Charity registration number SC051691 (Scotland)
Company registration number SC703757 (Scotland)
NORTH BERWICK HARBOUR TRUST LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
NORTH BERWICK HARBOUR TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr A D Brodie
Mr A M Duns
Mr K G Hutchison
Ms J S McMinn
Mr I Dove
(Appointed 1 July 2023)
Charity number (Scotland)
SC051691
Company number
SC703757
Registered office
The Harbour Master's Office
28 Victoria Road
North Berwick
East Lothian
EH39 4JL
Independent examiner
Johnston Smillie Ltd
5 South Gyle Crescent Lane
Edinburgh
EH12 9EG
NORTH BERWICK HARBOUR TRUST LIMITED
CONTENTS
Page
Trustees' report
1 - 4
Statement of trustees' responsibilities
5
Independent examiner's report
6
Statement of financial activities
7
Balance sheet
8
Notes to the financial statements
9 - 19
NORTH BERWICK HARBOUR TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The Trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, 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 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 2019).

Objectives and activities

The Objects of the Trust, as set out in the constitution are:

 

As in past years the main activities and efforts have gone into the successful management of the moorings, dinghy park, community lease holders and events taking place, and some of the more recent activities are described under Achievements and Performance.

Achievements and performance

Our activities are confined to the area under lease from East Lothian Council and we manage the area in a manner designed to achieve our objectives as a Charity. We continue to work with East Lothian Council and liaise with and support our stakeholders and review the requirements of and priorities for the Harbour and its environs for the benefit of the whole community, all in accordance with our objectives for this area.

 

At the end of October 2023 we had a catastrophic wall failure after storm Babet causing the wall and inner walkway to collapse leaving the inner harbour exposed to the sea and elements. Other than the wall there was no damage to other property and thankfully no one was harmed in the storms at the harbour. A great deal of other damage was done by the storm to walkways, electrics, building flooded, benches, surfaces, and cracks in various sea defences.

 

The remaining focus for the year was on securing support and funds to start repairs in spring on the wall and were prioritised all spending and effort to focus on major repairs and saving the funds to repair all of the storm related damage.

 

We are delighted to have been able to re open the walkway and to see the wall completed and the harbour repaired and restored back to its historic looks.

 

It’s been an amazing effort from all of the community and the support from everyone has enabled all of the work to be completed. It’s been humbling for the Harbour Trust to have so much brilliant support in terms of effort, money and moral support and shows how important the harbour is to all of the local community.

 

East Lothian Council, the Marine Directorate, North Berwick Trust, North Berwick Harbour Trust, the community and so many of the local organisations have been amazing in terms of the support given and it’s a great example of where we work together we can complete great things. We have no doubts without all the community support and donations we would not have been able to gain the momentum to get the repair started in April and completed in September. A special thanks to all our harbour helpers and the local community, individuals, clubs and businesses for the support and patience.

NORTH BERWICK HARBOUR TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

Not only have we repaired the main wall but have carried out a range of repairs to the wider harbour area including, replacing and repairing the older wedges, resetting the rock armour, improving the drainage, repairing walkways, repairing the electrics, lots of ground works, strengthening the walkway to Galloway pier and many smaller jobs.

 

We have done all we can to prepare the harbour for the winter and any future storms and whilst we still have worries about other parts of the outer walls we are confident we have done all we can with the support we have. We know there is still a lot to do and concerns remain for the outer walls and we look forward to ongoing support to improve those in the coming years .

 

We still have some works planned and work will continue with repairs to the granary wall over the next few months in a joint effort from the residents and the Harbour Trust.

 

We look forward to getting back to normal operations and seeing the harbour improve further.

 

Most of the focus for the remainder of 2023/24 was on fund raising and consulting with engineers to ensure that the efforts were correctly prioritized.

 

We continued our program on repairs and improvements but a lot of effort from our volunteers went into rearranging moorings and the layout of the harbour so as many boaurs could continue to operate for the 2024 season.

