Annual Report and Accounts 2014
St Andrews Links Trust: Scottish Charity No. SC006161
Contents
1 Index
3 Chairmen’s statement
4 - 8 Chief Executive’s report
9 - 12 Trustees’ report
13 Independent Auditor’s report
14 - 28 Financial Statements for the year ended 31 December 2014
14 Consolidated statement of financial activities 15 Balance sheets 16 Consolidated cash flow statement 17 - 28 Notes to the accounts
29 - 32 Reference and administrative information
33 - 35 Unaudited statistical analysis
1 | St Andrews Links Trust: Scottish Charity No. SC006161 2 | St Andrews Links Trust: Annual Report and Accounts 2014 Chairmen’s Statement for the year ended 31 December 2014
S G Race R D Muckart Chairman of Links Management Chairman of Trustees Committee
2014 was a memorable year for golf at St Andrews Links we deliver unique and memorable experiences for golfers and we were blessed with outstanding weather which to play, learn, shop and relax’ remains at the core of helped the greenkeeping staff to present the golf courses what we do here and this would not be possible without in first class condition throughout what seemed to be an the passion and enterprise of our staff. Whether it is in endless summer of sport. Visit Scotland told us that ‘the the greenkeeping staff, the shops, the restaurants, the eyes of the world were on Scotland’ in 2014 and with a Golf Academy and Practice Centre, or in other aspects stunningly successful Commonwealth Games in Glasgow of the customer journey, we believe that there remains and a truly memorable Ryder Cup, played out in near a firm focus on high standards and we hope that the perfect conditions at Gleneagles, so it felt here in results are clear to see. St Andrews. The Links Trust courses were busier than ever with home-based and visiting golfers alike and we The Trustees and the Links Management Committee are have no doubt that all of these factors contributed to the now focussed on delivering what promises to be another traditional golfing season in St Andrews being extended memorable chapter in the history of the Links as we beyond its normal boundaries. prepare to act as host venue for the 144th Open. In July, the attention of the golfing world will be on the drama The Trustees remain committed to managing the Links and spectacle of the staging of the 29th Open on the Trust golf courses in an economically and environmentally Old Course. Behind the scenes the staff will be going sustainable way. This takes many forms, be it through about their business to assist the R&A in the successful our emphasis on quality and long term commercial delivery of the world’s oldest Major Championship but practices which are self-sustaining, or with more practical for the many other weeks and months of the coming measures within the living landscape for which we have season the attention of our staff will be on the responsibility. Over the course of 2014 our commitment appearance and condition of all seven golf courses here to the environment has been bolstered by several at St Andrews. The aim is to meet, and where possible initiatives which culminated in St Andrews Links Trust to exceed, people’s expectations; not just for the world’s again earning the Golf Environmental Organisation™ greatest golfers but for every golfer on St Andrews Links. ecolabel in recognition of our commitment to sustainability and good practice. This is explained in Finally, it would be remiss of us not to recognise the more detail overleaf but the Trustees would like to retirement of the Trust’s longest-serving Trustee, Sir record their satisfaction with this re-certification and Menzies Campbell. Sir Ming’s trusteeship ended when their thanks to all of the staff who played a part in he retired from Parliament at the general election. He achieving this excellent result. The levels of cooperation had been a Trustee from June 1987, through the most and coordination across the principal business areas dynamic period of the Trust’s existence. His wise counsel of the Trust have reached new heights this year and and guidance has benefitted successive generations of an example of this kind of work has been the effort put Trustees and he will be greatly missed. into complying with the Waste (Scotland) Regulations which came into force in January 2014. As well as ensuring compliance with the new laws, the staff R D Muckart S G Race unearthed additional and innovative ways to assist Chairman of Trustees Chairman of Links our environmental efforts and many of these helped Management Committee to contribute to the nomination of St Andrews Links Trust as a finalist in the Scottish Resources Awards in 22 May 2015 late October.
The Trust’s vision of ‘developing St Andrews Links as the most renowned public golf complex in the world, where
3 | St Andrews Links Trust: Scottish Charity No. SC006161 Chief Executive’s Report for the year ended 31 December 2014
our relationship with Allianz, our global partner, for a further three years. The partnership has blossomed, establishing itself through a number of delivery platforms, including global marketing campaigns, tournaments and supporting our digital output. Working with Allianz has emphasised the true meaning of partnership, bringing original and innovative projects to life in 2014, not least W E B Loudon CBE the continued success of the Allianz Golf Camp, a Chief Executive number of digital and social media projects, including free wi-fi for guests in the St Andrews Links facilities and, As the Chairmen have said, 2014 was a remarkable and from April 2015, every golfer on the Old Course will successful year, characterised by large doses of good receive a complimentary bottle of water. weather, a strong financial performance and equal measures of innovation, competition and investment in Such work can, at times, go unnoticed or perhaps operate quality across St Andrews Links. under the radar but working with our partners in 2014 we achieved a great deal that enhanced the experience This success manifested itself at various stages in the year of golfers to the Links and underlined and reinforced and is largely down to the planning, preparation and, the special place St Andrews occupies in the game of ultimately, execution and delivery by our professional and golf. One example was our partner Callaway staging the talented staff, fulfilling a wide and varied number of roles launch of their new Big Bertha product here last February, across our four pillars of Play, Learn, Shop, Relax. This day an event that brought rising European star Matteo to day business is perpetual and in 2014 we renewed our Mannaserro and World Long Driving Distance Champion commitment to a set of values which revolve around Joe Miller to the Links to deliver clinics to St Andrews Links Authenticity, Responsibility, Openness, Passion and Junior Golf Association (SALJGA) as well as offering golfers Enterprise. Over the past 12 months we have worked in St Andrews the first chance in Europe to test new hard to integrate these values into our daily lives and I products. An event of this nature raises awareness of the am pleased to report that the staff, at all levels, have partnership, reinforces St Andrews role as the Home of wholeheartedly embraced this process and have been at Golf and gives a partner such as Callaway a unique stage the forefront of our efforts to develop St Andrews Links on which to reintroduce a famous product. as the most renowned public golf complex in the world.
One key component of maintaining pre-eminence is the management of our golf courses and facilities in an environmentally and economically sustainable way, an ambition and objective we strive to achieve in various ways, including the development of a self-sustaining commercial strategy which diversifies and strengthens the Trust’s finances in order to reinforce success. One of the most significant building blocks of that commercial strategy has been the creation of a successful partnership programme and in 2014 we were delighted to extend World Long Distance Driving Champion Joe Miller launches Big Bertha
Matteo Mannaserro meets the St Andrews Links Junior Golf 4 Association (SALJGA), volunteers and family members St Andrews Links branded Golf Academy on Simapo Island, Hainan, China.
The partner programme increased in November 2014 with the signing up of our first-ever licensed overseas Golf Academy in China. The new project, which will see the creation of a St Andrews Links branded Golf Academy on Simapo Island, Hainan, will look to harness our renown and reputation in order to help develop the game in one of the world’s biggest emerging golf markets. We have partnered with White Horse Holdings, a major Chinese media group, to deliver this innovative facility with the latest technology and an expert team of PGA-qualified staff motivated by the instructional values of the Home of Golf. This project aims to build on St Andrews longstanding reputation of introducing others around the world to its history, expertise and Christopher Ch’ng, Euan Loudon and Han Zi Ding at the Home of Golf values. It has required a great deal of time and effort to announce the Golf Academy project from staff in St Andrews. The result is another significant partnership which we are sure will deliver to China a environmental management work and increasing the quality learning experience, befitting the Home of Golf. public profile of sustainability issues in our work at St Andrews Links. Sustainable economic resources allow us to reinforce our commitment to the long-term well-being of St Andrews The GEO certification also acknowledged further Links, enabling us to put in place several practical projects improvement in waste reduction, energy and water in 2014 which assisted our environmental efforts. This conservation, a project that staff from a variety of areas culminated in the Links again earning the GEO Certified™ across the Links took ownership of in 2014 as part of ecolabel in recognition of its long-term sustainability our continued investment in people. In preparation for achievements. The re-certification is a tremendous the introduction of Waste (Scotland) Regulations on 1 achievement for everyone at the Links with GEO stating January 2014 a group of colleagues formed a ‘Green that significant improvements had been made in the Team’ ensuring all aspects of the business were ready three years since we became the first course on the for the new regulations. This stimulated a great deal Open rota to be certified. We take seriously our duty of collaboration between all departments and the to manage St Andrews Links sustainably as a golfing development of innovative ways to tackle issues such resource for future generations and retaining the GEO as food waste and improved recycling rates. The Certified™ ecolabel validates those efforts. We hope enthusiasm and appetite displayed for this project has we are setting a good example in this field, continuing been a source of inspiration and as part of our continued the Links’ longstanding reputation for innovation and work to refine the culture of ‘how we do things around expertise and it was particularly pleasing to see the here’ it has promoted staff development through learning appointment in 2014 of our first full-time Environmental new skills and embracing a ‘one Links’ ethos. The success Officer, James Hutchinson, described as a ‘significant of the ‘Green Team’ was ultimately recognised pioneering step’ by GEO as we try to raise the level of with a nomination for our waste reduction efforts commitment to developing and implementing as a finalist in the Scottish Resources Awards.
