Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **REGISTERED CHARITY NUMBER: SC047188** **Report of the Trustees and** **Unaudited Financial Statements for the Year Ended 31 March 2025** **for able2sail SCIO** Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Contents of the Financial Statements for the Year Ended 31 March 2025** ||**Page**| |---|---| |**Report of the Trustees**|1 to 4| |**Independent Examiner's Report**|5| |**Statement of Financial Activities**|6| |**Balance Sheet**|7| |**Notes to the Financial Statements**|8 to 15| |**Detailed Statement of Financial Activities**|16| Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Report of the Trustees for the Year Ended 31 March 2025** The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The objects of the charity are as follows: 1. The advancement of public participation in sport; 2. The provision of recreational facilities, or the organisation of recreational activities, with the object of improving the conditions of life for the persons whom the facilities or activities are primarily intended; and 3. The relief of those in need by reason of age, ill health, disability, financial hardship or other disadvantage. The purposes for which the SCIO is established are to be furthered by the SCIO through: 1. Promoting the integration of the disabled and those affected by disability into the community by means of participation in sailing and sailing related activities; 2. Working to help improve the quality of life for such persons by allowing access to the sport of sailing with the barriers of disability and finance being removed; and 3. To promote the inclusion and education of disabled young people (being persons aged 25 and under) through the operation of a "Youth Forum" group comprising both able and disabled bodied young people working together to undertake sailing and sailing related activities. ## **Public benefit** The charity meets the definition of a public benefit entity under FRS 102. ## **ACHIEVEMENTS AND PERFORMANCE** ## **Charitable activities** The financial year ended 31 March 2025 was another successful year for the charity thanks to the generous support of its financial supporters and volunteers. The charity continued to deliver on its charitable purposes by providing accessible and inclusive sailing opportunities to individuals with a disability, their families and their carers. In addition to running a comprehensive training programme for its volunteers, the charity welcomed aboard its specially adapted yacht over 170 individuals with disabilities who were accompanied by over 130 carers/family members. This included a significant number of individuals from the local Inverclyde community whose places were generously funded by The Newark Trust. Thanks to the generous support of Dickson Minto, Kip Marina and the Innerkip Society the charity was able to complete a comprehensive renewal of its specialist wet-weather sailing clothing programme in the year ended 31 March 2025. ## **FINANCIAL REVIEW** ## **Financial position** The financial statements show the overall position of the charity as at 31 March 2025, and of its income and expenditure for the year ended on that date. A number of grants were received in the year, totalling £15,320 (2024 - £21,659). This income, together with other donations, gift aid and investment income, created total income for the year to 31 March 2025 of £75,870 (2024 - £28,909). Expenditure in the year totalled £47,120 (2024 - £40,139) as detailed in the Statement of Financial Activities, and this resulted in a surplus for the year of £28,750 (2024 - net expenditure of £11,230). Page 1 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Report of the Trustees for the Year Ended 31 March 2025** ## **FINANCIAL REVIEW** ## **Principal funding sources** Historically, the charity has relied on grant income as its principal source of funding in order to meet its objectives. However, in the year ended 31 March 2025, the charity's principal source of funding was individual donations and this is anticipated to be the case also for the year ended 31 March 2026. ## **Reserves policy** The trustees believe that the charity should hold financial reserves in order to ensure the charity can continue to operate and meet the needs of beneficiaries in the event of unforeseen, and potentially damaging, financial circumstances arising. At 31 March 2025, the charity had total reserves of £362,447 (2024 - £333,697) all of which are considered as unrestricted. Restricted funds at the year end are £nil (2024 - £nil). The charity deems these reserves sufficient to ensure the ability to carry on with its activities for the next 12 months from the date of signing the accounts. ## **Going concern** The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. There are sufficient cash resources and reserves at the year end to meet ongoing commitments and future plans. ## **FUTURE PLANS** The charity plans to continue with its operations as in the year to 31 March 2025, and provide further opportunities for those in need in line with its purposes and objectives. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity originally operated as an unincorporated charity under charity number SC037157, with able2sail SCIO (charity number SC047188) being incorporated on 21 February 2017 to take over these activities with effect from 1 June 2017. At that date, all assets and liabilities of the unincorporated charity were transferred to the SCIO, and the unincorporated charity was then dissolved with effect from 15 January 2018. The SCIO is governed by its membership constitution. ## **Recruitment and appointment of new trustees** At each AGM, the ordinary members may elect any ordinary member to be a trustee, and the trustees may at any time appoint any member to be a trustee. In addition, the trustees may at any time appoint any non-member of the SCIO to be a trustee either on the basis that they have been nominated by a body with which the SCIO has close contact in the course of its activities or on the basis that they have specialist experience and/or skills which could be of assistance to the trustees. No trustee can be appointed if they are debarred from membership per the charity constitution by being either disqualified from being a charity trustee under the 