 

The harbour remained open although with restricted access.

 

We continued work on our vison for the future which was well received by East Lothian Council, Stakeholders, community groups and residents and we have drawn up plans to repair and strengthen the sea defences at the northern part of the harbour including community facilities. Planning is still to be approved for that.

 

Work was completed on the Harbour Slipway which was completely rebuilt and resurfaced, unfortunately we could not save all the stone as it was so badly damaged. NBHTL are grateful to the RNLI for their contribution to the repair work.

 

We are grateful to East Lothian Council for their commitment to continuing to support the harbour, service the toilets which remain open until a satisfactory solution can be found.

 

Financial review

As at the year end the Trust held funds of £305,042 (2023: £430,551), of which £nil (2023: £184,874) comprised the net book value of the harbour wall improvements, £1,883 (2023: £2,092) the net book value of planters, and £14,986 (2023: £19,195) the net book value of other fixed assets. Other restricted funds amounted to £50,998 (2023: £1,422) which includes £49,554 for storm repairs. Designated funds of £171,650 (2023: £175,860) include £158,000 held for storm repairs allocated to wall damage repairs but not restricted for that purpose, leaving unrestricted general funds of £80,511.

Reserves policy

The Trustees' policy is that the unrestricted funds not committed or invested in tangible fixed assets, (“the free reserves”), should be sufficient to cover unforeseen emergency expenses and potential staff redundancy cost in the event of a significant drop in funding. A prudent reserves policy is also necessary in the case of stormy weather. The Trustees have retained the minimum amount to keep in free reserves at £70,000. As at the year end, the free reserves amounted to £80,511 (2023: £66,303), which the Trustees consider to be sufficient.

It has long been recognised that the cost total cost of works necessary to secure the infrastructure of the Harbour cannot be met solely from the existing resources of the Trust. Plans for funding major projects and other development work in the Harbour area which require grant assistance have been prepared but applications made to date have been unsuccessful. Work to obtain grant funding is ongoing. We continue to explore prospective funding routes as they become known.

NORTH BERWICK HARBOUR TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

Risk management

The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to mitigate exposure to the major risks, based on our experience of running and managing the Harbour on behalf of the Council for many years.

The Trustees have addressed the issues of risk management and taken advice wherever required with particular focus on ensuring we meet the requirements of the Port Marine Safety Code as well as providing information to swimmers to be able to do so safely. We continue to work on compliance on all aspects of the Harbour, as laid out in the Good Governance Guide for Trust Port Authorities, and also continued to be compliant with the Marine Safety Management System including Navigational Risk Assessments.

Clearly, in terms of managing the Harbour area, weather and tides and their impact on the buildings and structures in this area, is a major concern. We continue to work closely with our professional advisers in identifying risk and seeking to manage that risk or mitigate its potential impact

Plans for future periods

The Trustees have developed and published plans for the longer term use of the harbour and community groups and continue to consult with a variety of groups on how to harmonise and make best use of the facilities to benefit all of the town. We are still considering and are looking to progress the impact of prospective ownership of the area, taking account of changing circumstances and the understanding of all relevant matters associated with ownership.

Current matters under review include :-

Structure, governance and management

The charity is a company limited by guarantee and is governed by its articles of association dated 9 July 2021.

 

North Berwick Harbour Trust Limited (company number SC703757 and charity number SC051691) was established to replace North Berwick Harbour Trust Association (charity number SC045318), an unincorporated charity. The operations, assets and liabilities of North Berwick Harbour Trust Association have been transferred to North Berwick Harbour Trust Limited with an effective date of 31 March 2023.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr A D Brodie
Mr A M Duns
Mr K G Hutchison
Mr A D Knox
(Resigned 1 July 2023)
Ms J S McMinn
Mr I Dove
(Appointed 1 July 2023)
NORTH BERWICK HARBOUR TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Recruitment and appointment of trustees

The following individuals were trustees of North Berwick Harbour Trust Association but are not directors of North Berwick Harbour Trust Limited: Brian Anderson, Colin Aston, Sam Lowe, David Farmer, Hugh MacKenzie, Judy Lockhart and Stirling Stewart.

