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2024-12-31-accounts

Charity number: SC001810

RC DIOCESE OF DUNKELD TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

RC DIOCESE OF DUNKELD

CONTENTS

Page
Reference and administrative details of the Charity, its Trustee and advisers 1
Trustee's report 2 - 6
Independent auditors' report on the financial statements 7 - 10
Consolidated statement of financial activities 11
Charity statement of financial activities 12
Consolidated balance sheet 13
Charity balance sheet 14
Consolidated statement of cash flows 15
Charity statement of cash flows 16
Notes to the financial statements 17 - 43

RC DIOCESE OF DUNKELD

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEE AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Corporate Trustee Diocese of Dunkeld (Nominees) Ltd Charity registered number SC001810 Principal office 24 - 28 Lawside Road Dundee DD3 6XY Directors of the Corporate Trustee Chancellor Independent auditors Sumer Auditco Limited Chartered Accountants 14 City Quay Dundee DD1 3JA Bankers Royal Bank of Scotland 3 High Street Dundee DD1 9LY Solicitors Lindsays Seabraes House Greenmarket Dundee DD1 4QB Investment Managers Quilter Cheviot Saltire Court 20 Castle Terrace Edinburgh EH1 2EN

Page 1

RC DIOCESE OF DUNKELD

TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The corporate trustee presents its annual report together with the audited financial statements of the Charity for the year 1 January 2024 to 31 December 2024.

Objectives and activities

a. Policies and objectives

The principal objectives of the charity as defined in the Deed of Trust are as follows:

Achievements and performance

a. Key performance indicators

Gift Aid Income Congregation increase Care home occupancy levels

b. Review of activities

The Principal Trustee is responsible for the contents of the Financial Statements, which are prepared from the records maintained by the Diocese.

These Financial Statements are presented in accordance with the legislation governing reporting by charities. The Diocese is recognised as a Designated Religious Charity by the Office of the Scottish Charities Regulator.

In May, Pope Francis appointed , from the Archdiocese of Glasgow as the 10th Bishop of Dunkeld, following the death of Bishop-Elect Martin Chambers in April. was ordained as Bishop at St Andrew’s Cathedral, Dundee on 10th August 2024.

During his first months as Bishop, tasked himself to visit the parishes of the Diocese to meet with both the priests and the people he has been chosen to lead.

In addition to this great change to the Diocese, parishes continue to recover after the restrictions and effects of the Covid 19 pandemic. Continued growth in Mass attendance and activities saw parish life return to something similar to that before the lockdowns.

Diocesan celebrations such as the Civic and Academic Mass returned to St Andrew’s Cathedral with meeting many of the guests for the first time. This Mass was celebrated with the addition of the Diocesan Choir. Other celebrations included the Day for Religious Life and the Mass of Chrism. The Mass of Chrism takes place in Holy Week in the lead up to Easter and was celebrated by

Parish life continued to grow with the reintroduction of ministries such as choirs, faith sharing groups, adult education sessions, prayer cells, parish pastoral councils and youth activities.

The Journey of faith (RCIA) process was again run in St Mary’s, Forebank, which serves as the Pastoral Centre for the Diocese, a programme which prepares and accompanies adults who would be baptised and joined to the Church at Easter, and also enables others who are already fully initiated in to the Church to share their faith and grow in knowledge of it. This RCIA programme was also delivered at other parishes throughout the Diocese.

Page 2

RC DIOCESE OF DUNKELD

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance (continued)

Also, within the Diocese, the parishioners of The Immaculate Conception, St Mary’s Lochee, continued the process of fundraising for the restoration and upgrade of their church and hall facilities. This church is the only Grade A listed building in the Diocese.

In addition, St Joseph's in Dundee celebrated its 150th Anniversary in January and St Bride's in Monifieth celebrated 40 years in February.

Other events included a Diocesan Mission Day by , Vicar Episcopal for Missions and Justice and Peace, a ‘A Spiritual Experience of Synodality’ organised by the Diocesan Synodal Team, a Lenten Retreat led by , and an Advent Retreat Day led by .

The Diocese annual pilgrimage to Lourdes was held in July with pilgrims and volunteer helpers from around the Diocese travelling to France.

c. Investment policy and performance

The Diocese continues to take a long term view on investment policy. Historically, over the longer term, equity markets have tended to outperform other asset classes.

In accordance with the Deed of Trust, the Trustee has the power to invest in such stocks, shares, investments and property in the UK as they see fit and within the confines of the Catholic National and Diocesan Ethical Policy. A specialist investment management firm provides the Trustee with a discretionary investment management service.

Financial review

a. Going concern

After making appropriate enquiries, the corporate trustee has a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The total reserves of the parent charity at the end of 2024 amount to £14,392,048 (2023 - £14,072,296) consisting of £7,990,843 (2023 - £7,904,778) unrestricted funds, £5,134,592 (2023 - £4,985,738) of parochial funds and £1,266,613 (2023 - £1,181,780) of curial restricted funds.

Unrestricted funds are £7,990,843 (2023 - £7,904,778) however after deducting fixed assets, investment properties and designated funds the balance is a net deficit of £899,774 (2023 - deficit of £934,702). It is the Trustees' policy to increase Free Reserves in order to offer support to the parishes and administration of the Diocese. The intention of the Trustees is to build up unrestricted reserves to an equivalent of 6 months of Curial expenditure on unrestricted funds, approximately £400,000.

