Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Charity number: SC011328
Dundee Heritage Trust
Consolidated financial statements for the year ended 31 March 2024
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Financial statements for the year ended 31 March 2024
| Contents | Page |
|---|---|
| Trust Information | 1 |
| Trustees’ Annual Report | 2 - 8 |
| Independent Auditor’s Report on the Financial Statements | 9 - 11 |
| Group Statement of Financial Activities | 12 |
| Trust Statement of Financial Activities | 13 |
| Group Balance Sheet | 14 |
| Trust Balance Sheet | 15 |
| Group Statement of Cash Flows | 16 |
| Trust Statement of Cash Flows | 17 |
| Notes to the Financial Statements | 18-33 |
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Trust information
Registered charity name Dundee Heritage Trust Charity registration number SC011328 Registered office Whitehall House 33 Yeaman Shore Dundee DD1 4BJ Principal office Discovery Point Discovery Quay Dundee DD1 4XA The Trustees Executive Management Team Auditor Chiene + Tait LLP (trading as CT) Chartered Accountants and Statutory Auditors 61 Dublin Street Edinburgh EH3 6NL Bankers The Royal Bank of Scotland plc 3 High Street Dundee DD1 9LY Solicitors Thorntons Law LLP Whitehall House 33 Yeaman Shore Dundee DD1 4BJ
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Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Trustees’ Annual Report For the year ended 31 March 2024
The trustees present their annual report and the consolidated financial statements of the charity and its subsidiary undertaking (‘the group’) for the year ended 31 March 2024. The trustees confirm that the annual report and financial statements of the charity and its subsidiary undertaking comply with the current statutory requirements, the requirements of the charity’s trust deed and the provision of the Statement of Recommended Practice (SORP) applicable to charities in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Chairman’s statement
Year on year we attract many thousands of visitors, not just from the local area, or indeed Scotland, but from around the world. Without doubt they leave enriched by their engagement with the artifacts and stories that they find within both of our venues.
The numbers are powerful – 87,530 visitors, more than 3,700 schoolchildren engaged, more than 1,200 volunteer hours received, and 157 conferences and events hosted. Consequently, the Trust remains a cornerstone of Dundee’s renaissance, not just by drawing people from near and far, but also by injecting millions of pounds into the local and national economy as a result.
And the Trust has continued to deliver in the year. Our flagship, the RRS Discovery , has long been an iconic symbol of the city. Indeed, it would be impossible to imagine Dundee without it. Its long-anticipated restoration began, drawing worldwide media attention. But in doing so, we are not just rightly proud of seeing this internationally important piece of our heritage being protected, but also of the way it is being done using many traditional techniques, materials and crafts as well as generating new apprenticeships in them. It is a practical demonstration of learning from the past while investing for the future.
Verdant Works too has continued to spread the word about our dynamic and creative city. It is now well established as one of the best display spaces in the region. The two wide-ranging, top-quality, exhibitions that it hosted in the year drew in new audiences that perhaps might not otherwise have had the opportunity to uncover the innovation and acumen behind this industrial powerhouse of our past, as well as its fascinating people.
Both attractions thus reach out far beyond their walls and indeed the city. They are not just deeply embedded in the civic life of the city and nation and are consequently an important part of the heritage economy of both, they are also a tremendous showcase for what it means to have a spirit of discovery.
Of course, playing our part so successfully in the cultural life of the city and the country is not always easy. As an independent body, we must compete hard in challenging economic times. We continue to strive, not just to maintain a sustainable future, but also to grow and develop in contemporary ways that will challenge and inspire everyone that passes through our doors.
None of that would be possible without the unwavering support and efforts of our many supporters and our staff team who dedicate so much to making our venues amongst the highest rated and most cherished places to visit in the country. Thank you.
Objectives and activities
The Trust’s primary role is the guardianship, preservation and portrayal of Dundee’s heritage in ways that educate, inspire and enlighten current and future generations. The activities of the group represent the charitable aims of the Trust, as well as raising funds in support of those aims.
The Trust is the only independent charity in Scotland operating two five star rated visitor attractions – at Discovery Point and Verdant Works Museum – and with responsibility for two collections Recognised as being of National Significance, including the internationally significant RRS Discovery .
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Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Trustees’ Annual Report For the year ended 31 March 2024
Our museums
Discovery Point
In 2023/24, Discovery Point welcomed 68,917 visitors (prior year 67,057) from across the globe.
The Museum cares for the Polar Collection, recognised as being of National Significance by the Scottish Government. The Museum also cares for the internationally significant RRS Discovery . The museum was rated 5-star by Visit Scotland and retained its Traveller’s Choice award from Trip Advisor, showing once again we are rated in the top 10% of attractions around the world.
This was a busy year for temporary exhibitions. Working through a backlog of local and polar themed art exhibitions which were delayed due to COVID-19, the cafe saw seven new exhibitions in this year.
The Discovery Point Transformed project (DPT) remains a key focus for the Trust. It will enable strategic change for the group: enabling major works to the ship, bringing vital upgrades to environmentals and bringing the museum’s themes and displays up-to-date. In 2023/24, the Trust galvanised plans for a value-engineered project and moved forwards with purpose to finalise plans, fully develop the project, and launch a capital appeal in the following year.
Verdant Works
In 2023/24, Verdant Works welcomed 18,613 visitors (prior year 14,178) from across the globe.
The Museum cares for the Jute Collection, recognised as being of National Significance by the Scottish Government. The museum was rated 5-star by Visit Scotland and retained its Traveller’s Choice award from Trip Advisor, showing once again we are rated in the top 10% of attractions around the world.
There were two exhibitions in the temporary exhibition gallery. The High Mill hosted International Garden Photographer of the Year Exhibition 16 and a partnership exhibition on TB with the University of Dundee. Both brought in new communities of visitors to the museum.
Audio-visual features at Verdant Works were updated, installing modern and efficient systems. The team engaged with local communities via Disruption Night events to begin updating the galleries.
Our heritage
RRS Discovery
Supported by the National Heritage Memorial Fund, the urgent works to the RRS Discovery are now taking place with a projected 13 months' worth of conservation and repair. This work is focussed on the stern section, which has shown signs of both decay to the timbers and misalignment from the rest of the hull structure. The work will have a temporary support structure above the stern which will allow the stern to be gradually lifted into the correct position prior to the installation of replacement longitudinals and horn beams. These timbers will strengthen and support the stern and return this section to its “as designed” state and traditional methods such as steam bending will be employed to achieve this result. Running alongside this work, all upper decks will be recaulked to eliminate freshwater ingress to the hull from these areas. The cuddies, anchors and rudder have also been temporarily removed to the quayside to facilitate the above works, creating access and reducing weight.
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Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Trustees’ Annual Report For the year ended 31 March 2024
Our heritage (continued)
In house, ship's crew have been working on a programme of regular maintenance including removal of greening of the weather deck timbers, varnishing upper deck pin and top rails, removal of paint work on the bulwarks, polishing of brass throughout the ship, maintenance of bilge lockers, full clean-up of dry dock and removal of excess stores on board to allow for a safer working environment in the workshop, while also providing better airflow to same. The ship's crew have also assisted with the Urgent Works, with particular attention to the caulking works.
Verdant Works
Care of Victorian mill building
Work continued to bring the working machinery back to full working order, to train new volunteers, and to record current volunteers using the machines to retain knowledge.
Our impact
Learning and engagement
The target has been set to increase learning visits by at least 5% year on year until numbers reach 2019/20 levels – see table following for details.
