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2025-03-31-accounts

Dundee CHANGING Ta￿ FORTHEFUTURE Fln•nc• DUNDEE CITY COUNCIL CHARITABLE TRUSTS ANNUAL ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 AUDITED September 2025

DUNDEE CITY COUNCIL CHARITABLE TRUSTS

ANNUAL ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025

Contents

Page No
Trustees' Annual Report 3
Statement of Trustees' Responsibilities 7
Financial Statements Introduction 8
Statement of Receipts and Payments for the Year Ended 31 March 2025 9
Statement of Receipts and Payments for the Year Ended 31 March 2024
10
Statement of Balances as at 31 March 2025 11
Statement of Balances as at 31 March 2024 12
Notes to the Financial Statements 13
Independent Auditor’s Report 15

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TRUSTEES' ANNUAL REPORT

LEGAL & ADMINISTRATIVE INFORMATION

Trustees

The Trustees of the Dundee City Council Charitable Trusts are the 29 councillors of Dundee City Council. Councillors are elected to serve for a period of five years. The last full Council election was held on 5 May 2022 and the first statutory meeting of the new Council took place on 23 May 2022. The following Councillors were in office during the 2024/25 financial year:

Charitable Trusts’ Principal Address c/o Dundee City Council City Square Complex Dundee

External Auditor

The Charitable Trusts’ appointed external auditor is:

– Senior Audit Manager

Audit Scotland 4[th] Floor 8 Nelson Mandela Place Glasgow G2 1BT

Banking Arrangements

The Charitable Trusts do not have a separate, dedicated bank account. Rather, funds are managed through Dundee City Council’s main bank account. The Council’s bankers are: Royal Bank of Scotland plc

3 High Street Dundee DD1 9YL

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ANNUAL REPORT 2024/25

Administrative Details

During the 2024/25 financial year, Dundee City Council acted as sole trustee for 4 Charitable Trusts that were registered with the Office of the Scottish Charity Regulator (OSCR). The Council administers these funds but the associated assets are not available to the Council and have not been included in the Council's Single Entity Balance Sheet. The Charitable Trusts are subsidiaries of Dundee City Council but are not included in the Council’s Group Balance Sheet on grounds of immateriality.

Objectives & Activities

The key objectives and activities of the 4 registered Charitable Trusts for which the City Council acted as sole trustee during the 2024/25 financial year are listed below. The trustees have not identified any major risks to which the Charitable Trusts and Endowments are exposed.

Belmont Trust Estate (SC018900)

Estate gifted in 1918 by the late Mrs Emma Caird or Marryat of Roseangle, Dundee, in memory of her husband and her brothers, to be utilised for the benefit of the citizens of Dundee.

Camperdown Estate Trust (SC018899)

Purchased in the interest and for the benefit of the Community on 11 November 1945, at a cost of £58,100 which was provided by the Sir James Caird Land Acquisition Fund.

William Dawson Trust (SC018920)

Residue of estate handed over to the Lord Provost and Magistrates of the City of Dundee as trustees in 1948, for the purpose of acquiring ground for use as playing fields in wards X and XI.

Hospital Fund (SC018896)

Issued under The Dundee Churches and Hospital Act 1864, "for behoof of the Poor of the Town".

Structure, Governance & Management Arrangements

During the 2024/25 financial year, the City Council was, in law, the sole trustee for the 4 registered Charitable Trusts listed above. Elected members of the Council are automatically appointed as trustees on an ex-officio basis. In most cases, however, responsibility for the day-to-day management of these trusts and endowments has been delegated to the relevant chief officers of the Council. The exception to this, where the elected members of the Council have a more active role as trustees, is as follows:

Hospital Fund (SC018896)

The Council's City Governance Committee (previously the Policy and Resources (“P&R”) Committee) meets annually to approve disbursements from the Hospital Fund. All 29 members of the Council sit on the City Governance Committee, which is chaired by the Leader of the Administration. At a meeting held on 14 January 2013 it was agreed that no new applications would be invited and that instead a budget of £25,000 would be provided to pilot a targeted welfare benefit advice service in Dundee in 2013/14. It was subsequently agreed to extend this pilot to 31 March 2017.

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A peer review was carried out in March 2017 and it was agreed to continue the project for a further three financial years, to 31 March 2020. The P&R Committee held on 24 August 2020 agreed to extend this funding to 31 March 2021. At the P&R Committee on 31 October 2022, retrospective approval was given for the 2021/22 payment, as well payments for 2022/23. The P&R Committee held on 15 May 2023 agreed to increase the amount to £30,000 and to extend the funding to 31 March 2026.

