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← Wanlockhead Museum Trust

2025-03-31-accounts

CHARITY REGISTRATION NUMBER: SC001508

Wanlockhead Museum Trust Unaudited Financial Statements

31 March 2025

ARM IN ARM ACCOUNTING LIMITED

Chartered accountants Herkimer House Mill Road Industrial Estate Linlithgow EH49 7SF

Wanlockhead Museum Trust

Financial Statements

Year ended 31 March 2025

Page
Trustees' annual report 1
Independent examiner's report to the trustees 7
Statement of financial activities 8
Statement of financial position 9
Notes to the financial statements 10

Wanlockhead Museum Trust

Trustees' Annual Report

Year ended 31 March 2025

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2025.

Reference and administrative details

Registered charity name Wanlockhead Museum Trust Charity registration number SC001508 Principal office Museum of Lead Mining Wanlockhead Dumfries and Galloway ML12 6UT

The trustees

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Independent examiner

Arm in Arm Accounting Limited Herkimer House Mill Road Industrial Estate Linlithgow EH49 7SF

1

Wanlockhead Museum Trust

Trustees' Annual Report (continued)

Year ended 31 March 2025

Structure, governance and management

Governing Document

The charity is controlled by its governing document, a deed of trust and constitutes a Scottish Charitable Incorporated Organisation.

Organisational Structure

The Museum is governed by a Board of Trustees. Board members have proactively engaged in all Board decision-making as required by Charity Law. A few Board members have undertaken additional duties as volunteers to ensure that all actions agreed by the Board are completed. Along with other independent museums, our trustees attended a Board Development Programme, organised and funded by Museums Galleries Scotland and intended to improve the knowledge and structure of Board members within the museum sector. While the formal programme has ended, we continue to develop Board governance policies and to plan actively for Trustee succession.

Staff

The Museum is operated by the staff, most of whom are seasonal, reflecting the pattern of tourist activity. All staff completed the revised induction process, and the team performed throughout the 2024 season to a very high standard. Lessons learnt from the 2023 season were embodied in our recruitment, employment and operating practices. We hold an end-of-season staff feedback session each year and the inputs from this are incorporated as appropriate in our operating model. The Trust will continue proactively to offer employment to local young people. Most importantly, all staff have continued to make visitor care the number one priority. This is reflected in our 4.5/5 Tripadvisor rating as well as positive comments in feedback forms completed by visitors. This demonstrates the hard work and enthusiasm of all the staff over the entire season, and we thank them sincerely for a wonderful effort.

Volunteers

Volunteers make a significant contribution to the development of the Museum, and we continue to look for volunteers to develop our displays, carry out maintenance, research our extensive archives, and other such activities. However, there is a limited pool of potential volunteers in the Wanlockhead area and greater effort continues to be made to attract volunteers from a wider area.

2

Wanlockhead Museum Trust

Trustees' Annual Report (continued)

Year ended 31 March 2025

Objectives and activities

The Trust was formed in 1974 with the objective of establishing a Museum of the Lead Mining Industry. The Trust became a Scottish Charitable Incorporated Organisation (SCIO) on 31st January 2017. Its mission is to:

Significant Activities

The Trust works with the local community and other organisations in order to:

We are proud to contribute to the local economy and we anticipate that this will increase in line with our business plan.

3

Wanlockhead Museum Trust

Trustees' Annual Report (continued)

Year ended 31 March 2025

Achievements and performance

Accreditation & Recognised Collection Status

The Trust retains and maintains its Museum Accreditation and Recognised Collection status. Some of the recent improvement work, funded by MGS, HES, NHMF, Pilgrim Trust and Garfield Weston Foundation has allowed significant upgrades in the delivery of the required standards. Further collection management initiatives have been identified and will be delivered over the coming two to three years.

Museum Displays

The Museum displays were significantly redeveloped during 2020/21 and at that time it was identified that the Straitsteps cottages needed upgrading in order to protect the collection items on display there and to enhance the visitor experience. Funding was secured and the revamp of the cottages commenced in late 2021. This work was completed in spring 2024 and visitors have had the benefit of the upgraded cottage displays for the 2024 summer season.

Renovation of Miners' Library, Straitsteps Cottages and Goldscaur Archive. Renovation of the external fabric of the cottages started in earnest in 2023 with a view to completion in 2024/25. The weather was a delaying factor and impacted on the quality of the renovation. This was rectified in 2024/25. This project has a positive impact on the presentation of the museum and secures a safe internal environment to house the collection.

