Docusign Envelope ID: C1DF05F2-470D-471B-8BD6-ADC8732296D2
CHARITY REGISTRATION NUMBER: SC041529
DUNDEE MUSEUM OF TRANSPORT (SCIO) FINANCIAL STATEMENTS
31 MARCH 2025
BK PLUS AUDIT LIMITED
Chartered certified accountants & statutory auditor
Docusign Envelope ID: C1DF05F2-470D-471B-8BD6-ADC8732296D2
DUNDEE MUSEUM OF TRANSPORT (SCIO)
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2025
| PAGE | |
|---|---|
| Trustees' annual report | 1 |
| Independent auditor's report to the members | 5 |
| Statement of financial activities | 10 |
| Statement of financial position | 11 |
| Statement of cash flows | 12 |
| Notes to the financial statements | 13 |
Docusign Envelope ID: C1DF05F2-470D-471B-8BD6-ADC8732296D2
DUNDEE MUSEUM OF TRANSPORT (SCIO)
TRUSTEES' ANNUAL REPORT
YEAR ENDED 31 MARCH 2025
The Trustees present their report and the financial statements of Dundee Museum of Transport (‘the Museum’ or ‘the Charity’) for the year ended 31 March 2025.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Dundee Museum of Transport (SCIO) Charity registration number SC041529 Principal office THE TRUSTEES (Resigned 25 November 2025) (Appointed 12 December 2024) (Appointed 15 August 2024) AUDITOR bk plus Audit Limited Chartered certified accountants & statutory auditor 144 Nethergate Dundee DD1 4EB BANKERS The Royal Bank of Scotland plc 133 Albert Street Dundee DD4 6PR
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DUNDEE MUSEUM OF TRANSPORT (SCIO)
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Dundee Museum of Transport was established as a Scottish Charitable Incorporated Organisation (SCIO) on 17 April 2015 and is registered with The Office of the Scottish Charity Regulator (OSCR). The charity had previously operated under the same charity number as an unincorporated charity. The charity is governed under the terms of the constitution.
There are currently approximately 214 members. For a small annual fee, members have voting rights at the AGM, as well as other membership benefits.
RECRUITMENT AND APPOINTMENT OF TRUSTEES
The Trustees have developed an information pack for potential Trustees which includes OSCR guidance for Trustees, and which details the responsibilities and commitment required of the Trustees.
The Trustees do not receive any remuneration for being Trustees but the charity may pay for specialist services delivered by entities controlled by certain Trustees at commercial rates.
OBJECTIVES AND ACTIVITIES
The charity's objectives are as follows:
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to advance and promote heritage and education of the general public and inhabitants of Scotland in a common effort and by establishing a transport museum;
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to bring together, hold, adequately house, conserve and document a collection of vehicles of historical significance;
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to purchase and refurbish Maryfield Tram depot in Dundee, which is of historic interest, to house the collection;
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to stimulate interest in the transport museum as a focal point of education and recreation and of historic interest, thereby improving the amenities available to the community and the general public;
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to display and publicise the collection for public benefit;
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to provide volunteering opportunities which are both rewarding for the volunteer and of benefit to the organisation.
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DUNDEE MUSEUM OF TRANSPORT (SCIO)
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2025
ACHIEVEMENTS AND PERFORMANCE
During the year the museum completed essential repair works to the Maryfield Tram Depot and in doing so undoubtedly secured the physical integrity of the oldest part of the building while wider planning works continued. To this end the museums secured Full Planning Permission for its plans in the spring. This will support the building of further momentum around phase one of the project, the restoration and conservation of the 1901 section of the building, its fit-out and conversion into the museum's new home, now expected to be completed in the first half of 2026.
Further strengthening governance structures, notably with the appointment of a new Treasurer in 2022, will support strong financial planning and management, essential to the advancement of the museum's ambitions.
The current museum operation continued to offer a variety of changing content through its temporary exhibition space and popular weekend events calendar. This included working with a variety of external partners, bringing their vehicles, associated knowledge and passion to thousands of visitors over the year. While not taking a decision to close the museum between November and February lightly this did support the completion of a range of essential repair works over this traditionally quiet period.
Restricted Funds also improved but this was for future projects and the roof work at Maryfield.
The financial future of the charity is secure and it is an exciting time looking forward.
FINANCIAL REVIEW
The results for the year are set out in the Statement of Financial Activities. The charity made a surplus in the year of £460,022 (2024 - £393,109) with total reserves carried forward of £1,341,046 (2024 - £881,025).
