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2025-03-31-accounts

DEAN ORPHANAGE & CAUVINS TRUST Report and Financial Statements For the year ended 31 March 2025

Registered Charity Number SC013890

DEAN ORPHANAGE & CAUVINS TRUST

Report and Financial Statements For the year ended 31 March 2025

Contents Page Page
Report of the Governors 2
 6
Independent Auditor
s Report to the Governors		 7
 9
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash Flows 12
Notes to the Financial Statements 13
 27

1

DEAN ORPHANAGE & CAUVINS TRUST

Report of the Governors

For the year ended 31 March 2025

The Governors (listed on page 4) have pleasure in presenting their report for the year ended 31 March 2025. This report is prepared in accordance with the constitution and the recommendations of Statement of Recommended Practice (FRS 102) Accounting and Reporting by Charities and complies with applicable law.

Objective and Activities

The objective and aim of the Trust is to provide residential care for young people not exceeding 21 years of age, who are in need of care, are living in deprived circumstances or otherwise require assistance to living independent lives. There have been no changes to activities since the last annual report.

The short-term aim is to provide a safe, secure, nurturing environment that supports young people settling into the care environment. The longer-term aim is to provide emotional, practical support and guidance to enable young people to develop the necessary skills to support them reach their full potential and move on to positive destinations.

Strategically, to meet the objective and aims, as set out above, the Trust operates two residential properties. Chestnut Wynd is a home for young people up to the age of 21. It also operates Cauvin, which provides accommodation for young people and their babies, aged 15 to 21, who require support to develop positive parenting skills. The Trust has unannounced inspections from the Care Inspectorate at least annually to ensure compliance with care standards and that the objectives of the service provided are met. The Trust has a robust recruitment selection in place ensuring all relevant staff have the appropriate qualifications, skills and are able to meet the requirements of registration with the Scottish Social Services Council.

The principal activity of the Trust during the year continued to be the provision of residential care for young persons not exceeding 21 Supporting this is the Community & Transition service for those up to 26 years of age living independently. Alongside these services is the teenage Fostering service, which is also registered as a Continuing Care service, allowing foster placements to continue once the young person has turned 18 years of age.

Achievements and Performance

The Trust measures their performance by way of a client management system that provides detailed reports of how the objectives are being met. The Trust is also required to input all information of performance into Edinburgh common client outcomes that produce a quarterly report detailing how we have met our objectives for our service.

Young people and staff successfully moved into Chestnut Wynd in September 2024 and have settled in well into our new home. The sale of the vacated property at Portland Street is being progressed, the proceeds of which will be rereserves. The transition flats the Trust leases continue to provide opportunities to support young people as they transition to independent living. The unique setting of Cauvin continues to provide exceptional support to young mums, their babies and their wider families. Further work is being planned to renovate the kitchen at the property. The Community & Transition service has been very busy in the community, providing weekly drop-in sessions at our wellbeing hub, . They continue to provide a food and clothes bank, and work with other agencies to provide the best supports for young people on an individual basis. Fostering saw three young people leave their placements in the year, but also new carers recruited and an increase in our ability to provide short breaks. Two activity trips took place for our fostered young people which were a great success, and we look forward to replicating this in the future.

The Trust has come to the end of its three-year business plan and is currently engaged in planning a new strategy and business plan for the next three to five years with engagement from all areas (the Board, staff and young people).

Risks and Uncertainties

Funding for core services will always be the biggest challenge facing the Trust. However, we have a long term established relationship with City of Edinburgh Council and work closely with them in providing services to young people in the city of Edinburgh. We have the relevant skills and experience in place to enable us to apply for funding from various stakeholders. This has been very successful over the last number of years and we do not envisage this changing. The Trust has invested in a new building at Chestnut Wynd to replace its property at Portland Street. Chestnut Wynd was finally completed and handed over to the Trust on 31 July 2024. The funds used for this are effectively being invested in a property asset. The Trust will benefit from the eventual sale of the property at Portland Street.

2

DEAN ORPHANAGE & CAUVINS TRUST

Report of the Governors

For the year ended 31 March 2025

The Trust has an up-to-date risk register which is reviewed bi-annually at Board level. The risk register considers all financial, operational and external risks that potentially could pose difficulties for the Trust. All risks are discussed and actions to mitigate these risks are agreed.

Financial risks include loss of key funding and the pension liability. The Trust was under the Residential Care for Young People contract with the City of Edinburgh Council which ended 31 March 2025. The Trust successfully completed a tender to join the Framework Agreement for Residential Care and Special Schools with the City of Edinburgh Council which commenced from 1 April 2025 and will run for four years. Within this, the council have block purchased the beds at Chestnut Wynd for two years to 31 March 2027, and the beds at Cauvin for one year to 31 March 2026. At the 31 May 2018 the Trust exited the Lothian Pension Fund scheme and on 2 December 2019 signed an agreement to repay the outstanding liability on an interest-free basis over 20 years. At 31 March 2025 63 months of payments had been made.