2019/20 5229 young people 2021-22 952 2022-23 3381 2023-24 3703 2024-25 goal 3888
Throughout the year, we have also welcomed hundreds through our talk and workshop programs, and thousands throughout holiday trails, tours and workshops. For the first time this has included supporting students to run workshops inspired by our collection and spaces.
Our main achievements have been:
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Widening accessibility: By offering a transport grant funded by George and Grace Thompson Charitable Trust. We have also continued to offer subsidies to Dundee schools and those in areas of deprivation.
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The success of the Creative Communities Network has inspired a co-curation project being developed
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at Verdant, funded by the Turtleton Trust.
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We have had some turnover within our volunteer cohort, this is in line with other experiences across the sector and we continue to actively recruit.
We are grateful to all of our education funders who have enabled us to continue to provide our award-winning learning offering.
Fair work and opportunity
Team numbers have declined through the year, as we embrace technological advances, we employed 47 people at the end of the year (average 58 people in the year).
The group is signed up to Fair Work, including being a Real Living Wage Employer.
Equality, diversity, and inclusion
Work has begun on recognising the impact of Empire on the stories, collections and displays at both Museums. At Discovery Point, feedback from funders has indicated that the Trust must work towards reviewing outdated narratives around empire as part of the DPT project. At Verdant Works, we undertook review of the lower galleries and identified areas in need of modernisation, and the development of new interpretation was initiated.
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Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Trustees’ Annual Report For the year ended 31 March 2024
Sustainability
The sustainability champions continued working towards Green Tourism, putting in place more data gathering procedures to help track positive change. Progress was made towards installing photo-voltaic arrays (PVs) at both sites.
Financial Review
Results for the year
The group generated a deficit for the year of £292,053, (prior year surplus £28,366). The deficit is inclusive of Capital grants of £0.2m (prior year £0.2m). Charity accounting rules require these grants to be recognised in full in the accounting period.
Trading activities are improving with visitor numbers up 8% on prior year 2022-23, but still 12% short of prepandemic visitor numbers. The slow recovery in visitor numbers and business generation is set against the backdrop of increased costs, utility costs in particular were high throughout the period and we have an on-going commitment to pay the Real Living Wage. To mitigate these factors, we renegotiated four major utility contracts during the year and realized more beneficial rates for utility services.
Details of the group’s incoming funds are given in the financial statements and notes.
The Trustees are mindful that the group’s funds are largely tied up in tangible assets and restricted purpose income, with the level of free reserves falling below the Trustee’s target of six months’ operating expenditure. This continues to be a matter of strategic focus for the Board to secure a financially sustainable future in which it can develop and continue its impact, whilst always maintaining its primary obligation as custodian of unique and internationally significant heritage assets.
Reserves
As at 31 March 2024, the amount of readily realizable free reserves, undesignated, general-purpose cash and equivalent assets was £677,191 (2023 £813,713). Although this is close to the Trustees’ target of six months’ operating expenditure, it has been largely supported by the release of the designated fund of £250,000 (Museum Galleries Scotland resilience fund). The fund was almost fully expended in 2023-24.
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Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Trustees’ Annual Report For the year ended 31 March 2024
Plans for the Future and Going Concern
At its 2023 Strategy Day the Board made several key decisions:
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To move ahead with the Discovery Point Transformed project – with the possibility of further value engineering if need be – to make sure the major works to the ship were carried out as soon as possible.
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To accept funding for a Commerical Director, with the intention of driving strategic revenue growth, enhance market presence, and foster key business partnerships. The Commercial Director will play a pivotal role in:
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Developing Growth Strategies : Crafting and implementing strategies to expand our market reach and increase sales in existing and new markets.
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Strengthening Partnerships : Building and nurturing strategic alliances and partnerships that align with our business objectives.
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Enhancing Customer Engagement : Focusing on customer acquisition and retention strategies to improve overall customer satisfaction and loyalty.
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Market Analysis : Conducting comprehensive market research to identify trends, opportunities, and competitive threats.
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Revenue Optimization : Overseeing pricing strategies and identifying new revenue streams to maximize profitability.
The investment in this strategic role reflects our commitment to sustainable growth and positions us to seize emerging opportunities in our ever-evolving industry landscape. We believe that the Commercial Director will significantly contribute to achieving our long-term financial goals.
- To move forwards with a Strategic and Financial Review of the organisation, in liaison with key stakeholders, to put the charity on the best footing to move forwards to financial sustainability.
The second phase of the urgent works requires funding and this is a priority for the team in liaison with funders.
Work on reducing energy use at both sites was successful. Further reduction can be made to gas with improvements to the thermal envelope, planned as part of the DPT project.
Regular reviews have taken place since year end to manage the customer experience and service offering in order to maintain and grow admission numbers and maintain and increase revenues.
Principal risks
Our primary risks relate to our core heritage assets and whether in a tightening market – with increased competition from other publicly funded attractions, increased utilities costs and a consumer spending crisis – the charity will be able to generate sufficient funds in future to adequately care for them over the long term. The long-term future of our assets is under active consideration in consultation with key stakeholders.
The care of the ship is a particular risk for two reasons: the lack of shipwrighting skills; and that our ship can no longer be taken out of her dock for repair work. The former has been resolved by working with a Scottish heritage engineer to develop a working relationship focussing on the care of the ship from a conservation rather than shipwright point of view.
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Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Trustees’ Annual Report For the year ended 31 March 2024
Structure, Governance and Management
The Trust’s objects and powers are set out in the original Trust Deed dated 18 December 1984 and six supplemental deeds which were consolidated on 18 May 2017. The Trust is governed by a board of trustees which is served by one subcommittee with a focus on Finance.
The charitable objects of the Trust are largely fulfilled and funded by activities carried on by its operating company, Dundee Industrial Heritage Limited, a charitable company registered in Scotland.
The other group companies are: (1) Roseangle Three Ltd, which acts as legal owner of the Trust’s heritage assets, and (2) RRS Discovery Ltd, set up to protect the intellectual property rights associated with the RRS Discovery name. Both of these companies are dormant.
The trust deed allows for a minimum of 6 and a maximum of 12 trustees, including 2 nominee trustees, one of whom is appointed by the Friends of Dundee Heritage Trust and the other by Dundee City Council.
Trustees may serve for two consecutive terms of 3 years’ duration, with a year’s gap before being eligible to serve a further 3 year term. There is no fixed term to Nominee appointments. The Chair is elected by the other trustees to serve an initial term of up to 5 years, with the option to stand again for a further 3 years.
The Trustees have a duty to ensure that the Trust Deeds continue to be fit for purpose, and properly reflect governance in practice. Although the charitable objectives remain generally sound, as indicated above, it is now some time since our governing documents were last revised.
Having reviewed them and having sought advice from expert external legal and financial consultants, the board of Trustees decided to commence the process of updating the governance arrangements, to better reflect contemporary circumstances, strategic priorities, and likely future needs.
The ongoing review seeks to streamline the group structure, ensuring it is in line with current best practice, as well as clarifying and simplifying decision making processes and responsibilities. It also aims to consider the range of governance skills and experience needed to meet both present and likely future needs.
The outcomes of the current review process will be implemented by April 2025.
Trustee recruitment, appointment and induction
There is consideration given to the mix of skills and expertise required at any time. Appointments are subject to full board approval. New trustees receive a welcome pack setting out the organisational and financial structure of the group and are invited to meet with senior managers and other key staff as part of their induction.
Senior staff pay policy
Senior staff pay is set by the board with due regard, within prevailing budgetary constraints, to market rates applicable for roles of equivalent status and responsibility, taking account of sector specific factors, on a caseby-case basis.
Organisation structure
The board is served by one subcommittee with a focus on Finance.
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Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Trustees’ Annual Report For the year ended 31 March 2024
Statement of trustees’ responsibilities
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).
