balance is due to the Charity making a financial loss and the fact that unrestricted expenditure includes costs for activities such as restructure and closure (of the Education department). The aim over the next few years will be to establish a wider base of unrestricted funding in order to meet the costs of the Charity.
## **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.
Page 5
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2025**
The principal risks to which the Charity is exposed are:
- Risk of overloading, and therefore departure, of key personnel
- Risk of losing funding for support costs and additional projects
- Risk of accidents in the water, including the health and safety of participants, volunteers and staff
## **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.
## **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.
Page 6
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2025**
## **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:
**Mr W Roberton** (Chair of Trustees)
Date: 18 July 2025
Page 7
**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 2025 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 2025 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 Trustees' Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Trustees' 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 8
**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 9
**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 10
**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: 18 July 2025
Page 11
## **THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JANUARY 2025**
|**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
19
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
Net movement in funds
**TOTAL FUNDS CARRIED FORWARD**
19|**Restricted**
**funds**
**2025**
**£**
**591,430**
**62,403**
**-**
**653,833**
**-**
**614,098**
**614,098**
**39,735**
**6,641**
**46,376**
**538,206**
**46,376**
**584,582**|**Unrestricted**
**funds**
**2025**
**£**
**545,248**
**300,474**
**89,744**
**935,466**
**83,385**
**954,470**
**1,037,855**
**(102,389)**
**(6,641)**
**(109,030)**
**141,716**
**(109,030)**
**32,686**|**Total**
**funds**
**2025**
**£**
**1,136,678**
**362,877**
**89,744**
**1,589,299**
**83,385**
**1,568,568**
**1,651,953**
**(62,654)**
**-**
**(62,654)**
**679,922**
**(62,654)**
**617,268**|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|
Page 12
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:07489189**
## **CONSOLIDATED BALANCE SHEET AS AT 31 JANUARY 2025**
|**Note**
**FIXED ASSETS**
Intangible assets
13
Tangible assets
14
**CURRENT ASSETS**
Stocks
16
Debtors
17
Cash at bank and in hand
22
Creditors: amounts falling due within one
year
18
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**TOTAL NET ASSETS**
**CHARITY FUNDS**
Restricted funds
19
Unrestricted funds
19
**TOTAL FUNDS**|**11,446**
**164,341**
**405,283**
**581,070**
**(61,499)**|**2025**
**£**
**2,375**
**95,322**
**97,697**
**519,571**
**617,268**
**617,268**
**584,582**
**32,686**
**617,268**|12,560
375,176
338,785
726,521
(104,667)|2024
£
4,750
53,318|
|---|---|---|---|---|
|||||58,068
621,854|
|||||679,922|
||||||
|||||679,922|
|||||538,206
141,716|
||||||
|||||679,922|
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 Robertson** (Chair of Trustees) Date: 18 July 2025
The notes on pages 16 to 32 form part of these financial statements.
Page 13
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:07489189**
## **CHARITY BALANCE SHEET FOR THE YEAR ENDED 31 JANUARY 2025**
|**Note**
**FIXED ASSETS**
Intangible assets
13
Tangible assets
14
**CURRENT ASSETS**
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS EXCLUDING PENSION**
**ASSET**
**TOTAL NET ASSETS**
**CHARITY FUNDS**
Restricted funds
19
Unrestricted funds
19
**TOTAL FUNDS**|**180,425**
**396,208**
**576,633**
**(54,916)**|**2025**
**£**
**2,375**
**95,322**
**97,697**
**521,717**
**619,414**
**619,414**
**619,414**
**584,582**
**34,832**
**619,414**|414,479
320,405
734,884
(100,933)|2024
£
4,750
53,318|
|---|---|---|---|---|
|||||58,068
633,951|
|||||692,019|
|||||692,019|
||||||
|||||692,019|
|||||540,324
151,695|
||||||
|||||692,019|
The Charity's net movement in funds for the year was £(72,605) (2024 - £16,389).
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 Robertson** (Chair of Trustees) Date: 18 July 2025
The notes on pages 16 to 32 form part of these financial statements.