Noting the free reserves do not meet the intention of the Trustee above and with little scope to achieve a surplus on ordinary income, the Trustee is aware of the need to address this situation in the short term and initiated a full review of all Diocesan assets and liabilities.

The Directors of the Corporate Trustee continue to consider the outcome of the review of the Diocesan assets and liabilities and will determine whether the reserves policy requires amendment.

Page 3

RC DIOCESE OF DUNKELD

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management

a. Constitution

The Diocese was established by the Apostolic Letter Ex Supremo of Pope Leo XIII dated 4 March 1878, being the date of the restoration of the Roman Catholic Hierarchy, which had been extinct since 1603.

The Diocese is legally constituted as a Charitable Trust and is governed by the relevant Bond and Deed of Declaration of Trust (Deed of Trust) which is registered in the Public Records of Scotland. The Diocese is recognised by HM Revenue & Customs (Ref. CR. 33859) as having Charitable Status and by the Office of Scottish Charities Regulator (OSCR) (Ref. SC 001810) as a Designated Religious Charity.

b. Methods of appointment or election of trustee

During the year, the sole Trustee of the Trust was the Diocese of Dunkeld (Nominees) Limited. The directors of said company are elected and co-opted under the terms of the Deed of Trust.

Newly appointed directors are made aware of their legal responsibilities and liabilities as laid down by OSCR. This task is carried out by the incumbent Bishop.

Details of the directors of the Diocese of Dunkeld (Nominees) Limited are listed at the top of this report.

c. Pay policy for senior staff

No director of the corporate trustee is remunerated for their role as director and only expenses will be reimbursed to a director. Annually, all staff salaries are reviewed by the Bishop and his Chancellor.

Staff remuneration is set to achieve a balance between fair pay to attract and keep appropriately qualified staff to lead, manage and support or deliver the charity's aims, and considerations of the beneficiaries' needs.

No member of the senior management team receives a salary of over £60,000.

d. Organisational structure and decision making

The organisation structure of the Diocese is headed by the Bishop of Dunkeld in accordance with the law of the Church (Code of Canon Law).

The administrative and pastoral structures of the Diocese are described in the Code of Canon Law (CIC 1983) and are detailed in the current issue of the Catholic Directory for Scotland.

The Diocese has established a Diocesan finance committee, consisting of the Trustee and a number of lay members who have financial governance experience. The role of this committee is to assist the Bishop of Dunkeld, or his delegate, to manage the financial affairs of the Diocese, as a whole, in order to comply with the Code of Canon Law (CIC 1983, can.492/493) as well as comply with current statutory requirements that are relevant to its charity status.

The Diocese is comprised of 34 parishes located in various cities, towns and villages throughout its boundaries. A Parish Priest, who is appointed by, and is accountable to, the Bishop, administers a single parish or multiple parishes or Mass Centres. Parishes are grouped into Deaneries on a geographical basis. The Bishop appoints (after nomination by the deanery priests) one of the Parish Priests in each Deanery as "Dean" and they meet at regular intervals to discuss matters pertinent to their Deanery. The Code of Canon Law (CIC 1983, can.492) requires each parish to establish a finance committee to assist the Parish Priest in the administration of the goods of the parish.

Page 4

RC DIOCESE OF DUNKELD

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management (continued)

e. Risk management

The corporate trustee, with the assistance of the Diocesan Finance Committee, have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

Plans for future periods

a. FUTURE DEVELOPMENTS AND ONGOING PROJECTS

Future projects will involve reviews of all our evangelising activities and a thorough revision of our pastoral resources. A Strategy Group will facilitate ongoing directions for these renewal intentions under the guidance of the Bishop of Dunkeld.

St Mary's Care Home for the Elderly

Dunkeld Care Ltd (Charity Number SC047641, registered company number SC572109) continues to provide care for 28 residents. The intention remains to refurbish the remaining non ensuite rooms. The diocese retains control over Dunkeld Care Ltd and consolidates its results in these accounts.

DIOCESAN DEVELOPMENTS

Former St Joseph's Home, Liff Road

The Liff Road property remains within the assets of the Diocese and the engagement of a property expert continues whilst opportunities are still being explored to maximise the potential use of the site.

Diocese of Dunkeld Youth Association

The Dunkeld Youth Association is led by , Vicar Episcopal for Youth. Along with a team of willing and motivated volunteers, the DYA aims to build a strong, vibrant and faith-filled youth community that actively contributes to the spiritual, social and personal growth of young Catholics in the Diocese of Dunkeld

RESTORATION

The Parish of the Immaculate Conception, St Mary's, Parish, Lochee, will continue to fundraise the ongoing restoration work of this Hansom church, built in 1866, a Grade A Listed building, to return it to its former glory and to allow it also to become a visitor attraction within the city as well as continue to be a historic place of worship for the foreseeable future.

The Diocese hopes to instigate a number of other building and restoration projects which will be undertaken when resources allow.

Dundee Pregnancy and Parenthood Support Service

The group continue to operate their service providing support to those in need.

