Stranraer Water Sports Association SCIO For the Year Ended 31 October 2024 Cb*rlty No: SC049268
Strgnraer Water Sports Association SCIO Contents of the Financial Statements Year ended 31 October 2024 Page Reference and Administrative Infonnalion Trustees, Amiual Report Ind¢pend¢nt Examinels Report Ststemeni of Financial Activities Balance Sh¢¢l Notes to the Financial Statemen1$ 10
Stranraer Water Sport$ Associ%tioD S0 Referenc¢ and Adn)ioistrativ¢ Infonn*tioll Charity Name: Stranraer Water Swirts Association SCIO Charity Registration Number: SC049268 Contact Address.. The Boat House Agnew Park i9 7JZ Trusle Chaiman and Trusu Indcpcndent F.Yamlner Mcmillan Bain & Compan). 27 High Pk Avenue Sirdnraer DG9 ODE Bankers Th¢ Bank of Scotlan4 15 Bridge Stseet StraIaer I9 7JA Page 3
Strnnraer WAtsr Sports AsJodtion Sao Trustees, Anrtual Report Year ended 31 October 2024 penod ded 310th 2024. Strueturn. GoverDanc¢ nd nagem¢llt CoA<utlon Th¢ Ch8ri¢y is 8 Ill (h8htsa¢WD 14 SCIO). It ies ¢urrent legal fomi on l M4y 2019. 1¢ hx a tKr and aB sh the trwc¢J m¢ w tx some oftht nKthb¢T5 of thc Cknty. klt¢t aid Appolnthxmt of TrYst¢ Tnutc¢s ar¢ appou)ted by the at th¢ ¢Jener•l third of the St gre 8pposntsd ty rt4>w>uJi¢d ¢¥h yeu. Obl¢ttlvu And Attlvlllts Cknyltsbh Porpo The adv)tetrl of publi¢ p¥¢]¢1p1Dn En wrt and the of f]¢5. L¥ the Or81¥10n of recreaiiond &Laiviiies, with the objed of the &'ll0 of lift fw the perwns for whtsm ¢1 Or41V18 A¢tlYltles l Establish maD)iain 'wa¢ersporL4 centr. w frrft¢r th¢ of1 WT SPO duduL8 lttl0u8h ZLOI Mjdwivcl $iilin& wmd gJrfin& knyakth& skJ"ITrowip& wat¢r 3. CTezl¢ an wocioti(XL th1lwnbra a8ts •Jd 8mWJS. SFrtJfi¢dly t4bjn8lttIQ sitys to encoura8¢ pthKiwion ofth¢ disabled difvtA8ry1 b%kwrth. 4. Provide Fxiliiies Bpproved w4wbme 1vIlle 6 Or8Ani4¢ 4ny rIn8 undwth¢Thles of the ISAF. RYA. ICF. PW& SCRA d04Tyk5 m8y b¢ 8ppliG8ble 8nd opproryi4¢. 7. Provid¢ w¢iEI fw"Jiii¢J f(¢th¢benefit 0fmofts SWSA 4yord by thr its opporLuDitie& P4y4
Trnst¢es' Report (fODL) YeAr tMded 31 October 2024 A¢hlevtmtllts ittd P¢rforniAii¢e l Te]M)rted In1&4t y¢w's f5nanGial slat¢ttMI Ihe yst.5 SU¢C¢5s in se¢uTing fundsng of £5.4tn WardS the buildttigof ow WerSPts hub gt the ttint ¥thcdulcd to k complffl¢d by the summ of 2025. Sub5¢qu¢fLi r¢visiollof te[n desiwj features Costin incte&%tJ th¢ fin budgetto £0.7m nece&sitaiinB the $uc¢e5slu] ge4rch for &lditiorLg1 fimding" a co])5¢qu¢nce of thL% th¢ d¢lay in the gi8wn8 of contract8 and necessary le8¥J cons¢nts findlly tnfibling building lo ¢ommenee mid- October I •n plelqed io confirm thAt the appointed contractors ar¢ now on slt¢ worknn8 h8ndin¥over8 compled buildin8 in the carly summerof2026 Collabotation with thecouneil's MMIDtV¢[0plltht (¢am under the obj¢ct)vts of Ihc"f)ne Wit¢rfronl" proJe¢i with MannaexpanSLOll WOTks plonn¢d to Com[t¢¢ with dr¢dgmg of the Jnn¢r harbour in Aututrm of thL% ye4r. Th¢sc works towher with the r¢rrVal otmthore rock¥ sto old sewer oknileLs b¢sid¢ the Eaqt PieT will marktdly decre&se the dep¢nden¢y on high tides lo nmke th08e areB$ #v&ilabl¢ for luiiion. W¢ ¢oniinued loemploy two full lime, qualified iDStrudoTS who train $ ¢orp5 (kf Youn8 Insbuior& to 51St Ihcm in rnnnin8 vllrious wot¢r-ba5¢d aciiviiLes. Th¢iT iniiiaiives in developirtB the Kids Club and worknng with local 007,5 group8 been gn ouistandin8su¢ce55 and dcslin 10 Brow s¢rnn8ly in 2025. A $ub¢onunillee ofTrusS 8nd mcmbersof Ihe SCRC w&8 Xl up lo Pl )d r8i8e lknnd$ forthe SkiffieWoTldi 2025 event with thkes ploce in July. W¢ ¢ontinu¢ to develop md inprov¢our govcrnancewietn8 in ittms ofpolicie5 and compliance