Watershed opened in June 1982 as the United Kingdom's first dedicated media centre. Based in former warehouses on the harbourside at Bristol, it hosts three cinemas, a café/bar, events/conferencing spaces, The Pervasive Media Studio] and office spaces for administrative and creative staff. It occupies the former E and W sheds on Canon's Road at Saint Augustine's Reach, and underwent a major refurbishment in 2005. The building also hosts UWE eMedia Business Enterprises, Most of Watershed's facilities are situated on the second floor of two of the transit sheds. The conference spaces and cinemas are used by many public and private sector organisations and charities. Watershed employs the equivalent of over seventy full-time staff and has an annual turnover of approximately £3.8 million. As well as its own commercial income (through Watershed Trading), Watershed Arts Trust is funded by national and regional arts funders. It is run by Managing Director Dick Penny who first joined in 1991.