ST ANDREWS HARBOUR TRUST REPORT AND FINANCIAL STATEMEMrs FOR THE YEAR ENDED 31 MARCH 2024 SCOTTISH CHARrrY NUMBER: SC023557
ST ANDREWS HARBOUR TRUST CONTENTS Trustees, Annual ReFth IndepeThJent Auditofs ReFMNt skternent of Finaroal Act"e$ Balance Shegt 10 Siaternenl of Cash Flows Notes to the Accounts 12- 19
ST ANDREWS HARBOUR TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees presenl their annual rèport and finaxial statements of the charity lor iha year ended 31 March 2024. The financi statements have been wepared in aCCOTdance wtth the accounting policies Set out in note 1 lo the accounls and ¢ompty wth the tharity's founding dOlment. the Charitres Accounts Iscotlandl Regulation5 2006 las amended) and Accounting and Repo.ng by Charities.. Statemeni ol Rècommended PractKe ISORPI aKplicabk to charilies preparing theiT a¢unIS in accordance with the Finalal Rewting Starard appIable in the UK and Rèpublic ol Ireland IFRS1021 etttive 1 January 2019. OW8Ct5vos and activitles for tho publle bgn•fft Th8 prin¢ipal objeclNe ol Ihe charTty is to maintain and regulatè the use ol St Andrews Harbour as laid down in the Sl Andrews Harbour Order 1897 as amended by St Arn1fews Hartjour ReViSn Icon5titubonl Order 2010. St Andrews Hartnur sits within the rnost histor area of town at its eastem periphery, nestled agansl th rernain5 01 St Andrews Cathedral and a short distance from St Ar¥Jrews Castlè. The Harbour structure is a Class A listed building traciTrJ it5 roots back lo century and, although rebuilt and improved since that lime, is still a classr exarnp of Scotb"5h vema¢ular hartNJJr wort(. The Harbour environmènt is enjoyed by and provides benèfit to a wide W ol Ihe pu. both frorn martlime and Lqnd-based Cornrnunits. The Irusl$os consider how best lo meet public nefit whon reviewing the charity'5 aims and objectives, in planning future a¢liwties lor the year ahead arkj beyond. For the marttime user. St ATrlrews Harbour provides berthing facil.0$ lor a small resident fishing fieel alongside permanent and visiting pbasur8 craft users. h is the trustees. aim to see both these comrnunth'es continue to exist in the harbour. The trustees aim to maintain the infrastructure necessary to support Ihe fisheTmen, including sale berthing, a WOTking quays%le aryl stores for those who desire them. For the lèisurè boat user, again safe berthing with easy access is a Priority. but a150 as time goes on lo make improvemenis and additions to these laciliti85- lor examplè, thè Fwowsion ol services to Lrth5 arKI new shore-shge amenities. Through these improvements it is our aim lo irtrease usage ol the hartour by indmduals and organisations, broadening pwtcipatKJn in water-based ac11vi. irK4urfirw by those who may have phys impaimient For the beneltt ol ix>th maritime user and visitors on looi. thè Injstees aim to see best use made of both existing harbouT asset5 and the surrounding environment Opportunity i% Klenblied in poorly ulilised areas of land and buikjings around the harbour arKI the trustees aim to better utili5e Ihe5e lo provKlè benefit through athyrtional am¢nty befitting tlis FryubaT hartvr area In improving the harbour through well considered deveh)pments beneftial lo the Publ and sympathetic to its historal status. the tnjstees airn a150 to devew additional revenues to be invested in its m&ntènance aThJ help safeguard its lulure. Rovlew of achkvement$ and pgrfrKmance: How the charity programmg dell¥er•d publlc benefii The tnelits of the charity's work are the provisM)n ol harbour facilit5 lor fishermen, lèisure boat users and visr(ors. The Iruslegs were eaSed to continue a salisla¢tory maintenance programme during the year. Key tivitie5 are noted below. Hatsour malntenance and improvement Repair5 and prèventative maintenance to key elements ol the hart)ur inlraslwcture have been undertakan ov9r the course of Ihe year including repairs to the brh*e. lackler5, hydraulic pipes. stonework and concreting. There were agn signrficant repairs folk)wing the winter siorms ihis year. These rew.rs will continue lof severd years. Our fvnding sukTrgroup ¢onb"nued to kk at diversitying our fundiwsing acbvty and reduang our reliance on the gala. These activities have brwght in signrficant funding from multifft swrces for the storm fepairs. The Irustees continu8 to res(ricl al non-e5serfial Sling and continue tying to ratKJnalisg and simplity our external services provis) Isuch as aCCcyJntar, utiffties. audrtl-
ST ANDREWS HARBOUR TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Thè automatic audit requirement, regardS ol income or a55el teveb. arose from the PTovisions ol the 2010 Harbour Revision Order whh forms Ihe Trust's consb"lution. The Truslees still feel that the requirement for a full external audit is disproportionate and burdensorne. In 2022 the Trust consulted a $cIalis[ maritime lawyer who conclude(I that the wording was"uncar and coukl indeed be ad as to require an external audil - a provision imed al large commèrcial hart)ours. Trustees instrucied the rnarrlirne lawyer to strikè this provision from a subsequent Harbour Revision Order already in wogress. Thhs Order wll hopefully corne into operation in 2024 freeing the Trust from this excessNe tr¥Jrden. If. however. the charity's gross IrMe ar)dlor gross assets exed the audrt litnits set in the Charities Accounts (Scotlandl Regulaiions 2(X)6 then an alt would still be required. We have engaged a specialist rnarib.me lawier an(1 are a good way down the road lo establishing seaward limits to allow for charge5 to te rnade for large vessel anchorage. Pènding and luture developmonts Focus lor 2024-25 will be the essential repairs to the harbour gales. main pier and NW slipway, as well as addressin9 Other darnage resulting from the 2WJ storms. 