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← St Andrews Harbour Trust

2025-03-31-accounts

Tracking ID: 1032643-1222672

ST ANDREWS HARBOUR TRUST

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

SCOTTISH CHARITY NUMBER: SC023557

Tracking ID: 1032643-1222672

ST ANDREWS HARBOUR TRUST

CONTENTS

Page
Trustees’ Annual Report 1 - 5
Independent Auditor’s Report 6 - 8
Statement of Financial Activities 9
Balance Sheet 10
Statement of Cash Flows 11
Notes to the Accounts 12 - 19

Tracking ID: 1032643-1222672

ST ANDREWS HARBOUR TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements of the charity for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s founding document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019.

Objectives and activities for the public benefit

The principal objective of the charity is to maintain and regulate the use of St Andrews Harbour as laid down in the St Andrews Harbour Order 1897 as amended by the St Andrews Harbour Revision (Constitution) Order 2010 and St Andrews Harbour Revision Order 2025.

St Andrews Harbour sits within the most historic area of the town at its eastern periphery, nestled against the remains of St Andrews Cathedral and a short distance from St Andrews Castle. The harbour structure is a Class A listed building tracing its roots back to the 16[th] century and, although rebuilt and improved since that time, is still a classic example of Scottish vernacular harbour work. The harbour environment is enjoyed by and provides benefit to a wide body of the public, both from maritime and land-based communities. The trustees consider how best to meet public benefit when reviewing the charity’s aims and objectives, in planning future activities for the year ahead and beyond.

For the maritime user, St Andrews Harbour provides berthing facilities for a small resident fishing fleet alongside permanent and visiting pleasure craft users. It is the trustees’ aim to see both these communities continue to exist in the harbour. The trustees aim to maintain the infrastructure necessary to support the fishermen, including safe berthing, a working quayside and stores for those who desire them. For the leisure boat user, again safe berthing with easy access is a priority, but also as time goes on to make improvements and additions to these facilities; for example, the provision of services to berths and new shore-side amenities. Through these improvements it is our aim to increase usage of the harbour by individuals and organisations, broadening participation in water-based activities, including by those who may have physical impairment.

For the benefit of both the maritime user and visitors on foot, the trustees aim to see best use made of both existing harbour assets and the surrounding environment. Opportunity is identified in poorly utilised areas of land and buildings around the harbour and the trustees aim to better utilise these to provide benefit through additional amenity befitting this popular harbour area.

In improving the harbour through well considered developments beneficial to the public and sympathetic to its historical status, the trustees aim also to develop additional revenues to be invested in its maintenance and help safeguard its future.

Review of achievements and performance: How the charity programme delivered public benefit

The benefits of the charity’s work are the provision of harbour facilities for fishermen, leisure boat users and visitors. The trustees were pleased to continue a satisfactory maintenance programme during the year. Key activities are noted below.

Harbour maintenance and improvement

Repairs and preventative maintenance to key elements of the harbour infrastructure have been undertaken over the course of the year including repairs to the main pier and groin, stonework and concreting, plus fully replacing the storm damaged gates. These were significant repairs following the winter storms of 2023/24. These repairs will continue for several more years as will the fundraising. The trustees have brought in significant funding from multiple sources for the storm repairs.

The trustees continue to restrict all non-essential spending and continue trying to rationalise and simplify our external services provision (such as accountancy, utilities, audit).

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Tracking ID: 1032643-1222672

ST ANDREWS HARBOUR TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

The 2025 Harbour Revision Order which forms part of the Trust's constitution, has removed the requirement for a full external audit, and reinstated the Port’s seaward limits. The Trust is a good way down the road to establishing charges to be made for large vessel anchorage. If, however, the charity’s gross income and/or gross assets exceed the audit limits set in the Charities Accounts (Scotland) Regulations 2006 then an audit would still be required. This is the case for the year to 31 March 2025.

