Charity Registration No. SC047617 (Scolland) LERWICK BOATING CLUB SCIO UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 THE A? PARTNeR8HIP LIMITED Chartèrnd Account•nts 47 Comm¢r¢lal Road LeThCk Sh8tland ZE1 ONJ
LERWICK BOATING CLUB SCIO CONTENTS P•g• Tru¥lees' annual report Independent gxaminerf8 report Slalement of financwl activllles Balance sheet Notes to the financial stslemenlg 8-20 The following pag08 do not fom part of the •tatutory finnei•l 8t•t•m•nt D¢tailed Statement of fina181 actlvrties 22-23
LERWICK BOATING CLUB SCIO LEGAL AND ADMINISTRATIVE INFORMATION Thte8$ Charlty numbor (S¢otl•ndl SC047817 R•gl•t•r•d offlcg 12a Cornmerclal Street Le< Sheuand Isles ZE1 OAN Ind•p8ndent •x*mlnor TheA9 Pather8hlp Limit•d 47 Commorcigl Road Le5¢k Shetland18188 ZEI ONJ
LERWICK BOATING CLUB SCIO TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Irustses present their annual report and fin8nual statemer¢ls for Ihe year ended 31 December 2024. The fi'nancial 5talern8nts have been prepared in accordance with the accounb'ng policias sel out in note 1 to the financial statements and comply with the charity's Igoveming documentl, th8 Chari118s and Trustea Inveslmgnt (Scollandl Act 2005. the Charflles Accounts (Scollandl Regulations 2006 {as am8nd8dl and Accounllng and Reporting by Charities. Statement of Recomrnended Practice applicable lo charrties preparing Ih&ir accounts in accordance with the Financi81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffecbve 1 Janu8ry 2019}. Obloctlve8 and a¢tlvllle8 The organisallon's objective8 are.. To promotè tho adv8ncement of public participation in the 8POrt of boating including instrtIon in sailing, particularfy lor young people. To 8LlPPOrt the advancement of thè seamanship heritsge of Lerwlck wf(h Ihg promotion of tho Shetland Modd Sailing Boat as a raclng boat. The provision of r&crealional facilities, or the organlsallon of ro¢reatsonal acllvllles with lh8 objert of improving Ihg condilion8 of life for the persons for whom the facilllle8 or activities are primarily intended. The Iruslees have paid due regard lo guidance Issued by OSCR in deodiNJ what 8clivilie8 the charty should undertakè. AGhlev8m•nts and pvrfomiance In the last yeaf, the Club has conllnued operating as a SCIO wth the bar trading as a sep8r8le Llmlled Company. The Club continues to offer a high st4ndard of facility lo both 116 members and visitor8, whilst also seeking to improve facllltjes wherever possible through a maintenance and renewal programme, During thi$ finarKial year, Iruslees have rgGelved grant funding to allow us to replace one of our guard boats. replace dinghy trailer. launching Iroll•y8, sai18 and covgrs, aTrJ replace fl¢Joiing in the lower Iloor End stsirs of the club. Thg Club conllnues to bongfil from high levels of volunteer support from our members. and the Club Beekj to help our members by provldlng Iralning for the duli88 they rry out wherever po88ibkg. The Club has a close working relationship with Ihe Port Aulhorlty, provlding washlng and laundry facilitles for all vi¥rting yach18 to the Harbour, wlh the Harbour assisting in our operation5 and regalias throughout the year. The Club al80 maintains excellent connections to the boating community, both kjcally. nationally and internationally, by hosllng saillng and rowlng regattas, as well as being host club and port lo renowned yachts races ga¢h year. Fin8nclal revlew Total Income in the year amounted to £70.61712023.. £46.5961. Of this £42,87712023.. £43,596) wa3 unre¥lriGted and £27.740 {2023', £3,0() was re8trict&d incom• and capital funding. Total expenf1ilure Ihg year was £66,192 {2023'. £47,641) of whlckn É9,261 (2023.. £1,ODOI was restrfcled expenditure resulting in an overall surplus for the year of £4,425 {2023.' deficil £1,045). Closing reserves and net assets were £294,40212023.. £289,977) including £31.94312023". £23,173) cl which are restricted income and capital funds. The Irustegs have assessed the major rlsks lo which the chanly is exposed. and are satisfied that systems are in pla¢e lo mrtigale exposure lo the major risks.
