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2026-03-31-accounts

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

Registered number: SC174115 Charity number: SC027995

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the company, its Trustees and advisers 1
Trustees' report 2 - 6
Independent auditors' report on the financial statements 7 - 10
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 23

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2026

Trustees Mr J C Noble
Mrs H Lawrenson
Dr L Wishart
Dr R D A Evetts
Ms S J Steele
Ms C Connolly
Company registered
number
SC174115
Charity registered
number
SC027995
Registered office
Fife Council
Fife House
North House
Glenrothes
Fife
KY7 5LT
Company secretary
Fife Council
Independent auditors
Sumer Auditco Limited
Chartered Accountants
Statutory Auditors
Pentland House
Saltire Centre
Glenrothes
Fife
KY6 2AH
Bankers
The Royal Bank of Scotland
3 Falkland Gate
Glenrothes
Fife
KY7 5NS

Page 1

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2026

The trustees are pleased to present their annual directors’ report together with the financial statements of the charity for the year ending 31 March 2026 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes. The financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: 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).

Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

Fife Environment Trust’s objects are governed by those set-in relation to the Landfill Tax Credit Scheme, but the Trustees have agreed to prioritise the following as set out in the Trusts Funding Strategy:

The charity's main activity in relation to its objectives is to approve grants to community projects meeting one or more of the eligible objectives mentioned in (A) to (E).

The principles of sustainability and sustainable development are at the centre of the Trust’s Funding Strategy. The main aim is to utilise contributions from Landfill Operators in order to maximise benefits for communities through environmental projects with a specific emphasis on:

Page 2

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

Achievements and performance

a. Main achievements of the company

At the start of the Scottish Landfill Communities Fund (SLCF) in April 2015, the Board approved the adoption of threshold levels from the previous UK scheme for both small and large grants. The current threshold levels are as follows -

Large Grants - Up to 75% funding available, maximum award of £20,000

Small Grants - Up to 90% funding available, maximum award of £10,000

These thresholds will remain until the trustees see it necessary to change them.

During the year to March 2026, Fife Environment Trust (FET) has funded a wide range of projects with substantial community benefit. A number of community facilities have received funding for upgrade work to Gorebridge Parish Church to create a welcoming, sustainable hub, Craigtoun Park to replace the roof over the woodwork/metal and paint workshops and to Leslie Baptist Church to create a more flexible space for activities. By helping to upgrade these buildings, the Trust is helping to improve accessibility, reduce isolation and promote community cohesion.

Fife Heritage Railway received funding for the construction of a large multi-purpose exhibition hall to display valuable historic railway vehicles and artefacts alongside local heritage and social history displays.

In addition, the Trust have supported the improvement of a number of play facilities in Dalgety Bay, Dysart, Pitteuchar/Stenton/Finglassie and Star of Markinch, all helping to promote more active and healthier lifestyles amongst youngsters within the communities these projects serve.

The Trust also continues to protect historical structures through awards to eligible projects such as repairing the external fabric of Inverkeithing Parish Church.

Page 3

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

Financial review

a. Going concern

The trustees confirm they have an expectation that funding to the charity will cease over the next 12 months and, consequently, the charity cannot be considered a going concern. These financial statements have been prepared on a basis other than that of a going concern. No adjustments to the results for the year were necessary as a consequence of this.

During the year the Trust received £71,761 (2025: £499,785) in contributions from Fife Council. The trustees would like to thank this organisation for their contributions.

During the year the Trust awarded 11 new applications for funding for Large Grants to the value of £250,585 (2025: 22 new applications totalling £784,426).

The Trust awarded 3 new applications for funding under the Small Grants Scheme approving awards of £19,248 (2025: 5 new applications totalling £40,849).

The Trust paid out awards to the value of £159,140 during the year and was committed to paying out £954,778.

At the balance sheet date the trust held restricted reserves of £82,035 (2025: £81,217) and unrestricted reserves of £139,829 (2025: £301,153).

The Trustees' have monies to cover the present funding commitments which are included as creditors in the accounts. In addition, the Trustees consider they would need £85,000 operating costs to cover the charity winding up over a period of one year. Since the present unrestricted fund held is £139,829 the charity has adequate resources to continue in operational existence for the foreseeable future.

The unrestricted reserves of £139,829 are deemed reasonable to allow the charity to manage the impact of future funding constraints following the announcement in the Scottish Budget on 13th January 2026 to close the Scottish Landfill Communities Fund to new contributions from 1st April 2026.

