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← Dunedin School

2025-08-31-accounts

DUNEDIN SCHOOL

(A company limited by guarantee)

REPORT AND FINANCIAL STATEMENTS

for the year ended 31 August 2025

Charity No: SC030591 Company No: SC210628

Whitelaw Wells Chartered Accountants

GLASGOW

NORTH BERWICK

EDINBURGH

DUNEDIN SCHOOL

REPORT AND FINANCIAL STATEMENTS

for the year ended 31 August 2025

CONTENTS page
Report of the Board of Directors 1
Independent Auditors’ Report 7
Statement of Financial Activities 11
Balance Sheet 12
Statement of Cash Flows 13
Notes forming part of the financial statements 14

DUNEDIN SCHOOL

REPORT OF THE BOARD OF DIRECTORS

for the year ended 31 August 2025

The directors are pleased to present their annual directors’ report together with the financial statements of the charity for the year ending 31 August 2025, which are also prepared to meet the requirements for a trustees’ report and accounts for Charity Law purposes.

The financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and Activities

Purposes

The object of the charity, as stated in its governing document, is the advancement of education for the public benefit of children between the ages of 5 and 18 and in particular children who, by reason of social or emotional problems, would benefit from educational services and support outwith the mainstream environment.

Activities

The principal activity during the year continued to be the provision of secondary education to pupils with social and emotional difficulties who have not coped well with mainstream education.

Achievements and Performance

Throughout the year, Dunedin has continued to provide a high standard of tuition thanks to the expertise and dedication of the staff. In relation to school examination the pupils achieved a pleasing set of examination results which will hopefully enable them to achieve their true potential. In addition, the school continues to provide access to extra-curricular pursuits – music and horse-riding being examples. The school continues to receive support from donations to enable wider activities for pupils.

During the year the board met 5 times. Subjects under discussion included:-

In addition to the above, the school’s financial position is closely monitored covering issues such as fee levels and staff salaries, both of which were marginally increased during the period.

The school undertook an inspection from Education Scotland Inspectorate team in January 2025. The results of the inspection were published on 18 March 2025. The school was delighted with the findings of the report highlighting the unique educational environment the school works in.

1

DUNEDIN SCHOOL

REPORT OF THE BOARD OF DIRECTORS (continued)

for the year ended 31 August 2025

Achievements and Performance (continued)

In both learning, teaching and assessment and also raising attainment and achievement the school was rated very good. The governors acknowledged the positive and also the huge effort all members of the team undertake to achieve these outcomes.

Financial Review

The results for the year are as shown in the attached statements. The charity recorded a surplus of £66,807 (2024: surplus of £26,303) for the year, including a surplus of £62,309 (2024: £28,473) related to unrestricted funds and a surplus of £4,498 (2024: deficit of £2,170) related to restricted funds before transfers.

Total funds stood at £603,864 (2024: £537,057) at the year end, including unrestricted general funds of £361,915 (2024: £317,283) and unrestricted designated funds of £23,561 (2024: £5,884). Restricted funds amounted to £218,388 (2024: £213,890), represented by fixed assets of £212,890 (2024: £212,890) and other restricted funds of £5,498 (2024: £1,000).

As noted above, fundraising activities have continued during the year, and targets met, with a total of £28,550 (2024: £29,250) being raised from various sources to support new educational resources and new school projects.

The directors consider that the position is satisfactory to meet the school’s current operational needs.

Principal Funding Sources

The school’s principal funding sources continue to be the education fees received from the City of Edinburgh Council as well as East Lothian and Private Pupils. In addition, fundraising activities continued for the purposes outlined above. During the year the City of Edinburgh Council tendered for the supply of specialist education providers. Dunedin tendered and were delighted to received confirmation of a successful tender enabling the school to plan financially.

