The trustees present their annual report and financial statements for the year ended 31 December 2024. This incorporates the Director’s Report for STAPT LTD for the same period.

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 governing document, the Companies Act 2006 the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)".

STAPT Limited was set up in 1937 to protect the built heritage of St Andrews. The Memorandum of Association gives the charity wide ranging powers to meet its principal object: ‘To preserve for the benefit of the public the amenities and historic character of the City and Royal Burgh of St Andrews and its neighbourhood’. Such powers include the acquisition, maintenance and restoration of buildings and land.

The charity also seeks to advance and promote education by exhibits and activities within the St Andrews Preservation Trust Museum.

The charity’s efforts to ‘preserve…the amenities and historic character of St Andrews and its neighbourhood’ are focused through the work of its Planning and Environment Committees. All applications for planning permission within the town’s conservation area and many out with this area are scrutinised by the Planning Committee which frequently makes formal submissions to the local authority. The Environment Committee, often in association with others, seeks to protect the landscape setting of the town. It is also involved in the care of the woodland, which is owned by the charity.

Through its Museum, the charity seeks to inform and educate locals and visitors, young and old, about the history and culture of St Andrews through permanent displays and a series of exhibitions during the year.

Other activities relate to informing members of the charity of its activities and fund raising.

Our vision

To preserve and enhance the amenities and historic character of St Andrews and its neighbourhood for the benefit of the public.

Our mission

• Celebrating the past, respecting the present and seeking to influence the future.

• Working to protect the important built heritage of St Andrews and its neighbourhood.

• Encouraging high standards of planning and new buildings in St Andrews.

• Developing the Trust Museum as a place to find out about the social history of the town.

• Managing the Trust efficiently and effectively in accordance with best practice.

• Generating and increasing income from existing and new sources.

• Delivering high quality benefits to members and strengthening our relationship with them,

• Improving our two-way communications and increasing the appeal of the Trust to a broader range of people and communities from the public, private and voluntary sectors.

• Investing in and recognising our Charity Trustees, staff and volunteers for their talented, passionate and dedicated contribution to the work of the Trust.

2024 was a landmark year for the Preservation Trust for two main reasons: firstly the start of construction work on the Museum Redevelopment Project and secondly Trust membership broke through the 500 barrier.

Museum Redevelopment Project

The Museum closed at the end of 2023 and did not reopen in January other than to allow staff and volunteers to pack up the contents of the Museum to be decanted to the Cameron Store and to our temporary office at the NE Fife Hub at the East Sands prior to restoration work on the existing Museum, which started in March. They always say that even the experts don’t know exactly what they are going to find when repairs are undertaken on old buildings, and it was just so with 12 North Street. What started as storm damage to a small part of the roof, escalated to a fully tiled roof replacement. When the roof was removed it became apparent that the supporting roof structures were in very poor condition and a creative solution had to be found to ensure the stability of the new roof. Not only that, but the chimneys at either end of the building were deemed to be unsafe and had to be dismantled and reconstructed. All this, of course, took extra time and cost. However, when this phase of the work was completed in August, 12 North Street was in sound structural condition. It is no longer possible to see light through the tiles in the attic! Had this work not been done, we might easily have found that in five years or so, we would have to empty the Museum again to enable this restoration to take place.

I recall the day in October when I visited the Museum to find that the whole garden had been scraped down to bare soil by the diggers. I don’t quite know what I was expecting, but it wasn’t that! For the remainder of the year good progress was made in digging the foundations, laying the concrete base and installing the steel structure of the new exhibition space. Most importantly, the construction team was keeping to schedule.

Trust Membership

By December Trust membership had increased markedly to 512, a level not reached for many years. We can feel encouraged that the membership trajectory remains consistently upwards over the last three years.

