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**Company Registration No. SC375263 Charity Registration No: SC041370**
## **The Dovecot Foundation**
**( A company limited by guarantee)**
**Consolidated Financial Statements and Trustees' Report**
**statements for the year ended 30 June 2025**
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## **The Dovecot Foundation (A company limited by Guarantee) Charity information**
|**Members of the Board of Trustees**|Elizabeth Salvesen||
|---|---|---|
|(at date of approval of these financial statements)|Lesley Knox OBE FRSE|(Appointed 28 November 2024)|
||Alastair Salvesen|(Resigned 9 December 2024)|
||Brian Andrew Lang|(Resigned 8 December 2025)|
||Lucy Margaret Juckes|(Appointed 19 February 2026)|
|**Charity Number**|SC041370||
|**Company Registration Number**|SC375263||
|**Registered Office**|10 Infirmary Street||
||Edinburgh||
||EH1 1LT||
|**Auditors**|Saffery LLP||
||9 Haymarket Square||
||Edinburgh||
||EH3 8RY||
|**Bankers**|Bank of Scotland Plc||
||The Mound||
||Edinburgh||
||EH1 1YZ||
|**Solicitors**|Murray Beith Murray W.S.||
||3 Glenfinlas Street||
||Edinburgh||
||EH3 6AQ||
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## **The Dovecot Foundation (A company limited by Guarantee) Contents**
||**Page**|
|---|---|
|Chairpersons' Statement|1|
|Report of the Trustees and Strategic Report|2-13|
|Independent auditor's report to the members and Trustees|14-16|
|Group statement of financial activities|17|
|Charity statement of financial activities|18|
|Group balance sheet|19|
|Charity balance sheet|20|
|Statement of changes in equity|21|
|Group and Charity statement of cash flows|22|
|Notes to the financial statements|23-47|
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## **The Dovecot Foundation (A company limited by guarantee) For the year ended 30 June 2025**
## **Chairpersons' Statement**
Dovecot has a distinctive 360-degree approach to commissioning, making, displaying and engaging audiences with great art, craft and design. Our contribution to a brighter and more connected future has artists and making tapestry at its heart. This year was exceptional for Dovecot involving our highest-ever annual footfall (an increase of over 35% on 2023-24), a remarkable series of tapestry-commissions with outstanding artists and our most popular exhibition on record with ‘The Scottish Colourists: Radical Perspectives’.
The post pandemic world, together with a meaningful rise in inflationary costs, provides ongoing challenges. Yet Dovecot has navigated the challenges successfully, creating more opportunities for artists and tapestry than ever before. These include over 10 new tapestry commissions and displays for artists with creative solutions to funding and exhibiting the artworks in partnership with public and private supporters. Dovecot also secured attention for the Tapestry Apprenticeship with a display of work at the V&A Dundee and a feature on national television. This vision and commitment to sustain the future of tapestry, a craft that is at risk, was recognised in Spring 2025 with the award of Multi-Year Funding from Creative Scotland. Dovecot also became one of the few independent museums to be accepted into the Going Places Art Fund network, reflecting the quality and value of our exhibitions.
The range and depth of Dovecot’s programme is significant. Exhibitions in 2024–25 covered a variety of subjects and created important opportunities for research and conservation. Starting with the first-ever display of The Clothworkers’ Tapestry outside of London; and The Art of Wallpaper, Dovecot’s first touring exhibition in a decade, on loan to York City Art Gallery; followed by the first-ever exhibition focused on the National Trust for Scotland’s collection of textiles; and concluding with the first-ever exhibition to set the four Scottish Colourist painters in the context of their Celtic and European contemporaries: this year was our best attended exhibition programme yet, showing our ongoing success in raising the profile and reputation of Dovecot.
To support the impact of these activities, Dovecot significantly expanded public programming especially workshops and free volunteer tours which strengthened visitor engagement, received excellent feedback and, in parallel with increased visitor satisfaction, helped to attract higher self-generated commercial income.
In achieving these ‘firsts’ and more, Dovecot is grateful for the commitment and expertise of colleagues as well as the interest and continuing generosity of all those who support Dovecot. Such support is vital to Dovecot’s strength and sustainability. While the appeal of Dovecot’s public offer continues to grow, Dovecot’s ability to innovate depends on the vision and creativity of colleagues. This report commends all those whose efforts have created an environment in which Dovecot’s work is valued and the medium of Scottish tapestry thrives.
## **Elizabeth Salvesen** 6423730A5A6E424...
Chair, The Dovecot Foundation and Director, Dovecot Studios Limited
## **Lucy Margaret Juckes**
Interim Chair, Dovecot Studios Limited
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**The Dovecot Foundation (A company limited by guarantee) Report of the Trustees and Strategic Report For the year ended 30 June 2025**
## **Introduction**
The Trustees are pleased to present their annual directors’ report and the consolidated financial statements of the Charity and its subsidiaries for the year ending 30 June 2025 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act 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 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).
The Charity has its registered address at 10 Infirmary Street, Edinburgh.
## **Directors and the Trustees**
The Dovecot Foundation’s Articles provide for a minimum of three directors (who are also the Trustees for the purpose of charity law). A search is on-going to add to the board, with a view to complementing the existing skill sets and expertise available to the Charity in furthering its aims and objectives.
The following Trustees held office during the year:
Alastair Salvesen CBE (Deceased 9 December 2024) Elizabeth Salvesen (Chair, from 9 December 2024) Dr Brian Lang CBE FRSE (Resigned 8 December 2025) Lesley Knox OBE FRSE (Appointed 28 November 2024) Lucy Margaret Juckes (Appointed 19 February 2026)
## **Structure, governance and management**
The Dovecot Foundation was formed by Alastair and Elizabeth Salvesen to advance and support visual arts, craft and design at a national and international level in Scotland. The Salvesens have funded The Dovecot Foundation's activities and those of its subsidiary undertakings and, over the past 10 years steps to diversify this support to achieve long-term sustainability of Scottish tapestry weaving include recognition from Creative Scotland and the development of trading income. The Charity was incorporated on 22 March 2010.
The Dovecot Foundation’s objectives and governance arrangements are set out in its Memorandum and Articles of Association dated 17 March 2010. The Dovecot Foundation’s primary charitable purposes are:
1. The advancement of the arts, heritage and culture and in particular, visual art, craft and design in all its forms.
2. The advancement of education including education training and research and broader education in the development of individual capabilities, skills and understanding of art, craft and design.
3. The advancement of the arts, heritage and culture and advancement of education by preserving for the public at large and promoting the use of the building known as “the Dovecot” for public benefit and community use.
The Dovecot Foundation has several cultural and educational objectives, and many of these are carried out by its subsidiary, Dovecot Studios Limited, which employs all the necessary craftspeople to weave tapestries and make rugs, often to contemporary designs, and other staff to meet its other objectives including presenting contemporary art exhibitions to the public. The Dovecot Foundation receives grants from several sources to assist these activities. Any profits made by Dovecot Studios are covenanted back to The Dovecot Foundation.
Operating from Edinburgh’s refurbished Infirmary Street Baths, completed in 2008, Dovecot Studios runs a tapestry and weaving studio, several exhibition galleries of international quality, talks, events and workshops, a shop promoting Scottish makers and a café.
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## **The Dovecot Foundation (A company limited by guarantee) Report of the Trustees and Strategic Report For the year ended 30 June 2025**
## **Structure, governance and management (continued)**
Dovecot Studios is commissioned by public, corporate and private clients to create the highest quality tapestries and rugs. It also collaborates with architects, artists, makers, collectors and other cultural organisations to develop and promote art, craft and design, generally.
The directors of The Dovecot Foundation are also directors of Dovecot Studios Limited. Both boards are supported by a permanent management team based at Infirmary Street.
The Board of Trustees is responsible for overall strategy and Group resource planning. Day-to-day delivery of operations in line with agreed business plan priorities and budgeted resource allocations is delegated to the Director, supported by other senior managers, all of whom are employed by Dovecot Studios.
The Boards of The Dovecot Foundation and its subsidiary, Dovecot Studios Limited, meet regularly with senior management to consider operational and financial reports of the activities. Formal agendas are prepared and minutes of the meetings are recorded.
The Dovecot Foundation’s Board determines the remuneration of senior managers on a discretionary basis within the context of the medium-term business plan and annual budgets. During the period, and since, the senior management team consisted of:
## Director- Celia Joicey
Head of Finance & Resources- Alison Howe (to 31 March 2025) Head of Finance & Resources- Moira Chapman (from 24 June 2025) Interim Head of Finance & Resources - Jen McCartney (to 26 June 2025) Studio Manager & Master Weaver - Naomi Robertson Head of Commercial & Operations - Scott Byrne
## **Objectives and activities**
The Dovecot Foundation's principal strategic objectives are:
1. Create a tapestry production centre of international repute where we employ the highest quality staff, with expert facilities to work with the best contemporary artists and designers worldwide, promoting art, craft, enterprise and knowledge transfer.
2. Extend and broaden the range of audiences for our work through participation and learning activity, public profile, and an effective communication strategy.
3. Programme exhibitions and events to bring innovative work of contemporary artists & makers to a wider audience with an ambitious programme of exhibitions, events and creative projects to increase engagement with tapestry, craft and design at a national and international level.
4. Increase earned income through commercial activity, funding and inward investment, funding for projects and inward investment to maximise the impact and value of Dovecot and to underpin its vision.
5. Prioritise Fair Work to develop staff as an essential resource, especially the Dovecot Apprenticeship, and strengthen management structures through training, development and learning.
6. Bring the building, technical and operational infrastructure to highest standards and support environmental performance towards Net Zero.
7. Ensure Dovecot is known as a leading Scottish and unique visitor attraction and venue in the UK.
Dovecot’s values, embodied in all our work, are quality, craftsmanship, community and resilience
## **Social investment policy**
The Trustees regard Dovecot Studios Limited, The Dovecot Foundation’s trading subsidiary, as an appropriate vehicle for delivering The Dovecot Foundation’s charitable purposes in relation to artistic endeavour and educational benefit – by virtue of Dovecot Studios’ carrying on of tapestry weaving, mounting a programme of art exhibitions in the course of the year and offering public access to the Dovecot building. Accordingly, The Dovecot Foundation provides financial support towards the costs associated with operating from the Dovecot building.
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## **The Dovecot Foundation (A company limited by guarantee) Report of the Trustees and Strategic Report For the year ended 30 June 2025**
## **Measures of Success**
Visitor numbers, including online engagement, tapestry and rug sales achieved, and critical approval of Dovecot Studios’ artistic output and exhibition programme are the main criteria against which the Trustees gauge success and assess impact in relation to The Dovecot Foundation’s charitable aims and objectives each year.
## **Achievements and performance 2024-25**
The impact of Dovecot’s artist and exhibition partnership activities has been transformative over the past few years. This is demonstrated by year-on-year growth in visitors since the pandemic with record-beating numbers in the past two years. This visitor pattern is in contrast with museum and gallery footfall in other UK capital cities and highlights the exceptional impact and reach of the Dovecot programme.
## _**Tapestry Studio**_
2024-25 was remarkable for the number of contemporary artists that Dovecot commissioned, promoted and displayed. Dovecot worked with 16 artists and artists estates in 2024-25 including radical new artworks and displays of tapestry with women artists Tania Kovats, Kaye Donachie, Farshid Moussavi, Victoria Crowe, Ptolemy Mann and with diverse artists Chris Ofili, Hurvin Anderson, Christina Kimeze and Sekai Machache.
To support an exciting pipeline of tapestries, Dovecot collaborated with commissioning partners South London Gallery, Soho House, Lincoln College, The Scottish Gallery, V&A Dundee, the University of Oxford and the University of Aberdeen alongside private individuals and The Dovecot Foundation.
The new tapestries and rugs completed during the year reflect Dovecot’s key strategic objective to sustain the tapestry studio reputation, skills, facilities and projects: Kaye Donachie Sleep Returns (Aug 2024); JMW Turner Sea View (Oct 2024); Christina Kimeze, Blue Doorway (Jan 2025); The Whitburgh Garden rug (Feb 2025); and The Garden Carpet (May 2025). Two new tapestries and rugs started within the year were in progress at year-end: Lincoln College (started Oct 2024) and The Blue Fan (started Jun 2025). The Tapestry team also wove a number of tapestry samples to support future fundraising plans.
