Finlaggan Trust
Charity No. SC000821
Trustees' Report and Unaudited Accounts
30 April 2025
Finlaggan Trust Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Accounts | 8 to 12 |
| Detailed Statement of Financial Activities | 13 to 14 |
Page 1
Finlaggan Trust Trustees Annual Report
The trustees present their report with the unaudited financial statements of the charity for the year ended 30 April 2025.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. SC000821
Trustees
The following Trustees served during the year:
(Resigned 3 March 2025)
Accountants
Digits Accountancy Co Ltd 112A Cumbernauld Road Muirhead Glasgow G69 9AA
OBJECTIVES AND ACTIVITIES
The purpose of the Trust is to assist in the preservation of and to promote interest in Finlaggan and other sites
of historic interest on Islay and to educate and inform the public about such sites. To offer such facilities as are within the Trustees' scope to assist, research and general education into all matters connected with Finlaggan and the other sites.
The Trustees have paid due regard to guidance issued by the Office of the Scottish Charities Regulator in deciding what activities the Trust should undertake.
All the Trustees and Management Committee, apart from the secretary are volunteers, who fulfil this role to ensure that the Trust is well governed and meets the requirements of the Constitution. In addition to these requirements, at the monthly board meetings, the management committee review progress of current work, discuss any action required and consider new projects. Out with these regular meetings the Management Committee collectively contribute some 9 months of voluntary work to the Trust.
Page 2
Finlaggan Trust Trustees Annual Report
ACHIEVEMENTS AND PERFORMANCE
I have been honoured to serve as chair of the Trust for the last year. The historic site of Finlaggan with our Visitor Centre continued to be a much-visited destination for tourists and greatly appreciated by locals as well. Visitor numbers were good, several tours visited, and a wedding was held. All of this was achieved thanks to the dedication and hard work of our team, and the support from a number of groups of friends and supporters from Islay and much further afield.
Work on improving access to the visitor centre and Eilean Mòr and on maintaining the visitor centre itself is on-going. The interior of the centre was improved by the installation of blackout blinds on all windows, to reduce UV levels and help protect artefacts. The VR programme was updated and has been popular with a range of visitors. Maintenance challenges include the ongoing issues with the access road, and the high level of the Finlaggan Burn making it liable to flooding.
The Trust has much to do to secure its future as the heritage body dedicated to demonstrating the significance of Finlaggan and making its centre there a key Scottish visitor attraction. It is the aim of the Trust to transform the Finlaggan Visitor Centre into an accredited museum. Work on this, however, is slow for legal reasons beyond our immediate control but is ongoing.
FINANCIAL REVIEW
We currently hold general reserves of £192,849 which are held to ensure the continued achievement of our aims and objectives and to allow for any repairs to the centre.
The Trust is also expecting to incur some expense in the process of obtaining museum status.
The Trustees and management committee have considered the most appropriate policy for investing funds and has found that short to medium term investment of funds should be held in a mixture of current accounts.
The Trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
PLANS FOR FUTURE PERIODS
We are continuing to work with a solicitor to finalise the details and ensure the safe transfer of assets to the new body previously registered with OSCR.
The Trust is working towards Museum Accreditation and has contracted a museum consultant to advise on appropriate standards. The VC interior has been re-arranged, but work is needed on upgrading displays.