Collection Management

The official opening of the Museum Study Centre in July 2024 enabled the development of the Museum's research programme utilising items from the collection. A number of other actions identified in the inventory project to manage and curate the collection are in the process of being developed and delivered.

50th Anniversary celebration

The most significant activity undertaken by the Museum was a series of events over the Summer of 2024 to mark the 50th anniversary of the Wanlockhead Museum Trust. In marking the anniversary, the WMT increased its visibility to potential visitors both in the Borders and beyond, as well as cementing its relationships with the local community and other local visitor attractions and highlighting its role in facilitating and conducting technical and historical research. This programme was well prepared and fulfilled the objectives with a Craft Fair, public lectures, reduced fee access to the museum, a concert from the Leadhills Silver Band and the sharing of conservation work that the museum supports. I private celebration was attended by the Patron, Duke Richard of Buccleuch. He dedicated the new commemorative stained glass window as well as attending a celebration lunch, delivering a speech of support and thanks and formally opening the Study Centre. There is a legacy of new displays and publications related to the museum and the industry.

The Board in conjunction with management has started to deliver the business plan which was adopted by the Board in September 2024 and delivery is to commence over the winter 2024/25. Progress to date has been slow, mainly being delayed by staff changes and financial constraints.

Mine Extension

WMT has an ongoing need to increase income from visitors and one initiative to achieve this is an extended tour of the mine which offered a more immersive mine visit and opened to the public in 2021. The tour has attracted many positive comments, and we aim to extend the tour further into the mine when possible. All underground tours continue to be managed under the Mines Regulations 2014.

Study Centre

The second significant initiative undertaken in the reporting period was the establishment of the Study Centre. The works were completed in Spring 2024, and the Study Centre was officially opened in July

4

Wanlockhead Museum Trust

Trustees' Annual Report (continued)

Year ended 31 March 2025

  1. Discussions have been held with some significant organisations with influence in the area and plans are being made to develop the Study Centre as the educational hub of the Museum.

Financial review

There are currently unrestricted funds of £409,911 (2024 - £361,621) and restricted funds of £19,306 (2024 - £199,107) available at the year end. Total funds at the year end equate to £429,217 (2024 - £480,728).

The Trust fully implemented online ticketing along with the inhouse EPOS which is improving revenue generation. However, the current substantial increases in Minimum and Living Wage rates will likely continue into future budgets. The Trust is committed to the Scottish Government's 'Fair Work First' policy and thus the focus on cost control in other areas will need to be maintained. The Duty Managers have continued to work with the Board to refine best practices and efficient methods of working.

During the year we completed an exercise to review project expenditure and ensure full and accurate allocation to individual projects. This resulted in an overall allocation of £40,000 from unrestricted to restricted project expenditure in line with the criteria for each project award.

Principal Funding Sources

In addition to the Trust's trading activities, grant funding continues to be a critical component of the Trust's finances. The Trusts' funding profile has improved during the year owing to the determined efforts of our fundraisers, along with the initial publicity for the 50th Anniversary celebrations. We received support during the reporting period from Museums Galleries Scotland, the Pilgrim Trust, Historic Environment Scotland, National Heritage Memorial Fund, and Dumfries and Galloway Council among others in respect of repairs to our listed buildings, and the continued preservation of our collection.

Reserves Policy

The Trust has established a Reserve Fund of £65,000, which will provide limited security over future unforeseen events. It will not be used to supplement operational costs. Currently the financial reserve (General Fund) stands at £409,911.

5

Wanlockhead Museum Trust

| |

Trustees’ Annual Report (continuea)

Year ended 31 March 2025

Plans for future periods

One Museum trustee remains on the Wanlockhead Community Council committee where they work to support the WCC and foster closer ties with the local village community.

Progress continues to be made with the groundwork to progress the Glenglass Project which will enable public access to an unique hydraulic, pumping engine currently underground at New Glencrieff.

The Study Centre is considered to be the biggest outreach opportunity for the Trust, and efforts are being doubled to build future tonger-lasting relationships with schools, colleges and universities. In addition, the Trust is considering whether it could act as a ‘hub' to facilitate collaborative research and development into a wide range of subjects, ali of which are related to the Environment. This work is being undertaken as a part of the Audience Engagement project, funded by MGS. The Study Centre has been found to need a new roof and fundraising is underway.

