2025-12-31-accounts

Charity Registration No. SC047617 (Scotland)

LERWICK BOATING CLUB SCIO

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2025

THE A9 PARTNERSHIP LIMITED Chartered Accountants 47 Commercial Road Lerwick Shetland ZE1 0NJ

LERWICK BOATING CLUB SCIO

CONTENTS

	Page
Trustees' annual report	1 - 3
Independent examiner's report	4
Statement of financial activities	5 - 6
Balance sheet	7
Notes to the financial statements	8 - 20
The following pages do not form part of the statutory financial statements
Detailed statement of financial activities	22 - 23

LERWICK BOATING CLUB SCIO

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Ms S Halcrow
	Mr T Allan
	Mrs C Garrick
	Mrs E Jamieson
	Ms Z MacRitchie
	Mr J Manson
	Mr S McLeod
	Mr S Nicolson
	Mr P Robertson
	Mr H Thomson
	Mr C Uren
	Mr A Anderson
	Ms E Smith	(Appointed 29 April 2025)
Charity number (Scotland)	SC047617
Registered office	12a Commercial Street
	Lerwick
	Shetland Isles
	ZE1 0AN
Independent examiner	The A9 Partnership Limited
	47 Commercial Road
	Lerwick
	Shetland Isles
	ZE1 0NJ

LERWICK BOATING CLUB SCIO

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees present their annual report and financial statements for the year ended 31 December 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

Objectives and activities

The organisation's objectives are:

• To promote the advancement of public participation in the sport of boating including instruction in sailing, particularly for young people.

• To support the advancement of the seamanship heritage of Lerwick with the promotion of the Shetland Model Sailing Boat as a racing boat.

• The provision of recreational facilities, or the organisation of recreational activities with the object of improving the conditions of life for the persons for whom the facilities or activities are primarily intended.

The trustees have paid due regard to guidance issued by OSCR in deciding what activities the charity should undertake.

Achievements and performance

In the last year, the Club has continued operating as a SCIO with the bar trading as a separate Limited Company.

The Club continues to offer a high standard of facility to both its members and visitors, whilst also seeking to improve facilities wherever possible through a maintenance and renewal programme.

The Club continues to benefit from high levels of volunteer support from our members, and the Club seeks to help our members by providing training for the duties they carry out wherever possible.

The Club has a close working relationship with the Port Authority, providing washing and laundry facilities for all visiting yachts to the Harbour, with the Harbour assisting in our operations and regattas throughout the year.

The Club also maintains excellent connections to the boating community, both locally, nationally and internationally, by hosting sailing and rowing regattas, as well as being host club and port to renowned yachts races each year.

Financial review

Total income in the year amounted to £49,737 (2024: £70,617). Of this £49,737 (2024: £42,877) was unrestricted and £0 (2024: £27,740) was restricted income and capital funding.

Total expenditure in the year was £57,169 (2024: £66,192) of which £0 (2024: £9,261) was restricted expenditure resulting in an overall deficit for the year of £7,432 (2024: surplus £4,425).

Closing reserves and net assets were £286,970 (2024: £294,402) including £25,982 (2024: £31,943) of which are restricted income and capital funds.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

• 1 -

LERWICK BOATING CLUB SCIO

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

Reserves policy

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity, which have not been designated for any other purpose.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by funders or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund.

Structure, governance and management

The charity is a Scottish Charitable Incorporated Organisation. It is controlled by way of its constitution which serves as its governing document.

The trustees who served during the year and up to the date of signature of the financial statements were: Ms S Halcrow

Mr T Allan Mrs C Garrick Mr R Goudie (Resigned 29 April 2025) Mrs E Jamieson Ms Z MacRitchie Mr J Manson Mr S McLeod Mr S Nicolson Mr P Robertson Mr H Thomson Mr C Uren Ms F Valente (Resigned 29 April 2025) Mr A Anderson Ms E Smith (Appointed 29 April 2025)

None of the trustees has any beneficial interest in the organisation.