Statement of trustees' responsibilities in relation to 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 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 Charities Accounts (Scotland) Regulations 2006 (as amended) and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
The trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 3
Finlaggan Trust Trustees Annual Report
Signed on behalf of the charity's trustees
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Trustee 30 January 2026
Page 4
Finlaggan Trust
Independent Examiners Report
Independent Examiner's Report to the trustees of Finlaggan Trust
I report on the financial statements of Finlaggan Trust for the year ended 30 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulation 2006 (as amended). The charity trustees consider that an audit requirement of Regulation 10(1) (a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the financial statements.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations
-
to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the Accounts Regulations
-
have not been met: or
-
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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Digits Accountancy Co Ltd 112A Cumbernauld Road Muirhead Glasgow G69 9AA 30 January 2026
Page 5
Finlaggan Trust Statement of Financial Activities
for the year ended 30 April 2025
| Notes Income and endowments from: Donations and legacies 2 Charitable activities 3 Other trading activities 4 Total Expenditure on: Raising funds 5 Other 6 Total Net gains on investments Net expenditure 7 Transfers between funds Net expenditure before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2025 £ 7,705 168 23,232 |
Restricted funds 2025 £ 3,919 - - |
Total funds 2025 £ 11,624 168 23,232 |
Total funds 2024 £ 25,390 211 27,329 |
|---|---|---|---|---|
| 31,105 4,788 55,263 |
3,919 - - |
35,024 4,788 55,263 |
52,930 7,530 54,971 |
|
| 60,051 - |
- - |
60,051 - |
62,501 - |
|
| (28,946) - |
3,919 - |
(25,027) - |
(9,571) - |
|
| (28,946) | 3,919 | (25,027) | (9,571) | |
| (28,946) 221,795 |
3,919 11,777 |
(25,027) 233,572 |
(9,571) 243,143 |
|
| 192,849 | 15,696 | 208,545 | 233,572 |
Page 6
Finlaggan Trust Balance Sheet at 30 April 2025
| Charity No. SC000821 Notes 2025 £ Fixed assets Tangible assets 9 199,412 199,412 Current assets Stocks 10 4,803 Debtors 11 5,973 Cash at bank and in hand 23,012 33,788 Creditors:Amount falling due within one year 12 (24,655) Net current assets 9,133 Total assets less current liabilities 208,545 Net assets excluding pension asset or liability 208,545 Total net assets 208,545 The funds of the charity Restricted funds 13 Restricted income funds 15,696 15,696 Unrestricted funds General funds 192,849 192,849 Total funds 208,545 |
Charity No. SC000821 Notes 2025 £ Fixed assets Tangible assets 9 199,412 199,412 Current assets Stocks 10 4,803 Debtors 11 5,973 Cash at bank and in hand 23,012 33,788 Creditors:Amount falling due within one year 12 (24,655) Net current assets 9,133 Total assets less current liabilities 208,545 Net assets excluding pension asset or liability 208,545 Total net assets 208,545 The funds of the charity Restricted funds 13 Restricted income funds 15,696 15,696 Unrestricted funds General funds 192,849 192,849 Total funds 208,545 |
2024 £ 202,766 |
|---|---|---|
| 202,766 4,803 - 35,988 |
||
| 40,791 (9,985) |
||
| 30,806 233,572 |
||
| 233,572 | ||
| 233,572 | ||
| 11,777 | ||
| 11,777 | ||
| 192,849 192,849 208,545 |
221,795 | |
| 221,795 | ||
| 233,572 |
Approved by the trustees on 23 January 2026
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Page 7
Finlaggan Trust Notes to the Accounts
for the year ended 30 April 2025
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with 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 on 16 July 2014 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).
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 8
Finlaggan Trust Notes to the Accounts
Expenditure
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
Page 9
Finlaggan Trust Notes to the Accounts
2 Income from donations and legacies
| 3 Income from charitable activities 4 Income from other trading activities 5 Expenditure on raising funds Fundraising trading costs 6 Other expenditure Employee costs Motor and travel costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs |
Unrestricted £ 3,705 4,000 - 7,705 |
Restricted £ - 3,919 - 3,919 Unrestricted £ 168 168 Unrestricted £ 23,232 23,232 Unrestricted £ 4,788 4,788 Unrestricted £ 14,586 583 2,942 11,144 21,031 4,977 55,263 |
Total 2025 £ 3,705 7,919 - 11,624 Total 2025 £ 168 168 Total 2025 £ 23,232 23,232 Total 2025 £ 4,788 4,788 Total 2025 £ 14,586 583 2,942 11,144 21,031 4,977 55,263 |