Trustees are recruited by one of two means; an advert in the local press, (East Lothian Courier), followed by an interview with two existing Trustees, or word of mouth locally, with a similar interview. The latter tends to involve individuals who are known to have an interest in the Harbour, and whose identity is known to existing Trustees.

We continue to published our compliance with the Good Governance for Trust Ports recommendations for Safety Management System, and Navigational Risk Assessment and continue looking to building on our standard operations procedures. We are continually reviewing and developing the recommended approach on all aspects of managing within the Harbour area.

 

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

The trustees' report was approved by the Board of Trustees.

Mr A M Duns
Ms J S McMinn
Trustee
Trustee
1 November 2024
NORTH BERWICK HARBOUR TRUST LIMITED
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

The Trustees, who are also the directors of North Berwick Harbour Trust Limited for the purpose 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 year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the Trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- 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 adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and 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 Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NORTH BERWICK HARBOUR TRUST LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF NORTH BERWICK HARBOUR TRUST LIMITED
- 6 -

I report on the financial statements of the charity for the year ended 31 March 2024, which are set out on pages 7 to 19.

Respective responsibilities of Trustees and examiner

The charity’s Trustees, who are also the directors of North Berwick Harbour Trust Limited for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The Trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

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

Independent examiner's statement

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

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

M A P Taddei MA FCA
Johnston Smillie Ltd
Member of The Institute of Chartered Accountants in England and Wales
5 South Gyle Crescent Lane
Edinburgh
EH12 9EG
Dated: .........................
NORTH BERWICK HARBOUR TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
5,912
128,285
134,197
1,039
2,369
3,408
Charitable activities
4
80,694
-
80,694
80,038
-
80,038
Investments
5
-
-
-
103
-
103
Total income
86,606
128,285
214,891
81,180
2,369
83,549
Expenditure on:
Charitable activities
6
60,709
94,817
155,526
70,109
15,829
85,938
Other expenditure
11
-
184,874
184,874
-
-
-
Total expenditure
60,709
279,691
340,400
70,109
15,829
85,938
Net income/(expenditure)
25,897
(151,406)
(125,509)
11,071
(13,460)
(2,389)
Transfers between funds
(15,899)
15,899
-
-
-
-
Net movement in funds
8
9,998
(135,507)
(125,509)
11,071
(13,460)
(2,389)
Reconciliation of funds:
Fund balances at 1 April 2023
242,163
188,388
430,551
231,092
201,848
432,940
Fund balances at 31 March 2024
252,161
52,881
305,042
242,163
188,388
430,551

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

NORTH BERWICK HARBOUR TRUST LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
16,449
205,742
Current assets
Debtors
14
29,087
9,065
Cash at bank and in hand
275,520
231,461
304,607
240,526
Creditors: amounts falling due within one year
15
(16,014)
(15,717)
Net current assets
288,593
224,809
Total assets less current liabilities
305,042
430,551
Net assets
305,042
430,551
The funds of the charity
Restricted income funds
16
52,881
188,388
Unrestricted funds
252,161
242,163
305,042
430,551

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The financial statements were approved by the Trustees on 1 November 2024
Mr A M Duns
Ms J S McMinn
Trustee
Trustee
Company registration number SC703757 (Scotland)
NORTH BERWICK HARBOUR TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
1
Accounting policies
Charity information

North Berwick Harbour Trust Limited is a private company limited by guarantee incorporated in Scotland. The registered office is The Harbour Master's Office, 28 Victoria Road, North Berwick, East Lothian, EH39 4JL.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for smaller charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
NORTH BERWICK HARBOUR TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 10 -
1.5
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 are allocated on the portion of the asset’s use.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tenant improvements
5% straight line
Plant and equipment
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Following the extensive damage to the Harbour wall in October 2023, amounts previously capitalised have been written off to the Statement of Financial Activities as an asset disposal.