LERWICK BOATING CLUB SCIO TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Reservgs pollcy General funds are unreslrided ftjnds which are available for use al the dlscretion of the trustèès in furthèrance of the general obiectlves of the charrty. which have not been designated for any other purpose. Restricted fvnds are lunds which are to be used in accordano with ¥pe¢ifiG reslriclions imposed ty funders or thich hav@ b88n raised by the charity for parh'cular purpos85. The co818 of raising and admini81erng suth funds are tharg8d against the spec¢ fund. Structur01 governance and management The Gharity is a Scottish Charitable Incorporated Organisation. It Is controlled by way of ils cStilution whh Sgrves as ils governlng document. The Iruslees who served durin9 the yeer and up to the date of signglure of the ffinancia slalemenls were.. (Resigned 30 April 20241 None of the trustees has any beneflcl81 Inter851 in the organisalS0n. The structure of the organisolk)n con818ts of.. The Members - who have the right lo attend members, meetings {induding any annual general meelingi and have Important powers undèr thè constitution., In partleular, thé members appolnl people to serve on the board and lake decislons on changes lo the conslbtution Itself., The Board - who hold regular meeting$, and generally control the aclivilles of the organisalion., for example, the board is responsible for monitoring and controlling the financial position of the organi5al'on. The peoplè serving on the board aro the charity trustee5. Thg rnaximum number of charity trustees is 15 and the mlnimum number of charity trustees is 9. A person will not be eligbble lor olectlon or appointment lo the board unl&85 hel¥he is a member of the org8nlsatlon. A pgrson wlll nol be eligiblg for elecion or appointment lo thè btsard if helshe is.. disqualified from being a charity trustee under the Chariti&$ an¢J Truslge Inve8tmenl Iscotlandl Act 2tXI5', an employee of the organisation, except for lh8 Commodore, Honorary Secretary Trèasurèr.
LERWICK BOATING CLUB SCIO TRUSTEES'ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The re ortwas roved b the Board of Truste88. Trusts• 29 April 2025
LERWICK BOATING CLUB SCIO INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LERWICK BOATING CLUB SCIO I raport on the ffnancial statements of the Charity for Ihe year ended 31 De¢ember 2024, which are Set out on page5 5 10 20. R•8pectlve responslbllltl85 of trustsos and Oxamlngr Th8 th2rily's trustees are résponsibl8 for the preparabon of Ihg financial statements in accordance with the terms of the Charities and Trustee InVeStentS {Scollandl Act 2005 and the Charrties Accounts Iscollandl Regulatsons 2006. The charity's Iiustees consider that the audit requirernent of Regulallon 1011 Ilal to Icl of the 2006 Accounts Regulations do25 not apply. 11 is my responsibility lo examin8 the financial slalemanls as required under seclbn 4411}Icl of the Ad and lo stale Wheth particular matters have come le my attention. Basis of independont examinerfs ¥tat•ment My examination is carried out in accordance with Regulation 11 01 the 20CKg Accounts Regulallons. An examination includes a revlew of the accounting records kept by the charity and a comparison of the financial 818tèmentB presented with Ih08e records. rt also includes nderation of any unusual items or