A further two tapestries were in research and development during the year. The first of these is a commission from the University of Aberdeen, awarded funding by the Jerwood Art Fund in December 2024. The brief is to create a new tapestry for the Sir Duncan Rice Library that will take inspiration from the University Collections, which span Scottish history and archaeology, natural, medical and physical sciences, and World Culture. During the year Dovecot worked with visual artist Sekai Machache to select work in the Collections that will inform both the artist and the weavers' approach in 2025-26.
The second is a tapestry with Mark Hearld for his exhibition at The Scottish Gallery in December 2025. The Tapestry Studio hosted our first-ever artist residency in July 2024, with Hearld making collage in situ for three weeks. The residency coincided with an invitation to Dovecot to appear on BBC Four Start the Week which provided an opportunity to promote both the residency and tapestry.
This year Dovecot achieved excellent profile for our artwork in high profile spaces and organisations that have extended the profile and engagement with tapestry: these include an important acquisition by the University of St Andrews of Lively Blue, Dovecot’s tapestry designed by Sekai Machache. The artworks on display outside of Dovecot in 2024-25 include: Christine Borland The Edinburgh Seven at the Edinburgh Futures Institute (from 8 March 2024); Rachel Maclean, Goo Gaa and Elizabeth Blackadder, Still Life with Chequered Box at the Musée Départemental de la Tapisserie, Aubusson (July – Sept 2024); Kaye Donachie Sleep Returns at Soho House Mews House, London (from September); Victoria Crowe Solstice Moon in the exhibition Touching the Surface, Pier Arts Centre, Orkney (31 Aug – 9 Nov 2024); Victoria Crowe Above Stromness at the exhibition Ice Moon Fire Land at Flowers Gallery, Cork St London (6 Sept – 5 Oct 2024); Wilhelmina Barns Graham Glacier Ice Face at British Art Fair, Saatchi Gallery (26–29 Sept 2024); Christina Kimeze Blue Doorway, in the exhibition Between Wood and Wheel at South London Gallery (31 Jan – 11 May 2025); Linder Diagrams of Love: Marriage of Eyes on loan from Dovecot to the exhibition Linder: Danger Came Smiling, Hayward Gallery (11 Feb – 5 May 2025) and Inverleith House, Edinburgh (23 May – 19 Oct 2025); FMA Farshid Moussavi Architecture The Garden Carpet Tapestry and Dovecot The Whitburgh Garden Carpet at the exhibition Garden Futures at V&A Dundee (May 2025 – February 2026); Wilhelmina Barns Graham Wind Dance at the British Academy (from May 2025); Angie Lewin Tea Bowl & Bracken at St Jude’s-The Art of Collaboration, The Scottish Gallery (5–28 June 2025).
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## **The Dovecot Foundation (A company limited by guarantee) Report of the Trustees and Strategic Report For the year ended 30 June 2025**
## **Achievements and performance 2024-25 (continued)**
## **Audience and Communication**
Visitor figure numbers from 1 July 2024 to 30 June 2025 were 95,065 (2023-24 69,936). This is the highest-ever annual footfall to the building on record, for the second consecutive year.
For context, this is the second full year of recording visitor numbers using digital beam counters instead of manual clickers. Note that the total visitor figure has been adjusted downwards by 10% while Dovecot continues to review the accuracy of digital counters. Industry analysis suggests beam counters generally undercount, but Dovecot’s cautious analysis is informed by the installation of a fourth beam counter in June 2024 and comparing the digital count with manual checks that exclude staff and contractors.
The ticketed exhibitions, featuring works by iconic and international artists, received 31,021 visits (2023-24 23,432). Dovecot also created a series of free exhibits in partnership with artists Tania Kovats, Ptolemy Mann and Doug Cocker on the Studios Balcony Gallery to complement the creative activities and aesthetic of the Weaving Floor.
Our exhibition visitors came from a range of audiences interested in arts and crafts. Our visitors were predominantly from Scotland (38% Edinburgh based, 39% rest of the country) and Britain (20%) with the remaining coming from the EU and the rest of the world. The profile was consistent with previous years: 38% full price paying adults, 55% senior and student concessions and 6% taking advantage of Art Fund/Young Scot rates.
In terms of new audiences, in 2024–25 just under half of our visitors (40%) were first-time visitors (2023-24: 56%). While the percentage decreased, the total number remained consistent in light of the overall footfall increase. While engagement with older audiences has been sustained, visitors aged 18–44 are in the minority and represent an opportunity for Dovecot to strengthen programming to attract them in 2025-26.
To engage audiences from more diverse demographics, our multi-platform digital marketing campaigns have increased social media engagement and Dovecot successfully activated digital and broadcast communication using the website, email, newsletters and online resources. Dovecot’s website remains a crucial way of communicating Dovecot’s work with 118,000 unique users and 428,000 page views. The most visited website pages highlighted the popularity of the exhibition programme with ‘What’s On’, and ‘The Scottish Colourists’ the top two pages. Mobile phones continued to be the leading method of accessing the website (55%) followed by desktop (40%).
Dovecot has a highly-praised public events programme with over 200 popular and academic talks, workshops and free visitor tours annually. Our EDI Action Plan also successfully increased exhibition access, interpretation and impact. Inclusive events included textile handling and online talks that improve access for those unable to visit in person. As part of the Stitched exhibition, Dovecot delivered Descriptive Gallery Tours for visually impaired visitors. Demand was high and collaboration with organisations supporting people with visual impairments ensured meaningful and accessible engagement. In 2024-25, over 9% of total exhibition visitor numbers participated in workshops, lunchtime tours, public preview events, talks, studio tours and tapestry experience days.
To boost our visibility and strengthen working relationships we continued promotional partnerships with Art Fund, Visit Scotland, Association of Scottish Visitor Attractions, as well as Edinburgh Art Festival, the Edinburgh Science Festival and Edinburgh Fringe, where we featured as a participating venue in both.
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## **The Dovecot Foundation (A company limited by guarantee) Report of the Trustees and Strategic Report For the year ended 30 June 2025**
## **Audience & Communication (continued)**
Dovecot’s impact is strengthened through successful media coverage. Striking press images and interesting angles helped to communicate the Dovecot programme and building as a vibrant, modern and international centre for art and design. Exceptional press coverage with BBC Radio Four Start the Week (1 July 2024); attention for Chris Ofili during the Edinburgh Art Festival; excellent reviews for Stitched exhibition including a feature on BBC Radio Four Front Row (23 Oct 2024); and excellent reviews for The Scottish Colourists were complemented by regular major press photo stories in the Scotsman, Herald, Times, and Guardian.
## **Exhibitions and Creative Programme**
Dovecot’s critically acclaimed exhibitions and displays programme in 2024-25 has successfully contributed to Dovecot’s goals of raising profile, increasing knowledge and understanding of art, craft and design, extending audiences at touring venues, footfall to the building, encouraging digital engagement and sustaining the business of tapestry weaving. The exhibitions and public programme generated £349,484 in ticket and exhibition touring sales (2023-24 £214,755), and with 31,021 visitors, almost one in three people came to Dovecot because of the exhibition programme. Ticket income, with support from Museums Galleries and Exhibitions Tax Relief, and associated commercial spend. is increasingly crucial to sustaining and growing Dovecot’s charitable mission.
The Ground Floor exhibition programme featured:
·Chris O�ili: The Caged Bird’s Song, 28 June – 5 October 2024 ·STITCHED! Scotland’s Embroidered Art, 25 Oct 2024 – 18 January 2025 ·The Scottish Colourists: Radical Perspectives, 7 February–28 June 2025
The Balcony displays programme included:
·Tania Kovats SEAMARKS, 27 July–2 November 2024 ·Ptolemy Mann Woven Colour, 9 Nov–15 March 2025 ·Doug Cocker: Threads, 24 May – 19 July 2025
The Foyer and Café programme included: ·Tapestry 5: Time & Place, 26 July – 5 October 2024
## Dovecot touring exhibition:
·Ceci n'est pas une tapisserie: 21st century Franco-British tapestry, 26 July–11 August 2024 ·The Art of Wallpaper: Morris & Co, York Art Gallery 27 Sept 2024–23 Feb 2025
Dovecot’s work with public and private collections and galleries to share artworks, objects, knowledge and expertise is crucial to our ability to programme wide-ranging exhibitions. Our partnership approach to exhibition-making and touring has paid dividends in attracting new and diverse audiences. These included a visit from First Minister John Swinney to Dovecot on 18 June 2025 to champion how art and creativity boost Scotland’s economy and reputation. The key partners who made our exhibitions possible in 2024–25 include The Clothworker’s Company, Victoria Miro Gallery, Morris & Co, National Trust for Scotland, The Fleming Collection, V&A Dundee, Parafin Gallery and The Scottish Gallery. In addition, there were 23 UK-based museums, galleries and private collections who supported The Scottish Colourists exhibition.
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## **The Dovecot Foundation (A company limited by guarantee) Report of the Trustees and Strategic Report For the year ended 30 June 2025**
## **Exhibitions and Creative Programme (continued)**
## North and South Galleries
Chris Ofili: The Caged Bird’s Song opened just before the start of the financial year to showcase Dovecot’s most significant commission of the last 10 years. This seven-metre triptych tapestry was loaned by The Clothworkers’ Company to enable it to be on public display for the first time outside of London. The exhibition offered insight into the weavers’ process, from colour experiments to large-scale cartoon creation and the clear interpretation was credited for increasing visitor knowledge and appreciation of tapestry weaving. The close-up installation had more than one visitor moved to tears.
Stitched: Scotland's Embroidered Art was the first-ever exhibition of National Trust for Scotland textiles. Curated with NTS, this exceptional partnership showcased over 80 embroidered textiles spanning from 1720 to 1920 and won national broadcast and print coverage. Exhibition research included a two-year conservation programme to ensure some NTS objects could be seen in public for the first time. The content was loaned from 18 historic properties and offered fresh insight into not only international influences on embroidery design but also the lives of important women and individual makers. Sustained footfall included many repeat visitor numbers.
The Scottish Colourists: Radical Perspectives offered a radical recontextualization of the four painters S.J. Peploe, J.D. Fergusson, G.L. Hunter, and F.C.B. Cadell and their Celtic contemporaries in the wider context of early 20th-century European Modernism. Curated by the Fleming Collection, it attracted a record 19,162 visitors, far exceeding Dovecot’s most popular exhibition to date Grayson Perry Tapestries (2019: 13,906). Highlighting artists such as Henri Matisse, Andre Derain, James McNeill Whistler, and Duncan Grant, the exhibition included key loans from important public collections Tate and Tullie House, as well as many private collections.
## Balcony Gallery, Foyer and Café
Tania Kovats: SEAMARKS exhibition presented a new tapestry handwoven by Dovecot alongside seascapes by Kovats in brushstrokes, drawings and ceramic. The resulting exhibition evoked the shifting seas, moon rhythms, and meditative qualities of weaving while reflecting on the climate emergency. Visitor comments included how inspirational the work was and made connections between weaving and the other media on display.
Ptolemy Mann: Woven Colour was an opportunity for Mann to debut her new Thread Paintings at Dovecot, following her first solo show in 2012. These combined hand-dyed warp with gestural acrylic painting, offering a dialogue between structure and spontaneity. Shown alongside 20 handwoven Gelim rugs, the bright colours led to a spectacular installation. Feedback and sharing on social media highlighted visitor engagement and enjoyment.
Doug Cocker: Threads offered insight into the career of sculptor Doug Cocker, marking his 80th birthday. Renowned for his exceptional craftsmanship and sensitivity to the qualities of natural materials, the exhibition highlighted recurring themes, influences, and rhythms that have defined his 60-year practice. Organised with The Scottish Gallery, many of Cocker’s former students and supporters travelled to see the exhibition and were first-time visitors to Dovecot.
Tapestry 5: Time & Place presented work by five independent weavers based in Scotland. It provided members of the local tapestry community with the opportunity to showcase their individual approach to the art form as well as a route to market. Displayed in the Dovecot Café all work was for sale.
