**Registration Number SC179736 Scottish charity number: SC027163**
**Seagull Trust Cruises (Company limited by guarantee)**
**Directors' Report and Financial Statements**
**for the year ended 31 October 2025**
## **Seagull Trust Cruises**
## **Contents**
||**Page**|
|---|---|
|Directors' Report - reference & administrative information|**1**|
|Directors' Report - other information|**2 - 4**|
|Chairman's Report|**5**|
|Independent Examiner's Report|**6**|
|Statement of Financial Activities|**7 - 8**|
|Balance Sheet|**9 - 10**|
|Notes to the Financial Statements|**11 - 13**|
## **Seagull Trust Cruises**
## **Directors' Report**
## **for the year ended 31 October 2025**
The directors present their report and financial statements for the year ended 31 October 2025.
The report is prepared in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities (revised 2005).
The principal activity of the company during the year was to provide free canal cruising for people who have special needs.
## **Reference and administrative information**
## **Directors serving during the year:**
David Mieras Chairman, Resigned 31st March 2026 Ian James Young Vice Chairman Kathryn Allardice Hon. Secretary, appointed 1st April 2025, resigned 31st March 2026 Donald Paterson Treasurer Andrew Milner Ian Singleton John Sime Donald Steel Ramsay Mcghee Duncan Sutherland Graham Biggerstaff Resigned 31st March 2026 Claude Stewart Resigned 31st March 2026 Richard Masters Appointed 31st March 2026 Carol McLellan Linda Munro Appointed 5th May 2025 Stuart Rennie Resigned 1st April 2025
The directors are the members of the company. No director had a financial interest in the company.
The charity is a company limited by guarantee, governed by its Memorandum and Articles of Association.
**Legal Status** The charity is a company limited by guarantee, governed by its Memorandum and Articles of Association. **Company number** SC179736 **Scottish Charity Number** SC027163 **Date of incorporation** 16 October 1997 **Registered Office** The Boathouse, South Bantaskine Road, Bantaskine Estate, Falkirk, Scotland, FK1 5PT
**Business Addresses** Southbank Marina, 100 Southbank Road, Kirkintilloch, G66 1LX
The Boathouse, South Bantaskine Road, Bantaskine Estate, Falkirk, Scotland, FK1 5PT Canal Side, Baird Road, Ratho, EH28 8RA
**Page 1**
## **Seagull Trust Cruises**
## **Directors' Report for the year ended 31 October 2025**
## **Structure, governance and management**
The company operates through Branches established at Falkirk, Inverness, Kirkintilloch and Ratho.
Directors are normally proposed and elected at the company's Annual General Meeting. Each of the Branches may appoint up to two directors. The minimum number of directors is ten and there is no maximum number
## **Risk management**
The Directors continue to review the major strategic business and operational risks that the company faces on a regular basis and where possible, have established systems to monitor and mitigate these risks.
## **Induction and Training**
The current Directors have been made aware of their duties and responsibilities and of the standards expected by OSCR.
## **Objectives, activities and achievements**
## **Objectives**
The principal activity of the company is to provide free canal cruising for people who have special needs.
## **Activities**
All the company's activities are run entirely by volunteers. The company owns & operates 9 wide beam canal boats.
**Page 2**
## **Seagull Trust Cruises**
## **Directors' Report for the year ended 31 October 2025**
## **Financial review and performance**
## **Accounts**
The company's total incoming resources for the year amounted to £233,717 (2024: £131,524). Charitable expenditure amounted to £105,893 (2024: £162,935).
The company's funds at 31 October 2025 totalled £1,274,858 of which the general funds were £236,331 in line with the reserves policy as noted below.
## **Investment policy**
The company has invested one sixth of its cash resources in M & G Charifund with the remaining five sixths held as cash, distributed across accounts with major banks.
## **Reserves policy**
The Directors, being aware of the inconsistent cash flow from voluntary donations, have a policy of maintaining unrestricted liquid reserves to cover at least six months' average expenditure and have established funds to provide for future major repairs and refits.