The Trust prepares budgets annually, using these to monitor actual results, and have external secretaries and treasurers who work with the Corporate Services Manager to review all aspects of the Trust s finances.

The main operational risk is loss of staff. The Trust has a bank of temporary staff that operate on an on-call system providing 24/7 emergency cover for unexpected absences. The Trust also has succession plans in place for key staff and all employees also have the opportunity for training and development.

The main external risk is failure of, or requirements resulting from, regulatory inspections. The Trust has regular contact with its regulatory body that provide advice in the maintenance of internal quality assurance systems for each service area. The Trust also has adequate public liability insurance in place, and this is reviewed annually to ensure appropriate levels of cover are maintained.

Financial Review

The Trust recorded net income for the year of £479,261 (2024: net income £83,538), after adjustments for realised gains and losses on investments.

Investments held at the year-end amounting to £691,252 (2024: £702,037) have been acquired in accordance with the Constitution. The investment objective is a balance between capital and income with the emphasis on income. The Trust adopts a medium risk profile and have opted to restrict investment in the tobacco, defence and fossil fuel sectors.

The Governors confirm that on a fund by fund basis, the assets are available and adequate to fulfil the obligations of the charity.

The main funding body during the year was the City of Edinburgh Council who provided a grant to be used for the provision of accommodation for young people.

Reserves Policy

The Governors have established a policy whereby the General Funds, including pension reserve, not committed or invested in fixed assets should be at least one month of the minimum resources required which amounts to £83,000. At the year end the General Fund amounted to £83,000.

Designated funds include a capital fund amounting to £2,179,493 (2024: £1,679,979) which exists to fund fixed assets, including investments, held to ensure the continued fulfilment of the objectives of the Trust. Other designated funds of £8,967 (2024: £18,166) bring the total designated funds at the year end to £2,188,460 (2024: £1,698,145). More detail about the funds can be found in note 13.

Restricted funds at the year-end were £96,439 (2024: £107,493). Detail of these funds can be found in note 13.

consistent with good practice in terms of social, managed on a discretionary basis with a medium risk profile and an investment aim of maximising income and the overall rate of return. The Governors have been satisfied with the performance of the investments against the stated policy.

3

DEAN ORPHANAGE & CAUVINS TRUST

Report of the Governors

For the year ended 31 March 2025

The Trust exited the Lothian Pension Fund defined benefit scheme on 31 May 2018 which triggered a cessation valuation of £726,000, on 2 December 2019 the Trust entered into an agreement with Lothian Pension Fund to repay the pension liability on an interest-free arrangement, monthly, over the next 20 years. The balance of the liability at 31 March 2025 was £444,063 (on a net present value basis).

Plans for Future Periods

The Trust plans to continue the activities outlined above in the forthcoming years subject to satisfactory funding arrangements. A new strategy and business plan is being prepared for the next three to five years. The eventual sale of Portland Street will provide funds for further investment in other areas of the charity.

Structure, Governance and Management

Dean Orphanage & Cauvins Trust was originally established in 1733 and is now governed by the Dean Orphanage and Cauvins Trust Schemes 1931 to 1992. The management of the Trust is the responsibility of the Governors who are elected under the terms of the said schemes.

, which states

that the following, or their representatives, shall be appointed as Governors:

In addition the following bodies can appoint a Governor:

All Governors are familiar with the work of the charity. If there are any areas where additional training is required this would be discussed at a G

The Governors, who meet on a regular basis, are responsible for the strategic direction and policy of the Trust. Day to day responsibility for the provision of services rests with the Chief Executive Officer.

The Board of Governors all hold voluntary roles so no remuneration is payable. The Board consider the Association of Chief Executives of Voluntary Organisations (ACEVO) when considering any remuneration for key personnel.

The Governors have conducted a review of the major risks to which the Trust is exposed, and systems have been established to mitigate these risks.

Reference and Administrative Details

Charity Name Dean Orphanage & Cauvins Trust (a.k.a. Dean &

Registered Charity No SC013890

4

DEAN ORPHANAGE & CAUVINS TRUST

Report of the Governors

For the year ended 31 March 2025

Secretaries and Treasurers

Azets Quay 2 139 Fountainbridge Edinburgh EH3 9QG

Independent Auditor

CT Audit Limited Chartered Accountants and Statutory Auditor 61 Dublin Street Edinburgh EH3 6NL

Bankers

Bank of Scotland plc 43 Comely Bank Edinburgh EH4 1AF

Solicitors

Lindsays WS 19A Canning Street Edinburgh EH3 8HE

Investment Managers

Brooks MacDonald 2[nd] Floor Suite Hobart House 80 Hanover Street Edinburgh EH2 1EL

5

DEAN ORPHANAGE & CAUVINS TRUST

Report of the Governors

For the year ended 31 March 2025

with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements, comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006

The Governors are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

A resolution to re-appoint CT Audit Limited as auditor will be put to the Governors.