5 | St Andrews Links Trust: Scottish Charity No. SC006161
Trustees’ Report for the year ended 31 December 2014
Introduction companies has a Board of Directors which include a The Trustees of St Andrews Links Trust present their mixture of Trustees, members of the management team Annual Report and Accounts for the year ended 31 and, where beneficial, independent non-executive December 2014. This report is prepared in compliance directors. The sub-committees, working parties and with the Charities Accounts (Scotland) Regulations, 2006 Boards report to the Trustees at their formal meetings. and Accounting and Reporting by Charities: Statement of Recommended Practice (revised 2005) (referred to The Audit and Risk Committee is responsible for agreeing as SORP). the planning for and discussing the outcome of the annual audit, approving the draft Annual Report & Reference and Administrative Information Accounts for submission to Trustees and for reviewing the Reference and administrative information is shown on Trust’s risk register. The Finance Committee is responsible pages 29 to 32. for reviewing and approving draft budgets and pricing recommendations prior to their submission to Trustees Structure, Governance and Management for approval. A Governance Sub-Committee is tasked Governing legislation and appointment of Trustees with ensuring the Trust’s governance practices remain The Trust was established by the St Andrews Links Order appropriate for an organisation of the Trust’s size and Confirmation Act, 1974 (the “Links Act”), a private Act complexity. of Parliament. The principal objective of the Trust is to “hold and maintain the Links as a public park and place The Trustees have overall responsibility for ensuring that of public resort and recreation for the residents of appropriate systems of internal control, both financial St Andrews and others resorting thereto”. and otherwise, exist. The systems of internal control are designed to provide reasonable, but not absolute, The Links Act provides for the appointment of eight assurance against material misstatement or loss. They Trustees, three nominated by the ‘local authority’ (Fife include;- Council), three by The R&A and one by the Scottish • annual budgets approved in advance by Trustees, Government. The eighth Trustee is the Member of • strategic plans, periodically updated and approved Parliament in whose constituency the Links are situated. by Trustees, With the exception of the MP, Trustees are appointed for • regular consideration of financial performance by a three year term but are eligible for reappointment at the Trustees through management accounts, the end of that term. • delegation of authority and segregation of duties, and • identification and management of risks. At their first meeting each year, Trustees elect a chairperson and are reminded of their duties and The Trustees are of the opinion that the major risks to responsibilities under the Links Act and other charities which the Trust is exposed have been identified and legislation. Trustees must have regard only for the best evaluated and that systems are in place to manage those interests of the Trust and are not representatives or risks and identify any new risks to which the Trust may delegates of their appointing body. become exposed.
Trustee induction and training Charitable purpose Newly appointed Trustees participate in an induction The Trust benefits from charitable status and is therefore programme. They are provided with the latest Annual exempt from income and corporation taxes on its Report and Accounts, copies of past minutes and other charitable activities. Trading activities which are background information and receive briefings on all areas considered to be outwith the Trust’s charitable purposes of the Trust’s operations from senior management. are carried out by subsidiary companies, and their profits are remitted to the Trust under Gift Aid arrangements. Governance Day to day management of the Trust and its subsidiary Related parties companies is carried out by a management team, headed Information on transactions with related parties is given by a Chief Executive, which reports to the Trustees at in Note 21 to the accounts. regular formal meetings, the minutes of which are published.
Several sub-committees and working parties exist to facilitate more detailed consideration of key aspects of the Trust’s operations and each of the subsidiary
9 | St Andrews Links Trust: Scottish Charity No. SC006161 Trustees’ Report continued for the year ended 31 December 2014
Objectives and Activities During 2014 agreement was reached with a major The Trustees’ vision is to develop St Andrews Links as Chinese company for the establishment of a world the most renowned public golf complex in the world, class St Andrews Links Golf Academy on Simapo Island delivering unique and memorable experiences for in Hainan Province. The Trust has provided advisory golfers to play, learn, shop and relax. This includes and consultancy services to the new venture and will presenting great golf courses and excellent facilities maintain an active role in ensuring the delivery of high and striving to exceed golfer and customer expectations. quality coaching and facilities. The Academy opened in Trustees have tasked those who work for the Trust to April 2015. manage and control the Links in an environmentally and economically sustainable way and to run viable In December 2014 the Trust was advised that it had been and disciplined businesses which listen, look ahead successful in retaining its 5-Star Visitor Attraction rating and innovate. awarded by Visit Scotland and was also advised that it had retained its certification by the Golf Environment The Links Act extends certain privileges to residents of Organisation. Retaining these accolades is a source of St Andrews and to Ordinary and Life Members of the pride for the Trustees, Links Management Committee and Royal and Ancient Golf Club of St Andrews (The R&A). staff and reaffirm the Trust’s commitment to quality and Pricing and access privileges have also been extended to sustainability. holders of yearly tickets, most of whom are members of local St Andrews golf clubs. As a result of these pricing Preparations continued throughout 2014 for The Open concessions the Trust has a heavy financial dependence which will be staged over the Old Course in July 2015 on income derived from visiting golfers, including retail for a record 29th time. and food & beverage spending. The Trust’s learning and development programme Non-golfing activities are being developed so as to lessen continued to gain momentum throughout 2014 with an that dependence on visiting golfers. These activities Experience Champions group, drawn from a wide cross include the development of licensing and royalty revenues section of departments and involving staff at all levels, from the Trust’s portfolio of trademarks. giving thought to how the customer experience can be improved. Some of their recommendations have already Through its subsidiary company, St Andrews Links been introduced and the programme will continue in Limited, the Trust will continue its policy of safeguarding 2015 and beyond. and utilising its intellectual properties. Income from these sources does not depend on customers physically Financially the Trust enjoyed a good year and the visiting St Andrews and therefore provides a degree of Financial Review section below provides a more detailed diversification and lessens the Trust’s dependence on analysis of the Trust’s performance. golfing and associated revenues. Financial Review Through its contract with the St Andrews Community Presentation of the financial statements Council, St Andrews Links Limited pays a royalty to the The financial statements have been prepared in St Andrews Community Trust, an independent charity compliance with the 2005 Charities SORP and on a based in St Andrews. The Community Trust applies those consolidated basis, with the results of the Trust and royalties towards projects of public benefit in St Andrews its subsidiary companies combined as if they were a and the surrounding area, thereby ensuring that the single entity. Intra-group trading is eliminated from public derive some benefit from the Trust’s use of its incoming and outgoing resources on the consolidated intellectual properties. During 2014 royalties of £99,293 statement of financial activities and intra-group balances accrued to the benefit of the Community Trust bringing are eliminated from the consolidated balance sheet. the total of royalty payments made since the Community The minority shareholding in Tom Morris International Trust was set up in 2010 to £330,603. Limited held by TPD International Limited is shown as a ‘Minority Interest’ on the consolidated balance sheet. Achievements and Performance Since May 2014 golfers waiting to play the Old Course Commentary on the financial statements have been able to rest and refresh themselves in The Total incoming resources exceeded £20 million for the Old Pavilion adjacent to the first tee, whilst caddies have first time in 2014, increasing by 5.6% to £20,299,810 benefitted from improved facilities in the new Caddie (2013 - £19,220,349). Merchandise sales (which include Pavilion. Both of these new facilities have proved popular sales from the retail shops as well as sales of “Tom with their intended users. Morris” branded products), golfing income and catering
10 | St Andrews Links Trust: Annual Report and Accounts 2014 sales all achieved record levels. Strong visitor numbers Depreciation charges increased by 11.6% to £1,287,954 throughout 2014 contributed towards much of the (2013 - £1,153,871) reflecting the Trust’s continuing increase as green fee income and retail sales are investment in equipment and facilities. Amortisation of predominantly driven by visitors. Similarly, catering intangible assets also increased, by 54.3% to £305,974 sales were boosted by visitor numbers together with (2013 - £198,346) as a result of further expenditure on the opening, in May 2014, of The Old Pavilion. new intellectual properties in 2014 and the first full year of charge on items acquired late in 2013. Golfing income benefitted from the late-season demand associated with the nearby staging of the Ryder After significant expenditure in 2013 there was Cup together with some early-season promotion of relatively little development expenditure in 2014 and The Castle Course. Trustees also decided to further costs decreased to £89,872 (2013 - £272,208). This increase the number of non-resident yearly tickets in expenditure is shown in more detail in Note 4 below. issue from April 2014 which resulted in an increase in Bank interest charges continue to reduce as the Trust yearly ticket revenues. repays the term loan taken out in 2008, with the relatively expensive fixed-rate element being paid off Royalty income was boosted by the signing of the more quickly than the LIBOR-related element. licensing agreement with White Horse Holdings who opened a St Andrews Links Golf Academy in China On the balance sheet, the most significant movements during 2015. That agreement has opened up an are the increases in stocks and the pension scheme exciting new income stream for St Andrews Links liability. Stock levels increased by £673,878 to Limited whilst also promoting awareness of St Andrews £2,463,366 (2013 - £1,789,488) due primarily to as the “Home of Golf” in one of the world’s largest “Tom Morris” branded stocks; as the company is still emerging golf markets. in a relatively early stage of development, it has had to place orders in excess of its immediate requirements Resources expended increased by 5.5% to £19,160,304 to satisfy minimum order quantities set by its suppliers. (2013 - £18,155,013) and the main components of the Trustees are confident that these stocks will be realised increase are discussed below. over time at prices in excess of their original cost. The pension scheme liability, calculated by the actuary in Payroll costs remain the largest single category of accordance with FRS17, has increased by over £2 million expenditure. These increased by 12.3% to £9,065,598 primarily due to changes in the assumptions used by the (2013 - £8,071,542) due to a number of factors actuary in performing his calculations as at 31 December including new posts created in 2014; providing pension 2014. As in previous years, it is worth emphasising that arrangements in excess of the Trust’s obligations under this liability is purely an accounting adjustment and has workplace pension regulations and an increase in the no impact whatsoever on the Trust’s cash flow. FRS17 adjustment. The staging date for the provision of pensions to qualifying employees of St Andrews The consolidated cash flow statement analyses the Links Trust was 1 April 2014 but Trustees agreed to elements of the increase of £772,355 in the Trust’s bring forward the staging date of St Andrews Links overdraft position from £89,536 at December 2013 Golf Shops Limited and Tom Morris International Limited to £861,891 at December 2014. Although repayments to coincide with that date. It was also decided to make of £840,000 were made against long-term loans, a new employer contributions equal to 5% of salary rather facility of £500,000 was arranged during the year. This than the 1% required by the regulations. The decision new facility carries a lower rate of interest than the fixed- was also taken to close the Fife Council pension scheme rate element of the existing term loan and represents to new admissions. an economical source of finance. Cash absorbed by investing activities reduced from £3,292,872 in 2013 The cost of goods sold increased in line with increases to £1,845,818 in 2014, reflecting the completion of in underlying turnover whereas operating expenses fell The Morris Building in 2013 and reduced spending on by 3.8% to £4,175,533 (2013 - £4,338,603). The largest the registration of new trademarks in 2014. Despite single component in this movement was a reduction the reduction, this still represents substantial new in trademark protection costs; as the Trust’s intellectual investments by the Trust in facilities and equipment property portfolio matures it becomes easier and less in line with their stated objective of delivering memorable expensive to assert our rights against potential experiences for golfers. infringements.