Planning

The number of planning applications which required a response from the Trust rose markedly in 2024 with the same issues identified in the previous year prevalent again. I am very grateful to our Planning Convenor, Ron Kay, for keeping such a watchful eye on the weekly planning list issued by Fife Council for the St Andrews Ward. Since October 2024 we have made the list of St Andrews applications available online to Trust members who wish to receive this information. We deliberately do not advise members how to respond, but issue this information so they are kept informed and thereby enable them to comment as individuals should they wish to do so. If you don’t know that a planning application has been made in the first place, you are not in a position to respond.

During 2024 we continued to be concerned about:

• a growing tactical disregard for the planning process especially by developers in the central Conservation Area;

• The pattern of development taking precedence over protection of heritage and local residents’ or local Councillors’ views;

• The continued delay in dealing with the layout of South Street; the failure to put forward proposals for charging, demarcating, regulating and licensing businesses that wish to extend their floorspace outdoors; and the failure to put forward proposals for alternative parking spaces to replace the 41 parking spaces to be lost under current proposals;

• the loss of affordable housing for families as a result of the increase in short-term lets and demands for student accommodation.

Events

The Winter Talks started in January with a blockbuster when Mairi Shiels spoke to an audience of well over 100 about the Tay Bridge Disaster, to be followed in February by David Powell sharing highlights of the DC Thomson Archive (including Dennis the Menace and Minnie the Minx). In March Kevin McMullan gave a presentation on the University’s plans for the redevelopment of the former Madras College in South Street. This in turn led to an invitation to hold a private meeting for Trust members in Lower College Hall during the public consultation phase in November.

At the end of May we enjoyed a fund-raising Quiz Night courtesy of the New Golf Club with all proceeds going to the Redevelopment Fund. It turned out to be a very competitive event.

On 23rd June a beautiful summer’s day greeted the many visitors to our ten immaculate Hidden Gardens. It was wonderful to have three gardens on show for the first time. This is such a widely popular event with visitors coming from far and wide to help boost the net takings to £5,211, a modest increase on last year.

Due to the Redevelopment works the Museum Garden was out of action, but our Summer Reception on 2nd August was very kindly hosted by June Baxter in her beautiful garden at 46 South Street. On this occasion the weather was not so kind to us. A heavy downpour started as members were arriving and stopped when we were clearing up! Despite that the numerous gazebos kept us dry and there was no disruption to an evening of convivial chat. Volunteer Recognition Awards were made to the Scrapbook Team for their invaluable work in ensuring the recording of events and achievements in St Andrews and the Gardening Team, who work so hard to keep the Museum Garden in such magnificent condition. We also recognised Brenda Hunter’s contribution over the years as a museum guide, gardener, former Keeper of Boase Wood and at so many events; Pat Harvey’s remarkable role as Trust Archivist; and Simon Kidd, newsletter deliverer, quartermaster, and without whom very few events would take place successfully. We owe them all a great debt of gratitude.

After a three-month postponement, due to the delay in receiving the accounts and audit report, we were finally able to hold our AGM on 15th August, which was well attended and ran smoothly. The postponement meant we lost two speakers, but fortuitously Sam Walker and Ron Kay stepped in to provide members with a very interesting update on the re-roofing of the Museum at 12 North Street and a preview of the rest of the Redevelopment Project.

August was a busy month. Following the success of the Winter Talks, we decided to introduce a series of Autumn Talks. At the end of August Julianne Robertson spoke about the proposed Eden Project in Dundee, for which planning permission had recently been granted on the site of Dundee’s former gas works in East Dock Street. This was followed in September by an intriguing analysis by Ian Davidson of the contemporary design influences on the construction of Madras College Kilrymont in 1967. The Autumn Talks concluded in October with Ian Buchanan-Smith’s fascinating biography of the life of the Anstruther Tahitian Princess.

Meanwhile, in September, we opened the Bogward Doocot to the public as part of Fife’s Doors Open Day. People are always curious to see inside a building that has 800 nesting boxes built into its walls and it is important that the Trust not only continues to maintain these buildings, but also allows access to the public, even if only occasionally.