Approved by the Governors and signed on their behalf by:

Governor

6

INDEPENDENT AUDITOR S REPORT TO THE GOVERNORS OF DEAN ORPHANAGE & CAUVINS TRUST |

Opinion

March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows 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:

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 trust 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 governors' 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 trust’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 governors with respect to going concern are described in the relevant sections of this report.

Other information

The governors are responsible for the other information. The other information comprises the information included in the governors’ report and financial statements, other than the financial statements and our auditor’s 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.

7

DEAN ORPHANAGE & CAUVINS TRUST INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS OF C T e&

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:

Responsibilities of governors

preparation of financial statements which give a true and fair view, and for such internal control as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the trust or to cease operations, or have no realistic alternative but to do so.

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 that Act.

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 trust and the industry in which it operates and considered the risks of acts by the trust which were contrary to appliable laws and regulations, included fraud. These included but were not limited to Scottish charity legislation, care inspectorate regulations, health & safety, and employment legislation.

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:

8

Docusign Envelope ID: A019261E46C44EAA4DC&10C06E87D61F INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF DEAN ORPHANAGE & CAUVINS TRUST CT: There are inherent limttations in an audit of financial statements and the further removed non-complian￿ with laws and regulations is from the events and transactions reflected in the finanaal statements, the less likely we are to become aware of it. We also addressed the risk of management ove￿Ide of internal controls. including testing joumals and evaluab'ng 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.uklauditorsresponsibilitie& This description forms part of our auditorfs report. Use of our report This report is made solely to the trusys govemors, as a body. in accordance with RegulatTron 10 of the Charities Accounts {Scotland} Regulats'ons 2006. Our audit work has been undertaken so that we might state to the trusfs governors 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 trust and the trusys governors as a body, for our audit wo￿, for this report. or for the opinions we have formed. CT Audit Limited Chartered Accountants and Slalutory Auditor 61 Dublin Street Edinburgh EH3 6NL 16 December 2025 Date CT Audit Limited is eligible to act as an auditor in tenns of sects'on 1212 of the companies Ad 2006.

DEAN ORPHANAGE & CAUVINS TRUST

Statement of Financial Activities

For the year ended 31 March 2025

Notes General Designated Designated Restricted Total Total
Fund Fund Fund 2025 2024
£ £ £ £ £
Income and endowments from:
Donations and legacies 60,141 - - 60,141 50,943
Charitable activities:
- Maintenance fees 1,526,360 - - 1,526,360 1,446,984 1
- Grants - - 276,694 276,694 190,237
- Training support 2,380 - - 2,380 5,636
- Other grant and support income 31,788 - 53,440 85,228 65,230
Investments:
- Rental income 16,287 - 16,287 18,931
- Investment income 16,974 - 16,974 18,107
Total 1,653,930 - 330,134 1,984,064 1,796,068 1
Expenditure on:
Raising funds 4 15,550 15,798 - 31,348 32,966
Charitable activities 4 1,588,999 62,115 341,188 1,992,302 1,745,573 1
Total 1,604,549 77,913 341,188 2,023,650 1,778,539 1
Net (losses)/gains on investments
- Quoted investments - 9,162 - 9,162 66,009
- Investment property 12,537 497,148 - 509,685 -
Net income/ (expenditure) 61,918 428,397 (11,054) 479,261 83,538
Transfers between funds (61,918) 61,918 - - -
Net movement in funds - 490,315 (11,054) 479,261 83,538
Total funds at 1 April 2024 83,000 1,698,145 107,493 1,888,638 1,805,100 1
Total funds at 31 March 2025 14 83,000 2,188,460 96,439 2,367,899 1,888,638 1

The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.

The notes on pages 13 to 27 form part of these financial statements

10

Docusign Envelope ID: A019261E46C44EAA4DC&10C06E87D61F DEAN ORPHANAGE & CAUVINS TRUST Balance Sheet As at 31 March 2025 Notes 2025 2024 Fixed assets Tangible assets Investrnent properties Investments 1.016,835 260.000 691.252 1,103.806 260.000 702.037 1.968.087 2.065.843 Current assets Debtors Assets held for sale Cash at bank and in hand 105,705 650.000 231.271 191.005 19 311,223 986.976 502,228 Current liabilities Amounts falling due within one year 10 (178,031) (245.141) Net current assets 808,945 257,087 Total assets less current liabilities 2,TTT,032 2,322,930 Liabilities Amounts falling due after one year 11 (409,133) (434,292) Net assets 2,367,899 1,888,638 Funds Unrestricted funds: - General fund - Designated funds 14 14 83.000 2,188.460 83.000 1,698.145 2.271.460 96,439 1,781.145 107.493 Restricted funds 14 2,367.899 1,888,638 The financial statements were authorised for issue by the Govemors on 15 December 204%d signed on their behalf by: Govemor The notes on pages 13 to 27 form part of these financial statements 11