11 is hoFd that fuThJ-raisir¥J and grant applications will provide Ihe necessary funds. Monitoring achltvement The truslees monitor the tyogre5s of their actwitie5 in various ways. Indicalors of success include- An on-going waiting list for berthing in the hariK)ur. The pN)ntoons are now completety lull wth a signili¢anl wailing list. InfrasliucluTe supp)rting a stable fishing Ileel empkjying arouTh120 persons. The Trusi continues 10 continues to lislen to the harbour's Stakeholders. as indivKluals, or through the various user groups and k)cal organisalions and to reacl to arty concerns awoprialely. Financial revieyd Tr>tal incotne In the year was £537.(K)7 01 whh £294.367 was nstrictedl2023 - £.629 01 which £60.129 was unreslricteo). ExpendiluTe In the year was £140,747 01 whtt E69,623 was unwestrrted12023 - £66,804 01 whiGh £39.028 was unrestrbctedl. Net income was £396.26012023 - £23.8251 aVIng reserves carrled Iotward of £709,817 01 which £268.214 was unrestrKled120fJ - £313.557 01 whh £66.470 was unTestricte(11. Invèslmenl policy and p•rforn)ance The trustees are emKM)wered to ieSt sums lo raise inteiesl or io purchase securities under the geneial investmenl regulatrons governing chariiable trusfees. Al the present time funds are placed on depostt. Risk management The trustees have a55essed Ihe major risks lo ¥thth the ¢tWty is expwJ.bY-ti[¥J 4 risk.table which they. rev1ew annually. The risk table ar reviews lIleT the w(Kedures in place to ath*ess and minimsse the risks an¢J changes a applied as aw)ropriate. The principal risks faced by the charty I in= unforeseen harbour 0rating costs arisi arKI in faire to attract grants and donations to enable koy developments and improvements to iE made.. ensuring appropriale safety measLtres are in Flace around ihe hartKJur limplemented ihrough a Port Marine Safety Cottel-, recruiting new Irustees with the aFvropriate skills and lime commitment- en5unng effective comrnunicab.on betsn the harbourmasler and trustees as a conduil for information relating lo the daity workings of the harbour as it leeds uilo risk managemenl. moniloring achievemenl as well as suptM)rt lor, and oversighl ol. stall. Reserves policy and Restricted fund5 The Revenue accounl represents the unrestrted funds carried loThvard. The trustees regard the balance ol the un[estred funds, afflounting 10 £268,214 12023 ,4701, as sufficient lo meet immediate operating Tequiretllenls ol the tharrty given the annual granl arKI berthing dues Income expecred to be received in the immediate lutvre. Inrtratives lo generale 0[ irKome will be irnpkmenled throughout the year lo mtret future costs.
ST ANDREWS HARBOUR TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 WIRCH2024 The restricted lunds carried forward amounting to £441,603 12023 - £245,0871 are detailed at note 13. At 31 March 2024, replacement harbour gates had not yel been InStled and a restrKted rèsetve of £197,500 was held for this purposg. This includes a transfer troffl unrestrict8d reserves 01 £25.000 which was required to meet the cash-lbw dernands ol the project. This reverses in finarKiJ year 2024125. The various restrictsd knnds are as lolknws:. Harbour Gates Fund.. This fijnd was Iwmed in order lo replace Ihe gates washec¢ away in a storm. The new oates were in place in the summer 012013 and various COme.0 works arKI mainlenance continue. Hartxjur Clock Fund.. FvrKls he by File Cwn(al wwe receNed by the charity in 2015. The luThJ is for rnantenance ol the hartM)ur ckick. The Coastguard Stathon Legacy Fund arises from a W in the Prewous year ol £30,000 lor the erection of a memorial pLgque and the luture gener Mntenare and yeep ol Ihe former Coastguard Siaoon and plaque. Phase 1 Pontoons Fu1 was tomied to facilitate the deveknpment of the Inner harfc#)ur by the crealhjn of fjrst- stage F)onloons to increase and improve the berthing facilities. The Gaia Fund hohts (k)nati$ tor th8 hathur gala day. Harboui Modernisaiion Fund= This initiative. whh includ&s phase 2 of the pontoons installation project. is to provide a modern. accessible and integraled hartrr gatgway lor St AThJrews. Principalty fundèd by the Coastal Communities Fund it has aL%o r8C8W8d granlslckjnatiws ITMI St Andrèws Pilgrim Foundation, St Andr8WS Common Good Fund and Local Community planning. Fit lor Purpose Fund: Fundgj by Marine &otlarKI ihrough the European Marilirne and Flsheries Fund, this project aims to irnpr(we the Crit31 hartr*yJr infrastruclure to $8(xJre the fthure ol Ihe kcal inshorè fleèt. Restoration aThJ Repaiis Fu1.. An apwal vms laUhl in 2023 for fvnds lo 1P with the severe damage caused by thè storms ol Autumn 2023. were raised through grants aThJ indrvKlual donations trom the pu1¢. Haibour Gates Replacement Fund: A grant was receNed from the Sy)ttish Govemment lor the repair ol the harth)ur gates whh had been badly damaged in the 2023 storms. The following festsicted fund was luny u11$8d in the year lo 31 Marth 2023:_ The Friends of Sl Andrews Harbour Fund ¥elknts thnatM)ns to luThJ enharttments to the hattx)ur vAth specitic reference to Ihe sliyway. bench seating, notKe t, (, lighting and LandSCang around the h8rt)our area.
