Charity No. SC050575 Whited?ddL•r WATERSPCffl3 WHITEADDER WATERSPORTS TRUST (Scottlsh Charltable Incorporated Organisatlon) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 WHITEADDER WATERSPORTS TRUST (Scottish Charitable Incorporated Organisation) TRUSTEE'S ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS Page Trustees. Annual Report 1 to4 Independ8nl Examlner's R8POrt Slatem8nt of Financial Activities Statement of Financial Position Notes to the Financial Statements 8t012 Detailed Statement of Financial Activities 13 WHITEADDER WATERSPORTS TRUST (Scottish Charitable Incorporated Organisationl TRUSTEE'S ANNUAL REPORT & FINANCIAL STATENENTS FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees have pleasure in presenting their annual report an¢J financial statements of the charity for the year ended 31" De￿mber 2024. The Truslees have adopted th8 provIs￿n5 ofAccounting and R8porUng by Charities., SiatenEnl of Recommended Practice appliCa￿e lo charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFRS 1021. REFERENCE AND ADMINISTRATIVE INFORMATION Charlty Reglstrdtlon Number SC050575 Prlndpl8 Address Board of Trusl•e$ Secret8ry Key Managemènt Personnel Independent Examlners Rob Conner Accountants 12 Tranler Crescent Aber13dy East Lolhian EH32 OUF Bankeis CAF Bank Limit8d 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ WHITEADDER WATERSPORTS TRUST (Scottish Charitable Incorporated Organlsatloni TRUSTEE'S ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng D¢xument Whiteadder Watersports Trust SCIO is a Scothsh Charitable Incorporated Organisation and was first registered as a charity on 17" November 2020. Appolntrnent and tralnlng of Trustees Trustses are apprAnted atour annual AGM. There must te a minimum offour trustees. OBJECTIVES AND ACTIVITIES Charitable Purposes The advancement of public participation in watersports by m8ans of training and development. The organisation of waler5POrts and associated development activities for people of all ages and abilities. and from all backgrounds with the objective of imwoying their conditions of life and opportunities. As w811 as the watersports activities, the Trust also manages, preserves and promotes the fly-only trout fishing at th8 r8servoir and leases the premises from which it operates from Scottish Boréers Council, the landlord and owner of the C8ntre. Summary ol Ihe main activities in relation to these objects Sailing Kayak and Paddleboard activities Open water swimming Fly-fishing for wild trout ACHIEVEMENTS AND PERFORMANCE Chaimian's Report My first and very p￿asant duty is to offer my thanks to everyone who has conlribjted lo the s￿CesS of Whiteadder Walersports Tnjst over the last year. There ar& many people involved with the work of the centre from board members, instructional staff, our cleaner and a number of volunteers who have contributed in a variety of ways in the last year and as always it has been the combin8d efforts of this wide range of people that has made the ￿ntre work so wel. Thank you one and all for all your cnntributions. Membe"ship of the board of management has changed considÈiably with the retirement of ancl as tpJslees. We welnome lo the board, and he along e up the group of trustees. m5ise ma The board is actively considering further appointments. Th8 most significant development last year was the appointrnent of a full time lin season) centre manager. The centre manag8r role was a key one for the trust last year and there were several advantages lo havino someone on sile lo fulfil that rol8. This appointment was made with the expectstion that this role would become s&￿-fInanCIng and it therefore placed a significant burden on our finances when income from courses &lually fell last year. We go into the newfinancial year with fewer reserves than we had this time last year and the board has had to take the decision, WHITEADDER