Pending and future developments

Focus for 2025-26 will be the essential repairs to the landfall of the pier and NW slipway, the last remaining damage resulting from the 2023/24 storms. It is hoped that fundraising and grant applications will provide the necessary funds.

Monitoring achievement

The trustees monitor the progress of their activities in various ways. Indicators of success include:

Financial review

The Trust recorded a deficit for the year, mainly as a result of significant storm-related repair costs and the replacement of the harbour gates. The Trust’s principal sources of funding were grants, donations, harbour dues, rental income and fundraising receipts, which supported essential repairs, harbour operations and the ongoing management of the harbour in furtherance of its charitable purposes. Future financial performance will depend largely on the cost of further repair works and the availability of grant funding and fundraising income, and the trustees will continue to manage expenditure prudently.

Total income in the year was £534,425 of which £57,641 was unrestricted (2024 - £537,007 of which £294,367 was unrestricted). Expenditure in the year was £606,421 of which £95,546 was unrestricted (2024 - £140,747 of which £69,623 was unrestricted). Net expenditure was £71,996 (2024 – net income £396,260) leaving reserves carried forward of £637,821 of which £248,066 was unrestricted (2024 - £709,817 of which £268,214 was unrestricted).

Investment policy and performance

The trustees are empowered to invest sums to raise interest or to purchase securities under the general investment regulations governing charitable trustees. At the present time no funds are placed on deposit.

Risk management

The trustees have assessed the major risks to which the charity is exposed by creating a risk table which they review annually. The risk table and reviews consider the procedures in place to address and minimise the risks and changes are applied as appropriate.

The principal risks faced by the charity lie in:

Reserves policy and Restricted funds

The Revenue account represents the unrestricted funds carried forward. The trustees regard the balance of the unrestricted funds, amounting to £248,066 (2024 - £268,214), as sufficient to meet immediate operating requirements of the charity given the annual grant and berthing dues income expected to be received in the

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ST ANDREWS HARBOUR TRUST

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

immediate future. Initiatives to generate other income will be implemented throughout the year to meet future costs.

The restricted funds carried forward amounting to £389,755 (2024 - £441,603) are detailed at note 14. The various restricted funds are as follows:-

Harbour Gates Fund: This fund was formed in order to replace the gates washed away in a storm. The new gates were in place in the summer of 2013 and various completion works and maintenance continue.

Harbour Clock Fund: Funds held by Fife Council were received by the charity in 2015. The fund is for maintenance of the harbour clock.

The Coastguard Station Legacy Fund arises from a legacy in the previous year of £30,000 for the erection of a memorial plaque and the future general maintenance and upkeep of the former Coastguard Station and plaque.

Phase 1 Pontoons Fund was formed to facilitate the development of the inner harbour by the creation of firststage pontoons to increase and improve the berthing facilities.

The Gala Fund holds donations for the harbour gala day.

Harbour Modernisation Fund: This initiative, which includes phase 2 of the pontoons installation project, is to provide a modern, accessible and integrated harbour gateway for St Andrews. Principally funded by the Coastal Communities Fund it has also received grants/donations from St Andrews Pilgrim Foundation, St Andrews Common Good Fund and Local Community planning.

Fit for Purpose Fund: Funded by Marine Scotland through the European Maritime and Fisheries Fund, this project aims to improve the critical harbour infrastructure to secure the future of the local inshore fleet.

Restoration and Repairs Fund: An appeal was launched in 2023 for funds to help with the severe damage caused by the storms of Autumn 2023. Funds were raised through grants and individual donations from the public.

Harbour Gates Replacement Fund: A grant was received from the Scottish Government for the repair of the harbour gates which had been badly damaged in the 2023 storms. The replacement gates were installed and operational in the year to 31 March 2025.

Pier Damage Fund: A grant of £364,844 was obtained from the Scottish Government (Marine Directorate Grants Team) for the reparation of the seawall. Another grant of £40,000 was received from Crown Estate Funding allocated to Fife Council for the costs of conceptual designs for the reinstatement of the pier.