ST ANDREWS HARBOUR TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH2024 struclur•, Govmance Management The Harbour Trvst was estaDlished uniler the St Anitrews Harfoour Ordw 1897 and revised by the Si Andrev Harbour Fievision {CortitUOnI Ordèr 2010 as a bLKty corrmte with ptLa1 Successn. The trust gained chanlable status in JanLTary 1992. Under the OrLrs hyo pers(S shall be appointed annualty by Frte Counal ad len persons by the trustees ot whom at least orFe shall be a pwson hivolved in the otwaiion or management ol the St Andrews Harbour. The trvstees meet warterly and seven trustees make a qwrum Durwg Ihe yEaw tIE day-t04Jay admini5tralio was carrEd out ty a hatb)ur cperations group. the chair and the harb)urmas-.er. Al the quarterty meetings the Irustees ieceive reports IrDm the trusi's accountants. hart)oum)aster, ad truslees aThJ other reports as re4uwed. These reports coverthe marxgement. Ir)arw and adnmnlstratirm of the charity. The d)aiity has procedures for the induction of new truslees which include meeting5 Wlth the chair and harbouryna5tef. An Induclion path is provided to new trustees that InCdeS most recent nunutes. latest fylancial siaiemèrts and notes on Ihe losjnding document and objectives ol the chaflty. The char.ty does not operate any 5uIKommillee5 kxjt. iread, InEslees dcusS all ong(yng aNI strategic matters at meetngs. Expen advice is oblatne¢J regarding 5PeCrf techncal rnatters trom b'me 10 time. In seeking lo app)im new Irusiees Ihe relLwani skilLs required are carelully consider. ReleYen¢e and adrninislrotive Fntonnotion Scottish Charity number SC023557 Addrègs of Adrniristralive Off Cheslney Htyjse. ',49 Market Slreel, 9 kndrews, Frfe KY16 9PF Auditors EQ Auoit Services LLP, 14 City Quay, DLmdee DD1 Bankers Vwgin Monèy Trustees The followirvJ persons have seNed as trustees (hjring Ihe year arnl $Ie year end. The revant nominating body or office ts sh where 3ptxopnate.
ST ANDREWS HARBOUR TRUST TRiJSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH2024 7rusteos' Rgsponsbllltle$ kn rol•tlon to th• Ilnanclal Statem The charity Irustees are reSrX)nsib lor FKepanng a trustees, annua] -ert aThJ linancial slalement5 in accordan wrth applrable law armj unit I0M Star¥Jar(ts (Untted Kingdom General Accepled A¢cwntiThJ Pradicel. The lay4 appli¢able to ¢haritw in ScotlwKI Tequyes IIE ¢ty trustees to p.re financjal statements lty each year vknlth give a true and lair ¥ of the slate ol attairs of the ¢hity l¢r that In WeParT the tinanrAal slatenEnls. Ihe trustees we rewired to.. sèlt $uiithg accotmting wlici8s arKI then compty them eonsstenty., otjserve the meth¢yJs and princip$ ir. the apFluble Charities SORP.. make judgernents aTrJ esbmates Ihal are reasonablg and pent.. state hether alw1able aco)unting stararts have been lo1tj%d. Suect to any maierlal (parturos disclosed ancl exaIned In lh8 lknanaal stalernents.. arnl epare the financial statements the goin9 Ccerft bass Un55 it 15 inwwowlate to presume that the charrty ¥11 continLie in OFeration. The trustees are ieskx)nsible for kwxn9 FWFer acccmjnting r&ords whth asdose wth reason•le accuracy al y tirna the financial positi of the charity and to enable Ihern to ervre that the finanaal slatements cornpty with tlw CharTty¢s and Trustee Investment Iscodandl Aet 2005. the Charities Accounts IS¢otlandl RegtJlath)ns 2006 la8 arnerKledl and the Prls)nS ol the charity Trust deed. They ar8 Jso responsiblo for saIuardIng tha assets ol the charty tthng r8asonablg stops foi thè praventson and detectKJn of traud and other Irra9ularit'gs. The trustèes w8 r8sponsible lu the rna1ntsnae arKJ integrity ol the charity and financial inlomation iluded C the charty's websit8 in acu)rdar9 wlh legislation in the Unitèd Kingdon govgrrdng the preparation and sSernInatn of financkil siaternènts. Stal¢ment of DISre lo AudilorJ So lar as the ttee$ ale aware. Ihere is no relevant audrt infcrfmation ol which the eharity's auditors are unaw¥e. Additsovally, lh8 trusteès have ta(en dl Ihe nece$58ry steps Ihat Iley ought to have tthen as trustèès in order to rnake themsefves aware ol al relevant audl InformatK and lo èstablish that the charity's aLMJttors are •ware ol that infoimathin. roved bv the trustees arnl swjned on their tehalf by- Date.. 2S1J2024
