**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:
- 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
- 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
2. 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.
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## **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.
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## **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|
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## **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|
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## **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.**
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## **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|
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## **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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