DEAN ORPHANAGE & CAUVINS TRUST

Statement of Cash Flows

For the year ended 31 March 2025

Notes
Cash flows from operating activities
Net cash provided by/(used in) operating activities
18
Cash flows from investing activities
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Repayment of loan
Net cash 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
19		 2025
£
(33,011)
33,261
(74,990)
168,456
(141,583)
(14,856)
(25,159)
(25,159)
(73,026)
318,854
245,828		 2024
£
(56,293)
37,039
(279,996)
58,146
(43,276)
(228,087)
(24,605)
(24,605)
(332,504)
651,358
318,854

Net debt reconciliation

Balance as Cash Flows Other non- Balance as at
at 31 March cash 31 March
2024 changes 2025
£ £ £ £
Cash and cash equivalents
Cash 311,223 (79,952) - 231,271
Cash equivalents 7,631 6,926 - 14,557
318,854 (73,026) - 245,828
Borrowings
Debt due within one year (34,930) 25,159 (25,159) (34,930)
Debt due after one year (434,292) - 25,159 (409,133)
(469,222) 25,159 - (444,063)
Total (150,368) (47,867) - (198,235)

The notes on pages 13 to 27 form part of these financial statements

12

DEAN ORPHANAGE & CAUVINS TRUST

Notes to the Financial Statements

For the year ended 31 March 2025

1. Accounting Policies

Basis of accounting

The financial statements have been prepared in accordance with the Financial Reporting Standard 102 as issued by the Financial Reporting Council, the Statement of Recomme Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard 2005, and the Charities Accounts (Scotland) Regulations 2006 (as amended).

transactions are denominated.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires the Governors to exercise their judgement in the process of applying the accounting policies. Use of available information and application of judgement are inherent in the formation of estimates. Actual outcomes in the future could differ from such estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3.

The Trust 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.

Going concern

The financial statements have been prepared on a going concern basis. The Governors have assessed the , and have reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.

Funds

Restricted funds are those which have been given to the charity for use in accordance with the wishes of the donors, commonly for use in relation to a specific service.

Unrestricted funds are available for use at the discretion of the Governors. In order to ensure that funds are available for specific projects, certain funds are set aside and designated by the Governors into separate funds.

Income

All income is included in the Statement of Financial Activities when the Trust is entitled to the income, the amount can be quantified with reasonable accuracy, and receipt is probable. The following specific policies are applied to particular categories of income.

Maintenance fees

Maintenance fees are credited to the Statement of Financial Activities in the year to which they relate.

Grants

Grants are credited to the Statement of Financial Activities in the year to which they relate.

13

DEAN ORPHANAGE & CAUVINS TRUST

Notes to the Financial Statements continued

For the year ended 31 March 2025

1. Accounting Policies (continued)

Legacies

Legacies are accounted for when receivable and if received free of restrictions as to their use, are credited to funds as determined by the Governors.

Rental income

Rental income is credited to the Statement of Financial Activities when receivable.

Fixed assets

The Governors are of the opinion that heritable properties have a residual value in excess of cost and estimated useful lives substantially in excess of fifty years. Sufficient maintenance is carried out to maintain the standard of the buildings. On this basis the Governors are of the opinion that the depreciation charge would be immaterial. The values of the buildings are reviewed annually for indication of impairment. The exception to this is the Caravan which is depreciated as stated below.

In respect of other fixed assets, depreciation is provided in the year in which the fixed assets are purchased. The rate of depreciation is calculated so as to write-off the cost less residual value of each asset evenly over its expected useful life as follows:

Items under £1,000 are not capitalised.

Investment property

In accordance with the charity SORP:

Investments

Investments are included at fair value, which is considered to be market value. All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening carrying value (purchase date if later). Unrealised gains and losses are calculated as the difference between the fair values at the year end and their carrying value. Restricted and unrestricted investment gains are combined in the Statement of Financial Activities.

Income from investments is credited to the Statement of Financial Activities when receivable.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Pensions

Qualifying staff are members of the Scottish Charities Pension Scheme.

The Scottish Charities Pension Scheme is a defined contribution scheme, contributions to this scheme are charged to the Income and Expenditure account in the year in which they are incurred.

14

DEAN ORPHANAGE & CAUVINS TRUST

Notes to the Financial Statements continued

For the year ended 31 March 2025

1. Accounting Policies (continued)

Taxation

The Trust is a charity and is recognised as such by HM Revenue & Customs for taxation purposes. As a result there is no liability to taxation on any of its charitable income

VAT

The Trust is not registered for VAT and accordingly expenditure includes VAT where appropriate.

Expenditure allocation

Where possible, expenditure has been charged direct to charitable expenditure or governance costs. Where this is not possible the expenditure has been allocated on the basis of time spent by staff on each activity. Support costs are those costs incurred directly in support of the objects of the charity and are charged within the appropriate overhead together with direct charitable expenditure.