RISK MANAGEMENT
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to the major risks.
RESERVES POLICY
The Trustees have established a policy whereby the charity's unrestricted funds should represent a minimum of 6 months of operating expenditure. The unrestricted fund at the year end was £134,269 (2024 - £184,361). The Trustees are aware that continued fundraising will be required to meet future expenditure and to comply with the Reserves policy, and are committed to controlling costs and actively seeking new funding.
PLANS FOR FUTURE PERIODS
The year ahead will be a period of continued transition for the museum as it advances detailed plans, and pursues new funding and new resources that will help the museum make the most of its current location while also gradually preparing it to make the move to its new home in Maryfield.
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DUNDEE MUSEUM OF TRANSPORT (SCIO)
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2025
TRUSTEES' RESPONSIBILITIES STATEMENT
The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (UK GAAP).
Law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that year.
In preparing those 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;
· 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 accounts; and
· prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' annual report was approved on 25 November 2025 and signed on behalf of the Board of Trustees by:
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DUNDEE MUSEUM OF TRANSPORT (SCIO)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUNDEE MUSEUM OF TRANSPORT (SCIO)
YEAR ENDED 31 MARCH 2025
OPINION
We have audited the financial statements of Dundee Museum of Transport (SCIO) (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:
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give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity'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.
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DUNDEE MUSEUM OF TRANSPORT (SCIO)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUNDEE MUSEUM OF TRANSPORT (SCIO) (continued)
YEAR ENDED 31 MARCH 2025
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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:
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the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
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adequate accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the Trustees' responsibilities statement, the Trustees 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 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.
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DUNDEE MUSEUM OF TRANSPORT (SCIO)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUNDEE MUSEUM OF TRANSPORT (SCIO) (continued)
YEAR ENDED 31 MARCH 2025
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulations we have carried out the following:
· Ensured that the engagement team have the appropriate competence, capabilities and skills to identify or recognise non-compliance with laws and regulations;
· Identified at planning the specific laws and regulations applicable to the entity through discussions with directors and management and through our own knowledge of the sector;
· Focused on the laws and regulations we consider may have a direct effect on the financial statements, including FRS 102, the Companies Act 2006, employment regulation and tax compliance legislation;
· Reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations;
· Made enquiries of management; and
· Ensured the engagement team remained alert to instances of non-compliance throughout the audit.
In identifying and assessing the risk of material misstatement due to irregularities including fraud, the potential for management bias and the override of controls we have:
· Obtained an understanding at planning of the entity's operations, including the nature of its sources of revenue to understand the types of transactions, account balances, financial disclosures and business risks that may result in risk of material misstatement;
· Made enquiries of management at planning as to where they consider there was a susceptibility to fraud in the business, and their knowledge of any actual, suspected or alleged fraud;
· Vouched balances and reconciling items in key control account reconciliations to supporting documentation;
· Carried out detailed testing, on a sample basis, to verify the completeness, existence and accuracy of transactions and balances, in particular completeness of revenue;
- Challenged assumptions and judgements made by management in their significant accounting estimates;
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DUNDEE MUSEUM OF TRANSPORT (SCIO)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUNDEE MUSEUM OF TRANSPORT (SCIO) (continued)
YEAR ENDED 31 MARCH 2025
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Performed analytical procedures to identify any significant or unusual transactions; and
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Investigated the business rationale behind any significant or unusual transactions, in particular journal entries.
We did not identify any matters relating to non-compliance with laws and regulations, or relating to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. In addition, the further removed any 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.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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DUNDEE MUSEUM OF TRANSPORT (SCIO)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUNDEE MUSEUM OF TRANSPORT (SCIO) (continued)
YEAR ENDED 31 MARCH 2025
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
USE OF OUR REPORT
This report is made solely to the charity's members, 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 charity's members 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 charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
25 November 2025
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DUNDEE MUSEUM OF TRANSPORT (SCIO)
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 MARCH 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations, legacies and grants | 4 | 13,803 | 539,771 | 553,574 | 509,658 |
| Other trading activities | 5 | 117,990 | – | 117,990 | 100,614 |
| Investment income | 6 | 1,229 | – | 1,229 | 965 |
| - | - | - | - | ||
| Total income | 133,022 | 539,771 | 672,793 | 611,237 | |
| = | = | = | = | ||
| Expenditure | |||||
| Expenditure on charitable activities | 7,8 | (183,114) | (29,657) | (212,771) | (218,128) |
| - | - | - | - | ||
| Total expenditure | (183,114) | (29,657) | (212,771) | (218,128) | |
| = | = | = | = | ||
| - | - | - | - | ||
| Net income and net movement in funds | (50,092) | 510,114 | 460,022 | 393,109 | |
| = | = | = | = | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 184,361 | 696,663 | 881,024 | 487,916 | |
| - | - | - | - | ||
| Total funds carried forward | 134,269 | 1,206,777 | 1,341,046 | 881,025 | |
| = | = | = | = |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 13 to 26 form part of these financial statements.