1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The charity 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.

 

Debtors

Prepayments are valued at the amounts prepaid. Accrued income and tax recoverable is included at the best estimate of the amount receivable at the balance sheet date. Other debtors are recognised at the settlement amount.

 

Creditors

Creditors and provisions are recognised where a present obligation from a past event will probably result in the transfer of funds to a third party and the amount to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.

NORTH BERWICK HARBOUR TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 11 -
Basic financial assets

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 measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting estimates and judgements

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 apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

NORTH BERWICK HARBOUR TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
3
Donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£

North Berwick Trust

-
-
-
-
419
419

Visitor and film income

-
-
-
423
-
423
Other
5,912
128,285
134,197
616
1,950
2,566
5,912
128,285
134,197
1,039
2,369
3,408
NORTH BERWICK HARBOUR TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
4
Charitable activities
2024
2023
£
£

Harbour moorings

25,267
21,630

Dinghy Park

22,154
21,786

Changing rooms

1,845
1,449

Canoe rack

2,807
1,837

Passenger levy received

-
6,171

Rental income

22,209
20,645

Electricity payment received

5,154
6,067
Binocular income & miscellaneous income
1,258
453
80,694
80,038
Unrestricted funds
80,694
80,038
80,694
80,038
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
-
103
NORTH BERWICK HARBOUR TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
6
Expenditure on charitable activities
Unrestricted funds
Unrestricted funds
2024
2023
£
£
Direct costs
Staff costs
20,496
12,232
Depreciation and impairment
4,419
19,511
Administration
4,089
1,861
Equipment and store
9,002
10,455
Harbour wall and other repairs
104,182
14,967
Insurance
4,336
4,141
Professional fees and consultancy
6,002
19,771
152,526
82,938
Share of support and governance costs (see note 7)
Governance
3,000
3,000
155,526
85,938
Analysis by fund
Unrestricted funds
60,709
70,109
Restricted funds
94,817
15,829
155,526
85,938
7
Support costs allocated to activities
2024
2023
£
£
Governance costs
3,000
3,000
Analysed between:
Unrestricted funds
3,000
3,000
8
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
4,419
19,511
Loss on disposal of tangible fixed assets
184,874
-
NORTH BERWICK HARBOUR TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
9
Trustees

No fees or expenses have been paid to the trustees during the current or previous years. All trustees act gratuitously and receive no remuneration. No trustees incurred expenses during either the current period or previous years.

 

The trustees are considered to be the Key Management Personnel.

10
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
1
1
Employment costs
2024
2023
£
£
Wages and salaries
20,496
12,232

The day to day operation of the Harbour is overseen by the Harbour Master, who is an employee of East Lothian Council.

There were no employees whose annual remuneration was more than £60,000.
11
Other expenditure
Restricted
Restricted
funds
funds
2024
2023
£
£
Net loss on disposal of tangible fixed assets
184,874
-
12
Taxation

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

NORTH BERWICK HARBOUR TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
13
Tangible fixed assets
Tenant improvements
Plant and equipment
Total
£
£
£
Cost
At 1 April 2023
301,834
44,191
346,025
Disposals
(301,834)
-
(301,834)
At 31 March 2024
-
44,191
44,191
Depreciation and impairment
At 1 April 2023
116,960
23,323
140,283
Depreciation charged in the year
-
4,419
4,419
Eliminated in respect of disposals
(116,960)
-
(116,960)
At 31 March 2024
-
27,742
27,742
Carrying amount
At 31 March 2024
-
16,449
16,449
At 31 March 2023
184,874
20,868
205,742

Following the extensive damage to the Harbour wall in October 2023, amounts previously capitalised have been written off to the Statement of Financial Activities as an asset disposal.