disdosures in the financial sta18rn8nts, and seeks explanations from the trustees concerning any such Matters. The proc*dur¢s undertaken do not provide all the 8vid8nc8 that would be required In an audit ond consequently I do not express audit oplnion on the view given by the flnanclal slaiemenls. Independent oxamlnèfs statement Your attentlon Is drawn to the fact that the charity has prepgred flnanci81 8talemenls in accorda wlh AOuntIng and reportlng by Charlues preparlng their accounts In accordance with Ihe Financial Repcwtlng Standard applicable in the UK and Republic ol Ireland IFRS 1 D21 in pr8ference lo th& Accounllryj and Reportlng by Charities.. Slalemenl of Recommended Practice isgued on 1 April 2005 which is referred lo in the extant regUlaOn8 but has now teen withdrawn. l understand that Ihls has been done In order for the fi'nanci81 slalernenls lo provide g true and fair view in accordance Generally Accepted AcGounllng Practlce effectlve for reponing perlo¢Js boglnnino on or after 1 January 2015. In the course of my examination, no natter has come to my attention.. lal which gives me reasonable causg lo belleve Ihal in any materlal raspect the requiremenl8'. lil to k8ep accounting records In accord8rth wlltt se¢ik)n 44111181 of the 2005 Act and Regulation 4 the 2006 Accounts Regulallons, and (ill to prepare fin8nclal 31alemenl8 which accord th the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations.. have not been mel or Ibl lo which. in my oplnlon, attention should be drawn In order lo ena8 a propèr undarstanding of I financial statements lo be reached. The A9 Partnership Limilecl 47 Commercial Road Lewck Shglland16188 ZE1 ONJ Dated.. .3.p.J...J IS
LERWICK BOATING CLUB SCIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unro$trlct6d Rct•d Restrietod lunds fund5 lunds neral Capital 2024 2024 Totsl Unrestrlct•d Restrlcted Rgstrlcted funds funds funds general capltal 2023 2023 Total 2024 2024 2023 Not•s 2D23 Incom• and endowmgnls from: Donations and legacies charitab aclivilEs Other trading activities Investments Other income 8,992 18.748 32,466 9.660 890 24.751 2.850 4.812 15,978 3,0 9.660 890 24.751 7,872 15,978 848 21,958 21,958 Total Income and endovm*nts 42.8TI 8,9W2 18,748 70.617 43.596 3,000 46.596 Expendlture on: Raising funds 859 589 589 Charilable aclivities $6.072 9.261 65.333 45.982 1.0 46,982 Other 13 70 70 Total expenditure 56.931 9,261 66.192 46.641 1,OLMJ 47,641
LERWICK BOATING CLUB SCIO STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Unr•$trlcted Restrlcted Restrictsd funds funds lunds general capital 2024 2024 Total Unrestrleted Restrfcted Restricted funds fund8 capllal 2023 Totsl g•neral 2023 2024 2024 2023 Note$ 2023 Ngt loutyolng)fin¢omlng resour¢•s befor¢ transfers 114.0541 12691 18.748 4,425 {3.045) 2,0 11,0451 Gross transfèrs between fvnds 9.709 (2,2611 (7.4481 4,081 4,081) N•1 movemenl in funds {4.3451 12.5301 11,300 4.425 1,036 2,000 14.0811 11.0451 Fund balances al 1 January 2024 266.804 20.643 289.977 265,768 530 24.724 291,022 Fund balances al 31 Decembèr 2024 262,459 31,943 294,402 266,804 2.530 20,643 289,977 The stolement of financial activitigs indudes all gains an(J k)sses rects3nised in the year. The statement of financial actNities indudes all gains and k)5ses recLW3nlsed n the year. Al In(xJme and expeThlituré derNe from contiwir4J aclNities.