Financial Administration

The financial administration of the 4 registered Charitable Trusts for which the City Council acted as sole trustee during the 2024/25 financial year is undertaken in accordance with the Council's approved Financial Regulations. The Financial Regulations contain the following specific references to Trusts and Charitable Funds:

All officers acting as trustees by virtue of their official position shall deposit all securities etc relating to the trust or charitable fund with the Executive Director of Corporate Services.

All investments of money shall be made by the Executive Director of Corporate Services in the name of Council. Any investments made will be made in accordance with the policy determined by the Policy and Resources Committee.

The Executive Director of Corporate Services and other relevant officers shall ensure compliance with the requirements of the Office of the Scottish Charities Regulator (OSCR).”

Financial Review

For the 2024/25 financial year, the total net surplus on the 4 registered Charitable Trusts was £36,382 (2023/24: £48,294). Total receipts were £93,053 (2023/24: £92,064) comprising investment income of £44,055 (2023/24: £35,113) and property rental income of £48,998 (2023/24: £56,951). Investment income relates solely to interest on surplus funds that are deposited with Dundee City Council's Loans Fund. Property rental income relates to income from property leases at Belmont Trust Estate of £8,222 (2023/24: £8,222) and rental income from the buildings in Reform Street Dundee that are owned by the Hospital Fund of £40,776 (2023/24: £48,729). Total payments were £56,671 (2023/24: £43,770), see below for further details. The net surplus of £36,382 (2023/24: £48,294) resulted in total usable charity funds of £1,046,091 as at 31 March 2025 (£1,009,708 as at 31 March 2024). Cash-backed reserves (i.e. Capital Account and Surplus Income) are operated in accordance with the charities’ aims and objectives, as set out in the original founding documents. These documents will usually include restrictions on how such funds can be applied.

Achievements & Performance

During the 2024/25 financial year, within the total payments of £56,671 (2023/24: £43,770), the following costs were incurred in pursuit of the charities’ objectives:

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Belmont Trust Estate – £6,980 (2023/24: £8,464) was spent on repairs and maintenance and other property costs.

Hospital Fund – actual expenditure relates mainly to grants to local pensioners in financial need during the 2024/25 financial year was £1,760 (22 grants of £80) (2023/24: £2,240 (28 grants of £80)). A contribution from the fund of £30,000 was provided towards a targeted welfare benefit advice service in Dundee. In addition, expenditure of £8,154 (2023/24: £3,029) was incurred on property costs related to the buildings in Reform Street Dundee that are owned by the Hospital Fund.

Trustee Remuneration & Expenses

No trustees received any remuneration or expenses during the 2024/25 financial year (2023/24: £nil).

Signed on behalf of the trustees

Senior Councillor with responsibility for Finance Dundee City Council 24 September 2025

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STATEMENT OF TRUSTEES' RESPONSIBILITIES IN RESPECT OF THE TRUSTEES’ ANNUAL REPORT AND THE FINANCIAL STATEMENTS

Under charity law, the trustees are responsible for preparing the Trustees’ Annual Report and the financial statements which properly present an analysis of the incoming/outgoing cash and bank transactions for each financial year on a receipts and payments basis.

In preparing these financial statements, generally accepted accounting practice entails that the trustees:

The trustees are responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the trustees to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, and regulation 9(1), (2), and (3) of The Charities Accounts (Scotland) Regulations 2006 (as amended). They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

Approved by the trustees on 24 September 2025 and signed on their behalf by:

Senior Councillor with responsibility for Finance Dundee City Council

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FINANCIAL STATEMENTS INTRODUCTION

Basis of Preparation

The following accounts have been prepared in accordance with the "connected charities" provision contained in Regulation 7 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Connected charities are defined as those having common or related charitable purposes, or charities which have common control or unity of administration. The City Council considers the 4 Charitable Trusts for which it acted as sole trustee during the 2024/25 financial year to be "connected" and has therefore taken the opportunity to prepare accounts collated into a single document.

External Audit

The financial statements are the subject of an external audit. Also, details of Charitable Trust Funds are incorporated within the City Council's Annual Accounts. The financial statements are the subject of an external audit. Also, details of Charitable Trust Funds are incorporated within the City Council's Annual Accounts.

