REGISTERED CHARITY NUMBER: SCIIS2847 Report of the Trustees and Financial Statements for the Period from 26 September 2023 to 30 November 2024 for Cove Sailing Club {SCIOI Bdllantyne & Company Limitcd Chartered ACCOUnL￿ts Statutorv Auditor 60 St Enoch Square Glabgow GI 4AG Cove Sailing Club (SCIOI Report of the Trustees for the Period Ended 30 November 2024 Contents of the Financial Statements for the Peiiod Ended 30 November 2024 Page Report of the Trustees Reporr of the Independent Auditors Statcmcnt of Financial Activitics BalanLe Sheet 10 Cash Flow Siatement Note5 to the Financial Statement5 12 to 17 Cove Sailing Club (SCIO) Report of theTrustees forthe Period Ended 30 November 2024 The trustees present Ilieir report NTrith the financial statements of the charity for the periodended30 Noveinber 2024. The trustees havc adopted the provisions of Accounting and Reporting by Charities.. Statemet]t of Recominended Practice applicable to chaTlties preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective l January 2019). OBJECTIVES AND ACTIVITIES Cove Sailing Club {SCIOI is based at Barons Point, Cove, and exists to provide acces5 to sailing, paddleboarding, wild 5wiinming, and community-focused activitie5 to individuals of all ages and abilitie5. The charity'5 aim is to fosteT skills developinent, pliysical activity. and social inclusion thToubFh safe, welcominbF, and affordable opportunities on and off the water. Activities during tl)e reporting period included cadet trdil)ing sessions. adult sailing, wild swimming groups, coinmui)ity meals, and indoor groups such as ciafts and gaines nights all designed to bring people together and proinote wellbeing. ACHIEVEMENT AND PERFORMANCE This repllrting period (September 2023 to November 2024) marked a major milestone in the Club's history. Following lis successful transition ro a SCIO, the Club.. Appi)intcd a main contracti)r to dclivcr thc ncw clubhou%c projcct aftcr a compctitivc tcndcr proccss, cn8llring community needs and accessibility features w'ere prioritised in the final design. Coinmenced the consiruciion of (he new building at Barons Point, which is now well undenvay and on track for coinpletion. Raised the inajority of fund5 required for the build, seLured through local fundraibinbF efforts, extemal gTh￿ts, generou5 donatlolls from supporters. Mailltained a vibrant programme of sailing and community events throughout the build, ensuring continuity of engageinent and support. Strengthened goiwernance and consultation by continuing to gather feedback from members. the local community, and Cove ai)d KilLreggan Community Council to ensure alignment with the local developinent plan. FtNANCIAL REVIEW The financial year saw significant dctivity ielated to the new clubhouse build, with rndjor fundTai5in¥ success and responsible management of expenditure as construction began. Principal funding sourtes The majnrity of income came from donations, successful grant application8 {ineluding the NatitTrnal Lottery Communiry Fund), local fundraising cvcnt%, and supporter contributions. Additional incomc was gcncratcd from rcgiilar club activities and community room hirc whcrc fca8iblc. Club rcscrvcs, which had bccn built up ovcr many years and ring-fenced for the clubhouse project, were also drawn upon. Going concern Tlie trustees consider that there are no material uncertainties about the chariry's ability to continue as a going concem. RESERVE POLICY The charity maintains a reserves policy to ensure the coniinuily of its operations and io meet future capital needs. A minimum of ihree monihs, running costs are re(aiiied in free reserves. Additional designated funds are held io meet any remaining construction liabiliiies and future programming needs. Cove Sailing Club (SCIO) Report of the Trustees for the Period Ended 30 November 2024 FUTURE PLIINS Looking aliead, the Club aiTllS to.. Complctc thc ncw clubhoiisc build and opcn the cnhanccd spacc to thc piiblic. Reintroduce year-roui)d prograinming, including expanded training. social events, and indoor community activities. Increase capdcity foi" youth de￿£[OPl￿ent and qualifications. such RYA dnil fuod hy¥iene certific&LtiOn5. Grow cominunity participation and reinoN'e barrier5 to access through subsidised actiN'ities and partnerships. Explore additional environmental initiatii'es and partnership working aligned with the local area plan. STRUCTLTrQ GOVERNANCE AND MANAGEMENT Governlng doeument