Total 2024 £ 5,459 19,626 305 |
|---|---|---|---|---|
| 25,390 | ||||
| Total 2024 £ 211 |
||||
| 211 | ||||
| Total 2024 £ 27,329 |
||||
| 27,329 | ||||
| Total 2024 £ 7,530 |
||||
| 7,530 | ||||
| Total 2024 £ 17,508 1,357 16,455 11,012 4,244 4,395 |
||||
| 54,971 |
Page 10
Finlaggan Trust Notes to the Accounts
| 7 Net expenditure before transfers This is stated after charging: Depreciation of owned fixed assets 8 Staff costs Salaries and wages No employee received emoluments in excess of £60,000. 9 Tangible fixed assets Cost or revaluation At 1 May 2024 Additions At 30 April 2025 Depreciation and impairment At 1 May 2024 Depreciation charge for the year At 30 April 2025 Net book values At 30 April 2025 At 30 April 2024 10 Stocks Finished goods 11 Debtors Prepayments and accrued income 12 Creditors: amounts falling due within one year Trade creditors Other taxes and social security Accruals |
2025 £ 11,144 2025 14,586 14,586 £ 344,870 - 344,870 148,820 9,802 158,622 186,248 196,050 2025 £ 4,803 4,803 2025 £ 5,973 5,973 2025 £ 22,052 1,365 1,238 24,655 |
£ 14,774 7,790 22,564 8,058 1,342 9,400 13,164 6,716 |
2024 £ 11,012 2024 17,508 |
|---|---|---|---|
| 17,508 | |||
| £ 359,644 7,790 |
|||
| 367,434 | |||
| 156,878 11,144 |
|||
| 168,022 | |||
| 199,412 | |||
| 202,766 | |||
| 2024 £ 4,803 |
|||
| 4,803 | |||
| 2024 £ - |
|||
| - | |||
| 2024 £ 11,190 (2,442) 1,237 |
|||
| 9,985 |
Page 11
Finlaggan Trust Notes to the Accounts
13 Movement in funds
| At 1 May 2024 Restricted funds: Restricted income funds: 11,777 Total 11,777 Unrestricted funds: General funds 221,795 Total funds 233,572 14 Analysis of net assets between funds Fixed assets Net current assets 15 Reconciliation of net debt Cash and cash equivalents Net debt |
Incoming resources (including other gains/losses) £ 3,919 3,919 31,105 35,024 |
Resources expended £ |
Gross transfers £ - - - - Unrestricted funds £ 199,412 9,133 208,545 Cash flows £ |
At 30 April 2025 £ 15,696 |
|---|---|---|---|---|
| - | ||||
| - (60,051) (60,051) At 1 May 2024 £ |
||||
| 15,696 | ||||
| 192,849 | ||||
| 208,545 | ||||
| Total £ 199,412 9,133 |
||||
| 208,545 | ||||
| At 30 April 2025 £ |
||||
| 35,988 | (12,976) | 23,012 | ||
| 35,988 35,988 |
(12,976) (12,976) |
23,012 | ||
| 23,012 |
Page 12
Finlaggan Trust Detailed Statement of Financial Activities
for the year ended 30 April 2025
| Income and endowments from: Donations and legacies Charitable activities Other trading activities Total income and endowments Expenditure on: Costs of other trading activities Total of expenditure on raising funds Employee costs Salaries/wages Motor and travel costs Travel and subsistence Premises costs Rent Light, heat and power Premises cleaning Premises insurances Premises repairs and maintenance General administrative costs, including depreciation and amortisation Depreciation of Bank charges |
Unrestricte d funds 2025 £ 3,705 4,000 - |
Restricted funds 2025 £ - 3,919 - |
Total funds 2025 £ 3,705 7,919 - |
Total funds 2024 £ 5,459 19,626 305 |
|---|---|---|---|---|
| 7,705 | 3,919 | 11,624 | 25,390 | |
| 168 | - | 168 | 211 | |
| 168 | - | 168 | 211 | |
| 23,232 | - | 23,232 | 27,329 | |
| 23,232 | - | 23,232 | 27,329 | |
| 31,105 4,788 |
3,919 - |
35,024 4,788 |
52,930 7,530 |
|
| 4,788 | - | 4,788 | 7,530 | |
| 4,788 14,586 |
- - |
4,788 14,586 |
7,530 17,508 |
|
| 14,586 | - | 14,586 | 17,508 | |
| 583 | - | 583 | 1,357 | |
| 583 | - | 583 | 1,357 | |
| 50 786 108 1,966 32 |
- - - - - |
50 786 108 1,966 32 |
50 801 216 2,701 12,687 |
|
| 2,942 | - | 2,942 | 16,455 | |
| 11,144 164 |
- - |
11,144 164 |
11,012 509 |
Page 13
Finlaggan Trust
Detailed Statement of Financial Activities
| Equipment repairs and maintenance Software, IT support and related costs Stationery and printing Subscriptions Sundry expenses Telephone, fax and broadband Legal and professional costs Audit/Independent examination fees fees Accountancy and bookkeeping Consultancy fees Other legal and professional costs Total of expenditure of other costs Total expenditure Net gains on investments Net expenditure Net expenditure before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
4,892 8,805 454 71 5,964 681 |
- - - - - - |
4,892 8,805 454 71 5,964 681 |
- 40 380 118 2,598 599 |
|---|---|---|---|---|
| 32,175 | - | 32,175 | 15,256 | |
| 2,246 - 2,731 - |
- - - - |
2,246 - 2,731 - |
1,100 795 - 2,500 |
|
| 4,977 | - | 4,977 | 4,395 | |
| 55,263 | - | 55,263 | 54,971 | |
| 60,051 - |
- - |
60,051 - |
62,501 - |
|
| (28,946) | 3,919 | (25,027) | (9,571) | |
| (28,946) - |
3,919 | (25,027) - |
(9,571) - |
|
| - | ||||
| (28,946) | 3,919 | (25,027) | (9,571) | |
| 221,795 | 11,777 | 233,572 | 243,143 | |
| 192,849 | 15,696 | 208,545 | 233,572 |
Page 14