OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-10-31-accounts

Glencoe Folk Museum Report of the Trustees for the year ended 31 October 2024

GLENCOE FOLK MUSEUM

A Scottish Charitable Incorporated Organisation (SCIO) (SC002786)

ANNUAL REPORT 2024

1

Glencoe Folk Museum Report of the Trustees for the year ended 31 October 2024

VISION

We aspire to be the heart of our community, inspiring our local and global visitors to connect with the past by sharing our love of the unique history, culture and environment of our corner of the Highlands.

MISSION

Glencoe Folk Museum chronicles the history, landscape and identity of the Glencoe area. We are a Museum of the people, by the people and for the people – sharing the stories of our local communities and the historical events that shaped them. We will capture imaginations and stimulate creativity through our collections, exhibitions and activities. By exploring our past and striving for a sustainable future, we will inspire people around the world to take pride in their communities, cultures and traditions.

VALUES

Quirky Genuine Inclusive Innovative

Glencoe Folk Museum Report of the Trustees for the year ended 31 October 2024

Contents

Structure, Governance and Management 4
Overview 5
Volunteers, Museum Assistants, Researchers 6
Trustees
8
Training 8
Museum Shop 9
Social Media, and Media Coverage 10
Developing Partnerships 11
Learning and Engagement 12
Fundraising 14
Collection Care and Digitising 14
Glencoe Museum Redevelopment 16
Plans for the Future 17
Funders 18
Financial Review 19
Trustee Responsibilities 19
Independent Examiner's Report 21
Statement of Financial Activities 22
Balance Sheet 23
Notes to the Financial Statements 24

3

Glencoe Folk Museum Report of the Trustees for the year ended 31 October 2024

Glencoe Folk Museum

Legal and Administrative information

Charity number SC002786 Business Address Trustees Accountants Armstrong Watson LLP Caledonia House 89 Seaward Street Glasgow, G41 1HJ Bankers Royal Bank of Scotland 6 High Street Fort William PH33 6AS

4

Glencoe Folk Museum Report of the Trustees for the year ended 31 October 2024

2024 saw the Museum closed to visitors as the Museum entered the Engagement Phase of the NLHF funded £2.2 million redevelopment project.

During this period the Museum worked closely with Peter Drummond Architects (Architects), and Mather and Co (Exhibition Designers) in preparation for the Build Phase of the redevelopment in 2025.

The Museum was gradually emptied and the collection re-located to the Museum’s store. During Doors Open Day in September the Museum opened its doors for a “oneoff” opportunity for visitors to gain an insight of the unique architecture of the buildings and a preview of the plans for the re-development.

As well as planning and preparing for the redevelopment the Museum continued to maintain its presence through social media, a wide range of community engagement activities and fundraising activities throughout the year.

5

Glen¢oe Folk Museum Report of the Trustees for the year ended 31 Ortober 2024 The Trustees were grotefvlfor the commitment, and voluoble contribution of oll the Staff, volunteer5 and those who hod kindly given their time, to support the Museum throughout the yeor. Once again the Museum appreciated the help of the Mundas Men for help with moving the Funeral Boat. Voluiite. As well as helping with the fundraising pub quizzes, shared his memories in an Oral History interview. MAS helped wrth emptying the Museum, cleaning and wrapping Items in the collection ready for going into storage, as did retired Museum professional Sime kindly transported larger objects in her van.

Glencoe Folk Museum Report of the Trustees for the year ended 31 October 2024

Staff

The Museum’s Curator,

knowledge of and passion

for the Museum has been invaluable in the planning and preparation for the redevelopment. Working with the exhibition designers, Mather and Co was closely involved in identifying items from the collection, developing the new exhibitions and displays. An important part of this work was identifying the conservation needs of the collection and working with researchers to provide information for interpretation panels.

“ It has been really exciting to start working properly on the exhibitions, content plans and interpretation for the new displays, and to see the designs showing how the redeveloped Museum will look. I have particularly enjoyed working with from Mather&Co to bring all the elements of the exhibitions together, from the placement of objects to the contents of AV, from interactives to graphics panels. I look forward to continuing this in 2025!”

