Stranraer Water Sports Association SCIO For the Year Ended 31 October 2025 Charity No: SC049268 Stranraer Water Sports Association SCIO Contents of the Financial Statements Year ended 31 October 2025 Page Reference and Administrative Inforniation TrUs￿es, Annual Report Independent Auditor's Report Statement of Financial Activilies Balance Sheet 12 Cash Flow Statement 13 Notes to the Financial Statements 14 Notes to the Cash Flow Ststement 22 strall￿er Water Sports Association SCIO Referenc¢ and AdmRnistrative Information Charity Name.. Stranraer Water Sports Association SCIO Charity Registration Number.. SC049268 Contact Address.. The Boat House Agnew Park Stranraer DG9 7JZ Truste¢s Hany Harbottle John Fenwick Chairnian Treasurer Kevin Packer Secretary Wendi Cuffe Susan Farquhar Peter Arniilage Alex Haswell Hannah Logan Steve Dampney- resigned l May 2025 Julie Currie- resigned l May 2025 Ben Fortnam- resign¢d l May 2025 Auditors Farri¢s, Kirk & Mcvean Dumfries Enterprise Park Heathhall Dumfri¢s DGI 3SJ Accountants Mcmillan Bain & Company 27 High Park Avenue Stranraer DG9 ODE Bankers Royal Bank of Scotland, 15 Bridge Street Stranrder DG9 7JA Page 3 Stranraer Watsr Sports Assoclitlon SCIO Trustees, Annmal Report Year ended 31 O¢tober 2025 The trustees have pleasure in w¢sen¢ing their report together with the financial 5tatemen(s for th¢ Feriixl ¢nded 31 Ociober 2025. Structure, Goverllwuce and Mgn4gem¢Dt Coll$titMtIoD The Charity is a Scottish Charitable Incorporated Organisation (a SCIO). It was regIS￿red in it's ¢UTrenl legal fomi on l May 2019. It has a two tier stru¢ture and &8 such the injstees make up only some ofthe memb¢rs of the ch2rity. Rtcruitm¢n¢ and Appointment of TTUStee5 Trustees are appointed by the memb￿$ at ihe Annual General Meeting. On average onc thiTd of the trusiees are appointed or reappointed eaGh Y￿r. Objectives 8nd Actlvltl Charltable Puryo$es The advancement of public participation in sport and the wovision of recre&tional facilities, or the orgattisation of recreational activitie5. With the obje¢¢ of improving th¢ Conditions of life for the per50Ds foT whom the facilities or activitie5 are prirnarily intended. Aetlvltles In furtherance of its ¢haritsble purpose the a550ciation 15 aiming to undertake the followin8 activitie5.' l. Establish and mainiaift a'water sports centre, to f￿ter the inteT¢Sts of all varieties of water sports intliJdin8 lalthouEh not inclusivel sailing} Ivind surfin8, kayakin& canocing. skiff rowin& water skiirtgy motor boais keel boat5 and cruising boat5 etc, by increased participation in the supwrted sports. 2. Devclop a membership thai embra¢es both M'ater rel&cd and Social activitic& open io both ils members and visitors, thus t05tering the development of StranTaer as a desirablc holiday destination. 3. Crate an association that embi'ace5 all age5 and 50¢ial groups, spccitically taking positive steps to encourage participation of the disabled and those frorn disadvantaged social back ground5. 4. Provide facilities to approved groups for sailin& racin8 and other water borne activities as appToved by the c4)mmsttee. 5. Protnote and en¢oura8e training linked to go(NJ practices in the launching, sailing and recovery of water craft. 6. Organise any racing under the Tule5 of the ISAF, RYA, SRA, ICF. IWA, SCRA and cla55 rules ay may be applicable and appropriate. 7. Provide social and other facilities for th¢ Ixnefit of member5 of the SWSA &s approved by the ¢OTllrnittee. 8. Liaise and foster cooperation all other organisation5 that have a shared interest in water and its OPFQrtunitie5. Page 4 Trustees? Annual Report {conL) Year ended 31 October 2025 Athievemtrtts Perforniante This period saw the fii'st 51ep in the transitiort of the Associaiion from a ch2ritable water sport5 club to a social enterprise. Two farlors made thTrs incvitable.. firstly the Ope￿110￿ to build a new Watcr Sports Hub wjd, secondly. the consolidation of SWSA as a major in￿rnatIonal events organiser. The complexity both of the organi5alion of the Hub build and the need to k¢¢p delivering everyday a¢tiTrities ATound a building site has demanded a considerable increase in volunteer hours, particularly of some members of the board. Nevertheles5, despite delays due to weather laLk of cO￿eCt inforniation regarding sub-ieryanean infrastylleture, the board h&s managed to stay vigilant