CHARrrY REGISTRATION NUMBER: SC052847 Cove Sailing Club (SCIO) Unaudited Financial Statements 30 November 2025
Cove Sailing Club (SCIO) Financlal Statements Yéar ended 30 November 2025 Page Trustees, annual report Independent examinerfs report to the trustees ststement of financial activities (induding income and 9xpendtture account) Statement of financial position Notes to the financial statements
Cove Sailing Club (SCIO) Independent Examlnefs Report to the Trustees of Cove SaFling Club (SCIO) fcondn&* Year ended 30 November 2025 Th8 trust8es, who are also the directors for the purposes of company law, present their report and the unaudtted financial statements of the charity for the year ended 30 Novomber 2025 OBJECTIVES AND ACTivrriES Cove Sailing Club (SCIO) is based at Barons Point. Cove, and exists to provide access to sailing, paddleboarding. wild swimming, and comrnunty-foojsed aL#ivities to individuals of all ages and abilities. The charity's aim is to foster skills development. physical activity, and social Inclusion through safe, welcoming. and affordable opportuniti'gs on and off the water. Activities during the reporting per induded cadet training sessions, aduft sailing. wild SVMMIng groups, mmunty meals. and indoor groups such as fts and games nights~ all designed to bring people together and promote wellbeing. ACHIEVEMEKf AND PERFORMANCE This reporting perttsj (November 2024 to November 2025) marked a major milestone in the Club's history. Following the successful construL#ion of our new dubhouse. the Club: Continued to work our contractor to ensure th8 successfvl Gompletion of our new clubhouse building at Baron's Point. Hosted a well-attended grand-opening and several events throughout the sailing season. Delivered a full cadet training program whith operated at capacity. Maintained a vibrant prryJramme of sailing and ojmmunty events throughout the year. ensuring continuty of engagement and supp Has developed partnerships with several local groups and organisations to hosl, or provide spac8, for communty events and acliwties induding a thoir group. yoga groups and partnership another local charity. FINANCIAL REVIEW The finandal year saw signtficant activty related to the new clubhouse build, wtth major fundraising success and responsible management of expenditure as construction began. Prlnclpal funding sources The majority of incom8 came from donations. successful grant applications (induding th& National Lottery Communty Fund). local fundraising events, and supp)rter contribUtn$. Additional income was generated from regular club activities and communty room hire where feasible. Club reserves. which had been built up over many years and ring-fenced for the dubhouse project. were also drawn upon. Page13
Cove Sailing Club (SCIO) Independent Examlnerfs Report to the Trustees of Cov• Sailing Club (SCIO) Year ended 30 November 2025 Going concern The trustees consider that there are no material uncertainties atout the chariivs ability to continue as a going contsm. RESERVE POUCY Th8 charity maintains a reserves policy to ensure the continuity of its operatnS and to meet future capitsl needs. A minimurn of three months, running costs are retained in free reserves. Additional designated funds are held to meet any remaining construction liabilities and fubjre programming neéds. FUTURE PLANS Looking ahaad, the Club aims to: Complete additsonal planned enhancements to the new dubhouse buikfing. Continue lo deliver yearund programming, induding cadet training, sockl events, and community activities. Increase capa(#ty for youth development and quaHficatsons, such as RYA and food hygiene certifications. Grow