The structure of the organisation consists of:

• The Members - who have the right to attend members' meetings (including any annual general meeting) and have important powers under the constitution; in particular, the members appoint people to serve on the board and take decisions on changes to the constitution itself;

• The Board - who hold regular meetings, and generally control the activities of the organisation; for example, the board is responsible for monitoring and controlling the financial position of the organisation.

The people serving on the board are the charity trustees. The maximum number of charity trustees is 15 and the minimum number of charity trustees is 9.

A person will not be eligible for election or appointment to the board unless he/she is a member of the organisation. A person will not be eligible for election or appointment to the board if he/she is:

• disqualified from being a charity trustee under the Charities and Trustee Investment (Scotland) Act 2005;

• an employee of the organisation, except for the Commodore, Honorary Secretary and Treasurer.

• 2 -

LERWICK BOATING CLUB SCIO

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The report was approved by the Board of Trustees.

S Halcrow

Ms S Halcrow Trustee

28 April 2026

• 3 -

LERWICK BOATING CLUB SCIO

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LERWICK BOATING CLUB SCIO

I report on the financial statements of the charity for the year ended 31 December 2025, which are set out on pages 5 to 20.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1)(a)-(c) of the Charities Accounts (Scotland) Regulations 2006 does not apply.

It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

In the course of my examination, no matter has come to my attention

1. which gives me reasonable cause to believe that in any material respect the requirements:

2. to keep accounting records in accordance with Section 44(1)(a) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 4 of the Charities Accounts (Scotland) Regulations 2006, and

3. to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the Charities Accounts (Scotland) Regulations 2006

have not been met, or

1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

The A9 Partnership Limited

The A9 Partnership Limited

47 Commercial Road Lerwick Shetland Isles ZE1 0NJ

30 April 2026

• 4 -

LERWICK BOATING CLUB SCIO

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2025

Unrestricted Restricted funds funds capital 2025 2025 Notes £ £ Income and endowments from: Donations and legacies 3 8,260 - Charitable activities 4 11,525 - Other trading activities 5 5,739 - Investments 6 24,213 - Other income 7 - - Total income and endowments 49,737 - Expenditure on: Raising funds 8 73 - Charitable activities 9 57,096 - Total expenditure 57,169 - Net income/(expenditure) (7,432) - Transfers between funds 5,961 (5,961) Net movement in funds (1,471) (5,961) Reconciliation of funds: Fund balances at 1 January 2025 262,459 31,943 Fund balances at 31 December 2025 260,988 25,982	Total Unrestricted Restricted Restricted funds funds funds capital 2025 2024 2024 2024 £ £ £ £ 8,260 4,726 8,992 18,748 11,525 9,660 - - 5,739 890 - - 24,213 24,751 - - - 2,850 - - 49,737 42,877 8,992 18,748 73 859 - - 57,096 56,072 9,261 - 57,169 56,931 9,261 - (7,432) (14,054) (269) 18,748 - 9,709 (2,261) (7,448) (7,432) (4,345) (2,530) 11,300 294,402 266,804 2,530 20,643 286,970 262,459 - 31,943	Total 2024 £ 32,466 9,660 890 24,751 2,850
		70,617
		859 65,333
		66,192
		4,425 -
		4,425 289,977
		294,402

• 5 -

LERWICK BOATING CLUB SCIO

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

• 6 -

LERWICK BOATING CLUB SCIO

BALANCE SHEET

AS AT 31 DECEMBER 2025

2025 Notes £ Fixed assets Tangible assets 13 Investments 14 Current assets Stocks 15 1,678 Debtors 16 22,619 Cash at bank and in hand 6,275 30,572 Creditors: amounts falling due within one year 17 (2,910) Net current assets Total assets less current liabilities Capital funds Restricted capital funds 18 25,982 Income funds Unrestricted funds 20 260,988 The financial statements were approved by the Trustees on 28 April 2026 S Halcrow C Uren Ms S Halcrow Mr C Uren Trustee Trustee	£ 259,307 1 259,308 27,662 286,970 25,982 260,988 286,970	2024 £ 748 17,381 13,707 31,836 (4,552) 31,943 262,459	£ 267,117 1
			267,118 27,284
			294,402
			31,943 262,459
			294,402