Signage Fund: Fife Council awarded £3,000 for new signage to be installed once repairs are completed.

Coastal Path Fund: Fife Council awarded £5,000 for coastal path repairs.

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ST ANDREWS HARBOUR TRUST

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Structure, Governance and Management

The Harbour Trust was established under the St Andrews Harbour Order 1897 and revised by the St Andrews Harbour Revision (Constitution) Order 2010 as a body corporate with perpetual succession. The trust gained charitable status in January 1992.

Under the Orders two persons shall be appointed annually by Fife Council and ten persons by the trustees of whom at least one shall be a person involved in the operation or management of the St Andrews Harbour.

The trustees meet quarterly and seven trustees make a quorum. During the year the day-to-day administration was carried out by a harbour operations group, the chair and the harbourmaster. At the quarterly meetings the trustees receive reports from the trust’s accountants, harbourmaster, lead trustees and other reports as required. These reports cover the management, finances and administration of the charity.

The charity has procedures for the induction of new trustees which include meetings with the chair and harbourmaster. An induction pack is provided to new trustees that includes most recent minutes, latest financial statements and notes on the founding document and objectives of the charity.

The key management personnel of the charity comprise the trustees and the Harbour Master. The trustees receive no remuneration and give freely of their time and expertise. The remuneration of the Harbour Master is determined by the trustees who consider the nature of the role, the level of responsibility, the skills and experience required, and affordability within the charity’s overall financial position. In setting and reviewing remuneration, the trustees have regard to rates for comparable harbour and operational roles in similar local organisations and to general movements in pay levels. The trustees aim to ensure that remuneration is fair and reasonable and sufficient to recruit and retain an individual with the appropriate experience and capability, while remaining consistent with the charity’s prudent management of resources.

The charity does not operate any sub-committees but, instead, trustees discuss all ongoing and strategic matters at their quarterly meetings. Expert advice is obtained regarding specific technical matters from time to time. In seeking to appoint new trustees the relevant skills required are carefully considered.

Reference and administrative information

Scottish Charity number SC023557 Address of Administrative Office Chestney House, 149 Market Street, St Andrews, Fife KY16 9PF Auditors BK Plus Audit Limited, 144 Nethergate, Dundee DD1 4EB Accountants Henderson Black & co, Chestney House, 149 Market Street, St Andrews, KY16 9PF Bankers Virgin Money

Trustees

The following persons have served as trustees during the year and since the year end. The relevant nominating body or office is shown where appropriate.

Mr K Sweeney (Chairman)

Mr N Dobson (resigned 2 April 2024) Mr I Hamilton (appointed 21 May 2025) Mr C Hardisty Mr K Millican Mrs M Mason (resigned 3 June 2024) Mr D Mundie Mr A Murdoch Mr D Aidie Cllr R Lawson

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ST ANDREWS HARBOUR TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Cllr A Verner Cllr J Liston (appointed 29 October 2025) Mr W Laver

Key personnel Colin Brown (interim Harbour Master)

Trustees’ Responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity for that period. In preparing the financial statements, the trustees are required to:

  1. select suitable accounting policies and then comply them consistently;

  2. observe the methods and principles in the applicable Charities SORP;

  3. make judgements and estimates that are reasonable and prudent;

  4. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

  5. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Statement of Disclosure to Auditors

So far as the trustees are aware, there is no relevant audit information of which the charity’s auditors are unaware. Additionally, the trustees have taken all the necessary steps that they ought to have taken as trustees in order to make themselves aware of all relevant audit information and to establish that the charity’s auditors are aware of that information.