The Trust continues to represent Wanlockhead at the Upper Nithsdale Tourism Partnership, an informal committee set up to improve the local economy. A number of community councils and local businesspeople are represented with the objective of encouraging people to visit the Upper Nithsdale area. The Trust's central role in this plan continues to involve us in partnerships and opportunities beyond the Museum's immediate surroundings.

The Miners’ Library will celebrate its 270th anniversary in 2026.

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6

ee

Wanlockhead Museum Trust Independent Examiner's Report to the Trustees of Wanlockhead Museum Trust Year ended 31 March 2025

| report to the trustees on my examination of the financial statements of Wanlocknead Museum Trust (‘the charity’) for the year ended 31 March 2025.

Responsibilities and basis of report

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 (‘the 2005 Act’), the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination.

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of the charity's accounts carried out under section 44(1)(c) of the 2005 Act. in carrying out my examination | have followed the requirements of Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

Independent examiner's statement

Since the charity is required by company law to prepare its accounts on an accruals basis and |s registered as a charity in Scotiand your examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). ! can confirm that | am qualified to undertake the examination because | am a registered member of ICAS which is one of the listed bodies.

| have completed my examination. | confirm that no matters have come to my attention in connection with the examinalion giving me cause to believe:

1 .accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act, section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; or

2.the financial statements do not accord with those records or with the accounting requirements of Regulation 8 of the Charities Accounts (Scotland) Regulations 2006; or

3.the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination: or

4.the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

! have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

eee

7

Wanlockhead Museum Trust

Statement of Financial Activities

Year ended 31 March 2025

2025 2024
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 4 3,283 115,530 118,813 223,094
Charitable activities 5 79,034 – 79,034 56,361
Other trading activities 6 64,377 8,000 72,377 55,241
Other income 7 2,503 – 2,503 12,750
───────── ───────── ───────── ─────────
Total income 149,197 123,530 272,727 347,446
═════════ ═════════ ═════════ ═════════
Expenditure
Expenditure on raising funds:
Costs of other trading activities 8 19,997 2,144 22,141 24,412
Expenditure on charitable activities 9,10 80,910 221,187 302,097 319,968
───────── ───────── ───────── ─────────
Total expenditure 100,907 223,331 324,238 344,380
═════════ ═════════ ═════════ ═════════
───────── ───────── ───────── ─────────
Net (expenditure)/income and net
movement in funds 48,290 (99,801) (51,511) 3,066
═════════ ═════════ ═════════ ═════════
Reconciliation of funds
Total funds brought forward 361,621 119,107 480,728 477,662
───────── ───────── ───────── ─────────
Total funds carried forward 409,911 19,306 429,217 480,728
═════════ ═════════ ═════════ ═════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 10 to 19 form part of these financial statements.

8

Wanlockhead Museum Trust

Statement of Financial Position

31 March 2025

2025 2024
Note £ £
Fixed assets
Tangible fixed assets 15 312,676 313,883
Current assets
Stocks 16 12,989 6,877
Debtors 17 10,578 63,515
Cash at bank and in hand 141,130 108,834
───────── ─────────
164,697 179,226
Creditors: amounts falling due within one year 18 48,156 12,381
───────── ─────────
Net current assets 116,541 166,845
───────── ─────────
Total assets less current liabilities 429,217 480,728
───────── ─────────
Net assets 429,217 480,728
═════════ ═════════
Funds of the charity
Restricted funds 19,306 119,107
Unrestricted funds 409,911 361,621
───────── ─────────
Total charity funds 19 429,217
═════════		 480,728
═════════

These financial statements were approved by the board of trustees and authorised for issue on 23[rd] of November and are signed on behalf of the board by:

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The notes on pages 10 to 19 form part of these financial statements.

9

Wanlockhead Museum Trust

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The charity is a public benefit entity and a registered charity in Scotland and is unincorporated. The address of the principal office is Museum of Lead Mining, Wanlockhead, Dumfries and Galloway, ML12 6UT.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities and Trustee Investment (Scotland) Act 2005 and the Charity Accounts (Scotland) Regulations 2006 (as amended).