LERWICK BOATING CLUB SCIO BALANCE SHEET ASAT 31 DECEMBER 2024 2024 2023 Flxed assets Tangible assets Inve8trnents 14 15 267.117 255,049 267,118 255.050 Current assets SlcKk8 Debtors CaBh al b4nk and in hand 16 17 748 17,381 13,707 151 15,672 22,439 31.836 38,262 Credltorn: amounts lalllng du• wtthln on• y•ar 18 14,552) 13.3351 Net current 888els 27,284 34,927 Total •¥•ets loss currfrnt Ilabllltl•• 294,402 289,977 Capltal funds Restrlcled caplt81 fund8 19 31,943 20.643 31,943 20,643 Income fund8 Restrtclod fund8- ganeral 2,530 2,530 Unrestrfcted funé8 21 262,459 268.804 262,459 266,804 294,402 289,977 The finandal statements were approved by the Trustees on 29 Aprll 2025 Trusteg Trustee
LERWICK BOATING CLUB SCIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting poltcles Charlty information Lerwick 8oaling Club is a Scottish Chgrilable Incorporated Organi381ion, incorporated in Scouand. The registered Offi Is Lerwick Boating Club, 12a Commercial Street, Lerwick, Shetland. ZE1 OAN. Letck BoatiryJ Club SCIO has g wholly Dwned subgidlary, Leck Boating Club Limited. The aggregate 9fOSS income for the group is below th8 threshold for pieparing consolidated accounts. The exemption from preparing consolidated accounts has been taken and these financial statements Iherefoie ale separate Iln8ncial slalemenls for Lerwick Boalin9 Club SCIO. 1.1 Accountlng conventlon The fin8ncial slalemenls h3ve been prepared in accordance with the ch8rily's conslllution, Ihe Charitles and Trustee Inve8lm¢nl (Scollandl Act 2¢)05, the Charities Accounts (Scollandl Regulations 2008 la$ amended), FRS 102 'The Flnancial Reporting Standard applicable in the UK and Republic of Ireland. l FRS 102.1 and th8 Charitses SORP Accounting and Reporting by Chari1188,' Statement of Reeomm8nd8d Practico appllcablè lo charltle8 prep8ring their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffectiV8 1 January 20191. The chority is a Public Benefit Entity as defined by FRS 102. The charity has lakgn advan18g8 of th8 prDvlslons In the SORP for charllles not lo prepore o Sts1ent of Cash Flows. The financial statements are preparad in s1grfing, which is the hjnctional curr8ncy of the charity. Monet8ry amounts In these financial slalements ar6 roundod to the ne8re8t £. The financial statements have been prepared undor the hi#lori1 Gosl convonlion. The prlncipal accounting policles adopted are Sel OLrt below. 1.2 Golng concgrn At the lime of approving the financial slalements, the tru81ee8 have a reasonable expgctallon that the charity has adequat8 resourc8s lo continue In operational exislenee for thé foreseeable future. Thus the InJslee$ continue 19 adopl the golng concern bosls of accounllng In prepartng the financi81 slalemenls. 1.3 Charbtsble funds Unr8slricled funds are avallable lor use al the dl8CTètion of tho tru8tee8 In fiJrth6ranee of Ih&r ¢horilabl• obleclives unless the funds have been deslgnaied for other purwses. Restricted funds are subject lo speeifie Conditions by donors or grantors 0$ lo how they mgy be used. The purposes and uses ol the restriet8d funds are sel out in the notès lo the financial statements. 1.4 Incom• Income is recognised when the charity is legally enlided to it after any performance conditions have been met, the amounts can be measured reliably, and11 is probable that income wll be received. Cash donations are recognised on rec6iPt. Other donations are recognised once the chgrity ha5 been notified of the donation, unless performance Conditions require deferral of the amount. Income lax recoverable in relati lo donations received under GIft or d•ed$ of covènant18 recogniséd at the time of the donation.
