The trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice 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 Objects of the club are:
(a) To foster the advancement of public participation in Athletics as a sport (and ‘sport’ means sport which involves physical skill and exertion),
(b) The provision of recreational facilities, or the organisation of recreational activities, with the object of improving the conditions of life for the persons for whom the facilities or activities are primarily intended, and only in relation to recreational facilities or activities which are available to members of the public at large.
Key management
The directors consider the Board of Directors to be the key management personnel of the club, in charge of directing and controlling the club and running and operating the club on a day to day basis. All directors give of their time freely and no directors remuneration was paid during the period. Directors are required to disclose all relevant interests and in accordance with the club’s policy and withdraw from decisions where a conflict of interest arises.
During the period under review, the Club continued to pursue its core activities of advancing participation in athletics and organising recreational activities.
Competition continued through the various indoor and outdoor leagues and competitions with many successes and personal bests across age groups and disciplines. Several athletes were picked to represent their country, others gained scholarships to overseas universities. A successful Club Championships was held in September 2024 and recognition of all our athletes was celebrated at our awards night in November 2024.
The Run, Jump, Throw (RJT) section continued to thrive with highly attended and greatly enjoyed Easter and Summer Camps as well as the weekly sessions. Many of the RJT members transitioned to the Junior section of the Club while several athletes were supported in obtaining their assistant coach qualification.
The highly successful Forth Road Bridge 10k race took place in August 2024, run by the Endurance section of the Club. The Endurance section continued to thrive with four session options per week in Fife and South Queensferry. Members continued to represent the club across multiple events from mile sprints to ultra marathons with many fantastic results and podium finishes this year. Couch to 5k programs were run on both sides of the Forth and graduates have progressed from there to other Club initiatives.
The FrameRunners section continue to run independently by securing donations during the year for track costs and hoodies, as well as hosting another successful FrameRunning event during the year.
The results are shown on pages 6 - 7. The charity made a deficit of £110 (2024 - deficit £5,518). The unrestricted balance at the end of the year was £37,329 (2024 - £33,162) and the restricted balance was £94,529 (2024 - £98,806).
Investments policy
The directors have the power to invest the monies of the company, not immediately required for the furtherance of its objects, in such investments, securities or property as may be thought fit, subject to such conditions and consents as may be imposed or required by law.
Risk management
The Executive Committee has considered the major risks to which the Club is exposed and continually monitor and mitigate these risks as far as possible. The principal risks faced by the Club continue to be the ability to secure funding to meet the ever increasing costs of running the Club and Clubhouse and provide participation opportunities to the wider community. Also, the ability to attract volunteers, including those to serve on the Club’s Executive Committee continues to be an issue. All risks and issues are discussed at Executive Committee meetings.
Reserves policy
The directors are to establish a policy to maintain unrestricted funds, which are the free reserves of the club. The charity see that is reasonable to keep three months of running costs as reserves, which in line with the reserves policy.
Governing document
Pitreavie Amateur Athletics Club is a company limited by guarantee and a registered charity governed by its Articles of Association. The company was incorporated on 17 March 2015 with Companies House and charitable status was granted by the Office of the Scottish Charity Regulator on 28 April 2015. The assets of the previous Pitreavie Amateur Athletics Club were transferred into the charitable company on 17 March 2015.
Organisation Structure
Any person who is willing to act as a director, and is permitted by law to do so, and is a member of the club, may be appointed as a director at an AGM or EGM.
The directors of the club comprise:
a. Chairperson
b. Treasurer
c. Communications
d. Risk & Governance
e. Competition
f. Welfare
g. At least 2 but no more than 5 other members.
Directors may be re-elected at the AGM but a member can only hold the position of Chairperson/Vice-Chairperson for a total of four years without a break of at least one year. Any casual vacancy in the Board of Directors may be filled by the committee at its discretion. Induction information is provided to all new directors and ongoing training to all directors is provided as required.