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

In preparing the accounts, the trustees were not required to make any judgements that would have a material effect on the numbers reported.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

10

Wanlockhead Museum Trust

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

11

Wanlockhead Museum Trust

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Tangible assets (continued)

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Bowling Green - 20% straight line Fixtures and fittings - 15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

12

Wanlockhead Museum Trust

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Financial instruments (continued)

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Donations and legacies

Unrestricted Restricted Total Funds
Funds Funds 2025
£ £ £
Donations
Donations 3,283 – 3,283
D&G Council – 29,825 29,825
TC Young LLP – – –
J Landless – – –
Gifts
Gift Aid – – –

13

Wanlockhead Museum Trust

Notes to the Financial Statements (continued)

Year ended 31 March 2025

4. Donations and legacies (continued)

Unrestricted Restricted Total Funds
Funds Funds 2025
£ £ £
Grants
Museum Gallaries Scotland – – –
Historic Environment Scotland – 37,368 37,368
National Heritage Memorial Fund – 45,678 45,678
Pilgrim Trust – 1,059 1,059
Twentyshilling Hill – – –
Russell Trust – – –
Grants receivable type 8 – 1,600 1,600
─────── ───────── ─────────
3,283 115,530 118,813
═══════ ═════════ ═════════
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Donations
Donations 2,269 – 2,269
D&G Council 22,094 – 22,094
TC Young LLP 15,000 – 15,000
J Landless – 2,500 2,500
Gifts
Gift Aid 948 – 948
Grants
Museum Gallaries Scotland – 38,170 38,170
Historic Environment Scotland – 47,624 47,624
National Heritage Memorial Fund – 48,074 48,074
Pilgrim Trust – 38,941 38,941
Twentyshilling Hill – 5,484 5,484
Russell Trust – 1,990 1,990
Grants receivable type 8 – – –
──────── ───────── ─────────
40,311 182,783 223,094
════════ ═════════ ═════════
5. Charitable activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2025 Funds 2024
£ £ £ £
Admissions 55,945 55,945 39,943 39,943
Gold Panning 23,089 23,089 16,418 16,418
──────── ──────── ──────── ────────
79,034 79,034 56,361 56,361
════════ ════════ ════════ ════════

14

Wanlockhead Museum Trust

Notes to the Financial Statements (continued)

Year ended 31 March 2025

6. Other trading activities

Unrestricted Restricted Total Funds
Funds Funds 2025
£ £ £
Tearoom Sales 37,624 8,000 45,624
Shop Sales 26,753 – 26,753
──────── ─────── ────────
64,377 8,000 72,377
════════ ═══════ ════════
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Tearoom Sales 26,956 – 26,956
Shop Sales 28,285 – 28,285
──────── ──── ────────
55,241 – 55,241
════════ ════ ════════
Other income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2025 Funds 2024
£ £ £ £
Other income 2,503 2,503 12,750 12,750
═══════ ═══════ ════════ ════════
Costs of other trading activities
Unrestricted Restricted Total Funds
Funds Funds 2025
£ £ £
Tearoom Purchases 11,901 – 11,901
Shop Purchases 8,096 2,144 10,240
──────── ─────── ────────
19,997 2,144 22,141
════════ ═══════ ════════
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Tearoom Purchases 10,728 – 10,728
Shop Purchases 13,684 – 13,684
──────── ──── ────────
24,412 – 24,412
════════ ════ ════════

7. Other income

8. Costs of other trading activities

15

Wanlockhead Museum Trust

Notes to the Financial Statements (continued)

Year ended 31 March 2025

9. Expenditure on charitable activities by fund type

Unrestricted Restricted Total Funds
Funds Funds 2025
£ £ £
Gold Panning 19,069 – 19,069
Lead turns Gold – 24,579 24,579
Maintenance – 24,018 24,018
Membership Fees – 3,000 3,000
Support costs 61,841 169,590 231,431
──────── ───────── ─────────
80,910 221,187 302,097
════════ ═════════ ═════════
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Gold Panning 13,441 – 13,441
Lead turns Gold – 1,885 1,885
Maintenance – – –
Membership Fees – – –
Support costs 143,017 161,625 304,642
───────── ───────── ─────────
156,458 163,510 319,968
═════════ ═════════ ═════════