• 7 -

LERWICK BOATING CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

Charity information

Lerwick Boating Club is a Scottish Charitable Incorporated Organisation, incorporated in Scotland. The registered office is Lerwick Boating Club, 12a Commercial Street, Lerwick, Shetland, ZE1 0AN.

Lerwick Boating Club SCIO has a wholly owned subsidiary, Lerwick Boating Club Limited. The aggregate gross income for the group is below the threshold for preparing consolidated accounts. The exemption from preparing consolidated accounts has been taken and these financial statements therefore are separate financial statements for Lerwick Boating Club SCIO.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

• 8 -

LERWICK BOATING CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

1.5 Expenditure

All Expenditure is accounted for on a accruals basis and is recognised once there is a legal or constructive obligation to pay for expenditure, it is probable that a settlement will be required and the amount of the obligation can be measured reliably. All costs are allocated between the expenditure categories of the Statement of Financial Activities on as basis to reflect the use of the resource.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. These costs include staff costs, overhead and governance costs.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Pier, clubhouse and boat store No depreciation charge Boats and equipment 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

No depreciation is charged on Pier, clubhouse and boat store as a result of estimations made by the trustees. See note 2.

1.7 Fixed asset investments

Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Stocks

Stocks are stated at the lower of cost and estimated selling price.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

• 9 -

LERWICK BOATING CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

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 historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The trustees estimate that the residual value of the Pier, clubhouse and boat store is in excess of carrying value (as disclosed in note 13) and therefore no depreciation has been charged.

• 10 -

LERWICK BOATING CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

3 Donations and legacies

Unrestricted Unrestricted Restricted Restricted funds funds funds funds general capital 2025 2024 2024 2024 £ £ £ £ Donations and gifts 8,260 4,726 - - Grants receivable - - 8,992 18,748 8,260 4,726 8,992 18,748	Total 2024 £ 4,726 27,740
	32,466

4 Income from charitable activities

	Unrestricted	Unrestricted
	funds	funds
	2025	2024
	£	£
Memberships, showers, training and other income	11,525	9,660

5 Other trading activities

Other incoming resources Fundraising events Sponsorships and social lotteries Other trading activities	2025 £ 1,125 2,614 2,000 5,739	2024 £ 890 - -
		890

6 Investments

	2025	2024
	£	£
Donation from subsidiary	24,213	24,751

• 11 -

LERWICK BOATING CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

7 Other income

		Unrestricted		Unrestricted
		funds		funds
		2025		2024
		£		£
	Net gain on disposal of tangible fixed assets	-		2,850
8	Raising funds
		2025		2024
			£	£
	Fundraising and publicity
	Other fundraising costs	73		859
		73		859
9	Expenditure on charitable activities
		2025		2024
		£		£
	Direct costs
	Cost of activities and support costs	56,116		64,383
	Share of support and governance costs (see note 10)
	Governance	980		950
		57,096		65,333
	Analysis by fund
	Unrestricted funds	57,096		56,072
	Restricted funds	-		9,261
		57,096		65,333

• 12 -

LERWICK BOATING CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

10 Support costs

Support costs
Support costs Governance costs £ £ Independent examination fee - 150 Accountancy - 830 - 980 Analysed between Charitable activities - 980	2025 £ 150 830 980 980	2024 £ 150 800
		950
		950

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

No other trustee expenses were incurred or paid.

12 Employees

The average monthly number of employees during the year was:

	2025	2024
	Number	Number
Total	-	-

There were no employees whose annual remuneration was more than £60,000.