Page 14
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2025**
|**Note**
**CASH FLOWS FROM OPERATING ACTIVITIES**
Net cash used in operating activities
21
**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
**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**
22
The notes on pages 16 to 32 form part of these financial statements|**2025**
**£**
**143,134**
**4,500**
**(81,136)**
**(76,636)**
**-**
**-**
**66,498**
**338,785**
**405,283**|2024
£
(421)
34,485
(31,087)
**3,398**
82
**82**
**3,059**
335,726
338,785|
|---|---|---|
Page 15
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
## **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 16
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
## **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.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
## **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 17
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
## **2. ACCOUNTING POLICIES (continued)**
## **2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION**
Tangible fixed assets costing £1000 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 because 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 DEBTORS**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.10 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.
Page 18
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
## **2. ACCOUNTING POLICIES (continued)**
## **2.11 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.
## **2.12 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.
## **2.13 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:
The useful life of the fixed assets is a key judgement and has been made on management's knowledge of the assets held.
Page 19
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
## **4. INCOME FROM DONATIONS AND LEGACIES**
|Donations
Grants
TOTAL 2024|**Restricted**
**funds**
**2025**
**Unrestricted**
**funds**
**2025**
**£**
**£**
20,104
483,418
571,326
61,830
591,430
545,248
612,168
559,254|**Total**
**funds**
**2025**
**£**
**503,522**
**633,156**
**1,136,678**
1,171,422|Total
funds
2024
£
524,413
647,009|
|---|---|---|---|
||||1,171,422|
|||||
## **5. INCOME FROM CHARITABLE ACTIVITIES**
|Beach School income
Surf Club
Adaptive income
Referral partner contributions
Other sales and services
**TOTAL 2025**
TOTAL 2024|**Restricted**
**funds**
**2025**
**Unrestricted**
**funds**
**2025**
**£**
**£**
-
29,480
-
19,816
-
45,292
-
51,700
62,403
154,186
62,403
300,474
52,500
297,776|**Total**
**funds**
**2025**
**£**
**29,480**
**19,816**
**45,292**
**51,700**
**216,589**
**362,877**
350,276|Total
funds
2024
£
24,922
25,714
22,265
74,585
202,790|
|---|---|---|---|
||||350,276|
|||||
Page 20
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
## **6. INCOME FROM OTHER TRADING ACTIVITIES**
## **Income from non charitable trading activities**
|**Unrestricted**
**funds**
**2025**
**£**
Shop Income
89,744
TOTAL 2024
95,079
**7.**
**EXPENDITURE ON RAISING FUNDS**
**FUNDRAISING TRADING EXPENSES**
**Unrestricted**
**funds**
**2025**
**£**
Fundraising trading costs
3,592
TOTAL 2024
570
**OTHER TRADING EXPENSES**
**Unrestricted**
**funds**
**2025**
**£**
Cost of sales
17,106
Administration expenses
26,618
Interest payable
63
Administration staff costs
36,006
79,793
TOTAL 2024
103,780|**Total**
**funds**
**2025**
**£**
**89,744**
95,079
**Total**
**funds**
**2025**
**£**
**3,592**
570
**Total**
**funds**
**2025**
**£**
**17,106**
**26,618**
**63**
**36,006**
**79,793**
103,780|Total
funds
2024
£
95,079|
|---|---|---|
|||Total
funds
2024
£
570|
|||Total
funds
2024
£
23,161
22,175
-
58,444|
|||103,780|
||||
Page 21
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
## **8. ANALYSIS OF EXPENDITURE BY ACTIVITIES**
|**Activities**
**undertaken**
**directly**
**2025**
**Support**
**costs**
**2025**
**£**
**£**
Costs of charitable activities
1,055,729
512,839
TOTAL 2024
930,477
574,262
**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
Loss on disposal of fixed assets
Governance costs
**9.**
**AUDITORS' REMUNERATION**
Fees payable to the Charity's auditor for the audit of the Group's annual
accounts|**Total**
**funds**
**2025**
**£**
**1,568,568**
1,504,739
**Total**
**funds**
**2025**
**£**
**115,047**
**31,528**
**24,654**
**59,811**
**26,941**
**21,164**
**403**
**17,787**
**110,175**
**28,111**
**5,478**
**71,740**
**512,839**
**2025**
**£**
**17,450**|Total
funds
2024
£
1,504,739|
|---|---|---|
|||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|
Page 22
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
## **10. STAFF COSTS**
|Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes|**Group**
**2025**
**£**
**966,583**
**75,200**
**20,371**
**1,062,154**|Group
2024
£
912,953
76,159
22,016
1,011,128|**Charity**
**2025**
**£**
**933,884**
**72,608**
**19,656**
**1,026,148**|Charity
2024
£
858,536
73,007
21,141|
|---|---|---|---|---|
|||||952,684|
Included in the above staff costs are £17,000 in relation to termination payments in lieu of notice for two employees.
