Caseware UK (AP4) 2024.0.164 2024.0.164 Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-31 7569132 12540 12872508 7688470 31430 8719900 31430 12540 8688470 8569132 25 Reducing balance 2025-03-31 76 2024-04-01 2025-03-31 77 false No description of principal activity SC594302 2024-04-01 2025-03-31 SC594302 2023-04-01 2024-03-31 SC594302 2025-03-31 SC594302 2024-03-31 SC594302 2024-04-01 SC594302 2023-04-01 SC594302 c:RegisteredOffice 2024-04-01 2025-03-31 SC594302 d:Buildings 2024-04-01 2025-03-31 SC594302 d:Buildings 2025-03-31 SC594302 d:Buildings 2024-03-31 SC594302 d:FurnitureFittings 2024-04-01 2025-03-31 SC594302 d:FurnitureFittings 2025-03-31 SC594302 d:FurnitureFittings 2024-03-31 SC594302 d:OtherPropertyPlantEquipment 2024-04-01 2025-03-31 SC594302 d:OtherPropertyPlantEquipment 2025-03-31 SC594302 d:OtherPropertyPlantEquipment 2024-03-31 SC594302 d:CurrentFinancialInstruments 2025-03-31 SC594302 d:CurrentFinancialInstruments 2024-03-31 SC594302 d:CurrentFinancialInstruments 1 2025-03-31 SC594302 d:CurrentFinancialInstruments 1 2024-03-31 SC594302 d:Non-currentFinancialInstruments 2025-03-31 SC594302 d:Non-currentFinancialInstruments 2024-03-31 SC594302 d:Non-currentFinancialInstruments 1 2025-03-31 SC594302 d:Non-currentFinancialInstruments 1 2024-03-31 SC594302 c:FRS102 2024-04-01 2025-03-31 SC594302 c:Audited 2024-04-01 2025-03-31 SC594302 c:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 SC594302 b:Trustee1 2024-04-01 2025-03-31 SC594302 b:Trustee2 2024-04-01 2025-03-31 SC594302 b:Trustee3 2024-04-01 2025-03-31 SC594302 b:Trustee4 2024-04-01 2025-03-31 SC594302 b:Trustee5 2024-04-01 2025-03-31 SC594302 b:Trustee6 2024-04-01 2025-03-31 SC594302 b:Trustee7 2024-04-01 2025-03-31 SC594302 b:Trustee8 2024-04-01 2025-03-31 SC594302 b:Trustee9 2024-04-01 2025-03-31 SC594302 b:Trustee10 2024-04-01 2025-03-31 SC594302 b:Trustee11 2024-04-01 2025-03-31 SC594302 b:Trustee12 2024-04-01 2025-03-31 SC594302 b:Trustee13 2024-04-01 2025-03-31 SC594302 b:UnrestrictedFundsGeneral 2024-04-01 2025-03-31 SC594302 b:UnrestrictedFundsGeneral 2023-04-01 2024-03-31 SC594302 b:RestrictedIncomeFunds 2024-04-01 2025-03-31 SC594302 b:RestrictedIncomeFunds 2023-04-01 2024-03-31 SC594302 b:UnrestrictedFundsGeneral 2025-03-31 SC594302 b:UnrestrictedFundsGeneral 2024-03-31 SC594302 b:RestrictedIncomeFunds 2025-03-31 SC594302 b:RestrictedIncomeFunds 2024-03-31 SC594302 d:AssetsNotYetAvailableForUsePPE 2024-04-01 2025-03-31 SC594302 d:AssetsNotYetAvailableForUsePPE 2025-03-31 SC594302 d:AssetsNotYetAvailableForUsePPE 2024-03-31 SC594302 d:FurnitureFittingsToolsEquipment 2025-03-31 SC594302 b:Activity1 2024-04-01 2025-03-31 SC594302 b:Activity1 2023-04-01 2024-03-31 SC594302 b:Activity1 b:TotalUnrestrictedFunds 2024-04-01 2025-03-31 SC594302 b:Activity2 2024-04-01 2025-03-31 SC594302 b:Activity2 2023-04-01 2024-03-31 SC594302 b:Activity2 b:TotalUnrestrictedFunds 2024-04-01 2025-03-31 SC594302 b:TotalUnrestrictedFunds 2024-04-01 2025-03-31 SC594302 b:TotalUnrestrictedFunds 2023-04-01 2024-03-31 SC594302 b:TotalUnrestrictedFunds 2025-03-31 SC594302 b:TotalUnrestrictedFunds 2024-03-31 SC594302 b:TotalRestrictedIncomeFunds 2025-03-31 SC594302 b:TotalRestrictedIncomeFunds 2024-03-31 SC594302 c:FullAccounts 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure

Registered number: SC594302 Charity number: SC048309 DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) CONTENTS
| Page
Reference and administrative details of the Company, its Trustees and advisers | 1
Trustees' report | 2 - 5
Independent auditors' report on the financial statements | 6 - 9
Statement of financial activities | 10
Balance sheet | 11 - 12
Statement of cash flows | 13
Notes to the financial statements | 14 - 30
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025
Trustees | Mrs J Stevenson, Chair of Trustees
| Mr I Guthrie
| Mr M Wood (resigned 13 November 2024)
| Mrs H Nicoll
| Mrs P Dudek (appointed 10 April 2024)
| Councillor W Duff
| Mr A Smith (resigned 13 November 2024)
| Mr R Ritchie
| Mrs J Allan
| Mrs R E Creegan (resigned 25 August 2025)
| Mr A Mehta
| Mrs J Murray
| Mrs E Alexander (appointed 14 July 2025)
Company registered number | SC594302
Charity registered number | SC048309
Registered office | 24 Dorward Road Montrose DD10 8SB
Independent auditors | Sumer Auditco Limited Chartered Accountants 14 City Quay Dundee DD1 3JA
Bankers | Virgin Money 114 High Street Montrose DD10 8JE
Page 1
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the audited financial statements of Company for the year 1 April 2024 to 31 March 2025. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. Objectives and activities a. Policies and objectives The principal aim of William Dorward, who endowed Dorward House, was to provide a House of Refuge for the poor, infirm and indigent old persons and orphans or abandoned children of Montrose and Ferryden. When old age pensions legislation was introduced, it was accepted that board would be charged. The House is now registered with the Care Inspectorate as a Residential Home for the Elderly. The object of the charitable company is to provide Care for the Elderly in Montrose and District. There are several volunteers who assist with activities and in the garden. b. Strategies for achieving objectives The aim of the trustees and staff is to provide quality care, where individual needs are considered, including personal choices and interest, and stimulating and appropriate activities. In order to achieve this, the trustees support management to keep abreast of best practice in care and to maintain a high standard in care planning for