Law applicable to charities in Scotland required the Trustees to prepare financial for each financial year. Under that law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and its subsidiary undertaking and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume the charity and its subsidiary will continue in operation.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity and subsidiary’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and its subsidiary undertaking and enable them to ensure that the financial statement comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accountants (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and its subsidiary undertaking 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 trustees at the time when the Trustees’ Report is approved has confirmed that:
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so far as that trustee is aware, there is no relevant audit information of which the group’s auditor is unaware, and
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that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any relevant audit information and to establish that the group’s auditor is aware of that information.
Auditors
CT were appointed as auditor. A resolution confirming CT’s appointment as Auditor will be proposed at a meeting of the trustees.
Approved by order of the members of the Board of Directors on ..................... and signed on their behalf by: 26 November 2024
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Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Independent auditor’s report to the Trustees of Dundee Heritage Trust For the year ended 31 March 2024
Opinion
We have audited the financial statements of Dundee Heritage Trust and its subsidiary undertaking (the ‘group’) for the year ended 31 March 2024 which comprise the group and Trust statement of financial activities (including the income and expenditure account), the group and Trust balance sheet, the group and Trust cash flow statement and notes to the financial statements, 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:
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give a true and fair view of the state of the group’s affairs as at 31 March 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and 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 trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditors’ report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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
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Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Independent auditor’s report to the Trustees of Dundee Heritage Trust For the year ended 31 March 2024
Opinion on other matters prescribed by the Charities Accounts (Scotland) Regulations 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the trustees’ annual report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.
We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:
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adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees’ Responsibilities Statement (set out on page 9), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group’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 to cease operations, or have no realistic alternative but to do so.
Auditor's 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 regulations made under those Acts.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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 group and the industry in which it operates and considered the risks of acts by the group which were contrary to appliable laws and regulations, included fraud. These included but were not limited to the Charities Accounts (Scotland) Regulations 2006 (as amended).
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Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Independent auditor’s report to the Trustees of Dundee Heritage Trust For the year ended 31 March 2024
Auditor's responsibilities for the audit of the financial statements (continued)
We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:
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agreement of the financial statement disclosures to underlying supporting documentation;
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enquiries of management;
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review of minutes of Trustee meetings throughout the period; and
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obtaining an understanding of the control environment in monitoring compliance with laws and regulations.
There are inherent limitations in an audit of financial statements 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 are to become aware of it. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Board that represented a 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 auditor’s report.
Use of our report
This report is made solely to the group’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the group’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and the group’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of CT Chartered Accountants and Statutory Auditors 61 Dublin Street, Edinburgh, EH3 6NL
Date:[26 November 2024 ]
CT are eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
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Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Group statement of financial activities (including income and expenditure account) For the year ended 31 March 2024
| 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
| Restricted | Unrestricted | Total | Restricted | Unrestricted | Total | ||
| £ | £ | £ | £ | £ | £ | ||
| Notes | |||||||
| Income and endowments | |||||||
| Donations and grants | 3 | 830,218 | 197,631 | 1,027,849 | 619,644 | 907,412 | 1,527,056 |
| Charitable activities | 4 | - | 731,923 | 731,923 | - | 623,216 | 623,216 |
| Other trading activities |
5 | - | 763,536 | 763,536 | - | 661,730 | 661,730 |
| Other income | 6 | - | 818 | 818 | - | 11,105 | 11,105 |
| Investment income | 7 | - | 17,239 | 17,239 | - | 8,065 | 8,065 |
| Total income | 830,218 | 1,711,147 | 2,541,365 | 619,644 | 2,211,528 | 2,831,172 | |
| Expenditure | |||||||
| Costs of other trading activities |
8 | - | 296,558 | 296,558 | - | 285,970 | 285,970 |
| Expenditure on charitable activities |
9 | 885,749 | 1,659,184 | 2,544,933 | 694,913 | 1,809,261 | 2,504,174 |
| Total expenditure | 885,749 | 1,955,742 | 2,841,491 | 694,913 | 2,095,231 | 2,790,144 | |
| Net income/(expenditure) | (55,531) | (244,595) | (300,126) | (75,269) | 116,297 | 41,028 | |
| Other gains/(losses) | |||||||
| Revaluation of fixed | |||||||
| asset investments | - | 8,073 | 8,073 | - | (12,662) | (12,662) | |
| Net income / (expenditure) after other gains / (losses) |
(55,531) | (236,522) | (292,053) | (75,269) | 103,635 | 28,366 | |
| Transfers | 18 | - | - | - | - | - | - |
| Net movement in funds | (55,531) | (236,522) | (292,053) | (75,269) | 103,635 | 28,366 | |
| Reconciliation of funds | |||||||
| Total funds brought forward | 4,077,646 | 1,392,918 | 5,470,564 | 4,152,915 | 1,289,283 | 5,442,198 | |
| Total funds carried forward | 4,022,115 | 1,156,396 | 5,178,511 | 4,077,646 | 1,392,918 | 5,470,564 | |
| ======== | ======== | ======== | ======== | ======== | ======== |
The group statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure is derived from continuing activities.
The notes on pages 18 to 33 form part of these financial statements.
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Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Trust statement of financial activities (including income and expenditure account) For the year ended 31 March 2024
| 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
| Restricted | Unrestricted | Total | Restricted | Unrestricted | Total | ||
| £ | £ | £ | £ | £ | £ | ||
| Notes | |||||||
| Income and endowments | Income and endowments | ||||||
| Donations and grants | 3 | 22,025 | 22,025 | 10,000 | 13,010 | 23,010 | |
| Investment income | 7 | - | 3,533 | 3,533 | - | 2,714 | 2,714 |
| Total income | 25,558 | 25,558 | 10,000 | 15,724 | 25,724 | ||
| Expenditure | |||||||
| Expenditure on charitable activities |
9 | - | 9,486 | 9,486 | 10,000 | 24,785 | 34,785 |
| Total expenditure | - | 9,486 | 9,486 | 10,000 | 24,785 | 34,785 | |
| Net income/(expenditure) | - | 16,072 | 16,072 | - | (9,061) | (9,061) | |
| Other gains/(losses) | |||||||
| Revaluation of fixed asset investments |
- | 8,073 | 8,073 | - | (12,662) | (12,662) | |
| Net income / (expenditure after other gains / (losses) |
Net income / (expenditure ) |
- | 24,145 | 24,145 | - | (21,723) | (21,723) |
| Transfers | 18 | - | - | - | - | - | - |
| Net movement in funds | - | 24,145 | 24,145 | - | (21,723) | (21,723) | |
| Reconciliation of funds | |||||||
| Total funds brought forward | 32,515 | (54,589) | (22,074) | 32,515 | (32,866) | (351) | |
| Total funds carried forward | 32,515 | (30,444) | 2,071 | 32,515 | (54,589) | (22,074) | |
| ======== | ======== | ======== | ======== | ======== | ======== |
The Trust statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure is derived from continuing activities.
The notes on pages 18 to 33 form part of these financial statements.