Approved by the trustees and signed on their behalf by:

Mr K Sweeney

Date: 18/04/2026

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ST ANDREWS HARBOUR TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF ST ANDREWS HARBOUR TRUST

Opinion

We have audited the financial statements of St Andrews Harbour Trust (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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ST ANDREWS HARBOUR TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ST ANDREWS HARBOUR TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report included within the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

At the planning stage, we assess the risk of material misstatement and any such irregularities and design audit procedures tailored to these risks which will be followed to ensure that we are capable of meeting our responsibilities in this area. With a charity we deem the main risks to be maintaining the continuity of income streams, and retaining sufficient reserves to support the charity.

Factors relevant to our assessment, which have a positive impact on the capability of our procedures to detect such irregularities, are the size of the entity, the complexity of the entity's operations and our understanding of their regulatory and control environments.

The staff working on this audit assignment have been fully briefed in relation to the charity's activities, including the regulatory regime in which they operate.

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ST ANDREWS HARBOUR TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF ST ANDREWS HARBOUR TRUST

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Murray Dalgety C.A. (Senior Statutory Auditor) for and on behalf of BK Plus Audit Limited Statutory Auditor Chartered Certified Accountants 144 Nethergate Dundee DD1 4EB

Date: 23/04/2026 23/04/2026

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ST ANDREWS HARBOUR TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 MARCH 2025

Note
Income from:
Donations and grants
2
Charitable activities
3
Other trading activities
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net (expenditure)/income
Transfer between funds
14
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
General
funds
£
10,261
28,889
18,491
57,641
1,244
94,302
95,546
(37,905)
17,757
(20,148)
268,214
248,066		 Restricted
funds
£
476,784
-
-
476,784
2,118
508,757
510,875
(34,091)
(17,757)
(51,848)
441,603
389,755		 Total
funds
2025
£
487,045
28,889
18,491
534,425
3,362
603,059
606,421
(71,996)
-
(71,996)
709,817
637,821		 Unrestricted
General
funds
£
254,084
27,072
13,211
294,367
2,925
66,698
69,623
224,744
(25,000)
199,744
68,470
268,214		 Restricted
funds
£
242,640
-
-
242,640
500
70,624
71,124
171,516
25,000
196,516
245,087
441,603		 Total
funds
2024
£
496,724
27,072
13,211
537,007
3,425
137,322
140,747
396,260
-
396,260
313,557
709,817

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 12 to 19 form an integral part of these accounts.

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ST ANDREWS HARBOUR TRUST

BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed assets:
Tangible assets
10
Total fixed assets
Current assets:
Stocks
11
Debtors and prepayments
12
Cash on deposit and in hand
Total current assets
Liabilities:
Creditors falling due within one year
13
Net current assets
Total assets less current liabilities/
Net assets
The funds of the charity:
Unrestricted General fund
Restricted funds
14
Total charity funds		 Unrestricted
General
fund
£
-
-
997
62,307
197,352
260,656
(12,590)
248,066
248,066
248,066
-
248,066		 Restricted
funds
£
290,555
290,555
-
106,639
90,575
197,214
(98,014)
99,200
389,755
-
389,755
389,755		 Total
funds
2025
£
290,555
290,555
997
168,946
287,927
457,870
(110,604)
347,266
637,821
248,066
389,755
637,821		 Unrestricted
General
fund
£
481
481
1,726
45,834
234,231
281,791
(14,058)
267,733
268,214
268,214
-
268,214		 Restricted
funds
£
148,908
148,908
-
260,000
85,195
345,195
(52,500)
292,695
441,603
-
441,603
441,603		 Total
funds
2024
£
149,389
149,389
1,726
305,834
319,426
626,986
(66,558)
560,428
709,817
268,214
441,603
709,817

The notes on pages 12 to 19 form an integral part of these accounts.