ond keep th¢ project on spe¢ificAtion if noi always 00 time. The flexibility ofsiaff and member5 to allow activities ro ¢ontinue despite constraints imposed by ihe building work has helped considerably. The Skiffieworlds evertt hosted in June 2025 a major success evidenced by excellent fe¢dback and an economtc impact of an estirnated £3rn plus. The week-long eveni attracted 3,882 competitors from teams around thc world watchcd by 25,000 spe¢tatots and supported by oveT 200 volunteers. Th¢ Csiablishmeni of the Scottish Fin 2nd Foil Championships at Loch Ryan for a ihTee year peri(Kl further cements our growing reputation as a major water sports venue. Financial Review The principle SOUTC¢ of income is through successful fijnding applicati￿$. The surplus for th¢ year was £2,217.655 {PY- £65.144). ReseTve5 Policy The SWSA is an umbrella organisaiith who's purrose is to SUpp￿t the development of Water5POrt participation. So our fjnances ar¢ for the ceniral services we provide io our affjliated clubs and in developing water sports for the cijmrnunity, but not the running of the clubs th¢mselves. We operate a ￿l1¢Y of keeping acces5 as available 85 Possible by limiting our tn¢mbership fees to the lowest level we can. We achieve this by knowing very clearly what our fixed c05t5 are atld noi committing to any new Costs that we don't have coverage for in grant or other inco]ne. Page 5 Trus¢ees' Annual Report (CODt.) Year ended 31 October 2025 PIAns for the Futttre The Hub buil¢ delayed somewhat by weatheF and the entirely proper d¢sit¢ to Bei the constructi( done io ihe Correct 5tsmdard now is estimat¢(I by the contractors to be compleied by autumn 2026. In the meantime new equipment has been purchased and is in use as we will coniinue to opei'ate oui. activities fruth temporary I￿atIonS in the m¢antim¢. A new stalyteam ha5 been re¢ruited including a Development Manager to build up the business to a level subthin(Ible with what the Association will be able to offer when the Hub is fully operational. SWSA ha5 bten invited to consider the hosiing of the next Skiffieworlds which is curr￿tlY under consideration. In the meaotim¢ ￿¢ wtll coniinue to expand oui. membership. our s¢hools and Get Wet programme and continue to grow our waier sports instructor& The TNsiees declare thai ihey have approved the Tru5tee5 Retth above. Signed on ￿hlIf of the charity's trustees HArry Harbottk Chahrnian Dxt¢: 7 JUIY 2026 Page 6 Stranraer Water Sports Association SCIO Independent Auditor's Report Year ended 31 October 2025 Opinion We have audited the financial statements of Stranraer Water Sports Association (Ihe'chaTiiy') for the year ended 31 October 2025 which ¢ompTise the Statement of Financia] Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant a¢¢ounting policies. The financial reporting framework that has been applied in their Preparation is appli¢able law and United Kingdom Accounting Standards, including Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (Uniied Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - grive a true and fair view of the stale of the ¢harity's affairs as ai 31st October 2025 and of the Charity's in¢oming resources and application of resources, including the charity's income and expenditure, for the year then ended. - have been properly prepar¢d in accordance with United Kingdom Generally Accepted Accounting Pra¢tic¢; and - have b¢en prepared in accordance with ihe requirements of the Charities and Trustee Inveslm¢nt (Scotland) Act 21M)5 and Regulations 6 and 8 of the Charities Accounts (Scotland) Regulations Basis of opllllon We conduct¢d our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibililies under those standards are further described in the Auditors, responsibilities for the audit of the financial statements s¢¢tion of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilili¢s in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified Conelusions relatlDg to going con¢ern We have nothing to report in respect of the following mallers in relation to which the ISAS (UK) require us to report to you where.. -the trustees, u5¢ of the going concern basis of ￿cOunting in the preparation of the finarkcial statements is nol appropriate,. or -fh¢ trustees have not disclosed in lhe financial statements any identified tnaterial uncertainties that may cast significant doubi about the