2015 Annual Report and Accounts

Annual Report and Accounts 2015 St Andrews Links Trust: Scottish Charity No. SC006161 Contents 1 Contents 2 Chairmen’s Statement 3 - 7 Chief Executive’s Report 8 - 12 Trustees’ Report 13 Independent Auditor’s Report 14 - 29 Financial Statements for the year ended 31 December 2015 14 Consolidated Statement of Financial Activities 15 Balance Sheets 16 Cash Flow Statements 17 - 29 Notes to the Accounts 30 - 33 Reference and Administrative Information 34 - 36 Unaudited Statistical Analysis 1 | St Andrews Links Trust: Scottish Charity No. SC006161 Chairmen’s Statement for the year ended 31 December 2015 R D Muckart S G Race Chairman of Trustees Chairman of Links Management Committee As we reflect on a successful 2015 we do so with pride care recognised with the retention of Visit Scotland’s and gratitude for the endeavours of everyone associated 5-star Visitor Attraction status and as recipients of with St Andrews Links Trust. Visit Scotland’s “Tourism Everyone’s Business” Award for Tayside, Fife and Perth. This award recognised the In recent years the commitment to delivering memorable true team effort at the Links and is testament to the experiences for every golfer at St Andrews has been at commitment of all colleagues to deliver unique and the forefront of what we do. The Trustees have sought memorable experiences to our customers. It is the first to support the objective of meeting and, where possible, time we have been in receipt of this award and combined exceeding people’s expectations; an objective that applies with the retention of our 5-star Visitor Attraction status, not just to the world’s greatest professional and amateur we are delighted to see our collective work being players but also golfers of all ages and abilities who play recognised within Scotland at the national level. on the Links courses. We are also pleased to see our commitment to managing This commitment came under real scrutiny in 2015, our golf courses and facilities in an environmentally not least because of the huge amount of planning, and economically sustainable way going from strength preparation and the physical effects on the living to strength. In 2015 this was recognised by the Sports landscape -that is St Andrews Links- before, during Turf Research Institute (STRI), who presented the Links and after our opportunity to be the host venue of the Trust with a “Highly Commended” award in their 144th Open. Regardless of the challenge put in front Golf Environment Awards and this builds on our Golf of staff at the Links, their attitude and effort showcased Environment Organisation (GEO) certification. We are also the remarkable combination of talent, passion and glad to see sustainability and waste recycling continuing commitment to success that we are blessed with across to be integrated into our daily operations. the board at the Home of Golf. The year in which The Open is played on St Andrews Links As the start of the 144th Open approached, many were always presents additional financial challenges and 2015 anticipating a great test not least because of the fantastic was no different. Despite the considerable reduction condition the Old Course was presented in. It would in green fee income in 2015 we were pleased to see not only challenge the world’s best but also the staff turnover increase. This reflects ambition, enterprise and across the Links, as unprecedented weather conditions professionalism on the part of all our members of staff, prompted only the second Monday finish in the history particularly those on the financial and commercial side of of the championship. In front of a global TV audience our activities; success in these areas provides the enabling the greenkeeping staff produced a truly herculean element of long term development, as well as assisting in effort, fittingly recognised a few months later as they the delivery of our day to day operations. received the British and International Golf Greenkeeper’s Association Championship Team of the Year Award. R D Muckart S G Race Chairman of Trustees Chairman of Links Such efforts are not reserved to those who are responsible Management Committee for the presentation, appearance and condition of the Old Course. Just a matter of hours after Zach Johnson was 27 May 2016 crowned Champion Golfer, many aspects of our famous Links were operational and available to every golfer. This would not have been possible without a collective effort from those at the forefront of customer service, as well as the support of the many dedicated teams, often working behind the scenes. We are fortunate that our famous Links is revered by golfers around the world but it is particularly pleasing to see working practices and our standards of customer 2 | St Andrews Links Trust: Annual Report and Accounts 2015 Chief Executive’s Report for the year ended 31 December 2015 Fast forward to the end of September and the 2015 Alfred Dunhill Links Championship was played against the backdrop of one of the most remarkable Indian summers in living memory. Practice rounds and the first three days of the Tournament were blessed with unbelievable sunshine and the Home of Golf was showcased in W E B Loudon CBE wonderful condition, despite the event being staged just Chief Executive weeks after the infrastructure of the 144th Open had departed. As has been the case in recent years, the Dunhill has become something of a redemption story for the victor and so it would prove with Denmark’s Thorbjørn Olesen, who overcame a troubled 12 months contending I am pleased to report that 2015 was as memorable a with injury and form to be crowned champion. It was year as we all hoped for, with success both on and off a fantastic advert for autumnal golf in St Andrews and the courses. There was no shortage of drama on the across Scotland and I hope it will encourage many more Links, as the championship golf we hosted witnessed golfers, both from home and abroad, to continue the weather conditions which tested our staff to the limit. trend of extending the golfing season long into October. However, in the face of, at times, extremely challenging conditions across the board I was delighted to see how dynamic and enterprising our workforce truly is, adapting and responding to every eventuality. The main event was undoubtedly the 144th Open played over the Old Course and I will return to this in a moment but first I want to reflect on events either side of July. In June, Italy’s Federico Zucchetti lifted the St Andrews Links Trophy, the tournament reduced to 54 holes due to winds gusting in excess of 56mph on the second day’s play. The cancellation of an entire day’s play on the Jubilee Course was the subject of much deliberation for the Tournament Committee but they were left with little choice. The team of Links staff and hardy volunteers responsible for planning, preparing and marshalling the international field of 144 golfers did a fantastic job managing the dislocated expectations of the many golfers who saw their hopes of lifting the trophy dashed. A by- product of the decision was a bunched field competing Thorbjørn Olesen on the Old Course over 36 holes on the final day. Federico emerged from the pack to claim Italy’s first victory in a competition which has been contested by his compatriots Eduardo and Federico Molinari in recent years. This prestigious amateur tournament continues to attract a stellar field and we hope Federico, a student at the University of Central Florida, will help to enhance further its reputation on the international stage. 3 | St Andrews Links Trust: Scottish Charity No. SC006161 Chief Executive’s Report continued for the year ended 31 December 2015 What our colleagues in the R&A would have given to being closed for four weeks is, in itself, an excellent have had those sunkissed days of September when we achievement. Our strong operating performance in 2015 hosted the 144th Open in July at the Home of Golf! was in part thanks to our sustained effort to become The world’s oldest Major played at St Andrews is a truly less dependent on green fee income, primarily through unique event. Despite years of planning and months of diversification in other income streams such as retail intense preparation, the 29th Open to be staged on the and licensing and the continuing development of our Old Course was greeted with some of the most extreme partnership programme. weather conditions witnessed at the Links. Unseasonal cold temperatures, record rainfall and gusting winds This work is represented within our commercial pyramid combined to force the event into a fifth day for only led, at the highest level, by our global partner Allianz, the second time in its history. Despite such adversity the and I am very pleased that we have now renewed our event was a resounding success and produced a worthy agreement with them for a further three years. Since we champion in Zach Johnson. The American showed first forged this relationship in 2009 it has grown into remarkable stamina and skill to lift the Claret Jug. a celebration of shared values, not least trust, integrity, quality and sustainability. Six years ago both parties Such commendable qualities were replicated by the entered into the relationship with real ambition but with efforts of the Trust’s greenkeeping teams before, during unanswered questions about what the partnership would and after the event. Their work, and in fact that of the represent above and beyond the terms and conditions entire team across the Links, did not stop after the 144th found in legal agreements.

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