14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
17,456
4,460
Prepayments and accrued income
11,631
4,605
29,087
9,065
15
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
455
-
Trade creditors
13,380
1,293
Accruals and deferred income
2,179
14,424
16,014
15,717
NORTH BERWICK HARBOUR TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
16
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April 2023
Incoming resources
Resources expended
Transfers
At 31 March 2024
£
£
£
£
£
Harbour wall improvement
184,874
-
(184,874)
-
-
Planters
2,092
-
(209)
-
1,883
Jubilee Stalls
1,422
-
-
-
1,422
RNLI Slipway repairs
-
56,371
(72,270)
15,899
-
Storm repairs
-
68,014
(18,460)
-
49,554
Benches
-
3,900
(3,878)
-
22
188,388
128,285
(279,691)
15,899
52,881
Previous year:
At 1 April 2022
Incoming resources
Resources expended
Transfers
At 31 March 2023
£
£
£
£
£
Harbour wall improvement
199,966
-
(15,092)
-
184,874
Planters
1,882
419
(209)
-
2,092
Jubilee Stalls
-
1,950
(528)
-
1,422
201,848
2,369
15,829
-
188,388

Harbour wall improvement

During 2015 the Trust received grant funding to make improvements to the harbour wall. The cost of the work was capitalised as tenant improvements, so the closing fund balance represents the net book value of the assets as at the period end. Following the extensive damage to the Harbour wall in October 2023, amounts previously capitalised have been written off to the Statement of Financial Activities as an asset disposal.

 

Jubilee Stalls

This fund represents income and expenditure in connection with the celebrations for the Platinum Jubilee of Queen Elizabeth II.

 

RNLI Slip Repairs

This fund represents income and expenditure in connection with the repairs to the RNLI slipway where 80% of the money spent on these repairs was covered by restricted donations.

 

Storm Repairs

This fund represents income and expenditure relating to storm repairs.

 

Benches and nameplate

This fund represents income and expenditure for benches. .

NORTH BERWICK HARBOUR TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
17
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2023
Incoming resources
Resources expended
Transfers
At 31 March 2024
£
£
£
£
£
Designated fixed asset funds
17,860
-
(4,210)
-
13,650
Scheduled works reserve
158,000
-
-
-
158,000
General funds
66,303
86,606
(56,499)
(15,899)
80,511
242,163
86,606
(60,709)
(15,899)
252,161
Previous year:
At 1 April 2022
Incoming resources
Resources expended
Transfers
At 31 March 2023
£
£
£
£
£
Designated fixed asset funds
22,070
-
(4,210)
-
17,860
Scheduled works reserve
-
-
-
158,000
158,000
General funds
209,022
81,180
(65,899)
(158,000)
66,303
231,092
81,180
70,109
-
242,163

Designated fixed asset fund

This fund represents the net book value of fixed assets acquired using general funds of the Trust or restricted funds where the restriction has been met with the purchase of the asset. Where the latter occurs, a transfer is made from the relevant restricted fund.

 

Scheduled works reserve

This reserve represents amounts set aside for scheduled maintenance works and structural surveys.

18
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 March 2024:
Tangible assets
14,985
1,464
16,449
Current assets/(liabilities)
237,176
51,417
288,593
252,161
52,881
305,042
NORTH BERWICK HARBOUR TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
18
Analysis of net assets between funds
(Continued)
- 19 -
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 March 2023:
Tangible assets
17,354
188,388
205,742
Current assets/(liabilities)
224,809
-
224,809
242,163
188,388
430,551
19
Operating lease commitments
Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
1
1
Between two and five years
3
3
In over five years
7
8
11
12
Lessor

At the reporting end date the charity had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Within one year
8,625
11,500
Between two and five years
-
8,625
8,625
20,125
20
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

 

No individual had control of the Trust in the period.

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