2024-12-31-accounts

Forth Canoe Club SCIO Annual Financial Report 2024.

FCC started the year with £36,421.71 in funds. These funds were held in two different accounts, the FCC SCIO Savings Account and the FCC Current Account.

During 2024 we managed a full program of activities, we also bought over £1,000 of new equipment (mainly polo equipment).

We ran a full summer of try out sessions and this proved less popular than in 2023, as there is more competition in the area, but it still made a significant contribution to our funds.

We mainly spent our money on contracted for coaching fees and this allowed our members to enjoy another year of excellent coaching opportunities.

We started a process of exploring the possibilities for redeveloping our boat house and this required us to open a separate account to hold funds raised specifically for this task. We spent £4,320 on a feasibility study which is the first step in the redevelopment process.

During 2024 we changed our power suppliers, halving the daily charges and reducing the unit cost for consumption. Power prices overall remain high but we are now as efficient as we can be.

We also received one grant from Edinburgh Council although the Council’s terms allow them to award a grant but to then not pay it until the end of the project deliverable. The Council have so far paid us £850 for services delivered in 2024 and an outstanding balance may be paid in 2025 once the club delivers a second project. We discussed the process with the Council, especially the cash flow issues this causes for a small club like ours and the Council told us their timelines for payment are entirely at their discretion. Following advice from the examiner we have not logged this grant as reserved funds.

We ended the year with £41,097.11, a profit of £4,675.40, mainly due to the £7,149 funds raised for the boat house redevelopment project. The club remains in a healthy financial position with reserves capable of covering around 12 months of operations. It should be noted we had £600 of outstanding unpaid invoices at the end of the 2023 financial year - these invoices were paid in the 2024 financial year.

During 2024, we continued to use the RBS FreeAgent software package to track our invoices and expenses. Our accounts are transparent able to be fully monitored real time. Our Independent Examiner has 24/7, 365 access to the accounts via the FreeAgent software ensuring there is a constant opportunity for independent review of all FCC transactions. We introduced a SumUp card reader into our boathouse allowing for electronic payment of boat hire fees - a further move away from cash.

Notes to the Accounts

1. Basis of Accounting

These accounts have been prepared on the Receipts and Payments basis in accordance with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

2. Nature and Purpose of Funds

Unrestricted funds are those that may be used at the discretion of the trustees in furtherance of the objects of the charity. Restricted funds may only be used for specific purposes. Although the trustees maintain a Bank Account and associated Cash, the receipts and payments system include coding to separately identify restricted and unrestricted monies. During this financial period there were no restricted funds.

3. Reserves policy

The trustees’ policy is to retain £5,000 of reserves in order to pay for approximately 3 months’ worth of normal running costs. The trustees believe this is still in an acceptable amount but will continue to monitor the position.

Summary Club Financial Position

This financial report relates to the period 01/01/2024 to 31/12/2024.

Financial Statements Pages 1-6 Forth Canoo Club SC050275 OSCR Receipts and payments accounts F￿thE￿e￿ tottith Chpiity Rep.Ilfjfv 01 31 12 Section A Statement of receipts and payments u￿Asts1ct Rostrictsd Fx￿￿dab Petmanènt To￿lundS Jotaltunts I￿t A1 Rac 19 3,556 Rwtsfrrth knd& ￿MIng& Gr055re¢gptsfrifft(herdwtstrk 32,910 Mo Al Sub to&TI N537 2Re￿1[￿trOrnm￿th invostinont ss PrOCe￿strOmSaQ￿ffiMÈd A2SulJ totsf 53T X537 2&322 29.861.58 27.051 A3Sub totat 27.051 A4P4brn#*ie￿¢￿r#J toasset4• A4 Sub tokT Tothlwymvnts Z7.Q51 Neire¢eipts/tPttNTrrMts) 461x40 4,615 A5Transtsrs tOilfrom}•As 4675 4615

Forth Canoè Club SCOS)275 Seetion B Statement of balances ve5tÈ B1 ca5hlLWS 422 J7.151 75 41J 41mF Detsils e4 B5cOMinwti￿l￿s