The average number of persons employed by the Charity during the year was as follows:
|CEO
Administrators
Fundraising/Marketing
Project Managers/Coordinators
Project Workers/Assistant
Shop|**Group**
**2025**
**No.**
**1**
**3**
**5**
**22**
**6**
**3**
**40**|Group
2024
No.
1
4
-
22
5
6
38|**Charity**
**2025**
**No.**
**1**
**3**
**5**
**22**
**6**
**-**
**37**|Charity
2024
No.
1
4
-
22
5
-|
|---|---|---|---|---|
||||||
|||||32|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**Group**|Group|
|---|---|---|---|
|||**2025**|2024|
|||**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 £202,847 (2024: £203,974).
## **11. TRUSTEES' REMUNERATION AND EXPENSES**
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
During the year ended 31 January 2025, no Trustee expenses have been incurred (2024 - £NIL).
Page 23
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
## **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 2025 or 2024.
|**13.**
**INTANGIBLE ASSETS**
**GROUP AND CHARITY**
**COST**
At 1 February 2024
At 31 January 2025
**AMORTISATION**
At 1 February 2024
Charge for the year
At 31 January 2025
**NET BOOK VALUE**
At 31 January 2025
At 31 January 2024|**Computer**
**software**
**£**
**11,875**|
|---|---|
||**11,875**|
||**7,125**
**2,375**|
||**9,500**|
|||
||**2,375**|
||4,750|
Page 24
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
## **14. TANGIBLE FIXED ASSETS**
## **GROUP AND CHARITY**
|**COST**
At 1 February 2024
Additions
Disposals
At 31 January 2025
**DEPRECIATION**
At 1 February 2024
Charge for the year
On disposals
At 31 January 2025
**NET BOOK VALUE**
At 31 January 2025
At 31 January 2024|**Plant and**
**machinery**
**£**
**64,587**
**7,640**
**(27,010)**
**45,217**
**56,127**
**4,119**
**(27,010)**
**33,236**
**11,981**
8,460|**Motor**
**vehicles**
**£**
**68,589**
**61,496**
**(15,210)**
**114,875**
**45,097**
**20,332**
**(15,210)**
**50,219**
**64,656**
23,492|**Fixtures and**
**fittings**
**£**
**127,630**
**12,000**
**(57,927)**
**81,703**
**106,264**
**4,702**
**(47,948)**
**63,018**
**18,685**
21,366|**Total**
**£**
**260,806**
**81,136**
**(100,147)**
**241,795**
**207,488**
**29,153**
**(90,168)**
**146,473**
**95,322**
53,318|
|---|---|---|---|---|
## **15. FIXED ASSET INVESTMENTS**
## **PRINCIPAL SUBSIDIARIES**
The Charity has a wholly owned subsidiary, The Wave Project Retail Limited (company number: 12801588). The principal trading activity is that of a retail shop. The results of the subsidiary have been included in the consolidated financial statements.
The subsidiary had income of £89,744 and expenditure of £79,667 resulting in a profit for the year of £9,951. It's net liabilities at the Balance Sheet date totalled £2,146.