all residents, so that the residents have the best possible quality of life. The Trustees aim to maintain salary levels for all Management and Care staff at levels above the average for homes in the area, to attract and retain a good standard of staff. Achievements and performance a. Review of activities We are proud to offer a varied range of activities for our residents and have established links with local community groups. The home celebrated its 185th year and was marked with a celebration day in our gardens, attended by residents, families and staff. Dorward House was subject to a comprehensive inspection, in August 2024 covering all 5 standards of Service Provision. We were awarded a grade 4 (Good) in all categories except staffing which was awarded a grade 5 (Very Good). Steps were taken to improve the energy efficiency of the building with new insulation works and planning submitted for Solar PV system which we hope to have approved and installed in the next financial year. Bedrooms continue to be refreshed when there is a change of occupant. Page 2
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) Financial review a. Going concern The Accounts show that there was an operating surplus further enhanced by donations received. The forecast for the coming financial year shows a deficit on operating activity, with shortfall made up from income on investments. Reserves are such that this will be manageable in the short term. The primary reason for the Operating Deficit, is that the Government funded rate of board does not cover the cost of care. However, the level of Reserves is such that there are sufficient cash funds to continue in operational existence for the foreseeable future. b. Reserves policy The Trustees have established a policy whereby the unrestricted funds should reflect at least six months expenditure which equates to approximately £1,000,000. The unrestricted reserves total £4,345,830. Unrestricted free reserves (excluding fixed asset) total £270,986, which does not cover the reserves policy. However, included in fixed assets is £883,632 of listed investments, which the trustees believe are sufficiently liquid to include in determining whether the reserve policy is met. The Board will aim to retain this level of liquid reserves, and if possible, to increase this, as any future upgrading of the house will have to come from this source. Structure, governance and management a. Constitution Dorward House, Montrose is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. b. Methods of appointment or election of Trustees The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. In accordance with the terms of the constitution documents, Trustees are sought by existing Trustees from the public of Montrose and district, giving attention to the skill and attributes that the person can bring to the board. The aim is to attain a wide spread of experience and diversity of background within the members. c. Organisational structure and decision-making policies The day-to-day management of the home is delegated to the Care Home Manager. In this she is supported by an Assistant Care Home Manager and the Finance & Business Manager. The Care Home Manager prepares a monthly management report and the Finance & Business Manager a monthly finance report for the trustees. Major decisions such as the purchase of expensive equipment, changes to policy and future strategy are taken by the trustees. A simple majority is required for these decisions. d. Policies adopted for the induction and training of Trustees Nominees’ names are brought to the meeting of the Trustees and if duly elected, the new Trustee undergoes an induction process whereby the responsibilities and duties are explained, and a visit to the Home arranged, prior to the Trustee assuming office. e. Pay policy for key management personnel The salaries of key management personnel are set to compare favourably with similar establishments in the area, and checks made to ensure they remain so. They consider the experience and qualifications of the staff member, and the responsibilities of the position. Increments to the rates are awarded on completion of training, acquiring further management qualifications or for assuming extra responsibilities. Page 3
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) Structure, governance and management (continued) f. Financial risk management The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. There is a projected operational deficit for the next financial year. This is the result of costs increasing by more than the funded local authority board level, and approximately half of the residents are funded. The Board have taken the decision to increase salaries, to retain and attract staff, but are aware the board level is not compatible with this. There is an ongoing campaign by Scottish Care to have the True Cost of Care accepted and funded. This will have to be addressed by Scottish Government, because the number of residential places will start to reduce, as homes go out of business. The Trustees are confident that the current reserves and managed investment portfolio are such that we can continue to operate with an operational deficit for a year or two, until this is sorted out. The Trustees review monthly management Accounts and will closely monitor this situation. Currently there is still almost 100% occupancy with a waiting list. The Trustees are confident that the high standard of care being offered in the home, means that we will be able to continue to operate at current standards for the foreseeable future. Plans for future