## **Future plans**
The directors are satisfied that the company remains on a sound financial footing and will be able to continue its activities for the foreseeable future.
## **Transactions with Directors or Trustees**
There were no transactions with the directors or trustees during the year.
## **Directors' responsibilities**
Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the company and of the surplus or deficit of the company for that year. In preparing these the directors are required to:
- select suitable accounting policies and apply them consistently;
- 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 company will continue on that basis.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved on and signed on behalf of the Board of Directors by:
**Page 3**
Seagull Trust Crllises
Mr D Mieras
Chairman
Page 4
## **Seagull Trust Cruises**
## **Chairman's Report for the year ended 31 October 2025**
## **Chairman's Report**
Activity on our cruises is largely back to pre-pandemic levels with healthy bookings throughout the season. This will be my final report as Chairman. I have decided that after my long (and happy) tenure as Chair, it is at last time to stand down. Therefore, I do not intend to stand for re-election at the AGM in April.
It just remains to thank each and every one of you for all your hard work and support in our joint efforts to steer this rather wonderful charity of ours. It has been a pleasure
## The Branch statistics:
|Cruises
Adults
Wheelchairs
Children
**Total Passengers**|Falkirk
Highland
Kirkintilloch
Ratho
Total|
|---|---|
||540
137
454
679
1,810
4,263
1,099
3,860
5,451
14,673
459
91
507
743
1,376
725
68
241
342
1,800
**4,988**
**1,167**
**4,101**
**5,793**
**16,049**|
## **Mr David Mieras Chairman**
**Page 5**
## **Seagull Trust Cruises**
## **Independent Examiner's Report to the Trustees of Seagull Trust Cruises**
I report on the accounts of the charity for the year ended 31 October 2025 which are set out on pages 9 to 14.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
## **Basis of independent examiner's statement**
My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
## **Independent examiner's statement**
In the course of my examination, no matter has come to my attention which gives reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations
have not been met.
In my opinion there are no other matters to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
**Craig J. Allison FCCA 16-18 Weir Street Falkirk FK1 1RA**
## **Date:**
**Page 6**
## **Seagull Trust Cruises**
## **Statement of Financial Activities**
## **(including Income and Expenditure Account)**
## **for the year ended 31 October 2025**
||**General**|**General**|**Designated**||**Restricted**|**Total**|**Total**|||
|---|---|---|---|---|---|---|---|---|---|
||**Fund**||**Fund**||**Fund**|**Fund**||**2024**||
||**£**||**£**||**£**|**£**||**£**||
|**Incoming resources**||||||||||
|**_Incoming resources from generated_**||||||||||
|**_funds_**||||||||||
|Income from investments|6,913||-||-|6,913||5,571||
|Subscriptions and donations|170,569||10,000||25,000|205,569||108,929||
|Sale of goods|10,187||-||-|10,187||4,609||
|Fundraising income|5,319||-||-|5,319||6,305||
|Hire Income|-||-||-|-||250||
|Art Gallery Commision/ Book Shop|-|||||-||-||
|Drydock income|5,729||-||-|5,729||5,860||
|**Total incoming resources**|198,717||10,000||25,000|233,717||131,524||
|**Resources expended**||||||||||
|**_Charitable expenditure_**||||||||||
|Cost of generating funds|(9,736|)||||(9,736|)|(12,413|)|
|Operational costs*|(73,528|)|(48,561|)|-|(122,089|)|(129,531|)|
|Support costs|(18,961|)|||-|(18,961|)|(17,929|)|
|Governance costs|(3,668|)|-||-|(3,668|)|(3,064|)|
|**Total resources expended**|(105,893|)|(48,561|)|-|(154,454|)|(162,937|)|
|**Net movement in funds for the year**|92,824||(38,561|)|25,000|79,263||(31,413|)|
|Fund transfers|109,000||109,000||-|-||-||
|**Net income / (deficit) for the year**|(16,176|)|70,439||25,000|79,263||(31,413|)|