Reserves Policy

Dunedin maintains monetary reserves for two main reasons. Firstly, to mitigate against any contingency which could involve the school in unforeseen expense or delay and/or suspension of expected revenues. Secondly, such reserve would allow the school to meet its financial obligations in the event of a voluntary dissolution. The Directors aim to achieve a level of reserve roughly equivalent to 12 months operating costs which, based on estimated costs for 2024/2025 would equate to approximately £520,000.

As at 31 August 2025 the total funds held by the charity amounted to £603,864 of which £218,388 constitutes funds restricted for specific purposes, £23,561 constitutes designated funds and the balance of £361,915 represents the unrestricted free reserves. The unrestricted free reserves are below the targeted level of reserves therefore the policy has not been met however the directors are continuing to strive to achieve this level.

2

DUNEDIN SCHOOL

REPORT OF THE BOARD OF DIRECTORS (continued)

for the year ended 31 August 2025

Risk Management

At each Board Meeting risks are discussed and appropriate mitigation considered.

The main risks the governors consider as ongoing are as follows:

The Board established a finance group to meet regularly to discuss the ongoing finances of the School. Including potential VAT implications.

An appointed governor liaises with the School and updates at each Board meeting.

The directors will continue to monitor these and other possible risk issues to ensure that action is taken, where possible, to alleviate possible difficulties.

Plans for Future Periods

The plans for the future operation of the school are to continue to provide high levels of care and consideration for each pupil, including adherence to the National Curriculum for Excellence, in so far as is feasible, and the continued application of the National Qualifications. A plan to add an extension to the current premises is in the early stages. A feasibility study has now been undertaken but no commitment to the building of the extension have been made and future options for the school premises continue.

The Council has approved planning for the building of a hotel in the wooded ground next to the school. The school continues to be concerned about the significant disruption caused by this development so close to the school and its special needs.

3

DUNEDIN SCHOOL

REPORT OF THE BOARD OF DIRECTORS (continued)

for the year ended 31 August 2025

Plans for Future Periods (continued)

It is also noted that REIM Hunter who are the property developers for the whole site at Cameron Toll have now indicated that wider plans are being discussed for the redevelopment of the whole Cameron Toll site. Regular meetings are now being held with REIM Hunter. As with the Hotel development the school are particularly concerned about this further development and the significant impact this could have on the school and the pupil experience.

The directors have a forward programme of meetings etc. for the year to support the staff and to review the work of the school to ensure its continued financial and operational success.

Structure, Governance and Management

Governing Document

The organisation is a charitable company limited by guarantee, incorporated on 4th September 2000, and is recognised by Office of the Scottish Charity Regulator (OSCR) as a charity, charity number SC030591. The company was established under a Memorandum of Association that established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up the members are required to contribute an amount not exceeding £1.

Recruitment and Appointment of Directors

The directors, who are also trustees for the purposes of charity law, collectively form the Board of Governors. In accordance with the Memorandum and Articles of Association directors may hold office for three years and may be eligible for re-election for a further two periods of three years. Where feasible, it is the intention to appoint directors with experience in diverse backgrounds who have a keen interest in education and child welfare.

Directors Induction and Training

Prior to appointment candidates familiarise themselves with the working of the school through visits and discussions with staff members. They are briefed on and are presented with the following:

Whilst there is no formal training provided, all directors are encouraged to attend periodic courses on the duties and responsibilities of governors which are occasionally run by the Scottish Council of Independent Schools (SCIS).

Organisational Structure

Dunedin has a board of directors/governors who meet regularly during the year and who are responsible for the strategic direction and policy of the school. The day-to-day running of the school is delegated to the staff with named staff members accountable for the various aspects of the school’s daily operation and management. They in turn report to the directors, who are ultimately the responsible individuals.