CONNECTED CHARITIES

The Diocese is a member of the following bodies, which are connected to, or supported by, the Diocese:

The Bishops' Conference of Scotland; The Catholic National Endowment Trust Nos. 1 and 4; John Menzies of Pitfodels Trust for Scotus College and Catholic Education; The Scottish Catholic International Aid Fund; and The Catholic National Mutual Ltd

Page 5

RC DIOCESE OF DUNKELD

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Plans for future periods (continued)

Statement of trustee's responsibilities

The corporate trustee is responsible for preparing the Trustee's 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 corporate trustee to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the corporate trustee is required to:

The corporate trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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 Trust deed. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are directors of the corporate trustee at the time when this Trustee's report is approved has confirmed that:

Approved by order of the members of the board of the corporate trustee on 30 September 2025 and signed on their behalf by:

for and on behalf of Diocese of Dunkeld (Nominees) Limited

Page 6

RC DIOCESE OF DUNKELD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RC DIOCESE OF DUNKELD

Opinion

We have audited the financial statements of RC Diocese of Dunkeld (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities, the parent charity Statement of Financial Activities, the Consolidated Balance Sheet, the parent charity Balance Sheet, the Consolidated Statement of Cash Flows and the parent charity Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Page 7

RC DIOCESE OF DUNKELD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RC DIOCESE OF DUNKELD (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The trustee are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the Trustee's responsibilities statement, the trustee is responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Page 8

RC DIOCESE OF DUNKELD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RC DIOCESE OF DUNKELD (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities and Trustee Investment (Scotland) Act 2005 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 9

RC DIOCESE OF DUNKELD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RC DIOCESE OF DUNKELD (CONTINUED)

Use of our report

This report is made solely to the Corporate Trustee in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's corporate trustee those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its Trustee for our audit work, for this report, or for the opinions we have formed.

[ SumSign98E01EC2FD13436... e d by:r luditeo limited Sumer Auditco Limited Chartered Accountants Statutory Auditors 14 City Quay Dundee DD1 3JA

30 September 2025

Sumer Auditco Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 10

RC DIOCESE OF DUNKELD

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Income from:
Donations and
legacies
3
Charitable activities
4
Investments
5
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
6
Total expenditure
Net
income/(expenditur
e) before net gains
on investments
Net gains on
investments
Net
income/(expenditur
e)
Transfers between
funds
18
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in
funds
Total funds carried
forward		 Parochial
funds
2024
£
2,006,737
148,214
137,672
2,017
2,294,640
31,237
1,862,947
1,894,184
400,456
151,393
551,849
(402,995)
148,854
4,985,738
148,854
5,134,592		 Restricted
funds
2024
£
12,275
66,865
21,777
-
100,917
4,707
78,065
82,772
18,145
67,349
85,494
-
85,494
1,205,518
85,494
1,291,012		 Unrestricted
funds
2024
£
102,809
1,407,128
176,416
46,403
1,732,756
19,770
2,262,148
2,281,918
(549,162)
318,648
(230,514)
402,995
172,481
8,615,010
172,481
8,787,491		 Total
funds
2024
£
2,121,821
1,622,207
335,865
48,420
4,128,313
55,714
4,203,160
4,258,874
(130,561)
537,390
406,829
-
406,829
14,806,266
406,829
15,213,095		 Total
funds
2023
£
2,109,438
1,489,962
256,543
34,482
3,890,425
52,062
3,837,065
3,889,127
1,298
470,809
472,107
-
472,107
14,334,159
472,107
14,806,266

Page 11

RC DIOCESE OF DUNKELD

CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Income from :
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
7
Total expenditure
Net income/(expenditure) before net
gains on investments
Net gains on investments
Net income/(expenditure)
Transfers between funds
18
Net movement in funds
Reconciliation of Funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Parochial
funds
2024
£
2,006,737
148,214
137,672
2,017
2,294,640
31,237
1,862,947
1,894,184
400,456
151,393
551,849
(402,995)
148,854
4,985,738
148,854		 Restricted Unrestricted
funds
funds
2024
2024
£
£
178
147,039
66,865
123,011
21,777
164,868
-
65,903
88,820
500,821
4,707
19,770
66,629
1,095,648
71,336
1,115,418
17,484
(614,597)
67,349
297,667
84,833
(316,930)
-
402,995
84,833
86,065
1,181,780 7,904,778
84,833
86,065
1,266,613
7,990,843		 Total
funds
2024
£
2,153,954
338,090
324,317
67,920
2,884,281
55,714
3,025,224
3,080,938
(196,657)
516,409
319,752
-
319,752
14,072,296
319,752
14,392,048		 Total
funds
2023
£
2,217,422
283,095
248,350
52,482
2,801,349
52,062
2,814,836
2,866,898
(65,549)
449,837
384,288
-
384,288
13,688,008
384,288
14,072,296
5,134,592

Page 12

RC DIOCESE OF DUNKELD

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024

Fixed assets
Tangible assets
11
Investments
12
Investment property
13
Current assets
Debtors
14
Investments
15
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
17
Total net assets
Charity funds
Parochial funds
18
Restricted funds
18
Unrestricted funds
18
Total funds		 583,732
844,176
2,109,301
3,537,209
(511,426)		 2024
£
5,034,849
4,493,497
3,186,254
12,714,600
3,025,783
15,740,383
(527,288)
15,213,095
5,134,592
1,291,012
8,787,491
15,213,095		 487,109
773,215
2,385,692
3,646,016
(416,236)		 2023
£
4,900,387
4,224,914
2,961,254
12,086,555
3,229,780
15,316,335
(510,069)
14,806,266
4,985,738
1,205,518
8,615,010
14,806,266

The financial statements were approved and authorised for issue by the trustee on 30 September 2025 and signed on their behalf by:

The notes on pages 17 to 43 form part of these financial statements.