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Operating leases

Rentals payable under operating leases are charged on a straight-line basis over the term of the lease.

Donated services and facilities

Donated services and facilities are included at the value to the charity where this can be quantified.

Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments other than investments are initially recognised at transaction value and subsequently measured at their settlement value.

15

DEAN ORPHANAGE & CAUVINS TRUST

Notes to the Financial Statements continued

For the year ended 31 March 2025

2. Statement of Financial Activities for the year ended 31 March 2024

Notes
General
Fund
Designated
Fund
£
£
Income and endowments from:
Donations and legacies
50,943
-
Charitable activities:
- Maintenance fees
1,446,984
-
- Grants
-
-
- Training support
5,636
-
- Other grant and support income
18,928
-
Investments:
- Rental income
18,931
- Investment income
18,107
Total
1,559,529
-
Expenditure on:
Raising funds
11,620
21,346
Charitable activities
1,541,182
42,011
Total
1,552,802
63,357
Net (losses)/gains on investments
- Quoted investments
-
66,009
Net income/ (expenditure)
6,727
2,652
Transfers between funds
(6,727)
(14,988)
Net movement in funds
-
(12,336)
Total funds at 1 April 2023
83,000
1,710,481
Total funds at 31 March 2024
83,000
1,698,145		 Restricted
Fund
Total
2024
£
£
-
50,943
-
1,446,984
190,237
190,237
-
5,636
46,302
65,230
-
18,931
-
18,107
236,539
1,796,068
-
32,966
162,380
1,745,573
162,380
1,778,539
-
66,009
74,159
83,538
21,715
-
95,874
83,538
11,619
1,805,100
107,493
1,888,638

16

DEAN ORPHANAGE & CAUVINS TRUST

Notes to the Financial Statements continued

For the year ended 31 March 2025

3. Critical judgements and estimates

In preparing the financial statements the Governors make estimates and assumptions which affect reported results, financial position and disclosure of contingencies. Use of available information and application of judgement are inherent in the formation of the estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

Critical judgements are made in the application of income recognition, property valuation and useful lives of tangible fixed assets.

4. Expenditure

Basis of
allocation
Raising
Funds
Activities in
furtherance of
objectives
£
£
Costs directly allocated to activities
Allowances and pocket money
Direct
-
254,959
Bank interest and charges
Direct
-
1,860
Cleaning
Direct
2,622
4,915
Clothing and footwear
Direct
-
447
Computer maintenance
Direct
-
26,756
Depreciation
Direct
-
21,645
Factor Fees
Direct
1,253
-
Fundraising costs
Direct
15,550
-
Heat and light
Direct
1,456
24,222
Interest on other loan
Direct
-
10,557
Postage and stationery
Direct
-
30,760
Professional fees
Direct
-
41,697
Provisions
Direct
-
18,219
Registration fees
Direct
-
11,050
Rent, rates and insurance
Direct
7,501
103,319
Repairs and renewals
Direct
2,966
50,373
Residents travel expenses
Direct
-
2,166
Staff training, recruitmentand
travel
Direct
-
61,890
Telephone
Direct
-
12,929
Welfare and recreation
Direct
-
84,096

31,348
761,860
Staff costs (note 5)
Direct
-
1,193,717
Support costs allocated to activities
Governance costs
Direct
-
36,725
31,348
1,992,302		 Total
2025
£
254,959

1,860
7,537
447
26,756

21,645

1,253
15,550

25,678

10,557
30,760

41,697

18,219

11,050
110,820

53,339

2,166
61,890

12,929

84,096

793,208

1,193,717
36,725
2,023,650		 Total
2024
£
213,914
2,656
8,956
1,139
21,218
16,394
-
11,870
19,382
11,111
28,658
23,032
18,265
8,996
96,506
44,133
4,428
46,380
10,275
35,046
622,359
1,120,536
35,644
1,778,539

17

DEAN ORPHANAGE & CAUVINS TRUST

Notes to the Financial Statements continued

For the year ended 31 March 2025

4. Expenditure (continued)

Split of governance costs

Audit fee
Board costs
Professional fees
ff Numbers and Costs
Wages and salaries
Social security costs
Pension costs
Agency staff costs
The average head count of employees during the year was:
Full time staff
Part time staff
Temporary staff		 2025
£
10,230
137
10,433
15,925
36,725
2025
£
956,153
92,268
27,238
1,075,659
118,058
1,193,717
Number
20
9
16
45		 2024
£
9,300
833
7,930
17,581
35,644
2024
£
954,561
88,103
28,748
1,071,412
49,124
1,120,536
Number
22
8
14
44

5. Staff Numbers and Costs

No remuneration, benefits or reimbursement of expenses was paid to any Governor during the year (2024: £nil).

