CHARITY REGISTRATION NUMBER: SC029743 Aberdeen Schools Rowing Association Charitable Trust Unaudited Financial Statements 31 March 2025
Aberdeen Schools Rowing ASSOGiation Charitable Trust FinanGial Statements Year ended 31 MarGh 2025 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements The following pages do not form part of the financial statements Detailed statement of financial activities 15 Notes to the detailed statement of financial activities 17
Aberdeen Schools Rowing Association Charitable Trust Tru8tsea' Annual Report Year ended 31 MarGh 2025 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2025. Roference and admini8trative detai18 Registered charity name Aberdeen Schools Rowing Associabon Charitable Trust Gharlty regtstration number SG029743 PrinGipal office Kiiwhang 15 Arduthie Street Stonehaven AB39 2HU UK The trustees (Resigned August 2025) Independent examiner obj0cliv and activities The objects of the trust are: The promotion and encouragement of physiGal developrnenl of Ghildren, or young person, by providing facilities for junior rowing. Aberdeen Schools Rowing Associalion Charitable Trust (ASRACT) provides equipfflent and coaching for both rowing and Sculling foryoung people up to the age of nineteen. whether or not they are involved in full-time eduGaticn. Membership is drawn predominantly from North East Primary and Secondary Schools. All coaching is carned out on a voluntary basis by 8ritish Rowinglscottish Rowing accredited coaches. ASRACT is a registered service provider to both Aberdeenshire and Aberdeen City Council. Tne merntsers take pan in weekly training and reguiariy ieature in rinaLS ai Britlsh and Home Iniernational Chgmpionships.
Aberdeen Schools Rowing Association Charitable Trust Tru?tee8' Annual Report (clUl{l) Year ended 31 March 2025 Achievements and perfomunce The 2024 rjwing season was one of great SucsS dorTEStically, wth multiple wins across a nL'mber of regattas frorn sll age groups and some outgt3nding perfom)ances. that show promise For future years. In the performance skje of the Club, 3 Of our girts were successful in being se*ted to represent Great Britain as follows.. orfo Junior Rowing cnampioiships Coupe De k Junesse Our Annu21 Easter training camp was held in Krusz%M¢a (Poland) for the 2nd tirr£ and proved to be very successful. Our Sumrner'Leam to RO programs again were hugely successful, with just under 60 young tEople taklng part and approx. 30 continuino rowing and joining ASRA after the sumrner break. We have been able to retai Full time GoaGh) through the continuats'on of our sponsorsnip Wllh the Drum Property Grouo. In September'23. due to signific2nt fund d donations we were able to appoint our first Out Reh development coach, wethme o the ASRA team. 111 work closely witn the Active Schools Co-ordinators to gain access to various schools across area. Full details can be founo on ASF<ACT Official website - www.asra-r(ywing.co.uk Financial review Tha trust received income of £197,734 during the year which represents a de¢rea8e of 12% (2024: £225,463). After expenditure of £216,591 (2024. £268.400) there is a deficil in the year of £18,857 (2024. deficit of £42.937). General furds are unrestrlcted funds whlGh are arfaiiabie for use at the ttiscretk)n of the trustees in furtherance of the general objects of the charity and have not been designated for other purposes. Total lunds amounted to £463,327 at 31 March 2025 (2024: £502.184). It is the trusts's policy to maintain sufficient reserves to pay in full all outslanding cornmitmenls. In aaaition the trustees consider it prudent for the balance of free reserves (totsl unrestricted reseNes less valua of fixed assets) to represent between one and three month8 of running costs (£8,000 - £24,000). At the balanGe sheet date fTee reserves were £32.585. thefore me reserves policy has been met. ASRACT conducts annual risk a3se88ments based on its own Health and Safety Policy whiGh wvers npp.ralinnal anfl prnpropnry prfry.ILifgs for its ackn"vitigÉ. ASP.ACT alco accor,ri ntmlngio ond buJincJJ risks. Where risks are idontifigj, systems are put in place to mitigate them. plans for future periods Our aim for 2025r20 is to maxiffli5e the benefits of our term sponsorship by Kjentifying funaing sources to match the sponsorship funding and to identify new strategic funding opportunities and raise funds to enable ASRACT to meet it aims and objectives, by the Gontinuation of its piitnary aGtivities and out reaGh programs.