|Funds brought forward:||||||||||
|General fund|252,507||938,936||4,151|1,195,594||1,227,005||
|Funds carried forward|236,331||1,009,375||29,151|1,274,858||1,195,594||
* - Operational costs include depreciation charged on the charity's assets used in operating activities of £48,561 (2024: £48,856)
**The notes on pages 11 to 13 form an integral part of these financial statements.**
**Page 7**
## **Seagull Trust Cruises**
## **Statement of Financial Activities (including Income and Expenditure Account)**
## **for the year ended 31 October 2025**
|**Represented by :**
Tangible Fixed Assets
Investments
Stock
Debtors
Bank
Creditors|**General**
**Designated**
**Restricted**
**Total**
**Fund**
**Fund**
**Fund**
**Fund**
**2024**
**£**
**£**
**£**
**£**
**£**
-
615,731
-
615,732
662,646
70,000
70,000
70,000
-
-
-
-
-
18,652
-
-
18,652
17,960
152,477
393,646
29,151
575,274
454,457
)
(4,800
-
-
)
(4,800
)
(9,469
236,331
1,009,375
29,151
1,274,858
1,195,594|
|---|---|
**The notes on pages 11 to 13 form an integral part of these financial statements.**
**Page 8**
## **Seagull Trust Cruises**
## **Balance Sheet as at 31 October 2025**
|**Notes**
**Fixed Assets**
Tangible assets
**3**
Investments
**4**
**Current Assets**
Debtors
**5**
Cash at bank and in hand
**Creditors: amounts falling**
**due within one year**
**6**
**Net Current Assets**
**Total Assets Less Current Liabilities**
**Funds:**
General fund
Designated fund
**8**
Restricted fund
**Total Funds**|**2025**
**£**
**£**
615,732
70,000
685,732
18,652
575,271
593,923
)
(4,800
589,123
1,274,858
236,331
1,009,375
29,151
1,274,858|**2024**
**£**
**£**
662,645
70,000
732,645
17,960
454,458
472,418
)
(9,469
462,949
1,195,594
215,271
976,172
4,151
1,195,594|**£**
662,645
70,000|
|---|---|---|---|
||||732,645
462,949|
In approving these financial statements as directors of the company we hereby confirm:
(a) that for the year stated above the company was entitled to the exemption conferred by Section 477 of the Companies Act 2006;
(b) that no notice has been deposited at the registered office of the company pursuant to Section 476 requesting that an audit be conducted for the year ended 31 October 2025 and
(c) that we acknowledge our responsibilities for:
(1) ensuring that the company keeps accounting records which comply with Section 386, and
**The notes on pages 11 to 13 form an integral part of these financial statements.**
**Page 9**
## **Seagull Trust Cruises**
(2) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its surplus or deficit for the year then ended in accordance with the requirements of Section 394 & 395 and which otherwise comply with the provisions of the Companies Act relating to financial statements, so far as applicable to the company.
These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
## The financial statements were approved by the Board on and signed on its behalf by **Mr D Mieras Director**
## **Registration Number SC179736**
**The notes on pages 11 to 13 form an integral part of these financial statements.**
**Page 10**
## **Seagull Trust Cruises**
## **Notes to the Financial Statements**
## **for the year ended 31 October 2025**
## **1. Accounting policies**
## **1.1. Accounting convention**
The financial statements are prepared under the historical cost convention and in accordance with the Companies Act 2006.
The financial statements have been prepared in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities (revised 2005). They are also prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). In order to comply with this revised statement, it was necessary to change the income and expenditure headings.
## **1.2. Incoming resources**
Voluntary income received by way of donations or gifts, subscriptions, investment income and income from the sale of goods are all included in full in the Statement of Financial Activities when received. The value of services provided by volunteers has not been included.