4

DUNEDIN SCHOOL

REPORT OF THE BOARD OF DIRECTORS (continued)

for the year ended 31 August 2025

Reference and Administrative Information Company Number SC210628 Charity Number SC030591 Board of Directors L Beddie (Resigned 5/12/2024) J Chittleburgh (Chair) F Ferguson (Vice Chair) R Trotter (Resigned 9/01/2025) C Paterson T Francis (Appointed 9/01/2025) A Mulvanny (Appointed 9/01/2025) Registered Office and Operational Address Liberton Bank House 5 Nether Liberton Lane Edinburgh EH16 5TY Senior Statutory Auditor Louise Presslie CA Independent Auditors Whitelaw Wells Chartered Accountants and Statutory Auditors 9 Ainslie Place Edinburgh EH3 6AT Bankers The Royal Bank of Scotland plc 239 St John's Road Edinburgh EH12 7XA

5

DUNEDIN SCHOOL

REPORT OF THE BOARD OF DIRECTORS (continued)

for the year ended 31 August 2025

Statement of Responsibilities of the Board of Directors

Company law requires the directors to prepare financial statements for each financial year, which give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the directors are required to:

The directors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities & Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The directors are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to Disclosure of Information to Auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company’s auditors are unaware, and each director has taken all the steps he/she ought to have taken as a director in order to make him/herself aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

Auditors

A resolution to re-appoint Whitelaw Wells as auditors for the ensuing year will be proposed at the Annual General Meeting.

This report has been prepared in accordance with the provision of Part 15 of the Companies Act 2006 applicable to small companies.

By order of the Board on 12 March 2026

Jeremy Chittleburgh Chair, Board of Directors

6

DUNEDIN SCHOOL

INDEPENDENT AUDITORS’ REPORT

To the Directors and Members of Dunedin School

Opinion

We have audited the financial statements of Dunedin School for the year ended 31 August 2025, which comprise the Statement of Financial Activities (incorporating the Income and Expenditure Account), the Balance Sheet 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 FRS102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Accounting Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs UK) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' (who are also directors of the company for the purposes of company law) 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

7

DUNEDIN SCHOOL

INDEPENDENT AUDITORS’ REPORT

To the Directors and Members of Dunedin School (continued)

Other information (continued)

Our responsibility is to read the other information and, 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report, included within the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011, the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 6, the directors are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

8

DUNEDIN SCHOOL

INDEPENDENT AUDITORS’ REPORT

To the Directors and Members of Dunedin School (continued)

Auditor’s responsibilities for the audit of the financial statements

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

Irregularities that result from fraud are inherently more difficult to detect than irregularities that result from error.

From enquiries of those charged with governance, it was determined that the risk of material misstatement from fraud was low with little scope for fraud to occur. Our audit testing is designed to detect material misstatements from fraud where there is not high level collusion.

Our audit testing was designed to detect material misstatements from other irregularities that result from error where there is not high level concealment of the error. In this regard the following audit work was undertaken: applicable laws and regulations were reviewed and discussed with management; senior management meeting minutes were reviewed; internal controls were reviewed; and journals were reviewed. From this audit testing it was determined that the risk of material misstatement in this regard was low.

We carried out income testing and expenditure testing which was designed to identify any irregularities as a result of simple mistakes or human error. From this audit testing it was determined that the risk of material misstatement in this regard was low.

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

9

DUNEDIN SCHOOL

INDEPENDENT AUDITORS’ REPORT

To the Directors and Members of Dunedin School (continued)

Use of our report

This report is made solely to the charitable company’s Trustees, as a body, in accordance with section 44 (1) (c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the charitable company’s Trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Louise Presslie CA (Senior Statutory Auditor) for and on behalf of Whitelaw Wells Statutory Auditor 9 Ainslie Place Edinburgh Midlothian EH3 6AT

12 March 2026

Whitelaw Wells is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

10

DUNEDIN SCHOOL

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the INCOME AND EXPENDITURE ACCOUNT)

for the year ended 31 August 2025

Unrestricted Restricted
Funds
Funds
Notes
£
£
Income and endowments from:
Donations and grants
3
15,000
13,550
Charitable activities
Fees for education
4
551,717
-
Exam fees
-
-
School meals
547
-
Investments
6,303
-
Other
92
-
Gain on disposals
-
-
Total income
573,659
13,550

