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← Fleming Trust

2025-03-31-accounts

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FLEMING TRUST

SC052182

ANNUAL ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025

AUDITED

September 2025

FLEMING TRUST

ANNUAL ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025

Contents

Contents
Page No
Trustees' Annual Report 3
Statement of Trustees' Responsibilities 7
Statement of Financial Activities for the year ended 31 March 2025 8
Balance Sheet as at 31 March 2025 9
Cashflow Statement for the year ended 31 March 2025 10
Notes to the Financial Statements 11
Independent Auditor’s Report 14

2

TRUSTEES' ANNUAL REPORT

LEGAL & ADMINISTRATIVE INFORMATION

Trustees

The Trustees of the Fleming Trust are the 29 councillors of Dundee City Council. Councillors are elected to serve for a period of five years. The last full Council election was held on 5 May 2022 and the first statutory meeting of the new Council took place on 23 May 2022. The following Councillors were in office during the 2024/25 financial year:

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Principal Address

c/o Dundee City Council City Square Complex Dundee

External Auditor

The appointed external auditor is:

4[th] Floor 8 Nelson Mandela Place Glasgow G2 1BT

Banking Arrangements

Royal Bank of Scotland plc 3 High Street Dundee DD1 9YL

3

ANNUAL REPORT 2024/25

Administrative Details

During the 2024/25 financial year, Dundee City Council acted as sole trustee for the Fleming Trust. The Council administers the Fleming Trust’s funds but the associated assets are not available to the Council and have not been included in the Council's Single Entity Balance Sheet. The Fleming Trust is a subsidiary of Dundee City Council and is included in the Council’s Group Balance Sheet.

The Fleming Trust was registered with the Office of the Scottish Charity Regulator (OSCR) on 12 December 2022 with charity registration number SC52182. There was no change to the Fleming Trust’s objectives, governance arrangements and activities upon registration.

Objectives & Activities

Estate gifted in 1929 by the late Robert Fleming Esq. with the following objects: “the clearance and demolition of slum dwelling houses and the provision of suitable accommodation for re-housing the displaced occupants of slum property in Dundee, and failing them, other persons residing or wishing to take up residence in Dundee... at rents reasonably within the capacity of the beneficiaries to pay.”

The Fleming Trust’s funds derive from this expendable endowment. There are restrictions as to how the income derived from this is spent.

Structure, Governance & Management Arrangements

During the 2024/25 financial year, the City Council was, in law, the sole trustee for the Fleming Trust. Elected members of the Council are automatically appointed as trustees on an ex-officio basis. “Dundee City Council as Fleming Trustees” meets typically a couple of times a year.

The Fleming Trust is governed by a Supervisory Committee comprising the Lord Provost, a Councillor and a number of individuals external to the Council. The Supervisory Committee is assisted by Council officers and an external solicitor as Clerk. The Supervisory Committee typically meets once a year.

The responsibility for day-to-day management of the Trust has been delegated to the relevant chief officers of the Council.

Risk

The trustees have not identified any major risks to which the Fleming Trust is exposed.

Financial Administration

Dundee City Council acted as sole trustee during the 2024/25 financial year. The financial administration of the Fleming Trust is undertaken in accordance with the Council's approved Financial Regulations. The Financial Regulations contain the following specific references to Trusts and Charitable Funds:

4

All officers acting as trustees by virtue of their official position shall deposit all securities etc relating to the trust or charitable fund with the Executive Director of Corporate Services.

All investments of money shall be made by the Executive Director of Corporate Services in the name of Council. Any investments made will be made in accordance with the policy determined by the Policy and Resources Committee.

The Executive Director of Corporate Services and other relevant officers shall ensure compliance with the requirements of the Office of the Scottish Charities Regulator (OSCR).”

Financial Review

For the 2024/25 financial year, the total net surplus was £191,258 (2023/24: surplus of £248,584). Total income was £489,835 (2023/24: £514,361) comprising property rental income of £458,134 (2023/24: £422,652) and investment income of £31,701 (2023/24: £91,709). Property rental income relates to rents for 104 dwellings, at rates similar to those charged by Dundee City Council’s Housing Revenue Account. Investment income relates solely to interest on surplus funds that are deposited with Dundee City Council's Loans Fund.