## **1.3. Expenditure**
All resources expended are included on an accruals basis and are recognised when there is a legal or constructive obligation to pay for expenditure. Resources expended include attributable VAT which cannot be recovered.
## **1.4. Tangible fixed assets and depreciation**
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Boathouses - 2% Straight Line Barges 4% Straight Line
Assets transferred from the Seagull Trust on formation of Seagull Trust Cruises have been depreciated at the above rate based on their original cost.
## **1.5. Investments**
Fixed asset investments are stated at cost less provision for diminution in value and represent units held by M & G Charifund.
## **1.6. Stock**
Stock is valued at the lower of cost and net realisable value.
## **2. Legal status**
The company is limited by guarantee, having no share capital. Every member of the company undertakes to contribute such amount as may be required, up to a maximum of £1 each, to the assets of the company if it is wound up whilst that person is a member, or within one year of the cessation of that person as a member, for payment of the company's debts and liabilities and the costs, charges and expenses of winding up and for the adjustment of the rights of the contributors amongst themselves.
**Page 11**
## **Seagull Trust Cruises**
## **Notes to the Financial Statements for the year ended 31 October 2025**
.................... continued
## **3. Tangible fixed assets**
|**Boathouses**
**£**
At 1 November 2024
611,247
Additions
-
At 31 October 2025
611,247
**Depreciation**
At 1 November 2024
249,572
Charge for the year
15,473
At 31 October 2025
265,045
**Net book values**
At 31 October 2025
346,202
At 31 October 2024
361,675|**Barges**
**Equipment**
**Total**
**£**
**£**
**£**
822,623
14,402
1,448,272
1,645
-
1,645
824,268
14,402
1,449,917
521,651
14,401
785,624
33,088
-
48,561
554,739
14,401
834,185
269,529
1
615,732
300,972
1
662,648|**Barges**
**Equipment**
**Total**
**£**
**£**
**£**
822,623
14,402
1,448,272
1,645
-
1,645
824,268
14,402
1,449,917
521,651
14,401
785,624
33,088
-
48,561
554,739
14,401
834,185
269,529
1
615,732
300,972
1
662,648|
|---|---|---|
|||785,624
48,561|
|||834,185|
|||615,732|
|||662,648|
## **4. Fixed Asset Investments**
||**Other**|**Other**|**Total**|**Total**|
|---|---|---|---|---|
||**Investments**||||
||**£**||**£**||
|**Cost**|||||
|At 1 November 2024|||||
|At 31 October 2025||70,000||70,000|
|**Net book values**|||||
|At 31 October 2025||70,000||70,000|
|At 31 October 2024||70,000||70,000|
**Page 12**
## **Seagull Trust Cruises**
## **Notes to the Financial Statements for the year ended 31 October 2025**
.................... continued
## **5. Debtors**
## **6.**
|**Debtors**|||
|---|---|---|
|Prepayments and accrued income
**Creditors: amounts falling due**
**within one year**
Accruals and deferred income|**2025**
**£**
18,652
**2025**
**£**
4,800|**2024**
**£**
17,960|
|||**2024**
**£**
9,469|
## **7. Going concern**
The board is satisfied that they have enough liquid reserves to continue to fund the charity for at least three years therefore there is no doubt as to the ability to continue as a going concern.
## **8. Designated funds**
||**Opening**||||**Closing**|
|---|---|---|---|---|---|
||**Balance**|**Income**|**Expenses**|**Transfer**|**Balance**|
||£|£|£|£|£|
|Fixed assets|662,647|-|)
(48,560|1,645|615,732|
|Falkirk Boathouse|160,000|-|-|38,355|198,355|
|Kirkintilloch Boat Fund|23,791|-|-|40,000|63,791|
|Ratho New Boat|92,500|10,000|-|29,000|131,500|
|Balance carried forward|938,937|10,000|)
(48,560|109,000|1,009,375|
**Page 13**