LERWICK BOATING CLUB SCIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcie$ Icontlnued) 1.6 Expondllure All Expenditure is accountèd for on a accruals basis and is recognlsed once ihere Is a legal or wnstruclive obligation lo pay for expènditure. il is probable that a setU8menl wlll requlrèd and the amount of Ihe obligation ¢an be measured reliably. All costs are allocated betW8en the expènditure tegorI&S of the Slalemenl of Financial Aelivib"es on as basis lo reflect the use of the resource. Charltable expenditure comprises those c0515 incurred by the charfty in the delivery of ils aclivllies and $ervices for ils beneficiaries. Support costs are those functions that assist the work of the charity but do not dlrectly undertake ¢harilable acJvilie8. These co¥ls include 31aff Go¥l¥, overhead and governancé co$t8. 1.6 T•nglbl• flx•d Isjots Tangibl¢ fixed assets are inllially meaSud at CO81 and subsequently measured at cost or valuation. nel of depre¢iats'on and any impairment lossos. Deprecialion is ¢0nISed so as lo wrlle off the cost or valuallon ol 8ssots18ss Ihelr resldu81 values over thair U88ful live8 on the following bases.. Pier, clubhouse and boat store Boa18 and equipment No deprèciation charge 25% reducing balance Ttte galn or loss arising on the disposal of an as$gt is determined as Ihg differencg be88n the 88le proceeds and the Carryng v?lue ¢f the asset, and Is reGogn15ed in the slalemenl of Ilnancial aclivibes. No depreualion is charged on Pier. clubhouse and boat store as a result of esllmalitin$ ma¢Je by the Iru6te•6. See note 2. 1.7 Flxed assot Investm8nts Fixed asset investments are initially mea¥urgd al cost and S)88quentIY measured at cost less any a¢cumuLaled Impalrmenl losses. A subgidiary 58 an entity controlled by tha charity. Control 18 the power lo govem the financi818nd operatsng polioes of the entity go as lo obtain b8nefil$ from ils activities. 1.8 Impalrment of flxed u•els At each reporting end dale, the charity reviows tho carying amounts of its tsngible assets lo deterrnine whether there is any indication that those as59ts havg suffered an Impairmonl 1088. If any such indulion exi51s. the recoverable amount of the asset is eslirnaled in order to delerming the extgnt of the IMlfm•nI loss lif any). 1.9 Stocks Stocks are staled at the lower of eost arKI estimated selling pric8. 1.1D Ca$h and ca6h gqulval•nt8 Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-lerm liqd Investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown Ihln borrowings in crn1 liabilities.
LERWICK BOATING CLUB SCIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting polici•s (Contlnu•d) 1.11 FlnancS81 instruments The charity has elected lo apply the provisions of Section 11 'ea4c Flnancial Instrum8nls' and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of its financlal inslrumenls. Flnanei81 inslrumenl$ are recognised in the Charity's balance 8h8el when tho charity becomes party lo the ntraclual provislons of the inslrumeni. Financial a88ets and liabilllies are offset, with the nel amounts presented In the fin8nd81 slalements, when Ihgre is a legally enforce8ble dghl to set off the recognised amounts and there Is an inlenllon lo settle on a nel basis or lo reali50 the asset and $•tUe the liability 81mullgneous1y. 8aslc Ilnanclal a88ets Basic financial assets, whlch include dablers ?nd cash and bank balances, are initially measurèd at tran88clion price including IransaGlion co818 and are subsequently carned at amorti¥ed cost U51ng Ihe effective interest method unless thé arrangement conslilules a financing transaction, where the Iransactltsn i measured al the present value ol the future receipts discounted