As Project Director, , has been responsible for the Engagement Phase of the redevelopment working closely with architects and designers to ensure that the project remains on course and its aims are met.

“2024 has been a long and challenging year for the redevelopment project with, on the face of it, little visible progress. However, behind the scenes there has been great activity with the Museum now standing empty and ready to receive builders, building warrant secured and first stage main contractor procurement completed. The rapidly-developing exhibition designs instil great confidence that the new Museum will be something truly special – a lively, accessible and community-focussed exploration of Glencoe’s history to make our founders proud. In short, good things come to those who wait!”

the Museum’s Learning and Engagement Officer, has had a successful year delivering a range of events and activities which have allowed the Museum to continue to engage with the local and wider community. continued to work with local schools, community groups, and created three ‘pop-up museums’ which have been hosted by a variety of organisations throughout Lochaber.

“ 2024 has been a busy and successful year for Learning and Engagement, I’ve had the Activity Plan budget to work with to start up lots of new exciting projects! However, the biggest difference is doing almost everything as outreach rather than any events or

7

Glen¢oe Folk Museum Report of the Trustees for the year ended 31 Ortober 2024 octivities at the museum, as I'd normally do. Highlights include creating the pop-up musèums ond delivering the otcompanying progromme- this hos ollowed me to visit new schools and create even more partnership5 Wjth lacol organi5ation5. A5 well 05 Starting our ¢7fter-school club which ha5 been on the tQ-do-listfor a long while and h(75 created a stronger partnership between mysett and the teachers in the area. Plus the two pub quizzes to fundraise for the Museum at Clachaig Inn were also good fun. working with ur volunteer.- Trustees "It's been an exciting year as we built up to closing the museum to empty the buildings as we prepore for our major redevelopment project. It's been o hertic time ond we con't thonk our omazing stoff ond voluntéer team enoughfor progressing the programme ond bringing the vision to life. 2025 is lining up to be pivotolfor the choritY* and the Boord ond workforce wait with anticipationfor the culmination of more thanfive years of hard work to bring the museum's next chapter to life." rrrtininrt A CPD Visit Scotland Webinars as part of Tourism projert organised by Museums & Heritage Highland Museums Heritage Highland Heritage Café meetings: MOTH website. Intangible Heritage • Museums Heritage Highland AGM • Rural Volunteerin8 trainin8 run by Volunteer Organisers Network, MGS Disposals trainin8 MA Social Media training • MGS knowledge exchange event about health and wellbeing in museums MGS knowledge exchange event about working with influencers to market your museum MGS blether online event, themed on decolonising the curriculum Museums Heritage Highland café meeting which had an element on the MOTH website Kids in Museums training: creating family friendly exhibitions MGS Al in Education online blether GEM training for the Sandford Award in October

Glencoe Folk Museum Report of the Trustees for the year ended 31 October 2024

The Museum Shop

The Museum took the opportunity to generate sales from items unique to the Museum and locally made crafts and produce at various events throughout the year.

2023-2024 Gift Shop Sales: £88.47 at Balla Christmas Fayre, 3rd December 2023 £56 - other staff sales, Nov/Dec 2023 £27 at Museums Heritage Highland event, 23rd March 2024 £22.50 in Slate Booklets at Village Hall event, 27th March 2024 £20 at Oban Gathering, 22nd August 2024 £54 in Slate Booklets for Quarry Centre, 3rd September 2024 £106.60 at Doors Open Day, 14th/15th September 2024 £32.50 at the Dunollie Women's event 2024 TOTAL: £407.07

The redevelopment would provide the Museum with an improved dedicated shop space, which would allow the Museum to extend the range of items available for sale. had been researching local gins and beers, more local crafters, local chutneys & jams, ceramics, and Museum-branded products which would appeal to visitors.