• 13 -

LERWICK BOATING CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

13 Tangible fixed assets Pier, clubhouse and boat store Boats and equipment £ £ Cost At 1 January 2025 231,624 73,312 Additions - 1,419 At 31 December 2025 231,624 74,731 Depreciation and impairment At 1 January 2025 - 37,821 Depreciation charged in the year - 9,227 At 31 December 2025 - 47,048 Carrying amount At 31 December 2025 231,624 27,683 At 31 December 2024 231,624 35,493	Total £ 304,936 1,419
	306,355
	37,821 9,227
	47,048
	259,307
	267,117

• 14 -

LERWICK BOATING CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

14 Fixed asset investments Cost or valuation At 1 January 2025 & 31 December 2025 Carrying amount At 31 December 2025 At 31 December 2024 Other investments comprise: Notes Investments in subsidiaries 23 15 Stocks Goods for resale 16 Debtors Amounts falling due within one year: Amounts owed by subsidiary undertakings Other debtors Prepayments and accrued income 17 Creditors: amounts falling due within one year Other taxation and social security Trade creditors Accruals and deferred income

Other investments 1 1 1 2025 2024 £ £ 1 1 2025 2024 £ £ 1,678 748 2025 2024 £ £ 13,203 8,893 5,820 4,747 3,596 3,741 22,619 17,381 2025 2024 £ £ 1,716 1,482 244 484 950 2,586 2,910 4,552

• 15 -

LERWICK BOATING CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

18 Capital funds

Capital funds
		Movement in funds			Movement in funds
	Balance at	Incoming	Transfers	Balance at	Incoming	Resources	Transfers	Balance at
	1 January 2024	resources	1	January 2025	resources	expended		31 December
								2025
	£	£	£	£	£	£	£	£
Blokarts grants	1,224	-	(306)	918	-	-	(230)	688
Renewable Energy Project grant	17,731	-	(3,833)	13,898	-	-	(1,750)	12,148
Dryer grant	1,688	-	(422)	1,266	-	-	(316)	950
Rescue boat and updates to dinghies grants	-	16,578	(2,644)	13,934	-	-	(3,483)	10,451
Pico trolleys and oars grant	-	2,170	(243)	1,927	-	-	(182)	1,745
	20,643	18,748	(7,448)	31,943	-	-	(5,961)	25,982

The transfers between funds includes amortisation of grants received and released for capital expenditure over the useful economic life of the assets.

• 16 -

LERWICK BOATING CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

19 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

		Movement in funds	Movement in funds				Movement in funds	Movement in funds
	Balance at	Incoming	Resources	Transfers		Balance at	Incoming	Transfers	Balance at
	1 January 2024	resources	expended		1	January 2025	resources		31 December
									2025
	£	£	£	£		£	£	£	£
Loot for Lerwick	101	-	-	(101)		-	-	-	-
LCC Recovery Fund	269	-	(269)	-		-	-	-	-
SIC First Aid	160	-	-	(160)		-	-	-	-
Shetland Community Benefit Fund	2,000	-	-	(2,000)		-	-	-	-
Shetland Islands Council	-	8,992	(8,992)	-		-	-	-	-
	2,530	8,992	(9,261)	(2,261)		-	-	-	-

The Loot for Lerwick fund is for the purchase of fitness equipment.

The LCC Recovery fund is for the purchase of sailing equipment.

The SIC First Aid fund is for providing First Aid training.

The Tesco Groundworks fund is for the purchase of polo shirts for rowing teams.

The Shetland Community Benefit fund and Shetland Islands Council is for the purchase of rescue boat, trailer, update of dinghy equipment and replacement flooring.