Bnd haverecerttly bttom¢ F•ir Work Employer complimt. FlIAL¢ll Revl¢w Th¢ pruJ¢iple SQUT¢¢ Otincome is thTOU8h ¥u¢cw8fv1 tndIng applic10$. The defi¢rt f¢rthey¢w w*4 £65,144 IPY. deficit £74,097). Re¥¢TYU Poll Th¢ SWSA is kn umbrella OT88nis8tion who's purpose Is to suppori the devtlopm¢ni ofwai¢rJport Ii¢Lpaiiott. So our finHnces for th¢ ¢¢ntro18¢)vite8 w¢ provide to our affilithed clubs and in dev¥lopiD8 wat¢r sporty for Ihe MmunIty. bui not thr nDin8 of the clubs themselve5. We op¥rat¢ a poli¢y of ke¢pin8 ec$s av8ilftbl¢ & possibl¢ by lJinilin8 our membership f¢¢5 10 th¢ lowr leve] we can. We achieve this by knowing v¢ry ¢11Y wh&t ow tixed co9ts aT¢ Rot conunittin lo qny tm¥ costs IhAI we don't have ¢ovcrJ8¢ for in 8rqnl or other inwme. Payc J
Trustees, Annual Report (eottL) Year ended 31 Oetober 2024 Pl•¥ f•r th¢ The Hub GL¥Dnxnced ith a wnVkn d in m#i2026, wkLL81 I1[ r iDi¢ttd¢d tobc avwiabk forSknffieWorld4 thcplw of altttn&ive faCJliS tbe hub's . alIability is Doi vi¢¥wtd us iw d¢rrThnrDr w the ev•rt A fie4 of th.ngh wijl be purchHd to f]]it>S8l1lO8ftsrkIds orAI xhool's All in all. 2023.24 ha% been a s¢¢$$ y¢u on]y in of tho Hub Bviid ]rye¢t bu¢ 41so in achrving and preyarinK for Skiffiell'orldq 202$ Club, and schr] a rtsw ofswlmg on the locl TOWiDg end In cr¢ing Trumber ofy0#S tr0]nll insthrn of The Tnr*etr 4rrlre thr trPT,-,I"LL4 th: Tni-.tj.
Stranraer Water Sports Association SCIO Independent Exan)iner'J Report Year ended 31 October 2024 l report on the 0ntS of the cljatity for the period eThled 31 October 2024 which set out on pages 8 to 16. Resp¢¢tiY¢ ruponsibilitiu of¢ru5tecJ and exanlmer The charity's trntee5 are responsible for the weparation of the accounts in ac£ordance with the tems of rhe Charities and Tntsiee Investment (Seotland) Act 2005 and the Ch¥ities Accounts (Scotland) Regulations 2006 (as arnendal). The Gharity truslccs NsIder thal the audii Tcqultemeni of RegUloll 10( I) (a) to {¢) of the ACCO15 Regulations does not apply. It is my respsibility to examine the accijunts as required under section 44(1) (¢) ot'the Act and to siaie wkther particul& rnallers have ¢(xne lo my attention. Basls trf illdepend¢•t tuminer's ststement My examination is carried out in accordance wtth Regulation I I nf the c.harities Accoiints {S¢otland) Re8ulaliim$ 20n6 (a$ arnended). An ex2minalion includes a Teview of the accounting records kept by the charity and a Comparis of the ounts presentsd with those r¢¢ords. It also includes ¢on$ideration of any unusual it¢ms or disclosur¢s in th¢ accounts, and seeks explanations from the IrLLSt¢¢5 Gonceming any such matt¢rs. The pr(KcduTes urKlertaken do noi provlde the evldence that would be requir¢d in an autil, and consequently I do nol express an audit opinion on the view given by the aecounts. IndependeAt examlner'8 statement In the course of my examination. no nwtter has come to my attention.. which gives me re&sonable to helieve th•t in any material respect the requirernents: to keep accounting records in accordance wilh Section 44(1) (4) of the 21N)5 Ael And R¢8ulalion 4 of th¢ 2006 Accounts Regulatiom thm¢ftdcd>. and to prepar¢ a¢wunts which with the acCOting records and comply with Regulatlon 8 of the 2006 Accounty Regulations las amended) have not been md. OT lo which. in mw opinion. altention should be draii'n in order to enable a proper undff5tanding oiiipdn J. 27 High PaTk Avenue Stranr&er DG9 ODE Date.. 26 March 2025 Page 7
