Atlantic Challenge (Scotland) Charity Accounts

COMPANY REGISTRATION NUMBER: SC190269

CHARITY REGISTRATION NUMBER: SC028355

Atlantic Challenge (Scotland)

Company Limited by Guarantee

Unaudited Financial Statements

31 March 2025

Atlantic Challenge (Scotland)

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2025

	Page

Trustees' annual report (incorporating the director's report)	1

Independent examiner's report to the trustees	5

Statement of financial activities (including income and expenditure account)	6

Statement of financial position	7

Notes to the financial statements	8

Atlantic Challenge (Scotland)

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 March 2025

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2025 .

Reference and administrative details

Registered charity name	Atlantic Challenge (Scotland)

Charity registration number	SC028355

Company registration number	SC190269

Principal office and registered	117-121 High Street
office	Forres
	Morayshire
	IV36 1AB

The trustees

	Mr G I Hunt - Chairman
	Mr N S Sutherland	(Retired 1 January 2025)
	Mr I Samson

Company secretary	William Roger Murray Cowie

Independent examiner	Alison Fionda, CA Ritsons Chartered Accountants
	103 High Street
	Elgin
	IV30 1EB

Structure, governance and management

Governing Document

The organisation is a charitable company limited by guarantee, incorporated on 14 October 1998 and registered as a charity. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

Organisational structure

The affairs of the charity are run by the Moray Gig Committee of which all trustees are members in addition to others. Volunteers who form the Staff Crew have an input to the Committee who make decisions.

There is to be a minimum of three trustees, one of whom will be the Company Secretary and two of the trustees are to be members of the Moray Gig Committee. There is no set upper limit of trustees, however careful consideration for the charity's needs if the number were set to exceed five. New volunteer trustees would be recruited on an informal basis from the local and national network of persons with sailing interests, expertise and or from a background of promoting activities for young persons. A A trustee may stand down at any time as there is no formal process to resign.

Relationship with related parties

The charity is affiliated with GB Atlantic Challenge.

Objectives and activities

Explanation of objects

"To promote, maintain, improve and advance the education and personal development of adults and young people particularly by the encouragement in the skills of boat building and seamanship and the doing of all such other things as are incidental or conducive to the attainment of these objects".

Strategic report

The following sections for achievements and performance and financial review form the strategic report of the charity.

Achievements and performance

Review of activities

During the year, we received unrestricted income of £5,180 mainly from one Trust fund and bank interest, and expenditure during the year amounted to £12,426. There was a decrease in running costs of £1,040 compared to the previous year.

Capital reserves have been used throughout the year with a payment of £30,000 which was for the Safety Boat. It should be noted that income from outside sources has increased from last year. With no income from outings the charity has one year of running costs available and therefore an effort will have to be made on fundraising for future years. It is anticipated that the Gig, Bien Trouvè, has at least 9 years of operational life remaining.

Good maintenance work was conducted over the winter period and our volunteer numbers went up by half a dozen all bravely working in the cold environment of the storage barn. Not put off by this we conducted late winter shore training ready for the season. Boats were launched and volunteer crew training commenced. Our effectiveness in providing support to the community was ably demonstrated with outings for Cantraybridge, a specialist centre for young adults who have additional needs, where the students and staff become fully involved with the Gig (and the speedy Safety Boat!) that they came back twice again this season. Good use of the Restricted Fund money. The Moray Flying Club throughly enjoyed their time with us too and are also returning next year. Our volunteer crew gained much experience from instructing guests. However The Moray Gig has too a few a number of Coxswains and experienced crew to be sustainable in the long term as there is too much reliance on a very small group of key, qualified experienced volunteers. Also of concern is that the ongoing search over the past 5 years for others to take on the leadership of The Moray Gig has not come to fruition„yet.

Concentrating on the Gig and Safety Boat meant that the St. Ayles remained ashore in the Barn as we, The Moray Gig crew, only had time to concentrate on the charity’s core activity. The Committee and Trustees will review the future of the St. Ayles Skiff on completion of 2025 sailing season.

