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
SV￿MMIng 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 contribUt￿n$.
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 operat￿nS 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 year￿und 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 a￿a 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-Frc￿d
John McN8ilage
Alison Robinson
John Robertson
Marianne Milton
Ra¢hel Harpgr
Robert De Venny
Independent Examlner
Claire Anderson CA
Anderson Adwsory SerV￿es 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 reSFM￿￿b1e 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 ap￿Icab￿ 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 v￿th the rewir8rr*nts 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 stat￿0
Sino the ch8ritls gross exceeded £2S),I)J) your examiner must be a memberof a body listed
in seCt￿n 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& L*arity 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 a￿￿nI￿ng 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 appliCa￿e 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
reach￿1.
Claire Anderson CA
IndepeThJent Examiner
Date: Fel)rnay 2026
Anderson Advisory Se￿￿5
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 ￿d0￿ments
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 r￿ed 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.
DIreCt￿S, rosporwbilit¢es.'
The membets have not required the wmpany to Obta￿ an audrt of its fironcral statements for th8
year in quest¢on in aCcordar￿0 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 a￿OrdanI* with the provisions appliCa￿e to
companies subject to the small companies, regime.
Thgse financial statsments were approved by the board of trustees and aulhc*W 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 (fina￿la1 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 char￿es.. 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 aCCou￿1n9 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 dacIa￿d 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 9oc*Js 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 C*JSt to the donor
or the estirnated resale value. D￿at6￿ 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 pa￿CUlar 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 in￿Trad. 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 ir￿u1red 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 apk￿tioned to oh8rftabl8
aclwitK%.
0thorexp8nditure indudes all ex￿nditure that is neith8rrdat8d to raising fvnds forthe charity
nor part of its eXpend￿ure on charitabie activit*s.
All costs aro allocated to ex￿ditUre cat8Wrt88 refiedlng the use of the ￿source. Direct Costs
altribulable to a single acbwty are allocated directly to that athity. sha￿d costs are app￿￿oned
be￿een the activities they contribute to on a reasonable. justifiable and co￿ls￿nt 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 a￿um￿lated
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 ac￿MUlated 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 r￿nized 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 impaim*nt ￿[rIed out at each r8ihJrtiThJ date. with th8 r￿)vera￿e
amount being gstimated where Such Indi￿ exisL V4here the carrying valu& exceeds the
ro¢overable amoun( the asset Is ￿lTed acoNdingly. P￿r impainnents are also reviewed for
ble reversal 8t r8kN)rting dale.
For the purwses of Impaimienltgsting, vthen it is not possit4e to e8Umat6 tho rer*JvèraNe amount
of an indiv*Ju81 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 g0cml￿ll 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, tr￿SPective 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 RestrK*d 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
merCha￿lIse
Lorh ExF￿d4j1re
Equipment hire
Boat M8inten8i%e
Heat & Light
Repairn & Rene•vals
Sponsorstllps
Sunthi&8
Motor expertses
Legal arKI pro￿S1onaL
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 Contr*Y 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￿ ReSi￿d FuTrJs Futxls
ftjnds
fijnds
2025
2024
Rent
Computer SofNYare
Comtxrter hardwwe
Offlce expense8
Acojjntanw fees
Staff training ￿￿1
Deprerya￿n
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)n￿￿ed 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 a￿1 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 d￿WIthIn one yw
2024
Auditm fee
other credttors
7,500
7.500
12.
Rastrlcted funds
The income funds of the chaiity inc4ude restrided funds (￿l￿1$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 stat￿nents (¢
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
spert￿l Gwl
Argyll & Bule Grant
DOna￿n from CSC
clubhoLW.
Out of the total reslrictgd fvnds T￿Ned. an amount of£307,446 has been spent on the
construction ofthe dubhouse durirwJ the yw.
13.
Relatod party Transactlons
There were rb) d￿￿ble r8laW PtytrarwlkxB dumg th8 year (2024. none)
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