Page 13

RC DIOCESE OF DUNKELD

CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024

Fixed assets
Tangible assets
11
Investments
12
Investment property
13
Current assets
Debtors
14
Investments
15
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
17
Total net assets
Charity funds
Parochial funds
18
Restricted funds
18
Unrestricted funds
18
Total funds		 409,100
844,176
1,842,063
3,095,339
(419,911)		 2024
£
4,981,889
4,075,765
3,186,254
12,243,908
2,675,428
14,919,336
(527,288)
14,392,048
5,134,592
1,266,613
7,990,843
14,392,048		 336,830
773,215
2,143,773
3,253,818
(364,727)		 2023
£
4,847,243
3,884,777
2,961,254
11,693,274
2,889,091
14,582,365
(510,069)
14,072,296
4,985,738
1,181,780
7,904,778
14,072,296

The financial statements were approved and authorised for issue by the trustee on 30 September 2025 and signed on their behalf by:

The notes on pages 17 to 43 form part of these financial statements.

Page 14

RC DIOCESE OF DUNKELD

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Cash flows from operating activities
Net cash used in operating activities
21
Cash flows from investing activities
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash used in investing activities
Cash flows from financing activities
Advances/(repayments) of hire purchase
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
22
The notes on pages 17 to 43 form part of these financial statements		 2024
£
122,133
(375,483)
842,568
(885,906)
(418,821)
20,297
20,297
(276,391)
2,385,692
2,109,301		 2023
£
853,125
(222,004)
998,040
(2,451,037)
(1,675,001)
(4,990)
(4,990)
(826,866)
3,212,558
2,385,692

Page 15

RC DIOCESE OF DUNKELD

CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Cash flows from operating activities
Net cash used in operating activities
21
Cash flows from investing activities
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash used in investing activities
Cash flows from financing activities
Advances/(repayments) of hire purchase
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
22
The notes on pages 17 to 43 form part of these financial statements		 2024
£
(2,276)
(364,927)
817,763
(772,567)
(319,731)
20,297
20,297
(301,710)
2,143,773
1,842,063		 2023
£
778,949
(214,005)
908,974
(2,274,312)
(1,579,343)
(4,990)
(4,990)
(805,384)
2,949,157
2,143,773

Page 16

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. General information

The Roman Catholic Diocese of Dunkeld is a charity registered in Scotland (SC001810), established by a trust deed dated 5 March 1878. The charity governs the Catholic Church in the counties of Perth, Angus, Clackmannan, Kinross and the northern part of Fife and includes the parishes and churches in that area.

The registered office, from where the curia carries out its operations, is 24 - 28 Lawside Road, Dundee, DD3 6XY.

The accounts are presented in pounds sterling, which is the functional currency of the charity, rounded to the nearest pound.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

RC Diocese of Dunkeld meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Diocese has control over the subsidiary since the articles of association of the subsidiary allow the trustees of the Diocese, as a body, to appoint all directors of the subsidiary and do not preclude the Diocese receiving benefit from the subsidiary's activities.

2.2 Going concern

The accounts have been prepared on a going concern basis as no material uncertainties have been identified.

Page 17

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustee in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustee for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Parochial funds are restricted by Canon Law, which governs the diocese, for use in the parish to which they belong and comprise the assets, liabilities, income and expenditure of the individual parishes. These have been incorporated within the financial statements of the parent charity. Canon Law permits the Bishop to impose a levy on the parishes, which is shown as a transfer between the parochial and unrestricted funds.

Investment income, gains and losses are allocated to the appropriate fund.

2.4 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the testator) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Page 18

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.6 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities upon the completion of the relevant performancerelated conditions. Other grants that are not subject to performance-related conditions are credited to the Consolidated statement of financial activities as the grant proceeds are received. Grants received prior to the revenue recognition criteria being satisfied are recognised as a liability.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the costs of fixed assets, less their estimated residual value, over their expected useful lives.

A number of historic church buildings are included at no cost. The buildings included in this category are older buildings for which historic cost information is not available.

Heritage assets are not capitalised. These are assets which are utilised for worship by the Diocese. As items used for worship, the economic value to the Diocese is low.

At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is provided on the following basis:

Freehold property - 2% straight line
Motor vehicles - 25% reducing balance
Fixtures and fittings - 15% reducing balance
Computer equipment - 25% reducing balance

Page 19

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.9 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.10 Finance leases and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.11 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.13 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

Page 20

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.14 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

Page 21

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. Income from donations and legacies

Group

Donations
Legacies
Grants
Government grants
Similar incoming resources
Donations
Legacies
Grants
Government grants
Similar incoming resources		 Parochial
funds
2024
£
1,947,679
24,502
34,556
-
-
2,006,737
Parochial
funds
2023
£
1,832,565
71,231
105,772
-
-
2,009,568		 Curial
restricted
funds
2024
£
7,144
178
-
4,953
-
12,275
Curial
restricted
funds
2023
£
4,486
35,000
-
4,500
-
43,986		 Unrestricted
funds
2024
£
40,076
62,011
195
-
527
102,809
Unrestricted
funds
2023
£
39,508
11,638
1,103
-
3,635
55,884		 Total
funds
2024
£
1,994,899
86,691
34,751
4,953
527
2,121,821
Total
funds
2023
£
1,876,559
117,869
106,875
4,500
3,635
2,109,438

Page 22

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Income from donations and legacies (continued)