11 | St Andrews Links Trust: Scottish Charity No. SC006161 Trustees’ Report continued for the year ended 31 December 2014
Operating activities generated positive cash inflow Plans for Future Periods of £1,545,300 (2013 - £3,256,685), illustrating the Undoubtedly, the return of The Open to the Old Course continuing strength of the Trust’s underlying cash flows. in July 2015 will be the highlight of the year and will The reduction in cash generation can be attributed to focus the attention of the golfing world on St Andrews. the increased stock levels and reductions in creditors The motivational effect of the championship on our and deferred income. Deferred income has decreased staff, who continually demonstrate great commitment in part due to the impact of The Open which reduces to the Trust’s objectives, cannot be overstated and the availability of starting times for advance reservation Trustees are confident that St Andrews Links will rise in 2015. to the challenge.
Reserves policy After the excitement of the tournament itself, a great The consolidated financial statements show a general deal of work will be required to re-open the courses reserve of £17,804,088 (2013 - £18,836,582). This to the public and address the inevitable wear and tear represents the aggregate total of all surpluses earned caused by a major championship on the historic Links. by the Trust since its inception and bears no relation to the cash and bank facilities available to the Trust. Historically, the year after an Open brings increased demand for golf on our courses and we will continue For over twenty years the Trustees have invested large to review our facilities to ensure that they provide sums to develop and improve the courses and facilities memorable experiences for all of our customers. at St Andrews. Thus, although the Trust’s operations historically generate a positive cash flow, the Trust does Efforts will also continue to further develop the potential not have any free cash reserves. Over the long term, of the ‘Tom Morris’ brand and to enhance the scale and Trustees aim to accumulate free cash reserves appropriate quality of the Trust’s non-golfing income. to the Trust’s needs.
R D Muckart Chairman of Trustees 22 May 2015
12 | St Andrews Links Trust: Annual Report and Accounts 2014 Independent Auditor’s Report to the Trustees of St Andrews Links Trust for the year ended 31 December 2014
We have audited the accounts of St Andrews Links Trust based on, or materially inconsistent with, the knowledge for the year ended 31 December 2014 which comprise acquired by us in the course of performing the audit. the group Statement of Financial Activities, the charity If we become aware of any apparent material and group Balance Sheets, the group cash flow misstatements or inconsistencies we consider the statement and the related notes. The financial reporting implications for our report. framework that has been applied in their preparation is applicable law and United Kingdom Accounting Opinion Standards (United Kingdom Generally Accepted In our opinion the accounts: Accounting Practice). • give a true and fair view of the state of the charity’s This report is made solely to the charity’s Trustees, as a and group’s affairs as at 31 December 2014 and of body, in accordance with section 44 (1)(c) of the Charities the charity’s and group’s incoming resources and and Trustee Investment (Scotland) Act 2005 and application of resources, for the year then ended; regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken • have been properly prepared in accordance with so that we might state to the charity’s Trustees those United Kingdom Generally Accepted Accounting matters we are required to state to them in an auditor’s Practice; and report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume • have been prepared in accordance with the responsibility to anyone other than the charity and its requirements of the Charities and Trustee Investment Trustees as a body, for our audit work, for this report, (Scotland) Act 2005 and regulation 8 of the Charities or for the opinions we have formed. Accounts (Scotland) Regulations 2006 (as amended).
Respective responsibilities of Trustees and auditor Matters on which we are required to report As explained more fully in the Statement of Trustees’ by exception Responsibilities set out on page 31, the Trustees are We have nothing to report in respect of the following responsible for preparation of accounts which give a matters where the Charity Accounts (Scotland) true and fair view. Regulations 2006 (as amended) requires us to report to you if, in our opinion: We have been appointed as auditor under Section 44(1)(c) of the Charities and Trustee Investment • the information given in the Report of the Trustees (Scotland) Act 2005 and report in accordance with is inconsistent in any material respect with the regulations made under that Act. Our responsibility accounts; or is to audit and express an opinion on the accounts in accordance with applicable law and International • proper accounting records have not been kept; or Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s • the accounts are not in agreement with the (APB’s) Ethical Standards for Auditors. accounting records and returns; or
Scope of the audit of the accounts • we have not received all the information and An audit involves obtaining evidence about the amounts explanations we require for our audit. and disclosures in the accounts sufficient to give reasonable assurance that the accounts are free from Henderson Loggie material misstatement, whether caused by fraud or error. Statutory Auditor This includes an assessment of: whether the accounting (Eligible to act as an auditor in terms of Section 1212 policies are appropriate to the group’s and parent of the Companies Act 2006) charity’s circumstances and have been consistently Dundee applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Trustees; 22 May 2015 and the overall presentation of the accounts. In addition, we read all the financial and non-financial information in the Report of the Trustees to identify material inconsistencies with the audited accounts and to identify any information that is apparently materially incorrect
13 | St Andrews Links Trust: Scottish Charity No. SC006161 Consolidated Statement of Financial Activities for the year ended 31 December 2014
2014 2013 Notes £ £ £
INCOMING RESOURCES INCOMING RESOURCES FROM GENERATED FUNDS ACTIVITIES FOR GENERATING FUNDS Merchandise income 4,845,269 4,573,084 Royalties 1,323,382 1,290,265 Investment income- bank interest 863 4,832 Other income 71,281 83,500 Gain/(loss) on disposal of fixed assets (56,621) 14,095 6,184,174 5,965,776 INCOMING RESOURCES FROM CHARITABLE ACTIVITIES Golfing income 2 11,949,818 11,168,438 Catering income 2,072,139 1,971,555 Rents receivable 7,729 7,672 Gain on disposal of fixed assets 85,950 106,908 14,115,636 13,254,573
TOTAL INCOMING RESOURCES 20,299,810 19,220,349
RESOURCES EXPENDED Costs of generating funds 6,218,631 6,047,362 Charitable activities 12,879,873 12,051,591 Governance costs 61,800 56,060 TOTAL RESOURCES EXPENDED 3 19,160,304 18,155,013
NET INCOMING RESOURCES BEFORE OTHER RECOGNISED GAINS / (LOSSES) £1,139,506 £1,065,336
STATEMENT OF RECOGNISED GAINS AND LOSSES NET INCOMING RESOURCES BEFORE OTHER RECOGNISED LOSSES 1,139,506 1,065,336
OTHER RECOGNISED GAINS / (LOSSES) Actuarial loss on defined benefit pension scheme 17 (2,172,000) (106,000)
NET (OUTGOING) / INCOMING RESOURCES (1,032,494) 959,336
RECONCILIATION OF FUNDS Balance brought forward 18,836,582 17,877,246
BALANCE CARRIED FORWARD 13 £17,804,088 £18,836,582
AUDITOR’S REPORT – Page 13 THE NOTES ON PAGES 17 TO 28 FORM PART OF THESE ACCOUNTS
14 | St Andrews Links Trust: Annual Report and Accounts 2014 Balance Sheets as at 31 December 2014
Consolidated Trust Only
2014 2013 2014 2013 Notes £ £ £ £
FIXED ASSETS Tangible assets 5 25,259,987) 24,973,851) 24,432,129) 23,963,757) Intangible fixed assets 6 2,259,047) 2,263,964) -) -) Investment in subsidiary companies 7 -) -) 2,949,741) 2,949,741) Goodwill arising on consolidation 8 493,535) 578,142) -) -) TOTAL FIXED ASSETS 28,012,569) 27,815,957) 27,381,870) 26,913,498)
CURRENT ASSETS Stocks 2,463,366) 1,789,488) 155,036) 152,463) Debtors- due within one year 9 a. 780,609) 798,644) 1,918,583) 1,833,561) Debtors- due after more than one year 9 b. -) -) 3,809,000) 2,137,200) Cash at bank and in hand 72,296) 303,833) 31,624) 26,393) 3,316,271) 2,891,965) 5,914,243) 4,149,617) CREDITORS Amounts falling due within one year 10 3,119,133) 3,219,241) 3,689,513) 2,629,471) Deferred income 11 2,308,594) 2,526,074) 2,044,922) 2,279,241) 5,427,727) 5,745,315) 5,734,435) 4,908,712)
NET CURRENT ASSETS / (LIABILITIES) (2,111,456) (2,853,350) 179,808) (759,095)
TOTAL ASSETS LESS CURRENT LIABILITIES 25,901,113) 24,962,607) 27,561,678) 26,154,403)
CREDITORS DUE AFTER MORE THAN ONE YEAR 12 (2,420,000) (2,760,000) (2,420,000) (2,760,000)
NET ASSETS EXCLUDING PENSION SCHEME LIABILITY 23,481,113) 22,202,607) 25,141,678) 23,394,403)
PENSION SCHEME LIABILITY 17 (5,677,000) (3,366,000) (5,677,000) (3,366,000)
NET ASSETS £17,804,113) £18,836,607) £19,464,678) £20,028,403)
REPRESENTED BY UNRESTRICTED RESERVE 13 17,804,088) 18,836,582) 19,464,678) 20,028,403)
MINORITY INTEREST 7 v. 25) 25) - -
£17,804,113) £18,836,607) £19,464,678) £20,028,403)
These accounts were approved by the Trustees at their meeting on 22 May 2015 and are signed on their behalf by
R D Muckart Chairman of Trustees
AUDITOR’S REPORT – Page 13 THE NOTES ON PAGES 17 TO 28 FORM PART OF THESE ACCOUNTS
15 | St Andrews Links Trust: Scottish Charity No. SC006161 Consolidated Cash Flow Statement for the year ended 31 December 2014
2014 2013 £ £ £