Aberdeen Schools Rowing Association Charitsble Trust Trustses. Annual Report leonffftuqdj Year ended 31 March 2025 Structure, governanc• and manag•m•nt ASRACT is a trust which is governed by its Trust Deed. It has been a recognised Scottlsh charty since 17 January 2020 (SC029743). The tnjstees who served during the period frorn 1 April 2024 to the date of the financial stsiernents were roved as follows.. Trustees are appointed by èxisting trustees. The number of trustees must akvays be maintained at not less than thtoe rhe activities of ASRACT are govemed by the Board of Trustees. The Board meets four times a year and devolves responsibility for day to day running of the ASRA Conynittee. The trustees are responsible for the rnaintenance and integrity of the charity and financial inft)rmation included on the charity's wet)site. LegislatK)n In the Unrted Kingdom goveming the preparabon and dissemination of financial statements may differ from legislation in other jurisdictions. The trustees, annual report was approved on 29 tober 2025 and signed on behalf of the board of trustees by:
Aberdeen Schools Rowing Association Charitable Trust Independent Examinerf8 Report to the Trustee3 ofAberdeen 8Ghool3 Rowing Association Charitable Trust Year ended 31 March 2025 I report to the trustees on my examination of the finanGial staternents of Aberdeen Schools Rowing Associatson Charitable Trust I'the charity,) for the year ended 31 March 2025. Responsibilities and basls of report As the trustees of the charity you are spOnSible for the preparation of the financral ststements in acGorOance with the requirements of the Chantses and Trustee Investment (Scx)tland) Act 2005 (the '2005 Act'l and the Charities Accounts (Scotland) Regulab'ons 2006 (as amended). You are satisfied that your Gharity is not required by Gharlty law to be au(Jiteo an¢J have chosen Insteaj lo have an independent examination. I report in respect ot my examination oi the cnarity's financial statements as carried out under section 4411)(c) of the 2005 Act. In c2rrying out my examination I have followed the requirements of Regulation 11 of th¢ Charities AGf)Junts (&olland) Regulations 20Cfj (as amended). Ind•p•ndont 0xamin•8 stat•m•nt Since the chan'ty has prepared its accounts on 2n accruals basis your examinèr must be a member of a body listed in Regulation 11 (2) of the Charities A¢Unts (Scotland) Regulations 2006 (as atnend&J). I can confirm that l am qualified to undertake the examination be(3use l am a registered member of ICAS which is one of the listed bodies. I have completed my examination. I confimi that no matters have come to my attention giving me cause to believe that in any material resp8Ct.' accounting records were not kept as required by secb'on 44(1){a) of the 2005 Act and Regulation 4 of the Charrtie8 Accounts (Scotland) Regulations 2008 (as amended),. fx the financial statewÉnts do not accord with those records,. or the financial StateEntS do not rnpty with the accounts.ng requirements of Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). I have no concems ana nave come across no other matters in cOnntIon with the exarnination to which attention should be drawn in this report in Order to enable a proper understanding of the accounts to be
Aberdeen Schools Rowing A550ciation Gharitable Trust Statement of Financial Activities Year ended 31 March 2025 2026 Unrestricted funds Total funds Total funds 2024 Income and endowments Donations and legacies Other trading activities Total income 120,383 77.351 120,383 77,351 138,344 67,119 197,734 197,734 225,463 Expenditure Expenditure on raising funds.. Costs of other trading activities Expenditure on charitable activities Other expenditure Total expenditure 12,558 226,318 (22,285) 216,591 12,558 226,318 (22,285) 216,591 19,082 252,518 (3,200) 268,400 Net expendlture and net movement In funds {18,857) (18,857) (42,937) Reconciliation of funds Total funds brought forward Total funds carried fonmard 502,184 483,327 502.184 483.327 545,121 502.184 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Thè fiotes on pagos 7 to 13 fomi part of these financial statements.