Expenditure on:
Raising funds
5,907
-
Charitable activities
505,443
9,052
Total expenditure
5
511,350
9,052

Net income
62,309
4,498
Transfers
11
-
-


Net movement in funds
62,309
4,498
Total funds at 1 September 2024
323,167
213,890


Total funds at 31 August 2025
385,476
218,388		 2025
Total
Funds
£
28,550
551,717
-
547
6,303
92
-

587,209

5,907
514,495

520,402

66,807
-

66,807
537,057

603,864
 2024
Total
Funds
£
29,250
483,080
2,310
-
6,299
-
2,500
523,439
5,199
491,937
497,136
26,303
-
26,303
510,754
537,057

The charity has no recognised gains or losses other than the results for the year as set out above. All of the activities of the charity are classed as continuing. The notes on pages 14 to 25 form part of the financial statements.

11

DUNEDIN SCHOOL (Company number SC210628)

BALANCE SHEET

as at 31 August 2025 as at 31 August 2025
2025 2024
Notes £ £ £
Fixed assets
Tangible assets 7 236,450 218,773
Current assets
Debtors 8 17,609 24,812
Cash at bank and in hand 434,866 414,850
452,475 439,662
Creditors:amounts falling due within one year 9 (85,061)
 (121,378)
Net current assets 367,414
 318,284
Net assets 12 603,864
 537,057
Funds
General funds 11 385,476 323,167
Restricted funds 11 218,388
 213,890
603,864 537,057

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Approved by the board of directors on 12 March 2026 and signed on its behalf by:

Jeremy Chittleburgh Director

The notes on pages 14 to 25 form part of the financial statements.

12

DUNEDIN SCHOOL

STATEMENT OF CASH FLOWS

For the year ended 31 August 2025

Note
Cash flows from operating activities:
Net cash provided by operating activities below
Cash flows from investing activities:
Bank interest received
Purchase of fixed assets
Proceeds of sale of asset
Net cash provided by investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
17
Reconciliation of net income to net cash flow from operating activities
Net income for the year
(as per Statement of Financial Activities)
Adjusted for:
Depreciation charge
Bank interest received
Loss/(Gain) on disposal of fixed assets
Decrease in debtors
(Decrease)/increase in creditors
Net cash provided by operating activities		 2025
£
42,802

6,303
(29,149)
60

(22,786)

20,016
414,850

434,866

2025
£
66,807
11,131
(6,303)
281
7,203
(36,317)

42,802
 2024
£
120,052
6,299
(699)
4,000
9,600
129,652
285,198
414,850
2024
£
26,303
3,978
(6,299)
(2,500)
18,831
79,739
120,052

The notes on pages 14 to 25 form part of these financial statements.

13

DUNEDIN SCHOOL

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

for the year ended 31 August 2025

1. Accounting policies

The charity constitutes a public benefit entity as defined by FRS 102.

The Directors consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. The Directors’ going concern assessment is for a period of at least 12 months from the date of signing of these financial statements.

14

DUNEDIN SCHOOL

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued)

for the year ended 31 August 2025

1. Accounting policies (continued)

(f) (continued)

Musical instruments are maintained in a good state of repair and are considered to have indeterminate useful economic lives. The directors consider that the net realisable value of the instruments is at least as great as the cost and, accordingly, no depreciation is charged.

In previous years the Heritable Property has been written down to residual value. The directors are of the opinion that the carrying value reflects the correct residual value and therefore no further depreciation has been charged.