The Art of Wallpaper: Morris & Co generated high praise and 35,144 visitors at York City Art Gallery (Sept 2024–February 2025). It is Dovecot’s first touring exhibition since 2012 and York provided excellent feedback on the public engagement activities and income generation that the exhibition supported. International engagement with potential exhibition and tapestry partners was developed at the Muscon Conference in London (17–19 October 2024) and through partnership with the UK Touring Exhibitions Group (TEG). Another venue in England has confirmed The Art of Wallpaper will tour there in 2025–26.
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**The Dovecot Foundation (A company limited by guarantee) Report of the Trustees and Strategic Report For the year ended 30 June 2025**
## **Exhibitions and Creative Programme (continued)**
Dovecot hosted the jewellery exhibition Dazzle (2–25 August 2024) for their 43rd Edinburgh Festival presentation. Dazzle is a valued platform for over 55 contemporary jewellers showing over 2,000 creative pieces. In June, Dovecot hosted the Paintbox School of Art annual exhibition (27–29 June 2025) for the fourth year. The showcase is an opportunity for ten artists on the School’s Professional Development Course to launch their working practice. Dovecot also continued to display and publicise the work of Edinburgh Printmakers throughout the building, which contributed to visitor footfall, enjoyment and retail sales.
Alongside exhibitions and displays Dovecot programmed over 200 creative workshops, events, talks and tours plus exhibition late viewings. Talks and events make an important contribution to widening knowledge and understanding of the arts, providing Dovecot with opportunities for audience development as well as support to sustain the art of tapestry weaving. Dovecot is grateful to all those speakers who contributed during the year. Sold-out events to note during the year include The Scottish Colourists talks by James Knox (6 February 2025) and Guy Peploe (3 April) and Zandra Rhodes (5 March 2025). Dovecot continues to use digital tools to offer regular online tours of the Weaving Floor and exhibitions.
## **Developing a sustainable operating model**
## **Commercial activity**
Turnover of Dovecot’s commercial activities, comprising venue hire, retail, café and catering, had turnover during the year of £445,528 (2023-24: £624,466). While the previous financial year benefited from an exceptional three-week hire of the building, a key factor in sustaining self-generated income in 2024-2025 was Dovecot taking ownership of the café and catering operations in November 2024.
Venue Hire – Over the 12-months, Dovecot successfully hired out the building for 133 events (2024: 110) and continued to attract a diverse range of users to our facilities, from community groups to international brands. The five available spaces for hire within Dovecot have hosted a range of celebrations, conferences and training days as well as activities that reflect our core programme: fashion and fine art exhibits.
Café and catering – The contract for Dovecot café and catering was tendered in December after the operator entered administration on 22 November 2024. Dovecot successfully put emergency operations in place including a dedicated manager to maintain a good quality café and visitor experience plus a roster of caterers to ensure high standards for venue hire clients. During the first few months of operating the café in-house, Dovecot took advice from museum and gallery catering experts to establish new protocols, operations, KPIs and training. The tender was unsuccessful and in March 2025 the Board confirmed that Dovecot should continue to manage operations with an opportunity to review after one year.
Retail – The Dovecot physical and online shop provides both a core range of tapestry-related items, books and gifts plus a range of merchandise related to the ticketed exhibitions and free displays. In 2024-25 independent artworks shown in Dovecot’s free-to-visit spaces including the Café, Foyer, Stairwell and Balcony provided a successful route-to-market for art sales including rugs and paintings. Dovecot’s on-going partnership with Edinburgh Printmakers has supported additional print sales.
## **Developing the Team**
The Trustees were delighted to confirm payment of the Real Living Wage to directly employed staff, apprentices, 16-17 year-old workers and contracted and agency staff from April 2025. Dovecot was excited to welcome new team members during the year. Staff changes included a new Buildings Facilities Manager in September 2024; the Exhibitions Manager & Curator and the Event Sales Manager both joined January 2025; a new Café Manager in February 2025; Head of Finance left March 2025, with new permanent appointment June 2025. While Dovecot contracted external curatorial, catering and events consultants in the interim, delays in recruitment enabled a saving on permanent staff costs. The Dovecot Apprenticeship was sustained with a second year of grant funding from the Clothworkers’ Company, and a plan to recruit a second Apprentice in 2025-26.
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## **The Dovecot Foundation (A company limited by guarantee) Report of the Trustees and Strategic Report For the year ended 30 June 2025**
## **Developing the Team (continued)**
Staff changes during the year included: Head of Commercial & Operations left March 2024, with new appointment August 2024; Exhibitions Manager & Curator left February 2024, with exhibition consultants providing support thereafter until permanent post advertised post-year-end; Event Sales Manager left May 2024, with external events consultant providing ongoing support.
Regular Health and Safety training continues, with relevant staff completing either new or refresher training courses in: Emergency First Aid at Work; Fire Marshall / Fire Extinguisher; Manual Handling; Working at Height; and Scaffolding. Cybersecurity training for all staff continues to be a priority and Dovecot once again received annual CyberEssentials accreditation. Online Equality, Diversity and Inclusion training was introduced across the organisation, to enhance awareness of the importance of each of these areas in the workplace, along with the related law and behaviour expectations.
## **Sustainability, Buildings and Infrastructure**
A regular regime of Planned Preventative Maintenance, provided by external contractors, ensures the Dovecot building and infrastructure remain secure and safe for staff, contractors and visitors.
Security was also reviewed during the year in line with ambitious loans to The Scottish Colourists exhibition. New and enhanced security measures were successfully implemented in January 2025 to meet stringent advice from Government Indemnity Scheme.
We continue to work to reduce our environmental impact across all areas of our work. Priorities informed by Creative Scotland include steps to measure our total organisational carbon output and create a net zero action plan in line with ambitions for Edinburgh to be net zero by 2045. Our Environmental Sustainability Policy is to adopt and promote energy efficiency and the use of renewable resources and to enable a recycling ethos of reduce, reuse, repair and recycle. We have been working with our waste management company to improve our recycling rates. Dovecot’s Designated Building Officers are committed to raising and maintaining awareness of the climate crisis by encouraging active participation in sustainable practices.
## **Heritage Assets**
The Foundation holds the Dovecot Building, a historically significant Victorian public baths located at 10 Infirmary Street, Edinburgh. The building is recognised as a heritage asset due to its architectural importance, cultural significance, and its central role in preserving and promoting tapestry weaving in Scotland.
The building is integral to the charitable purposes of the Foundation, providing a permanent home for the Dovecot Tapestry Studio, public exhibitions, education programmes and community engagement. The Trustees consider the building to be held in furtherance of the charity’s objectives rather than for commercial return.
Further information on the nature, scale, measurement basis and accounting treatment of heritage assets is provided in Note 10.
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**The Dovecot Foundation (A company limited by guarantee) Report of the Trustees and Strategic Report For the year ended 30 June 2025**
## **Fundraising**
Dovecot’s fundraising in 2024–25 included the application to the Creative Scotland Multi-Year Funding scheme. In April 2024 Dovecot’s Stage 2 application requested £270k to support the creation of three tapestries for Scotland between 2025–28. On 30th January 2025 Dovecot was successfully awarded £175,500 for the year April 2025 to March 2026 with an indicative award of £229,500 for the two following years. This funding offers crucial new support to kickstart projects with established and important artists to build a more sustainable tapestry pipeline by 2028.
In May 2025, Dovecot was delighted to be recognised as a recipient of the Art Fund Going Places National Lottery Heritage Fund (NLHF), the UK’s largest ever collaborative touring exhibition project. Dovecot secured a place on the bid in December 2023 and is one of 20 museums chosen to share their collections and expertise with each other to strengthen the touring exhibition model. Starting in 2025-26, Dovecot will receive total funding of £80,000 over three years to help stage two exhibitions in partnership with Blackwell Arts & Crafts House, Tŷ Pawb and William Morris Gallery about the arts and crafts movement.
During the year, Dovecot continued to deliver tapestry and exhibition projects for which funds had been raised in previous years. Projects included the Clothworkers’ Company on-going support for the Dovecot Apprenticeship and funding from British Council, for international working and tapestry exchange with France. To coincide with the 2024 Olympics in Paris, Dovecot was delighted to be a part of UK/France Spotlight on Culture 2024 Together We Imagine programme with British Council France. To celebrate the relationship between France and the UK, a display of Dovecot tapestries, Ceci n'est pas une tapisserie: 21st century Franco-British tapestry, was shown in the Musée Départemental de la Tapisserie in Aubusson, the international city of tapestry. The exchange enabled Dovecot and the Cité Internationale de la Tapisserie, Aubusson to develop a partnership agreement to pursue the international appreciation of tapestry through exchange of skills, training and exhibitions. This partnership will be developed in future years with a proposal for a display of Aubusson tapestries in the UK.
We are tremendously grateful for the support that we received from many different sources. Certain monies are raised through donations made in the building using contactless donation terminals which allow donors to Gift Aid their support. Throughout 2024–25 Dovecot exhibition tickets included the option to add a voluntary donation. This scheme gives exhibition visitors who are also UK taxpayers the opportunity to add Gift Aid to their donation at no extra cost and contribute to Dovecot’s work in a charitable way. During 2024-25 Dovecot increased the proportion of visitors who gave a donation in addition to purchasing an exhibition ticket. While the proportion of visitors who, in addition to giving a donation, signed the Gift Aid declaration was small this proportion significantly increased during The Scottish Colourists exhibition. Dovecot has set a target to increase Gift Aid declarations on donations to 20% during 2025-26.
## **Principal Risks**
The Trustees have reviewed the major risks to which The Dovecot Foundation is exposed and have established procedures to manage those risks. This includes close management of cash flow, activity-based budgeting and reporting and the discussion of financial and non-financial risks at regular meetings of the Board. Projects delivered by Dovecot Studios Ltd to meet the objectives of The Dovecot Foundation are subject to detailed assessment, regular analysis and by post-project review.
The principal risks facing the Group have been identified by the Trustees as:
1. Variability of the tapestry commissioning “pipeline” and ultimate dependency on the founding Trustees for the solvency of subsidiary operations. Mitigation: The Dovecot Foundation’s significant holdings of readily realisable investments which provide over one year’s operating expenses cover; diversification of income streams through building-based trading activities (room hires, events, retail and café operations); on-going review of opportunities to develop new voluntary and other primary purpose income streams.
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Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
**The Dovecot Foundation (A company limited by guarantee) Report of the Trustees and Strategic Report For the year ended 30 June 2025**
## **Principal Risks (continued)**
2. Dependency on a small pool of skilled weavers with knowledge of Dovecot Tapestry Studio’s weaving practices. Mitigation: Apprenticeship programme; careful planning of project delivery timelines; and engagement with higher and further education to explore tapestry training and courses.
3. Ability to achieve long-term board development and effective succession planning. Mitigation: Research to recruit new board members continues.
4. Success in obtaining grants from public and private bodies to assist the artistic aims. Mitigation: Make targeted applications to receptive bodies.
5. Building renewal and repairs disrupt Dovecot’s ability to deliver programme, placing extreme pressure on overall finances
Mitigation: Plan repairs to minimise disruption with a 10–15 year building renewal plan and review Foundation investments and management to ensure long-term growth.
## **Future Plans**
The ambition for the forthcoming year can be seen in the targets set across Dovecot’s Business Plan and the 2025-28 Activity Plan, which aligns Dovecot’s objectives against the seven Creative Scotland Multi-Year Funding priorities. Our Business Plan highlights both artistic quality and creative ambition in parallel with increasing earned income through commercial activity, funding and inward investment. This is reflected Dovecot’s Vision and Mission, with a view to developing a more sustainable operating model over the next five years.
Today, the context for Dovecot’s work is exciting, with a growing audience and international momentum for tapestry providing scope for growth. Priorities in the 2025-2028 strategic plan include a programme of tapestry commissions working with artists who can address the Climate Emergency, showcase the best of Scotland to the world and address or engage with issues of Equality, Diversity and Inclusion.
The exhibitions opening through 2025–26 reflect our efforts to bring work of international significance to Edinburgh. A collaboration with the global design brand IKEA to host the first-ever touring exhibition from IKEA Museum in Sweden has repositioned our historic tapestry studio as a vibrant, modern and international centre for art and design. The focus in the second half of the year is equally ambitious with the much-anticipated Biba fashion and lifestyle exhibition.
