## **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:-
- Salaries & contract review for staff
- Appointment of new teachers
- Succession planning.
- Policy Updates
- Change in Bank Account Signatures
- The Violin & Cello loan
- Hotel Development
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:
- Financial sustainability
The Board established a finance group to meet regularly to discuss the ongoing finances of the School. Including potential VAT implications.
- Safeguarding
An appointed governor liaises with the School and updates at each Board meeting.
- Succession planning This is actively considered by the governors and staff to ensure appropriate skill gaps are addressed.
- Technology
- The school is highly dependent on IT and appropriate support is in place but further steps are being put in place to support this key area along with Business Continuity Planning. The IT Support is now outsourced providing further resource to mitigate the risk of cyber security attacks.
- Hotel development and wider development of Cameron Toll The Board actively monitor the implications of development and seek appropriate support from external stakeholders. Regular liaison with property developers.
- Staff wellbeing
- Staff are key to the successful fulfilment of the school ethos. The Governors actively engage with staff to support initiatives to assist with the wellbeing of staff.
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:
- The obligations of a charity director
- Documents setting out the operational framework of Dunedin
- The up-to-date financial position and the latest annual report and accounts
- Any future plans or planned activities
- Minutes of recent board and staff meetings
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going basis unless it is inappropriate to assume to presume that the charitable company will continue in business.
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:
- give a true and fair view of the state of the charitable company's affairs as at 31 August 2025 and of its net income or expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
## **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:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.
## **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:
- the information given in the financial statements is inconsistent in any material respect with the Trustees’ annual report;
- proper accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit
## **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**
- (a) The accounts have been prepared under the historical cost convention and are in accordance with the Companies Act 2006, the Charities and Trustees Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) 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 (FRS102) (effective 1 January 2019).
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.
- (b) Donations and grants are included in full in the Statement of Financial Activities when the charity has entitlement to the funds, the amount can be measured reliably and there is probability of receipt.
- (c) Investment income comprises bank interest and is included in the Statement of Financial Activities in the year in which it is receivable.
- (d) The School receives benefits from gifts in kind, which have not been recognised as the Trustees consider it is not practicable to quantify their value and they are not thought to be material to the financial statements.
- (e) Local authority fees are credited to the Statement of Financial Activities in the year for which they are received. Deferred income represents amounts received for future periods and is released to income in the period for which it has been received.
- (f) Expenditure is recognised on an accruals basis as a liability is incurred. The company registered for VAT during the year and, accordingly, expenditure is shown net of VAT. Where VAT is irrecoverable, it is allocated directly against the expenditure to which it relates.
- Costs of raising funds comprises costs associated with attracting donations, i.e. fundraising consultants’ fees.
- Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries, including governance costs.
- Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include audit fees and costs linked to the strategic management of the charity.
14
**DUNEDIN SCHOOL**
## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued)**
## **for the year ended 31 August 2025**
## **1. Accounting policies (continued)**
## (f) (continued)
- Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include governance costs which support the charity’s programmes and activities. These costs include the expenses of Board meetings, the statutory audit and legal and professional fees. The bases on which support costs have been allocated are set out in note 5.
- (g) Fixed assets are initially recorded at cost, with only those assets costing in excess of £500 being capitalised. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
- Heritable Property - Nil
- - Musical instruments - Nil - Fixtures and Fittings - 25% straight line
- - Office Equipment and Computer Equipment - 25% straight line
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.
- (h) Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transactions costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
- (i) Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
- (j) Financial instruments comprise financial assets and financial liabilities which are recognised when the charity becomes a party to the contractual provisions of the instrument. They are classified as “basic” in accordance with FRS102 s11 and are accounted for at the settlement amount due which equates to the cost or amount prepaid. Financial assets comprise cash and debtors and financial liabilities comprise other creditors and accruals.
- (k) Unrestricted funds are incoming resources generated for the objects of the charity without further specified purpose and are available as general funds. Designated Funds are unrestricted funds earmarked by the Directors for future purposes.
15
## **DUNEDIN SCHOOL**
## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued)**
## **for the year ended 31 August 2025**
## **1. Accounting policies (continued)**
- (l) Restricted funds are to be used for a specific purpose as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
- (m) The charity makes payments into a defined contribution group personal pension scheme providing benefits for employees additional to those from the State. The cost charged to the Statement of Financial Activities represents contributions payable to the scheme in respect of the year.
- (n) In preparing the financial statements, directors make estimates and assumptions which affect reporting 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 made in preparing these financial statements comprise; the timing of recognition of income in accordance with Charities SORP FRS102, the applicability of the estimated useful lives of fixed assets used to calculate the period over which depreciation is applied, review of fixed assets for impairment or obsolescence and the assessment of leases to determine whether the risks and rewards of ownership remain with the lessor or are transferred to the charity.
## **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