15

DUNEDIN SCHOOL

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued)

for the year ended 31 August 2025

1. Accounting policies (continued)

2. Net income

Net income
2025 2024
This is stated after charging:- £ £
Depreciation 11,131 3,978
Operating lease costs 2,906 4,901
Operating Lease Commitment 2,023 2,976
Auditors' remuneration: Audit fee 3,100 4,080
Auditors' remuneration: Non-Audit 1,600 1,680

16

DUNEDIN SCHOOL

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued)

for the year ended 31 August 2025

3. Donations and grants
Unrestricted
Restricted
£
£
Dr Guthrie’s Association
-
-
Saint & Sinners
1,250
-
The JTH Charitable Trust
500
-
The Tillyloss Trust
-
2,000
The Nairn Family Trust
-
-
DM Dawson
-
1,750
The Pleasance Trust
-
800
Walker Scoolbraid Charitable Trust
1,500
-
Kennedy Geddes
-
-
W M Mann
-
-
James and Ann McGhie
-
-
Crear Trust
-
-
The Robert Haldane Charitable Foundation
-
-
Owen O’Connor
-
-
The Cruden Foundation
1,000
-
The Hedley Foundation
-
-
The Lady Marian Gibson Trust
3,000
-
The Nancy Roberts Charitable Trust
1,000
-
AMW Charitable Trust
-
4,000
Cooper Estates Limited
500
-
The Miss K.M. Harbinson Charitable Trust
1,000
-
The Stafford Trust
3,250
-
Donation from parent
2,000
-
National Lottery – Community Fund
-
5,000
15,000
13,550		 2025
Total
£
-
1,250
500
2,000
-
1,750
800
1,500
-
-
-
-
-
-
1,000
-
3,000
1,000
4,000
500
1,000
3,250
2,000
5,000

28,550
 2024
Total
£
1,000
1,250
-
1,000
7,500
1,500
-
1,500
6,000
1,000
500
3,000
2,000
1,000
1,000
1,000
-
-
-
-
-
-
-
-

29,250

Income from donations and grants was £28,550 (2024: £29,250), of which £15,000 (2024: £21,250) was unrestricted and £13,550 (2024: £8,000) was restricted. All other income in both the current and previous years is unrestricted.

4. Income from charitable activities: Fees for education

City of Edinburgh Council
East Lothian Council
Other		 2025
£
430,871
25,313
95,533

551,717
 2024
£
361,467
49,874
71,739

483,080

17

DUNEDIN SCHOOL

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued)

for the year ended 31 August 2025

5. Total expenditure
Staff costs (Note 6)
Staff training, subscriptions and courses
Rates and water
Insurance
Heat and light
Repairs and renewals
Cleaning
Communications
School supplies
School outings
Animation and music projects
Dinner money
Exam fees
Fundraising costs
Loss of disposal of fixed assets
Other costs
Support costs
Professional fees
Depreciation
Bank charges
Advertising
Governance costs
Auditors’ remuneration – Audit fees
Auditors’ remuneration – Non audit fees		 Raising
Education
funds
costs
£
£
-
419,357
-
6,818
-
1,242
-
18,936
-
3,162
-
9,712
-
6,386
-
2,445
-
7,319
-
14,621
-
-
-
223
-
2,453
5,200
-
-
281
-
-
-
5,431
-
11,131
-
278
707
-
-
3,100
-
1,600
5,907
514,495		 2025
Total
£
419,357
6,818
1,242
18,936
3,162
9,712
6,386
2,445
7,319
14,621
-
223
2,453
5,200
281
-
5,431
11,131
278
707
3,100
1,600

520,402
 2024
Total
£
390,359
8,293
1,264
17,732
3,372
21,052
6,615
3,002
7,950
13,978
281
715
3,413
4,400
-
48
4,091
3,978
34
799
4,080
1,680
497,136

The charity has only one charitable activity, being the provision of education. Included above is restricted expenditure amounting to £9,052 (2024: £8,670).

6. Staff costs and numbers

Salaries and wages
Social security costs
Defined contribution pension costs
External tutoring		 2025
£
380,331
19,884
19,142
-

419,357
 2024
£
349,760
23,940
16,346
313
390,359

18

DUNEDIN SCHOOL

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued)

for the year ended 31 August 2025

6. Staff costs and numbers (continued)

No employee received emoluments of more than £60,000 (2024: £60,000). No trustee received remuneration or payment for expenses during the year (2024: none). Due to the size of the charity, the trustees share management duties and consider themselves to comprise the key management personnel of the charity. Trustees’ professional indemnity insurance was paid for during the current and previous years which is included in the overall cost of the annual insurance renewal.