Structure, governance and management

a. Constitution

The trust is a company limited by guarantee, governed by its Memorandum and Articles of Association. The company must have a minimum of 3 directors and a maximum of 12. Fife Council can have up to 2 directors on the board. Fife Council, however, may not hold the majority of directors appointed.

Amounts granted to applicants may fall into two categories. Small projects, where the claim is less than £10,000, can be approved by two delegated Directors. Claims in excess of £10,000 will be decided by all directors on a majority basis at a Board meeting. These are the new thresholds which came into effect for applications received after 1st January 2012.

Page 4

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

Structure, governance and management (continued)

b. Methods of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

New directors may either be approached by existing directors and invited to join the Board or may be nominated by the party they represent in the case of Fife Council.

c. Organisational structure and decision-making policies

The day to day operations of the Trust, the processing of applications and the ongoing support and monitoring of the applicants are handled by Fife Council staff, under a consultancy and support contract. Decisions on the awarding of grants, establishing of conditions, etc. are made by majority decision of the Board, although there is provision for some smaller grants to be awarded by a Board sub-committee.

d. Financial risk management

The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Funds paid to the Trust from the Scottish Landfill Communities Fund are monitored and the Trustees have implemented a risk register in relation to this to ensure compliance.

e. Plans for future periods

On 13th January 2026, the Scottish Government announced that it would introduce legislation before the Scottish Parliament to close the Scottish Landfill Communities Fund to new contributions from 1st April 2026. Consequently, Fife Environment Trust received their final contribution on 31st March 2026.

The Trust will continue to award grants to those projects which fall under the scope of the trust’s objectives until all funding held is committed. The Trust’s Exit Strategy has been updated accordingly.

f. Policies adopted for the induction and training of trustees

Upon being appointed as a new director the Director will be supplied with an induction and training pack containing information and history on the Trust.

Page 5

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026

Structure, governance and management (continued)

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

The auditors, Sumer Auditco Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................

Mrs H Lawrenson

Date: 26 May 2026

Page 6

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FIFE ENVIRONMENT TRUST

Opinion

We have audited the financial statements of The Fife Environment Trust (the 'charitable company') for the year ended 31 March 2026 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.

Emphasis of matter - financial statements prepared on a basis other than going concern

We draw attention to note 1.5 in the financial statements, which indicates that the financial statements have been prepared on a basis other than that of a going concern given that the trustees have an expectation that funding received will cease in the next 12 months. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Page 7

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FIFE ENVIRONMENT TRUST (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

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

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Page 8

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FIFE ENVIRONMENT TRUST (CONTINUED)

Auditors' 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 under the Companies Act 2006 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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charitable company and the industry in which it operates, and considered the risk of acts by the charitable company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities and Trustee Investment (Scotland) Act 2005, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 9

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FIFE ENVIRONMENT TRUST (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company'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 charitable company's members and Trustees those matters we are required to state to them in an Auditors' 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 charitable company, its members, as a body, and its trustees, as a body for our audit work, for this report, or for the opinions we have formed.

Douglas Rae (Senior statutory auditor)

for and on behalf of

Sumer Auditco Limited

Chartered Accountants Statutory Auditors Pentland House Saltire Centre Glenrothes Fife KY6 2AH

26 May 2026

Sumer Auditco Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 10

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2026

Income from:
Donations and legacies
2
Investments
3
Total income
Expenditure on:
Charitable activities
4
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2026
£
71,761
26,112
97,873
259,197
259,197
(161,324)
301,153
(161,324)
139,829		 Restricted
funds
2026
£
-
818
818
-
-
818
81,217
818
82,035		 Total
funds
2026
£
71,761
26,930
98,691
259,197
259,197
(160,506)
382,370
(160,506)
221,864		 Total
funds
2025
£
499,785
34,377
534,162
740,912
740,912
(206,750)
589,120
(206,750)
382,370

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

The notes on pages 14 to 23 form part of these financial statements.

Page 11

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST (A company limited by guarantee) REGISTERED NUMBER: SC174115

BALANCE SHEET AS AT 31 MARCH 2026

Current assets
Debtors
10
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
11
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
12
Unrestricted funds
12
Total funds		 1,950
1,184,148
1,186,098
(964,234)		 2026
£
221,864
221,864
221,864
221,864
82,035
139,829
221,864		 154,079
1,758,785
1,912,864
(1,530,494)		 2025
£
382,370
382,370
382,370
382,370
81,217
301,153
382,370

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

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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

Mrs H Lawrenson

Date: 26 May 2026

The notes on pages 14 to 23 form part of these financial statements.