Approved by the trustees and signed on their behalf by:

Date: 18/04/2026

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ST ANDREWS HARBOUR TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 31 MARCH 2025

Note
Cash flows from operating activities:
Net cash provided by operating activities (see below)
Cash flows from investing activities:
Purchase of tangible fixed assets
10
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
Analysis of changes in net debt
Cash at 1 April
Cash flows in year
Cash at 31 March		 Total
funds
2025
£
141,001
(172,500)
(172,500)
(31,499)
319,426
287,927
319,426
(31,499)
287,927		 Prior year
funds
2024
£
183,554
-
-
183,554
135,872
319,426
135,872
183,554
319,426
Reconciliation of net movement in funds to net cash flow from operating activities
Net (expenditue)/income for the year (as per
the statement of financial activities) (71,996) 396,260
Adjustments for:
Depreciation charges 10 31,334 14,086
Decrease/(increase) in stocks 729 (604)
Decrease/(increase) in debtors 136,888 (268,872)
Increase in creditors 44,046 42,684
Net cash provided by operating activities 141,001 183,554

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ST ANDREWS HARBOUR TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 MARCH 2025

1. Accounting Policies

Charity information

St Andrews Harbour Trust is registered charity, governed by it's constitution and Harbour Orders. It is a registered charity with the Office of the Scottish Charity Regulator. The registered office is Chestney House, 149 Market Street, St Andrews, Fife KY16 9PF.

a) Basis of preparing the Financial Statements

These financial statements are presented in pounds sterling, the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest pound.

b) Preparation of accounts on a going concern basis

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

c) Funds structure

Funds held by the charity are either unrestricted or restricted in purpose. Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or Harbour Order. Details of the restricted funds are provided in note 13 and in the Trustees' Annual Report.

d) Income recognition

Income is recognised when the charity has entitlement to the income, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

e) Expenditure recognition

f) Support costs

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ST ANDREWS HARBOUR TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 MARCH 2025 (continued)

1. Accounting Policies (continued)

g) Taxation

The charity is exempt from tax on income and gains to the extent that these are applied for its charitable objects.

h) Tangible fixed assets and depreciation

Individual fixed assets costing £2,000 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows: Harbour gates 10% annually Fixtures, fittings and equipment 10%/20% annually Phase 1 pontoons 0.909% annually Phase 2 pontoons 1.558% annually Sheds 22.5% annually

i) Stocks

Stocks of limited edition prints for resale are included at the lower of cost or net realisable value. All stock of merchandise had been held as stock, in previous years, but due to the low value nature of most of the items the trustees decided to change the policy such that only the prints will be shown as stock.

j) Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

k) Financial instruments

Financial instruments are recognised in the balance sheet when the charity becomes party to the contractual provisions of the instrument.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measure at present value of the future receipts discounted at market rate of interest. Financial liabilities are classified according to the substance of the contractual agreements entered into. Basic financial liabilities, including creditors, are classified as debt and are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities.

l) Judgements in applying accounting policies and key sources of estimation

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily available from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. In preparing these financial statements, the trustees have made the following judgements:

Accruals

Trustees estimate the requirements for accruals using post year end information. This identifies costs that are expected to be incurred for services provided by other parties. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future.

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ST ANDREWS HARBOUR TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 MARCH 2025 (continued)