Further Information

Any queries regarding this document should, in the first instance, be addressed to:

Accounting Strategy Manager, Corporate Services Dundee City Council 50 North Lindsay Street Dundee DD1 3RF (Email: francois.devilliers@dundeecity.gov.uk) (Telephone: 07385 931075)

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DUNDEE CITY COUNCIL CHARITABLE TRUSTS

STATEMENT OF RECEIPTS AND PAYMENTS FOR THE YEAR ENDED 31 MARCH 2025

Receipts
Investment Income
Rent
Payments
Charitable Activities
Surplus / (Deficit) for the Year		 Belmont Camperdown
William
Trust
Estate
Dawson
Hospital
Estate
Trust
Trust
Fund
Total
£
£
£
£
£
8,037
109
298
35,611
44,055
8,222
0
0
40,776
48,998
16,259
109
298
76,387
93,053
16,259
109
0
40,303
56,671
16,259
109
0
40,303
56,671
0
0
298
36,084
36,382

These funds are deemed to be restricted, permanent endowment (capital) funds.

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DUNDEE CITY COUNCIL CHARITABLE TRUSTS

STATEMENT OF RECEIPTS AND PAYMENTS FOR THE YEAR ENDED 31 MARCH 2024

Belmont Camperdown William
Trust Estate Dawson Hospital
Estate Trust Trust Fund Total
£ £ £ £ £
Receipts
Investment Income 242 0 285 34,586 35,113
Rent 8,222 0 0 48,729 56,951
8,464 0 285 83,315 92,064
Payments
Charitable Activities 8,464 0 0 35,306 43,770
8,464 0 0 35,306 43,770
Surplus / (Deficit) for the Year 0 0 285 48,009 48,294

These funds are deemed to be restricted, permanent endowment (capital) funds.

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DUNDEE CITY COUNCIL CHARITABLE TRUSTS

STATEMENT OF BALANCES AT 31 MARCH 2025

Belmont Camperdown William
Trust Estate Dawson Hospital
Estate Trust Trust Fund Total
£ £ £ £ £
Opening Cash Balance 0 0 0 0 0
Surplus / (Deficit) for the Year 0 0 298 36,084 36,382
Transfer (to) / from DCC Loans Fund 0 0 (298) (36,084) (36,382)
Closing Cash Balance 0 0 0 0 0
Investments
Funds Deposited with DCC Loans Fund 185,495 2,534 7,228 850,834 1,046,091
Investment Properties 0 0 0 384,000 384,000
Tangible Fixed Assets
Operational Land and Buildings 2,276,209 3,078,734 188,987 1,232 5,545,162
2,276,209 3,078,734 188,987 1,232 5,545,162
Total net assets 2,461,704 3,081,268 196,215 1,236,066 6,975,253

The notes at pages 13 to 14 form part of these accounts.

The unaudited accounts were authorised for issue on 17 June 2025 and the audited accounts were authorised for issue on 24 September 2025 and signed on their behalf by:-

Senior Councillor with responsibility for Finance Dundee City Council

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DUNDEE CITY COUNCIL CHARITABLE TRUSTS

STATEMENT OF BALANCES AT 31 MARCH 2024

Belmont Camperdown William
Trust Estate Dawson Hospital
Estate Trust Trust Fund Total
£ £ £ £ £
Opening Cash Balance 0 0 0 0 0
Surplus / (Deficit) for the Year 0 0 285 48,009 48,294
Transfer (to) / from DCC 0 0 (285) (48,009) (48,294)
Closing Cash Balance 0 0 0 0 0
Investments
Funds Deposited with DCC 185,495 2,534 6,930 814,749 1,009,708
Investment Properties 384,000 384,000
Tangible Fixed Assets
Operational Land and Buildings 2,209,209 3,044,234 188,987 1,232 5,443,662
2,209,209 3,044,234 188,987 1,232 5,443,662
Total net assets 2,394,704 3,046,768 **195,917 ** 1,199,981 6,837,370

The notes at pages 13 to 14 form part of these accounts.

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NOTES TO THE FINANCIAL STATEMENTS

1 Accounting Policies

The following accounting policies set out the basis upon which the financial statements have been prepared and explain the accounting treatment of both general and specific items.

General Basis of Preparation

These accounts have been prepared on a receipts and payments basis in accordance with the Charities & Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as Amended).

Tangible Fixed Assets - Basis of Valuation

The following valuation bases have been used to value the different types of tangible fixed asset shown in the Statement of Balances:

Operational Land & Buildings - considered to be specialised assets for which there is no market value, therefore valued at depreciated replacement cost with appropriate allowance for age and obsolescence.

Non-Operational Investment Properties - open market value.

Tangible fixed assets were re-valued, as required, at 31 March 2025. The valuations were carried out by Mr Alastair Kay BSc MRICS, an employee of the City Council's City Development Service.

Investments

There are no external investments, rather all surplus funds are deposited in earmarked accounts held by Dundee City Council. All such deposits are valued at historical cost in the Balance Sheet.

Going Concern

The accounts are prepared on the going concern basis as it is considered by the trustees that the remaining Charitable Trusts are financially sustainable for the foreseeable future.

