The trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
The company is a registered charity and limited by guarantee, governed by its Memorandum and Articles of Association. In accordance with the constitution of the company every member undertakes to contribute such amount (not exceeding £10) to the company's assets should it be wound up.
To protect, preserve and enhance the character of the natural and build environment of the Deben riverside for the benefit of the public. The charity also promotes the maritime heritage of Woodbridge.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
The Trust continues to deliver activities that bring the community together in a space for learning and celebration of the maritime heritage of Woodbridge and the River Deben.
Visitor numbers continue to grow with increased public awareness of events within The Longshed and also in the surrounding area, particularly in Whisstock’s Place. This is being helped through the creation of groups such as the Woodbridge Historic Riverside Group with the objective of promoting the various activities linked to Woodbridge and the River Deben.
A number of very successful events were held in The Longshed during 2024 with a strong educational and informative theme. As well as promoting the presence of The Longshed in the community, these have also helped increase the public footfall which benefits the Trust’s gift shop in The Longshed selling a range of merchandise with a strong link to the heritage of the River Deben.
The replica Sutton Hoo Burial Ship being constructed by the Sutton Hoo Ship’s Company continues to take shape and with the planking of the ship is beginning to show the enormous dimensions of this iconic project. The Trust are proud that The Longshed is hosting this project and are keenly anticipating the launch of the vessel which is currently estimated as in Spring 2027.
The Trust continued with “Follow the Ship” an educational programme focused on primary aged children which complements the national curriculum in respect of Anglo-Saxon history and links strongly to Woodbridge’s maritime and riverine heritage. This project is increasingly successful with more schools taking part and has resulted in over 1,000 pupils benefitting from this learning experience, with several schools making annual return visits. It is proposed in the years to come to widen the scope of the programme as well as developing new programmes for the benefit of the youngsters in our area.
To this purpose we held a WRT Future Youth Programme kick-off meeting in August where we solicited ideas for future youth-related pilot projects from those attending. Attendees were a diverse group of different ages including students from local High Schools, representatives from Youth Engagement activities, Local Councillors, representatives from Woodbridge’s Youth Council and a representative from a local Boatyard.
The Trust held a series of talks on various local and maritime related topics throughout the year. This series is proving increasingly popular and is a great help in the promotion of the activities of The Longshed. The series of tapestries depicting the history of the River Deben have also been instrumental in increasing footfall in The Longshed. The Trust now has 24 tapestries on display in the Gallery in The Longshed. These tapestries are being produced by a team of local volunteers and are developing interest beyond the local area of Woodbridge.
The Trust installed a second visitor toilet in the building which is available to the public and has both disabled and baby changing facilities.
In view of the replica Sutton Hoo Burial Ship taking shape, the Trust is curtailing some of its activities in The Longshed Gallery to allow the Gallery to be used as a viewing platform for the ever growing ship. Whilst this is holding back on income potential, the benefit is that there will be increased footfall over the next few years, opening up opportunities for increased sales through the gift shop which generates a substantial portion of the Trust's income.
Sae Wylfing continues to be a major attraction for the Trust. Each summer she is moored off the quayside at Whisstock’s Place and helps in bringing visitors into the area. At 30 years old, she is in continual need of maintenance but the Trust values her input and will continue to maintain her until the Trust is able to build a replacement vessel at some stage in the future. This is a project which is very much in our long-term future plans for The Longshed.
The Trust continues to get strong financial and physical help from Friends of The Longshed which helps with the running of The Longshed. This along with individual donations, company and corporate donations and grants from Woodbridge Town Council, Suffolk and Essex Coast and Heaths National Landscape’s Sustainable Development Fund, East Suffolk Council’s Enabling Communities Budget and Suffolk County Council’s Locality Budget. These have confirmed the acceptance of The Longshed as an important facility in the local community.
The Trust continues to be very grateful to our team of volunteers who run the gift shop and look after the facility. This dedicated team is the face of the Trust and their commitment is very much appreciated.
The overall deficit for the year ended 31 December 2024 amounted to £11,119 (2023: Deficit £15,865). This comprised a deficit of £12,080 on the unrestricted fund (2023: Deficit £13,657) and surplus on the restricted funds of £961 (2023: Deficit £2,208).