2.
Income from donations and grants
Local authority revenue grant
Sundry donations
Scottish Government grant
Crown Estate grant
Other grants
Gala fund
Legacy
3.
Income from charitable activities
Harbour dues
4.
Income from other trading activities
Harbour gala
Rents from properties
Fundraising income incl. merchandise
Other
5.
Expenditure on raising funds
Harbour gala
Fundraising incl. merchandise
6.
Expenditure on charitable activities
Salaries - Harbour Master
Accountancy and book-keeping fees
Professional fees
Audit fee
Repairs, maintenance and equipment
Electricity and water charges
IT and software
Insurance
Sundry expenses
Rent
Subscriptions
Depreciation		 Funds
£
9,644
468
-
-
-
-
149
10,261
28,889
28,889
4,363
6,976
2,736
4,416
18,491
-
1,244
1,244
10,354
4,890
27,231
7,200
30,418
2,463
800
8,743
1,161
310
251
481
94,302
Unrestricted		 Restricted
Funds
£
-
15,940
364,844
40,000
52,500
3,500
-
476,784
-
-
-
-
-
-
-
2,118
-
2,118
-
-
-
-
477,904
-
-
-
-
-
-
30,853
508,757		 Total
Funds
2025
£
9,644
16,408
364,844
40,000
52,500
3,500
149
487,045
28,889
28,889
4,363
6,976
2,736
4,416
18,491
2,118
1,244
3,362
10,354
4,890
27,231
7,200
508,322
2,463
800
8,743
1,161
310
251
31,334
603,059		 Funds
£
9,363
600
-
-
-
-
244,121
254,084
27,072
27,072
3,663
6,578
2,094
876
13,211
794
2,131
2,925
9,515
4,380
31,314
7,500
2,808
1,934
773
7,048
462
320
162
482
66,698
Unrestricted		 Restricted
Funds
£
-
12,470
172,500
47,170
10,000
500
-
242,640
-
-
-
-
-
-
-
500
-
500
-
-
-
-
57,020
-
-
-
-
-
-
13,604
70,624		 Total
Funds
2024
£
9,363
13,070
172,500
47,170
10,000
500
244,121
496,724
27,072
27,072
3,663
6,578
2,094
876
13,211
1,294
2,131
3,425
9,515
4,380
31,314
7,500
59,828
1,934
773
7,048
462
320
162
14,086
137,322

7. Employees and their remuneration

The average weekly number of employees during the year was one (2024 - one). No employee earned at a rate in excess of £60,000 per annum (2024 - none).

Staff costs of the above during the year amounted to £10,354 (2024 - £9,515) - see note 8. No employer's national insurance was payable (2024 - £nil).

The key management personnel of the charity comprise the trustees and the Harbour Master whose employee benefits total £10,354 (2024 - £9,515).

14

Tracking ID: 1032643-1222672

ST ANDREWS HARBOUR TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 MARCH 2025 (continued)

8. Transactions with Trustees

No trustee received any form of remuneration or other benefits during the year.

The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or in kind. The value of the work done by the trustees is not reflected in the accounts as it cannot be quantified.

Donations to the charity during the year, from trustees, were £nil (2024 - £nil). No trustee was paid expenses during the year (2024 - £nil).

9. Net movement in funds

9.
Net movement in funds
The net movement in funds is stated after charging:
Audit fees
Depreciation
10. Tangible fixed assets
Unrestricted
Funds
Fixtures
fittings &
equipment
Current year:
£
Cost
At 1 April 2024
13,056
Additions
-
At 31 March 2025
13,056
Depreciation
At 1 April 2024
12,575
Charge for the year
481
At 31 March 2025
13,056
Net book value
At 31 March 2025
-
Previous year:
Cost
At 1 April 2023
13,056
Disposals
-
At 31 March 2024
13,056
Depreciation
At 1 April 2023
12,093
Charge for the year
482
Disposals
-
At 31 March 2024
12,575
Net book value
At 31 March 2024
481		 Restricted
Funds
Harbour
gates
£
-
172,500
172,500
-
17,250
17,250
155,250
115,932
(115,932)
-
115,931
1
(115,932)
-
-		 Restricted
Funds
Pontoons
£
255,297
-
255,297
116,771
3,222
119,993
135,304
255,297
-
255,297
113,549
3,222
-
116,771
138,526		 Restricted
Funds
Sheds
£
46,139
-
46,139
35,757
10,381
46,138
1
46,139
-
46,139
25,376
10,381
-
35,757
10,382		 2025
£
7,200
31,334
Restricted
Funds
Total
£
301,436
172,500
473,936
152,528
30,853
183,381
290,555
417,368
(115,932)
301,436
254,856
13,604
(115,932)
152,528
148,908		 2024
£
7,500
14,086
Total
funds
Total
£
314,492
172,500
486,992
165,103
31,334
196,437
290,555
430,424
(115,932)
314,492
266,949
14,086
(115,932)
165,103
149,389

A small area of land adjacent to St. Andrews Harbour is vested in the trustees who are the beneficial owners. In view of the restrictions that would inevitably be placed on the use of this land, the trustees find themselves unable to place a value on it and it has therefore been included at £nil value (2024 - £nil value).