## **Financial Review**
## **Incoming resources & expenditure**
Group trading income amounted to £1,044,363 (2024: £1,043,994). Included in the total is: (1) tapestry and rug sales income of £249,390 (2024: £182,815); and (2) income from exhibitions sales, facilities hire and catering, retail and cafe operations carried on by Dovecot Studios Limited of £794,973 (2024: £861,179). Income from listed investments and bank interest amounted to £46,847 (2024: £37,464). Rental income of £169,205 (2024: £157,373) is from Group investment properties.
Donations received by The Dovecot Foundation amounted to £300,933 (2024: £1,820), including shares valued at £265,010 (2024: £Nil) at the time they were gifted.
Grant funding awards of £65,400 (2024: £35,500) were received in the year. A full list of grants received is shown in note 2.
Total Group incoming resources of £1,626,748 (2024: £1,276,151) were offset by £1,514,202 (2024: £1,387,072) of resources expended. After recognition of an unrealised gain on investments of £122,201 (2024: £435,375), there was a net increase in total funds of £305,347 (2024: £384,459). Total funds as at 30 June 2025 were £13,568,571 (2024: £13,263,224) of which £8,818,814 is represented by Group properties.
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## **The Dovecot Foundation (A company limited by guarantee) Report of the Trustees and Strategic Report For the year ended 30 June 2025**
## **Trading subsidiary results**
The trading subsidiary, Dovecot Studios Ltd, delivered a loss after tax of £121,508 (2024: profit £19,863) in the year and has an accumulated profit and loss account deficit of £81,034 at 30 June 2024 (2024: surplus £40,474).
## **Assets & liabilities**
Consolidated fixed and current assets of The Dovecot Foundation and its subsidiaries totalled £13,885,436 at the end of the year (2024: £13,477,854), including £8,818,814 (2024: £8,818,814) relating to Group properties. Total creditors falling due within one year amounted to £316,863 (2024: £214,630). Consolidated net current assets were £862,161 compared to £957,130 at the previous year end.
## **Review of the investment portfolio**
At the year-end date The Dovecot Foundation's listed investments were held in Scottish Mortgage Investment Trust, Renew Holdings plc and the Teal Widgeon Fund. The Trustees view these holdings as endowment funds and under the terms of the endowment the income arising is available to provide Group operational working capital at the Board's discretion.
The overall investment in these holdings was valued at £3,804,194 at 30 June 2025 (2024: £3,416,982). The year-onyear movement in value was represented by new gifts of £265,010 (2024: £Nil) and a net increase in the market value of holdings carried forward at 30 June 2025 of £122,202 (2024: £435,375). The realisable value of The Dovecot Foundation's investment portfolio at the date of this report is sufficient to cover more than one year's operating outturn of the principal operating subsidiary.
## **Reserves**
As at the reporting date, the trading subsidiary DSL has a deficit in its Profit and Loss reserve. The Trustees have reviewed the reserves policy and are satisfied that this is a reasonable reserves policy for the charity. The maintenance of this reserves policy is dependent on successful ongoing fundraising efforts which remains a key focus for the organisation. The Foundation receives grants from public bodies to support the delivery of charitable objectives. These grants are expected to increase in 2025-26 with the first full year of Multi-Year Funding from Creative Scotland and the Trustees are confident in the long term operations of DSL.
## **Recruitment**
All employment contracts within the Group are with Dovecot Studios Ltd. All permanent posts are advertised on Dovecot's website and on other relevant job opportunities’ website pages to encourage applications from the widest range of potential candidates.
## **Trustees Remuneration**
No Trustees received remuneration or expenses from their work in supporting the Charity.
## **Auditors**
Saffery LLP have expressed their willingness to continue in office.
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## **The Dovecot Foundation (A company limited by guarantee) Report of the Trustees and Strategic Report For the year ended 30 June 2025**
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and of the group for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable 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 concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware:
- there is no relevant audit information of which the charitable company’s auditor is unaware; and
- • the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the reparation and dissemination of financial statements may differ from legislation in other jurisdictions.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
25 March 2026 ....................................... [chS6423730A5A6E424... **i** gnedna. by: Selves …............................................................... **Elizabeth Salvesen Date** _Trustee, The Dovecot Foundation_
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## **The Dovecot Foundation**
**(A company limited by guarantee) Independent auditor's report to the members and Trustees For the year ended 30 June 2025**
## **Opinion**
We have audited the financial statements of The Dovecot Foundation (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 30 June 2025 which comprise the group statement of financial activities, the charity statement of financial activities, the group statement of financial position, the charity statement of financial position, the group and charity statement of cash flows 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 United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
## **In our opinion the financial statements:**
- give a true and fair view of the state of the affairs of the group and the parent charitable company as at 30 June 2025 and of the group’s incoming resources and application of resources, including its income and 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 requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ 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 group or the parent 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 included 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, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
## **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 Trustees’ Annual Report which includes the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees’ Annual Report which includes the Directors’ Report has been prepared in accordance with applicable legal requirements.
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## **The Dovecot Foundation**
**(A company limited by guarantee) Independent auditor's report to the members and Trustees For the year ended 30 June 2025**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion
- proper and adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
- the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemption in preparing the Trustees’ Annual Report.
## **Responsibilities of trustees**
As explained more fully in the Trustees’ Responsibilities Statement set out on page 13, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group and the parent 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 trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditors under the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.
Our objectives are to obtain reasonable assurance about whether the group and parent 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
## Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate.
Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and guidance issued by the Office of the Scottish Charity Regulator.
## Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
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## **The Dovecot Foundation**
## **(A company limited by guarantee) Independent auditor's report to the members and Trustees For the year ended 30 June 2025**
During the planning meeting, the engagement team discussed the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the reviews included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the parent charitable company’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company, the parent charitable company’s members and trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## **Harry Kendall ACA (Senior Statutory Auditor) for and on behalf of Saffery LLP**
9 Haymarket Square Edinburgh Statutory Auditors EH3 8RY Date:
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
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## **The Dovecot Foundation**
**(A company limited by guarantee) Group Statement of Financial Activities (incorporating Group Income and Expenditure account) For the year ended 30 June 2025**
**----- Start of picture text -----**
Unrestricted
Restricted Endowment Total funds Total funds
funds funds funds 2025 2024
Notes £ £ £ £ £
Income and endowments
Donations, grants and legacies 2 35,923 65,400 265,010 366,333 37,320
Trading activities 3 1,044,363 - - 1,044,363 1,043,994
Investment income 4 216,052 - - 216,052 194,837
Total income 1,296,338 65,400 265,010 1,626,748 1,276,151
Expenditure on:
Costs of raising funds:
Trading operations 5 (709,754) - - (709,754) (649,544)
Expenditure on charitable activities:
Operation of charity 6 (784,448) (20,000) - (804,448) (737,528)
Total expenditure 8 (1,494,202) (20,000) - (1,514,202) (1,387,072)
Gain on disposal of investment 11 - - - - -
Net gains/(losses) on investments 11 - - 122,201 122,201 435,375
Net income/(expenditure) (197,864) 45,400 387,211 234,747 324,454
Net movement in funds (197,864) 45,400 387,211 234,747 324,454
Tax Relief 70,600 - - 70,600 60,005
Net movement in funds after tax (127,264) 45,400 387,211 305,347 384,459
Reconciliation of funds
Total funds brought forward 894,095 133,333 12,235,796 13,263,224 12,878,765
Total funds carried forward 18 766,831 178,733 12,623,007 13,568,571 13,263,224
**----- End of picture text -----**
The statement of financial activities includes all gains and losses recognised in the year.
Closing endowment funds and restricted income funds totalled to £12,623,007 and £178,733 (2024: £12,235,796 and £133,333) respectively with these movements noted within note 16.
The notes on pages 23 to 47 form part of these financial statements.
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## **The Dovecot Foundation**
## **(A company limited by guarantee) Charity Statement of Financial Activities (incorporating an Income and Expenditure account) For the year ended 30 June 2025**
**----- Start of picture text -----**
Unrestricted
Restricted Endowment Total funds Total funds
funds funds funds 2025 2024
Notes £ £ £ £ £
Income and endowments
Donations, grants and legacies 2 33,661 45,400 265,010 344,071 1,367
Investment income 4 274,370 - - 274,370 234,678
Total income 308,031 45,400 265,010 618,441 236,045
Expenditure on:
Expenditure on charitable activities:
Donations and grants to Dovecot 6
Studios Limited - (4,025) - (4,025) (95,500)
- -
Operation of charity (227,638) (227,638) (278,824)
Total expenditure 8 (227,638) (4,025) - (231,663) (374,324)
Net gains/(losses) on investments 11 - - 122,201 122,201 435,375
Net income/(expenditure) 80,393 41,375 387,211 508,979 297,096
Net movement in funds 80,393 41,375 387,211 508,979 297,096
Reconciliation of funds
Total funds brought forward 635,457 115,000 12,235,796 12,986,253 12,689,157
Total funds carried forward 18 715,850 156,375 12,623,007 13,495,232 12,986,253
**----- End of picture text -----**
The statement of financial activities includes all gains and losses recognised in the year.
Closing endowment funds and restricted income funds totalled to £12,623,007 and £156,375 (2024: £12,235,796 and £115,000) respectively with any movements noted within note 16.
The notes on pages 23 to 47 form part of these financial statements.
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## **The Dovecot Foundation (A company limited by guarantee) Group balance sheet For the year ended 30 June 2025**
|**Notes**
**Fixed assets**
Tangible fixed assets
**10**
Heritage assets
**10**
Investment properties
**10**
Investments
**11**|**£**|**2025**
**£**
83,404
7,048,814
1,770,000
3,804,194|**£**|**2024**
**as restated**
**£**
70,298
7,048,814
1,770,000
3,416,982|
|---|---|---|---|---|
|**Current assets**
Stock
**12**
Debtors
**13**
Cash at bank and in hand|330,024
199,746
649,252|12,706,412|301,613
128,605
741,542|12,306,094|
|**Current Liabilities**
Creditors: amounts due within one year
**14**|1,179,022
(316,863)||1,171,760
(214,630)||
|**Net current assets**||862,159||957,130|
|**Total assets less current liabilities**
**Non-current liabilities**
Creditors: amounts due after more than one year
**15**||13,568,571
-||13,263,224
-|
|**Net assets**||13,568,571||13,263,224|
|**Reserves**
Endowment and restricted funds
**16**
Unrestricted funds
**17**||12,801,740
766,831||12,369,129
894,095|
|**Total funds**
**18**||13,568,571||13,263,224|
These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
25 March 2026 The financial statements were approved and authorised for issue by the Board of Trustees on and were signed on its behalf by:
> …............................................................... [chS6423730A5A6E424... **i** gnedna. by: Selves **Elizabeth Salvesen Trustee and Director**
Charity registration No. SC041370 Company registration No. SC375263
The notes on pages 23 to 47 form part of these financial statements.
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## **The Dovecot Foundation (A company limited by guarantee) Charity balance sheet For the year ended 30 June 2025**
|**Notes**
**Fixed assets**
Tangible fixed assets
**10**
Heritage assets
**10**
Investment properties
**10**
Investments
**11**|**£**|**2025**
**£**
49,681
7,048,814
1,770,000
4,059,492|**£**|**2024**
**as restated**
**£**
32,551
7,048,814
1,770,000
3,672,279|
|---|---|---|---|---|
|**Current assets**
Debtors
**13**
Cash at bank and in hand|64,434
589,137|12,927,987|20,570
540,229|12,523,644|
|**Current Liabilities**
Creditors: amounts due within one year
**14**|653,571
(86,326)||560,799
(98,190)||
|**Net current assets**||567,245||462,609|
|**Total assets less current liabilities**
**Non-current liabilities**
Creditors: amounts due after more than one year
**15**||13,495,232
-||12,986,253
-|
|**Net assets**||13,495,232||12,986,253|
|**Reserves**
Endowment and restricted funds
**16**
Unrestricted funds
**17**||12,779,382
715,850||12,350,796
635,457|
|**Total funds**
**18**||13,495,232||12,986,253|
These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
25 March 2026 The financial statements were approved and authorised for issue by the Board of Trustees on and were signed on its behalf by:
> …............................................................... [chS6423730A5A6E424... **i** gnedna. by: Selves **Elizabeth Salvesen Trustee and Director**
Charity registration No. SC041370 Company registration No. SC375263
The notes on pages 23 to 47 form part of these financial statements.