Aberdeen Schools Rowing Association Charitable Trust Statement of Flnanclal Position 31 March 2025 2028 2024 Flxed assets Tangible fixed assets 14 450,741 495,573 Currént ag#•ts Debtors Cash at bank and in hand 15 1.949 36.008 1,949 13.280 37,957 15,229 Creditors: amounts falling duo within one year Net current assets 16 5.371 8.618 32,586 483,327 6,611 532,184 T•1 a83ets less Gurrent Itabilities Net assets 483.327 502.184 Funds of tho charity Unrestricted funds 483,327 483.327 502,184 Totsl charfty funds 17 502,184 These finanGial ststements Y4ere approved by the board of trustees and aulhorised for issue on 29 October 2025. arKI are sign&rf on behalf of the lThrd by: The notes on pag88 7 to 13 forni part of th•se financial otatamant8.
Aberdeen Schools Rowing Association Charitable Trust Notss to th8 Financial Statem8nts Year ended 31 March 2025 G•noral inf0rn7ation The tharity is a public ben8fi1 entity gnd 2 rp. The address of the prinopel office 18 1g+pr charity in Seotland and ig unincorporated 'Iwhan9, 15 Arduthie Street, Stonehaven, AB39 2HU. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Stan(iard applicable in the UK an(1 the RepurJic of Ireland.. the Statement of Recommended Practice applicable to chanties preparing their accounts in accordance with the FinanGial Reporting Slandard appliGable in the UK and RepubliG of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities and Trustee Investrnent (Scotland) Act 2005 and the Charity Ac¢ouTrts {StInd) Regulath?ns 2006 (as amended). Accounting poliei8g Employee benerts The cost of any unused holiday entiuement is recognis¢d in the period in whiGh the emFloyee's seNices are receNed. Tem)inalion benefits are recognised immediately as an expense when the trust is demonstrably committed lo terminate the employment of an employee or to provide terrnination benefits. Ba818 of preparatlon The financial statements have been prepared on the historical cost basis, 88 modified by the revaluation of certain financial assets an¢J 1Otsilities and Investrrent propernes measureo at fair value through ineoma or oxpenditure. The financial statements are ppared in sterfing. which is the nth0nal (yjrrency of the entity. Going concern At the time of approving the financial Stateents, the trustees have a reasonable expectation that the trust ha5 adequate resouiGe5 io Gontinue in operational existen for at least the next 12 months and have not idenb'fil any matèrial uncertainb'es regarding the ability of the charity to continue. Thus the trustees continue to adopt the going cCern basts of accounb'ng in the preparing the accounts. DI3Glosure exemptions Thé antity sati6fiè611i1 tsi'il¥ii&4 uf l111Y Él 4U<41ifyii iy ¥iilily d¥fiiipJd ili FRS 102.
Aberdeen Schools Rowing Association Charitable Trust Notes to the Flnanclal Statements Iconllnuedj Year ended 31 March 2025 Aceountlng polleles (conllnu•d) Judgements and key sources of estimation uncertainty 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 trustees Gonsider that the following critical estimates and judgements have significant risk of causing a material adjustment to the carrying amount of assets and liabilities: The depreciation and residual value of the tangible fixed assets are estimated to the best of the Trustees knowledge. Fund aeeounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes, unless the funds have been designated for other purposes. Incoming resources All incoming resources are included in the statement of financial activities when entitlemen.¢ bas passed to the charity., it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. inGotne frotn donation5 or grants is recognised wnen there Is eviaenGe of entitlement to tne gift. receipt is probable and its amount can bÉ mÈasur@d reliably legacy income is recognised when receipt is probable and entitlement is established. inGome from donated goods is measured at the fair value of the goods unless Ihis is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and Services are reco9nised in the aGcounts when reiVed if the value can be reliably measured. No amounts are included for the contribution of general voluntaers. income from contracts for the supply of services is recognised with the delivery of the contracted Servi. Thi3 13 ¢la88ified as unrestricted funds unle33 there is a GontraGtual requirement for It to be spent on a particular purpose and returned if unspent. in which case it may be regarded as restricted.