15

Tracking ID: 1032643-1222672

ST ANDREWS HARBOUR TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 MARCH 2025 (continued)

11. Stocks
Stock at cost		 Funds
£
997
Unrestricted		 Restricted
Funds
£
-		 Total
Funds
2025
£
997		 Funds
£
1,726
Unrestricted		 Restricted
Funds
£
-		 Total
Funds
2024
£
1,726

Stocks of limited edition prints for resale are held. In previous years stock of merchandise had also been included in the valuation. Due to the low value of the merchandise items the trustees decided to change this policy to include only the value of the prints in stock. The value of merchandise stock included in the 2024 stock was £618. The comparative value of limited edition prints in 2024 was £1,108.

12. Debtors and prepayments

Harbour dues
Rent receivable
VAT recoverable
Other debtors
Prepayments
Creditors and accruals
Trade creditors
Key and pontoon deposits
PAYE payable
Deferred income (see below)
Accruals		 449
1,923
50,696
62
9,177
62,307
923
1,363
411
1,249
8,644
12,590		 -
-
14,898
91,741
-
106,639
89,389
-
-
-
8,625
98,014		 449
1,923
65,594
91,803
9,177
168,946
90,312
1,363
411
1,249
17,269
110,604		 2,976
4,537
28,884
1,449
7,988
45,834
1,673
1,413
226
1,506
9,240
14,058		 -
-
5,000
82,500
172,500
260,000
30,000
-
-
-
22,500
52,500		 2,976
4,537
33,884
83,949
180,488
305,834
31,673
1,413
226
1,506
31,740
66,558

13. Creditors and accruals

Deferred income - shed rental income received in advance

Balance at 1 April
Released to income
Rent received
Balance at 31 March		 1,506
(1,506)
1,249
1,249		 -
-
-
-		 1,506
(1,506)
1,249
1,249		 50
(50)
1,506
1,506		 -
-
-
-		 50
(50)
1,506
1,506

16

Tracking ID: 1032643-1222672

ST ANDREWS HARBOUR TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 MARCH 2025 (continued)

Harbour
14.
Restricted funds
Gates
Replacement
Fund
£
At 1 April 2024
197,500
Income
Grants
-
Donations
-
-
Expenditure
Depreciation
17,250
Gala expenses
-
Repairs and maintenance
-
17,250
Transfers (to)/from unrestricted funds
(33,625)
At 31 March 2025
146,625
Represented by:
Fixed assets
155,250
Current assets - cash
-
Current assets - debtors and prepayments
-
Current liabilities
(8,625)
146,625		 Fixed Asset rest ricted funds Fit for
Purpose
Fund
£
10,382
-
-
-
10,381
-
-
10,381
-
1
1
-
-
-
1		 Acti ve restricted fu nds Coastal
Path
Fund
£
-
5,000
-
5,000
-
-
-
-
-
5,000
-
5,000
-
-
5,000		 Total
£
441,603
460,844
15,940
Phase 1
Pontoons
M
Fund
£
43,521
-
-
-
1,063
-
-
1,063
-
42,458
42,458
-
-
-
42,458		 Harbour
odernisation
Fund
£
95,005
-
-
-
2,159
-
-
2,159
-
92,846
92,846
-
-
-
92,846		 Harbour
Clock
Fund
£
52,575
-
-
-
-
-
-
-
-
52,575
-
52,575
-
-
52,575		 Coastguard
Station
Legacy
Fund
£
30,000
-
-
-
-
-
-
-
-
30,000
-
30,000
-
-
30,000		 Gala
Fund
£
-
3,500
-
3,500
-
2,118
-
2,118
(1,382)
-
-
-
-
-
-		 Restoration
and Repairs
Fund
£
12,620
44,500
15,940
60,440
-
-
73,060
73,060
-
-
-
-
-
-
-		 Pier
Damage
Fund
£
-
404,844
-
404,844
-
-
404,844
404,844
17,250
17,250
-
-
106,639
(89,389)
17,250		 Signage
Fund
£
-
3,000
-
3,000
-
-
-
-
-
3,000
-
3,000
-
-
3,000
476,784
30,853
2,118
477,904
510,875
(17,757)
389,755
290,555
90,575
106,639
(98,014)
389,755