13
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Group balance sheet As at 31 March 2024
| Notes | 2024 | 2023 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Tangible fixed assets | 13 | 4,284,020 | 4,325,938 | ||
| Investments | 15 | 137,574 | 127,556 | ||
| 4,421,594 | 4,453,494 | ||||
| Current assets | |||||
| Stocks | 47,936 | 62,628 | |||
| Debtors | 16 | 157,436 | 287,931 | ||
| Cash at bank and in hand | 834,738 | 965,464 | |||
| 1,040,110 | 1,316,023 | ||||
| Creditors: amounts falling due within one | |||||
| year | 17 | (283,193) | (298,953) | ||
| Net current assets | 756,917 | 1,017,070 | |||
| Total net assets | 5,178,511 | 5,470,564 | |||
| ======== | ======== | ||||
| Charity funds | |||||
| Restricted funds | 18 | 4,022,115 | 4,077,646 | ||
| Unrestricted funds - designated | 18 | 479,205 | 579,205 | ||
| Unrestricted funds - general | 18 | 677,191 | 813,713 | ||
| Total funds | 5,178,511 | 5,470,564 | |||
| ======== | ======== |
The financial statements were approved and authorised for issue by the directors on ......................... and signed 26 November 2024 on their behalf by:
The notes on pages 18 to 33 form part of these financial statements.
14
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Trust balance sheet As at 31 March 2024
| Notes | 2024 | 2023 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Investments | 15 | 142,578 | 132,560 | ||
| Current assets | |||||
| Cash at bank and in hand | 33,475 | 10,995 | |||
| 33,475 | 10,995 | ||||
| Creditors: amounts falling due within one | |||||
| year | 17 | (173,982) | (165,629) | ||
| Net current liabilities | (140,507) | (154,634) | |||
| Total net (liabilities)/assets | 2,071 | (22,074) | |||
| ======== | ======== | ||||
| Charity funds | |||||
| Restricted funds | 18 | 32,515 | 32,515 | ||
| Unrestricted funds | 18 | (32,649) | (56,794) | ||
| Designated funds | 18 | 2,205 | 2,205 | ||
| Total funds | 2,071 | (22,074) | |||
| ======== | ======== |
The financial statements were approved and authorised for issue by the directors on ......................... and signed on their behalf by: 26 November 2024
The notes on pages 18 to 33 form part of these financial statements.
15
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Group statement of cash flows For the year ended 31 March 2024
| Notes | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| Cash flows from operating activities | |||
| Net income | (292,053) | 28,366 | |
| Adjustments for: | |||
| Depreciation of tangible fixed assets | 372,843 | 354,884 | |
| Transfer of assets under construction | - | - | |
| Net losses on investments | (8,073) | 12,662 | |
| Adjustment for investment account income and expenditure | (1,945) | (1,375) | |
| Other interest receivable and similar income | (14,161) | (5,526) | |
| Changes in: | |||
| Decrease/(Increase) in stocks | 14,692 | (18,965) | |
| Decrease/(Increase) in debtors | 130,495 | (162,194) | |
| (Decrease)/Increase in creditors | (15,760) | 110,588 | |
| Net cash from operating activities | 186,038 | 318,440 | |
| Cash flows from investing activities | |||
| Dividends, interest and rents from investments | 14,161 | 5,526 | |
| Purchase of tangible assets | (330,925) | (725,997) | |
| Net cash used in investing activities | (316,764) | (720,471) | |
| Change in cash and cash equivalents in the year | (130,726) | (402,031) | |
| Cash and cash equivalents at the beginning of the year | 965,464 | 1,367,495 | |
| Cash and cash equivalents at the end of the year | 834,738 | 965,464 | |
| ======== | ======== |
| Analysis of changes in net debt | ||||
|---|---|---|---|---|
| At 1 April 2023 | Cash flows | Non-cash | At 31 March | |
| changes | 2024 | |||
| £ | £ | £ | £ | |
| Cash at bank and in hand | 965,464 | (130,726) | - | 834,738 |
| 965,464 | (130,726) | - | 834,738 | |
| ======== | ======== | ======== | ======== |
The notes on pages 18 to 33 form part of these financial statements.
16
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Trust statement of cash flows For the year ended 31 March 2024
| Cash flows from operating activities Notes Net expenditure Adjustments for: Net losses on investments Adjustment for investment account income and expenditure Other interest receivable and rents from other investments Changes in: Increase/(Decrease) in creditors Net cash used in operating activities Cash flows from investing activities Other interest receivable and rents from other investments Net cash from investing 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 |
2024 £ 24,145 (8,073) (1,945) (455) 8,352 22,024 455 455 22,479 10,995 33,474 ======== |
2023 £ (21,723) 12,662 (1,375) (175) (24,388) |
|---|---|---|
| (34,999) | ||
| 175 | ||
| 175 | ||
| (34,824) 45,819 |
||
| 10,995 ======== |
| Analysis of changes in net debt | ||||
|---|---|---|---|---|
| At 1 April 2023 | Cash flows | Non-cash | At 31 March | |
| changes | 2024 | |||
| £ | £ | £ | £ | |
| Cash at bank and in hand | 10,995 | 22,479 | - | 33,474 |
| -------------- | -------------- | -------------- | -------------- | |
| 10,995 | 22,479 | - | 33,474 | |
| ======== | ======== | ======== | ======== |
The notes on pages 18 to 33 form part of these financial statements.
17
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Notes to the financial statements For the year ended 31 March 2024
1. General information
The Trust is a registered charity in Scotland, is unincorporated and a public benefit entity. The address of the registered office is Whitehall House, 33 Yeaman Shore, Dundee, DD1 4BJ.
2. Accounting policies
Basis of preparation of the 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charity Accounts (Scotland) Regulations 2006 (as amended).
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are prepared in sterling, which is the functional currency of the group.
Going concern
These financial statements have been prepared on a going concern basis.
These financial statements have been prepared on the going concern basis. Cash flow projections and forecast scenarios for a twelve month period have been reviewed and enquiries have been made of management. The trustees are of the view that, on the basis of financial projections which take account of reasonable adjustment for income shortfall and additional cost pressure risks, that cash-backed reserves are sufficient to allow the charity to operate on a going concern basis for the foreseeable future.
With regards to the following year, the most significant area of uncertainty facing the charity is the level of funding which needs to be raised each and every year, this is covered in more detail in the performance and risk sections of the trustees' annual report.
18
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Notes to the financial statements
For the year ended 31 March 2024
Consolidation
The financial statements include the consolidated results of the Trust and its wholly owned subsidiaries, Dundee Industrial Heritage Limited (charity registration number SC002268), Roseangle Three Limited (dormant) and R.R.S. Discovery Limited (dormant), collectively ‘the group’.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The trustees do not believe that any significant estimates or judgements have been applied in the preparation of the financial statements.
Income
All income is recognised once the group 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 following specific policies are applied to particular categories of income:
-
Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
Legacy income is recognised when receipt is probable and entitlement is established.
-
Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received, if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
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.
All expenditure is accounted for on an accruals basis and is classified by activity. Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities and the sale of donated goods. Expenditure on charitable activities includes all costs incurred by the group in undertaking activities that further its charitable aim for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the group apportioned to its charitable activities. Other expenditure includes all expenditure that is neither related to raising funds for the group nor part of its expenditure on charitable activities.
All expenditure is inclusive of irrecoverable VAT.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to single activities are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible fixed assets and depreciation
Tangible assets with a cost of more than £500 and a useful life of more than 3 years are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses.
19
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Notes to the financial statements
For the year ended 31 March 2024
Tangible fixed assets and depreciation (continued)
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Buildings 25 – 50 years straight line Plant and equipment 3 – 5 years straight line Exhibition equipment 10 years straight line Non-exhibition equipment 5 years straight line Verdant car park 25 years straight line
Heritage assets
Heritage assets measured under the cost model are recognised initially at acquisition costs and subsequently stated at cost less any accumulated depreciation and impairment losses. Heritage assets measured under the revaluation model are recorded at fair value less any accumulated impairment losses.
Where information on the cost or value of an assets is not available and cannot be obtained at a cost which is commensurate with the benefits to users of the financial statements, the asset shall not be recognised in the balance sheet.