20
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
## **The Dovecot Foundation**
## **(A company limited by guarantee) Statement of changes in equity For the year ended 30 June 2025**
**----- Start of picture text -----**
Group Notes Unrestricted Restricted Endowment
Funds Funds Funds Total
Balance at 30 June 2023 751,282 210,000 11,917,483 12,878,765
Year ended 30 June 2024
Net (expenditure)/income 142,813 (76,667) (117,062) (50,916)
Gain on revaluation of investments - - 435,375 435,375
Balance at 30 June 2024 894,095 133,333 12,235,796 13,263,224
Year ended 30 June 2025
Net (expenditure)/income (127,264) 45,400 265,010 183,146
Gain on revaluation of investments - - 122,201 122,201
Balance at 30 June 2025 18 766,831 178,733 12,623,007 13,568,571
Charity Unrestricted Restricted Endowment
Funds Funds Funds Total
Balance at 30 June 2023 561,674 210,000 11,917,483 12,689,157
Year ended 30 June 2024
Net (expenditure)/income 73,783 (95,000) (117,062) (138,279)
Gain on revaluation of investments - - 435,375 435,375
Balance at 30 June 2024 635,457 115,000 12,235,796 12,986,253
Year ended 30 June 2025
Net (expenditure)/income 80,393 41,375 265,010 386,778
Gain on revaluation of investments - - 122,201 122,201
Balance at 30 June 2025 18 715,850 156,375 12,623,007 13,495,232
**----- End of picture text -----**
21
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
## **The Dovecot Foundation (A company limited by guarantee) Group and charity statement of cashflows For the year ended 30 June 2025**
**----- Start of picture text -----**
Group Charity
2025 2024 2025 2024
£ £ £ £
Cashflows from operating activities
Net Income 305,347 384,459 508,979 297,096
Investment income (216,052) (194,837) (274,370) (234,678)
Depreciation & amortisation 19,292 135,576 12,545 126,110
Investment revaluation gain (122,201) (435,375) (122,201) (435,375)
- -
(Increase)/Decrease in stocks (28,411) (17,737)
(Increase)/Decrease in debtors (71,141) 11,853 (43,863) 24,861
Increase/(Decrease) in creditors 102,233 (23,446) (11,864) 20,708
Net cash inflow/(outflow) from operating activities (10,933) (139,507) 69,226 (201,278)
Cashflows from investing activities
Fixed asset purchases (32,399) (15,189) (29,677) (5,316)
- -
Investment purchases (265,010) (265,010)
Interest received 177,969 161,661 236,286 201,501
Dividends received 38,083 33,176 38,083 33,176
Net cash inflow/(outflow) from investing activities (81,357) 179,648 (20,318) 229,361
(Decrease)/Increase in cash (92,290) 40,141 48,908 28,083
Cash at 1 July 2024 741,542 701,401 540,229 512,146
Cash at 30 June 2025 649,252 741,542 589,137 540,229
1 July 2024 Cashflows Other non- 30 June
cash changes 2025
Group- net cash £ £ £ £
Cash in hand, at bank 741,542 (92,290) - 649,252
Loans falling due within one year (9,167) 9,167 - -
- - - -
Loans falling due after one year
Net Cash 732,375 (83,123) - 649,252
1 July 2024 Cashflows Other non- 30 June
cash changes 2025
Charity- net cash £ £ £ £
Cash in hand, at bank 540,229 48,908 - 589,137
Loans falling due within one year (9,167) 9,167 - -
- - - -
Loans falling due after one year
Net Cash 531,062 58,075 - 589,137
**----- End of picture text -----**
The notes on pages 23 to 47 form part of these financial statements.
22
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
**The Dovecot Foundation (A company limited by guarantee) Notes to the financial statements For the year ended 30 June 2025**
## **1 Accounting convention and accounting policies**
## **1.1 Basis of Preparation**
The financial statements have been prepared in accordance with the Companies Act 2006 and the Charities SORP (FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice (2019).
The Dovecot Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
## **1.2 Going Concern**
These financial statements have been prepared on a going concern basis which assumes that, at the date of approval of the financial statements, the charitable parent company and Group has sufficient reserves to continue to operate for the foreseeable future.
The Charity and Group reserves and reserves policy is set out on page 12. As disclosed, the Trustees have reviewed the reserves policy and are satisfied that this is a reasonable reserves policy for the charity. The maintenance of this reserves policy is dependent on successful ongoing unrestricted fundraising efforts which remains a key focus for the organisation.
The Trustees consider the Charity and Group to be a going concern and the financial statements have been prepared on this basis. The Trustees are satisfied that the activities of Dovecot Studios Limited are considered by the Trustees to be in furtherance of The Dovecot Foundation’s objectives and that it is in the interests of the charity to continue to fund the activities of the subsidiary where required. The Trustees have assessed DSL’s cash flow forecasts and financial position for the next twelve months and are satisfied that DSL will be able to meet its liabilities as they fall due.
## **1.3 Significant judgements and uncertainty**
When applying the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. As the estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant, actual results could differ from such estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.
The areas involving a higher degree of judgement or areas where assumptions and estimates are significant to the financial statements are:
## **1. Valuation of investment properties**
As disclosed in note 10, the trustees have assessed the market value of investment properties based on a historic valuation and updated for valuation information obtained in March 2023. As at 30 June 2025 the Trustees have reassessed the value believe that the carrying values remain appropriate, however, accept that this is a key judgement.
23
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
**The Dovecot Foundation (A company limited by guarantee) Notes to the financial statements For the year ended 30 June 2025**
## **1 Accounting convention and accounting policies (continued)**
## **2. Useful economic lives of tangible assets**
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, future investment, economic utilisation, and the physical condition of the assets. See note 10 for carrying amounts of tangible assets.
## **3. Classification of Heritage assets**
The Trustees have exercised judgement in determining that the Dovecot Building meets the definition of a heritage asset under the Charities SORP (FRS 102). This reflects the building’s architectural and cultural significance, its preservation for future generations, and its use in delivering the Foundation’s charitable objectives.
The reclassification from land and buildings to heritage assets reflects the Trustees’ view that the primary purpose of holding the building is long term stewardship rather than operational or commercial use.
## **4. Impairment of debtors**
The Charity makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management consider factors including the current credit rating of the debtor and historical experience. See note 13 for carrying amount of debtors.
## **5. Stock**
The Charity makes an estimate of the recoverable value of stocks for the following items as follows: Raw materials are valued at original cost. Finished goods are valued based on the labour and absorption costs per hour or square metre. Work in progress is valued based on labour costs, calculated according to the standard rate per hour or square metre. For any small items the valuation is based on the production costs per unit or square metre.
## **6. Long term contracts**
From time to time the Charity receives partial or full payments before certain projects have completed. Long- term contracts are reviewed annually to estimate their progress and to recognise revenue in line with the stage of completion. The area that has been completed to date is compared to the final tapestry size in order to establish the percentage completed at the year end. Revenue is recognised in line with this percentage and any additional payments are taken to deferred income.
## **1.4 Consolidation**
The Group financial statements consolidate the financial statements of The Dovecot Foundation, Dovecot Studios Limited, Dovecot Properties Limited and The Edinburgh Tapestry Company Limited drawn up to 30 June 2025.
## **1.5 Investment in subsidiaries**
The Group financial statements incorporate the financial statements of the Charity and entities (including special purpose entities) controlled by the Group (its subsidiaries). Control is achieved where the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.
24
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
**The Dovecot Foundation (A company limited by guarantee) Notes to the financial statements For the year ended 30 June 2025**
## **1 Accounting convention and accounting policies (continued)**
## **1.6 Investments and investment income**
Fixed asset investments are stated at original cost and revalued for any increase or decrease in the market value of the investments in the year. Any gain or loss in the year is recognised in the Statement of Financial Activities.
Income from investments is accounted for on a receivable basis. Gains or losses realised over the previous year end valuation on sale of investments are credited or charged to the Statement of Financial Activities. The Trustees deem the value of unlisted investments to have remained unchanged since the previous accounting period.
## **1.7 Fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land & buildings - 2% straight line Plant & machinery - 10% straight line Fixtures fittings & equipment- 25% straight line
Restricted funds received from grant aiding bodies and from donations, as a contribution to capital expenditure, are amortised to the Statement of Financial Activities over the estimated useful lives of the assets to which they relate, in line with depreciation.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the Statement of Financial Activities.
Items under £500 are not capitalised.
## **1.8 Heritage assets**
Heritage assets are those held and maintained principally for their historical, artistic or cultural qualities and preserved for the benefit of current and future generations.
The Foundation’s heritage assets comprise the Dovecot Building at 10 Infirmary Street, Edinburgh. The building is recognised at cost less accumulated depreciation.
The building is maintained through a planned programme of conservation and repair. Expenditure on preservation and maintenance is recognised in the Statement of Financial Activities when incurred.
25
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
**The Dovecot Foundation (A company limited by guarantee) Notes to the financial statements For the year ended 30 June 2025**
## **1 Accounting convention and accounting policies (continued)**
## **1.8 Heritage assets (continued)**
The Foundation maintains detailed records of the building’s condition, conservation work and access arrangements. Public access is provided through exhibitions, events, guided tours and the operation of the tapestry studio.
## **1.9 Impairment of fixed assets**
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.10 Investment properties**
Investment property is measured at fair value annually with any change recognised in the Statement of Financial Activities.
## **1.11 Financial Instruments**
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity's Balance Sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## **Basic financial assets**
Basic financial assets, which include trade and other debtors, are initially measured at transaction price including transaction costs and ar subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
## **Other financial assets**
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the Statement of Financial Activities, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
## **Impairment of financial assets**
Financial assets, other than those held at fair value through the Statement of Financial Activities, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the statement of financial activities.
26
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
**The Dovecot Foundation (A company limited by guarantee) Notes to the financial statements For the year ended 30 June 2025**
## **1 Accounting convention and accounting policies (continued)**
## **De-recognition of financial assets**
Financial assets are de-recognised only when the contractual rights to the cash flows from the asset expire, or when the Group transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
## **Classification of financial liabilities**
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities.
## **Classification of financial liabilities**
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow Group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## **Other financial liabilities**
Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through the Statement of Financial Activities. Changes in the fair value of derivatives are recognised in the Statement of Financial Activities as appropriate.
## **De-recognition of financial liabilities**
Financial liabilities are de-recognised when, and only when, the Charity’s obligations are discharged, cancelled, or they expire.
## **1.12 Taxation**
The Charity is a charity for the purposes of Section 505 ICTA 1988 and is exempt from taxation on the whole of its income. The subsidiaries are not charities.
## **1.13 Trading activities**
Income from trading activities is included in the period in which the Group is entitled to receipt.
Tapestry and exhibition sales are treated as trading activities in incoming resources and related costs are treated as charitable activities. Tapestry production and costs relating to exhibitions are treated as charitable activities as they meet the Charity’s aims and objectives.
27
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
**The Dovecot Foundation (A company limited by guarantee) Notes to the financial statements For the year ended 30 June 2025**
## **1 Accounting convention and accounting policies (continued)**
## **1.14 Donations and Grants**
Income from donations and grants, including capital grants, is included in incoming resources when these are receivable, except as follows:
When donors specify that donations and grants given to the Charity must be used in future accounting periods, the income is deferred until those periods.
When donors impose conditions which have to be fulfilled before the Charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the pre-conditions for use have been met.
When donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources in restricted funds when receivable.
## **1.15 Interest receivable**
Interest is included when receivable by the Group.
## **1.16 Resources expended**
Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any Value Added Tax which cannot be recovered.
## **1.17 Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow-moving stock.
## **1.18 Pension costs**
The Group makes pension contributions to employees' personal pension plans which are charged to the Statement of Financial Activities account when paid.
## **1.19 Restricted funds**
These are funds from a donor or grant body that can only be used for a particular restricted purpose within the objectives of the Charity.