During the year there was one employee who had emoluments, excluding pension costs, in the pay band £60,001 - £70,000 (2024: one person in the pay band £60,001 - £70,000).

The total remuneration, including pension costs, received by key management personnel during the year was £243,263 (2024: £225,554). The Trust considers key management personnel to be the Governors, CEO and Senior Management Team only.

18

DEAN ORPHANAGE & CAUVINS TRUST

Notes to the Financial Statements continued

For the year ended 31 March 2025

6. Tangible Assets

Tangible Assets
Heritable
Property
Leasehold
property
Property
Under
Construction
Computer
Equipment
Fixtures &
Fittings

£
£
£
£
£
Cost
At 1 April 2024
290,244
55,000
781,580
28,472
48,689
Additions
-
-
46,094
-
-
Transfer to property
held for sale
(140,314)
At 31 March 2025
149,930
55,000
827,674
28,472
48,689
Depreciation
At 1 April 2024
-
53,167
-
27,617
19,395
Charge for year
-
1,833
11,036
855
7,922
At 31 March 2025
-
55,000
11,036
28,472
27,317
Net book value
At 31 March 2025
149,930
-
816,638
-
21,372
At 31 March 2024
290,244
1,833
781,580
855
29,294		 Vehicles
£
-
28,895
28,895
-
-
-
28,895
-		 Total
£
1,203,985
74,989
(140,314)
1,138,660
100,179
21,646
121,825
1,016,835
1,103,806

The loan granted by The City of Edinburgh Council as the administering authority of Lothian Pension Fund, is Willowbrae Road.

Assets held for sale compose of the property at 41 Portland Street which is a transfer from tangible assets.

Portraits

The Trust also owns two portraits of persons connected with the early history of the Trust. No value has been attributed to the portraits in these financial statements as the historic cost is not available and the Governors consider the cost involved in obtaining an accurate valuation outweighs the benefit of obtaining such a valuation. The two portraits are not thought to have any significant value.

7. Investment Properties

Valuation at 1 April 2024
Valuation at 31 March 2025		 Road
£
260,000
260,000		 Total
£
260,000
260,000

July 2023 at the above home report value. The Governors have confidence that the valuation given reflects the value of the property as at 31 March 2025.

19

DEAN ORPHANAGE & CAUVINS TRUST

Notes to the Financial Statements continued

For the year ended 31 March 2025

8. Investments

Market value at 1 April 2024
Less: disposals at opening market value
(proceeds £168,456, gain £3,470)
Add: additions at cost
Net unrealised investment gain
Market value at 31 March 2025
Cash held by Brooks MacDonald
Cost excluding cash		 2025
£
694,406
(164,986)
141,583
5,692
676,695
14,557
691,252
597,285		 2024
£
643,268
(62,732)
43,276
70,594
694,406
7,631
702,037
609,325

All investments are carried at their fair value. Investments in equities and fixed securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

The investments are mainly traded in markets with good liquidity and high trading volumes. The Trust has no material investment holdings in markets subject to exchange controls or trading restrictions.

The Trust manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges.

9. Debtors

Trade debtors
Other debtors
Prepayments		 2025
£
39,732
9,130
56,843
105,705		 2024
£
59,042
77,442
54,521
191,005

20

DEAN ORPHANAGE & CAUVINS TRUST

Notes to the Financial Statements continued

For the year ended 31 March 2025

10. Liabilities: Amounts falling due within one year

Creditors
Accruals and deferred income
Social Security and other taxes
Other creditors
Other loans		 2025
£
37,483
77,656
20,836
7,126
34,930
178,031		 2024
£
13,530
158,693
23,183
14,805
34,930
245,141

Included within accruals and deferred income is deferred income of £59,184 (2024: £84,004), to be released in the following year.

Deferred income

Opening balance
Amounts added to deferred income
Amounts released to deferred income
Closing balance		 2025
£
84,004
59,184
(84,004)
59,184		 2024
£
85,780
84,004
(85,780)
84,004

Deferred income relates to multiyear grant funding for future periods.

11. Liabilities: Amounts falling due after one year

Other loans 2-5 years
Other loans over 5 years		 2025
£
132,202
276,931
409,133		 2024
£
132,202
302,090
434,292

The interest free loan granted by City of Edinburgh Council in respect of the Lothian pension fund is repayable in equal instalments over the period to March 2040 and attracts no interest.

12. Financial instruments

Financial assets held in investments at fair value
Investment properties		 2025
£
691,252
260,000
951,252		 2024
£
702,037
260,000
962,037

Financial instruments at fair value through the statement of financial activities comprise of investments only.