Investments
Unlisted equity investments are initially recorded at cost and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at costs less impairment.
Listed investments are measured at fair value, with changes in fair value being recognised in income or expenditure.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Defined contribution pension plan
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.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the group’s purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future projects or commitments.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal. Restricted funds fall into one of two sub-classes: restricted income funds or endowment funds.
20
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Notes to the financial statements For the year ended 31 March 2024
| Restricted | Unrestricted | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | funds | funds | ||
| 3. | Income from donations and legacies | 2024 | 2024 | 2024 | 2023 |
| £ | £ | £ | £ | ||
| Group | |||||
| Grants | 825,673 | 38,025 | 863,698 | 1,407,786 | |
| Donations | 4,545 | 68,027 | 72,572 | 61,606 | |
| Gift Aid | Gift Aid | - | 64,831 | 64,831 | 57,664 |
| Fundraising | - | 26,748 | 26,748 | - | |
| 830,218 | 197,631 | 1,027,849 | 1,527,056 | ||
| ======== | ======== | ======== | ======== | ||
| Trust | |||||
| Grants | - | 12,025 | 12,025 | 23,000 | |
| Donations | - | 10,000 | 10,000 | 10 | |
| - | 22,025 | 22,025 | 23,010 | ||
| ======== | ======== | ======== | ======== | ||
| Restricted | Unrestricted | Total | Total | ||
| funds | funds | funds | funds | ||
| 4. | Income from charitable activities | 2024 | 2024 | 2024 | 2023 |
| £ | £ | £ | £ | ||
| Group | |||||
| Operation of exhibitions | - | 731,923 | 731,923 | 623,216 | |
| ======== | ========= | ========= | ========= | ||
| The Trust has no income from charitable activities in the current or prior year. | The Trust has no income from charitable activities in the current or prior year. | ||||
| Restricted | Unrestricted | Total | Total | ||
| funds | funds | funds | funds | ||
| 5. | Income from other trading activities | 2024 | 2024 | 2024 | 2023 |
| £ | £ | £ | £ | ||
| Group | |||||
| Shop sales | - | 221,068 | 221,068 | 241,872 | |
| Rental and hospitality | - | 400,088 | 400,088 | 328,320 | |
| Car park | Car park | - | 113,461 | 113,461 | 88,168 |
| Sundry trading income | - | 28,919 | 28,919 | 3,370 | |
| - | 763,536 | 763,536 | 661,730 | ||
| ======== | ======== | ======== | ======== | ||
| The Trust has no income from other trading activities in the current or prior year. | The Trust has no income from other trading activities in the current or prior year. | ||||
| Restricted | Unrestricted | Total | Total | ||
| funds | funds | funds | funds | ||
| 6. | Sundry income | 2024 | 2024 | 2024 | 2023 |
| £ | £ | £ | £ | ||
| Group | |||||
| Other income | - | 818 | 818 | 11,105 | |
| - | 818 | 818 | 11,105 | ||
| ======== | ======== | ======== | ======== |
The Trust has no sundry income in the current or prior year.
21
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Notes to the financial statements For the year ended 31 March 2024
| Restricted | Unrestricted | Total | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 7. Investment income |
2024 | 2024 | 2024 | 2023 |
| £ | £ | £ | £ | |
| Group | ||||
| Dividend income | - | 3,078 | 3,078 | 2,539 |
| Bank interest received | - | 14,161 | 14,161 | 5,526 |
| 17,239 | 17,239 | 8,065 | ||
| ======== | ========= | ========= | ========= | |
| Trust | ||||
| Dividend income | - | 3,078 | 3,078 | 2,539 |
| Bank interest received | - | 455 | 455 | 175 |
| - | 3,533 | 3,533 | 2,714 | |
| ======== | ======== | ======== | ======== | |
| Restricted | Unrestricted | Total | Total | |
| funds | funds | funds | funds | |
| 8. Costs of other trading activities |
2024 | 2024 | 2024 | 2023 |
| £ | £ | £ | £ | |
| Group | ||||
| Stock purchases and other shop, hospitality and car | ||||
| park expenditure | - | 296,558 | 296,558 | 285,970 |
| - | 296,558 | 296,558 | 285,970 | |
| ======== | ======== | ======== | ======== | |
| The Trust has no costs of other trading activities in the current or prior year. | ||||
| Direct | Support | Total | Total | |
| costs | costs | funds | funds | |
| 9. Analysis of expenditure by activities |
2024 | 2024 | 2024 | 2023 |
| £ | £ | £ | £ | |
| Group | ||||
| Restricted funds | 269,443 | 616,306 | 885,749 | 694,913 |
| Unrestricted funds | 774,624 | 884,560 | 1,659,184 | 1,809,261 |
| 1,044,067 | 1,500,866 | 2,544,933 | 2,504,174 | |
| ======== | ======== | ======== | ======== | |
| Trust | ||||
| Restricted funds | - | - | - | 10,000 |
| Unrestricted funds | - | - | 9,486 | 24,785 |
| - | - | 9,486 | 34,785 | |
| ======== | ======== | ======== | ======== |
22
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Notes to the financial statements For the year ended 31 March 2024
9. Analysis of expenditure by activities (continued)
| Cost of | Education | Conservation | ||||||
|---|---|---|---|---|---|---|---|---|
| Cost of | raising funds | Operation of | and | & collections | Total | Total | ||
| raising funds | - | trading | museums | outreach | management | funds | funds | |
| 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2023 | ||
| Group | £ | £ | £ | £ | £ | £ | £ | |
| Analysis of direct costs | ||||||||
| Staff costs (note 11) | 72,383 | 286,765 | 141,822 | 55,095 | 252,046 | 808,111 | 871,346 | |
| Governance costs (note 10) | - | - | 19,253 | 14,000 | 49,404 | 82,657 | 116,011 | |
| Servicing costs | 17,401 | 760 | - | 76,868 | 58,270 | 153,299 | 110,546 | |
| Other costs | - | - | ||||||
| 89,784 | 287,525 | 161,075 | 145,963 | 359,720 | 1,044,067 | 1,097,903 | ||
| ======== | ======== | ======== | ======== | ======== | ======== | ======== | ||
| Analysis of support costs | ||||||||
| Staff costs (note 11) | 73,195 | 139,134 | 220,608 | 16,920 | 15,448 | 465,305 | 459,394 | |
| Bank charges | - | 667 | 734 | - | - | 1,401 | 991 | |
| Governance costs (note 10) | 4,330 | 27,283 | 32,742 | 2,843 | 23,499 | 90,697 | 62,995 | |
| Other professional fees | - | - | 1,133 | - | - | 1,133 | 1,165 | |
| Insurance | 3,103 | 25,599 | 23,272 | 2,327 | 23,272 | 77,573 | 64,799 | |
| IT costs | 2,120 | 17,490 | 15,900 | 1,590 | 15,900 | 53,000 | 63,196 | |
| Maintenance costs | 2,963 | 24,445 | 22,223 | 2,222 | 22,223 | 74,076 | 87,500 | |
| Marketing | - | 22,699 | 25,155 | - | - | 47,854 | 28,989 | |
| Miscellaneous costs | 3,801 | 45,085 | 293,663 | 2,851 | 74,240 | 419,640 | 408,890 | |
| Office overheads | 230 | 13,527 | 14,735 | 114 | 423 | 29,029 | 16,697 | |
| Other staff costs | 2,107 | 6,163 | 5,245 | 1,042 | 3,871 | 18,428 | 12,658 | |
| Property costs | 8,909 | 73,501 | 66,819 | 6,682 | 66,819 | 222,730 | 198,997 | |
| 100,758 | 395,593 | 722,229 | 36,591 | 245,695 | 1,500,866 | 1,406,271 | ||
| ======== | ======== | ======== | ======== | ======== | ======== | ======== |
23
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Notes to the financial statements
For the year ended 31 March 2024
9. Analysis of expenditure by activities (continued)
| Cost of | Education | Conservation | ||||||
|---|---|---|---|---|---|---|---|---|
| Cost of | raising funds | Operation of | and | & collections | Total | Total | ||
| raising funds | - | trading | museums | outreach | management | funds | funds | |
| 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2023 | ||
| Trust | £ | £ | £ | £ | £ | £ | £ | |
| Analysis of direct costs | ||||||||
| Other costs | - | - | - | - | - | - | 23,010 | |
| ======== | ======== | ======== | ======== | ======== | ======== | ======== | ||
| Analysis of support costs | ||||||||
| Governance costs (note 10) | - | - | 8,209 | - | - | 8,209 | 10,468 | |
| Investment manager fees | - | - | 1,133 | - | - | 1,133 | 1,165 | |
| Sundry expenses | - | - | - | - | - | - | - | |
| Marketing | - | - | 144 | - | - | 144 | 142 | |
| - | - | 9,486 | - | - | 9,486 | 11,775 | ||
| ======== | ======== | ======== | ======== | ======== | ======== | ======== |
| 10. Governance costs | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Group | ||
| Audit fees | 14,800 | 10,250 |
| Other professional fees | 158,554 | 168,756 |
| 173,354 | 179,006 | |
| ======== | ======== | |
| Trust | ||
| Audit fees | 4,300 | 3,000 |
| Other professional fees | 3,909 | 7,468 |
| 8,209 | 10,468 | |
| ======== | ======== |
24
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Notes to the financial statements
For the year ended 31 March 2024
| 11. Staff costs | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Group | ||
| Wages and salaries | 1,153,363 | 1,179,806 |
| Social security costs | 80,103 | 91,679 |
| Employer contributions to pension plans | 39,950 | 59,255 |
| 1,273,416 | 1,330,740 | |
| ======== | ======== |
During the year, certain employees took voluntary severance packages, the total cost of which amounted to £4,000 (2023: £nil) The sum is recognised in full in expenditure in the year.