al a market ral& of interest. Finanaal a56ètg classlfied a¥ receivable wllhln one ye8r are not amortlsed. B•slc flnanclal Ilabllltlos B8slc fin8neiAI liabllllies, Including creditors end bank loans are initially recognised al transaction price unle8S the ariangemgnl conslllules a Ilnancing transaction, wher8 the debt instrument is measured al the pre8enl value of the future paymen15 di6counled al 8 market rale of Interest. Financlal Ilabilllle$ ¢lassllled as payable within one year arg not amortised. Oebt in8trument8 a18 subsequently carried al amortSsed cost. U8lng Ihg efleclive interest rale method. Trade creditors are obligations lo pay for goods or servlce8 that have been acqulred in the ordlnary cours8 of operations from 8upplier8. Amounts payable are classlfied 88 Gurrenl liabilities if payment Is due within one year or less. If not, they gre presented 8s non-currenl liali11a0. Trade creditor8 are rècognised initially al transadicn pnce and sub59quently messur8d al amortl8ed co81 u81NJ th¢ affeth've Inlere8t method. Dor•cognitlon of flnanclal liabllltlo8 Financial liabllltle8 are derecognl8ed when the charlly'8 contractual ¢Jbligallons exre or 8re dlsch8rged or cancelled. Crlllcal aGcountlng vBlm4tes and Judgemtnts In the apyi¢aiion of the charlly'$ OUnting policies, the tru51ees are required to make judgements, estimates and assumption5 oboul the carrying amount cf assets and liabilities that are not readily apparent fvom Dlher sources. The eslimales and as50cialed assumptions org based on historical experience 8nd other factw that eonsidered lo be relevant. Actual results may diffor from these estimates. The eslimales and underlying assumption5 are reviewed on an ongoing basis. RewsMs to aecounting esl'males are recognised in the period in which the esbmate 15 revised where the revison affects cnly that period, or In the pertod of tho revision and future periods where the revision affec15 both current and fuiure period8. The trustees estimate that the rèsidual value of tho Pitsy, clubhouse and boat store Is in excess of carying valuè las disclosed In note 141 and therefore no depreeiaiion has been charged. 10-
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LERWICK BOATING CLUB SCIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income Irom Gharitsble activities Unr•strlcted Unrestrlcl8d funds funds 2024 2023 Incom& from charitable activities 9,660 15.978 Other tradlng actlvltles 2024 2023 0th8r Incoming Tesourcos 890 Inv••trn8nts 2024 2023 Donallon Irom subsldlary 24,751 21,958 other Income Unrg8trltt•d Unrn8trlct•d funds fund* 2024 2023 Net gain on dlsposal of tangible fixed assets 2,850 Ral$lng fvnds 2024 2023 Fundral&ng andpubliclty Other fundraising costs 859 589 859 589 12-
LERWICK BOATING CLUB SCIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Expèndlture on chafftable actlvltles 2024 2023 Dlrèet costs Cost of actlviti8s and support costs 64.383 45,642 Sharn of Support Ind govemanc• co8ts1809 noto 101 Governance 950 1,340 65,333 46.982 Analysls by fund Unrestricted funds Restricted funds 50.072 9,261 45.982 1.000 65,333 46,982 10 Support CO8t• Support Gov•rn•nG• 2024 2023 Independent examinotion fee Accountancy 150 800 150 800 150 1,190 950 950 1,340 Analysed bets•en Chantable aclivllles 950 950 1,340 11 Tru$tg•¥ None of the trustees (or any person8 connected with them) received any remuneration or benefits from the charity during the year. No olh¢r trustee expenBes were incurr8d or paid. 12 Employees The average rnonthly number of employees during the year was.. 2024 Number 2023 Number Total There were no employee8 wh03e annuol remuneration was more than £60,000. 13-