9

Glencoe Folk Museum Report of the Trustees for the year ended 31 October 2024

Social Media and Media Coverage

Despite the Museum being closed to visitors, the Museum continued to maintain a high profile both home and abroad through its web page, Facebook, Instagram, Blogs, podcasts, and contributions and articles for local newspapers. The Museum also produced a quarterly Newsletter which it emailed to our subscribers.

wrote regular contributions to the ‘Slatest New’s pamphlet which is delivered to all Ballachulish residents 6 times a year. She penned a different article for each edition including ones on nd his inventions, and another on the Ballachulish Ferry.

Some successful social media posts:

Out with social media, wrote a blog post abou for Women’s History Scotland and also contributed information about Corrag for a “Wise Women of Lochaber Trail”, which was being created by the same team who developed the COAST project a few years ago. It would consist of an online Geotourist trail and would signpost visitors towards the Museum and highlight relevant objects or

10

Glen¢oe Folk Museum Report of the Trustees for the year ended 31 Ortober 2024 exhibitions in the Museum. was interviewed and photographed by the Scot5 Magazine about the Museum and Glencoe historyfor one of their'Then & NO￿ editions. During the yearthe Museum worked closely with Lamont Design on the new website for the Museum which would be launched in 2025. Ljeveioping Parrnership5 The Museum continued to develop partnerships with a range of community groups and organisations. from the Ballachulish Community Council invited the Museum to become involved with the 'Ballachuli5h 25 event,. Iso provided Quarry objects for a talk/exhibition/memory gathering event at the Ballachulish Village Hall. he Discover Glencoe committee as representatives of the ho had been a member ofthe committee for some time. Museum, alongside West Highland Museum invite o participate in deliverin8 community outreach evenin8 sessions alongside Loc omen's Aid. She did 2 sessions, the first was general tour and then a mystery objerts game and objert handling session, the second session was on the Jacobites. Iso delivered a royal themed workshop alongside WHM and Alzheimerfs Scotland at Ballachulish Village Hall assisted the West Highland Museum with two of their craft5 events during the Easter holidays. er from Kinlochlovin. about collaborating for the first temporary exh ibition in the Comrnunity Gallery, a yearlong project helpin8 the children create artwork to display, by going into sch¢)ols and workin8 closely with their own group. This would allow every child in South Lochaber to have an input into this exhibition. as been frequently visiting Abbeyfield Care Home in Ballachulish, to deliver themed sessions for residents. The Museum was again involved with the University of Glasgow Archaeology team. Staff spoke to the students about the Redevelopment and shared some objects with them so that they could come up with creative ways of interpretingthem. hada site visit and had a go at digging at Achnacon. li

Glencoe Folk Museum Report of the Trustees for the year ended 31 October 2024

ravelled to Dunollie Castle and Museum to deliver Object Handling training for their volunteers as part of an NLHF-funded collections project.

The National Trust for Scotland in Glencoe currently had some agricultural tools on loan from the Museum. The NTS were working on interpretation plans for the whole Glen and expressed an interest in developing a stronger partnership with the Museum.

The Museum submitted two objects to be scanned for the Inverness Castle Project – The Ballachulish Goddess and a powder horn from Ballachulish Quarry

attended the MHH Heritage Day in Dingwall on Saturday 23[rd] March.

The Museum had stalls in the Oban Games heritage tent in August, and at the Dunollie Women in Heritage event in September.

Learning and Engagement

As well as creating three ‘Pop-Up’ Museums to tour the local area visited a number of local schools and Abbeyfield Care Home. The Museum was opened for Doors Open Days on the 14 and 15 September to allow visitors to view the empty Museum and to raise awareness of the re-development.

The themes for the ‘Pop-Up’ Museum were “The Mountains”, “The Dances” and “Childhood”, with each containing QR codes linking to the Museum’s website. The ‘popup’ Museums toured a variety of locations including schools, the Glencoe Mountain Resort, Woodlands Glencoe Club House, and National Trust for Scotland Visitor Centre. Linda, Library Assistant at Kinlochleven Library fed-back that people had been interested in the “Childhood” pop-up Museum and some had even come in specifically to see it.