The average number of persons employed by the charitable company during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Management and administration staff | 22 | 25 |
| Visitor services staff | 36 | 37 |
| 58 | 62 | |
| ======== | ========= |
No employee received remuneration amounting to more than £60,000 in either year.
The group considers its key management personnel to comprise the executive management team. The total remuneration of the key management personnel was £228,951 (2023: £266,676).
Trust
The Trust has no employees and therefore no staff costs in the current or prior year.
12. Trustees’ remuneration and expenses
Group
During the year, one director (2023: two directors) received remuneration under contracts of employment with Dundee Industrial Heritage Limited for their services as part of the executive management team. All other trustees perform their role as a trustee on a voluntary basis.
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 28,850 | 62,824 |
| Employer contributions to pension plans | 22,746 | 34,375 |
| 51,596 | 97,199 | |
| ======== | ========= |
During the year ended 31 March 2024, no travel and subsistence expenses were reimbursed to directors (2023: no directors – £nil).
Trust
No trustees were remunerated from the Trust.
25
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Notes to the financial statements For the year ended 31 March 2024
13. Tangible fixed assets
| 13. Tangible fixed assets | |||||
|---|---|---|---|---|---|
| Restoration | |||||
| work & | Assets in the | ||||
| Freehold | exhibition | course of | Plant and | ||
| property | equipment | construction | equipment | Total | |
| £ | £ | £ | £ | £ | |
| Group | |||||
| Cost | |||||
| At 1 April 2023 | 241,453 | 11,497,907 | 134,535 | 790,081 | 12,663,976 |
| Additions | - | 189,434 | - | 141,491 | 330,925 |
| Disposals | - | - | - | - | - |
| Transfers | - | - | - | - | - |
| At 31 March 2024 | 241,453 | 11,687,341 | 134,535 | 931,572 | 12,994,901 |
| Depreciation | |||||
| At 1 April 2023 | 170,793 | 7,578,046 | - | 589,199 | 8,338,038 |
| Additions | 7,572 | 292,773 | - | 72,498 | 372,843 |
| Disposals | - | - | - | - | - |
| At 31 March 2024 | 178,365 | 7,870,819 | - | 661,697 | 8,710,881 |
| -------------- | -------------- | -------------- | -------------- | -------------- | |
| Net book value | |||||
| At 31 March 2024 | 63,088 | 3,816,522 | 134,535 | 269,875 | 4,284,020 |
| ======== | ======== | ======== | ======== | ======== | |
| At 31 March 2023 | 70,660 | 3,919,861 | 134,535 | 200,882 | 4,325,938 |
| ======== | ======== | ======== | ======== | ======== |
Trust
The Trust does not own any tangible fixed assets.
14. Heritage assets
It is the policy of the Trust not to capitalise heritage assets belonging to its museums where these were entrusted to its care at no cost. The cost of acquisitions and gallery improvements including restoration works are reflected in the balance sheet.
Heritage assets are in effect inalienable, held in perpetuity and are mostly irreplaceable. Any financially based valuation would be misleading to the value and significance of the material culture involved. The trust has a clear duty of care for these assets and to make them available for the enjoyment and education of the public as far as possible, commensurate with their long term care and preservation. The highest possible standards of collection management are applied and catalogues are made available as widely as possible to facilitate all enquiries and requests for information, subject to appropriate security and data protection guidelines.
Heritage assets include Captain Scott’s ship RRS Discovery and related exhibits connected with Antarctic and Polar exploration, which are displayed at Discovery Point Museum. Verdant Works Museum displays machinery and exhibits connected with Dundee’s Jute Trade and social history. Items not on display are securely housed in the museum’s archive stores.
26
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Notes to the financial statements For the year ended 31 March 2024
15. Investments
| Listed investments – Group and Trust | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| Market value at 1 April 2023/2022 | 127,556 | 138,843 | |
| Additions | 10,944 | 14,701 | |
| Disposal proceeds | (8,592) | (9,114) | |
| Net losses on revaluation | 8,073 | (12,662) | |
| Movement in cash in investment account | (407) | (4,212) | |
| Market value at 31 March 2024/2023 | 137,574 | 127,556 | |
| ======== | ======== | ||
| Historical cost at 31 March 2024/2023 | 128,408 | 126,430 | |
| ======== | ======== | ||
| Investments | |||
| in | |||
| subsidiaries | |||
| £ | |||
| Unlisted investments – Trust only | |||
| Cost at 1 April 2023 | 5,004 | ||
| Additions | - | ||
| Disposals | - | ||
| Cost at 31 March 2024 | 5,004 | ||
| ======== | |||
| Subsidiaries, associates and other investments | |||
| Subsidiary undertaking | Registered | Class of share | % held |
| Dundee Industrial Heritage Limited | Scotland | Ordinary | 100% |
| Roseangle Three Limited | Scotland | Ordinary | 100% |
| R.R.S. Discovery Limited | Scotland | Ordinary | 100% |
| Aggregate | Surplus/ | ||
| capital & | (deficit) | ||
| reserves | for year | ||
| £ | £ | ||
| Dundee Industrial Heritage Limited | 5,175,744 | (316,198) | |
| Roseangle Three Limited | 5,698 | - | |
| R.R.S. Discovery Limited | 2 | - | |
| 16. Debtors | 2024 | 2023 | |
| £ | £ | ||
| Group | |||
| Trade debtors | 37,966 | 31,952 | |
| Other debtors | 119,470 | 255,979 | |
| 157,436 | 287,931 | ||
| ======== | ======== |
Trust
The Trust has no debtors in the current or prior year.