Total expenditure was £298,577 (2023/24: £265,777). This related mainly to repairs and maintenance costs of £68,333 (2023/24: £62,434), lost rents of £6,085 (2023/24: £15,218) and depreciation of £210,656 (2023/24: £171,256).

Depreciation is a non-cash expense, and a requirement in order to comply with the Charities Statement of Recommended Practice (SORP) and FRS102.

Fleming Trust owns and rents out 104 properties. It also owns the sheltered lounge at Fleming Gardens/ Hindmarsh Avenue.

Total cash generated in 2024/25 was £385,538. Cash generated from operating activities was £353,837 (2023/24: £181,848) and investment income amounted to £30,701 (2023/24: £91,709).

Total charity funds amounted to £8,929,429 as at 31 March 2025 (£8,738,171 as at 31 March 2024). The entire fund is an expendable endowment fund. Cash-backed reserves are operated in accordance with the charity’s aims and objectives, as set out in the original founding document. The charity’s working capital is represented by its net current assets, amounting to £1,091,242 as at 31 March 2025 (£689,328 as at 31 March 2024). The increase is as a result of positive cashflow resulting in increased investments placed with Dundee City Council loans fund.

Achievements & Performance

As disclosed above, during 2024/25 the Fleming Trust incurred costs of £298,577 in pursuit of its objectives, notably £68,333 (2023/24: £62,434) towards repairs and maintenance and other property costs.

5

Trustee Remuneration & Expenses

No trustees received any remuneration or expenses during the 2024/25 financial year (2023/24: £nil).

External Audit

These financial statements are subject to external audit.

Further Information

Any queries regarding this document should, in the first instance, be addressed to:

te Services

Dundee City Council 50 North Lindsay Street Dundee DD1 3RF (Email: francois.devilliers@dundeecity.gov.uk) (Telephone: 07385 931075)

Signed on behalf of the trustees on 24 September 2025

Senior Councillor with responsibility for Finance Dundee City Council

6

STATEMENT OF TRUSTEES' RESPONSIBILITIES IN RESPECT OF THE TRUSTEES’ ANNUAL REPORT AND THE FINANCIAL STATEMENTS

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charity Accounts (Scotland) Regulations 2006 (as amended), and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees on 24 September 2025 and signed on their behalf by:

Senior Councillor with responsibility for Finance Dundee City Council

7

FLEMING TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

note
Rent
Investment Income
7
Total income
Property Insurance
Repairs & Maintenance
Landlords Supplies
Audit Fees
Legal Fees
Computer-Consumables
Lost Rents
Other outlays
Depreciation
Total expenditure
Net income/(expenditure)
Net movement in funds
Total funds brought forward
Total funds carried forward		 Total funds
2024/2025
Total funds
2023/2024
£
£
458,134
422,652
31,701
91,709
489,835
514,361
5,000
5,000
68,333
62,434
5,000
5,000
1,056
1,268
1,447
4,226
1,000
500
6,085
15,218
-
875
210,656
171,256
298,577
265,777
191,258
248,584
191,258
248,584
8,738,171
8,489,587
8,929,429
8,738,171

These funds are deemed to be restricted, permanent endowment (capital) funds.

8

FLEMING TRUST

BALANCE SHEET AS AT 31 MARCH 2025

note
Fixed assets
Tangible assets
3
Total fixed assets
Current assets
Debtors
4
Investments
5
Cash at Bank and In Hand
Total current assets
Liabilities
Creditors falling due within one year
6
Net current assets
Total assets less current liabilities
Creditors falling due after more than one year
Net assets
The funds of the charity
Endowment funds
Total charity funds		 As at 31
March 2025
As at 31
March 2024
£
£
7,838,187
8,048,843
7,838,187
8,048,843
83,027
56,640
708,157
308,157
392,682
407,144
1,183,866
771,941
(92,624)
(82,613)
1,091,242
689,328
8,929,429
8,738,171
-
-
8,929,429
8,738,171
8,929,429
8,738,171
8,929,429
8,738,171

The notes at pages 11 to 13 form part of these accounts.