community participation and remove barriers to access through subsidised activities and partn8rships. Explore additional environmental Initiatives and partnership working aligned with the local aa plan. STRUCTURE, GOVERNANCE AND PIANAGEMEKr Governlng document The Charity is a Scottish Charitable Incorporated Organisation (a SCIO). It was registèred in its current legal foffn on 26 September 2023. The charity was previouyjy an unincorporaled association but thanged its legal form to a SCIO. The assets of the unincorporated association were transferred to the SCIO on 1st April 2023. It has a single tier structur8 and as such the trustees are the members of the charity. Page14
Cove Sailing Club (SCIO) Indapendent Examinerfs Report to the Trustee$ of Cove Saillng Club (SCIO) f¢onU Year ended 30 November 2025 REFERENCE AND ADMINISTRATIVE DEfAILS Reglstered Charlty Number SC032004 Prlncipal Address Cove Sailing Club Barons Point Cove G84 ONP Principal address Insert Detail Trustees Zoe Rob1nson-Frcd John McN8ilage Alison Robinson John Robertson Marianne Milton Ra¢hel Harpgr Robert De Venny Independent Examlner Claire Anderson CA Anderson Adwsory SerVes Limit8d 2E Balloch Vlew Cumbemauld G67 1HE Page15
Cove Sailing Club (SCIO) Independent Examinerfs Report to the Trust•es of Cove Sailing Club {SCIO) Icontsn Year ended 30 November 2025 TRUSTEES. RESPONSIBILrrY STATEMEpir The trustees are reSFMb1e for preparing the Report of the Trustees and the financial ststements in accordance applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practlce) including Financial RaFrf)rting Standard 102 'The Financial Reporting Standard apIcab in the UK and Republic of Ireland". The law applicable to charities in Scotland. the Charities and Trustee Investment (Scotland) Act 2005. Chartties Accounts (Scotland). Regulations 2006 (as amended) and the provisions of the charity's constitution, requires the trustees to prepare financial statements for each financial year which give a true and fair wew of the state of affairs of the charty and of the Incoming resources and application of reswrces. including the income and expenditure, ofthe charity for that period. In preparing those financial ststsments, the trustees are required to select suitable accounting policies and then apply them consistently. observe the methods arKI principles in the Charrty SORP,. make judgements arKI estimates that are reasonable and ptudent. stste Ythether applie2ble accounting standards have been followed, subject to any material departures disdosed and explained in the financial stalements,. prepara the finanaal statements on the going con(*m basis unless it is inappropriats to presume that the (tharlty will continue in business. The trustees are responsible for keeping proFer accounting records which dlsclose wfth reasonable accuracy at any time the financtal tx)Sttion of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scolland) Act 2005, the Charities Accounts (Scolland) Regulations 2006 (as amended) and the provisions of the charitys constitution. They are atso responsible for safeguarding the assets of the charity and hence for taking reasonable stsps for the prevention and detection of fraud and other irregularities. Approve(I by order of the board of trustees on 3RD February 2026 arKI shJned on tts behalf by. Robert De Venny Trustee JMcNeilage John McNeilage Truste8 Page16