Included within restricted funds are endowment funds that have been donated to the Charity for its long-term charitable purposes. These assets are to be retained for charitable purposes however, in extremis, the Trustees have the power to convert certain endowment funds into income. There is no restriction as to the use of the income, which is recognised in unrestricted funds.
## **1.20 Unrestricted funds**
These are funds which can be used in accordance with the charitable objectives at the discretion of the Trustees. In particular circumstances the Board will designate reserves as appropriate.
28
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
## **The Dovecot Foundation (A company limited by guarantee) Notes to the financial statements For the year ended 30 June 2025**
## **1 Accounting convention and accounting policies (continued)**
## **1.21 Allocation of support costs**
Support costs include back-office costs, finance, personnel, payroll and governance costs which support the Charity’s artistic and educational programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in notes 5 and 6.
29
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
## **The Dovecot Foundation**
## **(A company limited by guarantee) Notes to the financial statements For the year ended 30 June 2025**
## **2. Donations, grants and legacies**
|**2. Donations, grants and legacies**|||
|---|---|---|
|**Group**
Gifts from related parties
Donations received
Art Fund
The Clothworkers' Company
British Council
Creative Scotland|**Unrestricted**
**Funds**
**£**
25,000
10,923
-
-
-
-|**Restricted**
**Endowment Total Income**
**Total Income**
**Funds**
**Funds**
**2025**
**2024**
**£**
**£**
**£**
**£**
-
265,010
290,010
-
-
-
10,923
1,820
1,525
-
1,525
500
20,000
-
20,000
20,000
-
-
15,000
43,875
-
43,875
-|
||35,923|65,400
265,010
366,333
37,320|
|**Charity**
Gifts from related parties
Donations received
Creative Scotland
Art Fund
Turtleton Charitable Trust|**Unrestricted**
**Funds**
**£**
25,000
8,661
-
-
-|**Restricted**
**Endowment Total Income**
**Total Income**
**Funds**
**Funds**
**2025**
**2024**
**£**
**£**
**£**
**£**
-
265,010
290,010
-
-
-
8,661
867
43,875
-
43,875
-
1,525
-
1,525
500
-
-
-
-|
||33,661|45,400
265,010
344,071
1,367|
|**Comparative donations, grants and legacies**
Gifts from related parties
Donations received
Turtleton Charitable Trust
Art Fund
The Clothworker's Company
British Council||**Group**
**Group**
**Charity**
**Charity**
**Unrestricted**
**Restricted &**
**Endowment Unrestricted**
**Restricted &**
**Endowment**
**Funds**
**Funds**
**Funds**
**Funds**
**2024**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**£**
-
-
-
-
1,820
-
867
-
-
500
-
-
-
20,000
-
500
-
15,000
-
-
-
-
-
-|
|||1,820
35,500
867
500|
30
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
## **The Dovecot Foundation**
**(A company limited by guarantee) Notes to the financial statements (continued) For the year ended 30 June 2025**
## **3. Trading activities**
|**Group**
Tapestry and rug sales
Exhibition sales
Facilities hire and catering
Retail
Café
Other income
**2024 Group**
Tapestry and rug sales
Exhibition sales
Facilities hire and catering
Retail
Café
Other income
**4. Investment Income**
**For the year ended 30 June 2025**
**Group**
Dividends received
Rental income
Bank interest received
**Charity**
Dividends received
Rental income
Bank interest received|**Unrestricted**
**Restricted &**
**Endowment**
**Total**
**Total**
**Funds**
**Funds**
**Funds 2025**
**Funds 2024**
**£**
**£**
**£**
**£**
249,390
-
249,390
182,815
349,483
-
349,483
214,755
193,304
-
193,304
517,109
122,727
-
122,727
107,357
129,205
-
129,205
21,745
254
-
254
213
1,044,363
-
1,044,363
1,043,994
**Unrestricted**
**Restricted &**
**Endowment**
**Total**
**Funds**
**Funds**
**Funds 2024**
**£**
**£**
**£**
182,815
-
182,815
214,755
-
214,755
517,109
-
517,109
107,357
-
107,357
21,745
-
21,745
213
-
213
1,043,993
-
1,043,993
**Unrestricted**
**Restricted**
**Endowment**
**Total Funds**
**Total Funds**
**Funds**
**Funds**
**Funds**
**2025**
**2024**
**£**
**£**
**£**
**£**
**£**
38,083
-
-
38,083
33,176
169,205
-
-
169,205
157,373
8,764
-
-
8,764
4,288
216,052
-
-
216,052
194,837
**Unrestricted**
**Restricted**
**Endowment**
**Total Funds**
**Total Funds**
**Funds**
**Funds**
**Funds**
**2025**
**2024**
**£**
**£**
**£**
**£**
**£**
38,083
-
-
38,083
33,176
227,523
-
-
227,523
197,214
8,764
-
-
8,764
4,288
274,370
-
-
274,370
234,678|
|---|---|
31
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
## **The Dovecot Foundation**
## **(A company limited by guarantee) Notes to the financial statements (continued) For the year ended 30 June 2025**
**----- Start of picture text -----**
4. Investment income (continued)
For the year ended 30 June 2024 Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2024
£ £ £ £
Group
Dividends received 33,176 - - 33,176
Rental income 157,373 - - 157,373
Bank interest received 4,288 - - 4,288
194,837 - - 194,837
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2024
£ £ £ £
Charity
Dividends received 33,176 - - 33,176
Rental income 197,214 - - 197,214
Bank interest received 4,288 - - 4,288
234,678 - - 234,678
5. Trading activities
Unrestricted Endowment Total Funds Total Funds
Funds Funds 2025 2024
Group £ £ £ £
Operation of studios 677,717 - 677,717 565,401
Depreciation 10,758 - 10,758 67,788
Governance costs 21,279 - 21,279 16,355
709,754 - 709,754 649,544
Unrestricted Endowment Total Funds
Funds Funds 2024
Group £ £ £
Operation of studios 565,401 - 565,401
Depreciation 9,257 58,531 67,788
Governance costs 16,355 - 16,355
591,013 58,531 649,544
**----- End of picture text -----**
32
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
## **The Dovecot Foundation**
**(A company limited by guarantee) Notes to the financial statements (continued) For the year ended 30 June 2025**
## **5. Trading Activities (continued)**
**Analysis of expenditure on trading activities For the year ended 30 June 2025**
|**Group**
Staff Costs
Cost of sales
Equipment & general expenses
Depreciation
Governance costs
Support costs|**Events**
**Retail**
**Café**
**Total 2025**
132,364
93,922
47,983
274,269
145,287
43,866
45,726
234,879
1,418
884
46
2,348
6,455
4,303
-
10,758
12,768
8,511
-
21,279
112,406
37,210
16,605
166,221
410,697
188,696
110,360
709,754|
|---|---|
|**For the year ended 30 June 2024**
**Group**
Staff Costs
Cost of sales
Equipment & general expenses
Depreciation
Governance costs
Support costs|**Events**
**Retail**
**Café**
**Total 2024**
120,310
84,630
1,731
206,671
166,258
54,188
2,116
222,562
2,673
1,549
175
4,397
40,639
27,149
-
67,788
9,813
6,542
-
16,355
97,225
27,902
6,644
131,771
436,918
201,960
10,666
649,544|
|---|---|
## **6. Charitable activities**
**For the year ended 30 June 2025**
|**Group**
Provision of charitable services:
Operating expenses
Depreciation
Governance costs
**Charity**
Provision of charitable services:
Donations and grants to Dovecot Studios Ltd
Operating expenses
Depreciation
Governance costs|**Unrestricted**
**Restricted**
**Endowment**
**Total Funds**
**Total Funds**
**Funds**
**Funds**
**Funds**
**2025**
**2024**
**£**
**£**
**£**
**£**
**£**
752,411
20,000
-
772,411
653,385
10,758
-
-
10,758
67,788
21,279
-
-
21,279
16,355
784,448
20,000
-
804,448
737,528
**Unrestricted**
**Restricted**
**Endowment**
**Total Funds**
**Total Funds**
**Funds**
**Funds**
**Funds**
**2025**
**2024**
**£**
**£**
**£**
**£**
**£**
-
4,025
-
4,025
95,500
193,571
-
-
193,571
137,303
12,545
-
-
12,545
126,110
21,522
-
-
21,522
15,411
227,638
4,025
-
231,663
374,324|
|---|---|
33
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
## **The Dovecot Foundation**
**(A company limited by guarantee) Notes to the financial statements (continued) For the year ended 30 June 2025**
## **6. Charitable activities (continued)**
**For the year ended 30 June 2024**
|**Group**
Provision of charitable services:
Operating expenses
Depreciation
Governance costs
**Charity**
Provision of charitable services:
Donations and grants to Dovecot Studios Ltd
Operating expenses
Depreciation
Governance costs|**Unrestricted**
**Restricted**
**Endowment**
**Total**
**Funds**
**Funds**
**Funds**
**Funds 2024**
**£**
**£**
**£**
**£**
541,218
112,167
-
653,385
9,257
-
58,531
67,788
16,355
-
-
16,355
566,830
112,167
58,531
737,528
**Unrestricted**
**Restricted**
**Endowment**
**Total**
**Funds**
**Funds**
**Funds**
**Funds 2024**
**£**
**£**
**£**
**£**
-
95,500
-
95,500
137,303
-
-
137,303
9,048
-
117,062
126,110
15,411
-
-
15,411
161,762
95,500
117,062
374,324|
|---|---|
Grants received from funders are transferred to Dovecot Studios Limited to support tapestry production costs, the exhibitions programme and related educational activities.
## **Analysis of charitable activities**
**For the year ended 30 June 2025**
|**Group**
Staff costs
Materials & other consumables
Equipment
Promotion & awareness raising
Depreciation
Governance costs
Support costs
Investment management costs
**Charity**
Dovecot Studios Ltd
Depreciation
Governance costs
Support costs
Other property costs
Investment management costs|**Tapestry**
**Exhibitions**
**Other**
**Total 2025**
**£**
**£**
**£**
**£**
263,761
194,563
-
458,325
75,439
22,879
3,199
101,516
327
242
-
569
9,289
5,952
-
15,241
4,303
6,455
-
10,758
8,511
12,767
-
21,279
93,465
61,386
10,938
165,789
-
-
30,971
30,971
455,096
304,243
45,108
804,448
**Tapestry**
**Exhibitions**
**Other**
**Total 2025**
**£**
**£**
**£**
**£**
4,025
-
-
4,025
2,509
3,764
6,273
12,545
4,264
6,397
10,661
21,322
36,785
29,563
46,486
112,834
12,932
8,957
13,938
35,827
-
-
45,108
45,108
60,516
48,680
122,466
231,662|
|---|---|
34
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
**The Dovecot Foundation (A company limited by guarantee) Notes to the financial statements (continued) For the year ended 30 June 2025**
## **6. Charitable activities (continued)**
**Analysis of charitable activities For the year ended 30 June 2024**
|**Group**
Staff costs
Materials & other consumables
Equipment
Promotion & awareness raising
Depreciation
Governance costs
Support costs
Investment management costs
**Charity**
Dovecot Studios Ltd
Depreciation
Governance costs
Support costs
Other property costs
Investment management costs|**Tapestry**
**Exhibitions**
**Other**
**Total 2024**
**£**
**£**
**£**
**£**
248,952
187,144
-
436,096
26,220
20,091
3,113
49,424
1,693
1,579
-
3,272
21,202
5,526
-
26,728
27,149
40,639
-
67,788
6,542
9,813
-
16,355
53,988
55,475
6,266
115,729
-
-
22,136
22,136
385,746
320,267
31,515
737,528
**Tapestry**
**Exhibitions**
**Other**
**Total 2023**
**£**
**£**
**£**
**£**
95,500
-
-
95,500
25,611
37,687
62,812
126,110
3,082
4,623
7,706
15,411
24,838
20,725
32,693
78,256
9,631
7,004
10,896
27,531
-
-
31,515
31,515
158,662
70,039
145,622
374,323|
|---|---|
Support costs comprise shared staff, premises and facilities costs. Staff costs are apportioned on the basis of head count, premises costs are apportioned on the basis of floor space utilised in activities.