The unaudited accounts were authorised for issue on 17 June 2025 and the audited accounts were authorised for issue on 24 September 2025 and signed on their behalf by:-

Senior Councillor with responsibility for Finance Dundee City Council

9

FLEMING TRUST

CASHFLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

note
Cash flows from operating activities:
Net cash provided by (used in) operating
activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Net cash provided by (used in) investing
activities
Cash flows from financing activities:
Repayments of borrowing
Cash inflows from new borrowing
Net cash provided by (used in) financing
activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
8
Cash and cash equivalents at the end of the
reporting period		 As at 31
March 2025
As at 31
March 2024
£
£
353,837
181,848
31,701
91,709
-
(1,910,295)
31,701
(1,818,586)
-
-
-
-
-
-
385,538
(1,636,738)
715,301
2,352,039
1,100,839
715,301

The notes at pages 11 to 13 form part of these accounts.

10

NOTES TO THE FINANCIAL STATEMENTS

1 Accounting Policies

The following accounting policies set out the basis upon which the financial statements have been prepared and explain the accounting treatment of both general and specific items.

a) Basis of Preparation

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

b) Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

c) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis.

d) Tangible fixed assets and depreciation

All assets costing more than £6,000 are capitalised and valued at historical cost. Depreciation is charged on a straight-line basis over their estimated useful lives, from the first full operational year following acquisition. Assets with a cost over £1m are componentised and depreciated as follows:


componentised and depreciated as follows:
Component % of cost Useful life
Building structure 50 50
Building roof 10 35
Kitchens & Boilers 15 15
Bathrooms & Radiators 15 30
Building Externals 10 45
Total 100

The cost of Land is not depreciated.

e) Investments

There are no external investments, rather all surplus funds are deposited with Dundee City Council's Loans Fund. All such deposits are valued at historical cost in the Balance Sheet.

11

f) Going Concern

The accounts are prepared on the going concern basis as it is considered by the trustees that the Fleming Trust is financially sustainable for the foreseeable future.

2 Assumptions made about the future and other major sources of estimation uncertainty

The Annual Accounts contain estimated figures that are based on assumptions made about the future or that are otherwise uncertain. Because these balances cannot be determined with certainty, actual results could be materially different from the assumptions and estimates. The items in the Fleming Trust’s Balance Sheet at 31 March 2025 for which there is a significant risk of material adjustment in the forthcoming financial year are as follows:

Item Uncertainties Effect if Actual Results Differ from Assumptions
Property, Plant Assets are depreciated over If the useful life of assets is reduced, depreciation
and Equipment estimated useful lives in increases and the carrying amount of the assets
accordance with Accounting falls. It is estimated that the annual depreciation
Policy. The estimates are made charge for buildings would increase by £6,700 for
taking into account historical every year that useful lives had to be reduced.
experience.

3 Analysis of Tangible Fixed Assets

Cost
At 1 April 2024
Additions
Disposals
Adjustment
Transfers
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
Eliminated on disposals
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Land and
buildings
Total
£
£
8,373,295
8,373,295
-
-
-
8,373,295
8,373,295
324,452
324,452
210,656
210,656
-
-
535,108
535,108
7,838,187
7,838,187
8,048,843
8,048,843

4 Debtors

Relates to rent receivable at year end.

5 Investments

Relates to amounts invested, and held by, Dundee City Council’s Loans Fund.

12

6 Creditors

Relates to amount due to reimbursements payable to Dundee City Council £89,624 (2023/24: £79,613) as well as the audit fee of £3,000 (2023/24: £3,000).

7 Investment Income

There are no external investments, rather all surplus funds are deposited with Dundee City Council's Loans Fund. Interest receivable is based on the Loans Fund interest on revenue balances (IORB) rate and is paid twice yearly. The average IORB rate during 2024/25 was 4.25% (2023/24: 4.23%).

8 Cashflow Statement: cash and cash equivalents

The balance of cash and cash equivalents is made up of the following elements:

Investments held with Dundee City Council’s Loans
Fund
Cash at Bank and in hand
Total cash and cash equivalents		 31 March
2025
£
31 March
2024
£
708,157
308,157
392,682
407,144
1,100,839
715,301

9 Related Party Transactions

During 2024/25, all surplus funds were deposited with Dundee City Council's Loans Fund. At 31 March 2025, a total balance of £708,157 (31 March 2024: £308,157) was held with Dundee City Council. Investment income of £31,701 (2023/24: £91,709) was received from Dundee City Council's Loans Fund during 2024/25. Refer also to Creditors note for balances payable to Dundee City Council.