Cove Salling Club (SCIO) Independent Examinerfs Report to th• Trustees of Cov• Salllng Club (SCIO) Year ended 30 November 2025 I report to the trustees on my examinatton of tha finanoal statemants of Cove Salling Club (SCIO) Ilhe charilV} for the ye8r erKtod 30 November 2025. Respon8lbllltlo8 and basls ol rei s the truste8s of the company {and also its dlreL#ots for the puwes of company law) you are responsible for the preparatK)n of the financial statements In atuwdance vth the rewir8rrnts of the Companies Act 2CX)6 Clhe 2006 Acr). Having satisfied myself thal the accounts of itte company are not required tr) be audited under Part 16 of the 2006 Act and are eliglble for independent examination. I report in respect of my ex8minal(on of the charity's accounts as carried (xrt under section 145 of th6 Charitses A& 2011 (Ihe 2011 Act'l. In carrying out my examinatk)n I have fdlowed the Direcl#)n5 given by the Charity Commtssioft under sectlon 145{5Xbl of th9 2011 ACL Independent examinefs stat0 Sino the ch8ritls gross exceeded £2S),I)J) your examiner must be a memberof a body listed in seCtn 145 of the 2011 Act. I confimi that l am qualifigd to urKJartake the examinatK)n because l am a member ofthe Institute of Chartered Accountsnts in Scolland {ICAS), whKh is one of the Ik8ted bodies. I have completod my examinalKJn. I confimi that no mattets have (x)me lo my attention in nneCtIOn th the èxamination giving me Ca to believe". accounliru records were not kept in respect of th& Larity as rgquired by section 386 of the 2006 Ac( or the financial statementsdo notaccord 7Mth those recixds: or Ihe Itnancial statements do not comply wrth the anIng requirem8nts of section 396 of the 2006 Aet other than any requirement that thè accounts gNe a Inje and tsirf wewwhtch is not matter considered as part of an indepeThJgnt examinabon. or Ihe finanual statements have not been prepared In accordance wlth th8 methods and principles of the Sialement of Recommended Practice for accounting and reporting by charltw appliCae lo charsties preparing their accounts in ac)rdanCe with the Finanaal Reporting Standard 8pplicable in the UK and Republic of Ireland {FRS 1021. I have no concerns and have Come across no other matters in conn8ction with the examination lo which allenlion should be drawn in this rep(Kt in cKder to enable a proper understanding of the accounts lo be reach1. Claire Anderson CA IndepeThJent Examiner Date: Fel)rnay 2026 Anderson Advisory Se5 2E Balloch Vlew Cumbemauld G67 1HE Page17
Cove Salllng Club (SCIO) Statement of FÉnanclal Actlvltios (including income and expendlture a¢unt) Year ended 30 November 2025 2024 fvnds fiJrKls Total funds Total funds Income and d0ments Donations and leg&i&s Other trading actlvibes Total Income 24.014 43.798 ,100 120,114 43.798 176.056 979,038 24,968 1,004,1)06 79,956 96.100 Expendlturn Expenditure on tharitatrAe acllvrbes Total expendlturn 5T.847 57.847 45,052 45.052 57,847 57.847 Net incom91lexpendltur•) and not mov•m•nt In funds 38253 118,209 958,954 R•conclllation of funds Total funds brought forward Trdnsfers bth8en funds 676.213 307.308 282,740 1307.308) 13.685 958,953 Total lundscwled forward 1,063.477 1,077.162 958.954 Tha statgmentof finanaal activitte8 inclLKJes 1 gains arNJ losses recognized in the year. AJI income and expenditure derive from conlinuing &tivtties. P8ge18
Cove Sailing Club (SCIO) Notes to the Flnanclal Statements Year ended 30 November 2025 As At 30 Nov•mber 2025 2025 2024 Fixed assets Tangible red 8ssets 12 1,014,C 621,069 Current assgts Stock 08btors Cash at bank and in harnl 7,518 1,849 54,057 115.781 13 345.384 345,384 Credltors: amounts falllng du• wlthin one year Not Current a8S?t8 14 350 63,074 337,884 958.953 Total assets currnnt liabNftI 1.077,162 Funds of iho ¢harfty Restiicted ftjnds Unrestrrcted fvnd5 To charity ndS 13.685 1.063,4n 1.077,1V2 648,770 310,183 958.953 17 For the year ending 30 Novembgr 2025. the charity was enbYè(I