Th¢ch￿lty is a SLottish Chan"tdble Inco￿Or￿ted Or¥kll]isation{a SCIOI. It Wd5 rewstered in its CU]Tent le¥al fomi on 26 Swtember2023. The Lhanty preiqously £in UninLu)TtWat￿ ￿￿tion but chunsed its. le¥al lutm ts) J SCIO. The assets. of the unincorporated 85s(Kiation were transletted to the SCIO on the l Aptii 2023. Ithab" a single tsei StruLture and as such the trustees ate tile ineinbets of the ch￿lty. REFEREP4CE AND ADMtr+llSTRATtTrT DEfAtLS Registered Charitv SC.052847 Principal addre55 Baruns Puint CoN'e G84 ONU Trustees Audltors Ballantyne & Company Limited Statutory Auditor 60 St Enoch Square 61asgow GI 4AG Cove Salling Club (SCIO) Report of the Trustees for the Period Ended 30 November 2024 TRUSTEES, RESPONSIBILITY STATEMENT The trnstees are responsible for preparing the Report of the Tn￿te¢S and the financial statements in accordance with appli¢abl¢ law and United Kingdom Accounting Standards (United Kingdom Gcncrally A¢c¢pted A¢¢ounting Practicc) in¢luding Finan¢ial Rcporting Standard 102"The Financial R¢porting Standard appli¢ablc in the and Republic of IrelaThl" The law applicablc to charities in Scotland, the Charities and Trustee InvcstTnent (Scotland) Act 2005, Charilies Accounts (Scoiland). Regulalions 2006 (as amended) and the provisions of the charily's constitution. requires the trustees to prepare financial statements for each financial year which give a true and fairview of the state ofaffairs of ihe charity and of ihe incoming resources and application of resources. including the income and expenditUTe, of thc cbarity for that F£ri￿. ttt prcparin8 thosc fjnallcial statemcnts, thc trustccs arc rcquircd to sele¢t yuitable accountingpolicieyand thenapply them¢tsnyistendy: observe the methods and principles in thecharity SORP. make judgements and e5timales thaiare reasonable and pmdent. state whether applicable accounting standards have ￿en followed, subject to aDy material departures disclosed and explained ID the r]nancial statements,. pr¢par¢ the financial stat¢ments (Trn the going concern basis Unless it is inappropriatr t() presum¢ that th¢ charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any tim¢ th¢ finan¢ial position ot thc charity and to enabl¢ th¢m to ensure th8t th¢ financial ststemenls eornply with th¢ Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Rcglllation8 2(M)6 (& rnended) and the provision5 of the charity's constitution. They are a150 respgn5ible for saf¢guarding th¢ assets of the eharity and henee for taking reasonable steps for tbe prevention attd detection of frdud and other iTregularities. tn so far as th¢trust¢¢$ ar¢ aware.. - th￿e isllo relevantaudit infomiation of which thecharitsble company's auditors are unaware; aTh - the tru5tec5 haye taken Ydll 5tCP5 that they ought to have taken to rnake themselves aware of any relevant audit inforn)ation and to establish that the auditors areaware of that inforniation. Approv¢d by orderofth¢board oftyst¢¢s ¢)n04th August 2025 Wdsi￿cd on its ￿half by: Cove Sailing Club (SCIO) Independent Auditor's Report for the Period Lnd¢d.10 Novemher 21124 Opinion Wc havc auditcd th¢ financial statcm¢nts of Covc Sailing Club {SCIOI Ith¢ 'charity'l for th¢ pcriod cndcd 3a November 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to tlie finanLial stateTnents, iiicluding a SUTninary of si¥nificant aLcouiitin¥ policieb. The finaiicial reporting framework that has been applied in their prepai'ation is applicable law and United Kingdom Accounting Standard5 {United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of li"elaiid'. In our opinion the financial 5tateinents'. ¥ive a true and fair view ofthe state of the charity's affairs as at 30 November 2024 and of its incoming resources and applicaiion ol'resources, for the year then ended., have been properly prepared in a¢¢ordance with United Kingdom (Teneyally Accepted A¢cLiunting Practice, including Financial ReportinbT StandaTd 102'The Financial Reportin¥F Standaid applicable in the UK and Republic of Ireland,; and have been prepared in ac¢ordan¢e with the requirement8 of the C.'harities and Trustee Investment (Scotland) A¢t 2005 and Regulatioii 8 of the Charities Account5 {Scotland) Regulatiot15 2006. Basis for opinion We conducted our audit in accordance witli Inte￿￿tional Standards on Auditing (UK) IISAs (UKII and applicable law. Our responbibilitles Ilnder those standdrdb are furthei described in the Auditors. respon&ibilities for the audit of the