LERWICK BOATING CLUB SCIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Other 2024 2023 N81 loss on disposal ol tangibl8 flxed a89et8 70 70 14 Tanglbl• flx•d a9ts Pl•r. Ttstsi ¢lubhou•• boat Storn Cost At 1 January 2024 Addltions 018PO8818 231,624 49,417 24,046 11501 281.041 24,048 11501 At 31 December 2024 231,624 73,313 304,937 D•prKlatlon and Impalrment Al 1 January 2024 Dépreciation charged In the yr 25,990 11.830 25,990 11,830 At 31 December 2024 37,820 37,820 Carylng amount At 31 Decèmber 2024 231,624 35,493 287,117 At 31 December 2023 231,624 23,425 255,049 14-
LERWICK BOATING CLUB SCIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Flxod •8set Inv•stmfrnts Other InvtmOrtts Cost or valuatlon At l January 2024 & 31 DÉeemb8r 2024 Carrylng amount At 31 0ec•mb•r 2024 At 31 Decembor 2tr23 2024 2023 Oth8r Investments comprl88'. Inve8tmenls In subyldl8ri81 24 18 Stocks 2024 2023 Goods for resalo 748 151 17 Debtorn 2024 2023 Amounts falllno due thIn on• y••i: Trade debtors Amounts ow8d by sub8Sdlgry undertakSn98 Other debtors Prepayments and accrued incom 157 8.143 1,821 5,551 8,893 4.747 3.741 17.381 15,672 18 Creditorn: amounts falllng due wlthin one year 2024 2023 Other toxalion and swal securty Trade creditors Accrual8 and deferred income 1,482 842 796 1.697 2,586 4,552 3,335 15-
LERWICK BOATING CLUB SCIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2024 19 Capltal funds Movement In funds InGomir Resource• re50urc88 exp8r5d•d Balanc• at 1 J•nu)ry 2023 Tr•nBf•r• 8dlJnce at 1 January 2024 TraMfer5 8alance at 310Komb•r 2024 Blokarts grants Renewablo Energy Project grant Dryer grant Rescue boot and updates to dlnghla$ grants Plco trolley8 and oarn grant 1,832 14081 1,224 13061 918 20,842 2,250 (3,1111 15821 17,731 1.688 13,8331 14221 13,898 1,266 18,578 {2,6441 13,934 2,17D 1243) 1,927 24,724 14.0811 20,643 18,748 17,4481 31,943 The transfers beeen funds include8 amortisation ol grants rec?Ived 8nd r6160sed for capllal expenditure over the u8elul economlc lrfe of the assei$. 16-
LERWICK BOATING CLUB SCIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Restrf¢t•d fund• The restricted lurn1s of the thartty comprise the unexpen(*d balanS (rf donatKM)s a1 grants ld on trust suL¥ecl lo specffic Condibor by dorS as to how they may be used. Movement In funds Movement In funds Rtzources Balance at Ineoming ReBoure•s exp•rMledl January 2024 f•¥ourc•# expended 8alanc• at 1 January 2023 wvsowte Tr8nBf• Balan¢• at 2024 Loot for LÈThwick LCC Rgcov6ry Fund SIC First Tesco Groundworks Shetland Community Benefft Fund sheand 13lands CounGiI 101 269 160 101 269 160 11011 1269) (1601 1.ofK) 2.000 11,OCIJ) 2.000 (2,0001 8.992 (8.992) 3.01)0 11,0001 8.992 (9.261) {22611 The Loot for Lorwk )lJnd is for the purchase of fitness equiwnent The LCC Recovery fund Is for the purchase of sailry equipment. The SIC FirstAid fund for prov¥JivvJ FirstNtl trainitwJ. The Teso) GrouThlworks fund is lor the purchase of Fokj shirts for rwng teams. The Sheljand Communty Benefft fund and Sdnd Islands Council is for the purchas6 of rescue Lx)at. trader, updale of dinghy equipment and replacement fioorlng. 17-
LERWICK BOATING CLUB SCIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Unrnstrlet•d funds The unrestriet8d funds of the charity comprise the unexpended balances of donations and grants whlch ar$ not subject lo specific conditions by donors and gronlors as to how they may be uyed. These Include desvJnaled funds whlch have been set aside out of unrestricted fund$ by the Irusiees for specific purp05es. Movement In fund• In6oming ourc•* B•lanc• bt 1 January 2024 Trarol•r• Bal•nc• at 31 O•c•mb•r 2024 •xp8nd•d Copital assets Unrestrfcted general fvnds 234,407 32.397 767 8,942 235,174 27,285 42,877 {56,9311 288,804 42.877 156,9311 9,709 282.469 The transfers befvleen lund8 include8 8mortisalion of grants roceSved 8nd ro1908ed for capltsl ¢xpendilure over Ihe useful economlc life of the assets. 18-