Parent
Charity donations
Charity legacies
Charity grants
Total 2024		 Parochial
funds
2024
£
1,947,679
24,502
34,556
2,006,737		 Restricted
funds
2024
£
-
178
-
178		 Unrestricted
funds
2024
£
Total
funds
2024
£
135,076
2,082,755
11,768
36,448
195
34,751
147,039
2,153,954
Charity donations
Charity legacies
Charity grants
Total 2023		 Parochial
funds
2023
£
1,832,565
71,231
105,772
2,009,568		 Restricted
funds
2023
£
-
35,000
-
35,000		 Unrestricted
funds
2023
£
Total
funds
2023
£
160,113
1,992,678
11,638
117,869
1,103
106,875
172,854
2,217,422

4. Income from charitable activities

Group

Religious activities
Provision of residential care
Leasing of premises for charitable activities
Total 2024		 Parochial
funds
2024
£
148,214
-
-
148,214		 Restricted
funds
2024
£
66,865
-
-
66,865		 Unrestricted
funds
2024
£
-
1,369,978
37,150
1,407,128		 Total
funds
2024
£
215,079
1,369,978
37,150
1,622,207

Page 23

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4. Income from charitable activities (continued)

Religious activities
Provision of residential care
Income from charitable activities - Leasing of
premises for charitable activities
Total 2023
Parent
Religious activities
Leasing of premises for charitable activities
Total 2024
Parent (continued)
Religious activities
Leasing of premises for charitable activities
Total 2023		 Parochial
funds
2023
£
128,222
-
7,917
136,139
Parochial
funds
2024
£
148,214
-
148,214
Parochial
funds
2023
£
128,222
90,667
218,889		 Restricted
funds
2023
£
43,363
-
-
43,363
Restricted
funds
2024
£
66,865
-
66,865
Restricted
funds
2023
£
43,363
-
43,363		 Unrestricted
funds
2023
£
-
1,289,617
20,843
1,310,460
Unrestricted
funds
2024
£
-
123,011		 Total
funds
2023
£
171,585
1,289,617
28,760
1,489,962
Total
funds
2024
£
215,079
123,011
338,090
Total
funds
2023
£
171,585
111,510
283,095
123,011
Unrestricted
funds
2023
£
-
20,843
20,843

Page 24

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. Investment income

Group

Investment properties
Listed investments
Bank interest
Total 2024
Investment properties
Listed investments
Bank interest
Total 2023		 Parochial
funds
2024
£
60,796
57,780
19,096
137,672
Parochial
funds
2023
£
54,002
49,625
1,484
105,111		 Restricted
funds
2024
£
-
21,777
-
21,777
Restricted
funds
2023
£
-
17,639
-
17,639		 Unrestricted
funds
2024
£
92,036
39,242
45,138
176,416
Unrestricted
funds
2023
£
98,953
33,214
1,626
133,793		 Total
funds
2024
£
152,832
118,799
64,234
335,865
Total
funds
2023
£
152,955
100,478
3,110
256,543

Page 25

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Investment income (continued)

Parent

Investment properties
Listed investments
Bank interest
Total 2024		 Parochial
funds
2024
£
60,796
57,780
19,096
137,672		 Restricted
funds
2024
£
-
21,777
-
21,777		 Unrestricted
funds
2024
£
92,036
29,543
43,289
164,868		 Total
funds
2024
£
152,832
109,100
62,385
324,317
Investment properties
Listed investments
Bank interest
Total 2023		 Parochial
funds
2023
£
54,002
49,625
1,484
105,111		 Restricted
funds
2023
£
-
17,639
-
17,639		 Unrestricted
funds
2023
£
98,953
26,158
489
125,600		 Total
funds
2023
£
152,955
93,422
1,973
248,350

6. Analysis of expenditure on charitable activities

Summary by fund type

Group

Religious activities
Provision of residential care
Youth service
Pilgrimages
Total 2024		 Parochial
funds
2024
£
1,743,064
119,883
-
-
1,862,947		 Restricted
funds
2024
£
11,835
4,733
699
60,798
78,065		 Unrestricted
funds
2024
£
1,102,149
1,154,678
952
4,369
2,262,148		 Total
2024
£
2,857,048
1,279,294
1,651
65,167
4,203,160

Page 26

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

Religious activities
Provision of residential care
Youth service
Pilgrimages
Total 2023
Parent
Religious activities
Provision of residential care
Youth service
Pilgrimages
Direct costs - Governance
Total 2024
Religious activities
Youth service
Pilgrimages - Direct costs
Direct costs - Governance
Total 2023		 Parochial
funds
2023
£
1,907,107
-
-
-
1,907,107
Parochial
funds
2024
£
1,743,064
119,883
-
-
-
1,862,947
Parochial
funds
2023
£
1,907,107
-
-
-
1,907,107		 Restricted
funds
2023
£
19,885
6,170
5,450
61,132
92,637
Restricted
funds
2024
£
5,132
-
699
60,798
-
66,629
Restricted
funds
2023
£
15,385
5,450
61,132
-
81,967		 Unrestricted
funds
2023
£
811,675
1,000,286
25,360
-
1,837,321
Unrestricted
funds
2024
£
1,054,710
268
952
4,369
35,349		 Total
2023
£
2,738,667
1,006,456
30,810
61,132
3,837,065
Total
funds
2024
£
2,802,906
120,151
1,651
65,167
35,349
3,025,224
Total
funds
2023
£
2,694,010
30,810
61,132
28,884
2,814,836
1,095,648
Unrestricted
funds
2023
£
771,518
25,360
-
28,884
825,762

Page 27

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Analysis of expenditure by activities