financial statements section of our report. We are independent of the Charity in ac¢ordJnce with the ethical rcquircmcntq that arc rclcvant ta our audit i)f thc financial statcmcnt% in thc UK. including thc FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sutlicieni and appropriate to provide a basis flirour opinion. Conclll5ions relating to goingeoncern In auditing the financial stateinents, we have concluded that the t[￿ste¢S, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on tlie ivork we have perfomied, we have not identified any Tnaterial uncertaintie5 ielatin¥ to event5 or cnnditions that, individuall!, i)r collcctivcly, mav east signifieant doubt on the charity's ability to continllc as a going concem for a period of at least ti¥'elve monihs from when the financial statemenis are auihorized for issue. Our responsibilities and the responsibilities of the trusiees with respect io going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other infonnation. Tlie otlier inforination comprise5 the information included in tlie Annual Report, otlier than the financial statements and OUT Report of the Iiidependent Auditors thereon. Our opinion on the financial ststement5 does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do nllt express any fom] ofassurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing bo, consider whether the other infomlation is materially inconsibleni with the linancial slaleinenis L)r our knowledg¥e obtained in tl)e audit or othenvise appears to be niaterially inisstated. If we identify such material Inconslstencies OT appaient Tnaterial misslateinents, we are i¢quir¢d to detetmine whetl)er this gives iise to a riiateiial Inis5tateTneiit in tlie financial statements themselves. Jf, based on the work we have performed, we conclude that there is a material misstatement of this other infoTmation, we are required to report that fact. We have nothing to re￿rt in this regard. Cove Sailing Club (SCIO) Independent Auditor's Report for the Period End¢d.10 Novemlier 2024 Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Accounts (Scotlandl Regulations 2006 requiTes u5 to report to you if, in our opinion.. the infotmation ¥iven in the Report of the Trustees is inconsistent in any material respect with the financial statements., or propel accouiitlTI¥F recoids have not been kept. or the financial statements are not in agreement ￿'1th the accounting records and retums. or we have not received all the infonnation and explanations we Tequire forour audit. Rcsponsibilitics of trustees As expluintd inore fully in the Trustees, Responsibilities StatemenL the trustees are responsible for the preparation of the financial stslteinent5 ￿'hiCh bwive d true and fair view, and for bucll intetnal Lontrtsl &5 the trustees deteTniine is necessary to enable the preparation of fjnancial statements that are fTee from tnaterial misstatement, whether due to fraud or crror. In prcparing thc financial %tatcmcnt%, thc truftccs arc rcspon.%iblc for asscs%ing thc charity's ability to continuc as a bFOinbT concern. disclosinbT. a5 appliLable. matters related to gFOIII¥F concell) and using the goiii¥ concern basis of accounting unless the trustees eiiher intend w liquidaie the charity or to cease operations. or have no realistic alternati￿.e but lo do so. Our responsibilities for th¢ audit of the financial statements Wc havc bccn appointed as auditnr% undcr Scetinn 4411 l{cl of thc Charitics and Trustcc Invc8tmcnt (Scotlandl Act 2005 and report in accordance with the Act and relevant regulations made or havit)g effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial ststements as a whole are free from ￿￿terIal mi5Statement, whether due to fraud or error, ￿]d to issue a Report of the liidependent Auditors that includes our opinion. Reasonable dssuranLt d higFh Itvel of ￿sSUranCe, but is d gFuardntet th￿t dll dudit Londucted in accordance with ISAS (UK) will al￿ayS detect a material misstatement when it exists. Misstatements can arise from fraud or crror and ar¢ ¢onsidcr¢d mat¢rial if, individually or in thc aggrcgatc, thcy could rcasonably bc cxp¢ct¢d to influence the economic deci5ion5 of users taken on the basi5 of these financial statements. The exieni lo which our procedures are capable of detecting irregularities, including fraud i8de(ailed below.. We have designed an approach in order to minirnise any risk of material misstatement due to any fraud or irregularities. We fir%t