2005 Act, or they are an employee of the SCIO. The SCIO must have a minimum of three trustees and a maximum of ten. Of the trustees, no more than seven can have been appointed as non-members by the trustees. At each AGM, any trustees appointed by the board of trustees shall retire from office, along with one third of the remaining trustees (based on length of term of office) - all will be eligible for re-election and shall be deemed to have been re-elected (subject to the trustee voluntarily advising the board otherwise, or any resolution or re-election process process held at the AGM). As the charity's work is involved in dealing with children and adults with disabilities, the trustees seek to ensure that the needs of these groups are appropriately reflected in the make up of the trustees. In addition to the trustees, there are further members with specific roles in the organisation. Page 2 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Report of the Trustees for the Year Ended 31 March 2025** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Organisational structure** The day to day running of the SCIO is the duty of the trustees who meet regularly to set policy and take all major decisions regarding the charity, using the powers granted to them by the charity's constitution. ## **Induction and training of new trustees** The policies of the charity for the induction and training of new board members are tailored to suit the knowledge and experience of the appointee. ## **Key management remuneration** The trustees are considered the key management of the SCIO. Per the constitution of the charity, no trustee can be an employee of the SCIO, and no trustee may be given any remuneration by the SCIO for carrying out their duties as a charity trustee. ## **Risk management** The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have instigated a risk assessment process to identify the major risks to which the charity is exposed. The trustees are committed to providing training for volunteer crew and to ensuring that appropriately qualified crew are utilised. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Charity number** SC047188 ## **Principal address** Kip Marina Inverkip Greenock Inverclyde PA16 0AW ## **Trustees** ## **Independent Examiner** Gillespie & Anderson Chartered Accountants 147 Bath Street Glasgow G2 4SN The examiner has expressed a willingness to continue in office. ## **EVENTS SINCE THE END OF THE YEAR** Following the year end, the charity has received two significant donations from The Newark Trust (£10,000) and Balmanno House (£87,690) which will be reflected in the Statement of Financial Activities of the charity in year ended 31 March 2026. The trustees consider this to be a significant post balance sheet event and accordingly disclose this fact in line with section 13 of the Statement of Recommended Practice applicable to charities. Page 3 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Report of the Trustees** ## **for the Year Ended 31 March 2025** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - 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 charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005 and The Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 18 November 2025 Approved by order of the board of trustees on ............................................ and signed on its behalf by: Page 4 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 ## **Independent Examiner's Report to the Trustees of able2sail SCIO** I report on the accounts for the year ended 31 March 2025 set out on pages six to fifteen. ## **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 (as amended). The charity's 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 the independent examiner's report** My examination was 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 seeking explanations from you as 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 connection with my examination, no matter has come to my attention : - (1) which gives me 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 to comply with Regulation 8 of the 2006 Accounts Regulations have not been met; or - (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Gillespie & Anderson Chartered Accountants 147 Bath Street Glasgow G2 4SN 19 November 2025 Date: ............................................. Page 5 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Statement of Financial Activities for the Year Ended 31 March 2025** |2025
Notes
Unrestricted
fund
£
Restricted
funds
£
Total
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
59,988
-
59,988
**Charitable activities**
Main charitable activities
4
8,320
7,000
15,320
Investment income
3
562
-
562
**Total**
68,870
7,000
75,870
**EXPENDITURE ON**
**Charitable activities**
Main charitable activities
5
-
47,120
47,120
**NET INCOME/(EXPENDITURE)**
68,870
(40,120 )
28,750
**Transfers between funds**
13
(40,120 )
40,120
-
**Net movement in funds**
28,750
-
28,750
**RECONCILIATION OF FUNDS**
Total funds brought forward
333,697
-
333,697
**TOTAL FUNDS CARRIED FORWARD**
362,447
-
362,447|2024
Total
funds
£
6,638
21,659
612
28,909
40,139
(11,230 )
-
(11,230 )
344,927
333,697| |---|---| The notes form part of these financial statements Page 6 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 ## **able2sail SCIO** |**Balance Sheet**
**31 March 2025**
Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
10
274,674
**CURRENT ASSETS**
Debtors
11
10,552
Cash at bank
77,221
87,773
**CREDITORS**
Amounts falling due within one year
12
-
**NET CURRENT ASSETS**
87,773
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
362,447
**NET ASSETS**
362,447
**FUNDS**
13
Unrestricted funds
**TOTAL FUNDS**|Restricted
funds
£
-
-
1,920
1,920
(1,920 )
-
-
-|2025
Total
funds
£
274,674
10,552
79,141
89,693
(1,920 )
87,773
362,447
362,447
362,447
362,447|2024
Total
funds
£
287,326
9,812
37,562
47,374
(1,003 )
46,371
333,697
333,697
333,697