Group

Religious activities
Provision of residential care
Youth service
Pilgrimages
Total 2024		 Activities
undertaken
directly
2024
£
1,381,464
1,279,294
952
4,369
2,666,079		 Grant
funding of
activities
2024
£
830
-
699
60,798
62,327		 Support
costs
2024
£
1,474,754
-
-
-
1,474,754		 Total
funds
2024
£
2,857,048
1,279,294
1,651
65,167
4,203,160

Total 2024

Religious activities
Provision of residential care
Youth service
Pilgrimages
Total 2023		 Activities
undertaken
directly
2023
£
1,314,654
1,006,456
25,360
-
2,346,470		 Grant funding
of activities
2023
£
100
-
5,450
61,132
66,682		 Support costs
2023
£
1,423,913
-
-
-
1,423,913		 Total
funds
2023
£
2,738,667
1,006,456
30,810
61,132
3,837,065

Page 28

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Parent

Religious activities
Provision of residential care - Direct costs
Youth service
Pilgrimages
Direct costs - Governance
Total 2024		 Activities
undertaken
directly
2024
£
1,375,431
120,151
952
4,369
-
1,500,903		 Grant funding
Total
of activities
Support costs
funds
2024
£
2024
£
2024
£
830
1,426,645
2,802,906
-
-
120,151
699
-
1,651
60,798
-
65,167
-
35,349
35,349
62,327
1,461,994
3,025,224
Religious activities
Youth service
Pilgrimages - Direct costs
Direct costs - Governance
Total 2023		 Activities
undertaken
directly
2023
£
1,309,501
25,360
-
-
1,334,861		 Grant funding
of activities
2023
£
100
5,450
61,132
-
66,682		 Support costs
2023
£
1,384,409
-
-
28,884
1,413,293		 Total
funds
2023
£
2,694,010
30,810
61,132
28,884
2,814,836

8. Auditors' remuneration

Fees payable to the Charity's auditors and
its associates
For the audit of the Charity's annual accounts
For all non-audit services		 Group
2024
£
16,110
27,137
43,247		 Group
2023
£
15,720
23,849
39,569		 Company
2024
£
8,700
21,317
30,017		 Company
2023
£
8,400
20,448
28,848

Fees are stated gross of irrecoverable input VAT.

Page 29

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9. Staff costs

Group
2024
£
Wages and salaries
1,191,063
Social security costs
79,214
Contribution to defined contribution pension
schemes
31,959
1,302,236		 Group
2023
£
1,030,264
70,049
30,375
1,130,688		 Charity
2024
£
354,268
27,912
18,992
401,172		 Charity
2023
£
284,364
23,584
19,137
327,085

The average number of persons employed by the Charity during the year was as follows:

Subsidiary directors
Care home staff
Curial employees
Parish employees		 Group
2024
No.
3
45
10
15
73		 Group
2023
No.
3
45
8
15
71		 Charity
2024
No.
-
-
10
15
25		 Charity
2023
No.
-
-
8
15
23

No employee received remuneration amounting to more than £60,000 in either year.

10. Trustee's remuneration and expenses

The Trustee of the Diocese receives no remuneration for their services as Trustee. The directors of the Corporate Trustee who are clergy of the Diocese and, as such, are housed, remunerated and reimbursed expenses for carrying out their ministry in the same way as other priests of the Diocese, in accordance with the Code of Canon Law. The Charities and Trustee Investment (Scotland) Act 2005 and The Charities Accounts (Scotland) Regulations 2006 require disclosure of remuneration and expenses paid to Trustees in whatever capacity. The directors take the view that they are not, individually, trustees of the charity and that, in any event, all benefits received by the clergy who serve as directors are given on the same basis as all other clergy, who are beneficiaries of the charity.

During the year, no trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 December 2024, no trustee expenses have been incurred (2023 - £NIL) .

Page 30

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11. Tangible fixed assets

Group

Cost or valuation
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold
property
£
6,132,876
240,825
-
6,373,701
1,666,377
131,484
-
1,797,861
4,575,840
4,466,499		 Motor vehicles
£
158,542
47,419
(35,187)
170,774
113,564
18,961
(18,585)
113,940
56,834
44,978
Fixtures and
fittings
£
1,186,919
84,701
-
1,271,620
818,102
68,030
-
886,132
385,488
368,817		 Computer
equipment
£
120,426
2,538
(1,271)
121,693
100,333
4,864
(191)
105,006
16,687
20,093		 Total
£
7,598,763
375,483
(36,458)
7,937,788
2,698,376
223,339
(18,776)
2,902,939
5,034,849
4,900,387

Page 31

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11. Tangible fixed assets (continued)

Charity

Cost or valuation
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold
property
£
6,132,876
240,825
-
6,373,701
1,666,377
131,484
-
1,797,861
4,575,840
4,466,499		 Motor vehicles
£
125,590
47,419
(35,187)
137,822
81,655
18,700
(18,585)
81,770
56,052
43,935		 Fixtures and
fittings
£
1,045,543
75,416
-
1,120,959
722,101
59,831
-
781,932
339,027
323,442		 Computer
equipment
£
98,225
1,267
-
99,492
84,858
3,664
-
88,522
10,970
13,367		 Total
£
7,402,234
364,927
(35,187)
7,731,974
2,554,991
213,679
(18,585)
2,750,085
4,981,889
4,847,243

The carrying amount of investment property, which the Group rents to another group entity having chosen to account for such properties using the cost model, is £924,275 (2023 - £949,367) .