Then on 22nd September we returned to June Baxter’s garden at 46 South Street for the Autumn Fair. Although it was a fairly chilly day, there were over 200 visitors to purchase from the various stalls, enjoy tea, coffee and cakes, and listen to a student ukelele band. The event raised about £2,000 for the Museum.

For the last major Trust event of the year we were back at the Bowling Club on 27th November for our Annual Lecture delivered by Nigel Morecroft who spoke about St Andrews and Golf, the subject of his recently published book. He engaged the audience in an interesting discussion about what makes St Andrews special. Copies of Nigel’s book were put on sale and he very kindly donated all the proceeds to the Trust.

All these events can only take place as a result of the time and effort of our gallant team of volunteers and the organisational skill of our staff. I know all those of you who attend our events would like me to express our gratitude for their commitment to the Trust.

Charity Trustee Changes

The Board of Trustees and convenorships remained relatively unchanged over 2024 with the notable exception of Lady Catherine Erskine standing down at the AGM in August after serving a maximum six-year continuous term as a Trustee. It was noted that her extensive experience, knowledge and leadership would be greatly missed. I was, however, very glad to accept her kind offer to continue to help with the organisation of Hidden Gardens. At the Board meeting in November Kyff Roberts and Scott Hillsdon were both co-opted as Trustees and we are very pleased to have them on the Board. Sadly at the end of the year Erika Musselwhite resigned as a Trustee, Convenor of the Communications Committee and editor of the Newsletters, for health reasons. Her experience in policy and HR matters has contributed greatly to the Trust.

Staff Changes

Sam Ross resigned as Trust Manager in January to take up a post in Edinburgh, having completed her PhD at the University of St Andrews while also bringing order to the management of Trust matters. It is not an exaggeration to say that the Trust would not be in the position we are in today without her commitment and management skills. In recognition of the transformational contribution she made in the role of Trust Manager, the Trustees agreed to confer Honorary Life Membership. Fortunately Sam agreed to continue for a limited number of hours per week while we recruited her replacement.

Linda Webster took up the post at the beginning of March, but decided to resign before the end of her three-month probationary period. We were again fortunate that Sam Ross agreed to continue in a limited role until October when Giselle Glackmeyer was appointed as Trust Coordinator with Sam Ross as Finance Officer.

At the start of 2024 Emma Humphries started a new post as Project Collections Officer to relieve Sam Walker of some of her Museum duties while she was so heavily involved in managing the Redevelopment Project. At the same time Ashab Ahmad continued his previous role as Outreach Officer, but as part of the Redevelopment Project team. Ashab left in September to start a PhD and was replaced in November by Natasha Liu. In March Brandon Dickens began a 12 month placement as Digital Marketing Apprentice.

At the end of 2024 the total funds of the Trust were £4,016,548). This increase on total funds at the end of 2023 (£3,947,321) reflects the continued commitment to fundraising to support the Museum Redevelopment project.

Trustees did not need to draw down funds from the Trust’s investment portfolio for the second year running. Trust membership fees also showed a modest increase for the second year in a row, reflecting the renewed appeal of joining the Trust as an annual paying member. Income through events and functions and income from the Museum Shop increased, further highlighting the attractiveness of the Trust and Museum to those who visit. Lastly, rental income increased, reflecting a small increase in monthly rental fees in line with the current property market. Expenditure on property expenses reduced significantly, due to tenants of properties being given complete ownership of their utility bills.

The temporary closure of the Museum meant that Museum Entry Donations were no longer being received.

Charitable expenditure increased from £256,335 in 2023 to £370,510 in 2024 as a result of greater spending on restricted funds related to the Museum Redevelopment project. This was expected and does not concern Trustees.