333,697| |---|---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on ..[1] ..[8] ...[N] ...[o] ..[v] ..[e] ..[m] ....[b] ..[e] ..[r] ..[2] ..[0] ..[2] ..[5][ . ] and were signed on its behalf by: The notes form part of these financial statements Page 7 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Notes to the Financial Statements for the Year Ended 31 March 2025** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', The Scottish Charitable Incorporated Organisations Regulations 2011 and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention. able2sail SCIO is a Scottish Charitable Incorporated Organisation registered in Scotland, and operating from the principal address as stated in the Trustees Report. The financial statements relate to the charity as an individual entity, with the presentational currency stated as the Pound Sterling (£). ## **Going concern** The trustees consider that the charity has sufficient cash resources and reserves, and so there are no material uncertainties about the charity's ability to continue as a going concern. ## **Critical accounting judgements and key sources of estimation uncertainty** In the application of the charity'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 a historical experience and other factors that are considered to be relevant. Actual results may differ from estimated. The estimated 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 consider that there are no estimates, judgements or assumptions made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the accounts, or a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Donations, legacies and grants are recognised when the charity is entitled to the income, receipt of the income is probable and the amount can be measured reliably. Income from grants, not subject to performance related conditions, is recognised when the charity has entitlement to the funds, it is probable that the income will be received, the amount can be measured reliability and it is not deferred. Charitable activities income is received from the sale of goods and services offered as part of the charitable activities of the charity, as well as performance related grants received. Income from performance related grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably. Investment income consists of bank interest received. Investment income is included when receipt is probable and the amount can be measured reliably. ## **Volunteers** In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the financial statements due to inaccurate measurement bases. continued... Page 8 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Notes to the Financial Statements - continued** ## **for the Year Ended 31 March 2025** ## **1. ACCOUNTING POLICIES - continued** ## **Expenditure** Expenditure has been classified under the headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources. Expenditure is recognised on an accrual basis when a legal liability is incurred, payment of the liability is probable and the amount can be measured reliably. The amount includes any VAT which cannot be fully recovered. VAT is reported as part of the expenditure to which it relates. Charitable activities comprise all resources expended undertaking work to meet the charity's charitable objectives. Such costs include the direct costs of charitable activities approved by the charity and all support costs relating to these activities. Governance costs include direct resources expended in the general running of the charity and are primarily associated with constitutional and statutory requirements. These costs are allocated entirely to charitable activities. ## **Allocation and apportionment of costs** Support costs are allocated wholly to charitable activities. Whilst the Trustees recognise that a small part of some items of expenditure included in support costs do relate to indirect governance costs, they are of the opinion that the time and costs involved in performing such an analysis outweigh the potential benefits arising from any such work. ## **Tangible fixed assets** All tangible fixed assets having a value to the charity greater than one year, other than those acquired for specific purposes, and in excess of £1,000 are regarded as tangible fixed assets in the balance sheet and stated at historic cost. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life - plant and machinery - 20%, 10% and 4% on cost. Factors such as a change in how an asset is used, significant unexpected wear and tear, technological advancement, and changes in market prices may indicate that the residual value or useful life of an asset has changed since the most recent annual reporting date. If such indicators are present, the charity will review its previous estimates and, if current expectations differ, amend the residual value, depreciation method or useful life, accounting for such revisions as a change in an accounting estimate in accordance with FRS 102. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Funds are classified as either unrestricted funds or restricted funds, defined as follows: Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are earmarked at the discretion of the trustees for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose only and does not legally restrict the trustees' discretion to apply the funds. Restricted funds are funds subject to specific requirements as to their use which may be declared by the donor or with their authority or created through legal process, but still within the wider objects of the charity. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Financial instruments** The charity has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors, and creditors. continued... Page 9 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **1. ACCOUNTING POLICIES - continued** ## **Financial instruments** Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities. Debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, debtors are stated at cost less losses for bad debts. Creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, creditors are stated at cost. ## **Provision for liabilities** A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised. ## **2. DONATIONS AND LEGACIES** |Donations
Gift aid
**3.**
**INVESTMENT INCOME**
Deposit account interest
**4.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Main charitable activities
Grants
Grants received, included in the above, are as follows:
The National Lottery - Youngstart
Dickson Minto
The Newark Trust
The Innerkip Society
St Patrick's Day Ball Committee
The Carlton Bridge Club|2025
£
59,583
405
59,988
2025
£
562
2025
£
15,320