The average number of staff employed by the company during the financial year, on a head count basis, amounted to:

amounted to:
Teaching staff
Administrative staff		 2025
No.
11
5

16
 2024
No.
11
5
16

19

DUNEDIN SCHOOL

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued)

for the year ended 31 August 2025

7. Tangible fixed assets

Computer
Heritable
Musical
Fixtures
and Office
Property
Instruments
and Fittings
Equipment
£
£
£
£
Cost
At 1 September 2024
643,260
11,530
26,088
19,568
Additions
-
-
-
29,149
Disposals
-
-
(120)
(9,941)

At 31 August 2025
643,260
11,530
25,968
38,776

Depreciation
At 1 September 2024
441,900
-
23,680
16,093
Charge for the year
-
-
1,628
9,503
On disposals
-
-
(120)
(9,600)

At 31 August 2025
441,900
-
25,188
15,996

Net book value
At 31 August 2025
201,360
11,530
780
22,780

At 31 August 2024
201,360
11,530
2,408
3,475
 Total
£
700,446
29,149
(10,061)
719,534
481,673
11,131
(9,720)
483,083
236,450
218,773

The property, Liberton Bank House, is included in the accounts at cost less depreciation and an impairment following a valuation carried out in September 2007 by DM Hall Chartered Surveyors. If the property had not been impaired it would have been disclosed at historical cost of £643,260 less depreciation of £205,274. A valuation was carried out in April 2018 by DM Hall Chartered Surveyors which valued the property at £300,000. As the carrying value is less than the market value, no further depreciation was charged in the year and the residual value of the property is considered to be £201,360.

20

DUNEDIN SCHOOL

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued)

for the year ended 31 August 2025

8. Debtors

Prepayments and accrued income
Trade debtors
9. Creditors: amounts falling due within one year
Other creditors and accruals
VAT
Deferred income
Deferred income
At 1 September 2024
Released to Statement of Financial Activities in year

Received and deferred in year

At 31 August 2025
 2025
2024
£
£
11,750
24,812
5,859
-

17,609
24,812

2025
2024
£
£
56,367
65,453
28,694
-
-
55,925

85,061
121,378

2025
2024
£
£
55,925
35,773
(55,925)
(35,773)
-
55,925

-
55,925

Deferred income comprises school fees paid in advance of commencement of the new accounting year.

10. Commitments under operating leases

The following operating lease payments were committed to be paid as at the year-end:

Within one year
Between 1-5 years		 2025
£
495
1,528

2,023
 2024
£
945
2,031

2,976

21

DUNEDIN SCHOOL

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued)

for the year ended 31 August 2025

11. Movement in funds

At 1
September
2024
Restricted funds
£
Outdoor Education Programme
1,000
Enhanced Learning Experiences
-
IT Equipment
-
Fixed asset funds:
Liberton Bank House
201,360
Victoria’s Cello
11,530
Total restricted funds
213,890
Unrestricted funds
General funds
317,283
Designated fixed assets
5,884
Total funds
537,057		 Transfer
Between
Income Expenditure
Funds
£
£
£
10,750
(6,847)
-
800
(205)
-
2,000
(2,000)
-
-
-
-
-
-
-

13,550
(9,052)
-
555,982
(511,350)
-
17,677
-
-

587,209
(520,402)
-
 At 31
August
2025
£
4,903
595
-
201,360
11,530
218,388
361,915
23,561
603,864

Outdoor Education Programme

A two-week programme of outdoor activities and learning experiences, aimed to improve pupil's physical and mental well-being and aid team work and relationship building with staff.