WATERSPORTS TRUST (Scottish Charitable Incorporated OrganiBationl TRUSTEE'S ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 sadly, that thls posi cannot be renewed for Iheforthcoming season. The board would lik8 to record our thanks to ￿￿10[ all her hard work as centre manager last season. There have been no significant changes to the physical infrastructure of the site in thg last year other Ihan essential malntenance. The fleets of dinghlès, boards and kayaks remain largely unchanged. The pio) fleot in particular is now approaching th8 end of its useful life and th)ughl must be given to its eventual r?pla¢￿M9nl. I have to report thai contact with our landlords Scottish Water and Scottish Borders Council has been somewhat reduced thls year with estetes officer at SBC, reporting that sho has had to prioritlse her work portfolio thi5 year and that she has therefor had to reduce contact with the trust to a degree. I wlll now take over again as first contact with these organisations. The trust received slgnmcant grant aid this year fiDm The Torr￿ Family Trust and CELCA with a strong txjsiness relationship dev8k)Fyng with Community Leaming and Developmont and Active Schools in East Lothian. We would like to fonrsally recor(l our thanks in particular to our exlomal lurMJ8rs' your ¢(￿lInued support is vital for the development of the centre. Marketing of the centre must remain a top priority this season plus the development of n8W actsvitses to widen the app8al and range of what ks on offer. The search for extemal funding will ontinue. Our user base appears lo be thangir.g lo a degree with more bookings being receiv9d from organisations some of whom wish to bring sKJnificantly larger groups to the centre. Inler8st in open water Swim￿￿ng remains strong. The Trust will face signlficant challenges in the new seasfjn, but we are all looking fO￿ard to meeting more customers old and new in the year ahead. FINANCIAL REVIE¥V At the end of ihe 12-month period 'here wa5 a deficit of £17,657 (2023.. surplus of £8,425), leaving unre5tncted reserwes of £33.64812023'. £51 .3051 and restricted reseNes of £Nil12023.. £Nil) to be carried forward 10 future years. Principle funding sources Our main source of funding is from trading income generated from water sp(xts instruction and the hiring of watercraft, this amounted to £41,026 in 202412023.. £51,462). Th8 charity also r8c£ived grant fvnding of £Nil12023: £20.324) in the year. Key m8nagem8nt personnel remuneratlon For part of the year to 31°, Decembw 2024 the trust employed a centre manager, who left sgrvice on 20° ottob8r2024 a Lolal of£26,187 (2023.. £16,4791 was paid in the form of salary and pension contnbutions. Reserves Poll¢y Fund5 h81d by the chartty are a mix of re5ttirted and unrestricted. The unre3tricled funds can be used in accordance wilh Ihe charitable objeciives of the charity at the discretion of the Trustees. Cash reserves are reviewed on a regular basis and ale held at SUGh a level to ensure ongoing rinancial stability and i)perat￿In of the charity. WHITEADDER WATERSPORTS TRUST {Scottish Charitable Incorporated Organi5ation) TRUSTEE'S ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 statemenl of Trustees, Responslbillties The Trustees are resp(￿&ble for preparing the Trustees. r8POrt and financial statements in ac£ordance with the applicable law and United Kingjom Accounting Standards (United Kingdom Generally Accepted Accounting Practi￿). The law applicable to charities in SCO￿￿￿ requires the Trustees to pretkqre ￿ancial statements which give a true and fair view of the charity's financlal actimties for each financial year and of its financial positi￿ at the end of the year. In ￿eparing financial statements with give a true and fair view, the Trustees should fdlow best practi￿ and: Select suilable accountsng rx)licies and then them consistently Observe the methods prinLllp￿ in the chari￿ SORP 2015 {FRS102} Make j￿jg￿￿e￿ts atKI e5ts.mats that are reascnable and prudent Stale whèther applicable accountrg standanls and statements of reccxnmended practice have been fdlowed, subject lo any depatbjres disclos&l and explaineé in the finBncial statements Prepare the finan￿al statements on the ￿Ing Conc￿ basis unl&ss it is inapprDpriate to presume that the tharity will cx)nlinu8 in operati)n The Trustees are res[￿Sible for keeimry proper ampany and comparison of accounts ￿￿eSented with those records. 