2025
£
-
2,000
10,000
2,000
1,000
320
15,320|2024
£
6,341
297| |---|---|---| |||6,638| |||2024
£
612
2024
£
21,659| |||2024
£
17,659
4,000
-
-
-
-| |||21,659| continued... Page 10 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** |**5.**|**CHARITABLE ACTIVITIES COSTS**|||| |---|---|---|---|---| |||Direct|Support|| |||Costs (see|costs (see|| |||note 6)|note 7)|Totals| |||£|£|£| ||Main charitable activities|||| |||42,386|4,734|47,120| |**6.**|**DIRECT COSTS OF CHARITABLE ACTIVITIES**|||| ||||2025|2024| ||||£|£| ||Boat insurance||3,611|3,623| ||Sailing subsistence||93|1,405| ||Equipment maintenance||8,739|3,531| ||Berthing fees||8,829|9,188| ||Training||1,302|3,319| ||Boat fuel||337|689| ||Liability insurance||3,025|2,879| ||Travel and subsistence||-|251| ||Licences||128|150| ||Telephone||250|257| ||Website costs||380|216| ||Professional skipper costs||3,040|-| ||Depreciation||12,652|12,652| ||||42,386|38,160| |**7.**|**SUPPORT COSTS**|||| ||||Governance|| |||Management|costs|Totals| |||£|£|£| ||Main charitable activities|||| |||130|4,604|4,734| ||Support costs, included in the above, are as follows:|||| ||||2025|2024| ||||Main|| ||||charitable|Total| ||||activities|activities| ||||£|£| ||Fundraising costs||130|-| ||Secretarial expenses||494|196| ||Examination fees||3,840|1,680| ||Bank charges||270|103| ||||4,734|1,979| continued... Page 11 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. No trustee receives expenses. Any payments made to trustees reflect the reimbursement for goods purchased for the charity, as evidenced by supporting documentation. |**9.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
6,638
**Charitable activities**
Main charitable activities
4,000
Investment income
612
**Total**
11,250
**EXPENDITURE ON**
**Charitable activities**
Main charitable activities
-
**NET INCOME/(EXPENDITURE)**
11,250
**Transfers between funds**
(22,480 )
**Net movement in funds**
(11,230 )
**RECONCILIATION OF FUNDS**
Total funds brought forward
344,927
**TOTAL FUNDS CARRIED FORWARD**
333,697|Restricted
funds
£
-
17,659
-
17,659
40,139
(22,480 )
22,480
-
-
-|Total
funds
£
6,638
21,659
612
28,909
40,139
(11,230 )
-
(11,230 )
344,927
333,697| |---|---|---| continued... Page 12 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Notes to the Financial Statements - continued** ## **for the Year Ended 31 March 2025** ## **10. TANGIBLE FIXED ASSETS** |**COST**
At 1 April 2024 and 31 March 2025
**DEPRECIATION**
At 1 April 2024
Charge for year
At 31 March 2025
**NET BOOK VALUE**
At 31 March 2025
At 31 March 2024
**11.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Prepayments
**12.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Accrued expenses
**13.**
**MOVEMENT IN FUNDS**
Net
movement
At 1.4.24
in funds
£
£
**Unrestricted funds**
General fund
333,697
68,870
**Restricted funds**
Core activities
-
(40,120 )
**TOTAL FUNDS**
333,697
28,750|2025
£
10,552
2025
£
1,920
Transfers
between
funds
£
(40,120 )
40,120
-|Plant and
machinery
£
337,321
49,995
12,652
62,647
274,674
287,326
2024
£
9,812
2024
£
1,003
At
31.3.25
£
362,447
-
362,447| |---|---|---| continued... Page 13 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **13. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |Incoming
resources
£
**Unrestricted funds**
General fund
68,870
**Restricted funds**
Core activities
7,000
**TOTAL FUNDS**
75,870
**Comparatives for movement in funds**
Net
movement
At 1.4.23
£
in funds
£
**Unrestricted funds**
General fund
344,927
11,250
**Restricted funds**
Core activities
-
(22,480 )
**TOTAL FUNDS**
344,927
(11,230 )
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
11,250
**Restricted funds**
Core activities
17,659
**TOTAL FUNDS**
28,909|Resources
expended
£
Movement
in funds
£
-
68,870
(47,120 )
(40,120 )
(47,120 )
28,750
Transfers
between
At
funds
£
31.3.24
£
(22,480 )
333,697
22,480
-
-
333,697
Resources
expended
£
Movement
in funds
£
-
11,250
(40,139 )
(22,480 )
(40,139 )
(11,230 )| |---|---| ## **Purposes of unrestricted funds** General fund - The unrestricted general funds represent the free reserves of the charity which may be applied to further the objectives of the charity and meet the main costs of the charity. It is considered prudent to keep unrestricted reserves at such levels as to allow operating activities to be maintained. ## **Purposes of restricted funds** Restricted funds consists of one single fund for core expenditure as defined in the objectives, aims and purposes of the charity (outlined in the Trustees Report). The restricted core fund receives grants and other income which have to be spent specifically on sailing activities and the maintenance of the fleet and associated equipment. continued... Page 14 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **13. MOVEMENT IN FUNDS - continued** ## **Transfers between funds** The deficit suffered on the Core activities fund in the year of £40,120 has been transferred to the unrestricted General Fund at the year end, as the expenditure incurred on restricted activities is still within the overall aims and objectives of the charity, in the opinion of the trustees. ## **14. RELATED PARTY DISCLOSURES** The trustees of the charity are deemed to be its key management personnel. No trustees received any remuneration or expenses from the charity in the year under review (2024 - £nil). There were no disclosable donations made to the charity by any trustees in either the year to 31 March 2025 or 2024. There were no related party transactions in either the year to 31 March 2025 or 2024. ## **15.