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Docusign Envelope ID: C1DF05F2-470D-471B-8BD6-ADC8732296D2
DUNDEE MUSEUM OF TRANSPORT (SCIO)
STATEMENT OF FINANCIAL POSITION
31 MARCH 2025
| 2025 | 2024 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| FIXED ASSETS | ||||
| Tangible fixed assets | 12 | 4,036 | 6,977 | |
| Heritage assets | 13 | 813,617 | 511,611 | |
| Investments | 14 | 1 | 1 | |
| - | - | |||
| 817,654 | 518,589 | |||
| CURRENT ASSETS | ||||
| Stocks | 15 | 2,268 | 1,809 | |
| Debtors | 16 | 58,266 | 42,209 | |
| Cash at bank and in hand | 490,199 | 344,894 | ||
| - | - | |||
| 550,733 | 388,912 | |||
| CREDITORS: amounts falling due within one year | 17 | 27,341 | 26,476 | |
| - | - | |||
| NET CURRENT ASSETS | 523,392 | 362,436 | ||
| - | - | |||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 1,341,046 | 881,025 | ||
| - | - | |||
| NET ASSETS | 1,341,046 | 881,025 | ||
| = | = | |||
| FUNDS OF THE CHARITY | ||||
| Restricted funds | 1,206,777 | 696,664 | ||
| Unrestricted funds | 134,269 | 184,361 | ||
| - | - | |||
| Total charity funds | 20 | 1,341,046 | 881,025 | |
| = | = |
These financial statements were approved by the Board of Trustees and authorised for issue on 25 November 2025, and are signed on behalf of the board by:
The notes on pages 13 to 26 form part of these financial statements.
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DUNDEE MUSEUM OF TRANSPORT (SCIO)
STATEMENT OF CASH FLOWS
YEAR ENDED 31 MARCH 2025
| STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2025 |
||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | 460,022 | 393,109 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 2,941 | 3,743 |
| Government grant income | (39,651) | (21,749) |
| Other interest receivable and similar income | (1,229) | (965) |
| Interest payable and similar charges | 728 | 722 |
| Loss on disposal of heritage assets | 1,840 | 700 |
| Accrued expenses | 11,102 | 729 |
| Changes in: | ||
| Stocks | (459) | 667 |
| Trade and other debtors | (16,057) | 18,074 |
| Trade and other creditors | (10,238) | 17,247 |
| - | - | |
| Cash generated from operations | 408,999 | 412,277 |
| Interest paid | (728) | (722) |
| Interest received | 1,229 | 965 |
| - | - | |
| Net cash from operating activities | 409,500 | 412,520 |
| = | = | |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchase of tangible assets | – | (1,650) |
| Purchase of heritage assets | (305,006) | (334,981) |
| Proceeds from sale of heritage assets | 1,160 | 32,650 |
| - | - | |
| Net cash used in investing activities | (303,846) | (303,981) |
| = | = | |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Government grant income | 39,651 | 21,749 |
| - | - | |
| Net cash from financing activities | 39,651 | 21,749 |
| = | = | |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 145,305 | 130,288 |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 344,894 | 214,606 |
| - | - | |
| CASH AND CASH EQUIVALENTS AT END OF YEAR | 490,199 | 344,894 |
| = | = |
The notes on pages 13 to 26 form part of these financial statements.
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Docusign Envelope ID: C1DF05F2-470D-471B-8BD6-ADC8732296D2
DUNDEE MUSEUM OF TRANSPORT (SCIO)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2025
1. GENERAL INFORMATION
The charity is a public benefit entity and a registered charity in Scotland and is an incorporated SCIO. The address of the principle office is Unit 10 Market Mews, Market Street, Dundee, DD1 3LA.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities and Trustee Investment (Scotland) Act 2005 and the Charity Accounts (Scotland) Regulations 2006 (as amended).