periods The house will continue to be run to the best possible standards. Bedrooms are generally re-decorated when there is a change of occupant. The Manager, her Deputy and Senior Team are constantly assessing their own standards with the aim of giving residents the best possible quality of life. The Trustees are very aware that the success of the home is greatly dependant on the loyalty and caring attitude of the staff, at all levels. A recent energy audit has prompted Dorward House to look at the efficiency of the building and the environmental impact the business has. There are plans for installation of solar panels in the coming financial year. This capital investment will have a positive economic and environmental impact. Statement of Trustees' responsibilities The Trustees (who are also the directors of the Company for the purposes of company law) 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. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102); ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006, 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 4
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) Disclosure of information to auditors Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that: ∙so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and ∙that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Auditors The auditors, Sumer Auditco Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees on 12 November 2025 and signed on their behalf by:
Mrs J Stevenson Trustee |
Page 5
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DORWARD HOUSE, MONTROSE
Opinion
We have audited the financial statements of Dorward House, Montrose (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of financial activities, the Balance sheet, the 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 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 charitable company'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; ∙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 regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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. Page 6
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DORWARD HOUSE, MONTROSE (CONTINUED)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements. ∙the Trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion: ∙adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the 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; or ∙the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, 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 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 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 charitable company or to cease operations, or have no realistic alternative but to do so. Page 7
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DORWARD HOUSE, MONTROSE (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 Auditors' 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: We gained an understanding of the legal and regulatory framework applicable to the charitable company and the industry in which it operates, and considered the risk of acts by the charitable company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities and Trustee Investment (Scotland) Act 2005, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. 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. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. Page 8
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DORWARD HOUSE, MONTROSE (CONTINUED)
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the 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 charitable company's members and Trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, its members, as a body, and its trustees, as a body for our audit work, for this report, or for the opinions we have formed. Douglas Rae (Senior statutory auditor) for and on behalf of Sumer Auditco Limited Chartered Accountants Statutory Auditors 14 City Quay Dundee DD1 3JA 12 November 2025 Sumer Auditco Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 9
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025
|  | Unrestricted funds 2025 | Restricted funds 2025 | Total funds 2025 | Total funds 2024
|  | £ | £ | £ | £
Income from: |  |  |  |  |
Donations and legacies | 3 | 9,978 | 18,110 | 28,088 | 359,956
Charitable activities | 4 | 1,899,850 | - | 1,899,850 | 1,829,747
Investments | 5 | 92,245 | - | 92,245 | 65,297
Total income |  | 2,002,073 | 18,110 | 2,020,183 | 2,255,000
Expenditure on: |  |  |  |  |
Raising funds |  | 9,489 | - | 9,489 | 8,370
Charitable activities |  | 1,917,649 | 8,665 | 1,926,314 | 1,788,870
Total expenditure |  | 1,927,138 | 8,665 | 1,935,803 | 1,797,240
Net income before net (losses)/gains on investments |  | 74,935 | 9,445 | 84,380 | 457,760
Net (losses)/gains on investments |  | (7,632) | - | (7,632) | 55,223
Net movement in funds before other recognised gains/(losses) |  | 67,303 | 9,445 | 76,748 | 512,983
Other recognised gains/(losses): |  |  |  |  |
Actuarial gains on defined benefit pension schemes | 21 | 76,503 | - | 76,503 | 842
Pension surplus not recognised | 21 | (84,137) | - | (84,137) | (6,945)
Net movement in funds |  | 59,669 | 9,445 | 69,114 | 506,880
Reconciliation of funds: |  |  |  |  |
Total funds brought forward |  | 4,284,566 | 6,270 | 4,290,836 | 3,783,956
Net movement in funds |  | 59,669 | 9,445 | 69,114 | 506,880
Total carried forward |  | 4,344,235 | 15,715 | 4,359,950 | 4,290,836
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 14 to 30 form part of these financial statements.