Net cash inflow from operating activities 1,545,300) 3,256,685)
Servicing of finance Interest receivable 863) 4,832) Interest payable (132,700) (153,334) (131,837) (148,502) Financing Activities Term loan from Royal Bank of Scotland- decrease in long-term balance (640,000) (640,000) new facility advanced 500,000) -) R&A Foundation- decrease in long-term balance (200,000) (200,000) Deferred Consideration re: Acquisition of Tom Morris Ltd decrease in long-term balance -) (120,000) (340,000) (960,000) Investing activities Payments to acquire tangible fixed assets (1,651,531) (2,418,946) Payments to acquire intangible fixed assets (301,057) (1,034,163) Receipts from sales of tangible fixed assets 106,770) 160,237) Net cash outflow from investing activities (1,845,818) (3,292,872)
Decrease in cash and cash equivalents £(772,355) £(1,144,689)
NOTES TO THE CASH FLOW STATEMENT a. Reconciliation of operating surplus to net cash Net incoming resources before other recognised losses 1,139,506) 1,065,336) Adjust for net interest paid 131,837) 148,502) Operating surplus 1,271,343) 1,213,838) Depreciation charges net of gain/(loss) on sale 1,258,625) 1,032,868) Amortisation of intangible assets 305,974) 198,346) Amortisation of Goodwill Arising on Consolidation 84,607) 84,607) Non-cash movements associated with FRS17 Retirement Benefits adjustments 139,000) 78,000) Increase in stocks (673,878) (515,245) Decrease / (Increase) in debtors 18,035) (72,288) Increase / (decrease) in creditors and deferred income (858,406) 1,236,559) Net cash inflow from operating activities £1,545,300) £3,256,685) b. Analysis of changes in cash and cash equivalents during the year Balance at 1 January 2014 (89,536) 1,055,153) Net cash outflow (772,355) (1,144,689) Balance at 31 December 2014 £(861,891) £(89,536) c. Analysis of the balances of cash and cash equivalents as shown in 2014) 2013 Change in the the balance sheet year Cash at bank and in hand 72,296) 303,833) (231,537) Bank overdraft (934,187) (393,369) (540,818) £(861,891) £(89,536) £(772,355)
AUDITOR’S REPORT – Page 13 THE NOTES ON PAGES 17 TO 28 FORM PART OF THESE ACCOUNTS
16 | St Andrews Links Trust: Annual Report and Accounts 2014 Notes to the Accounts for the year ended 31 December 2014
1. ACCOUNTING POLICIES categories on a basis consistent with the use of resources. a) Accounting convention: the accounts are prepared under the historical cost convention. g) Development expenditure: expenditure on projects carried out on land not owned by the Trust is treated b) Basis of preparation of accounts: the accounts are as development expenditure unless the projects have prepared in accordance with the Charities and Trustee income earning potential, in which case expenditure Investment (Scotland) Act, 2005, the Charities is capitalised as tenant’s improvements. Capital Accounts (Scotland) Regulations 2006 and follow the expenditure incurred on land and buildings owned requirements of Accounting and Reporting by Charities: by the Trust is capitalised and included in fixed assets. Statement of Recommended Practice (revised 2005), issued by the Charities Commission (otherwise referred h) Tangible fixed assets: tangible fixed assets are stated to as SORP). at original historic cost including, where appropriate, the cost of irrecoverable VAT. Depreciation is provided c) Basis of consolidation: the consolidated accounts as described more fully in note 1 j) below. Items with consist of St Andrews Links Trust and its subsidiary an original cost of less than £500 (excluding VAT) are companies, St Andrews Links Limited, St Andrews not capitalised unless they are part of a larger pattern Links Golf Shops Limited, The Castle Course of expenditure. St Andrews Limited, Tom Morris Limited and Tom Morris International Limited. With the exception of i) Tenant’s improvements: in the Trust’s accounts, golfing activities, the gross turnover and expenditure tenant’s improvements are defined as expenditure of the subsidiary companies are treated as Activities of a capital nature and with income generating for Generating Funds within the consolidated potential undertaken on land not owned by the statement of financial activities. Gross turnover and Trust, for example, the Links Clubhouse. Where expenditure of The Castle Course St Andrews Limited wholly-owned companies incur expenditure of a are included within Charitable Activities in the capital nature on land and buildings not owned by consolidated statement of financial activities. The them, that expenditure is also capitalised as tenant’s assets and liabilities of the subsidiary companies are improvements. included on a line-by-line basis within the consolidated balance sheet. Where St Andrews Links Trust owns less j) Depreciation: depreciation is provided on tangible fixed than 100% of the issued share capital of a company, assets at rates calculated to write off the cost, third party interests are shown in these accounts as less estimated residual value, of each asset over its Minority Interests. expected useful life. Depreciation on buildings and tenant’s improvements is charged from the date d) Turnover: turnover is stated net of Value Added Tax. the underlying assets are first brought into use. Depreciation is charged on a straight line basis using e) Incoming resources: income is generally recognised the following rates: on a receivable basis where the amount is reasonably • Vehicles, plant and equipment 20% certain and there is adequate certainty of receipt, • Office furniture and equipment between and is stated gross of related expenditure. 20% and 33% • Heritable property, including alterations 2% f) Resources expended: expenditure is accounted for on • Tenant’s improvements 2% an accruals basis No depreciation is provided on freehold land or golf • Costs of generated funds include the expenses of courses. No depreciation is charged on assets under non-charitable trading activities construction until such time as they are brought into • Charitable activities comprise direct expenditure use at which point depreciation is charged at the including direct staff costs attributable to charitable appropriate rate. activities • Governance costs include costs associated with k) Intangible Fixed Assets: Expenditure incurred to register constitutional and statutory requirements or protect trademarks or other intellectual properties • Support costs are allocated against the above which, in the opinion of the Trustees or the Directors
17 | St Andrews Links Trust: Scottish Charity No. SC006161 Notes to the Accounts continued for the year ended 31 December 2014
of the company concerned, have a reasonable q) Value Added Tax: the Trust is partially exempt for VAT probability of generating income is capitalised as purposes and is therefore unable to recover all of the intangible fixed assets. These assets are amortised input VAT it incurs on its purchases. Irrecoverable VAT over a ten year period on a straight line basis. relating to the purchase of fixed assets is capitalised An impairment review of all intangible fixed assets and written off at the same rate and over the same is carried out annually at the balance sheet date. period as the underlying asset. Further information on intangible fixed assets is shown in Note 6 below. All other expenditure on trademark r) Taxation: the Trust is exempt from income and registrations and intellectual properties is written corporation taxes by virtue of its charitable status. off when incurred on the basis that future revenues The wholly-owned companies are liable to corporation are uncertain. tax but no taxation liability arose for the year ended 31 December 2014. l) Goodwill arising on consolidation: where a wholly- owned company is acquired at a price in excess of s) Foreign currency transactions: assets and liabilities the fair value of its underlying assets and liabilities, denominated in foreign currencies are translated at the difference between that fair value and the purchase the rate of exchange ruling at the balance sheet date. price is treated as goodwill arising on consolidation. Transactions in foreign currencies are recorded at the Goodwill arising on consolidation is amortised over exchange rate applicable at the transaction date. All ten years on a straight line basis from the date differences on exchange are taken to the Statement of acquisition. of Financial Activities. m) Grants receivable: grants receivable in respect of capital t) Pensions: retirement benefits to employees are projects are offset against the cost of the relevant provided primarily through the Fife Council project. Depreciation is calculated on the project superannuation scheme. This is a defined benefit cost net of grants. Grants of a revenue or non-capital scheme which is externally funded and contracted nature are credited to general reserve as income out of the State Earnings Related Pension Scheme. when received. Note 17 gives further information regarding pension arrangements. n) Operating leases: rentals applicable to operating leases are charged on a time basis over the lease term. u) Support costs: support costs on activities for generating funds are charged to those activities o) Donations: donations received are credited to the by means of charges made by the Trust to the Statement of Financial Activities as received. Donations wholly-owned companies. The amount charged made are included within operating expenses. for the year was £199,000 (2013 - £203,500). Support costs relating to governance are allocated p) Stocks: stocks are valued at the lower of original on the basis described in Note 3. All other costs invoice cost or net realisable value. are regarded as directly related to the delivery of the charitable activity.