There were two major factors relating to the operating position namely some further expenditure on keeping Sae Wylfing afloat as per our agreement with the owners and also that the Trust had to spend £9,000 on legal expenses . Other than that there have been efforts to improve the trading position of the Trust particularly through the shop. Although the sales have decreased by £405, we have seen an overall gross profit increase to 41.4% compared to 32.8% for 2023.
The Trustees consider that the charity has adequate resources to continue operating for the foreseeable future. The trustees anticipate that sufficient income will be available to meet their liabilities. Grants will be sought from Town and County Councils to cover any shortfall in funding. They will continue to seek further cost savings and explore new income streams. An unrestricted grant of £25,000 was received in July 2025.
The restricted funds relating to The Longshed capital fund, amount to £63,931 at 31 December 2024 compared to £64,013 at 31 December 2023.
The other restricted funds amount to £1,043 (2023: £Nil)
Unrestricted reserves amounted to £60,809 at 31 December 2024 compared to £72,889 at 31 December 2023.
A target for reserves of £40,000 has been established in line with Trust policy:
1) to protect The Longshed from any potential risks considered to be of sufficient magnitude to impact the charity and The Longshed operations and
2) to build a fund to cover future projects to ensure the future viability of the charity.
The free unrestricted reserves (excluding tangible assets) amounted to £15,645 at 31 December 2024 (2023: £25,784). The trustees will continue to seek to grow the reserves in line with the Trust objective during the year ended 31 December 2025.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
None of the trustees has any beneficial interest in the company.
When a vacancy occurs for a trustee, the remaining trustees seek to appoint an individual with skills and experience which they feel will be of benefit to the charity.
On appointment, new trustees are given copies of the latest Annual Report and Accounts. There is no formal induction and training programme, but individual trustees attend seminars to update themselves when they feel it necessary.
As the charity has no employees it does not yet have a policy in place relating to employee matters. The charity’s activities are mainly carried out by unpaid volunteers.
The Trustees have considered the major risks to which the charity is exposed, and systems have been established to mitigate those risks. The implementation of these procedures minimises those risks. These procedures are regularly reviewed to ensure that they still meet the needs of the charity. In particular, to minimise any financial risks the trustees would seek reputable banks and investment providers into which they could place funds. The performance of their investment would then be reviewed.
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Woodbridge Riverside Trust (the trust) for the year ended 31 December 2024.
Having satisfied myself that the financial statements of the trust are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the trust as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Woodbridge Riverside Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Third Floor, Connexions, 159 Princes Street, Ipswich, IP1 1QJ.
The financial statements have been prepared in accordance with the trust's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. They are reliant on their plans to increase the Trust's income and will also continue to seek cost savings wherever possible. (as referred to in the Trustees' Report on page 3).Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income from trading activities is recognised on receipt.
Income from charitable activities is recognised on receipt or when the amount is known, and receipt expected.
Income from investments is recognised on receipt.
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. Depreciation charges on restricted funds are allocated in accordance with funding received.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Stocks are stated at the lower of cost or net realisable value.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
The charity has no employees and therefore there are no employee benefits.
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Deferred income is included in the financial statements as follows:
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
Educational activities fund - to promote educational activities for young people.
Community activities fund - to promote community activities
Shed maintenance fund - to cover general maintenance and general expenses
Sae Wylfing fund - to cover ship building costs
The Longshed fund (material fund) - see note 18. This fund was the only restricted fund held at 31 December 2023.
This material fund represents funds raised specifically towards the cost of improvements and fixtures and fittings.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
In accordance with the constitution of the company every member undertakes to contribute such amount (not exceeding £10) to the company’s assets should it be wound up.
In April 2018, the charity entered into a 35-year lease for the Longshed at a peppercorn rent of £1 per year.
At the reporting end date the trust had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
During the year ended 31 December 2024 unrestricted donations totalling £720 were received from four of the trustees. Restricted donations of £1,350 were received from three trustees. (2023: £766 unrestricted donations from four trustees. No restricted donations received).
No remuneration was paid to the trustees during the year. (2023: £Nil).
Reimbursement totalling £643 was made to three trustees for expenditure incurred on behalf of the charity relating to marketing, events and repairs. (2023: £1,076 reimbursement made to four trustees).
Only immaterial expenses were waived by trustees.
No ex-gratia payments have been made to any trustee or volunteer during the year ended 31 December 2024 (2023: £Nil).
The charitable activities are mainly carried out by unpaid volunteers.