The purposes of the restricted funds are described in the Trustees' Annual Report.

Apart from the Gala Fund, transfers to and from unrestricted funds are made to meet cash-flow timing requirements. The surplus of Gala Fund income is released to unrestricted reserves as the condition of the award was the holding of the gala.

17

Tracking ID: 1032643-1222672

ST ANDREWS HARBOUR TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDING 31 MARCH 2025 (continued)

14.
Restricted funds (continued)
At 1 April 2023
Income
Donations
Grant - Marine Scotland
Expenditure
Depreciation
Repairs and maintenance
Professional fees
Transfers from unrestricted funds
At 31 March 2024
Represented by:
Fixed assets
Current assets - cash
Current assets - debtors
Current liabilities		 Fixed assets restricted funds Fixed assets restricted funds Fit for
Purpose
Fund
£
20,763
-
-
-
10,381
-
-
10,381
-
10,382
10,382
-
-
-
10,382		 Active restricted funds Active restricted funds
Harbour
Gates
Fund
£
1
-
-
-
1
-
-
1
-
-
-
-
-
-
-		 Phase 1
Harbour
Pontoons Modernisation
Fund
Fund
£
£
44,584
97,164
-
-
-
-
-
-
1,063
2,159
-
-
-
-
1,063
2,159
-
-
43,521
95,005
43,521
95,005
-
-
-
-
-
-
43,521
95,005		 Coastguard
Harbour
Station
Clock
Legacy
Fund
Fund
£
£
52,575
30,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
52,575
30,000
-
-
52,575
30,000
-
-
-
-
52,575
30,000		 Gala
Fund
£
-
500
-
500
-
500
-
500
-
-
-
-
-
-
-		 Harbour
Restoration
Gates
and Repairs
Replacement
Fund
Fund
£
£
-
-
57,170
172,500
12,470
-
69,640
172,500
-
-
-
-
57,020
-
57,020
-
-
25,000
12,620
197,500
-
-
2,620
-
10,000
250,000
-
(52,500)
12,620
197,500		 Total
£
245,087
230,170
12,470
242,640
13,604
500
57,020
71,124
25,000
441,603
148,908
85,195
260,000
(52,500)
441,603

The purposes of the restricted funds are described in the Trustees' Annual Report.

The transfer from restricted funds was made to meet a cash-flow deficit on the Harbour Gates Replacement fund. This will reverse after the year end.

18

Tracking ID: 1032643-1222672

ST ANDREWS HARBOUR TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 MARCH 2025 (continued)

15 Capital commitments

The trustees had not entered into any capital commitments at the year end.

16. Related party transactions

During the year, the charity received income from a trustee in respect of harbour dues of £1,286.42, (2024 £1,210) and electricity usage of £80 (2024- £392). These transactions were conducted on the charity's standard terms and at the same rates as charged to other harbour users. No trustee was involved in setting or approving the terms of these transactions.

The trustee also contributed £312 towards the cost of repairs to a pontoon during the year. This was agreed at a trustee meeting on the 24th August 2024.

There were no amounts outstanding by any trustees at the year end, (2024 £nil).

The trustees consider that these payments represent arm's length transactions and no trustee received any benefit as a result.

19

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