## **7. Governance costs**
The following charges are included within governance costs in notes 5 and 6:
## **For the year ended 30 June 2025**
|**Group**
Auditors remuneration
**Charity**
Auditors remuneration
**For the year ended 30 June 2024**
**Group**
Auditors remuneration
**Charity**
Auditors remuneration|**Unrestricted**
**Restricted &**
**Endowment**
**Total**
**Total**
**Funds**
**Funds**
**Funds 2025**
**Funds 2024**
**£**
**£**
**£**
**£**
18,980
- 18,980 17,305
16,430
- 16,430 13,705
**Unrestricted**
**Restricted &**
**Endowment**
**Total**
**Total**
**Funds**
**Funds**
**Funds 2024**
**Funds 2023**
**£**
**£**
**£**
**£**
17,305
- 17,305 15,670
13,705
- 13,705 11,550|
|---|---|
35
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
**The Dovecot Foundation (A company limited by guarantee) Notes to the financial statements (continued) For the year ended 30 June 2025**
## **8. Total resources expended**
**For the year ended 30 June 2025**
|**Group**
Direct charitable expenditure
Governance costs
Trading activities
**Charity**
Direct charitable expenditure
Governance costs
**For the year ended 30 June 2024**
**Group**
Direct charitable expenditure
Governance costs
Trading activities
**Charity**
Direct charitable expenditure
Governance costs
The total aggregate payroll costs were:
Staff costs
Social security costs
Pension costs|**Payroll costs**
**£**
458,325
-
274,270
732,595
-
-
-
**Payroll costs**
**£**
436,096
-
206,671
642,767
-
-
-|**Depreciation**
**Other costs**
**Total Funds**
**2025**
**Total Funds**
**2024**
**£**
**£**
**£**
**£**
10,758
322,160
791,243
721,173
-
26,411
26,411
32,710
10,758
411,521
696,549
633,189
21,516
760,092
1,514,203
1,387,072
12,545
197,795
210,340
358,913
-
21,322
21,322
15,411
12,545
219,117
231,662
374,324
**Depreciation**
**Other costs**
**Total Funds**
**2024**
**Total Funds**
**2023**
**£**
**£**
**£**
**£**
67,788
217,289
721,173
796,522
-
32,710
32,710
16,232
67,788
358,730
633,189
406,798
135,576
608,729
1,387,072
1,219,552
126,110
232,803
358,913
355,038
-
15,411
15,411
14,296
126,110
248,214
374,324
369,334
**2025**
**2024**
**2025**
**2024**
649,882
566,527
-
-
55,415
49,430
-
-
27,297
26,810
-
-
732,594
642,767
-
-
**Group**
**Charity**|
|---|---|---|
The average monthly headcount was 25 staff (2024: 22).
The number of employees with emoluments (including employer's National Insurance and pension contributions) in excess of £70,000 were as follows:
||**2025**|**2024**|
|---|---|---|
|Banding|||
|£70,000-£79,999|-|1|
|£80,000-£89,999|1|-|
During the year or the previous year, no Trustee received remuneration, reimbursement of expenses or payment for professional or other services supplied to the group.
36
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
## **The Dovecot Foundation (A company limited by guarantee) Notes to the financial statements (continued) For the year ended 30 June 2025**
## **9. Net incoming resources**
Net incoming resources are stated after charging:
|Depreciation
Auditor's remuneration
**10. Tangible fixed assets**
**Group**
**Cost**
At 1 July 2024
Additions
Disposals
Transfers
At 30 June 2025
**Depreciation**
At 1 July 2024
Charge for the year
Eliminated on disposals
At 30 June 2025
**Net Book Value**
**At 30 June 2025**
At 30 June 2024
**Charity**
**Cost**
At 1 July 2024
Additions
Disposals
At 30 June 2025
**Depreciation**
At 1 July 2024
Charge for the year
Eliminated on disposals
At 30 June 2025
**Net Book Value**
**At 30 June 2025**
At 30 June 2024|**2025**
**2024**
**2025**
**2024**
21,355
135,576
12,545
126,110
18,980
17,305
16,430
13,705
**Plant & Machinery**
**Fixtures,**
**fittings &**
**Equipment**
**Total**
**£**
**£**
**£**
177,401
45,808
223,209
32,079
2,530
34,609
-
(2,210)
(2,210)
-
-
-
209,480
46,128
255,608
121,594
31,318
152,912
12,668
8,687
21,355
-
(2,063)
(2,063)
134,262
37,942
172,204
**75,218**
**8,186**
**83,404**
55,807
14,490
70,297
**Plant & Machinery**
**Fixtures,**
**fittings &**
**Equipment**
**Total**
**£**
**£**
**£**
36,485
23,716
60,201
29,677
-
29,677
-
-
-
66,162
23,716
89,878
14,594
13,057
27,651
6,617
5,929
12,546
-
-
-
21,211
18,986
40,197
**44,951**
**4,730**
**49,681**
21,891
10,659
32,550
**Group**
**Charity**|
|---|---|
37
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
**The Dovecot Foundation (A company limited by guarantee) Notes to the financial statements (continued) For the year ended 30 June 2025**
## **10. Tangible fixed assets (continued)**
## **Heritage Assets**
|**Group**
**Cost**
At 1 July 2024 (as restated)
Additions
Disposals
Transfers
At 30 June 2025
**Depreciation**
At 1 July 2024 (as restated)
Charge for the year
Eliminated on disposals
At 30 June 2025
**Net Book Value**
**At 30 June 2025**
At 30 June 2024 (as restated)
**Charity**
**Cost**
At 1 July 2024 (as restated)
Additions
Disposals
At 30 June 2025
**Depreciation**
At 1 July 2024 (as restated)
Charge for the year
Eliminated on disposals
At 30 June 2025
**Net Book Value**
**At 30 June 2025**
At 30 June 2024 (as restated)|**Heritage Assets (as**
**restated)**
**£**
7,400,000
-
-
-
7,400,000
351,186
-
-
351,186
**7,048,814**
7,048,814
**Heritage Assets (as**
**restated)**
**£**
7,400,000
-
-
7,400,000
351,186
-
-
351,186
**7,048,814**
7,048,814|
|---|---|
The Foundation holds one heritage asset: the Dovecot Building, a historically significant Victorian structure forming the permanent home of the Dovecot Tapestry Studio. The building is used for tapestry production, exhibitions, education programmes and public engagement.
The Foundation’s policy is to preserve the Dovecot Building for the long term as part of Scotland’s cultural heritage. The Trustees do not intend to dispose of the building. Records are maintained of its condition, conservation work and capital improvements. Public access is provided through exhibitions, events and educational activity.
The heritage asset is recognised at cost less accumulated depreciation. The building cost £7,400,000 and accumulated depreciation of £351,166 had been recognised before the change in depreciation policy noted below. The Trustees have reviewed the depreciation policy and now consider the building to have an indefinite useful life. As a result of this no further depreciation will be charged against the property.
38
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
## **The Dovecot Foundation**
## **(A company limited by guarantee) Notes to the financial statements (continued) For the year ended 30 June 2025**
## **10. Tangible fixed assets (continued)**
There were no acquisitions, disposals, donated heritage assets or impairments during the current or preceding four financial years.
A prior year adjustment was made in the comparative period to reclassify the Dovecot Building from tangible fixed assets (land and buildings) to heritage assets. The Trustees determined that the building meets the definition of a heritage asset under the Charities SORP (FRS 102) due to its architectural and cultural significance and its use in furtherance of the Foundation’s charitable objectives.
The adjustment resulted in the reclassification of the net book value of the building to heritage assets and an update to the associated accounting policy. The comparative figures have been restated accordingly.
The reclassification had no impact on total funds.
|**Investment properties**
**Valuation**
At 1 July 2024
Transfers
At 30 June 2025
**11. Investments**
**Group**
**Valuation**
At 1 July 2024
Additions
Proceeds of disposal
Revaluation
**At 30 June 2025**
At 30 June 2024|**Group**
1,770,000
-
1,770,000|**Charity**
1,770,000
-
1,770,000
**Listed**
**Investments**
**£**
3,416,982
265,010
-
122,202
3,804,194
3,416,982|
|---|---|---|
Listed investments are held as long-term investments.
39
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
## **The Dovecot Foundation**
## **(A company limited by guarantee) Notes to the financial statements (continued) Turtleton Charitable Trust**
## **11. Investments (continued)**
## **Charity**
|**Cost or valuation**
At 1 July 2024
Additions
Proceeds of disposal
Revaluation
**At 30 June 2025**
At 30 June 2024
**At 30 June 2025**
At 30 June 2024
Included above are 2 (2024:2) wholly owned subsidiaries.
At 1 July 2024 & 30 June 2025
Shares in subsidiary undertakings at cost|**Listed**
**Investments**
**Unlisted**
**Investments**
**Total**
3,416,982
255,297
3,672,279
265,010
-
265,010
-
-
-
122,202
-
122,202
3,804,194
255,297
4,059,491
3,416,982
255,297
3,672,279
**Market Value**
**Trustees**
**Valuation**
**Total**
3,804,194
255,297
4,059,491
3,416,982
255,297
3,672,279
**2025**
**2024**
**£**
**£**
255,297
255,297
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total Funds**
**2025**
**Total Funds**
**2024**
**£**
**£**
**£**
**£**
255,297
-
255,297
255,297|
|---|---|
40
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
## **The Dovecot Foundation (A company limited by guarantee) Notes to the financial statements (continued) For the year ended 30 June 2025**
## **11. Investments (Continued)**
Details of the charity's subsidiaries at 30 June 2025 are as follows:
|**Name of Undertaking**
**Registered office**
**Class of shares**
Dovecot Studios Limited
Scotland
Ordinary
Dovecot Properties Limited (Dormant)
Scotland
Ordinary
The Edinburgh Tapestry Company Limited (Dormant)
Scotland
Ordinary
Dovecot Studios Limited is a wholly owned subsidiary of The Dovecot Foundation.