21

DEAN ORPHANAGE & CAUVINS TRUST

Notes to the Financial Statements continued

For the year ended 31 March 2025

13. Funds

General Fund
Designated Funds
Capital Fund
Aftercare Group Work Fund
Assisted Young Person Flat Fund
Food Bank Fund
Hardship Fund
Systems Development Fund
Training Fund
YP, Babies & toddlers Fund		 Balance at
31 March
2024
Income and
Investments
Movements
£
£
83,000
1,666,467
-
-
1,679,979
506,310
-
-
6,354
-
-
-
3,292
-
522
-
7,148
-
850
-
-
-
1,698,145
506,310
1,781,145
2,172,777		 Transfers
During Year
£
(61,918)
15,798
14,848
5,000
10,422
2,000
250
2,000
1,000
5,500
5,100
61,918
-		 Expenditure
£
(1,604,549)
(15,798)
(21,644)
(4,209)
(20,652)
(1,729)
(713)
(234)
(7,713)
(3,747)
(1,474)
(77,913)
(1,682,462)		 Balance at
31 March
2025
£
83,000
-
2,179,493
791
(3,876)
271
2,829
2,288
435
2,603
3,626
2,188,460
2,271,460

The transfers of £61,918 (2024: (£14,988)) are as a result of the policy to maintain the General Fund at £83,000

22

DEAN ORPHANAGE & CAUVINS TRUST

Notes to the Financial Statements continued

For the year ended 31 March 2025

13. Funds (continued)

General Fund
Designated Funds
Capital Fund
Aftercare Group Work Fund
Assisted Young Person Flat Fund
Capital Fit Out Fund
Cattanach 1000 Day Fund
Hardship Fund
Holidays & Activities Fund
Leith Benevolent Fund
M&G plc Community Fund
Systems Development Fund
Training Fund		 Balance at
31 March
2023
Income and
Investments
Movements
£
£
83,000
1,559,529
-
-
1,603,874
66,009
308
-
13,672
-
56,080
-
2,286
-
4,448
-
16,715
-
1,887
-
248
-
-
-
10,963
-
-
-
1,710,481
66,009
1,793,481
1,625,538		 Transfers
During Year
£
(6,727)
21,346
26,490
-
1,230
(56,080)
-
-
(16,715)
-
-
4,500
-
4,241
(14,988)
(21,715)		 Expenditure
£
(1,552,802)
(21,346)
(16,394)
(308)
(8,548)
(2,286)
(1,156)
-
(1,887)
(248)
(3,978)
(3,815)
(3,391)
(63,357)
(1,616,159)		 Balance at
31 March
2024
£
83,000
-
1,679,979
-
6,354
-
-
3,292
-
-
-
522
7,148
850
1,698,145
1,781,145

Governors Fund

All investment and other income which does not derive from the operating of the homes run by the Trust is credited to this fund. The income is used for funding expenditure within the objectives of the Trust which are not otherwise funded and is at the sole discretion of the Governors.

Capital Fund

The capital fund exists to fund fixed assets, including investments, which are held to ensure the continued fulfilment of the objectives of the Trust, which are as stated in the Governors report. This fund has been reduced by transfers to the general fund to cover, principally, deficits in the pension scheme.

Training Fund

The Training Fund has been set up to fund assessment cost

Assisted Young Person Training Flat

To provide young people with the opportunity to live independently with a high level of support and develop the necessary skills to enable them to eventually move on to more permanent accommodation.

Aftercare Group Work Fund

Supports wellbeing and activities of young people

Hardship Fund

The Hardship Fund is to fund emergencies young people may experience whilst living on very limited funds.

Leith Benevolent Fund

To use towards a new kitchen at Portland Street, and to support cooking classes for young people.

M&G plc Community Fund

The M&G plc Community Fund was awarded to support young people during the coronavirus pandemic.

23

DEAN ORPHANAGE & CAUVINS TRUST

Notes to the Financial Statements continued

For the year ended 31 March 2025

13. Funds (continued)

Cattanach 1000 Day Fund

Funds awarded from Cattanach to support babies in the first 1000 days of their lives.

Christmas Appeal Fund

Christmas Appeal Fund are funds to support our young people with specific needs at Christmas time.

Counselling Fund

Counselling Fund is to provide counselling support to young people and staff.

Holiday & Activities Fund

Holiday & Activities Fund is to provide young people with holidays and activities.

Systems Development Fund

Systems Development Fund is to support the organisations technological needs.

YPDF was established to provide young people with funds to achieve specific goals or objectives.

c)
Restricted Funds
William Grant Foundation
Scottish Government
Capital Fit Out Fund
Capital City Partnership
Car Fund
CEC Connected Communities
Fund
Christmas Appeal Fund
KPE4
National Lottery Community Fund
(YSF)
Holiday & Activities Fund
Nationwide
Counselling Fund
Whole Family Wellbeing Fund
Robertsons Trust		 Balance
at
31 March
2024
£
40,000
14,457
29,700
-
-
-
229
-
-
19,667
-
3,440
-
-
107,493		 Income
Transfers
During Year
Expenditure
Balance at
31 March
2025
£
£
£
£
-
-
(40,000)
-
15,000
-
(14,457)
15,000
15,500
-
(41,976)
3,224
54,634
-
(54,634)
-
10,000
-
-
10,000
42,521
-
(41,246)
1,275
2,000
-
(1,903)
326
20,000
-
(20,000)
-
32,314
-
(32,314)
-
15,340
-
(13,617)
21,390
25,845
-
(25,659)
186
10,600
-
(1,002)
13,038
54,380
-
(54,380)
-
32,000
-
-
32,000
330,134
-
(341,188)
96,439