27
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Notes to the financial statements For the year ended 31 March 2024
| 17. Creditors: amounts falling due within one year | : amounts falling due within one year | 2024 | 2023 | ||
|---|---|---|---|---|---|
| £ | £ | ||||
| Group | |||||
| Trade creditors | 112,840 | 137,366 | |||
| Accruals and deferred income | 95,251 | 135,231 | |||
| Social security and other taxes | 19,118 | 23,274 | |||
| Other creditors | 55,984 | 3,082 | |||
| 283,193 | 298,953 | ||||
| ======== | ======== | ||||
| Trust | |||||
| Amounts owed to group undertakings | 166,464 | 158,695 | |||
| Accruals and deferred income | 7,518 | 6,934 | |||
| 173,982 | 165,629 | ||||
| ======== | ======== | ||||
| 18. Analysis of charitable funds | |||||
| At 1 April | At 31 March | ||||
| 2023 | Income | Expenditure | Transfers | 2024 | |
| £ | £ | £ | £ | £ | |
| Group | |||||
| Unrestricted funds | |||||
| General funds | 813,713 | 1,711,147 | (1,697,669) | (150,000) | 677,191 |
| Designated funds | |||||
| Capital reserve | 327,000 | - | - | 150,000 | 477,000 |
| Resilience reserve | 250,000 | - | (250,000) | - | - |
| Education Officer fund | 2,205 | - | - | - | 2,205 |
| 579,205 | - | (250,000) | 150,000 | 479,205 | |
| Total unrestricted funds | 1,392,918 | 1,711,147 | (1,947,669) | - | 1,156,396 |
| Restricted funds | |||||
| Capital grants | |||||
| High Mill regeneration | 1,730,086 | - | (101,508) | - | 1,628,578 |
| RRS Discovery rigging project | 110,048 | - | (32,547) | - | 77,501 |
| Discovery Point function suite & | |||||
| gallery upgrades | 96,225 | - | (32,108) | - | 64,117 |
| Other core facilities upgrades | 251,397 | - | (12,090) | - | 239,307 |
| Transform Discovery Point | 1,596,144 | - | (88,339) | - | 1,507,805 |
| RRS Discovery emergency repairs | |||||
| project | 43,600 | 93,480 | (5,796) | - | 131,284 |
| Verdant Works documentary film | |||||
| exhibition production costs | 41,692 | - | (10,668) | - | 31,024 |
| RRS Discovery desk washing | |||||
| system upgrade | 1,603 | - | (396) | - | 1,207 |
| COVID-19 lockdown restart | 22,100 | - | (7,020) | - | 15,080 |
| Discovery Point boiler | |||||
| replacement | 25,628 | - | (10,788) | - | 14,840 |
| 2022/23 VW Facilities upgrades | |||||
| (MGS CR2210551) | 60,832 | - | (10,896) | - | 49,936 |
| 2022/23 Scissor Lift (MGS | |||||
| M32210551) | 9,962 | - | (1,548) | - | 8,414 |
| 2022/23 Exhibition equipment | |||||
| (Uni Dundee/Wellcome Trust) | - | (384) | 3,838 | 3,454 | |
| 2022/23 Digital capacity upgrades | |||||
| (NHLF Digital) | - | (1,177) | 33,976 | 32,799 | |
| 2022/23 Educational resources | |||||
| (MGS M12210551 | 581 | - | (202) | - | 379 |
28
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Notes to the financial statements
For the year ended 31 March 2024
18. Analysis of charitable funds (continued)
| At 1 April | At 31 March | ||||
|---|---|---|---|---|---|
| 2023 | Income | Expenditure | Transfers | 2024 | |
| £ | £ | £ | £ | £ | |
| 2022/23 Energy saving project | |||||
| (MGS R1220551) | 11,764 | 30,585 | (2,945) | 5,796 | 45,200 |
| 2023/24 Dundee Climate Fun | - | 87,526 | (5,608) | - | 81,918 |
| 4,001,662 | 211,591 | (324,020) | 43,610 | 3,932,843 | |
| Other restricted funds | |||||
| Learning and education projects | 10,500 | 15,553 | (25,553) | - | 500 |
| Community outreach activities | 25,588 | 20,565 | (41,153) | - | 5,000 |
| Temporary exhibitions | 7,881 | 48,353 | (46,600) | (9,634) | - |
| Equipment and other operating | |||||
| costs | - | 530,948 | (446,740) | (33,976) | 50,232 |
| Development work/Other | - | 3,208 | (1,683) | - | 1,525 |
| Verdant Works documentary film | |||||
| exhibition production costs | 32,015 | - | - | - | 32,015 |
| 75,984 | 618,627 | (561,729) | (43,610) | 89,272 | |
| Total restricted funds | 4,077,646 | 830,218 | (855,749) | - | 4,022,115 |
| Total funds | 5,470,564 | 2,541,365 | (2,833,418) | - | 5,178,511 |
| ======== | ======== | ======== | ======== | ======== | |
| Income | Expenditure | ||||
| At 1 April | (including | (including | At 31 March | ||
| 2023 | gains) | losses) | Transfers | 2024 | |
| £ | £ | £ | £ | £ | |
| Trust | |||||
| Unrestricted funds | |||||
| General funds | (56,794) | 25,558 | (1,413) | - | (32,649) |
| Designated funds | |||||
| Education officer fund | 2,205 | - | - | - | 2,205 |
| Total unrestricted funds | (54,589) | 25,558 | (1,413) | - | (30,444) |
| -------------- | -------------- | -------------- | -------------- | -------------- | |
| Restricted funds | |||||
| Verdant Works | 32,015 | - | - | - | 32,015 |
| Education | 500 | - | - | - | 500 |
| Total restricted funds | 32,515 | - | - | - | 32,515 |
| Total funds | (22,074) | 25,558 | (1,413) | - | 2,071 |
| ======== | ======== | ======== | ======== | ======== |
29
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Notes to the financial statements For the year ended 31 March 2024
18. Analysis of charitable funds (continued) Prior year analysis
| At 1 April | At 31 March | ||||
|---|---|---|---|---|---|
| 2022 | Income | Expenditure | Transfers | 2023 | |
| £ | £ | £ | £ | £ | |
| Group | |||||
| Unrestricted funds | |||||
| General funds | 710,078 | 2,211,528 | (2,107,893) | - | 813,713 |
| Designated funds | |||||
| Capital reserve | 327,000 | - | - | - | 327,000 |
| Resilience reserve | 250,000 | - | - | - | 250,000 |
| Education Officer fund | 2,205 | - | - | - | 2,205 |
| 579,205 | - | - | - | 579,205 | |
| Total unrestricted funds | 1,289,283 | 2,211,528 | (2,107,893) | - | 1,392,918 |
| Restricted funds | |||||
| Capital grants | |||||
| High Mill regeneration | 1,831,592 | - | (101,506) | - | 1,730,086 |
| RRS Discovery rigging project | 142,593 | - | (32,545) | - | 110,048 |
| Discovery Point function suite & | 165,429 | - | (69,204) | - | 96,225 |
| gallery upgrades | |||||
| Other core facilities upgrades | 264,005 | - | (12,608) | - | 251,397 |
| Transform Discovery Point | 1,561,509 | 90,000 | (55,365) | - | 1,596,144 |
| RRS Discovery emergency repairs | 3,600 | 40,000 | - | - | 43,600 |
| project | |||||
| Verdant Works documentary film | 54,205 | - | (12,513) | - | 41,692 |
| exhibition production costs | |||||
| RRS Discovery desk washing | 2,000 | - | (397) | - | 1,603 |
| system upgrade | |||||
| COVID-19 lockdown restart | 29,157 | - | (7,057) | - | 22,100 |
| Discovery Point boiler | 36,416 | - | (10,788) | - | 25,628 |
| replacement | |||||
| 2022/23 VW Facilities upgrades | 64,876 | (4,044) | - | ||
| (MGS CR2210551) | 60,832 | ||||
| 2022/23 Scissor Lift (MGS | 11,250 | (1,288) | - | 9,962 | |
| M32210551) | |||||
| 2022/23 Educational resources | - | (17) | 598 | 581 | |
| (MGS M12210551 | |||||
| 2022/23 Energy saving project | 11,764 | - | - | 11,764 | |
| (MGS R1220551) | |||||
| 4,090,506 | 217,890 | (307,332) | 598 | 4,001,662 |