ST ANDREWS HARBOUR TRUST INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF ST ANDREWS HARBOUR TFIUST FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDEP Au0oRs. REPORT TO THETRUSTEES OF ST ANOREWS HARBOUR TRUST Oplnion We have audited the financial statetS of St Armlrews Harbwr Tfusl llhe charity'l for the year ended 31 Marth 2024 which Comprise the Slalemenl ol Financial Acbvibes. the Balance Sheet, the Siatefflenl of Cash Fbws awl noies 10 the finala1 staiemenls. IrlUdI snrft¢aTrt accounb'ro policies. Th8 linano repotling framework that has been applied in their weparalion is a[plicab law and United Kingdorn Accounling Standar<ts. including FRS 102 TA FujanC Standard able in the UK and FleptJblK of Irel8Tr1 (United TrQngdom Generaty Ac¢epled Accounfr'ro PraC1e1. In our op5nion. ts finaThial slatetnents.. 'give a true an¢J far view of the ste of charity's affaws as at 31 March 2024 and of rts incomiwwj source5 application ol resources for the year ihen eThled,. .have been prop8ty wepare(l Mi $rarte wth Uniied Generaty Accepted Accounting PractKe,' .have been prepared in accorda18 Wtth the requirem8nts of the ChaYits and Tfuslee Inveslmenl (Scotlandl Act 2(K55 aThJ regulalion 8 01 Ihe Che$ Accounts (SalI Regulations 2006. Basls for opinion We conducted our audrt in a¢cotdan¢e 1h lrternabon Slandards on Au(hting IUKI IISAS IUKII and applicable law. Our responsibiklies ufKler those standards are further described ln IheAuthiors sponslIrtIeS lor the audit ol the tinarpcial stafefnents seclK)n ol ptsrt. We a iTpendent ol the charity In accordance Mlh the ethical requirements that are revant Io OUT audit ol the financial siaiemenls in the UK. Including the FRC'S Eth1 StalaId, and we have lumilled our other ethical re5p)nsibilities in accordance with these requiremenis. We beb'eve that Ihe audit eVler we have ed is sufficient arKI appropriale to provwje a ba515 for our Conclusions relatlng to going concern . In kuditw the lin&nud3tstewthts. we have (X)rA lh8t.the thA5tees'. use of Ihè gthng-cvKem basis.of. accounting iFt the yeparation of th8 finarKial staternents is awawiate. Based on the work we have performed. we have noi identifd any Materi rertaint1eS relating lo evenis or conditions that. IndN1dualty or colleclwety. may cast sKJnilKant doubl on Ihe charty's atx'lity to continue as a gThng concern lor a pericxj of ai least 12 Mth$ ftom when Ihe finanual staternenls are authoris8d for issue. Our respJnsibililie5 and the Yesponsibilrts of Ihe trustees ith respecl to goiThJ concem are described in the relevanl $8ctKJns of this report. other information The other inlormalson compnses Ihe inloTmalK)n ilded in Ihe annual report. indLKlirwJ Ihe Irusiees. report, other than the linancial statements and our aJitor'S report Ihereon_ The trustees are responsib for the
ST ANDREWS HARBOUR TRUST INDEPENDETr AUDOR's REPORT TO THE TRUSTEES OF ST ANDREWS HARBOUR TRUST FOR THE YEAR ENDED 31 AIARGH 2024 other infoation conlain8d wrtlwn annu rewrt. Our w"nh)n on the finarKial staternents d¢Jes ml CDver the ots inforrnatk)n al w8 do not express any lom ol a$surare n¢SKIn thereon. Our resnSIbility is to read the other inlorrnation and, in (king so, CO[er whether th8 other inforrnation is MaterIlY inconsistent with the linanciJ statemenls or our know1e Obtain in the Course of the audit Dr otherwise appear5 to be maierially missiated. 11 we hlentity such fflalen IKOnSten¢ieS or aarent rnaterial rnisstaternwrts, we are required to detemiine whether this gives rise to a fflaterial misstatement in the finanual slaternents Ihèrnselves. If. based on ihe wortÉ we have perfofmed. we cojde thal there is a material fflisstalernent of thi5 0th8r infonnati(xi. we a rg]uw•Y lo report that fad. We have nothirKJ to le)rt in this regard. Matters on whlch we We required to rewt by •xe•ptlon In the light ol the knowledg8 and undeF51aNfjty4 of Ihe charity and its environrnenl thtaned in Ihe course ol the audh, we have Th)1 AYerld rnaterial missta18merrts iwb th8 Ilue$. report. We have nothing lo rerKJrt in re$r1 ot th8 lolow.ng matters in relabon to the Charili8s and Trustees Invèstsneni IScoiiarwJ) kt 25 and cha1t ALxcrtAnts Iscotlandl Rogulations 2LMJ6 rewire us to report to you il, in our opinion.. .the information given in the finarKiai statements is inconsist* in any rnatw1 respect with lh8 tnJst885' annual report.. or "prOr actounting have nol been kept., .the financi 5tat8rnents are Th)t in agreement with ts actountiwwj rOrds. or W49 have not r8cEiv8d al the inlomiatKJn aTrJ explanalh)ns we rwuire for tyjr audil. Responslbljitles ol trv$tees As eXained more fully in Ihe