The Trust’s financial picture is projected to change in the coming years, with plans to register for VAT initiated in 2024 and approval of paid ticketing at the Museum for the reopening, as part of the Museum Redevelopment project outcomes.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The Trust holds reserves in the form of investment property and stock market investments. The income from both of these sources is essential to help the charity to properly manage its resources. The reserves provide the charity with adequate financial stability and means for it to meet its charitable objectives for the foreseeable future. Total unrestricted reserves, including the unrestricted revaluation reserve of £589,071 (2023 - £589,208), at the year end date were £2,812,378 (2023 - £2,818,532). Total restricted reserves at the year end date were £1,194,170 (2023 - £1,118,789). The endowment fund at 31 December 2024 and 2023 was £10,000.

The Memorandum of Association provides the Charity Trustees with power to invest monies, not immediately required, in securities or otherwise, in such manner as may from time to time be determined.

Income from the charity’s investments is important to its financial well-being. Investment policy is conservative, seeking the maximum total return consistent with rather low-risk exposure. Within this broad policy, the charity’s Investment Managers are asked to provide the highest income possible whilst preserving the value of the capital in real terms.

The charity is a company limited by guarantee governed by its Memorandum and Articles of Association.

The charitable company was incorporated on 5 February 1938. The liability of each member in the event of a winding up is limited to £1.

Any member of the charity is eligible to become a Charity Trustee. Nominations are sought in advance of the Annual General Meeting at which elections are held and the results announced. Charity Trustees may also be co-opted to fill casual vacancies or to secure needed skills. The term of office is 3 years, renewable once only. Any Charity Trustee who completes six years of service may not seek re-election until one year has passed. No external person or body has any right to appoint a Charity Trustee. The practical work of the Trust is supported and enhanced by the following committees:

• Administration Committee

• Environment Committee

• Events Committee

• Planning Committee

• Museum Committee

• Museum Project Board

• Communications Committee

• Finance Committee

• Property Committee

The Trust had 9 Charity Trustees and an executive staff of 6 at the end of the reporting period. Charity Trustees are unremunerated and meet on a bi-monthly basis. Re-imbursement of reasonable expenses incurred on charity business is allowed when previously authorised by the Chairman or a Vice-Chairman and supported by receipts. The Trust is also supported by its volunteers, who generously give their time towards its work.

The Charity Trustees assess the various risks associated with their finances and all other aspects of their activities both at Charity Trustee and committee levels and regularly review the controls and procedures they have in place to meet the identified risks at least annually.

Financial risk is managed by regular reviews of available liquid funds to settle liabilities as they fall due, active management of debtors and creditors and regular liaison with the charity Investment Managers.

Attention has also focussed on non-financial risks arising from fire and health and safety of staff and visitors to the charity offices and museum. These risks are addressed by having robust policies and procedures in place and regular training of staff and volunteers. Regular checks of the fixed electrical and gas installations, including fire extinguishers, are scheduled as well as Portable Appliance Tests.

Directors and Charity Trustees

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:

Honorary Office Holders (not regarded as Charity Trustees under charity law):

Honorary President:

Dr R R Steedman OBE

Honorary Vice-Presidents:

Mrs E J Baxter MBE

Mr I S Lumsdaine

Dr J M Frew

Mr J Matthews OBE FRSA

Miss A J M Morris OBE

Mrs E Williams

Mr G Wynd

The trustees, who are also the directors of STAPT 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 Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 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.

In accordance with the company's articles, a resolution proposing that BK Plus Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

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

Opinion

We have audited the financial statements of STAPT Limited (the ‘charity’) for the year ended 31 December 2024 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:

give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended;

have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.

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 the provisions available for small entities, in the circumstances set out in note to the financial statements, 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.

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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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 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.

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

the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

proper accounting records have not been kept; or

the financial statements are not in agreement with the accounting records; or

we have not received all the information and explanations we require for our audit.