Page 25
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
## **16. STOCKS**
|Finished goods and goods for resale
**17.**
**DEBTORS**
**Group**
Group
**2025**
2024
**£**
£
**DUE WITHIN ONE YEAR**
Trade debtors
**20,345**
42,211
Amounts owed by group undertakings
**-**
-
Other debtors
**646**
1,207
Prepayments and accrued income
**143,350**
331,744
Tax recoverable
**-**
14
**164,341**
375,176
**18.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**Group**
Group
**2025**
2024
**£**
£
Trade creditors
**15,307**
69,370
Other taxation and social security
**17,720**
24,178
Other creditors
**3,853**
3,753
Accruals and deferred income
**24,619**
7,366
**61,499**
104,667|**Group**
**2025**
**£**
**11,446**
**Charity**
**2025**
**£**
**20,095**
**16,980**
**-**
**143,350**
**-**
**180,425**
**Charity**
**2025**
**£**
**15,307**
**16,522**
**3,853**
**19,234**
**54,916**|Group
2024
£
12,560|
|---|---|---|
|||Charity
2024
£
42,211
39,316
1,194
331,744
14|
||||
|||414,479|
|||Charity
2024
£
68,069
21,745
3,753
7,366|
||||
|||100,933|
Page 26
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
## **19. STATEMENT OF FUNDS**
## **STATEMENT OF FUNDS - CURRENT YEAR**
|**UNRESTRICTED FUNDS**
General Funds
**RESTRICTED FUNDS**
Big Lottery
Ant Fonden
Adaptive
Chimo Trust
St James's Place
Dorset
The Hargreaves Foundation
Children's Alliance
London
Brighton
Wooden Spoon - Ed&L
Northern Ireland
Cornwall
Devon
Innox Foundation
Scotland
Good Growth Fund
Bristol
Prudence Trust
Other restricted funds
**TOTAL OF FUNDS**|**Balance at**
**1 February**
**2024**
**£**
**141,716**
**16,626**
**40,102**
**-**
**64,707**
**64,018**
**-**
**46,000**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**30,000**
**72,288**
**-**
**-**
**204,465**
**-**
**538,206**
**679,922**|**Income**
**£**
**935,466**
**41,248**
**-**
**40,375**
**-**
**-**
**15,000**
**-**
**20,000**
**21,950**
**11,335**
**30,000**
**16,000**
**92,005**
**20,000**
**5,000**
**61,452**
**137,111**
**20,000**
**48,680**
**73,677**
**653,833**
**1,589,299**|**Expenditure**
**£**
**(1,037,855)**
**(39,109)**
**(8,692)**
**(22,383)**
**(9,321)**
**(25,698)**
**-**
**(47,126)**
**(19,998)**
**(519)**
**(9,332)**
**(5,771)**
**(15,924)**
**(76,037)**
**(25,189)**
**(35,319)**
**(73,157)**
**(17,728)**
**-**
**(118,112)**
**(64,683)**
**(614,098)**
**(1,651,953)**|**Transfers**
**in/out**
**£**
**(6,641)**
**-**
**-**
**-**
**-**
**-**
**-**
**1,126**
**(2)**
**-**
**(3)**
**-**
**3**
**2**
**5,189**
**319**
**7**
**-**
**-**
**-**
**-**
**6,641**
**-**|**Balance at**
**31 January**
**2025**
**£**
**32,686**|
|---|---|---|---|---|---|
||||||**18,765**
**31,410**
**17,992**
**55,386**
**38,320**
**15,000**
**-**
**-**
**21,431**
**2,000**
**24,229**
**79**
**15,970**
**-**
**-**
**60,590**
**119,383**
**20,000**
**135,033**
**8,994**|
||||||**584,582**|
||||||**617,268**|
Page 27
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
## **19. 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 funding for the purchase of a van to support the St Andrews Project.
Adaptive - This represents two grant awards to support Adaptive Surf Therapy. £9,572 from the Claire Milne Charity specifically for Devon, and £14,303 from Sport England to assist with equipment purchases.
Chimo Trust - This represents funding towards our delivery team staff costs for future growth across the UK.
St James's Place - This represents funding to support the North East Project. Funding received over a three year period.
Dorset - This represents funding from Alice Ellen Cooper Dean Trust and Bitford Bridge to support the Dorset Project, to be run summer 2025.
The Hargreaves Foundation - This represents funding to support the Bristol Project.
Children's Alliance - This represents funding to support the North Yorkshire Project.
London - This represents funding from The Clarkson Foundation and Boeing (London) to support the London Project.
Brighton - This represents funding from The Chalk Cliff Trust, The Friarsgate Trust and Samworth Brothers to support the Brighton Project.
Wooding Spoon - Ed&L - This represents funding for the purchase of a van to support the Edinburgh and Fife Project.
Northern Ireland - This represents funding from Bauer Radio (NI) and The LFT Trust to support the Northern Ireland Project.
Cornwall - This represents funding from a number of institutions to support the Cornwall Project, including Boardmasters, The Hollyhock Charity, The Cornwall Community Foundation, Buffini Chao, The Quinnian Trust and Bude Town Council.
Devon - This represents National Lottery funding to support the Devon Project.
Innox Foundation - This represents funding to support the South of England Project.
Scotland - This represents funding from a number of benefactors to support the Scottish Projects, including LOTTO Scotland, Barry & Peggy High Foundation and Bauer Cash for Kids.