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Trustees consider that, having assessed:
- the ability of the charity's restricted funds resources to meet specific projects committed expenditure in future, - the results of the charity's operations in the period since the year end- and anticipated unrestricted income from donations and all sources of funding:- the charity will have adequate resources from its restricted and unrestricted activities to continue in operational existence for the foreseeable future, and specifically the 12 months period from the approval of the financial statements. For this reason, the Trustees consider it appropriate to adopt the going concern basis in preparing these financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the Trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the Trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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DUNDEE MUSEUM OF TRANSPORT (SCIO)
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2025
3. ACCOUNTING POLICIES (continued)
Incoming resources
All income is included in the Statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets which were transferred from the unincorporated charity on 17 April 2015 are recorded at their deemed value at that date and subsequently stated at value less any accumulated depreciation and impairment losses. All other tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses.
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Docusign Envelope ID: C1DF05F2-470D-471B-8BD6-ADC8732296D2
DUNDEE MUSEUM OF TRANSPORT (SCIO)
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2025
3. ACCOUNTING POLICIES (continued)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment - 4 to 5 years straight line
Heritage assets
Heritage assets measured under the cost model are recognised initially at acquisition cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Heritage assets measured under the revaluation model are recorded at fair value less any accumulated impairment losses.
Where information on the cost or value of an asset is not available and cannot be obtained at a cost which is commensurate with the benefits to users of the financial statements, the asset shall not be recognised in the statement of financial position.
Investments
Fixed asset investments are initially recorded at cost and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
- 15 -
Docusign Envelope ID: C1DF05F2-470D-471B-8BD6-ADC8732296D2
DUNDEE MUSEUM OF TRANSPORT (SCIO)
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2025
3. ACCOUNTING POLICIES (continued)
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. DONATIONS, LEGACIES AND GRANTS
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2025 | |
| £ | £ | £ | |
| DONATIONS | |||
| Donations and legacies | 7,216 | 359 | 7,575 |
| Gift aid | 6,587 | – | 6,587 |
| GRANTS | |||
| Grants receivable | – | 499,761 | 499,761 |
| Government grant income | – | 39,651 | 39,651 |
| - | - | - | |
| 13,803 | 539,771 | 553,574 | |
| = | = | = | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| DONATIONS | |||
| Donations and legacies | 4,531 | 27,921 | 32,452 |
| Gift aid | 6,158 | – | 6,158 |
| GRANTS | |||
| Grants receivable | 12,500 | 436,799 | 449,299 |
| Government grant income | 21,749 | – | 21,749 |
| - | - | - | |
| 44,938 | 464,720 | 509,658 | |
| = | = | = |
- 16 -
Docusign Envelope ID: C1DF05F2-470D-471B-8BD6-ADC8732296D2
DUNDEE MUSEUM OF TRANSPORT (SCIO)
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2025
5. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Entrance fees | 59,514 | 59,514 | 47,993 | 47,993 |
| Storage fees | 30,592 | 30,592 | 29,735 | 29,735 |
| Shop income | 6,174 | 6,174 | 5,241 | 5,241 |
| Membership fees | 5,471 | 5,471 | 3,965 | 3,965 |
| Souvenirs | 11,429 | 11,429 | 8,969 | 8,969 |
| Miscellaneous income | 3,003 | 3,003 | 75 | 75 |
| Electricity recharges | 1,807 | 1,807 | 4,636 | 4,636 |
| - | - | - | - | |
| 117,990 | 117,990 | 100,614 | 100,614 | |
| = | = | = | = | |