trustee5' TesF<snsth5ties statemenl set crtrt on pag8 X, the trustees ar? resp)n5ibk for the preparatv)n of the finarKa staternent5 whKh give a true and lair wew. and lor such inlefflal control as the trustees detem)ine is neSsary to enatrAe the Fxeparaiion ol finanoal statemenls that are free frorn material misstatèmwt, whet1r due to fray or error. In preparing finanL?al statamènis, th• bustees are ressKJnsb12 lor aSseng the charty s abilty to continue as a g(ing cOreM, disck)sing. as apcable. matters 7•ed to going Co8 and usitvj Ihe gDitKJ ctsrtem basis ol ac¢ounling unless the Iwstees 8ith8¥ Intend to IKwKlaie the charity or to cease operatnS, or have no realth attemaiNe but to do so. Auditor's Msponglbllldes lor the audlt of the flnanclal stateMts We have been appointed as audiior uThYer stiOn 4411llcl Charibes arn1 TStee Investment (Scotlandl Acl 2005 and report in accordance the Act and revant regulat rnade or having effect thereunder. Our oty'ectNes aTe to obtain re&sonabk8 a$surae at¥)ut whethw th8 fina[1 5tst8rnents as a wtw)le are tree from malerial misststernent, whether due travd or ermr. to sue an auditor'5 reptsrt that includes our opinitsn. Reasonable a$Surar is a h3h 1 ol assuran trAJt is not a guarant88 that an audit coTrluct8d in accordance wrth ISAS IUK) w¢1 atrways detect a misstatthnent when il eSts.
ST ANDREWS HARBOUR TRUST INDEPENDETrff AUDrroR'S REpoKr TO THE TRUSTEES OF ST ANDREWS HARBOUR TRUST FOR THE YEAR ENDED 31 MARCH2024 Mi&statemenls can aftse flom Iraud or error ar a ¢£$Jerj maleTkal if. TndNK&JaKy or in the aggregale. they could reasonably exp$e to Inlknence the economic ¢Ye¢isK)5 ol users iaken on the basis ol these fina1 slateTnEnts. Irregularities, includitvJ fraud. are instan5 of non-cOrnlare with laws regulations. We design procedures in line with our res)nSI.111ies. outlined atrf>ve, lo delecl material misslatemenls in respect of irregularities, Ildi fraud. The exlent to which our wedeS ¢able of detecting iffegularities. including fraud is detailed bebw: We gained an understandiry of the and regulalory ITarnehY)rk apble to Ihe charty and the industry in which it operates, and consKler8d the risk ol acts by the charity that were contrary to applicab law5 arKJ regulations, inclLling fraud. We designed audit wocedures to respond to the risk. recognising that Ihe risk of not detecting a material misstatement due lo ffaud is higher Ihart the risk ol not deltIng Or resuhi Irom error. as fraud may Invckne deliberale Conaent by. example. l¢ygery or intentional misr8Fyesenlath)ns, or through coIus. We I(5d on wS and regulations whh coukl give rise to a rnaterial rnisstatement in the financial slalements, including, but not lirnrted to the Chai[tS Tslee5 Inve5trnent Act (Scollandl 2)5 arKJ Charilies Accounts (Scollandl Regulations 26. Our tests inchjded agree1 the fina slalernenl di%closures lo undertyiw Suprting ¢knumentalK)n, erquiries with management. There are inherent limitatK)ns in the audit kyocedures described at)ve and. the further remowy non-compliarte wth laws and regulations is from the events and IransactK)ns refWe(l in the financial statements. Ite less like we wouky becorne awwe of it. As in all our audits. we also adltressed risk of managemenl oveTh¥Je ol intemal coniroLs. including tesling iournals and evaluabng whether there was evll1ee ol tN"as by Ihe direclws Ihal repSeIe£l a risk ol material Tnisstatement due to tra4Jd. A futher descriptn of our respDnsibiltriies for ts atyyit ol the hnanrial siatements is located on the Financial ReFKJrting Cou1r$ websrte at.. ¥rnw.1rc..Uklaudil0rSreSFjrt%ffi1s. This desCp1K)n forms part of our Auditors. rewrt. Use ol our rep This report Is made lo the chrty'S Intstees. as a LKKIY. in aOr¢Ja 1h The Charrtie5 arNJ Tru51ee Investment Iscorfandl Act 215. Our audit woth has been undertaken so that we fflwJht state to the trustees th)se matter5 we are required lo slate to theffl In an authtOT'S r8Wrt and lor no other purpy)5e. To Ihe fulst extent perrnitted by law. we ¢J nol ac¢epl or assurne responsibibty 10 anyone other than the charity's .trustees.as.a.bc%fy. lor our.audit vffjd(. Iof_Ihi&r£wrL or lty_the.¢)pinions we_havp fmed. Sumer AllIc0 Lirnlted 14 Cty Quay Dundee DD1 3JA Date.. /} Ll ?£¥i Sumer Auditco Lkmited is elig1 lor arrfKn¢menf as auditor ol the charity under regulation 10121 of th8 Charrties Accounts (Scollandl Fiegulats'ons by virtue ol its dlts.11ty sectiM 1212 of the Cornpanies Act 2006.