Consolidated 2. ANALYSIS OF GOLFING INCOME Golfing income can be analysed as follows:- 2014 2013 £ £
Visitor green fees and Old Course premium 8,987,577 8,158,658 Yearly ticket revenue and annual contribution from The Royal and Ancient Golf Club 1,303,537 1,152,373 Other golfing income 1,658,704 1,857,407 £11,949,818 £11,168,438
18 | St Andrews Links Trust: Annual Report and Accounts 2014 3. ANALYSIS OF TOTAL RESOURCES EXPENDED
Costs of Basis of generating Charitable Total Total allocation funds activities Governance 2014 2013 £ £ £ £ £ Payroll costs (note 16) Usage 1,009,167 8,032,431 24,000 9,065,598 8,071,542 Cost of goods sold and catering non-payroll expenses Usage 2,515,912 910,784 - 3,426,696 3,244,353 Operating expenses Usage 1,768,144 2,403,989 3,400 4,175,533 4,338,603 Depreciation Usage 227,052 1,060,902 - 1,287,954 1,153,871 Amortisation and impairment of intangible fixed assets Usage 305,974 - - 305,974 198,346 Amortisation of Goodwill Arising on Consolidation Usage - 84,607 - 84,607 84,607 Payments under operating leases land and buildings Usage 201,117 5,000 - 206,117 238,554 Legal & professional fees Usage 176,986 14,874 7,100 198,960 218,523 Auditors remuneration audit work Usage - - 27,300 27,300 24,050 other services Usage 4,075 1,980 - 6,055 5,150 Bad debts written off Usage 10,204 - - 10,204 8,658 Development expenditure (note 4) Usage - 89,872 - 89,872 272,208 Bank interest Usage - 132,700 - 132,700 153,334 VAT not recoverable (note 1 q) Usage - 142,734 - 142,734 143,214 £6,218,631 £12,879,873 £61,800 £19,160,304 £18,155,013
4. DEVELOPMENT EXPENDITURE All development expenditure is incurred by St Andrews Links Trust. The subsidiary companies have no expenditure of this nature. Expenditure can be analysed as follows;-
2014 2013 £ £ Greenkeeping Centre improvements 33,817 34,431 On-course shelters 31,361 - Old Course first tee area improvements 8,273 17,816 Irrigation system extensions 9,778 122,157 Coastal Protection 5,293 1,850 Road and pathways improvements 972 83,981 General development work 378 11,973 £89,872 £272,208
19 | St Andrews Links Trust: Scottish Charity No. SC006161 Notes to the Accounts continued for the year ended 31 December 2014
5. FIXED ASSETS i) CONSOLIDATED Vehicles, Office Land and Tenant's plant and furniture & Assets under buildings improvements equipment equipment construction Total
COST £ £ £ £ £ £ At 1 January 2014 19,224,370 5,353,833 4,928,001) 4,357,538) 209,327) 34,073,069) Additions - 820,850 415,615) 415,066) -) 1,651,531) Reclassifications - 209,327 -) -) (209,327) -) Disposals - - (343,214) (167,390) -) (510,604) At 31 December 2014 £19,224,370 £6,384,010 £5,000,402) £4,605,214) £-) £35,213,996)
DEPRECIATION At 1 January 2014 1,043,018 1,595,064 3,179,556) 3,281,580) -) 9,099,218) Charge for year 187,036 118,982 548,541) 433,395) -) 1,287,954) Disposals - - (307,589) (125,574) -) (433,163) At 31 December 2014 £1,230,054 £1,714,046 £3,420,508) £3,589,401) £-) £9,954,009)
NET BOOK VALUE At 31 December 2014 £17,994,316 £4,669,964 £1,579,894) £1,015,813) £-) £25,259,987)
At 31 December 2013 £18,181,352 £3,758,769 £1,748,445) £1,075,958) £209,327) £24,973,851)
ii) LINKS TRUST ONLY Vehicles, Office Land and Tenant's plant and furniture & Assets under buildings improvements equipment equipment construction Total
COST £ £ £ £ £ £ At 1 January 2014 19,224,371 5,078,146 3,897,941) 2,585,547) 209,327) 30,995,332) Additions - 820,850 371,915) 290,236) -) 1,483,001) Reclassifications - 209,327 -) -) (209,327) -) Disposals - - (251,515) (45,384) -) (296,899) At 31 December 2014 £19,224,371 £6,108,323 £4,018,341) £2,830,399) £-) £32,181,434)
DEPRECIATION At 1 January 2014 1,043,018 1,564,738 2,426,078) 1,997,741) -) 7,031,575) Charge for year 187,036 113,469 460,966) 239,921) -) 1,001,392) Disposals - - (238,365) (45,297) -) (283,662) At 31 December 2014 £1,230,054 £1,678,207 £2,648,679) £2,192,365) £-) £7,749,305)
NET BOOK VALUE At 31 December 2014 £17,994,317 £4,430,116 £1,369,662) £638,034) £-) £24,432,129)
At 31 December 2013 £18,181,353 £3,513,408 £1,471,863) £587,806) £209,327) £23,963,757)
20 | St Andrews Links Trust: Annual Report and Accounts 2014 6. INTANGIBLE FIXED ASSETS Expenditure is incurred by St Andrews Links Limited and Tom Morris Limited to acquire and develop trademarks and other intellectual properties. Where this expenditure is likely to result in the successful registration of a mark with revenue earning potential that expenditure is capitalised as an intangible asset and amortised, on a straight line basis, over ten years.
Tom Morris Limited, which was acquired by the Trust in October 2010, owned certain intellectual properties which, in the opinion of the Trustees, had revenue earning potential. No value had been attributed to those properties in the accounts of Tom Morris Limited but an estimated fair value of £750,000 was attributed to them by the Trustees as at the date of acquisition.
The table below analyses intangible fixed assets;-
Tom Morris Registrations Ltd at Fair etc. acquired Value Total £ £ £ COST At 1 January 2014 2,073,563) 750,000 2,823,563) Additions 301,057) - 301,057) Written off following impairment review as at 31 December (20,162) - (20,162) At 31 December 2014 £2,354,458) £750,000 £3,104,458)
AMORTISATION At 1 January 2014 322,099) 237,500 559,599) Charge for year 216,786) 75,000 291,786) Written off following impairment review as at 31 December (5,974) - (5,974) At 31 December 2014 £532,911) £312,500 £845,411)
NET BOOK VALUE At 31 December 2014 £1,821,547) £437,500 £2,259,047)
At 31 December 2013 £1,751,464) £512,500 £2,263,964)
As at 31 December each year, impairment reviews are performed on all intangible fixed assets in accordance with accounting standards. If, in the opinion of the Directors or Trustees, any of the capitalised items no longer have reasonable prospects of generating future revenues, the remaining net book value of those items will be written off.
Following the impairment review carried out at 31 December 2014 intangible fixed assets with a net book value of £14,188 (2013 - £9,028) were written off.
7. INVESTMENT IN SUBSIDIARY COMPANIES The table below lists the Trust’s subsidiary companies and the percentage of the issued share capital held by the Trust. Unless otherwise stated, the value attributed to each company in the Trust’s accounts is equal to the nominal value of the issued share capital of the company. In the opinion of the Trustees each company has a value at least equal to this carrying value. The results of the subsidiary companies are included in the consolidated accounts. Any taxable profits of the companies are remitted to the Trust through Gift Aid arrangements. Due to the availability of Corporation Tax Group Relief no Gift Aid was payable in 2014 (2013 - £41,666).