Volunteers

The charity is run by volunteers who undertake all the roles necessary such as sail and rowing training, teaching leadership and teamwork, administration and fundraising are a few examples.

Financial review

Policy on reserves

The cash reserve in the bank account covers one year's running costs including incidental replacement of items such as oars, sails, waterproof clothing etc. Any or all of these items could be required at short notice.

Grants are not made. However, funds from donations enable the organisation to subsidise the costs of outings for young people and build a reserve for the replacement of major items like the new RIB.

Specific investment powers

Memorandum paragraph 3 (ii) (d)

"To invest and deal with moneys of the company not immediately required in such a manner as may be from time to time determined and to hold or otherwise deal with any investments made"

Risks

The most serious risk to which the charity is exposed is that of injury or death through falling overboard. A Risk Assessment has been made and approved by the trustees. The gig is operated within the UK Atlantic Challenge Code of Operating Practice. Both the Risk Assessment and the Code are reviewed annually.

The trustees' annual report and the strategic report were approved on 6 October 2025 and signed on behalf of the board of trustees by:

Mr G I Hunt - Chairman

Trustee

Atlantic Challenge (Scotland)

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Atlantic Challenge (Scotland)

Year ended 31 March 2025

I report on the financial statements for the year ended 31 March 2025, which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes.

Respective responsibilities of trustees and examiner

The charity's trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's report

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(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 8 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.

Alison Fionda, CA Ritsons Chartered Accountants

Independent Examiner

103 High Street Elgin IV30 1EB

6 October 2025

Atlantic Challenge (Scotland)

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 March 2025

	2025			2024
	Unrestricted funds	Restricted funds	Total funds	Total funds
Note	£	£	£	£

Income and endowments

Donations and legacies	5	4,670	–	4,670	2,800
Charitable activities	6	–	–	–	40
Investment income	7	510	–	510	793
		-------	----	-------	-------
Total income		5,180	–	5,180	3,633
		-------	----	-------	-------

Expenditure

Expenditure on charitable activities	8,9	12,426	–	12,426	13,466
		--------	----	--------	--------
Total expenditure		12,426	–	12,426	13,466
		--------	----	--------	--------

	--------	----	--------	--------
Net expenditure and net movement in funds	( 7,246)	–	( 7,246)	( 9,833)
	--------	----	--------	--------

Reconciliation of funds

Total funds brought forward	78,989	985	79,974	89,807
	--------	----	--------	--------
Total funds carried forward	71,743	985	72,728	79,974
	--------	----	--------	--------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Atlantic Challenge (Scotland)

Company Limited by Guarantee

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible fixed assets	12		55,816	59,624

Current assets

Debtors	13	2,037	1,998
Cash at bank and in hand		14,875	48,352
		--------	--------
		16,912	50,350

Creditors: amounts falling due within one year	14	–		30,000
		--------		--------
Net current assets			16,912	20,350
			--------	--------
Total assets less current liabilities			72,728	79,974
			--------	--------
Net assets			72,728	79,974
			--------	--------

Funds of the charity

Restricted funds		985	985
Unrestricted funds		71,743	78,989
		--------	--------
Total charity funds	15	72,728	79,974
		--------	--------

For the year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 6 October 2025 , and are signed on behalf of the board by:

Mr G I Hunt - Chairman

Trustee

Atlantic Challenge (Scotland)

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in Scotland and a registered charity in Scotland. The address of the registered office is 117-121 High Street, Forres, Morayshire, IV36 1AB.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. The charity constitutes a public benefit entity as defined by FRS 102.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Funds held by the charity are either Unrestricted general funds- General funds - General funds are unrestricted funds which are available for use at the discretion of the directors in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds - Designated funds comprise unrestricted funds that have been set aside by the directors for particular purposes. Restricted funds - These are funds which can be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular purposes.