**Dovecot Studios Limited (SC214852):**
Total Income
Expenditure|**held**
**% Held**
100
100
100
**2025**
**2024**
**£**
**£**
1,152,767 1,107,114
(1,344,876) (1,147,256)|
|---|---|
|Net loss before tax
Tax credit|(192,109) (40,142)
70,601 60,005|
|Net (loss)/profit after tax
Assets
Liabilities|**(121,508) 19,863**
596,977 659,815
(422,270)
(363,600)|
|Aggregate capital and reserves
Share capital
Share premium
Profit & loss reserves|**174,707**
**296,215**
2,747
2,747
252,994
252,994
(81,034)
40,474|
|**12. Stocks**
**2025**
**2024**
**£**
**£**
Stock
330,024
301,613
**Group**|**174,707**
**296,215**
**2025**
**2024**
**£**
**£**
-
-
**Charity**|
41
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
**(A company limited by guarantee) Notes to the financial statements (continued) For the year ended 30 June 2025**
## **The Dovecot Foundation**
|**13. Debtors**
Trade Debtors
Amounts owed by group undertakings
Other Debtors
Prepayments
**14. Creditors amounts due within one year**
Trade Creditors
Amounts owed to group undertakings
Taxation and social security
Other creditors
Accruals and deferred income
**15. Creditors amounts due more than one year**
Other creditors|**2025**
**2024**
**2025**
**2024**
**£**
**£**
**£**
**£**
56,195
62,980
4,172
-
-
-
37,798
-
12,849
2,740
-
-
130,703
62,885
22,464
20,570
199,747
128,605
64,434
20,570
**2025**
**2024**
**2025**
**2024**
**£**
**£**
**£**
**£**
71,401
64,733
35,180
23,048
-
-
1
11,106
50,176
39,073
31,866
27,780
19,351
18,557
985
9,167
175,935
92,267
18,294
27,089
316,863
214,630
86,326
98,190
**2025**
**2024**
**2025**
**2024**
**£**
**£**
**£**
**£**
-
-
-
-
-
-
-
-
**Group**
**Charity**
**Group**
**Charity**
**Group**
**Charity**|
|---|---|
## **16. Restricted funds (including Endowment)**
|**Group**
**Restricted funds**
The Tapestry Fund
Art Fund
The Clothworkers' Company
British Council
Creative Scotland
The Endowment Fund totals|**Balance at 1 July**
**2024**
**Incoming**
**movement**
**Outgoing and**
**transferred**
**movement**
**Balance at 30**
**June 2025**
**£**
**£**
**£**
**£**
115,000
-
115,000
-
1,525
1,525
8,333
20,000
(20,000)
8,333
10,000
10,000
-
43,875
-
43,875
133,333
65,400
(20,000)
178,733
12,235,796
387,211
-
12,623,007
**12,369,129**
**452,611**
**(20,000)**
**12,801,740**|
|---|---|
42
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
## **The Dovecot Foundation**
**(A company limited by guarantee) Notes to the financial statements (continued) For the year ended 30 June 2025**
## **16. Restricted funds (including Endowment) (continued)**
|**Charity**
**Restricted funds**
The Tapestry Fund
Art Fund
Creative Scotland
The Endowment Fund totals
**Group**
**Restricted funds**
The Tapestry Fund
Art Fund
The Clothworkers' Company
British Council
Turtleton Charitable Trust
The Endowment Fund totals
**Charity**
**Restricted funds**
The Tapestry Fund
Art Fund
Turtleton Charitable Trust
The Endowment Fund totals|**Balance at 1 July**
**2024**
**Incoming**
**movement**
**Outgoing and**
**transferred**
**movement**
**Balance at 30**
**June 2025**
**£**
**£**
**£**
**£**
115,000
(2,500)
112,500
-
1,525
(1,525)
-
-
43,875
-
43,875
115,000
45,400
(4,025)
156,375
12,235,796
387,211
-
12,623,007
**12,350,796**
**432,611**
**(4,025)**
**12,779,382**
**Balance at 1 July**
**2023**
**Incoming**
**movement**
**Outgoing and**
**transferred**
**movement**
**Balance at 30**
**June 2024**
**£**
**£**
**£**
**£**
200,000
-
(85,000)
115,000
-
500
(500)
-
-
20,000
(11,667)
8,333
-
15,000
(5,000)
10,000
10,000
-
(10,000)
-
210,000
35,500
(112,167)
133,333
11,917,483
435,375
(117,062)
12,235,796
**12,127,483**
**470,875**
**(229,229)**
**12,369,129**
**Balance at 1 July**
**2023**
**Incoming**
**movement**
**Outgoing and**
**transferred**
**movement**
**Balance at 30**
**June 2024**
**£**
**£**
**£**
**£**
200,000
-
(85,000)
115,000
-
500
(500)
-
10,000
-
(10,000)
-
210,000
500
(95,500)
115,000
11,917,483
435,375
(117,062)
12,235,796
**12,127,483**
**435,875**
**(212,562)**
**12,350,796**|
|---|---|
The Endowment Fund represents tangible fixed assets, investment properties and investments that have been donated to the Charity for its long-term charitable purposes. The terms of the charity’s Endowment Funds require these assets to be retained for charitable purposes however, in extremis, the Trustees have the power to convert certain endowment funds into income. There is no restriction as to the use of the income, which is recognised in unrestricted funds.
Creative Scotland Multi-Year Funding (MYF) is effective 1 April 2025 to 31 March 2028 to deliver the Dovecot annual plan including the creation of tapestries, tapestry activities, exhibitions and displays. The annual plan has agreed activities, objectives and milestones which Dovecot reports on to Creative Scotland quarterly.
Art Fund Going Places funding is effective from 2025-26 until 2028-29 to deliver two collaborative touring exhibitions. Four museums, galleries and arts organisations including Dovecot will share collections and expertise to co-create the exhibitions that will tour to all four venues.
The Tapestry Fund represents a restricted source of support for the creation of tapestries and rugs that meet the charitable objectives of The Dovecot Foundation.
43
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
**The Dovecot Foundation (A company limited by guarantee) Notes to the financial statements (continued) For the year ended 30 June 2025**
## **17. Unrestricted funds**
## **For the year ended 30 June 2025**
|**Group**
General unrestricted funds
**Charity**
General unrestricted funds
**For the year ended 30 June 2024**
**Group**
General unrestricted funds
**Charity**
General unrestricted funds|**Balance at 1 July**
**2024**
**Total Income**
**Movement in**
**expenditure:**
**outgoing**
**transfers**
**Balance at 30**
**June 2025**
**£**
**£**
**£**
**£**
894,095 1,366,938 (1,494,202) 766,831
635,457 308,031 (227,638) 715,850
**Balance at 1 July**
**2023**
**Total Income**
**Movement in**
**expenditure:**
**outgoing**
**transfers**
**Balance at 30**
**June 2024**
**£**
**£**
**£**
**£**
751,282 1,300,656 (1,157,843) 894,095
561,674 235,545 (161,762) 635,457|
|---|---|
## **18. Analysis of net assets between restricted and unrestricted funds**
**For the year ended 30 June 2025**
|**Group**
Restricted funds- income
Restricted funds- endowment
Unrestricted funds
**Charity**
Restricted funds- income
Restricted funds- endowment
Unrestricted funds|**Tangible Fixed**
**Assets &**
**Investment**
**Property**
**Investments**
**Other net**
**assets**
**Total 2025**
**£**
**£**
**£**
**£**
-
-
178,733
178,733
8,818,814
3,804,194
-
12,623,007
83,404
-
683,426
766,831
8,902,218
3,804,194
862,159
13,568,571
**Tangible Fixed**
**Assets &**
**Investment**
**Property**
**Investments**
**Other net**
**assets**
**Total 2025**
**£**
**£**
**£**
**£**
-
-
156,375
156,375
8,818,814
3,804,194
-
12,623,007
49,681
255,297
410,871
715,850
8,868,495
4,059,491
567,246
13,495,232|
|---|---|
44
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
## **The Dovecot Foundation (A company limited by guarantee) Notes to the financial statements (continued) For the year ended 30 June 2025**
## **18. Analysis of net assets between restricted and unrestricted funds (continued)**
## **For the year ended 30 June 2024**
|**Group**
Restricted funds- income
Restricted funds- endowment
Unrestricted funds
**Charity**
Restricted funds- income
Restricted funds- endowment
Unrestricted funds|**Tangible Fixed**
**Assets &**
**Investment**
**Property**
**Investments**
**Other net**
**assets**
**Total 2024**
**£**
**£**
**£**
**£**
-
-
133,333
133,333
8,818,814
3,416,982
-
12,235,796
70,298
-
823,797
894,095
8,889,112
3,416,982
957,130
13,263,224
**Tangible Fixed**
**Assets &**
**Investment**
**Property**
**Investments**
**Other net**
**assets**
**Total 2024**
**£**
**£**
**£**
**£**
-
-
115,000
115,000
8,818,814
3,416,982
-
12,235,796
32,551
255,297
347,609
635,457
8,851,365
3,672,279
462,609
12,986,253|
|---|---|
## **19. Related party transactions**
The Charity was under the control of the Trustees throughout the current year and previous year. During the year, Elizabeth Salvesen, a Trustee of the Charity, gifted £265,050 (2024: Nil) shares to the Charity. During the year, the Charity received a donation of £25,000 (2024: Nil) from The Brian and Lesley Knox Fund. This entity is considered a related party in accordance with the Charities SORP (FRS 102) due to the presence of shared trustees.
## **20. Company limited by guarantee**
The Dovecot Foundation is a company limited by guarantee and has no share capital. It is registered in Scotland and is a charity for tax purposes.
The liability of each member in the event of a winding up is limited to £1.
## **21. Financial assets and liabilities**
Financial assets at amortised cost comprise cash and debtors as disclosed in the Group and in the Charity balance sheets. Financial liabilities at amortised cost comprise all creditors as disclosed in the Group and in the Charity balance sheet.
## **22. Post balance sheet events**
The charity holds investment portfolios which were valued at £3,804,194 at the year-end date. At the time of approval, the Listed investment portfolios were valued at a total of £4,004,185.
45
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
## **The Dovecot Foundation**
## **(A company limited by guarantee) Notes to the financial statements (continued) For the year ended 30 June 2025**
## **23. Prior year Group statement of financial activities**
|**Notes**
**Income and endowments**
Donations, grants and legacies
**2**
Trading activities
**3**
Investment income
**4**
**Total income**
**Expenditure on:**
Costs of:
Trading operations
**5**
charitable activities:
Operation of charity
**6**
**Total expenditure**
**8**
**11**
**11**
**Net income/(expenditure)**
**Transfer between funds**
**16**
**Net movement in funds**
**Tax Relief**
**Net movement in funds after tax**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**
**18**
Gain on disposal of
investment
Net gains/(losses)
on investments|**Unrestricted**
**Restricted**
**Endowment**
**Total funds**
**Total funds**
**funds**
**funds**
**funds**
**2024**
**2023**
**£**
**£**
**£**
**£**
**£**
1,820
35,500
-
37,320
265,514
1,043,994
-
-
1,043,994
884,174
194,837
-
-
194,837
182,658
1,240,651
35,500
-
1,276,151
1,332,346
(591,013)
-
(58,531)
(649,544)
(414,914)
(566,830)
(112,167)
(58,531)
(737,528)
(804,638)
(1,157,843)
(112,167)
(117,062)
(1,387,072)
(1,219,552)
-
-
-
-
-
-
-
435,375
435,375
87,249
82,808
(76,667)
318,313
324,454
200,043
-
-
-
-
-
82,808
(76,667)
318,313
324,454
200,043
60,005
60,005
48,323
142,813
(76,667)
318,313
384,459
248,366
751,282
210,000
11,917,483
12,878,765
12,630,399
894,095
133,333
12,235,796
13,263,224
12,878,765|
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
46
Docusign Envelope ID: EACBDD0C-39F5-4D95-A4D4-B08F26854BE7
## **The Dovecot Foundation**
## **(A company limited by guarantee) Notes to the financial statements (continued) For the year ended 30 June 2025**
## **24. Prior year Charity statement of financial activities**
|**Notes**
**Income and endowments**
Donations, grants and legacies
**2**
Investment income
**4**
**Total income**
**Expenditure on:**
Charitable activities:
**6**
charitable activities:
Operation of charity
**6**
**Total expenditure**
**8**
**11**
**11**
**Net income/(expenditure)**
**Transfer between funds**
**16**
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**
**18**
Donations and
grants to Dovecot
Studios Limited
Gain on disposal of
Net gains/(losses)|**Unrestricted**
**Restricted**
**Endowment**
**Total funds**
**Total funds**
**funds**
**funds**
**funds**
**2024**
**2023**
**£**
**£**
**£**
**£**
**£**
867
500
-
1,367
264,747
234,678
-
-
234,678
215,526
235,545
500
-
236,045
480,273
-
(95,500)
-
(95,500)
(102,233)
(161,762)
-
(117,062)
(278,824)
(267,101)
(161,762)
(95,500)
(117,062)
(374,324)
(369,334)
-
-
-
-
-
-
-
435,375
435,375
87,249
73,783
(95,000)
318,313
297,096
198,188
-
-
-
-
-
73,783
(95,000)
318,313
297,096
198,188
561,674
210,000
11,917,483
12,689,157
12,490,969
635,457
115,000
12,235,796
12,986,253
12,689,157|
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
## **25. Prior year adjustment**
A prior year adjustment has been made to correct the classification of the Dovecot Building, which was previously included within tangible fixed assets (land and buildings). Following a review by the Trustees, the building has been reclassified as a heritage asset in accordance with the Charities SORP (FRS 102).
The reclassification reflects the building’s architectural and cultural significance and its use in furtherance of the Foundation’s charitable objectives. The adjustment results in the presentation of the building within heritage assets rather than tangible fixed assets.
The Trustees have reviewed the depreciation policy and now consider the building to have an indefinite useful life. As a result of this no further depreciation will be charged against the property.
The comparative figures have been restated accordingly. The reclassification and change in accounting policy have no impact on total funds.
||**As previously**|||
|---|---|---|---|
||**stated**|**Adjustment**|**As restated**|
||**£**|**£**|**£**|
|Tangible fixed assets|7,048,814|(7,048,814)|-|
|Heritage assets|-|7,048,814|7,048,814|
|Net assets remain unchanged.||||
The adjustment has no effect on the Statement of Financial Activities for the comparative period.
47