** ## **POST BALANCE SHEET EVENTS** Details in relation to a material non-adjusting subsequent event are disclosed accordingly in the Report of the Trustees. Page 15 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Detailed Statement of Financial Activities for the Year Ended 31 March 2025** ||2025|2024| |---|---|---| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Donations|59,583|6,341| |Gift aid|405|297| ||59,988|6,638| |**Investment income**||| |Deposit account interest|562|612| |**Charitable activities**||| |Grants|15,320|21,659| |**Total incoming resources**|75,870|28,909| |**EXPENDITURE**||| |**Charitable activities**||| |Boat insurance|3,611|3,623| |Sailing subsistence|93|1,405| |Equipment maintenance|8,739|3,531| |Berthing fees|8,829|9,188| |Training|1,302|3,319| |Boat fuel|337|689| |Liability insurance|3,025|2,879| |Travel and subsistence|-|251| |Licences|128|150| |Telephone|250|257| |Website costs|380|216| |Professional skipper costs|3,040|-| |Depn - plant and machinery|12,652|12,652| ||42,386|38,160| |**Support costs**||| |**Management**||| |Fundraising costs|130|-| |**Governance costs**||| |Secretarial expenses|494|196| |Examination fees|3,840|1,680| |Bank charges|270|103| ||4,604|1,979| |Total resources expended|47,120|40,139| |**Net income/(expenditure)**|28,750|(11,230 )| This page does not form part of the statutory financial statements Page 16 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **REGISTERED CHARITY NUMBER: SC047188** **Report of the Trustees and** **Unaudited Financial Statements for the Year Ended 31 March 2025** **for able2sail SCIO** Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Contents of the Financial Statements for the Year Ended 31 March 2025** ||**Page**| |---|---| |**Report of the Trustees**|1 to 4| |**Independent Examiner's Report**|5| |**Statement of Financial Activities**|6| |**Balance Sheet**|7| |**Notes to the Financial Statements**|8 to 15| Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Report of the Trustees for the Year Ended 31 March 2025** The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The objects of the charity are as follows: 1. The advancement of public participation in sport; 2. The provision of recreational facilities, or the organisation of recreational activities, with the object of improving the conditions of life for the persons whom the facilities or activities are primarily intended; and 3. The relief of those in need by reason of age, ill health, disability, financial hardship or other disadvantage. The purposes for which the SCIO is established are to be furthered by the SCIO through: 1. Promoting the integration of the disabled and those affected by disability into the community by means of participation in sailing and sailing related activities; 2. Working to help improve the quality of life for such persons by allowing access to the sport of sailing with the barriers of disability and finance being removed; and 3. To promote the inclusion and education of disabled young people (being persons aged 25 and under) through the operation of a "Youth Forum" group comprising both able and disabled bodied young people working together to undertake sailing and sailing related activities. ## **Public benefit** The charity meets the definition of a public benefit entity under FRS 102. ## **ACHIEVEMENTS AND PERFORMANCE** ## **Charitable activities** The financial year ended 31 March 2025 was another successful year for the charity thanks to the generous support of its financial supporters and volunteers. The charity continued to deliver on its charitable purposes by providing accessible and inclusive sailing opportunities to individuals with a disability, their families and their carers. In addition to running a comprehensive training programme for its volunteers, the charity welcomed aboard its specially adapted yacht over 170 individuals with disabilities who were accompanied by over 130 carers/family members. This included a significant number of individuals from the local Inverclyde community whose places were generously funded by The Newark Trust. Thanks to the generous support of Dickson Minto, Kip Marina and the Innerkip Society the charity was able to complete a comprehensive renewal of its specialist wet-weather sailing clothing programme in the year ended 31 March 2025. ## **FINANCIAL REVIEW** ## **Financial position** The financial statements show the overall position of the charity as at 31 March 2025, and of its income and expenditure for the year ended on that date. A number of grants were received in the year, totalling £15,320 (2024 - £21,659). This income, together with other donations, gift aid and investment income, created total income for the year to 31 March 2025 of £75,870 (2024 - £28,909). Expenditure in the year totalled £47,120 (2024 - £40,139) as detailed in the Statement of Financial Activities, and this resulted in a surplus for the year of £28,750 (2024 - net expenditure of £11,230). Page 1 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Report of the Trustees for the Year Ended 31 March 2025** ## **FINANCIAL REVIEW** ## **Principal funding sources** Historically, the charity has relied on grant income as its principal source of funding in order to meet its objectives. However, in the year ended 31 March 2025, the charity's principal source of funding was individual donations and this is anticipated to be the case also for the year ended 31 March 2026. ## **Reserves policy** The trustees believe that the charity should hold financial reserves in order to ensure the charity can continue to operate and meet the needs of beneficiaries in the event of unforeseen, and potentially damaging, financial circumstances arising. At 31 March 2025, the charity had total reserves of £362,447 (2024 - £333,697) all of which are considered as unrestricted. Restricted funds at the year end are £nil (2024 - £nil). The charity deems these reserves sufficient to ensure the ability to carry on with its activities for the next 12 months from the date of signing the accounts. ## **Going concern** The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. There are sufficient cash resources and reserves at the year end to meet ongoing commitments and future plans. ## **FUTURE PLANS** The charity plans to continue with its operations as in the year to 31 March 2025, and provide further opportunities for those in need in line with its purposes and objectives. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity originally operated as an unincorporated charity under charity number SC037157, with able2sail SCIO (charity number SC047188) being incorporated on 21 February 2017 to take over these activities with effect from 1 June 2017. At that date, all assets and liabilities of the unincorporated charity were transferred to the SCIO, and the unincorporated charity was then dissolved with effect from 15 January 2018. The SCIO is governed by its membership constitution. ## **Recruitment and appointment of new trustees** At each AGM, the ordinary members may elect any ordinary member to be a trustee, and the trustees may at any time appoint any member to be a trustee. In addition, the trustees may at any time appoint any non-member of the SCIO to be a trustee either on the basis that they have been nominated by a body with which the SCIO has close contact in the course of its activities or on the basis that they have specialist experience and/or skills which could be of assistance to the trustees. No trustee can be appointed if they are debarred from membership per the charity constitution by being either disqualified from being a charity trustee under the 2005 Act, or they are an employee of the SCIO. The SCIO must have a minimum of three trustees and a maximum of ten. Of the trustees, no more than seven can have been appointed as non-members by the trustees. At each AGM, any trustees appointed by the board of trustees shall retire from office, along with one third of the remaining trustees (based on length of term of office) - all will be eligible for re-election and shall be deemed to have been re-elected (subject to the trustee voluntarily advising the board otherwise, or any resolution or re-election process process held at the AGM). As the charity's work is involved in dealing with children and adults with disabilities, the trustees seek to ensure that the needs of these groups are appropriately reflected in the make up of the trustees. In addition to the trustees, there are further members with specific roles in the organisation. Page 2 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Report of the Trustees for the Year Ended 31 March 2025** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Organisational structure** The day to day running of the SCIO is the duty of the trustees who meet regularly to set policy and take all major decisions regarding the charity, using the powers granted to them by the charity's constitution. ## **Induction and training of new trustees** The policies of the charity for the induction and training of new board members are tailored to suit the knowledge and experience of the appointee. ## **Key management remuneration** The trustees are considered the key management of the SCIO. Per the constitution of the charity, no trustee can be an employee of the SCIO, and no trustee may be given any remuneration by the SCIO for carrying out their duties as a charity trustee. ## **Risk management** The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have instigated a risk assessment process to identify the major risks to which the charity is exposed. The trustees are committed to providing training for volunteer crew and to ensuring that appropriately qualified crew are utilised. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Charity number** SC047188 ## **Principal address** Kip Marina Inverkip Greenock Inverclyde PA16 0AW ## **Trustees** ## **Independent Examiner** Gillespie & Anderson Chartered Accountants 147 Bath Street Glasgow G2 4SN The examiner has expressed a willingness to continue in office. ## **EVENTS SINCE THE END OF THE YEAR** Following the year end, the charity has received two significant donations from The Newark Trust (£10,000) and Balmanno House (£87,690) which will be reflected in the Statement of Financial Activities of the charity in year ended 31 March 2026. The trustees consider this to be a significant post balance sheet event and accordingly disclose this fact in line with section 13 of the Statement of Recommended Practice applicable to charities. Page 3 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Report of the Trustees** ## **for the Year Ended 31 March 2025** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - 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 charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005 and The Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 18 November 2025 Approved by order of the board of trustees on ............................................. and signed on its behalf by: Page 4 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 ## **Independent Examiner's Report to the Trustees of able2sail SCIO** I report on the accounts for the year ended 31 March 2025 set out on pages six to fifteen. ## **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 (as amended). The charity's 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 the independent examiner's report** My examination was 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 seeking explanations from you as 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 connection with my examination, no matter has come to my attention : - (1) which gives me 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 to comply with Regulation 8 of the 2006 Accounts Regulations have not been met; or - (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Gillespie & Anderson Chartered Accountants 147 Bath Street Glasgow G2 4SN 19 November 2025 Date: ............................................. Page 5 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Statement of Financial Activities for the Year Ended 31 March 2025** |2025
Notes
Unrestricted
fund
£
Restricted
funds
£
Total
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
59,988
-
59,988
**Charitable activities**
Main charitable activities
4
8,320
7,000
15,320
Investment income
3
562
-
562
**Total**
68,870
7,000
75,870
**EXPENDITURE ON**
**Charitable activities**
Main charitable activities
5
-
47,120
47,120
**NET INCOME/(EXPENDITURE)**
68,870
(40,120 )
28,750
**Transfers between funds**
13
(40,120 )
40,120
-
**Net movement in funds**
28,750
-
28,750
**RECONCILIATION OF FUNDS**
Total funds brought forward
333,697
-
333,697
**TOTAL FUNDS CARRIED FORWARD**
362,447
-
362,447|2024
Total
funds
£
6,638
21,659
612
28,909
40,139
(11,230 )
-
(11,230 )
344,927
333,697| |---|---| The notes form part of these financial statements Page 6 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 ## **able2sail SCIO** |**Balance Sheet**
**31 March 2025**
Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
10
274,674
**CURRENT ASSETS**
Debtors
11
10,552
Cash at bank
77,221
87,773
**CREDITORS**
Amounts falling due within one year
12
-
**NET CURRENT ASSETS**
87,773
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
362,447
**NET ASSETS**
362,447
**FUNDS**
13
Unrestricted funds
**TOTAL FUNDS**|Restricted
funds
£
-
-
1,920
1,920