Page 10
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER: SC594302 BALANCE SHEET AS AT 31 MARCH 2025
|  |  |  |  | As restated
|  |  | 2025 |  | 2024
|  |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 10 |  | 2,050,455 |  | 2,004,743
Investments | 11 |  | 2,022,794 |  | 1,956,349
|  |  | 4,073,249 |  | 3,961,092
Current assets |  |  |  |  |
Debtors | 12 | 124,993 |  | 156,479 |
Cash at bank and in hand |  | 290,465 |  | 281,102 |
|  | 415,458 |  | 437,581 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 13 | (126,402) |  | (107,837) |
Net current assets |  |  | 289,056 |  | 329,744
Total assets less current liabilities |  |  | 4,362,305 |  | 4,290,836
Creditors: amounts falling due after more than one year | 14 |  | (2,355) |  | -
Net assets excluding pension asset |  |  | 4,359,950 |  | 4,290,836
Total net assets |  |  | 4,359,950 |  | 4,290,836
Charity funds |  |  |  |  |
Restricted funds | 16 |  | 15,715 |  | 6,270
Unrestricted funds | 16 |  | 4,344,235 |  | 4,284,566
Total funds |  |  | 4,359,950 |  | 4,290,836
Page 11
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER: SC594302 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 12 November 2025 and signed on their behalf by:
Mrs J Stevenson | Mr I Guthrie
The notes on pages 14 to 30 form part of these financial statements.
Page 12
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  |  |  | As restated
|  |  |  | 2025 | 2024
|  |  |  | £ | £
Cash flows from operating activities |  |  |
Net cash used in operating activities | 18 | 78,852 | 368,699
Cash flows from investing activities |  |  |
Dividends, interests and rents from investments |  | 80,040 | 53,380
Purchase of tangible fixed assets |  | (75,452) | (8,461)
Proceeds from sale of investments |  | 1,042,207 | 259,152
Purchase of investments |  | (1,116,284) | (889,097)
Net cash used in investing activities |  | (69,489) | (585,026)
Cash flows from financing activities |  |  |
Net cash provided by financing activities |  | - | -
Change in cash and cash equivalents in the year |  | 9,363 | (216,327)
Cash and cash equivalents at the beginning of the year |  | 281,102 | 497,429
Cash and cash equivalents at the end of the year | 19 | 290,465 | 281,102
The notes on pages 14 to 30 form part of these financial statements
Page 13
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Dorward House, Montrose is a private limited company by guarantee without share capital use of 'limited' exemption, incorporated in Scotland with registration number SC594302. The registered office is 24 Dorward Road, Montrose, DD10 8SB. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Dorward House, Montrose 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. The accounts are presented in sterling which is the financial currency of the company and is rounded to the nearest £.
| 2.2 | Income
All income is recognised when the charitable company has entitlement to the funds, and performance conditions have been met, when it is probable that the income will be received and the amount can be measured reliably. Income, including donations, gifts and legacies and grants are recognised in the period in which they are receivable, which is when the charitable company becomes entitled to the resource. Income from charitable activities includes income from charges for care and support which are recognised when the charitable company has delivered goods or services and is therefore entitled to the resource, receipt is probable and the income can be reliably measured. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company, this is normally upon notification of the interest paid or payable by the bank. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 14
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.3 | Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT.
| 2.4 | Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities upon the completion of the relevant performance-related conditions. Other grants that are not subject to performance-related conditions are credited to the Statement of financial activities as the grant proceeds are received. Grants received prior to the revenue recognition criteria being satisfied are recognised as a liability.