ST ANOREWS HARBOUR TRUST STATEME OF FINANCIAL ACTVrftnES FOR THE YE4R ENDING 31 IIARCH2tr24 Tol11 rK Generni tnabor and grnnts 496.724 40?23 .072 27.072 26.2AO 13.211 13.2t1 Tobl 294.367 242.610 537.(X)7 30.5LK .629 3.425 979 70.624 137.322 98.049 27,176 65.225 Toil 69.623 71.124 140.747 66.804 T24,7H 21.101 1724 23.825 13 199.744 196.516 21.101 Ird4 Tolal tund5 bwughlloThvard Toi•l fvtr)ds ¢rrf•dlovwavd 68.470 268.214 245.087 441.603 313557 709.B17 47J69 68.470 242.368 245.087 313.557 Tho ¥iaiwngntolIha aC1TInCi5 al gwn¥ k¥•swr&W kn thfr>*ar. The T05 on paoes 12 10 19 lorrn an wti4
ST DREWs HARBWB TRUST BALANCE SHEEr AS A T31 IIARCH 2024 Tot41 Umstnctsd fuv Totil Np fuTrJ ds 2023 Tary1b assds T¢dal fixed asseb 481 148. 148. 149.J89 149.389 162.512 162.512 T63.475 f63.475 eurrnni a¥ws.' StgckJ 1,122 36, 135,872 179,956 Cash OD Lwlt and In r•J T(knl currenlq•s•l 234.231 85.1 345.1 319.426 B3297 281 52.575 .575 Crethiors'aliw swr 11 23.874 67.S07 rJts74 150,082 2S7. ,428 82.575 T1 issels ¢wr¢rt labl•tknl Net assets 268.214 441.6(n 709,117 68.47D 245.(A7 313557 Tr ofiho¢h•rlly.' Urresiriclad Genprlu Restliclec lur¥ts TJl•l 268 214 268.214 441.603 7D9.817 60.470 68.470 24S.OB7 13 441.WJ 441.6ai 245,th7 268214 47D noies on 12 lo 15 91 AFpi.- Jprthy'rg r.i% khj signed on ihewt*haltbJ' DÈie= 2311212024 10
ST ANDREWS HARBOUR TRUST STATEMENT OF CASH FLOWS FOR ThIE YEAR ENDING 31 MARCH 2024 Total fundg 2024 Prior year funds 2023 Cash tlows from oper¥tlng advltles: Net provklgd by operating activltles (see b*w) 183.554 26,767 Change in cash and ¢•sh tyulvalents In the year 183.554 26.787 Cash al cash equivalents ght I03[d 135.872 109.085 Ca$h and ¢o$h ul¥alents caThied fornard 319,426 135,872 Analys(s of changes In ngl d¢bl Cash at 1 April 135.872 109,085 Cash Ik)ws in year 183.554 26,787 Cash at 31 March 319.426 135,872 Reconciliation of net mov•m•nt ln funds to nel flow trom oprallng actlvities Net income for the year las per th8 stat•ment of financial a¢tivltl¢s) Adjusiments for: Deprw>ation charges Increase in stocks Increase in debtors Increase in creditors Net cash provided by ¢)pgrallng activil•es 396.260 23,825 14.086 16041 1268,8721 42,684 183.554 25,679 18241 128.0831 6.190 26,787 11
ST ANDREWS HARBOUR TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 MARCH 2024 1. Accounting Policies The prinopal accounls.ng awed. JLwJements aThJ key sources ol estimation Jneertwnty th8 weparat#)n of fina31 stalements are as folows: al Basls ol prepartng the Finanaal Stalen15 The financial slaiemenis have been ptepared Ihe IMsttyieal cost eonventN)n with iterns recognised al cost or tran5actK)n vue unless olhermse staled in the reant Mtelsl to these accounts. The tinancial siaiements have been repared in accor¢Jance wth the Statement ol RecommerKled PractKe." Accountwig arKS Rewting ty Charities preparing thr attounts in accordan wilh Ihe Finar¢I RetN)rting Standard in the UK and Flepue of Ireland IFRS 1021 efteclwe 1 January 2019 and Financial RepK)rting Standard aprAicatrAe in the United Kingdorn ark of Irel1 IFRS 1021 the Charrtes Accovnts (scotla1) Regulab"ons 2006 las amended). The chan.ty meels Ihe dehrni1c of a tenefft enbty as ¢Jefined by FRS 102. These finarKial slaiements a pre5enled in pK)uThJs sterhr¥J. the lunctional curr8ncy of th8 Trust. Monetary amounts in these financk31 staternents are TovThled lo the nearest rx)und. bl Preparntion of accounts on a qoinq concem basis The tsleeS consKler that Ihere are Materi YertntieS abwi the chariws knlity to continue as a g(in9 ¢oncem. cl Funds slruclure Funds held by the charity are either unrestrted or reslrict8d in purTM)se. Unrestricted income funds comprisÈ those funds the InJees fe io use ICK any purrM)se in furtherarte ol the ¢hantthe ot¥ects. ReslrKled axe luTh15 wknch are to LE in accordarte with specift restrictions imwsed by Ihe dtsrr or HarLN)ur Order. Dth"L8 of the reStiKII lund5 are provKled in role 14 and in the Trustees. Annual RetKJrt. dl Ineomo recognilio Income 