Aberdeen SGhools Rowing Association Charitable Trust Note3 to the FinanGial Ststsments (contlnued) Year ended 31 MarGh 2025 Aceountlng polici88 (e<)ftllnved) Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries. including those support costs and costs relats.ng to the governan of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable. justifiable and consistent basis. Tangible assots Tangible assets are initially recorded at cost. and subsequently stated at cost less any accumulated dépreciation. Depreciation All assets costing more than £100 are Gapitalised. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Freehold property Plant and machinery rthotor vehicles 40A straight line 33 /0 reducing balance 33% reducing balance Impairment of fixed assets A VIeW for indicators of impairment IS Garried out at each reporting date, with th¢ r¢Goverable amount being estimated where such indicators exist. vVThe the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Aberdeen Schools Rowing AssoGiation Charitable Trust Note8 to the Financial Statements (¢onDnueaJ Year ended 31 MarGh 2025 Accounting policies Icontlnuedj Financial instruments The trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Basic financial assets Basic financial assets, which include debtors and bank balan$. are measured at transaction price including transaction Gosts. Basic financial liabilities Basic financial liabilities, including creditors are recognised at transaction price. Derecognition of financlal Ilabilities Financial liabilities are dewognised when the trust's contractual obligations expire or are dischargea or canceiied. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Donations Gift Aid ReCOved Memberships Members, contributions Other donations including eyAYF 6,570 1g,975 54,036 39.802 6,570 19,975 54,036 39,802 10.368 19,065 47,310 58,502 10.368 19,065 47,310 56,502 Grants Other 5,099 5,099 120,383 120,383 138,344 138,344 Other trading activities UnrestriGted Total Funds Unrestricteu Total Funas Funds 2025 Funds 2024 Rowing project Fundraising events 34.314 43,037 77,351 34.314 43,037 77,351 42,700 44,419 87,119 4? 700 44,419 87,119 10
Aberdeen Schoo15 Rowing A550ciation Charitable Trust Notes to the Financial Statements (contlnued) Year ended 31 March 2025 Costs of oth•r trading activiti•s Unrestricted Totsl Funds Unrestricted Total Funds Funds 2025 Funds 2024 Costs of other trading activities Fundraising, publiGity and trading costs Costs of other trading activities - staging events Charitable activities 11.425 11,425 15,319 15.319 1.126 1.126 3.713 50 3,713 50 12,558 12,558 19,082 19,082 Expenditure on charitable aetivities by fund type Unrestncted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Charitable activities Support wsts 221,771 4.547 221,771 4,547 248.317 4,201 248,317 4,201 226.318 226,318 252,518 252,518 Expenditure on charitable activities by activity type Activities undertaken directly Support Total funds costs 2025 Total fund 2024 Gharitable aGtivities Governance costs 221,771 221,771 4,547 248,317 4,201 252,518 4,547 221.771 4,547 226,318 other expenditure Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 (profit)Iioss on (Jisposai Of tangit)ie fixed assets held for charity's own use {22.285) (22,285) (3,200) (3,200) 10. Net expenditure Net expenditure 18 8tated after Charging1(Cdit1ng>'. 2025 2024 Depreciation of tangible fixed assets Gains on disposal of tangible fixed assets 76,556 (22,285) 83,706 (3,200) 11