| 2.5 | Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
| 2.6 | Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Page 15
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | Tangible fixed assets and depreciation (continued)
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, . Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 3% | Straight Line
|  |  |  | Fixtures and fittings | - | 25% | Reducing balance
|  |  |  | Other fixed assets | - | 25% | Reducing balance
The building is not depreciated because the trustees believe that the residual value of the building exceeds the cost. Additions to the building are depreciated over 30 years.
| 2.7 | Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities. Investments held as fixed assets are shown at cost less provision for impairment.
| 2.8 | Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
| 2.9 | Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
| 2.10 | Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. Page 16
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
| 2.12 | Pensions
The charitable company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charitable company to the fund in respect of the year. The charitable company operates a defined benefits pension scheme and the pension charge is based on a full actuarial valuation dated 31 March 2020.
| 2.13 | Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund.
| 3. | Income from donations and legacies
|  |  | Unrestricted funds 2025 | Restricted funds 2025 | Total funds 2025 | Total funds 2024
|  |  | £ | £ | £ | £
| Donations and legacies | 7,978 | 9,524 | 17,502 | 359,956
| Grants | 2,000 | 8,586 | 10,586 | -
|  | 9,978 | 18,110 | 28,088 | 359,956
| Total 2024 | 355,971 | 3,985 | 359,956 |
Page 17
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 4. | Income from charitable activities
|  |  | Unrestricted funds 2025 | Total funds 2025 | Total funds 2024
|  |  | £ | £ | £
| Board of residence | 1,898,950 | 1,898,950 | 1,829,227
| Room hire | 900 | 900 | 520
|  | 1,899,850 | 1,899,850 | 1,829,747
| Total 2024 | 1,829,747 | 1,829,747 |
| 5. | Investment income
|  |  | Unrestricted funds 2025 | Total funds 2025 | Total funds 2024
|  |  | £ | £ | £
| Investment portfolio income | 24,792 | 24,792 | 28,679
| Interest and feu duties | 55,248 | 55,248 | 24,701
| Pension income | 12,205 | 12,205 | 11,917
|  | 92,245 | 92,245 | 65,297
| Total 2024 | 65,297 | 65,297 |
Page 18
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 6. | Analysis of expenditure by activities
|  |  | Activities undertaken directly 2025 | Support costs 2025 | Total funds 2025 | Total funds 2024
|  |  | £ | £ | £ | £
| Unrestricted funds | 1,875,719 | 41,930 | 1,917,649 | 1,784,736
| Restricted funds | 8,665 | - | 8,665 | 4,134
|  | 1,884,384 | 41,930 | 1,926,314 | 1,788,870
| Total 2024 | 1,744,450 | 44,420 | 1,788,870 |
| Analysis of direct costs
|  | Unrestricted funds 2025 | Restricted funds 2025 | Total funds 2025 | Total funds 2024
|  | £ | £ | £ | £
| Staff costs | 1,557,153 | - | 1,557,153 | 1,417,593
| Depreciation | 15,391 | - | 15,391 | 16,951
| Provisions | 62,596 | - | 62,596 | 75,919
| Rates | 11,335 | - | 11,335 | 10,305
| Heat and light | 65,322 | - | 65,322 | 39,840
| Insurance | 37,348 | - | 37,348 | 33,922
| Telephone | 4,772 | - | 4,772 | 2,585
| Cleaning | 35,135 | - | 35,135 | 33,761
| PPE | - | - | - | 1,865
| Travel expenses | 697 | - | 697 | 110
| Equipment hire | 7,515 | - | 7,515 | 6,893
| Repairs and maintenance | 51,425 | - | 51,425 | 84,238
| Staff training and uniforms | 10,481 | - | 10,481 | 10,426
| Medical supplies | 2,030 | - | 2,030 | 217
| Sundry expenses | 6,809 | 8,665 | 15,474 | 9,626
| Loss on disposal | 7,710 | - | 7,710 | 199
|  | 1,875,719 | 8,665 | 1,884,384 | 1,744,450
| Total 2024 | 1,740,316 | 4,134 | 1,744,450 |
Page 19
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 6.Analysis of expenditure by activities (continued)
| Analysis of support costs
|  | Unrestricted funds 2025 | Total funds 2025 | Total funds 2024
|  | £ | £ | £
| Staff costs | 1,500 | 1,500 | 5,260
| Registration fees | 7,484 | 7,484 | 4,962
| Printing, stationery and post | 2,072 | 2,072 | 1,583
| Computer expenses | 13,048 | 13,048 | 8,866
| Accountancy fees | 4,952 | 4,952 | 10,920
| Legal and professional | 4,890 | 4,890 | 5,124
| Bank charges | 630 | 630 | 701
| Bookkeeping | 1,584 | 1,584 | 1,584
| Audit fee | 5,770 | 5,770 | 5,420
|  | 41,930 | 41,930 | 44,420
| Total 2024 | 44,420 | 44,420 |
7. | Auditors' remuneration
| The auditors' remuneration amounts to an auditor fee of £5,770 (2024 - £5,420), and accountancy and bookkeeping services of £6,536 (2024 - £10,920).