The directors are responsible for the overall strategy of the club and are responsible for approving policies and the direction of the club. The club is run by the Board of Directors and the Board meets on a regular basis, a minimum of nine times a year. The operation and management of the club is specified in the Articles of Association. There are no restrictions other than those normally associated with a Company Limited by Guarantee
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:
Trustees
Andrew King
Paul Allan (Resigned 28 October 2024)
Sarah Duff
Claire Massey (Resigned 10 October 2025)
Morag Johnston (Appointed 1 July 2024 and resigned 21 August 2024)
Harris Mackie (Appointed 14 August 2024)
Linzie Marsh (Appointed 14 May 2024 and resigned 31 August 2025)
Craig Shield
Tracey Steedman (Appointed 14 May 2024)
Caleb McLeod (Resigned 14 August 2024)
Cameron Adam (Appointed 28 October 2024)
Jared Deacon (Appointed 28 October 2024)
Secretary
Thomas Neilson F.C.C.A
Registered Office
Pitreavie AAC Clubhouse
Queensferry Road
Dunfermline
Fife
KY11 8PP
Independent Examiner
Fiona Haro CA
Thomson Cooper Accountants
3 Castle Court
Carnegie Campus
Dunfermline
KY11 8PB
Bankers
Bank of Scotland
11-13 East Port
Dunfermline
KY12 7JY
Company Number SC500699
Scottish Charity Number SC045575
The trustees, who are also the directors of Pitreavie Amateur Athletics Club 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.
The trustees' report was approved by the Board of Trustees.
I report on the financial statements of the charity for the year ended 31 March 2025, which are set out on pages 6 to 17.
The charity’s trustees, who are also the directors of Pitreavie Amateur Athletics Club 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.
My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. 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 seeking 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.
In connection with my examination, no matter has come to my attention:
to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Pitreavie Amateur Athletics Club is a company limited by guarantee and does not have a share capital. In the event of the company being wound up, the liability of each director is limited to £1.
The financial statements have been prepared in accordance with the charity's governing document, 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 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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.
All income is recognised once the club has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. The following specific policies are applied to particular categories of income:
Grants whether ‘capital’ grants or ‘revenue’ grants are recognised in full in the Statement of Financial Activities in the period in which they are receivable, except where the charity has conditions to fulfil before becoming entitled to it or where the donor has specified that the income is to be expended in a future period, in which case the income is deferred until that period.
Voluntary income is received by way of donations and is included in full in the Statement of Financial Activities when receivable and in the period to which it relates.
Donated facilities and services are included at fair value to the club where this can be quantified. The value of services by volunteers has not been included in these financial statements.
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
Charitable Activities include expenditure associated with the delivery of the club’s activities and include both direct costs and those of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting constitutional and statutory requirements of the club and include costs linked to the strategic management of the club, and are included within expenditure on charitable activities.
Irrecoverable VAT is charged against the expenditure heading for which it has incurred.
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.
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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Creditors and provisions are recognised where the Club has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discount.
The club only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basis financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
As a charity, Pitreavie Amateur Athletics Club is exempt from tax on income and gains arising from its charitable activities. No tax charges have arisen this year.
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.
Athletic Equipment
Athletic equipment is recognised within the Statement of Financial Activities as a charitable cost in the year of purchase.
Membership subscriptions
Athletic Events
Awards
Fundraising
Clubhouse income
Club Manager SA Partnership Agreement
Raising funds
Direct
Administration
Direct
Miscellaneous costs
Independent examination fee
Direct
Administration
Direct
Miscellaneous costs
Independent examination fee
The charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Refer to the table for the basis of apportionment and the analysis of support and governance costs.
Of the support and governance costs, £4,277 (2024 - £5,201) was restricted and £16,655 (2024 - £12,371) was unrestricted.
During the year, S Duff, C McLeod, H Mackie and C Adam who were all trustees during the year, were paid remuneration for providing coaching services. S Duff received £980 (2024 : £828), C McLeod received £564 (2024 :£1,326), H Mackie received £666 (2024 : £nil) and C Adam received £1,485 (2024 : £1,419).
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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.
Buildings Reserve
The building reserve contains the building at the athletics club, this is depreciated every year. Any repairs and maintenance costs, are made out of the unrestricted fund for the upkeep of the building.
Sport Scotland
The reserve from Sport Scotland is to provide sanitary products.
The National Lottery
This funding was provided to give local children in the surrounding areas the opportunity to participate in athletics where they may not have had the opportunity.
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.
There were no disclosable related party transactions during the year (2024 - none).