Good Growth Fund - This represents funding (in conjunction with Suez) to assist pre-loved wetsuit retail facility in Newquay.
Bristol - This represents two awards (The Nisbett Trust and The Foundation for Children) to support the Bristol Project.
Prudence Trust - This represents funding awarded in the current year to support the sustainability of the surf therapy programme. Previous award for 3 years of funding to assist with fundraising costs of the Charity.
Page 28
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
## **19. STATEMENT OF FUNDS (CONTINUED)**
Other restricted funds - This represents small restricted grant awards (less than £2,000) which assist with Projects across the UK.
Transfers relate to unrestricted funds being used to cover restricted expenditure.
## **STATEMENT OF FUNDS - PRIOR YEAR**
|**UNRESTRICTED FUNDS**
General Funds
**RESTRICTED FUNDS**
Big Lottery
Ant Fonden
Adaptive
Chimo Trust
St James's Place
Dorset
The Hargreaves Foundation
Children's Alliance
Brighton
Wooden Spoon - Ed&L
Northern Ireland
Cornwall
Devon
Innox Foundation
Scotland
Good Growth Fund
Bristol
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 29
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
## **20. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD**
|Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
**TOTAL**|**Restricted**
**funds**
**2025**
**Unrestricted**
**funds**
**2025**
**£**
**£**
17,353
77,969
-
2,375
567,229
13,841
-
(61,499)
584,582
32,686|**Total**
**funds**
**2025**
**£**
**95,322**
**2,375**
**581,070**
**(61,499)**
**617,268**|
|---|---|---|
|**ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD**
Restricted
funds
2024
£
Tangible fixed assets
1,918
Intangible fixed assets
-
Current assets
536,288
Creditors due within one year
-
**TOTAL**
538,206|Unrestricted
funds
2024
£
51,400
4,750
190,233
(104,667)
141,716|Total
funds
2024
£
53,318
4,750
726,521
(104,667)
679,922|
|---|---|---|
|Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
**TOTAL**|||
Page 30
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
|**21.**
**RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW**
**ACTIVITIES**
Net income/expenditure for the period (as per Statement of Financial
Activities)
**ADJUSTMENTS FOR:**
Depreciation charges
Amortisation charges
Loss/(profit) on the sale of fixed assets
Decrease in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES**
**22.**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
Cash in hand
**23.**
**ANALYSIS OF CHANGES IN NET FUNDS**
**At 1**
**February**
**2024**
**£**
Cash at bank and in hand
**338,785**|**FROM OPERATING**
**Group**
Group
**2025**
2024
**£**
£
**(62,654)**
7,688
**29,153**
23,733
**2,375**
2,375
**5,478**
(16,735)
**1,114**
4,525
**210,835**
(80,020)
**(43,167)**
58,013
**143,134**
(421)
**Group**
Group
**2025**
2024
**£**
£
**405,283**
338,785
**Cash flows**
**At 31**
**January**
**2025**
**£**
**£**
**66,498**
**405,283**|
|---|---|
Page 31
**THE WAVE PROJECT (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
## **24. CAPITAL COMMITMENTS**
||**Group**|Group|**Charity**|Charity|
|---|---|---|---|---|
||**2025**|2024|**2025**|2024|
||**£**|£|**£**|£|
|**CONTRACTED FOR BUT NOT PROVIDED**|||||
|**IN THESE FINANCIAL STATEMENTS**|||||
|Acquisition of tangible fixed assets|**91,703**|-|**91,703**|-|
## **25. 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 £20,371 (2024: £22,016) in the year. £3,853 (2024: £3,753) were payable to the fund at the Balance Sheet date and are included in creditors.
## **26. OPERATING LEASE COMMITMENTS**
At 31 January 2025 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**
**2025**
**£**
**26,342**
**6,250**
**32,592**|Group
2024
£
27,078
33,542
60,620|**Charity**
**2025**
**£**
**26,342**
**6,250**
**32,592**|Charity
2024
£
27,078
33,542|
|---|---|---|---|---|
||||||
|||||60,620|
## **27. 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, for provision of surf school. The total transactions up to the date of the resignation of the key management personnel was £3,933 (2024: £6950). There were no outstanding balances at the year end (2024: £Nil).
The Charity also had a year end balance of £16,980 (2024: £35,007) owed to The Wave Project Retail Limited, their wholly owned subsidiary.
## **28. CONTROLLING PARTY**
The Charity is controlled by its Trustees.
Page 32