Forth Canoe Club SC050275 Section C Notes to the Accounts C1 Natur• and purpos4 of lund5 (Fnay be statedon analysis0fiundsworksfr￿e1s) Typeol Jctivrty orproiect supported 2 Grants 2024 ano C￿ n Spmg 2025 Cja Trust9• r•mun•ratson toa trusleecross thi5 box lolheMse comOele secbon 3bl Autttorityundèfwhich pairi cab Trustee remuneration- d•tsils C4a Trustee expenses [K>expe[￿ts ￿trep￿dIo￿￿vty1[￿ee￿[lvjthe t￿￿xI]I￿n {￿meN$e conpkte Sect￿ 4DI e4b Trust4••XPAns•s- details (thlllnLfr4at Natu￿ ￿transactIOn es7ransacions with trustee5and connected rsons C601Mr TftLsiee5 kvcha5e fDr ￿e dubfrom bmelDlimeand back ihe5e ID515a5 exFrn5es TtUStee5 reC￿￿nOc3shp￿￿tsofany￿￿0 ￿￿ebe￿IrtIn k￿llpaYMentS All expe[￿￿ cktn2d tymetrer3 oflhe dub u5eanexpen5es forn ￿all￿e￿ned0rrbya Tne. IirAytevThwJ ￿ IL￿7 reatyLWtyou¥iailrf iothsuoseth atDAeeLYJwaw (rf tsa￿as as snartsfrYayouthe￿ntandIhen dameolhls leg￿￿￿tee1Pe￿DaCk7

Forth Canoe Club SC060276 Additional analysis 111 AnBIysisofTrc8iptsand r•i￿￿B 1 Donal10Trs £££££ 19 rtod E1knWC4xna.Vokn￿itrdMry Trt 3 Grostt¢tiKtslromothewChaYitable￿￿￿lQ$ Trt 32J10 32910 4 Pa>Trerrfsrekgikngdectlyw¢harfjiaNexO¥lOe5 la 15MJ IJ 113 855 T2 725 Todet 4J31 Trt

SC060276 Additional analysis121 Trt Trt rwJS LStr￿nIa￿&￿lk 3RJ10 52.910 pr0ceeosiwmsaeM￿y￿39$eI¥ 2F.051 Grarts￿dl￿￿8 27.051 4675 4ffiT5 4075 T5

Forth Canoe Club SC060276 Additional analysis 131 6 Br•Bkdo¥MofrwAriCt￿fi￿ i5[r￿n SI￿ to TOts1￿C￿1jts p￿t￿lS Svbxotal Svblot81 T•r*pawpw>rs Trnnsferstol(frrthll putp(

APPENDIX 3

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |The charity’s trustees are responsible for the preparation of the accounts in| |accordance with the terms of the Charities and Trustee Investment| |Respective| |responsibiliti|f|(Scotland) 2005 Act and the Charities Accounts (Scotland) Regulations| |trusteesexa|mIndependent examiner’s report on the accounts| |Report to the|Charity name| |trustees/members of| |Forth Canoe Club| |Basis of indepe n| |Reegxisatmerienderc’shasrtiattye m|SC050275| |number| |On the accounts of the|Period start date|Period end date| |charity for the period|Day|Month|u|Year|Day|Month|Year| |u| |01|January|2024|to|31|December 2024| |Set out on|[In]|p|[d]|a|[e]|g|[p]|e|[e]|s n|(remember to include the page| |examiner’s state m|numbers of additional sheets)| |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| |2005 Act and Regulation 4 of the 2006 Accounts Regulations, and| |•|to prepare accounts which accord with the accounting records and| |comply with Regulation 9 of the 2006 Accounts Regulations| |have not been met, or| |2.|to which, in my opinion, attention should be drawn in order to enable a| |proper understanding of the accounts to be reached.| |Signed:| |Name:| |Relevant professional| |qualification(s) or| |body (if any):|

----- End of picture text -----

V

Address:

*Please delete the words in the brackets if they do not apply. If the words do apply, set out those matters which have come to your attention on the following page.

APPENDIX 3

Disclosure section Only complete if the examiner needs to highlight material problems. Give here brief details of any items that the examiner wishes to disclose