charlty's ability to continue to adopt the going concern basis of accounting for a period of at least Iwelve months from the date when the financial statements are auihorised for issue. Page 7 Stranraer Wa Inde endellt Auditor's Re elation SCI ort eontiDued aren 31 October 2025 Other infortnatlon information included in the Annual Report, other than the financial statements and our Report of the extent oih¢rwis¢ explicitly stated in our report, we do noi expr¢ss any form of assurance conclusion inforn]ation and, in doing so, consider whether the other information is materially inconsist¢nl wiih The comparative year figures were not subject to audit. Matters on which we are required to report by exeeptloll We have nothing lo r¢port in respect of the following matiers where the Charilies Accounts (Scotland) Regulation$ 2006 (as amended) require us to report to you if, in our opinion.. the informalion given in the Report of the Trustees is inconsistent in any material respect with the financial statements- or prop¢r accounting records have not been kept. or Ihe financial statements are not in agreement with the a¢¢ounling r¢cords and returns,. OT we have not received all the information and explanations we require for our audil. Responsibilitiey of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparation of the financi￿ stai¢m¢nts which give a true and fttir view, and for such internal control as th¢ trustees determine 15 necessary to enable the preparation of financial 5taletnents that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements. the trustees are responsibl¢ for &ss¢ssing the group and parent charity's ability lo ¢ontinue as a going concern, disclosing. as appli¢abl¢, matters related to going concern and using the going concem basis of accounting unless the truste¢s either intend to liquidate th¢ group and parent chariiy or lo ¢ease operations, or have no realistic a]ternative but to do so. Page 8 StranrAerW t Inde endeDt Auditor's Re Year ended 31 October 2 iation SCIO ort continued Ollr ruponsibilities for the audit of the fin8ncl•l stAtsments We have been appointed as auditor under s¢¢tion 44{1)(c) of the Charities and Trustee Investrnent (S¢otland) Act 2005 and T¢W>rt in accordance with regulations made under that acl. Our objectives are lo obtain reasonable assurance about whether the financial stateJnents as a whole are free from material mi55tatemenl, whether due to fraud or error, and to issue a Report of the Independ¢nt Auditors that include5 our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in a¢¢ordance with ISAS (UK) will always detecl a material misstatement when it exists. Misstatements can arise frorn fraud or error and are considered material if, individually or in the aggregale, they could reasonably be expe¢led lo influ¢n¢¢ the economic decisions of users taken on the basis of these financia] 5tatement5. Irregularities, including fraud, are instan¢es of non-compliance with laws and regulaiions. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respe¢t of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.. We have assessed the susceptibility of the Ti'ust's financial slat¢m¢nts to material mi551atement a5 being low risk. The Trustees are very involved in the day to day management of the business and have a focus on controls to address potential fraud and error. W¢ have discussed the regulatory framework Éhe Trust operates under with the Trustees. This has ¢nabl¢d us to gain an understanding of those applicable to the Trust and the procedures they operate to ensure compliance We hav¢ obtsined an understanding of the Trust's policies and procedures on fraud risk through two way communica1ion with the management and have no knowledge of any aC￿al, suspected or a]leged fraud. The Senior Statutory Auditor is satisfied that the engagement audit staff were ¢oinpetenl to and capable of recognising non-complianc¢ with laws and regulation. No ddails of any noii-¢ompliance were communicated lo us and no such potential instances were noted during the audit proc¢s5. We have rea¢h¢d these conclusions following enquiri¢s made of those charged with governance and senior staff and following audit testing procedures and revi¢w of financial statements. Because of the inherent limitations of an audit, ther¢ is a risk that we will not detect all irregularities, including