obtained an understanding of the regiilatory framework in which the company operate, the most significant being the Financial Reporting Standard 102, with special regard to the charities SORP. and the UK wide einployinent legislation. Haviiig detemiiiied the relevant reg￿latOry fraTnework, Ive peifomied and docuTnfflited a risk a5se5sment of the busit]css, and bascd on thi￿ we dcsigncd audit proccdurcs intcndcd to dctcct and fraud, irrcgularitics or non- compliance affecting the financial 8tatem¢nts in a material way. AS part of the audit procedur&￿, we made enquiries of management and those charged with governance. We have alsu, whtre pobsible èlnd appropriate, verified the infonnation proi'ided with third parties, 5pecifiLdlly the bunk and the payroll agenis. W¢ considcrcd thc risk of fraud through manag¢m¢nt ov¢rrid¢ of controls, in ordcr to mitigat¢ thc risks pos¢d b}, this ive liave assessed all major transactions and sampled a cross sectioi) of income and expenses. We have not for the purpose of thiq audit placed reliance on the control environment when con.sidering sample sizes, however we have assessed the controls in place in order to provide additional assurance against inanagement oN'e￿ide. We have mitigated the riskq of revenue recognition by again confirming controls are in place as regard8 the donations received and by perfomiing comprehensive samplingF of received incotne. Cove SAlling Club (SCIO) Independent Auditor's Report for the Perlod Ended 30 November 2024 A fi]rtbcr d¢scription of our ￿SpOnSibl1]ti¢S for the audit of thc f]nancial $tatcmcnts is located on the Financial Reporting Council's website at ww.fr¢.org.uklauditorsresponsibilities. This des¢ripiion forn)s part of our Report of th¢ Indcwidcnt Auditors. U5eDf our reptsrt This report is mad¢ solely to the charity's trjstees, as a body, in accordan¢e with Regulation 10 of the Clwiti¢s A¢counts(S¢otl3nd) Regulations 2(N)6. Ourauditworkhabbeenundertaken sothaiwemight state 10 the¢h8rity's trystees those maiters we are required io slate io them in an audilors, repon and for no oiher purpose. To the fullest extent pern)itted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's tNstees as abody, forouraudit woik, forthisieport, or foi the opinions we have lornied. Bal￿nt￿ 8 Co chqrtwvttAts￿nIaftts 8 R¢gi6knd fAI & Enrth Squ¥0. Gl Td." 0141 221 I￿2 For and On beholf of Ballant￿￿¢ and Company Lirnit¢d 60 St Enoch Square Glasgow GI 4AG 04 August 2025 Cove Sailin% Club {SCIO) Statement ol. Acti￿tIeS for the period from 26 September2023 to 30 November 2024 30.11.2024 Total nds Unrestri¢ted fiinds Resiricted nds COMEAND tNDoivf*lOYI8, TrROM Donaiion% and (rants CharitaNe actiTrities MCn*C￿hJp Mootings Food and Bar Interest Tncon Other 3(A,626 674,412 979,038 6,140 3.380 13,643 6,140 3,380 13.643 225 1.580 i.(x)4,(N)5 1,580 329.593 674.412 Charitalle actiTrities Cost of Raw ￿￿terialS and ConsutThbles Other Chaiges Total 10,556 34,496 45.0)? 34,496 INCoMFI(EXPtNDrrt￿ Transfirs IK'hTrLLn fund% 329,593 346,620 629,360 {346,6201 958.953 Net nM)*ment in funds 676,213 282,740 958,953 R￿ONCILIATIoN OF FLNDS Total funds bn)ught fonvard TOTAL FLThDS CAILRIFD FORWARD 676,213 282,740 958.9)3 The Noies on 12 10 17 forni an iniegral parl of ihese FitLqncial Staiements. Cove Salmng Club (SCIO) Bal*nce Sheet As at 30 November 2024 30.11.24 Total fvttds Unr¢6trict¢d nd B£strict funds Not¢s Tangib]e assets 621,(K9 621,￿9 621,( 621,(W) Cash ai bank and ti] hand 35,201 35.201 310,183 310,183 345,384 345,384 CRFDrnRS AnKiunts falling du¢ within on¢ y¢ar 12 I7,5￿) (7,5(D) 27.701 310,183 337,884 TOTAL ASSETS LESS CURIIThT 648.770 310,183 958,953 N￿AsSErs 648,770 310,183 958,953 13 Unr¢stri¢t¢d funds Rc5tricted fvnds fA8,770 310.183 958,953 The Notes on 12 to 17 forni an integral part of these Financial Stat¢ments. These accounts were appToved by the tTUStees on 4th August 2025 and signed on their behalf by: io Cove Sailing Club (SCIO) Statement of Cash Flows for the period ended 30 November 2024 30.11.2024 Cash flo￿5 from oFrating actiTritie5 Ca8h gcncralcd fromopcratioiis Net casl) provided by operating activities 691,780 691.780 C#sh flo￿8 from initsting aetiTrlties Interest rectii'ed PaynEnt nude on fLKed A8set8 Net Lash proN'ided by fftvesting aLtivities 225 (346,L?O) 1346.396) Cash fl0sTr5 from fiThanciD£ actiiitie5 Capital received Net cash used tn financing a¢tivities Change ￿ cash hndcash equiwlents in the rep)rting ￿rIThd 345,384 Cash and cash e(wlTrxlcnts at the ￿ginnIng of thc re￿rting ri Cash and cash equiTralents at the endof the repbrting FriiKI 345,3X4 li Cove Sailing Club (SCIO) Notes to the Financial Statements for the period ended 30 November 2024 BASIS OF PREPARATION These accounts (financial statements) have been prepared under the historic cost convention. with items recoginised at cost or tratisaction value, unless othenvise stated in the relevant note{sl. in accordance with.. {a) The Charitic8 and Trustcc Jnvc.