21 | St Andrews Links Trust: Scottish Charity No. SC006161 Notes to the Accounts continued for the year ended 31 December 2014
%age 2014 2013 owned £ £ Name St Andrews Links Limited 100% 150,000 150,000 The Castle Course St Andrews Limited 100% 500,000 500,000 St Andrews Links Golf Shops Limited 100% 500,000 500,000 Tom Morris Limited 100% 1,799,666 1,799,666 Tom Morris International Limited 75% 75 75 £2,949,741 £2,949,741
The following notes describe the activities of each subsidiary company. i. St Andrews Links Limited: The company receives royalties and other income derived from the exploitation of trademarks and other intellectual properties and bears all of the costs associated with protecting those intellectual properties. As at 31 December 2014 the company’s aggregate assets and liabilities were £184,980 and it reported a profit on ordinary activities of £79,902 (2013 - a loss of £2,998). ii. The Castle Course St Andrews Limited: The company was formed in 2005 to operate an 18-hole Golf Course- The Castle Course. As at 31 December 2014 the company’s aggregate assets and liabilities were £618,737 and it reported a profit on ordinary activities of £72,508 (2013 - a loss of £18,689). iii. St Andrews Links Golf Shops Limited: The company was formed in 1999 to retail clothing and other golfing memorabilia and merchandise bearing the Trust’s brands. As at 31 December 2014 the company’s aggregate assets and liabilities were £1,953,713 and it reported a profit on ordinary activities of £825,823 (2013 – 854,465). iv. Tom Morris Limited: The company was acquired by the Trust in 2010 and its carrying value in these accounts represents the purchase price together with additional ordinary shares subscribed for by the Trust. Prior to its purchase by the Trust, the company had registered various ‘Old Course’ and ‘St Andrews’ trademarks, primarily in the United States, the acquisition of which materially improved the strength of the group’s trademark portfolio and have been instrumental in enhancing royalty income. The company also holds various registered trademarks for the ‘Tom Morris’ brand which are utilised under licence by Tom Morris International Limited. The company had no other activities in 2014 and, as at 31 December 2014 the company’s aggregate assets and liabilities were £(112,767) and the company reported a loss on ordinary activities of £19,280 (2013 – a loss of £108,449). The Trustees have confirmed their ongoing support for the company and are of the opinion that the company has a value at least equal to its carrying value in these accounts. v. Tom Morris International Limited: The company was acquired in 2012 to develop and market internationally products bearing the ‘Tom Morris’ mark. 25% of the issued share capital is owned by TPD International Limited and is shown in these accounts as a Minority Interest. The company has developed a range of products bearing the Tom Morris brand for sale to wholesale customers and to retail customers via the internet and the Tom Morris Shop in St Andrews. The company has yet to generate a profit, but Trustees have confirmed their ongoing support for the company and are of the opinion that the company has a value at least equal to its carrying value in these accounts. The Trustees have agreed to provide unsecured loans to the company, at commercial rates of interest. As at 31 December 2014 the company’s aggregate assets and liabilities were £(2,286,520) and the company reported a loss on ordinary activities of £1,268,111 (2013 – a loss of £916,405).
8. GOODWILL ARISING ON CONSOLIDATION The goodwill arising on consolidation relates to the acquisition in 2010 of Tom Morris Limited and represents the difference between the estimated fair value of that company’s assets and the purchase price paid.
£
Original goodwill arising on consolidation 846,063
Amortisation As at 1 January 2014 267,921 Charge for the year ended 31 December 2014 84,607 352,528
Book Value as at 31 December 2014 £493,535
Book value as at 31 December 2013 £578,142
22 | St Andrews Links Trust: Annual Report and Accounts 2014 9. DEBTORS Consolidated Links Trust only
2014 2013 2014 2013 a. Amounts due within one year £ £ £ £ Trade debtors 201,317 134,818 165,702 61,519 Amounts due by wholly-owned companies - - 1,618,656 1,682,563 Prepayments 579,205 596,198 134,138 89,479 Taxation and Social Security 87 67,628 87 - £780,609 £798,644 £1,918,583 £1,833,561 b. Amounts due after more than one year Loans to Tom Morris International Limited £- £- £3,809,000 £2,137,200
10. CREDITORS: Amounts falling due within one year Consolidated Links Trust only
2014 2013 2014 2013 £ £ £ £ Trade creditors 529,437 523,746 356,736 204,204 Bank overdrafts 934,187 393,369 934,187 393,369 Current portion of Term Loans 640,000 640,000 640,000 640,000 Current portion of R&A Foundation loan 200,000 200,000 200,000 200,000 Current portion of Deferred Acquisition Cost re: Tom Morris Ltd - 120,000 - 120,000 Amounts due to wholly-owned company - - 1,116,577 449,571 Taxation and Social Security 296,479 244,054 288,173 236,987 Accruals 519,030 1,098,072 153,840 385,340 £3,119,133 £3,219,241 £3,689,513 £2,629,471
11. DEFERRED INCOME The following items are treated as deferred income: i. payments received in advance to confirm reservations for play in the following year ii. the unexpired portion of yearly ticket revenues and the annual contribution from the R&A iii. tournament and championship facility fees received in advance iv. liability in respect of unredeemed gift cards
The total of deferred income on the Links Trust’s balance sheet at 31 December 2014 was £2,044,922 (2013 - £2,279,241). On a consolidated basis, deferred income at 31 December 2014 was £2,308,594 (2012 - £2,526,074).
12. CREDITORS DUE AFTER MORE THAN ONE YEAR Consolidated Links Trust only
2014 2013 2014 2013 £ £ £ £ i) Royal Bank of Scotland Term Loan- 2008 920,000 1,560,000 920,000 1,560,000 ii) Royal Bank of Scotland Term Loan- 2014 500,000 - 500,000 - iii) The R&A Foundation - 200,000 - 200,000 iii) R&A Trust Company (No. 1) Limited 1,000,000 1,000,000 1,000,000 1,000,000 £2,420,000 £2,760,000 £2,420,000 £2,760,000
23 | St Andrews Links Trust: Scottish Charity No. SC006161 Notes to the Accounts continued for the year ended 31 December 2014 i. Royal Bank of Scotland Term Loan- 2008 On 31 May 2008 a development loan was converted to a Term Loan, repayable in thirty-six quarterly instalments and with a principal sum of £5.4 million. The first repayment occurred on 31 March 2009 and the final repayment is due on 31 December 2017. As at 31 December 2014 the total amount outstanding was £1,560,000, of which £900,000 bears interest at a fixed rate of 7.35% and £660,000 bears interest at the rate of 1.5% over Royal Bank of Scotland’s LIBOR rate. Repayments due in 2015, which total £640,000, have been included within current liabilities and the remaining amount of the Term Loan, £920,000, is included in creditors due after more than one year. ii. Royal Bank of Scotland Term Loan- 2014 In January 2014 an additional term loan, in the amount of £500,000 was agreed with Royal Bank of Scotland. This loan, which bears interest at 2% over LIBOR, is repayable on or before 31 July 2018. iii. Interest-free long term loans In 2005 The R&A Foundation advanced a loan of £1 million, repayable in five equal annual instalments between July 2011 and July 2015. The instalment due to be paid on 1 July 2015 has been included in current liabilities.
During 1994 and 1996 the Royal and Ancient Golf Club advanced interest-free loans in the aggregate amount of £1 million. These loans were subsequently assigned to R&A Trust Company (No 1) Limited and are due to be repaid in four equal annual instalments between July 2016 and July 2019.
13. UNRESTRICTED RESERVES (RETAINED SURPLUS) Unrestricted reserves represent the aggregate of all surpluses earned by the Trust or, in the case of the consolidated balance sheet, the Trust and its subsidiary companies. Unrestricted reserves bear no relationship whatsoever to cash or bank facilities available to the Trust.
Movements on unrestricted reserves can be analysed as follows;-
Consolidated Links Trust only
2014 2013 2014 2013 £ £ £ £
Unrestricted reserves brought forward at 1 January 18,836,582) 17,877,246 20,028,403) 18,717,386 Net incoming resources (1,032,494) 959,336 (563,725) 1,311,017 Unrestricted Reserves carried forward at 31 December £17,804,088) £18,836,582 £19,464,678) £20,028,403
14. FINANCIAL ACTIVITIES OF ST ANDREWS LINKS TRUST (the Charity) The financial activities undertaken by St Andrews Links Trust can be summarised as follows;-
2014 2013 £ £ Gross incoming resources 12,976,736) 11,940,210) Total expenditure on charitable activities (11,322,761) (10,480,283) Governance costs (45,700) (42,910) Net incoming resources before other recognised gains / (losses) 1,608,275) 1,417,017) Actuarial loss on defined benefit pension scheme (2,172,000) (106,000) Net (outgoing) / incoming resources after actuarial loss on pension scheme (563,725) 1,311,017) Total funds brought forward 20,028,403) 18,717,386) Total funds carried forward £19,464,678) £20,028,403)
Represented by Unrestricted reserves £19,464,678) £20,028,403)
24 | St Andrews Links Trust: Annual Report and Accounts 2014 15. ST ANDREWS LINKS JUNIOR GOLF ASSOCIATION St Andrews Links Junior Golf Association (SALJGA) was set up by the Trustees in 2002 to continue and expand existing town initiatives to promote the development of junior golf in St Andrews. Membership is open to any child, aged 5 to 18, residing in or attending a school in St Andrews. Members receive coaching from both professional and trained volunteer coaches, each of whom has received specialist training in golf tuition and child protection. The Trust underwrites the costs of the SALJGA programme, although some funds are generated through membership subscriptions, events and other sponsorships. In 2014 The R&A Foundation made a grant to the Trust of £15,000 (2013 - £15,000), which the Trustees applied against SALJGA costs. In 2014 the net cost to the Trust was £46,320 (2013 - £44,789).
16. EMPLOYEES AND THEIR REMUNERATION The average number of employees of the Trust and its subsidiary companies during the year ended 31 December 2014 was 288 (2013 – 278) and their aggregate remuneration, including the cost of pension contributions, employers National Insurance and benefits in kind was £9,065,598 (2013 - £8,071,542).
Payroll costs can be analysed as follows;-
2014 2013 £ £ Salaries and benefits in kind 7,295,108 6,634,827 Social Security costs 540,369 490,284 Pensions and death benefits 1,091,121 868,431 FRS17 adjustments 139,000 78,000 £9,065,598 £8,071,542
The numbers of employees whose pay and taxable benefits exceed £60,000 fell within the following bands were;-
2014 2013
£60,000 - £69,999 1 nil £80,000 - £89,999 3 3 £90,000 - £99,999 nil 1 £100,000 - £109,999 2 1 £140,000 - £149,999 nil 1 £150,000 - £159,999 1 nil 7 6
In 2013 and 2014 six of those staff in the above table participated in the Fife Council defined benefits pension scheme. Contributions of £58,109 (2013 - £53,321) were made to defined contribution schemes in respect of these employees.