• 17 -

LERWICK BOATING CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

20 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Balance at 1 January 2025 r £ Capital assets 235,174 Unrestricted general funds 27,285 262,459	Movement in funds Incoming esources Resources expended £ £ - - 49,737 (57,169) 49,737 (57,169)	Transfers Balance at 31 December 2025 £ £ (1,850) 233,324 7,811 27,664 5,961 260,988	Transfers Balance at 31 December 2025 £ £ (1,850) 233,324 7,811 27,664 5,961 260,988
			260,988

The transfers between funds includes amortisation of grants received and released for capital expenditure over the useful economic life of the assets.

• 18 -

LERWICK BOATING CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

21 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted funds Restricted capital funds 2025 2025 £ £ Fund balances at 31 December 2025 are represented by: Tangible assets 233,325 25,982 Investments 1 - Current assets/(liabilities) 27,662 - 260,988 25,982	Total Unrestricted funds Restricted funds Restricted capital funds 2025 2024 2024 2024 £ £ £ £ 259,307 235,174 - 31,943 1 1 - - 27,662 27,284 - - 286,970 262,459 - 31,943	Total 2024 £ 267,117 1 27,284
		294,402

• 19 -

LERWICK BOATING CLUB SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

22 Related party transactions

Lerwick Boating Club SCIO own 100% of the share capital of Lerwick Boating Club Limited. At 31st December 2025 there was a loan from Lerwick Boating Club SCIO to Lerwick Boating Club Limited of £13,203 (2024: £8,893). No interest is being charged on this balance and no repayment terms were in place at the year end.

During the year Lerwick Boating Club SCIO received a donation from Lerwick Boating Club Limited of £24,213 (2024: £24,751)

23 Subsidiaries

These financial statements are separate charity financial statements for Lerwick Boating Club.

Details of the charity's subsidiaries at 31 December 2025 are as follows:

Name of undertaking	Registered	Nature of business	Class of	% Held
	office		**shares held **	Direct
Lerwick Boating Club	Scotland	Licensed club	Ordinary	100
Limited SC582936			shares

The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:

Name of undertaking	Profit/(Loss)	Capital and
		Reserves
	£	£
Lerwick Boating Club
Limited SC582936	2,826	28,135

• 20 -

LERWICK BOATING CLUB SCIO

MANAGEMENT INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

The following pages do not form part of the statutory financial statements which are the subject of the independent examiner's report.

• 21 -

LERWICK BOATING CLUB SCIO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2025

INCOMING RESOURCES Donations and Legacies UF Donations and gifts RF Government grant income Income from Charitable Activities Memberships Showers and washing machines Junior sail training income Other income Other Incoming Resources Souvenir sales Pool table income UF Fundraising events - GRR UF Sponsorships - GRR Lerwick Boating Club Ltd donation UF Gain on disposal of tangible fixed assets TOTAL INCOMING RESOURCES	2025 £ 8,260 - 8,260 4,868 3,446 950 2,261 11,525 984 141 2,614 2,000 24,213 - 29,952 49,737	2024 £ 4,726 8,992
		32,466
		4,112 2,755 665 2,128
		9,660
		786 104 - - 24,751 2,850
		28,491
		70,617

• 22 -

LERWICK BOATING CLUB SCIO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2025

OUTGOING RESOURCES Costs of Raising Funds Souvenir purchases adjusted for stock Charitable Expenditure Rent Water rates Heat and light Repairs and maintenance Insurance Sailing and regatta expenses Telephone Cleaning Advertising and stationery Sundry expenses Entertainments Catering expenses Subscriptions and licences Depreciation Great River Race expenses Legal & professional fees Independent examination and accounts preparation fees Sailing and regatta expenses - restricted Premises costs - restricted TOTAL OUTGOING RESOURCES NET MOVEMENT IN FUNDS	2025 73 73 90 333 7,595 8,654 7,174 9,922 830 3,599 969 204 1,410 112 757 9,227 3,947 1,293 980 - - 57,096 57,169 7,432	2024 859
		859
		91 542 8,961 5,560 6,635 12,059 751 4,320 975 615 1,480 257 680 11,830 - 366 950 4,394 4,867
		65,333
		66,192
		4,425

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