| INVESTMENT INCOME | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Bank interest receivable | 1,229 | 1,229 | 965 | 965 |
| = | = | = | = |
6. INVESTMENT INCOME
- 17 -
Docusign Envelope ID: C1DF05F2-470D-471B-8BD6-ADC8732296D2
DUNDEE MUSEUM OF TRANSPORT (SCIO)
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2025
7. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2025 | |
| £ | £ | £ | |
| Shop purchases | 11,718 | 14 | 11,731 |
| Wages and salaries | 52,818 | 6,026 | 58,844 |
| Property rent and rates | 20,000 | – | 20,000 |
| Property repairs and maintenance | 22,921 | 1,478 | 24,399 |
| Advertising | 16,570 | – | 16,570 |
| Vehicle and restoration costs | 2,817 | 72 | 2,890 |
| Telephone | 1,498 | – | 1,498 |
| Office costs | 30,599 | 103 | 30,702 |
| Depreciation | 977 | 21,964 | 22,941 |
| Insurance | 14,511 | – | 14,511 |
| Support costs | 8,685 | – | 8,685 |
| - | - | - | |
| 183,114 | 29,657 | 212,771 | |
| = | = | = | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Shop purchases | 22,828 | – | 22,829 |
| Wages and salaries | 32,369 | – | 32,369 |
| Property rent and rates | 15,417 | – | 15,417 |
| Property repairs and maintenance | 6,321 | 354 | 6,676 |
| Advertising | 18,858 | – | 18,858 |
| Vehicle and restoration costs | 8,197 | 544 | 8,741 |
| Telephone | 1,506 | – | 1,506 |
| Office costs | 52,371 | 780 | 53,150 |
| Depreciation | 1,538 | 2,205 | 3,743 |
| Insurance | 9,390 | – | 9,390 |
| Support costs | 45,450 | – | 45,449 |
| - | - | - | |
| 214,245 | 3,883 | 218,128 | |
| = | = | = |
- 18 -
Docusign Envelope ID: C1DF05F2-470D-471B-8BD6-ADC8732296D2
DUNDEE MUSEUM OF TRANSPORT (SCIO)
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2025
8. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total funds | ||
| directly | Support costs | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Shop purchases | 11,731 | – | 11,731 | 22,829 |
| Wages and salaries | 58,844 | – | 58,844 | 32,369 |
| Property rent and rates | 20,000 | – | 20,000 | 15,417 |
| Property repairs and maintenance | 24,399 | – | 24,399 | 6,676 |
| Advertising | 16,570 | – | 16,570 | 18,858 |
| Vehicle and restoration costs | 2,890 | – | 2,890 | 8,741 |
| Telephone | 1,498 | – | 1,498 | 1,506 |
| Office costs | 30,702 | – | 30,702 | 53,150 |
| Depreciation | 22,941 | – | 22,941 | 3,743 |
| Insurance | 14,511 | – | 14,511 | 9,390 |
| Consultancy fees | – | 3,435 | 3,435 | 39,924 |
| Accountancy fees | – | 5,250 | 5,250 | 4,215 |
| Other professional fees | – | – | – | 1,310 |
| - | - | - | - | |
| 204,086 | 8,685 | 212,771 | 218,128 | |
| = | = | = | = |
9. ANALYSIS OF SUPPORT COSTS
| ANALYSIS OF SUPPORT COSTS | |||
|---|---|---|---|
| Support costs | Total 2025 | Total 2024 | |
| £ | £ | £ | |
| Other professional fees | – | – | 1,310 |
| Consultancy fees | 3,435 | 3,435 | 109,595 |
| Auditor's fees | 5,250 | 5,250 | 5,250 |
| - | - | - | |
| 8,685 | 8,685 | 116,155 | |
| = | = | = |
- 19 -
Docusign Envelope ID: C1DF05F2-470D-471B-8BD6-ADC8732296D2
DUNDEE MUSEUM OF TRANSPORT (SCIO)
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2025
10. STAFF COSTS
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 57,866 | 32,159 |
| Employer contributions to pension plans | 978 | 210 |
| - | - | |
| 58,844 | 32,369 | |
| = | = |
The average head count of employees during the year was 3 (2024: 2).
No employee received employee benefits of more than £60,000 during the year (2024: Nil).
Key management personnel
The charity considers that its key management personnel comprise the Chief Executive Officer and the Trustees.
company, Xcentuate Limited.
The fees charged reflect amounts approved by the Trustees for remuneration for normal duties as CEO as well as for specific consultancy work undertaken at the Trustees' request in relation to fundraising along with expenses directly related to the consultancy work.
11. TRUSTEE REMUNERATION AND EXPENSES
Trust been paid £20,000 for duties as operations manager. In addition, £475.20 has been p nsion scheme.
No Trustees have claimed expenses or had their expenses met by the charity in the year.
12. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | ||
|---|---|---|
| Equipment | Total | |
| £ | £ | |
| Cost | ||
| At 1 April 2024 and 31 March 2025 | 31,037 | 31,037 |
| = | = | |
| Depreciation | ||
| At 1 April 2024 | 24,060 | 24,060 |
| Charge for the year | 2,941 | 2,941 |
| - | - | |
| At 31 March 2025 | 27,001 | 27,001 |
| = | = | |
| Carrying amount | ||
| At 31 March 2025 | 4,036 | 4,036 |
| = | = | |
| At 31 March 2024 | 6,977 | 6,977 |
| = | = |
- 20 -
Docusign Envelope ID: C1DF05F2-470D-471B-8BD6-ADC8732296D2
DUNDEE MUSEUM OF TRANSPORT (SCIO)
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2025
13. HERITAGE ASSETS
The land and buildings heritage asset below relates to the Maryfield Tram Depot site. The charity plans to develop the site to allow the Museum collection to be housed there. The exhibition and display items relate to various transport vehicles which are part of the Museum collection. These assets are subject to a programme of maintenance and repairs.
Due to the very long expected lives of heritage assets and due to their nature, value and the need to be protected and preserved, depreciation is not material and is, therefore, not provided.
A third party holds a standard security over the Maryfield tram depot site.
| Land and | Land and | Exhibition and | Exhibition and | |||
|---|---|---|---|---|---|---|
| Buildings | Display Items | Total | ||||
| £ | £ | £ | ||||
| Cost or valuation | ||||||
| At 1 April 2024 | 441,911 | 69,700 | 511,611 | |||
| Additions | 289,206 | 15,800 | 305,006 | |||
| Disposals | – | (3,000) | (3,000) | |||
| - | - | - | ||||
| At 31 March 2025 | 731,117 | 82,500 | 813,617 | |||
| = | = | = | ||||
| Accumulated depreciation | ||||||
| At 1 April 2024 and 31 March 2025 | – | – | – | |||
| = | = | = | ||||
| Carrying amount | ||||||
| At 31 March 2025 | 731,117 | 82,500 | 813,617 | |||
| = | = | = | ||||
| At 31 March 2024 | 441,911 | 69,700 | 511,611 | |||
| = | = | = | ||||
| Five year summary of transactions | 2025 | 2024 | 2023 | 2022 | 2021 | |
| £ | £ | £ | £ | £ | ||
| Brought forward | 511,611 | 209,980 | 63,100 |
63,100 | 62,100 | |
| Purchases at cost | 305,006 | 334,981 | 83,530 |
- | - | |
| Donations at valuation | - | - | 63,350 |
- | 1,000 | |
| Disposals carrying value | (3,000) | (33,350) | - | - | - | |
| - | - | - | - | - | ||
| 813,617 | 511,611 | 209 |
980 | 63,100 | 63,100 | |
| = | = | = | = | = |
- 21 -
Docusign Envelope ID: C1DF05F2-470D-471B-8BD6-ADC8732296D2
DUNDEE MUSEUM OF TRANSPORT (SCIO)
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2025
14. INVESTMENTS
| INVESTMENTS | |
|---|---|
| Shares in | |
| group | |
| undertakings | |
| £ | |
| Cost or valuation | |
| At 1 April 2024 and 31 March 2025 | 1 |
| = | |
| Impairment | |
| At 1 April 2024 and 31 March 2025 | – |
| = | |
| Carrying amount | |
| At 31 March 2025 | 1 |
| = | |
| At 31 March 2024 | 1 |
| = |
All investments shown above are held at valuation.
Dundee Museum of Transport Ltd is a wholly owned subsidiary, incorporated in Scotland. The company was incorporated on 22 December 2015 and has remained dormant since incorporation.
15. STOCKS
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Raw materials and consumables | 2,268 | 1,809 |
| = | = | |
| DEBTORS | ||
| 2025 | 2024 | |
| £ | £ | |
| Trade debtors | 7,619 | 290 |
| Prepayments and accrued income | 21,677 | 10,027 |
| Other debtors | 28,970 | 31,892 |
| - | - | |
| 58,266 | 42,209 | |
| = | = | |
| CREDITORS: amounts falling due within one year | ||
| 2025 | 2024 | |
| £ | £ | |
| Trade creditors | 6,962 | 18,374 |
| Accruals and deferred income | 18,517 | 7,415 |
| Social security and other taxes | 1,862 | 687 |
| - | - | |
| 27,341 | 26,476 | |
| = | = |
16. DEBTORS
17. CREDITORS: amounts falling due within one year
- 22 -
Docusign Envelope ID: C1DF05F2-470D-471B-8BD6-ADC8732296D2
DUNDEE MUSEUM OF TRANSPORT (SCIO)
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2025
18. PENSIONS AND OTHER POST RETIREMENT BENEFITS
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £978 (2024: £210).