12

Glen¢oe Folk Museum Report of the Trustees for the year ended 31 October 2024 reated two"royal" themed handling boxes for community outreach sessions with adults. Eleven participants came along to an object handlin8 and reminiscence session at the Abbeyfield Care Home. The first was on the theme of the royal family using more contemporary objects from the collection which went really Well.￿ontinUed to visit Abbeyfield for regular sessions throughout 2024, for 5 in totsl, looking at different time periods. She will continue this into 2025. participated in an Alzheimer's Scotland and West Highland Museum collaboration at the Ballachulish Village Hall. Afternoon tea was served, and the Museum brought the royal themed handling box to promote discussion and memories. ave an online talk based on her thesis o elivered an online workshop to Kinlochleven Primary School P5-7 class on The lassacre of Glencoe. visited St Columba's P&7 in Fort William to talk to them about the Glencoe assatre which stirred some ideas for future workshops at the Museum, in classroom or online. sited both composite classes at Glencoe Primary School to do sessions inspired by the "childhood" pop-up Museum: the lower class focused on activities sorting cards of toys into groups with the help of objects. The upper class did more advanced card sorting activities and then debated the ethics of buying new toys, and whether children were better educated in the past, making use of the MOTH website resources. ha5 now delivered these workshops at Ballachulish and St Bride'5 Primary Schools too. While the Childhood pop-up was in Duror Primary. Parris visited for three one-hour sessions with their 2 pupils, offering more in4epth engagement with the subject.

Glencoe Folk Museum Report of the Trustees for the year ended 31 October 2024

The Museum’s ‘Wee Glenahulians Club’ (written as Young Curator’s Club in the activity plan) is an after-school club which has 10 members. It takes place at Ballachulish Primary bn School currently and members do a range of activities related to the Museum and its collections. The first project is on birds, in honour of the Bab’s Bird Club delive our founder in the 70s. Highlife Highland Ranger elivered two workshops on bird spotting and watching. This launched in June 2024 and roughly meets once per week during term-time to work on projects. Parris secured Live Literature funding to get authors/writers/illustrators to deliver workshops for the members. This will take place in early 2025.

Fundraising

Fundraising Consultant, has continued to support the Museum through a range of fundraising activities including applying for funding from major donors, legacies, community appeals, The Giving Lottery, online raffles, and events.

Trustees and staff also raised the profile of the Museum attending local Chamber of Commerce events, the Around Lochaber & Oban in 80 Tables, and The Scottish Power Foundation Awards Ceremony.

Collection care and Conservation

The Objects re-located from the Museum and items for the new display were all assessed for their conservation needs, with some receiving careful cleaning before being placed in storage.

With advice from anaged some in-house conservation on the Jacobite pistol and the ‘Lockdown Rainbow Painting’.

The Museum sent the Ballachulish Ferry Waiting sign to the Scottish Conservation Studio, who provided a treatment proposal for the sign of £3000. The Museum planned to apply for funding, but if unsuccessful would display the sign

within the re-developed Museum until funds were raised to cover the conservation costs.

14

Glencoe Folk Museum Report of the Trustees for the year ended 31 October 2024

The coffin boat was undergoing conservation by

at the Windemere

Jetty Museum. The ‘off-ship’ research, the precursor to the interventive conservation, highlighted some interesting findings. The individual planks of the boat were scanned and samples taken before the restoration work finally began.

The Museum received a painting of a scene from the Massacre of Glencoe from donors in Luxembourg. Although in poor condition, it was felt that the painting would be well worth conserving as it would be ideal as the centrepiece for a dramatic display in Our Clans. The Museum commissioned Egan, Matthews and Rose to assess the painting, and was in the process of raising the necessary funds for the conservation.

The conservation of the McCulloch painting had been very successful and would now be appearing as a case study on the Idlewild website.