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;

• we identified the laws and regulations applicable to the charity through discussion with the Chairman and Treasurer and for a charity and we deem these to be standard charity laws and regulations, as well as obligations as an employer;

• the engagement partner ensured that the engagement team were aware of this and collectively had appropriate competence, capabilities and skills to recognise non-compliance with applicable laws and regulations over the course of their audit work;

• we further assessed the extent of compliance with the laws and regulations identified above and in our fieldwork found no areas of non-compliance.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

• making enquiries of management as to where they considered there was a susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we;

• performed a full comparison of the annual results to identify any unusual or unexpected amounts;

• tested journal entries to identify any unusual transactions;

• considered whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions where found

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to;

• agreeing financial statement disclosures to underlying supporting documentation;

• discussion with management over any actual or potential litigation or claims against the charity;

• reviewing correspondence with relevant regulators and legal advisors where any potential non-compliance exists; and

• discussions with management and trustees detailing high level review of the activities of the year, and investigation of any matters that would impact upon the financial statements.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion or misrepresentation.

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.

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.

BK Plus Audit Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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 15 to 35 form part of these financial statements.

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 2025. However, an audit is required under charities regulations and it has been carried out under s44(1) (c) of the Charities and Trustee Investment (Scotland) Act 2005.

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.

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

STAPT Limited is a private company limited by guarantee incorporated in Scotland. The registered office is 12 North Street, St. Andrews, KY16 9PW.

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

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.

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.

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.

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.

Grantors may specify a time period which limits the charity's ability to spend a grant. When income is received in advance of the specified time period, it is deferred until the charity has performed the activity related to the specified time period

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.

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:

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.

Individual assets costing £1000 or more are capitalised at cost and depreciated over their estimated useful economic lives (with the exception of Heritable property).

The Charity trustees are of the opinion that the properties owned by the charity have residual values which are in excess of original costs. On this basis, no depreciation is provided on Heritable Property. The Charity has a policy and practice of regular maintenance and repair such that the heritable properties are kept in a condition to retain their value.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

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).

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

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.

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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, 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.

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

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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

Within the foregoing expenses on charitable activities the Charity Trustees regard the Trust administration costs as Support costs.

The average monthly number of employees during the year was:

The remuneration of key management personnel was as follows:

The key management personnel of the charity comprise the board of directors (the charity trustees), the Finance convenor, the Trust coordinator and the Museum manager/curator.

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

Standard security charge is held over 12 North Street, St Andrew's, KY16 9PW, in favour of the Trustees of the National Heritage Memorial Fund.

The fair value of the investment property has been arrived at on the basis of a valuation carried out by DM Hall, Chartered surveyors, on 17th May 2024.

The historical cost of investments at 31st December 2024 was £536,569 (2023 - £489,865).

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds and unit trusts are at mid-market price. The basis of fair value for quoted investments is equivalent to the market value, using the mid-market price. Assets sales and purchases are recognised at the date of trade cost (that is transaction value).

Deferred income is included in the financial statements as follows:

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

The permanent endowment fund was established by an original donation to be maintained as capital with the income being applied to encourage and support the academic study of, and more particularly, original research into the historic heritage of the Royal Burgh of St Andrews.

These are unrestricted funds which are material to the charity's activities.

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.

Amounts contracted for but not provided in the financial statements:

At the end of the reporting period, the company had outstanding capital commitments of £1,070,320 relating to the redevelopment of St Andrews Heritage Museum and Garden.

There have been no events since the balance sheet date which materially affect the financial position of the charity or require disclosure in these financial statements.

The Charity Trustees all give freely their time and expertise. The value of the work done by the trustees in not reflected in the accounts as it cannot be quantified.

Donations to the charity during the year from the trustees, were £10,100 (2023:nil).

Membership income received from Trustees £678, (2023:nil).

Goods and expenses paid out to Trustees totalled £418 (2023:£48).

Control of the charity lies in the hands of the members who elect the charity trustees.

The relevant circumstances requiring disclosure in accordance with the requirements of APB Ethical Standards - Provisions Available for Smaller Entities are that, in common with many charities of our size and nature we use our auditors to assist with the preparation of the financial statements. The auditor's remuneration constituted an audit fee of £7,500 (2023 £6,000), together with fee for the preparation of the accounts £4,000 (2023 £4,376).