Strallraer W8ter Sports A&vi•do SCIO ststemelll of Financial Actlvltl YeAr ellded 31 October 2024 Note FuDds 2024 F¥ndi 2024 Totsl 2024 Totsl 2023 Income fro•: Don195 and legxies ChaTÉtable tivItIeS Othcrtrading aL#ivrti¢s 331625 332,625 22.867 1.3 249,342 19.538 22.867 i J Totsl Incom• 24.167 332,625 356.792 269.080 KInditre on: Charitttbie &tivitses Tot] ¢xylldltyr• 16294 16294 275,354 275.354 291.648 291.648 343.177 343,177 N¢t 5M¢Ohbl*R reJOU 7.873 s1.1 65,144 {74,0971 3,3JO (3JJO) Net movemffit ID 11,223 53.921 74,097 R¢coDellkntion of fttndL" To¢aJ fund5 brought foThY¥rd Tot•1 tknnds urTl•d f•rwArd 130.219 141A42 66.699 120hiO 196.918 262.062 309.911 235114 Page 8
Stranraer Water Sports Association SCIO Balance Shett at 31 Oetob¢r 2024 Unres¢rided R¢ri¢ted Funds FuDds 2024 2024 T)¢al Finds Total Funth 2024 2023 Mx¢d Au•t4: Tttnsibl¢ ass¢ts Investments 128.057 73 J47 201,404 150.333 Total Flxed Asstts 12&057 73J47 2DI.41M 15OJ33 Current Debiors CLsh at bank Bnd in hand Tot41 Current knets L4bllltl• 9.975 37.298 47373 9,975 51,978 61.953 14.680 127,434 127A34 Crc¢Jilor¥ flin¥ due within one year Net Curren¢ Ag8¢ts 10 1294 13J86 1.294 60.659 3,943 123,491 47373 Creditor8 fa]ling du¢ aft¢r thanone yar Asseti 141,443 I2010 262,062 273,822 The fund$ of the ch•rity: Restricted income funds UIur51ri¥ttd iJKoine fuThls Total chArity fumds 13 120.620 120,620 141,M2 262,062 66.699 130,219 190,918 141,442 141,442 1211620 on their behalf by.. Pa8c 9
Stranraer Water Sports Association SCIO Year ended 31 October 2024 Accounting PolleSes The principal a¢¢ounting policie5. which have been applied consistently in the current and preceding year in dealing with items which are considered material to the accounts. are set out below. Basis of PTepantioD The financial statements have len prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applt¢able to charities preparing th¢iT accounts in a¢¢ordance with the Financial Reporting Standards applicable in th¢ UK and Republic of Ireland (FRS102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the UK and R¢public of Ireland (FRS102), the Charities 8nd TTUSt¢e Investment (Scotland) Act 2005 and the Charities accounts (Scotland) ReRulations 2006 (&8 amend¢d). Fund ecouDting The funds held by the charity are either: Upweslrictgd gexeralfimds - thes¢ funds are expendable at th¢ discretion of the trustees in furtheran¢e of the objects of the char&ty. If parts of the ut)restricted funds earniark at the disuetion of the trustees for a particular purpose, they are designated as a separate fund. This desigDation has an administrative purpose only and does not legally restrict the trust¢¢s' dtscretion to aDDly the fimd. Restricledfunds - these ar¢ fimds subject to specific requirements as to their use which may b¢ dlared by the donor or with their authority or creatsj through legal Processe4 but still within the wider objects of the charity. Ineolning ruouree tncome is recognised when the clwity h&s entitlement to the funds, any Frfornw)¢e ¢onditions attach¢d lo the item(s) of income have been mel it is probable that the income will be received and the amount Can be Mured reliably. Donted serviees and f¥cilities Donated professional services and donated fa¢ilities are recognised as Income when the charity h&s control over the item. any conditions associated with the donated itetn have been mec the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In ¥cordance with the Charities SORP (FRS102) th¢ genernl volunteer time of volunt¢¢rs is not recognised. On receipL donated professional services and donated facilities are reCOlS¢d on the basis of the value of the gift to the ¢harity whi¢h is the atnount the charity would have been wklling to pay to obtain setvi¢es or facilities of equiva]¢nt economic b¢nefii on ihe open markeL a cotresponding amount is then reColsed &s expenditure in the period of receipt. Interest receivable Interest on fiinds held on deposit is included when receivable and the amount can be measured reliably by the charity. this is normally upon notification of the interest paid or payable by the Bank Page 10