The aim of this project was to restore “Glencoe” by Horatio McCulloch in order for it to be displayed in the Redeveloped Museum. Though one of the most significant artefacts in the collection, it had been completely inaccessible to visitors for a number of years, due to its poor condition and risk of further deterioration. Restoration and digitizing of the painting would make it accessible to visitors and online.

15

Glencoe Folk Museum Report of the Trustees for the year ended 31 October 2024

Digitising the Collection A major task fo fe as transferring the Collection Catalogue from Adlib to eHive, then updating the locations of all the objects decanted from the Museum. 130+ objects were now live on eHive.

The Collections History and Overview was sent to the Collections Trust. The Trust aims to collect these from all Museums around the country and make them available online as part of a new Museum Data Service, allowing people to navigate the nation’s Museum holdings all in one place.

worked closely with rom Mather & Co finalizing the objects for display, a P| updating the object list with images and measurements.

The Museum will have full access to the 3D scans created by the Inverness Castle Project, which we can use online or as part of our displays.

Most of the object photographs taken by last year have been added to their eHive records and made public. It has been so useful having such high-quality images for this, as it makes our public catalogue look fantastic.

will continue to add the professional object photographs to our eHive catalogue.

digitised most of the Museum’s photograph and glass slide collection, and has been selecting images from here for interpretation panels.

Glencoe Museum Redevelopment

With the Museum closed to visitors the focus of the Trustees and staff was on finalizing the technical details for the build and exhibitions.

During this period the Museum worked closely with Peter Drummond Architects (Architects), Mather and Co (Exhibition Designers), JC&P (Quantity Surveyor) Project Evaluator), (M&E Engineers), Narros ~~— —_~~ (Structural Engineer), and (Firth Heritage) the NLHF appointed mentor.

16

Glencoe Folk Museum Report of the Trustees for the year ended 31 October 2024

Despite the complex nature of the build, the Museum was granted a ‘Building Warrant’ in October 2024. Work should begin at the start of February 2025, with the Museum opening in October in time for the school holidays.

The characterful design for the interior of the Museum and displays were themed on ‘Our Place’, ‘Our Clans’, ‘Our Roots/Lives’ and would include a ‘Timeline Wall’ and a ‘Crofting Wall’. Catriona worked closely with Mather & Co planning the exhibits, researching and writing the interpretation panels.

Plans for future period

Priorities for 2025

NLHF Approved Project Purposes

17

Glencoe Folk Museum Report of the Trustees for the year ended 31 October 2024

Funders

The Redevelopment was only possible through the generosity of our visitors and supporters, as well as support the following funding organisations:

National Lottery Heritage Fund Scottish and Southern Energy
Garfield Weston Foundation Foyle Foundation
Highland Council Robert Barr’s Charitable Trust
Museums Galleries Scotland Historic Environment Scotland
Pilgrim Trust Swire Charitable Trust
R.F. Charitable Trust Association of Independent Museums
Hugh Fraser Foundation Foundation Scotland
Finnis Scott Foundation Idlewild Trust
Tesco Community Grants Lochaber Community Fundraising Group
Royal Celtic Society Mickel Fund

18

Glencoe Folk Museum Report of the Trustees for the year ended 31 October 2024

Financial review

Reserves policy

The charity tries to maintain reserves in order to pay for its annual running costs. The charity tries to generate these unrestricted reserves out of annual surpluses on charitable activities. However, this is not always possible. When unrestricted reserves are falling, transfers are made from the endowment fund.

All our reserves are designated for two purposes:

Investments

The charity employs investment managers to make investment decisions on its behalf. Amounts are currently held in a diversified portfolio. These investments are held as endowment funds. The Museum was active in ensuring that investments would be held in an ethical investment portfolio.

Trustees' responsibilities in relation to the financial statements

The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting practice).

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

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

19

Glencoe Folk Museum Report of the Trustees for the year ended 31 October 2024

Armstrong Watson LLP were deemed to be appointed as independent examiner.