24

DEAN ORPHANAGE & CAUVINS TRUST

Notes to the Financial Statements continued

For the year ended 31 March 2025

13. Funds (continued)

William Grant Foundation
Scottish Government
Capital Fit Out Fund
Capital City Partnership
Christmas Appeal Fund
National Lottery Community
Fund (CCLW)
National Lottery Community
Fund (CC&T)
Holiday & Activities Fund
Counselling Fund		 Balance at
31 March
2023
£
11,619
-
-
-
-
-
11,619		 Income
Transfers
During Year
Expenditure
Balance at
31 March
2024
£
£
£
£
62,237
-
(33,856)
40,000
14,457
14,457
26,350
5,000
(1,650)
29,700
50,000
-
(50,000)
-
952
-
(723)
229
25,622
-
(25,622)
-
37,921
-
(37,921)
-
13,000
16,715
(10,048)
19,667
6,000
-
(2,560)
3,440
236,539
21,715
(162,380)
107,493

William Grant Foundation

William Grant Foundation is supporting parenting work with both one-to-one and group work sessions for young mums and their babies.

Scottish Government

Scottish Government is supporting young parents and their children with health improvement.

Promise Foundation

Funds awarded by the Promise Foundation to support the Trust as it implements changes driven by the Independent Care Review.

National Lottery Community Fund (CCLW)

The National Lottery Community Fund supports the work of connecting care leavers as they transition from residential care to independent living.

National Lottery Community Fund (CC&T)

This fund supports the work of the community and transition team.

Capital Fit Out Fund

Capital Fit Out Fund is to fund capital projects.

Capital City Partnership

To deliver employability work.

Whole Family Wellbeing Fund

To support our Parent-Infant Partnership work with City of Edinburgh Council and the NHS.

Robertsons Trust

This fund supports the work of the community and transition team.

25

DEAN ORPHANAGE & CAUVINS TRUST

Notes to the Financial Statements continued

For the year ended 31 March 2025

14. Analysis of Net Assets Between Funds

Tangible fixed assets
Investment properties
Investments
Net current assets
Long term liabilities
Tangible fixed assets
Investment properties
Investments
Net current assets
Long term liabilities		 General
Funds
£
-
-
-
492,133
(409,133)
83,000
General
Funds
£
-
-
517,292
(434,292)
83,000		 Designated
Funds
£
1,016,835
260,000
691,252
220,373
-
2,188,460
Designated
Funds
£
1,103,806
260,000
702,037
(367,698)
-
1,698,145		 Restricted
Funds
£
-
-
-
96,439
-
96,439
Restricted
Funds
£
-
-
107,493
-
107,493		 2025
Total
£
1,016,835
260,000
691,252
808,945
(409,133)
2,367,899
2024
Total
£
1,103,806
260,000
702,037
257,087
(434,292)
1,888,638

15. Pensions

The Trust operated one pension scheme during the year. The assets of the scheme are held separately from those of the Trust in an independently administered fund. The pension scheme is a defined contribution scheme and the pension cost charge for this scheme amounted to £27,238 (2024: £28,749). The amount outstanding at the year end was £4,571 (2024: £9,270).

16. Capital Commitments

There were no capital commitments at 31 March 2025 (2024: £86,065 relating to the new property under construction).

17. Other Financial Commitments and Lease Expenditure

Future minimum lease payments on non-cancellable operating lease rentals are payable as follows:

Within one year
Over one year but less than five years		 2025
£
42,886
83,982
126,868		 2024
£
42,980
83,982
126,962

Lease payments paid during the year were £60,925 (2024: £55,886).

26

DEAN ORPHANAGE & CAUVINS TRUST

Notes to the Financial Statements continued

For the year ended 31 March 2025

18. Reconciliation of net income to net cash flow from operating activities

Net incoming resources for the year
Adjustments for
Depreciation charges
Dividends, interest and rents from investments
Losses/(gains) on value of assets held for sale
Losses/(gains) on investments
Decrease/(increase) in debtors
(Decrease)/increase in creditors
19. Analysis of cash and cash equivalents
Cash at bank and in hand
Cash held within investments
Total cash and cash equivalents		 2025
£
479,261
21,646
(33,261)
(509,685)
(9,162)
85,300
(67,110)
(33,011)
2025
£
231,271
14,557
245,828		 2024
£
83,538
16,394
(37,038)
-
(66,009)
(29,518)
(23,660)
(56,293)
2024
£
311,223
7,631
318,854

27