19. GOVERNMENT GRANTS
The amounts recognised in the financial statements for government grants are as follows:
| The amounts recognised in the financial statements for government | grants are as follows: | |
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Recognised in income from donations and legacies: | ||
| Government grants income | 39,651 | 21,749 |
| = | = |
20. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 | April 2024 | Income | Expenditure | 31 Mar 2025 | |
| £ | £ | £ | £ | ||
| General funds | 184,361 | 133,022 | (183,114) | 134,269 | |
| = | = | = | = | ||
| At | At | ||||
| 1 | April 2023 | Income | Expenditure | 31 Mar 2024 | |
| £ | £ | £ | £ | ||
| General funds | 252,089 | 146,517 | (214,245) | 184,361 | |
| = | = | = | = |
- 23 -
Docusign Envelope ID: C1DF05F2-470D-471B-8BD6-ADC8732296D2
DUNDEE MUSEUM OF TRANSPORT (SCIO)
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2025
20. ANALYSIS OF CHARITABLE FUNDS (continued)
Restricted funds
| Restricted funds | ||||
|---|---|---|---|---|
| At | At | |||
| 1 April 2024 | Income | Expenditure | 31 Mar 2025 | |
| £ | £ | £ | £ | |
| Maryfield Tram Depot Fund | 35,000 | – | – | 35,000 |
| The Alexander Moncur Trust | 3,181 | – | – | 3,181 |
| Museums Galleries Scotland (MGS) | 4,160 | – | (1,964) | 2,196 |
| The Alexander Moncur Trust | 19,616 | – | (30) | 19,586 |
| Dundee Rotary | 628 | – | – | 628 |
| KickStart Grant | – | – | – | – |
| Steps to Sustainability | 1,991 | – | (109) | 1,882 |
| Sensory Garden | 1,272 | – | (1,272) | – |
| DCC Grant | 7,040 | 12,500 | (12,500) | 7,040 |
| Lanarkshire ENT SE Digital Boost | 800 | – | (80) | 720 |
| Matthew Trust (Volunteer Co-ordinator) | 10,000 | – | (6,026) | 3,974 |
| MGS (Leadership Programme) | 200 | – | (14) | 186 |
| MR221091 Overhead Support & Funding | 1 | – | – | 1 |
| Northwood (Roof) | 40,000 | – | – | 40,000 |
| Northwood 2023 (Roof) | 88,644 | – | – | 88,644 |
| Scotmid | 190 | – | (162) | 28 |
| Swire (Maryfield) | 30,000 | – | – | 30,000 |
| Tay Charitable Trust (Roof) | 10,000 | – | – | 10,000 |
| Arberbrothock Trust | 2,500 | – | – | 2,500 |
| Dundee Historic Trust | 39,799 | – | – | 39,799 |
| Evelyn Mudie Trust (Relocation Costs) | 2,000 | – | – | 2,000 |
| Maryfield Bricks | 27,141 | 359 | – | 27,500 |
| Northwood (Aug 2023) | 250,000 | – | (7,500) | 242,500 |
| Northwood (Maryfield) | 70,000 | – | – | 70,000 |
| Pilkington | 2,000 | – | – | 2,000 |
| Robert Barr (Maryfield) | 50,000 | – | – | 50,000 |
| NFA Caravan Fund | 500 | – | – | 500 |
| DCC (Mar 25) | – | 12,500 | – | 12,500 |
| MGS | – | 14,651 | – | 14,651 |
| Garfield West | – | 150,000 | – | 150,000 |
| Leng Trust | – | 5,000 | – | 5,000 |
| National Fund for Acquisitions | – | 10,000 | – | 10,000 |
| National Heritage | – | 125,000 | – | 125,000 |
| Pilgrim Trust | – | 7,761 | – | 7,761 |
| J Larg | – | 2,000 | – | 2,000 |
| Wolfson | – | 200,000 | – | 200,000 |
| - | - | - | - | |
| 696,663 | 539,771 | (29,657) | 1,206,777 | |
| = | = | = | = |
- 24 -
Docusign Envelope ID: C1DF05F2-470D-471B-8BD6-ADC8732296D2
DUNDEE MUSEUM OF TRANSPORT (SCIO)
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2025
20. ANALYSIS OF CHARITABLE FUNDS (continued)
| At | At | |||
|---|---|---|---|---|
