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|
2
## **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
3
## **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.
4
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:
- "11.19 The Executive Director of Corporate Services shall ensure the proper and safe custody and control of all charitable funds held by the Council and shall ensure that all expenditure is in accordance with the conditions of the trustees etc.
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:
5
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
6
## **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:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether the recommendations of the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities;
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
7
## **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)
8
## **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.
9
## **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.
10
## **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
11
## **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.
12
## **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
13
## **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**
- Any governance costs associated with the management of charitable funds (including administration costs and the relevant share of the annual audit fee) are absorbed by Dundee City Council. These costs are estimated at £5,300 in 2024/25, being £2,000 administration costs and £3,300 audit fee. (2023/243: £5,000 being £2,000 administration costs and £3,000 audit fee).
- **5 Related Party Transactions**
- During 2024/25, all surplus funds were deposited in earmarked accounts held by Dundee City Council. At 31 March 2025, a total balance of £1,046,091 (31 March 2024: £1,009,708) was held with Dundee City Council. Investment income of £44,055 (2023/24: £35,113) was received from Dundee City Council's Loans Fund during 2024/25.
- **6 Comparative Information**
- The 2023/24 Statement of Receipts and Payments and the Statement of Balances as at 31 March 2024 are shown on pages 10 and 12 respectively, for comparative purposes.
## **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.
## **8**
## **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.
14
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:
- properly present the receipts and payments of the Dundee City Council Charitable Trusts for the year ended 31 March 2025 and their statement of balances at that date; and
- have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005, and regulations 9(1),(2) and (3) of The Charities Accounts (Scotland) Regulations 2006.
## **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.
15
## **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:
- using my understanding of the local government sector and charity sector to identify that the Local Government (Scotland) Act 1973, Charities and Trustee Investment (Scotland) Act 2005 and The Charities Accounts (Scotland) Regulations 2006 are significant in the context of the charities;
- inquiring of the Trustees as to other laws or regulations that may be expected to have a fundamental effect on the operations of the charities;
- inquiring of the Trustees concerning the charities’ policies and procedures regarding compliance with the applicable legal and regulatory framework;
- discussions among my audit team on the susceptibility of the financial statements to material misstatement, including how fraud might occur; and
- considering whether the audit team collectively has the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.
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
16
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:
- proper accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
17
- I have not received all the information and explanations I require for my audit.
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
18