Page 20
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Staff costs
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 1,410,937 | 1,289,318
| Social security costs | 98,917 | 79,184
| Contribution to defined contribution pension schemes | 33,229 | 30,881
| Operating costs of defined benefit pension schemes | 15,570 | 23,470
|  | 1,558,653 | 1,422,853
| The average number of persons employed by the Company during the year was as follows:
|  | 2025 | 2024
|  | No. | No.
| Employees | 76 | 77
| No employee received remuneration amounting to more than £60,000 in either year.
| The total amount of employee benefits received by key management personnel in the period ended 31 March 2025 was £152,438 (2024 - £105,419). The key management personnel comprise the manager, deputy manager and finance administrator.
9. | Trustees' remuneration and expenses
| During the year, no Trustees received any remuneration or other benefits (2024 - £3,760).
| During the year ended 31 March 2025, expenses totalling £158 were reimbursed or paid directly to 2 Trustees (2024 - £102 to 2 Trustees).
Page 21
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Tangible fixed assets
|  | Heritable property | Assets under construction | Fixtures and fittings | Other fixed assets | Total
|  | £ | £ | £ | £ | £
Cost or valuation |  |  |  |  |  |
At 1 April 2024 |  | 1,948,888 | - | 148,424 | 8,000 | 2,105,312
Additions |  | 47,845 | 8,930 | 18,677 | - | 75,452
Disposals |  | - | - | (69,110) | - | (69,110)
At 31 March 2025 |  | 1,996,733 | 8,930 | 97,991 | 8,000 | 2,111,654
Depreciation |  |  |  |  |  |
At 1 April 2024 |  | - | - | 94,230 | 6,339 | 100,569
Charge for the year |  | 1,595 | - | 13,381 | 415 | 15,391
On disposals |  | - | - | (54,761) | - | (54,761)
At 31 March 2025 |  | 1,595 | - | 52,850 | 6,754 | 61,199
Net book value |  |  |  |  |  |
At 31 March 2025 |  | 1,995,138 | 8,930 | 45,141 | 1,246 | 2,050,455
At 31 March 2024 |  | 1,948,888 | - | 54,194 | 1,661 | 2,004,743
11. | Fixed asset investments
|  | Listed investments | Investment cash as restated | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2024 | 938,851 | 1,017,498 | 1,956,349
| Additions | 54,777 | 1,061,507 | 1,116,284
| Disposals | (102,364) | (939,843) | (1,042,207)
| Revaluations | (7,632) | - | (7,632)
| At 31 March 2025 | 883,632 | 1,139,162 | 2,022,794
Page 22
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Debtors
|  | 2025 | 2024
|  | £ | £
| Due within one year |  |
| Trade debtors | 89,131 | 84,625
| Other debtors | 11,770 | 59,322
| Accrued income | 24,092 | 12,532
|  | 124,993 | 156,479
13. | Creditors: Amounts falling due within one year
|  | 2025 | 2023
|  | £ | £
| Other loans | 358 | -
| Trade creditors | 14,631 | 15,206
| Other taxation and social security | 21,003 | 17,333
| Other creditors | 33,231 | 61,407
| Accruals and deferred income | 57,179 | 13,891
|  | 126,402 | 107,837
| Deferred income arises from payments in advance of board from certain residents, who choose to pay at the beginning of the four-weekly period. This balance is released over the course of the month.