Page 32

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. Fixed asset investments

Group
Cost or valuation
At 1 January 2024
Additions
Disposals
Revaluations
At 31 December 2024
Charity
Cost or valuation
At 1 January 2024
Additions
Disposals
Revaluations
At 31 December 2024		 Listed
investments
£
4,224,914
814,945
(857,886)
311,524
4,493,497
Listed
investments
£
3,884,777
701,606
(801,161)
290,543
4,075,765

Page 33

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Investment property

Group and Charity

Valuation
At 1 January 2024
Revaluation
At 31 December 2024		 Freehold
investment
property
£
2,961,254
225,000
3,186,254

Investment properties were revalued at 31 December 2024 by Graham + Sibbald LLP, Chartered Surveyors.

Certain properties are held by the Diocese but income is remitted to the parishes in which the properties are located. The carrying value of these properties is £1,285,000 (2023 - £1,060,000).

14. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Group
2024
£
110,833
338,380
134,519
583,732		 Group
2023
£
50,780
312,673
123,656
487,109		 Charity
2024
£
73,754
227,110
108,236
409,100		 Charity
2023
£
22,319
216,093
98,418
336,830

15. Current asset investments

Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Unlisted investments (liquid) 844,176 773,215 844,176 773,215

Page 34

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Obligations under finance lease and hire
purchase contracts
Other creditors
Accruals and deferred income		 Group
2024
£
79,462
13,488
8,610
139,117
270,749
511,426		 Group
2023
£
50,292
30,153
5,532
126,251
204,008
416,236		 Charity
2024
£
61,315
362
8,610
168,768
180,856
419,911		 Charity
2023
£
39,423
6,429
5,532
155,573
157,770
364,727

17. Creditors: Amounts falling due after more than one year

Other loans
Net obligations under finance lease and hire
purchase contracts		 Group
2024
£
500,000
27,288
527,288		 Group
2023
£
500,000
10,069
510,069		 Charity
2024
£
500,000
27,288
527,288		 Charity
2023
£
500,000
10,069
510,069

Page 35

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. Statement of funds

Statement of funds - current year

Except those funds which are marked as belonging to Dunkeld Care, all funds are held by the parent charity.

Unrestricted funds
Curial funds
Dunkeld Care Limited		 Balance at 1
January 2024
£
7,904,447
710,563
8,615,010		 Income
£
300,460
1,432,296
1,732,756		 Expenditure
£
(1,117,102)
(1,164,816)
(2,281,918)		 Transfers
in/out
£
603,356
(200,361)
402,995		 Gains/
(Losses)
£
297,667
20,981
318,648		 Balance at 31
December
2024
£
7,988,828
798,663
8,787,491

Page 36

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. Statement of funds (continued)

Parochial funds
Parochial Funds
Restricted funds
Proclaiming our Faith
Lourdes Fund
Ecclesiastical Students' Fund
Elizabeth Hagan Trust
Sundry restricted funds held by parent
Restricted funds held by Dunkeld Care Ltd
Total of funds		 Balance at 1
January 2024
£
4,985,738
881,071
176,780
52,785
58,503
12,641
23,738
1,205,518
14,806,266		 Income
£
2,294,640
21,777
66,865
-
-
2,193
10,082
100,917
4,128,313		 Expenditure
£
(1,894,184)
(4,707)
(60,798)
(5,831)
-
-
(11,436)
(82,772)
(4,258,874)		 Transfers
in/out
£
(402,995)
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
151,393
51,690
-
15,659
-
-
-
67,349
537,390		 Balance at 31
December
2024
£
5,134,592
949,831
182,847
62,613
58,503
14,834
22,384
1,291,012
15,213,095

Page 37

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Poor Mission Fund
General funds
Curial funds
Dunkeld Care Limited
Total Unrestricted funds
Parochial funds
Parochial Funds		 Balance at
1 January
2023
£
18,893
7,689,250
622,744
8,311,994
8,330,887
Balance at
1 January
2023
£
4,857,112		 Income
£
-
216,351
1,310,431
1,526,782
1,526,782
Income
£
2,258,655		 Expenditure
£
(18,893)
(593,137)
(1,243,584)
(1,836,721)
(1,855,614)
Expenditure
£
(1,936,479)		 Transfers
in/out
£
-
333,143
-
333,143
333,143
Transfers
in/out
£
(333,143)		 Gains/
(Losses)
£
-
258,840
20,972
279,812
279,812
Gains/
(Losses)
£
139,593		 Balance at
31 December
2023
£
-
7,904,447
710,563
8,615,010
8,615,010
Balance at
31 December
2023
£
4,985,738

Page 38

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. Statement of funds (continued)

Restricted funds
Proclaiming our Faith
Lourdes Fund
Ecclesiastical Students' Fund
Elizabeth Hagan Trust
Sundry restricted funds held by parent
Restricted funds held by Dunkeld Care Ltd
Total of funds		 Balance at
1 January
2023
£
816,425
159,549
73,620
58,503
12,641
25,422
1,146,160
14,334,159		 Income
£
17,639
78,363
-
-
-
8,986
104,988
3,890,425		 Expenditure
£
(4,397)
(61,132)
(20,835)
-
-
(10,670)
(97,034)
(3,889,127)		 Transfers
in/out
£
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
51,404
-
-
-
-
-
51,404
470,809		 Balance at
31 December
2023
£
881,071
176,780
52,785
58,503
12,641
23,738
1,205,518
14,806,266

Parochial funds represents funds held by individual parishes.