to exemption from audit un¢ler secth)n 477 of the Companies Act relaling to small o)mpanies. DIreCtS, rosporwbilit¢es.' The membets have not required the wmpany to Obta an audrt of its fironcral statements for th8 year in quest¢on in aCcordar0 With sadion 476,. The directors acknowtedge their responsibilittes for mFlYIng with the requirements of the Act with respect to ac¢x)unting records arKI tho prèparation of ffinancial $tatem8nts. These financlal stalements have been prep8red in aOrdanI with the provisions appliCae to companies subject to the small companies, regime. Thgse financial statsments were approved by the board of trustees and aulhcW for issue on 3RD February 2026. and are sign8d on behalfof the bjard ty. JMcNeila Robert De Venny Trustee John McNeilage Trustee Page19
Cove Saillng Club (SCIO) Notes to the Flnanclal Ststements Year ended 30 November 2025 Ba81s of preparation These accounts (finala1 statements) have been prepared under the historic cost ¢xJnvention. with items recognised at cost or trartsactM)n valug, untess oth8rwt8e stated in the relevant note{sl, in accordance wth: (a) The Charities and Tnrstee Invest (Sca)tland) Act 2(X)5 Ib} The Charities Accounts (Scollandl Regulations 2006 {8s amond8d) {c) The Financi Rewting StaThlaftl ap[4Kab in the UK and RepuLdK of Ireland {FRS 1021 (d) CharitFes SORP IFRS 102) Ar£rMJntiNJ and Reportlng by chares.. Statement of Recommended Practlce applicable to charitses preparing their accounts in accord8nce wtth the Financial Reporting Stsndard applicab18 in the UK and Republic of Ireland (FRS 102) {effectNe 01 January 2015) The charity hos prepared its ac(x)unts In sterflng whK Is the furn#rond currency of th8 charlty. M¢)netary amounts In these financial statements ar8 round8d to th8 nearest £1. Golng conc•m At the timg of approving the financlal statements, the trustees have o rgasonable expectatlon that the charity has adequate resources to continue in operational existence for the foreseeable fvture. Thus, the trust rJ)nlinue to the g)tng concem basis of aCCou1n9 wi preparing financial Fund accounting Unrestricted fvnds are 8vailaL4e for use at the discretion of the trustees to fvrth8r any of the charivs purposes. D¢$ignated fvnds are unrestricted fvnds earmarked by the truste8s for partKuL8r fvture proioct or o)mmitment. Restricted fvnds are subjected tr) restri(knns on their eyndtiure dacIad by the dorKJr or through the terms of an appeal. and fau into one oftsvo SU. restri Fncome funds or endowment funds. Page110
Cove Sailing Club (SCIO) Notes lo the Flnanclal Ststements (w Year ended 30 November 2025 2. Accountlng polkhs (¢vnthMwJ l inwming resources are Induded in the statement of finandal 8(thtiles when entlilement has passed to charity,. it is probatAe that the econom beneffts associated with the tsansactSon will flow to the charity and the amounl can be rellatAy measured. The followng specific rKAlctes are 8pplled to parttcular categories of inoJne: in¢om& donations or grants is r8cognized when there is 8vidgnce of enlitlom8nt to th& gfft, receipt is probable and ils amount can be measured reliabty. 18gacy incom8 is rwlzed rwAipl is pKobabl8 and enlillement B established. incom8 from don8led 9ocJs is measured al the fair value of the gocés U[e$S this is Impractlcal to measure retiably, in which case the value is derlved from th8 CJSt to the donor or the estirnated resale value. Dat6 facilities and sorvices are recognized in th& accounts when received rf Ihg ¥u& Ian be reli?Y measured. No amounts are induded for the contributton of general voluntegr& come from contracts for the SU of services is rec%)gnized wÉlh the delNery of Ihe contrdcled