14. | Creditors: Amounts falling due after more than one year
|  | 2025 | 2024
|  | £ | £
| Other loans | 2,355 | -
15. | Prior year adjustments
Following a review of certain savings products held by the Company, some savings bonds have been reclassified as Fixed Asset Investments rather than Cash at Bank and in Hand, resulting in a reduction in cash of £263,736 and a corresponding increase in Fixed Asset Investments as at 31st March 2024. There was no change to the surplus for the period or to net assets. Page 23
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 16. | Statement of funds
|  | Statement of funds - current year
|  |  | Balance at 1 April 2024 £ | Income £ | Expenditure £ | Transfers in/out £ | Gains/ (Losses) £ | Balance at 31 March 2025 £
|  | Unrestricted funds |  |  |  |  |  |
| Designated funds |  |  |  |  |  |
| Capital reserve | 1,000,000 | - | - | - | - | 1,000,000
| General funds |  |  |  |  |  |
| General Fund | 3,284,566 | 1,989,868 | (1,911,265) | (10,999) | (7,935) | 3,344,235
| Pension reserve | - | 12,205 | (15,873) | 10,999 | (7,331) | -
|  | 3,284,566 | 2,002,073 | (1,927,138) | - | (15,266) | 3,344,235
| Total Unrestricted funds | 4,284,566 | 2,002,073 | (1,927,138) | - | (15,266) | 4,344,235
| Restricted funds |  |  |  |  |  |
| Residents' comfort fund | 6,270 | 9,524 | (8,665) | - | - | 7,129
| Insulation | - | 8,586 | - | - | - | 8,586
|  | 6,270 | 18,110 | (8,665) | - | - | 15,715
| Total of funds | 4,290,836 | 2,020,183 | (1,935,803) | - | (15,266) | 4,359,950
| The purpose of the individual funds is as follows: Capital reserve - Funds which were unrestricted by donors but which the trustees wish to ring-fence for future capital works rather than day-to-day operations of the home. Residents' Comfort Fund - To fund trips and recreational activities for the residents of Dorward House. CWAS (Trishaw) - Set up to raise money to purchase a trishaw for Dorward House, following the purchase remaining funds will be used to purchase additional items for the cycle-powered trips. Insulation- Insulation works that will be paid for using grant income
Page 24
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 16. | Statement of funds (continued)
|  | Statement of funds - prior year
|  |  | Balance at 1 April 2023 £ | Income £ | Expenditure £ | Transfers in/out £ | Gains/ (Losses) £ | Balance at 31 March 2024 £
|  | Unrestricted funds |  |  |  |  |  |
| Designated funds |  |  |  |  |  |
| Capital reserve | 600,000 | - | - | 400,000 | - | 1,000,000
| General funds |  |  |  |  |  |
| General Funds | 3,177,537 | 2,242,672 | (1,769,347) | (417,656) | 51,360 | 3,284,566
| Pension reserve | - | 8,343 | (23,759) | 17,656 | (2,240) | -
|  | 3,177,537 | 2,251,015 | (1,793,106) | (400,000) | 49,120 | 3,284,566
| Total Unrestricted funds | 3,777,537 | 2,251,015 | (1,793,106) | - | 49,120 | 4,284,566
| Restricted funds |  |  |  |  |  |
| Residents' comfort fund | 6,370 | 3,985 | (4,085) | - | - | 6,270
| CWAS (Trishaw) | 49 | - | (49) | - | - | -
|  | 6,419 | 3,985 | (4,134) | - | - | 6,270
| Total of funds | 3,783,956 | 2,255,000 | (1,797,240) | - | 49,120 | 4,290,836
Page 25
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 17. | Analysis of net assets between funds
|  | Analysis of net assets between funds - current year
|  |  | Unrestricted funds 2025 | Restricted funds 2025 | Total funds 2025
|  |  | £ | £ | £
| Tangible fixed assets | 2,041,869 | 8,586 | 2,050,455
| Fixed asset investments | 2,022,794 | - | 2,022,794
| Current assets | 408,329 | 7,129 | 415,458
| Creditors due within one year | (126,402) | - | (126,402)
| Creditors due in more than one year | (2,355) | - | (2,355)
| Total | 4,344,235 | 15,715 | 4,359,950
|  | Analysis of net assets between funds - prior year
|  |  | Unrestricted funds 2024 | Restricted funds 2024 | Total funds 2024
|  |  | £ | £ | £
| Tangible fixed assets | 2,004,743 | - | 2,004,743
| Fixed asset investments | 1,956,349 | - | 1,956,349
| Current assets | 431,311 | 6,270 | 437,581
| Creditors due within one year | (107,837) | - | (107,837)
| Total | 4,284,566 | 6,270 | 4,290,836
Page 26
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
18. | Reconciliation of net movement in funds to net cash flow from operating activities
|  |  | As restated
|  | 2025 | 2024
|  | £ | £
| Net income for the year (as per Statement of Financial Activities) | 76,748 | 512,983
| Adjustments for: |  |
| Depreciation charges | 15,391 | 16,951
| Gains/(losses) on investments | 7,632 | (54,779)
| Dividends, interests and rents from investments | (80,040) | (53,380)
| Gains/(losses) on the sale of fixed assets | 14,349 | 199
| Decrease/(increase) in debtors | 31,486 | (91,703)
| Increase in creditors | 20,920 | 44,531