Aberdeen Schools Rowing Association Charitable Trust Notes to the Financial Statements (Gonunuvd) Year ended 31 March 2025 11. Independent examination fee8 2025 2024 Fees payable to the independent examiner for.. Independent examinats.on of the financial statements 4,547 4.200 12. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2025 2024 Wages and salaries 38,316 30,871 The average head count of employees during the year was 2 {2024: 2) No employee reiVed employee benefits of more than £60,000 during the year (2024: Nil). 13. Trustee remunoration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. During the year trusteÈs made donations of £44.7g5 (2023: £44.000) to the trust. 14. Tangible fixed assets Freehold propety Plant and machinery Motor vehicles Total Cost At 1 April 2024 Additions Disposals At 31 March 2025 541.137 664,191 3,169 (3.500) 663,860 51,493 33,645 (14.542) 70,596 1,256,821 36,814 (18.042) 1,275,593 541.137 Dopraeiation At 1 April 2024 Chgrge for the year Dispos415 At 31 March 2025 186.100 21,648 528.019 44,612 (2,719) 569.912 47.129 10,298 (10,233) 47.194 761.248 76,556 (12,952) 824 852 207.746 Carrying amount At 31 March 2025 333,391 93,948 23,402 450,741 495.573 At 31 March 2024 355,037 136.172 4.364 1S. D•btor6 2025 2024 Prepayments an¢J accrued income 1,949 1,g4g 12
Aberdeen Schools Rowing AssoGiation Charitable Trust Notes to the FinanGial Statements (conrinued) Year ended 31 MarGh 2025 16. Creditors: amounts falling due within one yéar 2025 2024 AcGruals and deferred income 5,371 8,618 17. Analysis of charitable funds Unrestricted funds At 31 March 20 25 At 1 April 2024 Income Expenditure General funds 502.184 197,734 (216,591) 483,327 At 31 March 20 24 At 1 April 2023 Income Expenditure General funds 545,121 225,463 (268,400) 502,184 18. Analysis of net assets between funds Unrestricted Total Funds Funds 2025 Current assets 483.327 483,327 Unrestricted Total Funds Funds 2024 Current assets 502,164 502,184 13
Aberdeen SGhools Rowing Association Charitable Trust Management Information Year ended 31 MarGh 2025 Thv following pages do not fo part ol the flnanGlal statements. 14
Aberdeen Schoo15 Rowing Association Charitable Trust Detalled Statsment of Financlal Actlvlties Year ended 31 March 2025 2025 2024 Income and endowments Donations and legacies Gift Aid Recovered Memberships Members, contributions Other donations including GAYE Other 6,570 19,975 54,036 39,802 10,368 19,065 56,502 5,099 120,383 138,344 Other trading activities Rowing project Fundraising events 34,314 43,037 42,700 44,419 77,351 87,119 Total income 197.734 225,463 15
Aberdeen Schools Rowing Association Charitable Trust Detailed Statement of FinanGial AGtivities (coniinued) Year ended 31 March 2025 2025 2024 Expenditure Costs of other trading activities Light and heat other office costs Other fundraising costs 1,126 3,713 50 15,319 11,425 12,558 19.082 Expenditure on charitable activities Wages and salaries Launch petrol Insurance Other establishment Motor vehicle expenses Other motoritravel costs Legal and professional fees Telephone Depreciation Boat spares and repairs Diesel SARA fees and licences Boathouse sundries 38,316 247 18,448 714 11,874 18.161 43,385 30.871 437 17,632 1,574 10,993 13,231 50,429 25,821 83,706 6.486 8,224 510 2,604 76,556 5,954 8.985 510 3,168 226.318 252,518 Other expenditure (Profit)Iloss on disposal of tangible fixed assets held for charity's own use (22.285) (3,200) Total èxpenditure 216,591 268,400 Net expendlture (18,657) (42,937) 16
Aberdeen SGhools Rowing A550Giation Charitable Trust Notes to the Detsiled Ststement of Flnanclal Actlvltles Year ended 31 MarGh 2025 202S 2024 Costs of other trading activities Costs of other trading activities - Fundraising* publicty and trading costs Other fundraising costs 11.425 15,319 Costs of other trading activities - Stsging events Staging events- light & heat 1,126 3.713 Charitable activities Bank charges 50 Costs of other trading activities 12,558 19,082 sp•Mditure on charitable activities Charitable aetivities Activities undertaken directly Staff costs Launch petrol Insurance Other charitable expenditure Molor vehiGle repiaif5 Regatta fees Regatta expenses Regatta accommodation Depreciation Boat spares and repairs Diesel SARA fee3 and liGenGes Boathouse sundries 38,316 247 18.448 714 11,874 18,161 38,838 30,871 437 17.632 13,231 46,228 25,821 83,706 6,486 8,224 510 2,604 76,556 5.954 8,985 510 3,168 221,771 248,317 Governance costs Governance costs - accountancy fees 4.547 4.201 Expenditur• on charitabl• activltlo8 226,318 2S2,518 17