Armstrong Watson LLP Caledonia House 89 Seaward Street Glasgow, G41 1HJ

This report was approved by the Board of Trustees on and signed on their behalf by

Chair, Glencoe Folk Museum 28 May 2025

20

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GLENCOE FOLK MUSEUM SCIO

I report on the accounts for the year ended 31 October 2024 set out on pages 21 to 33.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of the independent examiner's report

My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as 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 accounts.

Independent examiner's statement

In connection with my examination, no matter has come to my attention :

have not been met; or

Armstrong Watson LLP Caledonia House 89 Seaward Street Glasgow G41 1HJ

28 May 2025

21

GLENCOE FOLK MUSEUM SCIO

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2024

Unrestricted
funds
Notes
£
INCOME FROM
Donations and legacies
2
3,082
Charitable activities
5
Charitable activities
43,201
Other trading activities
3
741
Investment income
4
-
Other income
-
Total
47,024
EXPENDITURE ON
Raising funds
6
-
Charitable activities
7
Charitable activities
89,900
Total
89,900
Net gains/(losses) on
investments
-
NET
INCOME/(EXPENDITURE)
(42,876)
Transfers between funds
17
2,385
Net movement in funds
(40,491)
RECONCILIATION OF
FUNDS
Total funds brought forward
139,825
TOTAL FUNDS CARRIED
FORWARD
99,334		 Restricted
Endowment
funds
fund
£
£
-
-
248,536
-
-
-
-
2,455
-
-
248,536
2,455
-
1,200
179,259
-
179,259
1,200
-
14,266
69,277
15,521
-
(2,385)
69,277
13,136
283,224
97,459
352,501
110,595		 2024
Total
funds
£
3,082
291,737
741
2,455
-
298,015
1,200
269,159
270,359
14,266
41,922
-
41,922
520,508
562,430		 2023
Total
funds
£
3,349
328,459
35,796
3,259
1,062
371,925
1,900
164,560
166,460
(1,485)
203,980
-
203,980
316,528
520,508

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

22

GLENCOE FOLK MUSEUM SCIO

BALANCE SHEET 31 OCTOBER 2024

Notes
FIXED ASSETS
Tangible assets
12
Investments
13
CURRENT ASSETS
Stocks
14
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
17
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 2024
£
94,258
110,596
204,854
4,429
356,297
360,726
(3,150)
357,576
562,430
562,430
99,334
352,501
110,595
562,430		 2023
£
95,310
97,459
192,769
4,814
326,383
331,197
(3,458)
327,739
520,508
520,508
139,825
283,224
97,459
520,508

The financial statements were approved by the Board of Trustees and authorised for issue on 28 May 2025 and were signing on its behalf by:

The notes form part of these financial statements

23

GLENCOE FOLK MUSEUM SCIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities and Trustee Investment (Scotland) Act 2005.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements are presented in Sterling (£).

Going concern

The Trustees have a reasonable expectation that the charity has adequate resources and reserves to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Provisions

Provisions are recognised when the charity has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the charity will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Judgements

The charity considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The trustees consider there are no such significant judgements.

Income

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

The value of donated services provided to the charity are recognised at their open market value in the period in which they are receivable as incoming resources, where the benefit to the charity can be reliably measured. An equivalent amount is included as expenditure under the relevant heading in the Statement of Financial Activities.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Charitable activities

Costs of charitable activities are incurred on the charity's day to day operations, including support costs and costs relating to the governance of the charity.

24

continued...

GLENCOE FOLK MUSEUM SCIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024

1. ACCOUNTING POLICIES - continued

Governance costs

Consists of the costs of the accounts preparation and other financial services and any expenditure incurred in compliance with the legal requirements of the charity.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property - 1% on reducing balance Plant and machinery - 25% on reducing balance

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like property, plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted, designated and endowment funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

Debt instruments that are payable or receivable within one year, typically other debtors and other creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

25

continued...