11 also includes con￿deration of any unusual iteffa or digckwJre8 in the acc￿nts and seeks 8xpl8nations frorn the Trustees. Gon￿rning any s￿h r￿tter$. Tho procedures undertoken do not provide all th8 evidence that would be requir8d in an audrt. and con8tyU8nty I do not express an audlt oplnion on the view givan by the accnunts. Independent examIne￿8 ststem•nl In the course of my examination. m matter has ￿￿ne to my att8ntion which gives mè reason8tAe cause to believè that in any material resp8cl, the requirements.. to keep aCc￿nting records in a¢xordan¢e with Sectim 44111 (a) of tho 2fA)5 Act and RegU￿tIon 4 of Ihe 2006 Accounts Regulations to pr8par8 aca)unts which accord wf(h the accounting reccfds and ccrfnply with Regulat*)n 8 of the 2006 AC￿nts R&3ukiK) have not been meL 2. to which, in my opinion. attentK)n sh<)uld b8 drawn in oriler to enable a proper undèrstanding of the accounts lo be reached. 4DLiary WHITEADDER WATERSPORTS TRUST (Scottish Charitable Incorporated Organisation) TRUSTEE'S ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Financial Activitles (Includlng Income & Expendlture Account) Notss 2024 2023 Income and endowments from: T8aching Fees & Hires Other Income Grants Received Donations Received Totsl 41,026 48 51.462 368 20.324 5,118 77,272 4,164 45,238 Expendllure on: Charitable activities Support Costs Totsl 4E7 12,905 50.290 62.895 24.590 44.257 68,847 Not Incomelexpendlture 17.657 Reconclllatlon of fund8 Total funds brought forward Total funds carried fO￿ard 51,305 33,648 42,880 51,305 ststement of Financlal Posltion WHITEADDER WATERSPORTS TRUST {S¢ottish Charitable Incorporated Organisationl TRUSTEE'S ANNUAL REPORT & FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 DECEMBER 2024 As at 31 December 2024 Notes 2024 2023 Non£urrent Assets Tangible fixed assets 35,746 40,253 Current Assets Cash al bank and in hand Acr/JLtnts R8ceivabl8 Cinolla Clearing Alc P￿paYments 19,403 675 156 34.747 24,787 38,911 Current Llabllltles Accounts Payable Accruals Income In Advan Loan (SBC) Net Wages Payable PAYE Pensicn Conlributions 5.138 375 145 6,000 2,378 539 310 14,885 4,950 820 2,806 6,000 726 558 15,859 Net Gurrent assets 9,902 23.052 Total assets le88 current liabilitl•s 45,648 63,305 Non-CuTfgnt Llabllltlos Loan (SBC) 12,000 12.000 Net Assets The funds of the charity Unrostricted Funds Restricted Funds Totsl Funds 33.648 51,305 Th8sg finanaal statements were approved by the Board and signed on its behalf by:" WHITEADDER WATERSPORTS TRUST (Scottish Charitable Incorporated Organisallon) TRUSTEE'S ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Notes to the Financial Statements 1. Accountlng Pollcles The principal accounting pdiaes adopted in the preparation of the finanaal statem&nts are set out b&low.' A. Basls of Accounllng The financrdl statements have been prepared under the hist(xlcal cost convention. except for investments which are included at market value and the revaluation of certain fixed as5els and in accordance with the Charities SORP IFRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applica￿8 lo chartbes preparing their accounts in accordanc8 With the Finan(?al Rewting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1" January 2015). Financial R8POrting Standard 102 the Financial Reporting standard applicable in the UK and Republlc of Ireland {FRS 1021. Whiteaddor Watersports Twst SCIO me8ts th8 definitK)n of a publk benefit entlty under FRS 102. Assets and liabilities are initially rects3nlsed at histortcal cost or transaction wa￿e unless olhefwise stated In th8 relevant accountin9 polity not8{s). B. Proparallon of tho arxounts on a golng concern basls The Trus188s' consider thal there are no material un(¥rtaintios about the charlty's abllity to continue as a ￿Ing concern. C. Cash Flow Ststement The Trust88s have taken advantage of the 8xemption in SORP FRS 102 from including a cash flow statement in the financial statements on the grounds that the charity is small. D. Funds Unrestr￿ted funds are funds that can be used in acccKdance with the otyectiV8s of the charity al the disCret￿n of the directors. Designated funds are unrestricted funds set aside by the Trustees for specific future purposes or projects. Restricted funds are funds that can only be used for particular restricted purposes within the objectives of the charity. Restrict￿nS arw when speufied by the donor or when fund5 are raised for particular restricted purposes. E. Incoming Resources All incoming resources are induded in the slalement of financial activities when the Charity is entitled to the income and the alr￿)Unt can be quantifi&J with reasonable accuracy. WHITEADDER WATERSPORTS TRUST (Scottish Charitable Incorporatod Organisation) TRUSTEE'S ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 F. Interest receivable Interest on funds held on deposit is included when receivabl8 and the amount paid can bo measured reliably by the tharity,. this is nom)ally upon notification of the interest paid or payable by the bank. G. Resources Expended Expenditure is recognised on an accnjal basis as a liability is IncU￿9d. Costs of generating funds ar8 those costs inGurred in attracting voluntary irccmè and the costs incurred in trading actNities that reise funds. Charitable expenditure comprises those costs incurred by the charity in the ddivery of its activities and services to benefickiries. It includes l)oth the direct and Indirect costs necessary to support these aclivilies. Grants payable are recognised as exp8nditure oncè applications are approved by the trustees at trustee meetirrfJs. Governance costs include those costs associated with meeting the constilutional and ststutory requirements of the charity and include the audit fees and costs linked 10 the strategic management of the charity. H. Irrecoverable VAT Irrecoverable VAT is indud8d in thg Statement of Fina[￿la1 Aclivities and is reported as part of the 8xpenditure to which it relates. l. Flxed Assets a. Tanglble Asset8 TarvJible fixed assets, other than treehold land, are stat￿1 at C05t or valuatson less depreciation and any provisKJn for impairment. Depreciation 15 prowded at rates calculated to writ8 off the cost or valuation of fix8J assets, less their 8stimaled resi¢ual value. over their 8xpected useful lives on the following basis: 1 Ook Straight Line 25 /0 Straigfvt Line 25 10 Straight Line 10% Straight Lin8 Boats & Equipment Computer & Electronic Equipment Wetsuits & PPE Leasehold Improvem8nts b. Intangible Assets Website 20% Straight Line As a charity, the charity is exempt from lax Income and gains arising on its charitsble activities. No tax charges have arisen in the company. WHITEADDER WATERSPORTS TRUST {Scotti5h Charitable Incorporated Organisation) TRUSTEE'S ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 K. Related Party Transactions No Trustee or other person related to the charity had any P8fsonal inter8St in any o)ntr8Ct or transaction entered into by the charity during the year {2023-. Nil) 2. Income from charllable acllvllles 2024 Unrestricted 2024 Restricted 2024 Totsl 2023 Total Grants (note 4) Donations 20,324 5,118 25,442 4,164 4,164 4,164 4,164 3. Incorne from tradlng actlvltles 2024 Unrestrl¢ted 2024 