servi. This is classified as unrestricted funds unless there is a contractual requirement fc it to be spent on a paCUlar purpose and retumed If un5penL in which ($58 may b6 regarded as restri(awJ. Rèsources expended Expendilure Is recognizgj on an accruals basis as a liabillty is inTrad. Exp¢ndtture indude8 any VATwhich cannol be fully recovwed, aTrJ is dasstfied under headings ofthe statemnt of ffnanclal activities to 4thch it relates: &xpenditur8 on raising funds indudes the costs of all fundraislrvJ aclivitigs, evgnts, non- charitablè trading actsvitses, arKI the sale of donated wcds. expgndthjre on charitable athittes incK¥Jes all cL)sts iru1red by a charity in undertaklng activities that fijrthor its charitable aims for the banèfft of its beneficiar¢es. induding those support costs and LX)sts relating to the gO¥eMan of the charfty apktioned to oh8rftabl8 aclwitK%. 0thorexp8nditure indudes all exnditure that is neith8rrdat8d to raising fvnds forthe charity nor part of its eXpendure on charitabie activits. All costs aro allocated to exditUre cat8Wrt88 refiedlng the use of the source. Direct Costs altribulable to a single acbwty are allocated directly to that athity. shad costs are apponed beeen the activities they contribute to on a reasonable. justifiable and colsnt basis. Page111
Cove Sailing Club (SCIO) Company Llmlted by Guarante• Notes to the Flnan¢lal Statements Year ended 30 Novèmber 2025 Acwuntlng policlos Tangible a$80ts Tangible assets are Inftialty recorded at(rt and subsequenty staled atcosl less ary aumlated deprecialion and impaiTment losses. Any tangib assets at revalued amounts arè recorded at the fair value 8t Ihe dal8 of revaluation less any S)Sequent acMUlated depra¢iation and subsequent accJJmulated irnpaim7ent losses. An 5ncrease tn thg carrytng amount OF an assgt as a resuh of a revaluatlon. Is réccgnlzed in oth&r recognized gains and lossas. unless tt rever a (knrge for impaimi8nt that has prevtously been recognized as expendiknre within the statement of fin8nu81 actNiltres. A decrease in tho carytng amount ofan 8Wt as a result of r8V8luation. is rnized in other recx)gnvzed gains and losses, excepl to which it offsets any prevK)us rgvalualK)n gain. in which case the bss is shown within other recognized gains aThJ losses on the statement of financial arAbvits&s. DeprKlallon Depreciation is calculated so as to write off the cost orvaluatM)n of an asso( less resvjual value. over the useful economk lrfe crf that asset as follow8". Fixtures and rrttings Boats Equipment 25% straight line 25% straight li 25% stra¥t Ir Impalmientof fixed astets A rewew for indicators of impaimnt [rIed out at each r8ihJrtiThJ date. with th8 r)verae amount being gstimated where Such Indi exisL V4here the carrying valu& exceeds the ro¢overable amoun( the asset Is lTed acoNdingly. Pr impainnents are also reviewed for ble reversal 8t r8kN)rting dale. For the purwses of Impaimienltgsting, vthen it is not possit4e to e8Umat6 tho rerJvèraNe amount of an indivJu81 assel. an eslimate is made of the recoverable amount of the cash- generating unft to which the asset belongs. The casPwenerating untt is smalksl identifiable group of assets that inctudes the asset and generates cash inlkyus that larJw ety indyndenl ofthe cash inflows from other assets or group5 of assets. For Impairment testing of gocthill, the g0cmlll ac4uired in a business combin8ticn is, from the acquisibon date, allocated to each of the caswenerdting unils that are expected to benefit from the synergies of the comblnation, trSPective of ththgr other assets or liabilitles of the charfty are assigned to those units. Page | 12