17. PENSIONS The Trust provides pension benefits in two principal ways.
To meet its obligations to comply with regulations regarding workplace pensions (Automatic Enrolment) the Trust set up a compliant defined contribution scheme with NOW:Pensions. The Trust’s ‘Staging Date’, from which it was required to provide such a scheme, was 1 April 2014. The Trustees decided to bring forward the staging dates of the subsidiary companies to 1 April 2014 to provide consistency across the Group. Trustees also decided to enhance pension provision by making employer contributions based on 5% of salary rather than the 1% required by law.
During 2014 employer contributions of £80,653 were made to the NOW:Pensions scheme.
The Trust is an admitted body to the Fife Council Pension Scheme, which is a funded defined benefit scheme providing benefits based on final salaries. During the year the Trust made employer’s contributions to the scheme of £854,741 (2013 - £733,418).
25 | St Andrews Links Trust: Scottish Charity No. SC006161 Notes to the Accounts continued for the year ended 31 December 2014
Trustees decided to close this scheme to new admissions with effect from 1 August 2014 so that the NOW:Pensions scheme has become the default pension provision.
The financial year end of the Fife Council scheme is 31 March and, to meet the requirements of FRS17 the Trustees commissioned a valuation from the Scheme actuary, Hymans Robertson, of the Trust’s portion of the overall scheme assets and liabilities as at 31 December 2014. That valuation was based on estimated information in some respects rather than detailed information and analysis as at 31 December 2014 and for the year then ended. The following tables summarise the assumptions used by the actuaries and his valuation of the Trust’s share of assets and liabilities. i) Financial assumptions The last actuarial valuation of the Scheme was carried out as at 31 March 2011 and the actuary prepared his valuation at December 2014 by projecting the results of that valuation forward using approximate methods. The valuation as at 31 December 2014 used the following principal assumptions;-
2014 2013
Pension increase rate 2.4% 2.9% Salary increase rate 4.8% 5.2% Expected return on assets 3.6% 6.2% Discount Rate 3.6% 4.6%
The actuary has made material changes to his financial assumptions for the 2014 FRS17 calculations, in particular to the expected return on assets and the discount rate. This has had a major impact on the Trust’s projected liability as disclosed in these accounts but is not expected to have any significant impact on the Trust’s future contribution rate to the scheme. These assumptions also differ materially from those used by the actuary in preparing his valuation of the whole scheme as at 31 March 2014. Had the assumptions used in either the 31 March 2011 or 31 March 2014 valuations been used for FRS17 purposes, the Trust’s liability would have been significantly less than that shown in these accounts.
Mortality assumptions are based on SAPS year of birth tables with mortality loadings applied based on membership class and are unchanged. ii) Analysis of assets and expected rates of return The estimated split of assets attributable to the Trust’s portion of the Scheme, and the expected return on assets for each category is as follows;- 2014 2013
Share of Expected Share of Expected assets return assets return
Equities 71% 3.6% 70% 7.0% Bonds 16% 3.6% 16% 4.2% Property 9% 3.6% 9% 5.1% Cash 4% 3.6% 5% 4.0% iii) Reconciliation to the balance sheet The following table provides the reconciliation of funded status to the balance sheet;- As at 31 December
2014 2013 £’000 £’000
Fair value of Scheme assets 16,873) 14,616) Present value of funded Scheme liabilities (22,495) (17,928) Net underfunding in funded plans (5,622) (3,312) Present value of unfunded liabilities (55) (54) Net liability £(5,677) £(3,366)
The Trust expects to pay employer’s contributions of approximately £860,000 in 2015.
26 | St Andrews Links Trust: Annual Report and Accounts 2014 iv) Changes to the present value of liabilities during the year The following table analyses the component parts of the change during the year in the present value of scheme liabilities attributable to the Trust;-
Year ended Year ended 31 December 31 December 2014 2013 £’000 £’000
Opening defined benefit obligation 17,982) 15,358) Current service cost 1,071) 779) Interest cost 852) 707) Contributions by members 273) 234) Actuarial losses / (gains) 2,641) 1,179) Past service costs / (gains) 42) -) Estimated unfunded benefits paid (5) (4) Estimated benefits paid (306) (271) Closing defined benefit obligation £22,550) £17,982) v) Changes to the fair value of assets during the year The following table analyses the component parts of the change during the year in the fair value of scheme assets attributable to the Trust;-
2014 2013 £’000 £’000
Opening fair value of assets 14,616) 12,176) Expected return on assets 932) 676) Contributions by members 273) 234) Employer contributions 889) 728) Contributions in respect of unfunded benefits 5) 4) Actuarial gains / (losses) 469) 1,073) Estimated unfunded benefits paid (5) (4) Estimated benefits paid (306) (271) Closing fair value of assets £16,873) £14,616) vi) Amounts recognised in net outgoing resources The following table analyses the component parts of amounts recognised in net outgoing resources;-
Year ended Year ended 31 December 31 December 2014 2013 £’000 £’000
Current service cost 1,071) 779) Interest cost 852) 707) Expected return on assets (932) (676) Past service cost 42) -) Total £1,033) £810)
Actual return on assets £1,400) £1,749)
A separate defined contribution scheme is available to some staff, contributions to which, including employees’ personal contributions, amounted to £62,173 (2013 - £59,481).
27 | St Andrews Links Trust: Scottish Charity No. SC006161 Notes to the Accounts continued for the year ended 31 December 2014
18. TRUSTEE REMUNERATION Trustees do not receive any remuneration. During 2014 no travel and incidental expenses were reimbursed (2013 - £nil).
As part of its overall insurance cover, the Trust has Directors and Officers Liability Insurance which provides cover for Trustees, members of the Links Management Committee and staff. The proportion of the cost of this cover attributable to Trustees cannot be ascertained but is immaterial.
19. OBLIGATIONS UNDER OPERATING LEASES Amounts payable in the next year in respect of non-cancellable operating leases are analysed below;-
Land and Buildings
2014 2013 i) Links Trust only £ £ Operating leases with expiry date- Within one year 1,250 - Between two and five years - 5,000 More than five years - - £1,250 £5,000
Land and Buildings
2014 2013 ii) Consolidated £ £ Operating leases with expiry date- Within one year 25,105 - Between two and five years - 28,093 More than five years 180,300 177,325 £205,405 £205,418
20. FUTURE CAPITAL COMMITMENTS AND PLANNED CAPITAL AND DEVELOPMENT EXPENDITURE The following capital expenditure has been authorised or contracted for as at 31 December 2014;-
Consolidated Links Trust only
2014 2013 2014 2013 £ £ £ £
a) Contracted for but not yet incurred £- £711,663 £- £653,044
b) Authorised but not yet contracted for £843,800 £1,187,828 £551,000 £963,447
21. RELATED PARTIES The Trustees are aware of the following transactions with individuals or bodies falling within the definition of related parties contained in the Charities and Trustee Investment (Scotland) Act, 2005 or which would require disclosure under the SORP.
TP Dally, who was a director of Tom Morris International Limited throughout the year ended 31 December 2014, was also a director of TPD International Limited. TPD International Limited provided sales and marketing services for which a fee of £75,000 (2013 - £50,000) was paid during the year. In addition, the company was paid £9,833 (2013 - £7,000) for the use of office and showroom space within its premises and various out of pocket expenses and salesmen’s commissions were reimbursed.
As at 31 December 2014 Tom Morris International Limited owed £5,108 to TPD International Limited (2013 – Tom Morris International Limited was owed £720).
28 | St Andrews Links Trust: Annual Report and Accounts 2014 Reference and administrative information as at 31 December 2014
1. Trustees The following persons served as Trustees during the year. The appointing body for each Trustee is noted below.
R D Muckart (Chairman) The Royal and Ancient Golf Club Sir W M Campbell MP for North East Fife Mrs K Ferguson Fife Council (Retired 31 December 2014) Mrs G G Kirkwood The Scottish Government Councillor J Leishman Fife Council Councillor D F Macgregor Fife Council G D Mackenzie The Royal and Ancient Golf Club J C Noble The Royal and Ancient Golf Club
On 31 December 2014 Mrs K Ferguson, Mrs G G Kirkwood and R D Muckart reached the end of their terms of appointment. Mrs Kirkwood and R D Muckart were reappointed to serve a further term and Mrs Ferguson was replaced by Mrs I Morrison.
At the first Trustees’ meeting of 2015 R D Muckart was re-elected Chairman of Trustees.
Sir W M Campbell ceased to be a Trustee when Parliament was prorogued on 30 March 2015 pending the General Election on 7 May 2015. Following that election S Gethins was elected as the Member of Parliament for the North East Fife constituency and, accordingly, will become a Trustee.
(Back Row, L-R) G D Mackenzie, Cllr D Macgregor, Sir M Campbell, Cllr J Leishman and J Noble, (Front Row, L-R) Mrs G Kirkwood, R Muckart and Mrs I Morrison
29 | St Andrews Links Trust: Scottish Charity No. SC006161 Reference and administrative information continued as at 31 December 2014
2. Links Management Committee The following persons served on the Links Management Committee during the year. The appointing body for each member is noted below.