15 recognise(J when the charty ha5 en[neI lo Ihe income, any rforfflae COlI110n5 attached to the have met. il is prrtjatde Ihat the Irne wil be Incom8 from emnI a1 other grants. whetlw wxtaf grants or 'Venue. grants, i8 recogni%ed vthen the chanty has entilement 10 the futxts. any pErfOThnat (x)nditions attached to the grants have rnet, it probab that ts incorne will weNed the anx)uni can be measuted aThJ is not delee. el Expenditure rteognition Expetmjilure is recognised as scM)n as Ihere is a legal OT COnSInXVe obrvjalio comrnilting the Charity to that expermlilure, it is ryobatrAÈ that SettMent wdl be required and the amouni of the tjligalion can be measured rdiaw. is &counied kn or¥ an accru5 bus. Exoenditure Is shown nel of recoverabb8 VAT. fj Support costs Support costs are those furKbons that &%sist the twork ol the charity txjt do rt directly undertake charitable aclmiies. Suwi cosis tomwse the bC*th-keeng feps and accouniancy ar authl Costs. These cost5 are not loCated tmrt are charged against the Unrestted general tu1.
ST ANDREWS HARBOUR TRUST NOTES TO THE AccouKrs FOR ThIE YEAR ENDING 31 MARCH2024 (continued) 1. Accounllng Poll¢ies Iconlinued) gl Taxation The charity is exempi from tax on income and gnS lo the 8xt8nt Ihat these are awlied loi its charitable objects. h) Tanglble flxed assets and depre¢lallon Individual fixed assets ¢osb"ng £2.000 or more are caFrftaliwl al cost aThJ are deplated over thelr estimated usètul econom lives on a straxJht line basis as follows.. Harbour oates Fixiures, fittings and ewipment Phase 1 pontoons Phase 2 pontoor Shed5 10% annulY lO%j¥0 annu 0.909Vo annualy 1.558% annually 22.5% annual il Sto¢k$ St(Kks ol merchandise I resalp are in¢dl at thg ol 0)5t or 1$a vajuo. 11 Cash and cash equivalents Cash and cash equwabnls are tjasic tinar assets arwj ije cash in haThJ and dep)sit5 hthj at Call vAth banks. kl Flnancial instruments Financial instruments are recniSed in the balance slet when the charity tecomes party lo the contractuat wovtsions of the instrumern. Basic financial assets. irbjde debtors and cash a1 bank balances. are inilialty measured at transactKJn price including transathK)n costs and are subsequenlly ¢arried at amortised cost using the effective interest method unless the arrar4Jement con5trtutes a financing transaction. where the Iran5a¢tion is measure at pr8senl value ol the luture Tipts diso)unted al rnarket rate of interèst. Financial lialitIeS are classiliad accordir¥J to the substance ol thè contractual agreements enterecl into. Ba51¢ financial liabilities, itKILJiThJ crediiors. are ¢&S$rf as thbt are inFhalty re¢ognised al transactson price. Trade creditors are Obrall(S lo pay for goods of swvices thal have been acquired in the ordinary course of business from Slers. Amount5 payab are classified as current lithlibes if P3yTnenl is due wthin one year or less. If not they are presented as mn-current atlitEs. l) Judgement$ In apptylng accounting policles koy sources of estimalion In the aN)li¢alion ol the charWs accounting Fxjlicies. the trustees are required to make judgements, èstimates and assumption5 atrM)ut the amjnI ol assets lithltties that are not rea(Sty avaikble from other 50ur¢es. The estimates and associaled assumptions are based on histori¢al exFxnew and other la¢tors that are leVant. Actual Tesums may differ from these estimate5. In preping these financial stalemenls. the trustee5 have mad¥ the lolk)wing IeMents. Accruals Trustees estimate the requwgmants lor accruaLs usiNJ wsl year end information. This Klantfvs )st9 that are expected lo be incurred lor serVeS prowded by olher parties. Accajafs a only released when Ihgre is a reasonab exp8Ctation that these costs wll not be invoe(l in the futurè. 13