Page 12

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST (A company limited by guarantee)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Net cash provided by investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 14 to 23 form part of these financial statements		 2026
£
(601,567)
26,930
26,930
-
(574,637)
1,758,785
1,184,148		 2025
£
(294,014)
34,377
34,377
-
(259,637)
2,018,422
1,758,785

Page 13

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Fife Environment Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Company status

The Company is a Company limited by guarantee. The members of the Company are the Trustees named on page 1.

1.3 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

1.5 Going concern

The trustees confirm they have an expectation that funding to the charity will cease over the next 12 months and, consequently, the charity cannot be considered a going concern. These financial statements have been prepared on a basis other than that of a going concern. No adjustments to the results for the year were necessary as a consequence of this.

1.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid by the Bank.

Page 14

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

1. Accounting policies (continued)

1.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9 Creditors and provisions

Creditors are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.10 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 15

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

2. Income from donations and legacies

Contributions receivable
Total 2025		 Unrestricted
funds
2026
£
71,761
499,785		 Total
funds
2026
£
71,761
499,785		 Total
funds
2025
£
499,785

3. Investment income

Bank interest receivable
Total 2025		 Unrestricted
funds
2026
£
26,112
33,250		 Restricted
funds
2026
£
818
1,127		 Total
funds
2026
£
26,930
34,377		 Total
funds
2025
£
34,377

4. Analysis of expenditure on charitable activities

Charitable activities
Total 2025		 Unrestricted
funds
2026
£
259,197
740,912		 Total
2026
£
259,197
740,912		 Total
2025
£
740,912

Page 16

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

5. Analysis of expenditure by activities

Charitable activities
Total 2025		 Activities
undertaken
directly
2026
£
250,893
732,362		 Support
costs
2026
£
8,304
8,550		 Total
funds
2026
£
259,197
740,912		 Total
funds
2025
£
740,912

Analysis of direct costs

Project Administration
Grants paid
Insurance
SEPA fees
Bank charges
6.
Auditors' remuneration
The Auditor's remuneration amounts to an Audit fee of
Fees payable to the company's auditor in respect of:
All non-audit services not included above		 Total
funds
2026
£
86,196
159,140
1,967
3,588
2
250,893
2026
£
6,060
2,244		 Total
funds
2025
£
80,468
624,995
1,909
24,989
1
732,362
2025
£
5,800
2,420

7. Analysis of grants

All grant recipients were institutions. See note 20 for further details.

Page 17

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

8. Staff costs

The company has no employees other than the Trustees. No Trustees' received remuneration (2025 - £NIL).

The average number of persons employed by the company during the year was 0 (2025 - 0).

No employee received remuneration amounting to more than £60,000 in either year.

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2025 - £NIL) .

During the year ended 31 March 2026, no Trustee expenses have been incurred (2025 - £NIL) .

10. Debtors

Due within one year
Other debtors
Prepayments and accrued income		 2026
£
-
1,950
1,950		 2025
£
152,220
1,859
154,079

11. Creditors: Amounts falling due within one year

Other creditors
Accruals and deferred income		 2026
£
954,778
9,456
964,234		 2025
£
1,514,333
16,161
1,530,494

Page 18

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

12. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Restricted funds
Burntisland Development Trust
Tullis Russell Environment Education
Total of funds
Statement of funds - prior year
Unrestricted funds
General Funds
Restricted funds
Burntisland Development Trust
Tullis Russell Environment Education
Total of funds		 Balance at 1
April 2025
£
301,153
71,129
10,088
81,217
382,370
Balance at
1 April 2024
£
509,030
70,002
10,088
80,090
589,120		 Income
£
97,873
818
-
818
98,691
Income
£
533,035
1,127
-
1,127
534,162		 Expenditure
£
Balance at 31
March 2026
£
(259,197)
139,829
-
71,947
-
10,088
-
82,035
(259,197)
221,864
Expenditure
£
Balance at
31 March
2025
£
(740,912)
301,153
-
71,129
-
10,088
-
81,217
(740,912)
382,370

Page 19

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

13. Summary of funds

Summary of funds - current year

General funds
Restricted funds
Summary of funds - prior year
General funds
Restricted funds		 Balance at 1
April 2025
£
301,153
81,217
382,370
Balance at
1 April 2024
£
509,030
80,090
589,120		 Income
£
97,873
818
98,691
Income
£
533,035
1,127
534,162		 Expenditure
£
Balance at 31
March 2026
£
(259,197)
139,829
-
82,035
(259,197)
221,864
Expenditure
£
Balance at
31 March
2025
£
(740,912)
301,153
-
81,217
(740,912)
382,370

Restricted funds

During the year ended 31 March 2012, the Trust received a transfer of funds from the Burntisland Development Trust. These are restricted funds in that they were initially used to continue the support of grants previously approved for funding by the Burntisland Development Trust along with any new applications of funding which met the original funding criteria of Burntisland Development Trust.