LERWICK BOATING CLUB SCIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAhlBER 2024 22 An•ly¥i5 of nat assets funds Unre5trictsd Restricted RtrICtsd funds fund$ capllal funds 2024 Totsl UNe8trict•d Re¥trl¢ted Restricted funds fvnds capltal funds 2023 Total 2024 2024 2023 2023 2023 Fund bala1$ al 31 December 21Y24 are represented by.. Tangible assets Investments Current assetsllliabllities) 235,174 31.943 267.117 234.406 20,643 255,049 27.284 27284 32.397 2.530 34,927 262,459 31.943 294,402 266.804 2.530 20.643 289.977 19-
LERWICK BOATING CLUB SCIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Related party transactlons LenICk Boating Club SCIO own IQOOA of the share capitsl of Lerwick Boating Club Limited. At 31st December 2024 th&r8 was a loan from LeTh¥ick Boating Club SCIO lo Lerwick Bo?ting Club Limf(ed or £8,89312023.' £8,143> No Interest is b8ing tharged on thi5 balance and no repaymenttgrms were in place 81 the year end. During the year LeIck Boallng Club SCIO rec8lved a donallon from Lerwlck BoalSng Club Llmlled of £24,751 {2023'. £21.958). 24 Subsldlarl These Ilnanclal statements are sep8r8te charfty financial 8ts1emèntB for Lerwlck Boating Club. Det8118 of the charity's subsldi8ries al 31 Decemb8r 2024 are 08 follows,, Nam• of undortaklng R•gl8t•f•d offlce N•tur• of bu•ln•8# Class of % Held shartt h•ld Dlroct L¢( Boallng Club Llmll8d SC582936 ScoU8nd Licen8ed club Ordinary 8hare8 100 The aggregate ¢apital and reseThe8 and the resu for th• year of subsidlarles excluded fro con801idation w98 a8 follows.. N•m• of und•rtaklng ProflVILN•l Capltal and R6urvo8 Lerwick Boating Club Llmil•d SC582936 (990) 25,309 -20-
LERWICK BOATING CLUB SCIO MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024 T.h• followlng pag•¥ do not form part of the statutory flnanclal stalement• whlch are th• 8ubl•ct of th• Ind•p•ndent oxamlnèr'$ roport. 21-
LERWICK BOATING CLUB SCIO DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 INCOMING RESOURCES Donatlons and LegacSeB UF Donations and gifts RF Government grant income RF Other general grants 4.726 8,992 4.812 2.000 1,000 32,466 7,812 Income from Charftabl6 Actlvltle• Memberships Showers and wgshing machine¥ Junior sail training income Other income 4,112 2,755 4,459 2,834 1,273 7,412 2,128 9,860 15.978 0th8r Imcomlng R••ourco¥ Souvenir 8ales Pool table incom LaThvick Bogtlng Club Ltd donation UF Galn on di8PO8al of tangible fixed a8SOts 788 104 24,751 2,850 758 90 21,958 28,491 22.806 TOTAL INCOMING RESOURCES 70,617 46,596
LERWICK BOATING CLUB SCIO DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 OUTGOING RESOURCES Ctfj of Raising Funds Souvenlr purchases adlusled lor stk 859 589 859 589 Charltsblo Expendltur• Rent er rate8 H8818nd light Repairs and malntenanco In$urgn Sailing and regatta expèn8e6 Telephone Cleaning Adveruslng and stsllonery Sunthy expenses Entertainmenls Catering exper8$ Bank charges Subscriptions and Ilcen¢o8 Depreciats'on SYRA Prizeglvlng expen883 Legal & professional fees Independènt examln8tion and accounts preparation fees Salling 8nd regatta expen8e$- restricted Premise8 cosI8- restricted 91 542 8.961 5,580 8,635 12,059 751 4,320 975 615 1.480 257 1,341 5,922 1.039 5.847 11,601 632 4,883 912 200 1,370 1,464 78 869 7,809 587 680 11,830 366 950 4.394 4.867 1,340 1,000 85,333 48,982 Oth•r Expondltur• UF Lo88 on dlsposal of tangible ffixed 88sels 70 70 TOTAL OUTGOING RESOURCES 66,192 47.641 NET MOVEMENT IN FUNDS 4,425 1,045 -23-