Enhanced Learning Experiences

The Enhanced Learning Experiences Fund is used for activities that add to the academic life of the school. They provide the pupils with valuable opportunities to develop team spirit, confidence, practical abilities, social skills, resilience and independence to prepare them for life after school. Examples of activities include horse riding, theatre trips, music workshops, conservation activities and the Duke of Edinburgh Award Scheme.

IT Equipment

Funding was received in the year towards the cost of upgrading IT equipment.

Fixed asset funds

Victoria’s Cello

The fund represents the net book value (cost) of a cello, provided in memory of Victoria Herald. Previously, the cello was loaned out to St Mary's Music School for aspiring young musicians who are unable to afford a top-class instrument of their own but it was returned during the year for repair and guardianship with the cello’s maker.

22

DUNEDIN SCHOOL

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued)

for the year ended 31 August 2025

11. Movement in funds (continued)

Fixed asset funds (continued)

Liberton Bank House

Funds were received towards the cost of purchasing, renovating and fitting out Liberton Bank House. The balance on the fund represents the net book value of the property and fittings.

Designated fixed asset funds

The fund represents the net book value of fixed assets purchased using unrestricted funds or restricted funds where all conditions of funding have been met.

23

DUNEDIN SCHOOL

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued)

for the year ended 31 August 2025

11. Movement in funds (continued)

At 1
September
2023
Restricted funds
£
Outdoor Education Programme
1,670
Transition Co-ordinator Fund
-
Fixed asset funds:
Liberton Bank House
201,360
Victoria’s Cello
11,530
Violin fund
1,500
Total restricted funds
216,060
Unrestricted funds
General funds
285,532
Designated fixed assets
9,162
Total funds
510,754		 Transfer
Between
Income Expenditure
Funds
£
£
£
1,000
(1,670)
-
7,000
(7,000)
-
-
-
-
-
-
-
-
-
(1,500)

8,000
(8,670)
(1,500)
515,439
(484,489)
801
-
(3,977)
699

523,439
(497,136)
-		 At 31
August
2024
£
1,000
-
201,360
11,530
-
213,890
317,283
5,884
537,057

Transition Co-ordinator Fund

This role supports senior phase pupils in making important decisions regarding their future after school. The TC will assist them in their applications to further education, employment, work experience or identified support funds. If required, this support will continue within these settings and on leaving Dunedin School.

Fixed asset funds

Violin fund

The fund represents the net book value (cost) of a violin made from the sycamore tree in the school grounds. Previously, the violin was loaned to St Mary's Music School for aspiring young musicians who are unable to afford a top-class instrument of their own. The violin was returned to the School and sold in the year to 31 August 2024.

Transfers

The transfer to designated funds represents fixed assets purchased using unrestricted funds. The transfer to unrestricted general funds is the releasing of the violin fund after disposal in the current year.

24

DUNEDIN SCHOOL

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued)

for the year ended 31 August 2025

12. Analysis of net assets between funds

Tangible fixed assets
Net current assets
Net assets at 31 August 2025
Tangible fixed assets
Net current assets
Net assets at 31 August 2024		 General
Restricted
Funds
Funds
£
£
23,561
212,890
361,915
5,498

385,476
218,388

General
Restricted
Funds
Funds
£
£
5,883
212,890
317,284
1,000

323,167
213,890
 Total
Funds
£
236,451
367,413
603,864

Total
Funds
£
218,773
318,284
537,057

13. Company and taxation

The company is registered in Scotland and is limited by guarantee with no share capital. It is registered with OSCR as a charity and is exempt from corporation tax on its charitable activities. The registered office and principle activities are disclosed in the Report of the Board of Directors.

14. Related party disclosures

There are no related party transactions to disclose. No one person has control of the charity.

15 . Pensions

The charity operates a defined contribution pension scheme, the assets of which are held separately from those of the charity in an independently administered fund. Contributions made by the charity to the scheme during the year amounted to £19,142 (2024: £16,346).

25