During the year 2018, the charitable company received £10,088 from Tullis Russell Environment Education Limited. These are restricted funds to be used for environmental projects and not for routine administration purposes.

Page 20

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

14. Analysis of net assets between funds

Analysis of net assets between funds - current year

Current assets
Creditors due within one year
Total		 Unrestricted
funds
2026
£
1,104,063
(964,234)
139,829		 Restricted
funds
2026
£
82,035
-
82,035		 Total
funds
2026
£
1,186,098
(964,234)
221,864

Analysis of net assets between funds - prior year

Current assets
Creditors due within one year
Total		 Unrestricted
funds
2025
£
1,831,647
(1,530,494)
301,153		 Restricted
funds
2025
£
81,217
-
81,217		 Total
funds
2025
£
1,912,864
(1,530,494)
382,370

15. Related party transactions

Fife Council as a landfill site operator made contributions of £71,761 (2025 - £499,785) to the Trust during the year. At the balance sheet date £NIL (2025 - £152,220) was due by Fife Council to the Trust.

The Trust has a planning consultancy contract with Fife Council who undertake to develop, approve and monitor projects funded by the Trust. During the year £86,196 (2025 - £80,468) was paid by the Trust under the terms of the contract.

Grants were paid in the year to the Homelands Trust - Fife £458 (2025 - £19,616), an organisation in which Helen Judith Lawrenson is an employee.

16. Taxation

No tax is payable by the Trust as its charitable status gives it exemption from corporation tax.

The company is unable to reclaim Value Added Tax on the goods and services purchased and accordingly any such irrecoverable input tax is included in the relevant expenditure.

Page 21

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

17. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Dividends, interests and rents from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash used in operating activities
18.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
19.
Analysis of changes in net debt		 2026
£
(160,506)
(26,930)
152,129
(566,260)
(601,567)
2026
£
1,184,148
1,184,148		 2025
£
(206,750)
(34,377)
21,575
(74,462)
(294,014)
2025
£
1,758,785
1,758,785
Cash at bank and in hand At 1 April
2025
£
1,758,785
1,758,785		 Cash flows
£
(574,637)
(574,637)		 At 31 March
2026
£
1,184,148
1,184,148

Page 22

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

20. Grants paid during the current year

SEPA Category

The main areas of work ('Objects') that qualify for funding are as follows:

Object A: The reclamation, remediation, restoration or other operation on land to facilitate economic, social or environmental use.

Object B: Community based recycling, re-use and waste prevention projects.

Object C: To provide, maintain or improve a public park or other public amenity.

Object D: The conservation or promotion of biological diversity through the provision, conservation , restoration or enhancement of a natural habitat or the maintenance or recovery of species in its natural habitat.

Object E: The maintenance, repair or restoration of a building, other structure or a site of archeological interest which is a place of religious worship, or a site of historic or architectural or archaeological interest and is open to the public.

General Fund
£
A/C/D
-
C
72,729
C/E
106,049
D
-
E
(37,100)
141,678		 Small
Projects
Fund
£
-
7,899
(437)
-
10,000
17,462		 Total
funds
£
-
80,628
105,612
-
(27,100)
159,140		 Total
funds
2025
£
1,121,677
(605,651)
107,451
(50,000)
51,519
624,996

SEPA funds must be committed to a project within 2 years of receipt of funding.

Restricted funds are not required to meet the SEPA requirements/categories.

Page 23

Docusign Envelope ID: 4C78FE33-A845-8302-812E-69D414A5C144

THE FIFE ENVIRONMENT TRUST

(A company limited by guarantee)

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2026

Charity income
Contributions receivable
Bank interest receivable
Bank interest receivable - restricted
Total charity income
Less:
Project Administration
Grants Paid
SEPA fees
Accountancy fees
Audit fees
Insurance
Bank charges
Total expenditure
Net expenditure before taxation for the reporting
period
Net expenditure for the reporting period		 2026
£
71,761
26,112
818
86,196
159,140
3,588
2,244
6,060
1,967
2		 2026
£
98,691
259,197
259,197
(160,506)
(160,506)		 2025
£
499,785
33,250
1,127
80,468
624,995
24,989
2,310
6,240
1,909
1		 2025
£
534,162
740,912
740,912
(206,750)
(206,750)

The notes on pages 14 to 23 form part of these financial statements.

Page 24