The Proclaiming our Faith fund is available to provide ongoing training and support to strengthen Catholic values in homes, schools, parishes and the wider community.

The Lourdes fund is funding for the Diocesan pilgrimage to Lourdes.

The Elizabeth Hagan Trust is held for the purposes of alleviation of poverty in the parish of Our Lady of Victories.

Page 39

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Summary of funds

Summary of funds - current year

General funds
Parochial funds
Restricted funds
Summary of funds - prior year
Designated funds
General funds
Parochial funds
Restricted funds		 Balance at 1
January 2024
£
8,615,010
4,985,738
1,205,518
14,806,266
Balance at
1 January
2023
£
18,893
8,311,994
4,857,112
1,146,160
14,334,159		 Income
£
1,732,756
2,294,640
100,917
4,128,313
Income
£
-
1,526,782
2,258,655
104,988
3,890,425		 Expenditure
£
(2,281,918)
(1,894,184)
(82,772)
(4,258,874)
Expenditure
£
(18,893)
(1,836,721)
(1,936,479)
(97,034)
(3,889,127)		 Transfers
in/out
£
402,995
(402,995)
-
-
Transfers
in/out
£
-
333,143
(333,143)
-
-		 Gains/
(Losses)
£
318,648
151,393
67,349
537,390
Gains/
(Losses)
£
-
279,812
139,593
51,404
470,809		 Balance at 31
December
2024
£
8,787,491
5,134,592
1,291,012
15,213,095
Balance at
31 December
2023
£
-
8,615,010
4,985,738
1,205,518
14,806,266

Page 40

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Parochial
funds
2024
£
374,854
2,108,640
-
2,798,890
(120,504)
(27,288)
5,134,592		 Restricted
funds
2024
£
-
869,797
-
421,215
-
-
1,291,012		 Unrestricted
funds
2024
£
4,659,995
1,515,060
3,186,254
317,104
(390,922)
(500,000)
8,787,491		 Total
funds
2024
£
5,034,849
4,493,497
3,186,254
3,537,209
(511,426)
(527,288)
15,213,095

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Ttl		 Parochial
funds
2023
£
-
2,116,131
-
2,983,171
(103,495)
(10,069)
4,985,738		 Restricted
funds
2023
£
-
737,663
-
467,855
-
-
1,205,518		 Unrestricted
funds
2023
£
4,900,387
1,371,120
2,961,254
194,990
(312,741)
(500,000)
8,615,010		 Total
funds
2023
£
4,900,387
4,224,914
2,961,254
3,646,016
(416,236)
(510,069)
14,806,266

Total

Page 41

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds
Adjustments for:
Depreciation charges
Gains on investments
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operating
activities
22.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 Group
2024
£
406,829
223,339
(503,524)
(96,623)
92,112
122,133

Group
2024
£
2,109,301
2,109,301		 Group
2023
£
472,107
208,508
(423,940)
476,427
120,023
853,125
Group
2023
£
2,385,692
2,385,692		 Charity

2024
£
319,752
213,679
(515,543)
(72,270)
52,106
(2,276)
Charity

2024
£
1,842,063
1,842,063		 Charity

2024
£
319,752
213,679
(515,543)
(72,270)
52,106
(2,276)
Charity

2024
£
1,842,063
1,842,063		 Charity
2023
£
384,288
198,851
(402,968)
505,211
93,567
778,949
Charity
2023
£
2,143,773
2,143,773

23. Analysis of changes in net debt


Cash at bank and in hand
Debt due after 1 year
Hire Purchase
Liquid investments		 At 1 January
2024
£
2,385,692
(500,000)
(15,601)
773,215
2,643,306		 Cash flows
£
(276,391)
-
-
70,961
(205,430)		 New finance
leases
£
-
-
(20,297)
-
(20,297)		 At 31
December
2024
£
2,109,301
(500,000)
(35,898)
844,176
2,417,579

Page 42

RC DIOCESE OF DUNKELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

24. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pensions cost charge represents contributions payable to the fund. The costs payable by the charity to the fund amounted to £18,992 (2023 - £19,137), the costs payable by the group to the fund amounted to £31,959 (2023 - £30,375).

25. Operating lease commitments

At 31 December 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2024
£
33,766
11,816
45,582		 Group
2023
£
26,567
22,637
49,204		 Charity
2024
£
33,766
11,816
45,582		 Charity
2023
£
26,567
22,637
49,204

26. Related party transactions

Dunkeld Care Ltd rents the property from which it trades from RCDD under an agreement where market rent plus 5% of profit is paid, for which rental income was £85,861 (2023 - £83,645). A management charge of £19,500 (2023 - £18,000) was also paid by Dunkeld Care Limited to the parent charity.

At the year end, there remained an amount of £33,769 (2023 - £32,793) due from RCDD to Dunkeld Care Ltd. A donation of £95,000 (2023 - £120,605) was received from Dunkeld Care Ltd.

27. Principal subsidiaries

The following was a subsidiary undertaking of the Charity, by virtue of holding 100% of the voting rights:

Name Company Charity Principal activity Included in
number registration consolidation
number
Dunkeld Care Limited SC572109 SC047641 Residential care Yes
The financial results of the subsidiary for the year were:
Name Profit/(Loss)/
Net assets
Surplus/ £
(Deficit) for the
year
£
Dunkeld Care Limited 87,077 821,047

Page 43

Docusign Envelope ID: CB21F2BC-640A-4436-BFCC-8C784E8E9994