Incoming resources

All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: - Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants that provide funding of a general nature are recognised where there is an entitlement, certainty of receipt and the amount can be measured with sufficient reliability. - Investment income is recognised on a receivable basis. - Income from charitable activities includes income recognised as earned through the provision of goods or services and grant income which is subject to specific performance conditions. Grant income included in this category provides funding to support programme activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and this is reported as part of the expenditure to which it relates.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Tangible assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Gig Construction & Equipment	-	5% straight line
Equipment	-	10% reducing balance

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. The following assets are classified as financial instruments - bank. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand.

4. Limited by guarantee

The company which is also registered as a Scottish charity, is limited by guarantee and as such does not have any shareholders.

5. Donations and legacies

Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
£	£	£	£

Donations

	Donations	4,270	4,270	2,800	2,800

Grants

Grants	400	400	–	–
	-------	-------	-------	-------
	4,670	4,670	2,800	2,800
	-------	-------	-------	-------

6. Charitable activities

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Exceptional income from charitable activities	–	–	40	40
	----	----	----	----

7. Investment income

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Bank interest receivable	510	510	793	793
	----	----	----	----

8. Expenditure on charitable activities by fund type

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Core costs of operating the gig	12,426	12,426	13,466	13,466
	--------	--------	--------	--------

9. Expenditure on charitable activities by activity type

	Activities undertaken directly	Total funds 2025	Total fund 2024
	£	£	£
Core costs of operating the gig	12,426	12,426	13,466
	--------	--------	--------

10. Net expenditure

Net expenditure is stated after charging/(crediting):

	2025	2024
	£	£
Depreciation of tangible fixed assets	3,808	4,626
	-------	-------

11. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

No trustee expenses have been incurred during the year.

12. Tangible fixed assets

	Gig Construction & Equipment	Equipment	Total
	£	£	£
Cost
At 1 April 2024 and 31 March 2025	107,139	4,225	111,364
	---------	-------	---------
Depreciation
At 1 April 2024	50,600	1,140	51,740
Charge for the year	3,576	232	3,808
	---------	-------	---------
At 31 March 2025	54,176	1,372	55,548
	---------	-------	---------
Carrying amount
At 31 March 2025	52,963	2,853	55,816
	---------	-------	---------
At 31 March 2024	56,539	3,085	59,624
	---------	-------	---------

13. Debtors

	2025	2024
	£	£
Other debtors	2,037	1,998
	-------	-------

14. Creditors: amounts falling due within one year

	2025	2024
	£	£
Accruals and deferred income	–	30,000
	----	--------

15. Analysis of charitable funds

Unrestricted funds

	At 1 April 2024	Income	Expenditure	At 31 March 2025
	£	£	£	£
General funds	78,989	5,180	(12,426)	71,743
	--------	-------	--------	--------

	At 1 April 2023	Income	Expenditure	At 31 March 2024
	£	£	£	£
General funds	88,822	3,633	(13,466)	78,989
	--------	-------	--------	--------

Restricted funds

	At 1 April 2024	Income	Expenditure	At 31 March 2025
	£	£	£	£
Sail training for disadvantaged young people	985	–	–	985
	----	----	----	----

	At 1 April 2023	Income	Expenditure	At 31 March 2024
	£	£	£	£
Sail training for disadvantaged young people	985	–	–	985
	----	----	----	----

£985 remained at the year end of grants received in previous years for sail training of disadvantaged young people.

16. Analysis of net assets between funds

	Unrestricted Funds	Restricted Funds	Total Funds 2025
	£	£	£
Tangible fixed assets	55,816	–	55,816
Current assets	15,927	985	16,912
Creditors less than 1 year	–	–	–
	--------	----	--------
Net assets	71,743	985	72,728
	--------	----	--------

	Unrestricted Funds	Restricted Funds	Total Funds 2024
	£	£	£
Tangible fixed assets	59,624	–	59,624
Current assets	49,365	985	50,350
Creditors less than 1 year	(30,000)	–	(30,000)
	--------	----	--------
Net assets	78,989	985	79,974
	--------	----	--------

17. Related parties

The charity did not enter into any related party transactions that require disclosure during the reporting period.