(1,920 )
-
-
-|2025
Total
funds
£
274,674
10,552
79,141
89,693
(1,920 )
87,773
362,447
362,447
362,447
362,447|2024
Total
funds
£
287,326
9,812
37,562
47,374
(1,003 )
46,371
333,697
333,697
333,697
333,697| |---|---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on ... 1 .. 8 ... N ... o .. v .. e .. m ... b .. e ... r .. 2 .. 0 .. 2 .. 5 . and were signed on its behalf by: The notes form part of these financial statements Page 7 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Notes to the Financial Statements for the Year Ended 31 March 2025** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', The Scottish Charitable Incorporated Organisations Regulations 2011 and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention. able2sail SCIO is a Scottish Charitable Incorporated Organisation registered in Scotland, and operating from the principal address as stated in the Trustees Report. The financial statements relate to the charity as an individual entity, with the presentational currency stated as the Pound Sterling (£). ## **Going concern** The trustees consider that the charity has sufficient cash resources and reserves, and so there are no material uncertainties about the charity's ability to continue as a going concern. ## **Critical accounting judgements and key sources of estimation uncertainty** In the application of the charity'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 a historical experience and other factors that are considered to be relevant. Actual results may differ from estimated. The estimated 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 consider that there are no estimates, judgements or assumptions made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the accounts, or a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Donations, legacies and grants are recognised when the charity is entitled to the income, receipt of the income is probable and the amount can be measured reliably. Income from grants, not subject to performance related conditions, is recognised when the charity has entitlement to the funds, it is probable that the income will be received, the amount can be measured reliability and it is not deferred. Charitable activities income is received from the sale of goods and services offered as part of the charitable activities of the charity, as well as performance related grants received. Income from performance related grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably. Investment income consists of bank interest received. Investment income is included when receipt is probable and the amount can be measured reliably. ## **Volunteers** In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the financial statements due to inaccurate measurement bases. continued... Page 8 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Notes to the Financial Statements - continued** ## **for the Year Ended 31 March 2025** ## **1. ACCOUNTING POLICIES - continued** ## **Expenditure** Expenditure has been classified under the headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources. Expenditure is recognised on an accrual basis when a legal liability is incurred, payment of the liability is probable and the amount can be measured reliably. The amount includes any VAT which cannot be fully recovered. VAT is reported as part of the expenditure to which it relates. Charitable activities comprise all resources expended undertaking work to meet the charity's charitable objectives. Such costs include the direct costs of charitable activities approved by the charity and all support costs relating to these activities. Governance costs include direct resources expended in the general running of the charity and are primarily associated with constitutional and statutory requirements. These costs are allocated entirely to charitable activities. ## **Allocation and apportionment of costs** Support costs are allocated wholly to charitable activities. Whilst the Trustees recognise that a small part of some items of expenditure included in support costs do relate to indirect governance costs, they are of the opinion that the time and costs involved in performing such an analysis outweigh the potential benefits arising from any such work. ## **Tangible fixed assets** All tangible fixed assets having a value to the charity greater than one year, other than those acquired for specific purposes, and in excess of £1,000 are regarded as tangible fixed assets in the balance sheet and stated at historic cost. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life - plant and machinery - 20%, 10% and 4% on cost. Factors such as a change in how an asset is used, significant unexpected wear and tear, technological advancement, and changes in market prices may indicate that the residual value or useful life of an asset has changed since the most recent annual reporting date. If such indicators are present, the charity will review its previous estimates and, if current expectations differ, amend the residual value, depreciation method or useful life, accounting for such revisions as a change in an accounting estimate in accordance with FRS 102. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Funds are classified as either unrestricted funds or restricted funds, defined as follows: Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are earmarked at the discretion of the trustees for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose only and does not legally restrict the trustees' discretion to apply the funds. Restricted funds are funds subject to specific requirements as to their use which may be declared by the donor or with their authority or created through legal process, but still within the wider objects of the charity. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Financial instruments** The charity has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors, and creditors. continued... Page 9 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **1. ACCOUNTING POLICIES - continued** ## **Financial instruments** Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities. Debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, debtors are stated at cost less losses for bad debts. Creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, creditors are stated at cost. ## **Provision for liabilities** A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised. ## **2. DONATIONS AND LEGACIES** |Donations