ST ANDREWS HARBOUR TRUST NOTES TO THE ACCOuPs FOR THE YEAR ENDING 31 MARCH 2024 (continued) Aceountlng Policies Iwntinuedl 2. Employeos and their remuner•tlon The average weekly number ol empbyees duri the yèaT was one12023- one). No empk)yee eamed at a late in excess of £60,(MJ) Fer annum12023- norel. Stalf costs ol the above during the year amounted to £9.51512023 - £8,5711- see note 8. No empknyerf5 nat'onal insurance vas payabie120ZJ- £nill. The key managernent pprsonnd ol ihe chawity compn5e IIE trustees and the Hartx)ur Master whose ernployee benefits total £9,51512023 - £8.5711. 3. Trdnsactlons wilh Trustees No trustee received any form of remurerat#)n or other benefrts durir*J the year. The trustees all give Ireety their lime and expertise WIttUl any lom of remuneration or other benefit in cash Di in kind. The value ol the work done by trustees is not refknted in the accounts as it canrM)t be quantified. Donations to the chartty during the year, from Irustees. were £nil 12023 - £nill. No trustee was paid expenses during the year12023- £nil}. 14
ST ANDREWS HARBOUR TRUS[ NOTES TO THE Accoup¥rs FOR THE YEAR ENDING 31 MARCH 2024 (¢onllnu8d) Tolal Total Funds Funds Fund¥ Funds 223 autrK)iity re¥8N8 grant SuTrJry donat5 Scottish l>)vernrTnt grant Cron Estate grant Other grants Gala lund Legacy 8.917 8.917 12.470 172.YXI 47,170 10.(#7 13,070 172.5LKS 47.170 10,10) 244,121 244,121 30.000 S. kn¢om¢ from charl1•b actF¥iI Hartour d$ 27.072 27.072 26.240 26.240 6. kn¢om¢ Irom othertr•dtrw •EllvR Hathur gala Rents from rbe5 Fur¥Jrwwng IT. nwcha Filming nghts Other 6.578 6.578 12,LXKI 12,1) 355 876 876 7. Expendtturn on lurKI¥ Hathur gaLq FuTrJFaE4ng m*¢haThfise 1.246 2.191 2,925 2.131 979 1,579 8. Expendiiure on ¢harltabl8 •cll¥hlo Salaries- Hart)Dur Master Ac¢x)uniancy aThJ toc&-kewng fe85 Professal fee5 Audil lee Repairs. rnaintenarKe arKI equilxnent mobi lehone expenses Etr"ty and watercharye5 Insurance Sun<ky eynses Aeni Sut)s¢ripti(xis Deplation 9.515 9.515 8.571 B,571 4.570 31.314 31.314 59,828 177 1,417 6.119 1.383 275 190 25,679 65.225 1,417 6.119 320 162 275 162 14.086 137.322 13.604 70.624 25.197 27.176 66.698 38,049 15
ST ANDREWS HARBOUR TRUST NOTES TO THE AccouKrs FOR THE YEAR ENLVNG 31 MARCH2024 (contlnued) 9. Tanglble lixed asse Total lunds Funds Funds Funds Funds Funds Flxlwrr5 fittings a equipmenl Harf)our gales pOntn$ Sheds Total Total Current )wr- Co Al l April 2023 Disp05als Al 31 Nlarth 2024 13.056 115,932 115.932 255,297 46,139 417.36B 115.93 301,436 430.424 115.932 314.492 13.056 255297 46,139 Depreciation Ai 1 Awil 2023 Charge lor Ihe YÈ OisposaL% At 31 March 2024 12.093 115.931 113,549 25,376 10,381 254.856 13.604 115.932 15Z.528 266.949 14.086 115.932 165.103 115.932 12.575 116.771 35.757 Net btsok value Al 31 March 2024 481 138.526 10,382 148,908 149.389 PViOUS year: Cost Al 1 Awl 2022 arK¢ 31 20rJ 13.056 115.932 255.297 46.139 417.368 430.424 Depreciatlon At 1 Awil 2Q22 Charge for IhÈ year At 31 March 2tr23 104.337 11.594 115,931 110.327 14.995 10.381 25.376 229.659 25,197 254,856 241,270 25.679 266,949 12.OYJ 113,549 Net boDk value Al 31 bAkrch 2023 141.74B 20.7&1 162.512 Y63,475 reStrlnS Ihal woukl iriwtaw be aCe<l on the ol this L4rKI. Ihe InJslee5 fffKI unth t¢J a value (m it and it has therefore been 1nclLtded al £nil valJe 12029- £nil vaiuel. 16
ST ANDREWS HARBOUR TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 MARCH2024 (contlnued) Total Fund Total Unr•stvl Restrlcted Funds FurNIg Funds 2023 Unr•strlet•d Restricted Fundg Fu)ds Hart¥)ur dues Rent receNable Legacy iTrcome VAT recoverab Other debtors Prepayrnents 2.976 4.537 2.976 4.537 5,005 1,782 30.000 1,782 30.000 1.449 83.949 180.488 305.834 172,5 260,0 175 175 36.962 45,834 30.000 11. c[li0r$ and accruals Trade uedrtor5 K8y and pontoon deposits VAT and PAYE payab Deterred In(x8{5ee beh)wl AccruaL8 1.673 1.413 31.673 1,413 1,534 1.413 3.769 1.413 3.769 9.240 14.058 22.500 52.5CKJ 31,740 66,558 17.108 ZJ,874 17.108 23.874 Balance at l Aytl ReaSed to income Rent received Balance at 31 March 50 1501 50 1501 1,680 11,6801 11,Wl 50 12. Capltsl MmItm•n The truste8s had Th)t entered into ary CaPFtal rA>rnmiti)*nb at the year eThl. 17
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