| Actuarial gain on defined benefit pension | (7,634) | (6,103)
| Net cash provided by operating activities | 78,852 | 368,699
19. | Analysis of cash and cash equivalents
|  |  | As restated
|  | 2025 | 2024
|  | £ | £
| Cash at bank and in hand | 290,465 | 281,102
20. | Analysis of changes in net debt
|  | At 1 April 2024 | Cash flows | At 31 March 2025
|  | £ | £ | £
| Cash at bank and in hand | 281,102 | 9,363 | 290,465
| Debt due within 1 year | - | (358) | (358)
| Debt due after 1 year | - | (2,355) | (2,355)
|  | 281,102 | 6,650 | 287,752
Page 27
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
21. | Pension commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £33,229 (2024 - £30,881). £8,236 (2024 - £8,288) were payable to the fund at the balance sheet date and are included in creditors. The Company operates a defined benefit pension scheme. The Tayside Pension Fund is a local Government Pension Scheme. The Local Government Pension Scheme (Scotland) Regulations 2014 and currently provides benefits based on career average revalued earnings. The administering authority for the Fund is Dundee City Council. The Pension Fund Committee oversees the management of the Fund whilst the day to day fund administration is undertaken by a team within the administering authority. Where appropriate some functions are delegated to the Fund's professional advisors. The date of the most recent comprehensive actuarial valuation was 31 March 2023. This has been updated to reflect conditions at the 31 March 2025. The figures below are a reflection of the pension fund at 31 March 2025.
| Principal actuarial assumptions at the Balance sheet date (expressed as weighted averages):
|  |  |  | At 31 March 2025 | At 31 March 2023
|  |  |  | % | %
| Discount rate | 5.8 | 4.9
| Future salary increases | 3.9 | 4.0
| Future pension increases | 2.9 | 3.0
| Inflation assumption | 3.3 | 3.4
|  |  |  | At 31 March 2025 | At 31 March 2023
|  |  |  | Years | Years
| Mortality rates (in years) |  |
| - for a male aged 65 now | 18.8 | 18.9
| - at 65 for a male aged 45 now | 20.2 | 20.2
| - for a female aged 65 now | 21.7 | 21.6
| - at 65 for a female aged 45 now | 23.2 | 23.1
Page 28
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21.Pension commitments (continued)
| The Company's share of the assets in the scheme was:
|  |  |  | At 31 March 2025 | At 31 March 2023
|  |  |  | £ | £
| Equities | 630,035 | 706,812
| Gilts | 60,505 | 61,843
| Corporate bonds | 62,465 | 64,396
| Property | 143,938 | 86,882
| Cash and other liquid assets | 51,418 | 59,974
| Other | 251 | 238
| Total fair value of assets | 948,612 | 980,145
| The actual return on scheme assets was £30,085 (2024 - £137,385).
| The amounts recognised in the Statement of financial activities are as follows:
|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Current service cost | 15,570 | 23,470
| Interest income | (46,050) | (47,710)
| Interest cost | 33,845 | 35,793
| Total amount recognised in the Statement of financial activities | 3,365 | 11,553
| Movements in the present value of the defined benefit obligation were as follows:
|  |  |  | 2025
|  |  |  | £
| Opening defined benefit obligation | 733,928
| Current service cost | 15,570
| Interest cost | 33,845
| Contributions by scheme participants | 4,320
| Actuarial gains | (91,738)
| Benefits paid | (77,364)
| Closing defined benefit obligation | 618,561
Page 29
DORWARD HOUSE, MONTROSE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21.Pension commitments (continued)
| Movements in the fair value of the Company's share of scheme assets were as follows:
|  |  |  | 2025
|  |  |  | £
| Opening fair value of scheme assets | 980,145
| Interest on assets | 46,050
| Actuarial losses | (15,235)
| Administration expenses | (303)
| Contributions by employer | 10,999
| Contributions by scheme participants | 4,320
| Benefits paid | (77,364)
| Closing fair value of scheme assets | 948,612
The Company has an unrecognised surplus of £330,051 (2024 - £246,217) in respect of its defined benefit pension scheme as it does not expect to recover the plan surplus either through reduced contributions in the future or through refunds from the plan.
22. | Related party transactions
| The Company has entered into related party transactions during the year, in respect to close family members of the key management personnel, two individuals were employed on the same basis and under the same terms as other members of staff. The aggregate remuneration they received was £20,622 (2024 - £28,531). In addition, the company purchased a television from Montrose Home Appliance Company Limited, a company controlled by Mr R Ritchie, a director, for £2,115. The transaction was conducted under normal market conditions.
Page 30