10 Events After the Reporting Period

There were no events that occurred between 1 April 2025 and 24 September 2025 that would require adjustment to the 2024/25 financial statements. The latter date is the date on which the audited accounts were authorised for issue by the Senior Councillor with responsibility for Finance.

11 Parent Entity

The Fleming Trust is a subsidiary of Dundee City Council, a local authority established under the Local Government etc. (Scotland) Act 1994. Copies of the Group Accounts of Dundee City Council can be obtained from the contact listed on page 6.

12 Audit fees

The financial statements are subject to external audit. The total audit fee for the year was £3,000 (2023/24: £2,750).

13

Independent auditor’s report to the trustees of the Fleming Trust and the Accounts Commission

Reporting on the audit of the financial statements

Opinion on financial statements

I certify that I have audited the financial statements in the statement of accounts of the Fleming Trust for the year ended 31 March 2025 under Part VII of the Local Government (Scotland) Act 1973 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005. The financial statements comprise the Statement of Financial Activities, the Balance Sheet, the Cashflow Statement 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 the 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 my opinion the accompanying financial statements:

Basis for opinion

I conducted my audit in accordance with applicable law and International Standards on Auditing (UK) (ISAs (UK)), as required by the Code of Audit Practice approved by the Accounts Commission for Scotland. My responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of my report. I am independent of the charity in accordance with the ethical requirements that am relevant to my audit of the financial statements in the UK including the Financial Reporting Council’s Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern basis of accounting

I have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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Based on the work I have performed, I 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 to adopt the going concern basis of accounting for a period of at least twelve months from when the financial statements am authorised for issue.

Responsibilities of the trustees for the financial statements

As explained more fully in the Statement of Responsibilities, the trustees are responsible for the preparation of financial statements that give a true and fair view in accordance with the financial reporting framework, and for such internal control as the trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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 intend to discontinue the charity's operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. I design procedures in line with my responsibilities outlined above to detect material misstatements in respect of irregularities, including fraud. Procedures include:

15

The extent to which my procedures are capable of detecting irregularities, including fraud, is affected by the inherent difficulty in detecting irregularities, the effectiveness of the charity’s controls, and the nature, timing and extent of the audit procedures performed.

Irregularities that result from fraud are inherently more difficult to detect than irregularities that result from error as fraud may involve collusion, intentional omissions, misrepresentations, or the override of internal control. The capability of the audit to detect fraud and other irregularities depends on factors such as the skilfulness of the perpetrator, the frequency and extent of manipulation, the degree of collusion involved, the relative size of individual amounts manipulated, and the seniority of those individuals involved.

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

Reporting on other requirements

Other information

The trustees are responsible for the other information in the statement of accounts. The other information comprises the Trustees’ Annual Report.

My responsibility is to read all the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

My opinion on the financial statements does not cover the other information and I do not express any form of assurance conclusion thereon except on the Trustees’ Annual Report to the extent explicitly stated in the following opinion prescribed by the Accounts Commission.

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Opinions prescribed by the Accounts Commission on the Trustees’ Annual Report

In my opinion, based on the work undertaken in the course of the audit, the information given in the Trustees' Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements and that report has been prepared in accordance with the Charities SORP (FRS 102).

Matters on which I am required to report by exception

I am required by The Charity Accounts (Scotland) Regulations 2006 to report to you if, in my opinion:

I have nothing to report in respect of these matters.

Use of my report

This report is made solely to the parties to whom it is addressed in accordance with Part VII of the Local Government (Scotland) Act 1973 and for no other purpose. In accordance with paragraph 108 of the Code of Audit Practice, I do not undertake to have responsibilities to members or officers, in their individual capacities, or to third parties.

Senior Audit Manager Audit Scotland 4[th] Floor, South Suite The Athenaeum Building 8 Nelson Mandela Place Glasgow G2 1BT

is eligible to act as an auditor in terms of Part VII of the Local Government (Scotland) Act 1973.

17