The trustees present their annual report and financial statements for the year ended 31 December 2025.
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 built environment of the Deben riverside for the benefit of the public.
To advance the education of the public in the maritime heritage of Woodbridge.
To manage and develop The Longshed as an inclusive and diverse community resource, providing opportunities for skills and knowledge building in relation to riverine and maritime heritage, and other community interest.
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 2025 with a strong educational and informative theme, including talks, exhibitions and workshops. 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 being in Spring 2027.
The very successful “Follow the Ship” educational programme was continued in 2025 with more local primary schools joining the project. This programme is focused on Anglo-Saxon life and boats where the primary school children learn by carrying out activities. We have now had 1,500 local children attending the programme since it’s conception five years ago. The scope of the programme is continually evolving to ensure a continued appeal for the many returning pupils.
An exciting art project was held during the year in conjunction with a local youth organisation, Just 42. Six local primary schools and one secondary school along with Just 42 painted a series of boards which were exhibited in the Longshed and are now on permanent display in the Longshed.
A new project was created in 2025 for Year 6 children, which was to build model boats out of recyclable materials which they had collected themselves. The aim of this project was to give the children the basics on how boats float and move, how to use (under supervision) a range of unfamiliar tools and then to design and construct their model with the object of getting a bag of flour safely across the local boating pond when we held a regatta for their boats. The programme also had a strong environmental theme in learning about truly recyclable materials. This project involved partnership working with a local primary school, the Woodbridge Model Boat Club, Woodbridge Boatyard and the Vintage Litter Museum, an approach that fits well with WRT’s ethos of bringing our riverside community together.
The Kings River tapestries on display in the Gallery at the Longshed continue to attract a lot of interest from near and far. The Trust has produced a booklet giving background and information on the Tapestries which is fast becoming a best seller from the WRT shop on the ground floor of the Longshed. A new textile art project - an 18’ long representation of the River Deben, its flora, fauna and heritage - is also underway, attracting a new cohort of volunteers to create it.
Sae Wylfing had a busy year not only as an ambassador for the Trust floating on the River Deben at Whisstocks Place but also she spent time on the River Thames taking part in a renactment of King Aethelstans coronation in 925AD which was part of “Kingston 2025”.
Footfall in the Longshed continues to grow with Whisstocks Place growing in popularity as a visitor attraction. This is greatly helped by the replica Sutton Hoo Burial Ship being constructed by the Sutton Hoo Ships Company beginning to near completion and The Trust is eagerly waiting the anticipated launch in 2027. As well as this, the various events organised by the Trust and the Kings River Tapestries continue to attract increasing visitor numbers which is helping sustain and grow the income from the WRT shop, a major part of the financial strength of the Trust.
The Trust continues to host public talks most months and the range of talks which relate to maritime, river or local heritage are very well attended. These are very important in promoting the Longshed as a Community asset.
The Trust continues to get strong financial and physical support from Friends of the Longshed. This along with individual donations, company and cororate donations and grants from various local organisations help with the running and future plans for the Longshed. Plans are well progressed for how the Longshed will be utilised following the launch of the Replica Sutton Hoo Ship and the eventual departure of the Sutton Hoo Ships Company. In this respect, a significant grant of £25,000 was received in 2025 from the Postcode Community Trust Millionaire Street Fund and this has been designated to help with enhancing the Longshed’s facilities, and introducing a youth engagement programme when space becomes available.
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 surplus for the year ended 31 December 2025 amounted to £22,169 (2024: deficit £11,119). This comprised a surplus of £25,244 on the unrestricted fund (2024: deficit £12,080) and deficit on the restricted funds of £3,075 (2024: surplus £961).
There were two major factors relating to the operating position for the prior year (ended 31 December 2024) 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 .
A grant of £25,000 from the Post Code Lottery was received during 2025. This has been designated as plans are being made for this to be utilised in the future towards refurbishment costs and a youth engagement programme.
There have been no major demands on the finances of the Trust in 2025 enabling a stronger trading position for the Trust. The WRT Gift Shop continues to be an important income source for the Trust helped by an over 7.5% increase in sales and better return on sales.
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 are continuing to explore new income streams for developing future projects.
The restricted funds relating to The Longshed capital fund, amount to £61,349 at 31 December 2025 compared to £63,931 at 31 December 2024.
The other restricted funds amount to £550 (2024: £1,043)
Unrestricted reserves amounted to £55,653 at 31 December 2025 compared to £60,809 at 31 December 2024.
Unrestricted designated funds amounted to £25,000 (2025: £nil)
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 and designated funds) amounted to £18,673 at 31 December 2025 (2024: £16,067). The trustees will continue to seek to grow the reserves in line with the Trust objective during the year ended 31 December 2026.
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 2025.
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.
Designated funds are unrestricted funds set aside by the trustees for specific purposes.
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.
Operating Leases
Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.
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.
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- towards running costs.
Sae Wylfing - costs re specific project.
The Longshed fund (material fund) - see note 17.
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 2025 unrestricted donations totalling £720 were received from three of the trustees (2024: £720 from four trustees) No restricted donations were received from the trustees. (2024: £1,350 restricted donations from three trustees).
No remuneration was paid to the trustees during the year. (2024: £Nil).
Reimbursement totalling £1,432 was made to two trustees for expenditure incurred on behalf of the charity relating to marketing, educational projects and events. (2024: £643 reimbursement to three 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 2025 (2024: £Nil).
The charitable activities are mainly carried out by unpaid volunteers.