%tmcnt (Scotlandl Act 2005 {b) Thc CharitiC￿ Account% (Scotlandl Rcgulations 2006 la% amcndcd) {c) The Financial Reporting Standard appli¢able in the UK and Republic of Ireland (FRS 102) {d) Charities SORP IFRS 102) Accounting and Reporting by Chaiitieb". Statement of Recoinmended Practice applicable io charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 01 January 2015) The chariry has prepared its accounts in Sierling which is the functional currency of the chariiy. Monetary amounts in these financial statements are rounded to the nearest £1. The first financial period of Cove Sailing Club SCTO Covers the period from 26 September 2023 (the date of registration as a SC.101 to 30 November 2024, in accordance with OSCR guidance allliwing an extended initial reporting peri(MJ of up to 18 months Going concern Th¢ financial statements have been prepared on a going concern basis as the trustees believe that no material unccrtainti¢s ¢xist. Thc trustccs hav¢ considcrd th¢ lcvcl i)f funds hcld and thc cxpc¢t¢d Icvcl of incomc and cxp¢nditur¢ for 12 months from authorising th¢sc financial statcm¢nts. Th¢ budg¢tcd incomc and ¢xpcnditur¢ is %ufficicnt with thc Icvcl i)f rc%crvcs for thc charity tn bc ablc tn continue as a going cTrnccrn. 2. ACCOUNTING POLICIE.$ Income Incoine is Tecognised and included in the Staternent of Financial Activities (SOFA) when the charity becomes entitled to the income. receipt is probable; and the inonetary value can be inea511red with sufficient reliability. The specific bases llsed are as follows.. {a) Donation5 are recobFnised at tlie point of receipt. {b} Graiits- Incoihe trom goveriimeiit and other giants. whethei"¢apital" grants or'revenue" grants, are iecognised when the LhaTity has aititleTneiit to the funds, any perfotmdiice conditions altaLh¢d tts the ¥rdrits haN'e been n)et, it is probable that the income will be received and the amvunt can be measuied ieli(Ibly dnd ib iiot det¢￿ed {L) l Bdnk iiiterest is reLv¥nised when Lrtdittd to tht account. {d} Where inLorne hi15 relilted expenditure {e.¥. fundraising), the inLonie and rel￿ted expenditure are repurted gross in the SOFA. Expenditure Liabiliiies are recognised as expenditure as sooii as ihere is a legal or constructive obligation comniitiing the charity to that expendituie. it 15 probdble thilt a triinsfer of ecoiiomic benefits. will be iequired in settlement and thc amount of the obligation ean bc mca8urcd reliably. ExpcndittiTC is accounted for on an accruals basis and has been Llassified under headings that aggregate all cost related to the Lategory. Tangible fixed wets D¢prc¢iation is providcd at th¢ following annual ratcs in ordcr to writ¢ off cach assct ovcr its estiinated useful life. Fixturcs and fittings Boats Equipment 25°/o on cost 25'/o on c05t 25 % on cost Fixed assets are recorded athistorical cost less accumulated depreciation. 12 Cove Sailing Club (SCIO) Notes to the Financial Statements for the period ended 31b November 2024 Taxation The charity 15 exempt frorn tax on its charitable activities. Fund accounting Unrestiicted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Resiricted funds can only be used for pallicular restricted purposes within the objectives of ihe charity. Rcstriction8 arisc whcn qpccificd by thc donor or whcn funds arc raiqcd for particular rcstrictcd purposc%. Furth¢r explkmation of the nature and putpose ol. each fund is included in the Note 13 to the financial stdiements.. Debtors lal Debtors are recognised at the settlement amount due. (b) Prepa}'ments are valued at the amount prepaid. Cash lal Cash includes cash in hand and bank balat)ces repayable on demand. Creditors la)CreditsirbatereCognisedwherethe¢l)￿tyhas apresentobligation resultingfrom apas1 eventthatwill probably result in the transler of tunds to a thiid and the alnu￿1t due to sett]e the d)ligdtiun be ineasured or ebtirnatfxl ielidbly. Ctfxlitotb <￿¢ nonnd]ly ￿l0¥￿I&l%1 at the￿ bett]ement (llnounL UbU