30
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Notes to the financial statements For the year ended 31 March 2024
18. Analysis of charitable funds (continued) Prior year analysis
| At 1 April | At 31 March | ||||
|---|---|---|---|---|---|
| 2022 | Income | Expenditure | Transfers | 2023 | |
| Other restricted funds | |||||
| Learning and education projects | 18,500 | 53,444 | (60,846) | (598) | 10,500 |
| Community outreach activities | 6,394 | 40,435 | (21,241) | - | 25,588 |
| Temporary exhibitions | - | 14,500 | (6,619) | - | 7,881 |
| Equipment and other operating | 5,500 | 853 | (6,353) | - | - |
| costs | |||||
| Development work/Other | - | 292,522 | (292,522) | - | - |
| Verdant Works documentary film | 32,015 | - | - | - | 32,015 |
| exhibition production costs | |||||
| 62,409 | 401,754 | (387,581) | (598) | 75,984 | |
| Total restricted funds | 4,152,915 | 619,644 | (694,913) | - | 4,077,646 |
| Total funds | 5,442,198 | 2,831,172 | (2,802,806) | - | 5,470,564 |
| ======== | ======== | ======== | ======== | ======== | |
| Income | Expenditure | ||||
| At 1 April | (including | (including | At 31 March | ||
| 2022 | gains) | losses) | Transfers | 2023 | |
| £ | £ | £ | £ | £ | |
| Trust | |||||
| Unrestricted funds | |||||
| General funds | (35,071) | 15,724 | (37,447) | - | (56,794) |
| Designated funds | |||||
| Education officer fund | 2,205 | - | - | - | 2,205 |
| Total unrestricted funds | (32,866) | 15,724 | (37,447) | - | (54,589) |
| Restricted funds | |||||
| Verdant Works | 32,015 | 10,000 | (10,000) | - | 32,015 |
| Education | 500 | - | - | - | 500 |
| Total restricted funds | 32,515 | 10,000 | (10,000) | - | 32,515 |
| Total funds | (351) | 25,724 | (47,447) | - | (22,074) |
| ======== | ======== | ======== | ======== | ======== |
31
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Notes to the financial statements For the year ended 31 March 2024
18. Analysis of charitable funds (continued)
Purposes of funds
Designated funds
Capital reserve : A designated capital reserve was created in 2019-20, ear-marking funds for emergency repairs required to RRS Discovery, and other long-term asset maintenance and development priorities. Use has been made of this designated reserve in partnering with external grants and donations received towards completion of phase 1 of the Discovery Point Transformed project during 2022 and into 2023. During the year an additional transfer of £150,000 was made to the designated capital reserve to ensure that the urgent works would be completed to the ship. The balance of the reserve will be used partly for the matched funding of the urgent works which commenced on the ship in Spring 2024.
Resilience reserve : Prior to the year-end (31 March 2023) the board of Dundee Industrial Heritage Limited agreed to earmark £250,000 from the net income generated in 2022-23 (largely from one-off, exceptional income, as discussed above) as a “resilience reserve” to cover foreseeable budget pressures and immediate capital investment priorities arising in 2023-24. The fund was fully utilised through 2023-24.
Restricted funds
Capital grants funds : These funds relate principally to the creation or installation over the past several years of tangible assets for use in the operations and for carrying on activities. These assets include the High Mill development and the renewal of audio-visual exhibits and apparatus forming part of the visitor experience at Verdant Works. In addition they include grants for carrying out essential renovation of the RRS Discovery rigging, upgrades to gallery spaces and events facilities at Discovery Point, and most recently, phase 1 of the Transform Discovery Point project which is part funded by a multi-year Tay Cities Deal grant, partnered with a range of grants and donations from corporate and other trusts, and individual gifts towards the project.
Other restricted funds : These funds reflect specific purposes stipulated by grant-givers and other donors regarding the use of their funding, including community engagement and education activities, core operating expenses, small equipment grants and post-pandemic start-up assistance.
32
Docusign Envelope ID: A6CF1EAD-A171-4919-9676-9C2CD468D5EB
Dundee Heritage Trust
Notes to the financial statements For the year ended 31 March 2024
18. Analysis of net assets between funds
| Un- | |||
|---|---|---|---|
| Restricted | restricted | Total | |
| Current year | 2024 | 2024 | 2024 |
| £ | £ | £ | |
| Group | |||
| Tangible fixed assets | 4,019,147 | 264,873 | 4,284,020 |
| Investments | - | 137,574 | 137,574 |
| Net current assets | 2,968 | 753,949 | 756,917 |
| Total | 4,022,115 | 1,156,396 | 5,178,511 |
| ======== | ======== | ======== | |
| Trust | |||
| Tangible fixed assets | - | - | - |
| Net current assets | 32,515 | (30,444) | 2,071 |
| Total | 32,515 | (30,444) | 2,071 |
| ======== | ======== | ======== | |
| Un- | |||
| Restricted | restricted | Total | |
| Prior year | 2023 | 2023 | 2023 |
| £ | £ | £ | |
| Group | |||
| Tangible fixed assets | 3,432,432 | 893,506 | 4,325,938 |
| Investments | - | 127,556 | 127,556 |
| Net current assets | 645,214 | 371,856 | 1,017,070 |
| Total | 4,077,646 | 1,392,918 | 5,470,564 |
| ======== | ======== | ======== | |
| Trust | |||
| Tangible fixed assets | - | - | - |
| Net current assets | 32,515 | (54,589) | (22,074) |
| Total | 32,515 | (54,589) | (22,074) |
| ======== | ======== | ======== |
19. Pension commitments
Group
A subsidiary operates a defined contribution pension scheme. The assets of the scheme are invested and managed independently of the finances of the group. Contributions payable are charged in the income and expenditure account as incurred. Contributions of £39,950 were payable (2023: £59,255). Payments of £nil (2023: £nil) were due at the year end.
20. Capital commitments
| 20. Capital commitments | ||
|---|---|---|
| 20. Capital commitments | 2024 | 2023 |
| £ | £ | |
| Contracted for but not provided for in the financial statements | 1,211,005 | 32,339 |
| ======== | ======== |
21. Related party transactions
Dundee City Council provides funding to support the activities of the Company and is represented at Board meetings. During the year, Dundee City Council provided core funding of £61,207 (2023 - £26,000).
22. Controlling party
The Trust does not consider there to be an ultimate controlling party.
23. Post Balance Sheet Event
In July 2024, the trustees approved a restructuring plan. It is the intention of the trustees to wind up Dundee Heritage Trust. The trustees have considered the impact of dissolving Dundee Heritage Trust and have formed a proposed timeline. The date of commencing and completing the wind up process is to be finalised and approved by the board of trustees.
33