S G Race (Chairman) Fife Council Prof. J S Forsyth The Royal and Ancient Golf Club Mrs D Kennedy The Royal and Ancient Golf Club I M Marshall The Royal and Ancient Golf Club B Millar Fife Council Councillor D Morrison Fife Council Dr E Thain The Royal and Ancient Golf Club Councillor B Thomson Fife Council
At the first Links Management Committee meeting of 2015 S G Race was re-elected Chairman of the Committee.
(Back row; L-R) I M Marshall, S G Race (Chairman), Professor J S Forsyth. (Front row; L-R) B Millar, Cllr D Morrison, Mrs D Kennedy, Dr E Thain. (Inset above) Cllr B Thomson
30 | St Andrews Links Trust: Annual Report and Accounts 2014 3. Address of Administrative Offices The Trust’s offices are located at: Pilmour House St Andrews Fife, KY16 9SF Telephone 01334 466666 Website www.standrews.com
4. Auditors The Trust’s auditors are: Henderson Loggie The Vision Building 20 Greenmarket Dundee, DD1 4QB
5. Bankers The Trust’s bankers are: Royal Bank of Scotland plc 113-115 South Street St Andrews Fife, KY16 9QB
6. Lawyers The Trust’s lawyers are: Thorntons Law LLP Kinburn Castle St Andrews Fife, KY16 9DR
7. Charity Registration Number St Andrews Links Trust is a registered Scottish charity. The registered charity number is SC006161.
8. Statement of Trustees’ responsibilities in respect of the Financial Statements The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and the group and of the incoming resources and application of resources of the charity and the group for that period. In preparing these accounts, 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 accounting standards have been followed, subject to any material departures disclosed, and explained in the accounts ; and
• prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper 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 provisions of the St Andrews Links Order Confirmation Act, 1974. 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 are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
31 | St Andrews Links Trust: Scottish Charity No. SC006161 Reference and administrative information continued as at 31 December 2014
9. Organisation Chart The day-to-day management of the Trust is carried out by a full-time management team. The members of that team, and their principal areas of responsibility, are shown below.
Chief Executive Euan Loudon
Director of Director of Director of Director of Commercial Operations Finance Greenkeeping Golf Director Ewen Bowman Euan MacGregor Gordon Moir John Grant Danny Campbell
• Food and Beverage • Accounting • Greenkeepers • Reservations • Retail shops Operations & reporting • Workshop & stores • Players’ assistants & • Partnerships, licensing • Reception • Information Caddie department and brand management technology • Facilities & property • Golf Academy, • External relations maintenance • Human resources Practice Centre & media & Custom Fitting • Training & • Marketing Development • Junior Golf
• Tournaments and Championships
32 | St Andrews Links Trust: Annual Report and Accounts 2014 Unaudited statistical analysis prepared from consolidated financial statements
Five year analysis of consolidated statement of financial activities
2011 2014 2013 2012 as restated 2010 £ £ £ £ £ INCOME Golfing income 11,949,818) 11,168,438) 10,968,696) 10,819,705) 9,089,850 Catering income 2,072,139) 1,971,555) 1,860,554) 1,840,933) 1,716,240 Merchandise income 4,845,269) 4,573,084) 3,952,997) 4,036,323) 3,793,318 Royalties 1,323,382) 1,290,265) 1,359,773) 1,048,605) 822,140 Other non-golfing income 71,281) 83,500) 73,932) 31,884) 76,207 Gain on disposal of fixed assets 85,950) 121,003) 76,991) 68,717) 45,300 Rents receivable 7,729) 7,672) 8,291) 8,741) 137,993 Interest receivable 863) 4,832) 34,463) 10,309) 1,021 20,356,431) 19,220,349) 18,335,697) 17,865,217) 15,682,069
EXPENDITURE Payroll 9,065,598) 8,071,542) 7,332,645) 6,995,993) 6,446,134 Catering non-payroll costs and goods for resale 3,426,696) 3,244,353) 2,859,666) 2,697,806) 2,732,947 General expenses 4,387,705) 4,582,307) 3,786,196) 3,109,450) 2,984,732 Depreciation 1,287,954) 1,153,871) 1,102,713) 1,118,480) 1,169,727 Loss on disposal of fixed assets 56,621) -) 73) -) - Amortisation of intangible asset 305,974) 198,346) 161,860) 132,857) 41,827 Amortisation of goodwill arising on consolidation 84,607) 84,607) 84,607) 84,607) 14,100 Legal & professional 198,960) 218,523) 220,814) 244,316) 326,243 Audit fees 27,300) 24,050) 23,475) 22,125) 17,600 Bad debts written off 10,204) 8,658) -) -) - Interest payable 132,700) 153,334) 204,400) 250,032) 289,862 Development expenditure 89,872) 272,208) 53,999) 57,794) 111,598 Irrecoverable VAT 142,734) 143,214) 132,570) 189,823) 181,715 Total revenue account expenditure 19,216,925) 18,155,013) 15,963,018) 14,903,283) 14,316,485
Net incoming resources before other recognised losses £1,139,506) £1,065,336) £2,372,679) £2,961,934) £1,365,584
STATEMENT OF RECOGNISED GAINS AND LOSSES Net incoming resources before other recognised losses 1,139,506) 1,065,336) 2,372,679) 2,961,934) 1,365,584
Other recognised losses Actuarial loss on defined benefit pension scheme (2,172,000) (106,000) (1,757,000) (349,000) -
RETAINED (DEFICIT) / SURPLUS £(1,032,494) £959,336) £615,679) £2,612,934) £1,365,584
33 | St Andrews Links Trust: Scottish Charity No. SC006161 Unaudited statistical analysis continued prepared from consolidated financial statements
Five year balance sheet summary
2011 2014 2013 2012 as restated 2010 £ £ £ £ £ FIXED ASSETS Tangible fixed assets 25,259,987) 24,973,851) 23,748,010) 21,999,691) 21,912,605) Intangible assets 2,259,047) 2,263,964) 1,428,147) 1,315,823) 1,176,975) Goodwill arising on consolidation 493,535) 578,142) 662,749) 747,356) 831,963) TOTAL FIXED ASSETS 28,012,569) 27,815,957) 25,838,906) 24,062,870) 23,921,543)
CURRENT ASSETS Stock 2,463,366) 1,789,488) 1,274,243) 877,060) 766,306) Debtors 780,609) 798,644) 726,356) 489,419) 419,001) Cash at bank and in hand 72,296) 303,833) 1,055,153) 2,627,681) 897,588) 3,316,271) 2,891,965) 3,055,752) 3,994,160) 2,082,895)
CURRENT LIABILITIES Bank term loan-current repayments 640,000) 640,000) 640,000) 715,170) 649,595) Creditors 2,479,133) 2,579,241) 1,217,542) 1,550,901) 1,188,866) Deferred income 2,308,594) 2,526,074) 2,257,845) 2,374,392) 2,455,174) 5,427,727) 5,745,315) 4,115,387) 4,640,463) 4,293,635)
NET CURRENT LIABILITIES (2,111,456) (2,853,350) (1,059,635) (646,303) (2,210,740)
LONG-TERM LIABILITIES (2,420,000) (2,760,000) (3,720,000) (4,680,000) (5,835,170)
PENSION SCHEME LIABILITIES (5,677,000) (3,366,000) (3,182,000) (1,475,000) -)
NET ASSETS £17,804,113) £18,836,607) £17,877,271) £17,261,567) £15,875,633)
REPRESENTED BY UNRESTRICTED RESERVE 17,804,088) 18,836,582) 17,877,246) 17,261,567) 15,875,633) MINORITY INTEREST 25) 25) 25) -) -)
TOTAL RESERVES £17,804,113) £18,836,607) £17,877,271) £17,261,567) £15,875,633)
34 | St Andrews Links Trust: Annual Report and Accounts 2014 Unaudited statistical analysis continued prepared from consolidated financial statements
Five year analysis of rounds played on the Trust's golf courses
2014 2013 2012 2011 2010
By local golfers 115,243 105,061 104,539 110,861 100,591
By visiting golfers 116,929 108,025 111,935 119,306 97,445
Total rounds 232,172 213,086 216,474 230,167 198,036
Local rounds increased significantly in 2014 due to a combination of additional yearly tickets being issued in both April 2013 and April 2014 and better weather conditions in 2014. Visitor rounds were much improved in 2014 due to a combination of greater interest in Scotland as a result of the Commonwealth Games and Ryder Cup together with a full season’s availability with no equivalent to the 2013 Women’s British Open. Visitor rounds remain below the levels experienced in 2011, but this follows an established pattern where visitor rounds are exceptionally high in the year following an Open Championship at St Andrews.
Analysis of rounds played by course (18-hole courses only)
Proportion of play by Course
100%
80% Old Castle
60% New Jubilee 40% Eden Strathtyrum 20%
0% 2014 2013 2012 2011 2010
The pattern of play was consistent with 2013 with all courses remaining within 1% of their 2013 share of play. There was a marginal decrease in the proportion of play on the Old Course, due to the effect of golfers choosing to play more than one other course on an advance reservation or to golfers unsuccessful in the Old Course ballot choosing to play one of the other courses instead.
35 | St Andrews Links Trust: Scottish Charity No. SC006161 36 | St Andrews Links Trust: Annual Report and Accounts 2014
Pilmour House • St Andrews Scottish Charityno.SC006161 St AndrewsLinksTrust E: [email protected] • Fife T: +44(0)1334466666 • KY16 9SF standrews.com • Scotland
The giant double green of the 4th and 14th holes of the world’s most famous Links, the Old Course, bathed in glorious sunshine and set against the stunning backdrop of the famous skyline of St Andrews (August 2014)