10. Expenditure on charitable activities by activity type

Activities
undertaken Total funds Total fund
directly Support costs 2025 2024
£ £ £ £
Gold Panning 19,069 – 19,069 13,441
Lead turns Gold 24,579 – 24,579 1,885
Maintenance 24,018 13,509 37,527 9,166
Membership Fees 3,000 481 3,481 1,339
Wages – 115,520 115,520 90,696
Staff Welfare – 259 259 148
Subscriptions – 840 840 356
Marketing – 888 888 1,621
Equipment Hire – 874 874 1,365
Travel – 27 27 187
Travel – 4,301 4,301 2,597
Telephone – 4,312 4,312 3,503
Computing – 2,957 2,957 6,458
Training – 723 723 1,513
Uniform – 316 316 412

16

Wanlockhead Museum Trust

Notes to the Financial Statements (continued)

Year ended 31 March 2025

Insurance – 6,299 6,299 5,447
Professional Fees – 150 150 792
Accountancy Fees – 1,193 1,193 7,228
Interest Charges – 6,421 6,421 3,591
General – 1,907 1,907 677
Repairs to property – 41,336 41,336 154,615
Rent & Rates – 27,237 27,237 10,970
Depreciation – 1,882 1,882 1,961
──────── ───────── ───────── ─────────
70,666 231,431 302,097 319,968
════════ ═════════ ═════════ ═════════

11. Net (expenditure)/income

Net (expenditure)/income is stated after charging/(crediting):
2025 2024
£ £
Depreciation of tangible fixed assets 1,882 1,962
═══════ ═══════
12. Independent examination fees
2025 2024
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 1,000
════		 1,000
═══════
13. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2025 2024
£ £
Wages and salaries 115,520
════		 90,696
════════

The average head count of employees during the year was 12 (2024: 10).

No employee received employee benefits of more than £60,000 during the year (2024: Nil).

14. Trustee remuneration and expenses

a) No remuneration was paid to the trustees during the year or the previous year.

(b) A trustee was reimbursed for expenses of £533 in the year to March 2025 (2024: £1,366)

(c) The charity's insurance policy includes trustee indemnity insurance cover for all of its trustees.

17

Wanlockhead Museum Trust

Notes to the Financial Statements (continued)

Year ended 31 March 2025

15. Tangible fixed assets

Freehold Plant and Fixtures and
property machinery fittings Total
£ £ £ £
Cost
At 1 April 2024 302,198 561 105,379 408,138
Additions – – 675 675
───────── ──── ───────── ─────────
At 31 March 2025 302,198 561 106,054 408,813
═════════ ════ ═════════ ═════════
Depreciation
At 1 April 2024 – – 94,255 94,255
Charge for the year – 112 1,770 1,882
───────── ──── ───────── ─────────
At 31 March 2025 – 112 96,025 96,137
═════════ ════ ═════════ ═════════
Carrying amount
At 31 March 2025 302,198 449 10,029 312,676
═════════ ════ ═════════ ═════════
At 31 March 2024 302,198 561 11,124 313,883
═════════ ════ ═════════ ═════════
16. Stocks
2025 2024
£ £
Raw materials and consumables 12,989 6,877
════════ ═══════
17. Debtors
2025 2024
£ £
Trade debtors 4,551 3,090
Other debtors 6,027 60,425
──────── ────────
10,578 63,515
════════ ════════
18. Creditors: amounts falling due within one year
2025 2024
£ £
Trade creditors 43,116 6,596
Accruals and deferred income 500 4,500
Social security and other taxes 223 970
Other creditors 4,317 315
──────── ────────
48,156 12,381
════════ ════════

18

Wanlockhead Museum Trust

Notes to the Financial Statements (continued)

Year ended 31 March 2025

19. Analysis of charitable funds

Unrestricted funds
General funds
Restricted funds
Museum Gallaries Scotland
D&G Council
Historic Environment Scotland
National Heritage Memorial Fund
Pilgirm Trust
Turcan Connell
Wanlockhead Tearoom
Twentyshilling Hill
Russell Trust
J Landless
Total Funds		 As at
01/04/24
Incoming
Resource
s
Outgoing
Resources
Transfers
As at
31/03/25
361,621
149,197
-100,907
409,911
111,018
-
-95,018
-
16,000
-
29,825
-29,019
-
806
-
37,368
-37,368
-
0
-
45,678
-45,678
-
0
-
1,059
-1,059
-
0
-
1,600
-1,600
-
0
-
8,000
-8,000
0
5,484
0
-5,484
-
0
105
0
-105
-
0
2,500
0
-
-
2,500
119,107
123,530
-223,331
-
19,306
480,728
272,727
-324,238
-
429,217

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