Gift aid
**3.**
**INVESTMENT INCOME**
Deposit account interest
**4.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Main charitable activities
Grants
Grants received, included in the above, are as follows:
The National Lottery - Youngstart
Dickson Minto
The Newark Trust
The Innerkip Society
St Patrick's Day Ball Committee
The Carlton Bridge Club|2025
£
59,583
405
59,988
2025
£
562
2025
£
15,320
2025
£
-
2,000
10,000
2,000
1,000
320
15,320|2024
£
6,341
297| |---|---|---| |||6,638| |||2024
£
612
2024
£
21,659| |||2024
£
17,659
4,000
-
-
-
-| |||21,659| continued... Page 10 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** |**5.**|**CHARITABLE ACTIVITIES COSTS**|||| |---|---|---|---|---| |||Direct|Support|| |||Costs (see|costs (see|| |||note 6)|note 7)|Totals| |||£|£|£| ||Main charitable activities|||| |||42,386|4,734|47,120| |**6.**|**DIRECT COSTS OF CHARITABLE ACTIVITIES**|||| ||||2025|2024| ||||£|£| ||Boat insurance||3,611|3,623| ||Sailing subsistence||93|1,405| ||Equipment maintenance||8,739|3,531| ||Berthing fees||8,829|9,188| ||Training||1,302|3,319| ||Boat fuel||337|689| ||Liability insurance||3,025|2,879| ||Travel and subsistence||-|251| ||Licences||128|150| ||Telephone||250|257| ||Website costs||380|216| ||Professional skipper costs||3,040|-| ||Depreciation||12,652|12,652| ||||42,386|38,160| |**7.**|**SUPPORT COSTS**|||| ||||Governance|| |||Management|costs|Totals| |||£|£|£| ||Main charitable activities|||| |||130|4,604|4,734| ||Support costs, included in the above, are as follows:|||| ||||2025|2024| ||||Main|| ||||charitable|Total| ||||activities|activities| ||||£|£| ||Fundraising costs||130|-| ||Secretarial expenses||494|196| ||Examination fees||3,840|1,680| ||Bank charges||270|103| ||||4,734|1,979| continued... Page 11 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. No trustee receives expenses. Any payments made to trustees reflect the reimbursement for goods purchased for the charity, as evidenced by supporting documentation. |**9.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
6,638
**Charitable activities**
Main charitable activities
4,000
Investment income
612
**Total**
11,250
**EXPENDITURE ON**
**Charitable activities**
Main charitable activities
-
**NET INCOME/(EXPENDITURE)**
11,250
**Transfers between funds**
(22,480 )
**Net movement in funds**
(11,230 )
**RECONCILIATION OF FUNDS**
Total funds brought forward
344,927
**TOTAL FUNDS CARRIED FORWARD**
333,697|Restricted
funds
£
-
17,659
-
17,659
40,139
(22,480 )
22,480
-
-
-|Total
funds
£
6,638
21,659
612
28,909
40,139
(11,230 )
-
(11,230 )
344,927
333,697| |---|---|---| continued... Page 12 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Notes to the Financial Statements - continued** ## **for the Year Ended 31 March 2025** ## **10. TANGIBLE FIXED ASSETS** |**COST**
At 1 April 2024 and 31 March 2025
**DEPRECIATION**
At 1 April 2024
Charge for year
At 31 March 2025
**NET BOOK VALUE**
At 31 March 2025
At 31 March 2024
**11.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Prepayments
**12.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Accrued expenses
**13.**
**MOVEMENT IN FUNDS**
Net
movement
At 1.4.24
in funds
£
£
**Unrestricted funds**
General fund
333,697
68,870
**Restricted funds**
Core activities
-
(40,120 )
**TOTAL FUNDS**
333,697
28,750|2025
£
10,552
2025
£
1,920
Transfers
between
funds
£
(40,120 )
40,120
-|Plant and
machinery
£
337,321
49,995
12,652
62,647
274,674
287,326
2024
£
9,812
2024
£
1,003
At
31.3.25
£
362,447
-
362,447| |---|---|---| continued... Page 13 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **13. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |Incoming
resources
£
**Unrestricted funds**
General fund
68,870
**Restricted funds**
Core activities
7,000
**TOTAL FUNDS**
75,870
**Comparatives for movement in funds**
Net
movement
At 1.4.23
£
in funds
£
**Unrestricted funds**
General fund
344,927
11,250
**Restricted funds**
Core activities
-
(22,480 )
**TOTAL FUNDS**
344,927
(11,230 )
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
11,250
**Restricted funds**
Core activities
17,659
**TOTAL FUNDS**
28,909|Resources
expended
£
Movement
in funds
£
-
68,870
(47,120 )
(40,120 )
(47,120 )
28,750
Transfers
between
At
funds
£
31.3.24
£
(22,480 )
333,697
22,480
-
-
333,697
Resources
expended
£
Movement
in funds
£
-
11,250
(40,139 )
(22,480 )
(40,139 )
(11,230 )| |---|---| ## **Purposes of unrestricted funds** General fund - The unrestricted general funds represent the free reserves of the charity which may be applied to further the objectives of the charity and meet the main costs of the charity. It is considered prudent to keep unrestricted reserves at such levels as to allow operating activities to be maintained. ## **Purposes of restricted funds** Restricted funds consists of one single fund for core expenditure as defined in the objectives, aims and purposes of the charity (outlined in the Trustees Report). The restricted core fund receives grants and other income which have to be spent specifically on sailing activities and the maintenance of the fleet and associated equipment. continued... Page 14 Docusign Envelope ID: 7D53AACB-C13C-4A40-9A5A-E8A083BAEA37 **able2sail SCIO** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **13. MOVEMENT IN FUNDS - continued** ## **Transfers between funds** The deficit suffered on the Core activities fund in the year of £40,120 has been transferred to the unrestricted General Fund at the year end, as the expenditure incurred on restricted activities is still within the overall aims and objectives of the charity, in the opinion of the trustees. ## **14. RELATED PARTY DISCLOSURES** The trustees of the charity are deemed to be its key management personnel. No trustees received any remuneration or expenses from the charity in the year under review (2024 - £nil). There were no disclosable donations made to the charity by any trustees in either the year to 31 March 2025 or 2024. There were no related party transactions in either the year to 31 March 2025 or 2024. ## **15.** ## **POST BALANCE SHEET EVENTS** Details in relation to a material non-adjusting subsequent event are disclosed accordingly in the Report of the Trustees. Page 15