| 1 April 2023 | Income | Expenditure | 31 Mar 2024 | |
| £ | £ | £ | £ | |
| Maryfield Tram Depot Fund | 35,000 | – | – | 35,000 |
| The Alexander Moncur Trust | 3,181 | – | – | 3,181 |
| Museums Galleries Scotland (MGS) | 6,125 | – | (1,964) | 4,161 |
| The Alexander Moncur Trust | – | 20,000 | (384) | 19,616 |
| Dundee Rotary | 628 | – | – | 628 |
| KickStart Grant | 241 | – | (241) | – |
| Steps to Sustainability | 2,072 | – | (81) | 1,991 |
| Sensory Garden | 1,705 | – | (433) | 1,272 |
| DCC Grant | 7,040 | – | – | 7,040 |
| Lanarkshire ENT SE Digital Boost | 800 | – | – | 800 |
| Matthew Trust (Volunteer Co-ordinator) | 10,000 | – | – | 10,000 |
| MGS (Leadership Programme) | 200 | – | – | 200 |
| MR221091 Overhead Support & Funding | 1 | – | – | 1 |
| Northwood (Roof) | 40,000 | – | – | 40,000 |
| Northwood 2023 (Roof) | 88,644 | – | – | 88,644 |
| Scotmid | 190 | – | – | 190 |
| Swire (Maryfield) | 30,000 | – | – | 30,000 |
| Tay Charitable Trust (Roof) | 10,000 | – | – | 10,000 |
| Arberbrothock Trust | – | 2,500 | – | 2,500 |
| Dundee Historic Trust | – | 39,799 | – | 39,799 |
| Evelyn Mudie Trust (Relocation Costs) | – | 2,000 | – | 2,000 |
| Maryfield Bricks | – | 27,921 | (780) | 27,141 |
| Northwood (Aug 2023) | – | 250,000 | – | 250,000 |
| Northwood (Maryfield) | – | 70,000 | – | 70,000 |
| Pilkington | – | 2,000 | – | 2,000 |
| Robert Barr (Maryfield) | – | 50,000 | – | 50,000 |
| NFA Caravan Fund | – | 500 | – | 500 |
| - | - | - | - | |
| 235,827 | 464,720 | (3,883) | 696,664 | |
| = | = | = | = |
- 25 -
Docusign Envelope ID: C1DF05F2-470D-471B-8BD6-ADC8732296D2
DUNDEE MUSEUM OF TRANSPORT (SCIO)
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2025
21. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2025 | ||
| £ | £ | £ | ||
| Tangible fixed assets | 1,837 | 2,196 | 4,033 | |
| Heritage assets | 71,421 | 742,196 | 813,617 | |
| Investments | 1 | – | 1 | |
| Current assets | 88,352 | 462,384 | 550,736 | |
| Creditors less than 1 year | (27,341) | – | (27,341) | |
| - | - | - | ||
| Net assets | 134,270 | 1,206,776 | 1,341,046 | |
| = | = | = | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| Tangible fixed assets | 2,315 | 4,662 | 6,977 | |
| Heritage assets | 70,620 | 440,991 | 511,611 | |
| Investments | 1 | – | 1 | |
| Current assets | 137,901 | 251,011 | 388,912 | |
| Creditors less than 1 year | (26,476) | – | (26,476) | |
| - | - | - | ||
| Net assets | 184,361 | 696,664 | 881,025 | |
| = | = | = | ||
| **22. ** | ANALYSIS OF CHANGES IN NET DEBT | |||
| At | ||||
| At 1 Apr 2024 | Cash flows | 31 Mar 2025 | ||
| £ | £ | £ | ||
| Cash at bank and in hand | 344,894 | 145,305 | 490,199 | |
| = | = | = |
23. RELATED PARTIES
During the year, the company received marketing support and services, on commercial terms, from The Malting House, a company related through common ownership and control by one of the Trustees, Wendy Maltman. The total purchases during the year amounted to £13,292 (2024:£15,899). At the year end, the company was due to pay £840 (2024:£1,531).
Details of transactions with the Trustees and key management are disclosed in notes 10 and 11.
24. CONTROLLING PARTY
Dundee Museum of Transport was under the control of the Trustees throughout the current year.
- 26 -