Cove Sailing Club (SCIO) Company Llmfted by Guarantee Notes to tha Flnancial Ststements Year ended 30 November 2025 Donatlons and logades Totsl Unrestrthl RestrKd FuThJs fiJrK15 2025 Tdal FurKis 2024 24.014 8,589 32,603 404.636 87.511 87,511 574,402 .100 120.114 979038 Gr8nts Total Funds 2025 2024 ZJ,C62 23.(2 10,556 Olhercharges 14.699 14,699 57 847 43.148 45,052 Dlr•ct Costs of Charltswe Actmtkns Tcrtal hJrK 2025 2024 Lrft & Lay MThyings Bar Stod( Food wrchase merChalIse Lorh ExFd4j1re Equipment hire Boat M8inten8i%e Heat & Light Repairn & Rene•vals Sponsorstllps Sunthi&8 Motor expertses Legal arKI proS1onaL 5,610 12.022 2223 787 &610 12,022 2223 787 1.6 4.825 3,606 1.612 92 30 391 827 4.768 1Tr) 10 4,768 100 10 146 100 268 187 3,970 1970 4,8D5 4.414 400 ConstAtarw fees SubscriptiorLs Licenses Athertlshg eosts Insurance Sub ContrY C 119 19 389 6.845 6,845 2.022 1022 43.148 43,148 2,959 4.812 Page113
Cove Sailing Club (SCIO) Company Llmlted by Guarantee Notes to the Flnanclal Statements Year ended 30 November 2025 Support Costs of Charltable Athitlats Totsl Total lh¥Est ReSid FuTrJs Futxls ftjnds fijnds 2025 2024 Rent Computer SofNYare Comtxrter hardwwe Offlce expense8 Acojjntanw fees Staff training 1 Depreryan Telephon8 and Int aeaning 116 253 16 154 476 120 10.556 218 253 16 154 476 120 10,556 218 a906 14 699 14.699 209 119 7.539 120 7,150 15.537 Staff ¢¢ts The tharity considers Its key managemenl pwsonnel to c(¥nprFse the trustees only. Tlk average rnorrthly number of 8mployees dwing the as 2025 2024 Numberofslaff Tnrntae ramungraflon and éxpgnse8 oftha trustees lor any pwsons Ca)ned with them) any remunerat>)n or benefits from the charity durlng the year. Page114
Cove Sailing Club (SCIO) Company Llmfted by Guarantee Notes to the Flnanclal Statements Year ended 30 November 2025 Tanglbk flx•d assets FumitL F¥opth a1 Land Equipm&nt Totsls Frtliros at30 November 2024 2,387 16292 9,919 628,218 Addili(47S 13373 403 576 8at30 989.573 15.760 16,542 9,919 1,031,794 DEPRECIATION Asat30 Novembw 2024 597 4.073 2.480 7,19) Charge br year 4.136 At 30 N¢)vember 2025 4.537 8,209 17.706 BOOK VALUE At 30 November 2025 989,573 4.959 1,014.088 At 30 November 2024 1.7 12.219 621,069 2025 2024 Trade Debtors 1.849 Page | 15
Cove Sailing Club (SCIO) Company Limited by Guarantee Notes to the Flnanclal Statements Year ended 30 November 2025 11. Crnditors: •nounts falllng dWIthIn one yw 2024 Auditm fee other credttors 7,500 7.500 12. Rastrlcted funds The income funds of the chaiity inc4ude restrided funds (l1$ing the fdlowing unexpended balances of donations and syants held on trust for spedfic purposes: Transfers Incoming Outgoing betsveen 30.11.2024 Resources Resources funds 30.112025 Genera ftjnd 47.995 68.W2 7.289 174.6971 49,389 xed A&sgts 628.218 11.154 17.2891 382.005 LOI4088 trlcted funds COF -C8Pit 126.784 157.8461 168.9381 COF-Inc 4.7 14.917) National Lottery 654 11654 sp Scollarnl Grart 552Z2 1552221 Sthd Grant 11.0001 & Bute Grant 49.998 18.635 168.6331 100,000 {108.) Donation arKI Grant for Cadets i.oio 958,952 21 176.056 1,031 LOTI,162 157,8461 Page | 16
Cove Salllng Club (SCIO) Company Limlted by Guarantse Notes to the Flnanclal statnents (¢ Year ended 30 November 2025 Restrlcted Funds fi>r Building Now Clubhousg Durfng the year end&J 30 Novembgr 2025. c Sailing Club recer¥ed tr fdlowing restrided fwds speofK*lty for the purp(tse of lyjilding a new dubhm.. Scolland Grant spertl Gwl Argyll & Bule Grant DOnan from CSC clubhoLW. Out of the total reslrictgd fvnds TNed. an amount of£307,446 has been spent on the construction ofthe dubhouse durirwJ the yw. 13. Relatod party Transactlons There were rb) dble r8laW PtytrarwlkxB dumg th8 year (2024. none) Page117