those le&ding lo a material misstatemenl in the financial statements or non- compliance with regulation. This risk increases the more that compliance with a law or regulation is r¢mov¢d from the events and transactions reflected in the financial statemenls, as we will be less likely to become aware of instances of non-compliance. Th¢ risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involved intentional concealment, A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's websit¢ at www.frc.org.uklauditorsresponsibilities. This description foms part of our Report of the Independent Auditors. Page 9 Stranraer Water S rts A$$ociation SCI Inde endent Auditor'$ Rt eontinued d 31 October 2025 are Use of our report This report is made solely lo the charity's Iru5tees, as a body, iii accordance with Section 44(1)(c} of the Charities and Trustee lllvestment (Scotland) A¢t 2005 and regulation 10 of the Charities Ac¢out)Is (Scotland) Regulations 2006. Our audit woJ& has been undertaken so that we might state lo the charity's trustees those matters we are required to stjle to theTn in auditors, report and for no other purpose. To the fullest extent permitted by law, we do not a¢eept or assume responsibility to anyone other ihan the charity and the charity's trustee5 as a body. for our audit work, for this report, or for the opinions we have formed. Farries Kirk & Mcveaft Chartered A¢¢ountants Statutory Auditors F.ligible to act as an auditor in ternis of Sectioii 1212 of the Companies Act 2006 Dumfries Enterprise Park Heathhall Dumfries DUMFRIESSHIRE DGI 3SJ Date.. Pag¢ 10 Str¥nr8er Water Sports Association SCIO Statement of Financial Activities Year ended 31 October 2025 Unrestricted Funds Restricted Note Funds Total Tothl 2025 2025 2025 2024 Income frnm". Note Donations and legacies ChaTitabl¢ activities Other irading activities Totgl income 1,258 14,231 2,527,468 153,202 2,528.726 167.433 332,625 22.867 1,300 356,792 15,489 2,680,670 2,696.159 Expenditur¢ on: Raising funds Charitable activities 34,164 11,012 17.606 62,782 34,164 426.734 17,606 478.504 8.413 144.730 138,505 291.648 415.722 Governance costs Totsl expe￿dIturt 415,722 Iyrt incoming resources (47.293} 2,264,948 2,217,655 65,144 Transfers bctween Funds 31.507 {31,5071 Net movement sn funds {15,786} 2,233,442 2,217,655 65,144 Reeoneiliation of funds: Total funds brought forward Totsl funds e*rried forw9rd 141,442 125,655 120.620 2 J54,062 262.062 196.918 261.062 2.479.717 Pagell Strnnryder Water Sports As$oei2tion SCIO Balanee Sheet at 31 October 2025 Unrestricted Funds Restricted Funds Tot81 FuRd$ Totsl Futhds 2025 2025 2025 2024 Note Fixed As$tts: 1'angible asset5 Total Fixed Assets 100,626 100.626 2.307,075 2 J07,075 2.407.701 2.407,701 201.404 201.404 Current Assets Debtors Cash at bank and in hand Total Current Assets Liabilaties Creditors falling due within one year Ntt Current Assets 3.512 30,062 33,574 389,418 41.587 431J105 392,930 71,649 464,579 9.975 51,978 61,953 8,544 25,030 384,019 46,986 392,564 72,016 60,659 Net Assets 125,655 2J54,062 2.479,717 262,062 The funds of the charity: Restricted incoTne funds Unrcstricted income funds 12 2 J54,062 2.354,062 125,655 2.479,717 120,620 141,442 262,062 125,655 125.655 Totgl ¢h8rity funds 2J54.062 The accounts were approved by the trustees ort 7 July 2026 and signed on their behalf by: Harry Harbottle- Chairperson Kevin Pa¢ker- tary Page 12 StrAn r Water S orts Association SCIO Cash Flow Statement Year en ed 31 October 2025 2025 C8sh flows from operAting Hetivities Cash generated from operations 2270.741 74,793 Net cash provided by operating activiti¢s 2.270.741 74,793 Cash flows for investing Activitie5 Purchase of tangtble fixed assets 2.251,070 72,960 Net cash used in Investing activiiies 2.251,070 72,960 Change in cA5h gnd cash equivalemts the reporting perio 19,671 1,833 sh ¢8sh equivAlents At the beginnlng of tbe Teporting period 51,978 50,145 Cgsh and cash equivAlents At the end of the reporting peri￿￿ 71,649 5 1,978 Page 13 Stranraer Water Sports Association SCIO Year ended 31 October 2025 Accounting Policie8 The principal accounting policies, which have been appli¢d consistently in the current and preceding year in dealing with items which are considered material to the accounts, are set out below. Basi$ of preparation The financial statements have been prepared in accordance