Restrlcted 2024 Total 2023 Total Activities Other Incor 41,026 48 41.074 41,026 48 41.074 52,462 368 57.830 4. Analysls of Grants Recelved 2024 S. Costs of charltable actlvlllès by fund type 2024 2023 Unrestrlcted Funds Water Sports Activities Overheads 12,905 50,290 63,195 24.590 44.257 68,847 Restricted Funds Water Sports Activilies 6. C03ts of chadtable acllvltles by actlvlty type Water Sports Activities 12.9)5 Overhead costs 2024 63.195 2023 68,847 Trdding 10- WHITEADDER WATERSPORTS TRUST {Scottish Charitable Incorporated Organisation) TRUSTEE'S ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 7. Analysls of ovethead costs 2024 2023 Staff Costs Premises Expenses Advertising & Marketing Insurance Telephone & Otrice Expenses Subscriptions & Memberships Bank & ecommerce Charges Dep￿cIall0n Accountancy & Independent Examiners Fee Consultancy General Expenses 28.530 7,281 17.659 7,555 4,026 996 2,051 475 6,335 375 3,551 725 1.098 1.727 5,772 375 5,718 222 50.290 44.257 8. Tangibl• Flxed Ass•ts Boats & Equlwmnt Computer & Elèctronics Yhtsults &PPE Le￿hold Imprw•m8nls Total Cost or Valuatlon at 31" Decanbw 2023 Additb)ns in year As at 31* Decwntw 2024 40.2ei) 3.2CK) 1,828 5.028 48.010 1,828 49,838 D•ix•claUgn As at 31st De¢￿b￿ 2023 D￿1?1￿ tharge in year As at 3151 2024 7.757 4,026 11.783 855 1.164 2.019 194 259 453 9,370 5.905 15.275 491 1.055 Net Book Value As at 31st DeCernb￿ 2023 As at 31si Decembw 2024 32.9)3 28.477 2.392 2.133 38,640 34,528 Inlanglbl• Flx•d Assets Totsl Cost or Valuation 8 at 315t Decernb￿ 2023 Additms in year g at 31￿ Oecanbw 2024 1.974 1.974 1.974 1.974 D8pr•clall¢)n As at 31" DerAnbw 2023 395 757 395 757 As at 31st Decernb￿ 2024 Not Book Valu As at 31st December 2￿23 As al 3111 Decamber 2024 1.612 1.217 1.612 1217 WHITEADDER WATERSPORTS TRUST {S¢ottish Charitable Incorporated Organisation) TRUSTEE'S ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Debtors 2024 2023 Amounts due wlthln one year: Accounts Receivable Prepayments 675 4,553 5,228 4,164 11. Credltors: Amounts falllng due wllhln one year 2024 2023 Accounts Payable Income in Advanc8 (voucher sales) Loan Repayments Accruals PAYE Pension Conlributlons Wages Payablé 5,138 145 6.000 375 539 310 2,378 14.885 4.950 2,805 6,000 820 726 558 12. Credltors: Amounts falllng due aftsr moro than one year 2024 2023 Loan Repayments 12,000 12,000 12,000 13. Movement In Funds 8alance at 0110112024 Incomlng Resourc•• Outgolng Resour￿8 Balanca at 3111212024 Unrestricted Funds Restricted Funds S1,305 45,238 62.895 33,648 51,305 45.238 62.895 Unrestricted income is in￿rne r￿1Ved to be used at the discretion of the trustees to fund any activlty which is in furtheranc8 of Whtteadd8r Walersports SCIO'S objectives. 14. Legal 5talus of the charity The charity is a Scottish Charitable Incorporated Organisalion ISCIO). It was registered in its current legal form on 17 November 2020. 12- WHITEADDER WATERSPORTS TRUST {Scottish Charitable Incorporated Organisation) TRUSTEE'S ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Detalled Statement of Flnanclal Activities 2024 2023 INCOME Activity FevJ Turnover 41,026 41.026 51,462 Grants Grants Received 20.324 20,324 Other Income Donations Compensatic Bank Interest Received 4,164 5.118 290 78 5,486 48 4212 Total Incomlng resourcas 77 72 EXPENDITURE Charilablo activiti Instnjctor Fees Equipment Purthases & Maintenance Fuel for Safety Boats Operatr'ng LiCen￿S RYA Training Materials 10.074 21.408 1.580 232 1.370 134 338 175 12,604 24,590 Support Costs Staff Costs Premises Expenses Advertising & Marketing Insurance Telephone & Office Expenses Subscriptions & Memberships Bank & ecommer￿ Charges Depreciaty'on Ac￿u￿tancY & Independent Examiners Fee Consultancy General Expenses 28.530 7.281 17,659 7,555 44 3.551 725 1.098 1.727 5,772 375 5,718 4.026 996 2,051 475 6.335 375 222 50291 44,258 Total resources expended NEf Incorn• 13-