Stranraer Water Sports Association SCIO Year ended 31 Oetober 2024 Flxed A88ets Tangible fixed assets are included in th¢ balance sheet al cost or at market value at the date of the purchase or gift. Depreciation is provided on all tangible fixed &ssets at rates calculated to write off the full cost or valuation less estimated residual value of each ass¢t over its estimated useful life. The principal rates in us¢ are.. Property Plant and Equipm¢nt Office Equipment Oyo 200/0 reducing balance, 25Yo Strnight line & 33.30/0 Straight line 200/0 reducing balance Investments Flxed Set investmenis are slated at market value at the balance sheet date. Unrea]ised gains and losses represent the difference between the market value &1 the beginning and end of the financial year or, if puwhased in the year, the difference beiween cost and market value at the end of the year. Realised gains and losses repr¢s¢nt the difference between the proceeds on disposal and the market valu¢ at the start of the year or ¢osi if purchased in the year. Taigtlon Stranraer Water Sports Association is r¢¢ow)ised as a charity for the purposes of appli¢able taxation legislaiion and is therefore not subject to tsxation on its charitable activitieg. The charity is not registered for VAT. Pagell
Strnnrtr Watersports AsSOCiatlon SCIO Nolts fonning part of ibe financi•l stattmttjts YeAr tnded 31 O¢tob¢r 21124 Unrairkte Fynd5 Funds Tot1 2023 D&GCounLil Swh ofsrLrt1dEnier$ Bi8Lortery Th¢Holywth)dTnMt D&G Re1 Iljroj VisioninÉ Fult S(titshCourt 1)0 $111025 D1 IAJF strknrAU Skllls SIthL 1Th.248 10,é2 47. 9,975 170248 10.682 47,000 9975 150.024 10.6 61.632 10,w) 10.0 7,196 0.4(k) 112JO 72,570 2.500 2.000 332.é25 iijso 72.S70 2J 332.62J 2 Intorrtt rhirtthbknuii¥ltl 18296 18296 L¢ts G¢tW¢t Ful& Fcil 4 J23 540 540 ) l•come froN•theYiTdlniArllvhl IXi ofBo 5.300 I JOD ij Page 12
Str4nrA¢rWtrrSports Ajsociatim SCIO YereDded 31 O¢tobtr2024 TX S AMtysb•fEw Bul Sw Fe¢s lJ72 4.475 4.175 225 150 IA16 75 413 SA13 2J.167 sBJi$ 4TF 1,733 12.725 96.620 GrfW SUffle Worlth Fin Foil 144 IB,976 144 1&976 3356 6.176 21.8ty) 144.730 1)8.554 Fwbijitysp I)67 136M 23732 l J31 1.705 lJ31 I38. 239.m Tq*T 275 Py13
StmrIerWI1¢r SpoFts AoCIatIOn SCIO r4thts formiug PArt of Ihe fin4DciI $tst¢ments YtArtnded 31 O¢tober 2024 2024 20LI fj St4ff¢05ts4d 47,895 29288 S(1 se¢urityrow Pensir 902 48.797 508 29.856 Thr aWTMmbcTof¢wioyK5dUrinBihe5rarth*8&4follo.' 2024 Numkr 20 F4umber [n5mL¥s 7 TrutheRntr•IknIItyJ RtJitedPgrtyTrwA¢lloni Page 14
S¢riraerWakr Sport¥ AJsotl•tlM SCIO Note¥ formtig of th¢ fth#uilll st•¢¢¢mts Yr¢Dded 31 Ottober2024 Pty&t I15P34 .ffj64 77hJl 192. ll961 AddillOTd Ai31 (b¢r2?4 It9928 At I NDvcnth202J 42J32 41332 21.Th) At31 thwbtr2024 6V21 NÈtBMkV• Al 31 (knobtr2024 AI 31 OMote¥202J IiSOJ4 W99 IJ3 9 Dbt• Fin& Ftél 9.97$ 9.975 l• Crtdh•rt Cr*li1tyS PAYT & NIC P4e 15
Str&#rxtrW¥ttrsportsAskntltim Sao Year ¢odtd 31 Ottobtr2024 73J47 201.404 47373 01953 (1294) (1294) 141.443 IX)b20 262.(2 12 VthMt¢¢rs 13 Atjl c*tobeT 146.105 {IIV51) (138.027) {18.9761 5J54) 13270) (5JTh5) 91.183 29.437 Skn'fffj¢w$ts2Q2S 13.79) 33162$ (3J50) 120.620 uDvUtrted ts.. 24.167 24.167 (10294) (10294) 3J50 3J50 141.442 141.442 13021 196.918 356.W2 Q91.648) 262.062 Pyl6