2 Analysis of Tangible Fixed Assets

The assets owned by these charities are as follows:

Belmont Trust Estate - Estate of Belmont, Belmont Castle, Belmont Camp, Stables Flats x3

Camperdown Estate Trust - Estate of Camperdown, Mansion House, Golf Course and Club Rooms, Kiosks x2, Recreational Facilities, Gardener’s Cottage

William Dawson Trust - Dawson Park & Extension, Pavilion, Car Park, Entrance Gate

Hospital Fund - Properties at 63 Reform Street Dundee, Ground at Stirling Street, Stirling Park and Carmichael Street Dundee

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3 Investment Income

There are no external investments, rather all surplus funds are deposited in earmarked accounts held by Dundee City Council. Interest receivable is based on the Loans Fund interest on revenue balances (IORB) rate and is paid twice yearly. The average IORB rate during 2024/25 was 4.25% (2023/24: 4.23%).

4 Governance Costs

7 Events After the Reporting Period

There were no events that occurred between 1 April 2025 and 24 September 2025 that would require adjustment to the 2024/25 financial statements. The latter date is the date on which the audited accounts were authorised for issue by the Senior Councillor with responsibility for Finance.

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Parent Entity

The Dundee City Council Charitable Trusts are subsidiaries of Dundee City Council, a local authority established under the Local Government etc. (Scotland) Act 1994. Copies of the Group Accounts of Dundee City Council can be obtained from the contact listed on page 8.

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Independent auditor’s report to the trustees of Dundee City Council Charitable Trusts and the Accounts Commission

Reporting on the audit of the financial statements

Opinion on financial statements

I certify that I have audited the financial statements in the statement of accounts of Dundee City Council Charitable Trusts for the year ended 31 March 2025 under Part VII of the Local Government (Scotland) Act 1973 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005. The financial statements comprise the Statement of Receipts and Payments, the Statement of Balances and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and a receipts and payments basis

In my opinion the accompanying financial statements:

Basis for opinion

I conducted my audit in accordance with applicable law and International Standards on Auditing (UK) (ISAs (UK)), as required by the Code of Audit Practice approved by the Accounts Commission for Scotland. My responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of my report. I am independent of the charities in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK including the Financial Reporting Council’s Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Responsibilities of the trustees for the financial statements

As explained more fully in the Statement of Responsibilities, the trustees are responsible for the preparation of financial statements that give a true and fair view in accordance with the financial reporting framework, and for such internal control as the trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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Auditor’s responsibilities for the audit of the financial statements

My 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 my 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. I design procedures in line with my responsibilities outlined above to detect material misstatements in respect of irregularities, including fraud. Procedures include:

The extent to which my procedures are capable of detecting irregularities, including fraud, is affected by the inherent difficulty in detecting irregularities, the effectiveness of the charities’ controls, and the nature, timing and extent of the audit procedures performed.

Irregularities that result from fraud are inherently more difficult to detect than irregularities that result from error as fraud may involve collusion, intentional omissions, misrepresentations, or the override of internal control. The capability of the audit to detect fraud and other irregularities depends on factors such as the skilfulness of the perpetrator, the frequency and extent of manipulation, the degree of

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collusion involved, the relative size of individual amounts manipulated, and the seniority of those individuals involved.

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

Reporting on other requirements

Other information

The trustees are responsible for the other information in the statement of accounts. The other information comprises the Trustees’ Annual Report.

My responsibility is to read all the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

My opinion on the financial statements does not cover the other information and I do not express any form of assurance conclusion thereon except on the Trustees’ Annual Report to the extent explicitly stated in the following opinion prescribed by the Accounts Commission.

Opinions prescribed by the Accounts Commission on the Trustees’ Annual Report

In my opinion, based on the work undertaken in the course of the audit, 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 that report has been prepared in accordance with The Charity Accounts (Scotland) Regulations 2006.

Matters on which I am required to report by exception

I am required by The Charity Accounts (Scotland) Regulations 2006 to report to you if, in my opinion:

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I have nothing to report in respect of these matters.

Use of my report

This report is made solely to the parties to whom it is addressed in accordance with Part VII of the Local Government (Scotland) Act 1973 and for no other purpose. In accordance with paragraph 108 of the Code of Audit Practice, I do not undertake to have responsibilities to members or officers, in their individual capacities, or to third parties.

Senior Audit Manager Audit Scotland 4[th] Floor, South Suite The Athenaeum Building 8 Nelson Mandela Place Glasgow G2 1BT

is eligible to act as an auditor in terms of Part VII of the Local Government (Scotland) Act 1973

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