with Accounting and Rep)rting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndards applicable in the UK and Republic of Ireland (FRSI 02) issued on 16 July 2014 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities and Trustee Investment (Scoiland) Act 2005 and the Charities accounls (Scotland) Regulations 2006 (as amended). Fund accounting The funds held by the charity are either: Unrestricted ggneralfvnds these funds a￿ expendable at the discretion of the trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are ¢amiarked at the discretion of the trustees for a particular purwse, they are designated as a separate fund. This designation has an administrative purpose only and does not le￿lIV restrict the trustees, discretion to applv the fund. Reslrictedfvnds these are funds subject to S￿elf]e requirements as to their use which may be declared by the donor or with their authority or created through legal processes, but still within the wider objects of the charity. In¢omAng resources Income is re¢ogni5cd when the charity has entitlement to the funds, any ￿rforManCe conditions attached to the item(s) of income have been met, it 15 probable that the income will be received and the amount can be measured reliably. Donate41 services and facilities Donated professional services and donated facilities are recognised as income when the charity has control over the item, any Conditions associated with the donated item have been me¢ 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 accordance with the Charities SORP (FRS102) the general volunteer time of volunteers is not recognised. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the o￿n market; a corresponding arnount is then recognised as expenditure in the period of receipt. Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. this is norrnally upon notification of the interest paid or payable by the Bank. Page 14 Sir&nrAor W*ttr Sports A$sOcl8ilo￿ SCIO Notes for￿Ill8 part (kf ihe finHntlAI 5t&teThenls Ye4r r￿dEd 31 O¢tob¢r 2025 UnreshT¢ted F￿hrtS IOJ5 RrJ¢ri AdvettiJiTrg G¢tt*al E4p￿se5 225 1.6n 4Z8 lJ70 23.280 428 1.370 23,29) 2fj4 34.16d Pro￿tMA￿DE•￿tllt &Yw¥ Letsoa Wet skiff￿ Worfd5 & Poll 26.000 3.725 11fy.028 244.245 244.245 2.690 4.596 2.920 Deprrf￿ll 426.734 Cwts.. F¢as1￿lI1Y sthdy Bahk CI￿rgE￿Ip¢co￿rnl5J1Q￿ Other ACcOLm￿tyFe4S Illthpend￿t EX￿niner,& Ftt¥ uditorfs F¢e 973 8.100 973 &1 5.40D 5.4 7.606 17.606 Tollll 62.782 47R.504 291.648 SuppM¢¢*sliav¢ noi b¢ell s¢p1ratdyiknfi￿ utlK m15ttt5cOnJid¢i Ih¢ir15 Ontytyi¢¢J]Wtibkacti￿ity 11icrcth5upmcosts rdLtE whdty ttsthil Idiwty4nd Iiovellotb￿￿ stphrnlely Klenlifid. Pag¢ 17 SlrADraer WAtsr Sports Asso¢1411on SCIO Notts forrning part of iht fitt&N¢i•l slAtem¢nty Ye*r endtd 31 Octlbbtr 202S 2Q15 2024 5 Stsff DU￿berS 39,426 47.8 5ociAlsecutity<4JX5 P￿510￿ 865 W2 48.797 The4VeraBrnuml**of&n￿05%t5 duringth¢ywwu 1$ fdlows". 2014 N￿rnber 6 TrustteRwnu*ct*do* #rtd R¢lsted P#ryTr••B*tlkn Now*eereCeivtd￿yre￿u￿￿IQn dur￿)gI￿ )wr h(Ayev￿ ttusffts irertiihbiitsèj&wie$. On¢dthtmtt¥fryelv￿i￿￿S￿￿gn¢Y fee5of£26.(NY)knw#Ui¢wforryofv$*w￿lSCrvlC£￿pr0vJ￿. Th8wASTJlIhApprOvAlof￿K DO￿d. Page 18 StriJLrRer Wjttr Sports Associ4tioD SCIO Noics f4)rming PArt ol thc financial slxttmtnts Yt&r ended 31 orfobtr 21k25 7 TaDyNe FludA￿tty Pry Improve￿ents PJ&nt & Offi¢¢ E4yEp￿*￿t TrA*l At l Novernb¥2024 AdditiOIig thspos415 At31 (￿0b￿2025 145.698 2.117,569 119.928 112.297 26S.626 2,283J67 232,225 1202 2.51C694 Accu￿UL￿ted DtFrundwLxks ¢lcmenl ofthr (￿s￿u￿￿On cthr¢K¢ b¢iThg Iinderieken atthE ￿￿EThn￿bythG51me¢trMT￿cl0r.1ThUg￿1II b¢ full byDGC. Pag¢21 Stranraer Water S ort Association SCIO Notes to the Cash Flow Statement Year ended 31 October 2025 I RECONCILIATION OF NET INCOMEIEXPEIYDITURE) TO NET CASH FLOW FROM OPEIL4TING ACTIVITIES 2024 Ntt Incomel(expenditure) for the reporting perhod (9$ per th¢ Statemtnt of Financial Atvtivties 2.217,655 65.144 Adjustments for.. D¢pre¢iation charges (Inrreasc) Decre￿ sn Stock {Incirase) tktrease in Debiors Increase (Decrea￿) in Cr¢ditOT5 44.771 21,890 (382,955) 391,270 19,5911 12.649) Net wh provided byl(used inl opeTtslon$ 2.270,741 74,793 2 ANALYSIS OFCASH AND CASH EQUIVALENTS 21125 2024 Ca%h in Hand 71,649 51,978 N¢t eash providedbllused inl opertaion$ 71.649 51.978 3 ANALYSIS OF CHANCES IN NET FUNDS Atlll.11 Net tAsh C&sh at bank and in hand 51,978 19,671 71,649 Page 22