GLENCOE FOLK MUSEUM SCIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024

1. ACCOUNTING POLICIES - continued

Financial instruments

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

2. DONATIONS AND LEGACIES

2.
DONATIONS AND LEGACIES
Donations
3.
OTHER TRADING ACTIVITIES
Admissions
4.
INVESTMENT INCOME
Income from listed investments
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Grants
Charitable activities
Grants received, included in the above, are as follows:
National Lottery Heritage Fund
Highland Council
Museum Galleries Scotland
High Life Highland
AIM Coffin Boat
Garfield Weston Foundation
Swire Foundation
SSE
Other grants
Robert Barr's Charitable Trust		 2024
£
3,082
2024
£
741
2024
£
2,455
2024
£
291,737
2024
£
138,230
33,793
31,096
9,408
2,500
-
-
43,000
8,710
25,000
291,737		 2023
£
3,349
2023
£
35,796
2023
£
3,259
2023
£
328,459		 2023
£
3,349
2023
£
35,796
2023
£
17,046
-
12,500
14,164
-
100,000
20,000
154,000
10,749
-
328,459

26

continued...

GLENCOE FOLK MUSEUM SCIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024

6. RAISING FUNDS

Investment management costs
Portfolio management
7.
CHARITABLE ACTIVITIES COSTS
Charitable activities
8.
SUPPORT COSTS
Charitable activities
Support costs, included in the above, are as follows:
Independent Examiner's fee
Legal and professional fees		 2024
2023
£
£
1,200
1,900
Support
Direct
costs (see
Costs
note 8)
Totals
£
£
£
257,424
11,735
269,159
Governance
costs
£
11,735
2024
2023
Charitable
Total
activities
activities
£
£
4,600
1,890
7,135
5,477
11,735
7,367

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 October 2024 nor for the year ended 31 October 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 October 2024 nor for the year ended 31 October 2023.

27

continued...

GLENCOE FOLK MUSEUM SCIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024

10. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2024
£
96,997
4,654
2,356
104,007		 2023
£
91,428
8,811
2,172
102,411

The average monthly number of employees during the year was as follows:

2024
Administration
5
No employees received emoluments in excess of £60,000.
11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
Endowment
funds
funds
fund
£
£
£
INCOME FROM
Donations and legacies
3,349
-
-
Charitable activities
Charitable activities
14,164
314,295
-
Other trading activities
35,796
-
-
Investment income
-
-
3,259
Other income
1,062
-
-
Total
54,371
314,295
3,259
EXPENDITURE ON
Raising funds
-
-
1,900
Charitable activities
Charitable activities
94,482
70,078
-
Total
94,482
70,078
1,900
Net gains/(losses) on investments
-
-
(1,485)
NET INCOME/(EXPENDITURE)
(40,111)
244,217
(126)
Transfers between funds
81,484
16,848
(98,332)
Net movement in funds
41,373
261,065
(98,458)
RECONCILIATION OF FUNDS
Total funds brought forward
98,452
22,159
195,917
TOTAL FUNDS CARRIED FORWARD
139,825
283,224
97,459		 2023
6
Total
funds
£
3,349
328,459
35,796
3,259
1,062
371,925
1,900
164,560
166,460
(1,485)
203,980
-
203,980
316,528
520,508

28

continued...

GLENCOE FOLK MUSEUM SCIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024

12. TANGIBLE FIXED ASSETS

Freehold
Plant and
property
machinery
£
£
COST
At 1 November 2023 and 31 October 2024
115,995
11,573
DEPRECIATION
At 1 November 2023
21,153
11,105
Charge for year
935
117
At 31 October 2024
22,088
11,222
NET BOOK VALUE
At 31 October 2024
93,907
351
At 31 October 2023
94,842
468
13.
FIXED ASSET INVESTMENTS
Cash and
Listed
settlements
investments
pending
£
£
MARKET VALUE
At 1 November 2023
95,792
1,667
Additions
19,163
(1,015)
Disposals
(16,938)
-
Revaluations
11,927
-
At 31 October 2024
109,944
652
NET BOOK VALUE
At 31 October 2024
109,944
652
At 31 October 2023
95,792
1,667		 Totals
£
127,568
32,258
1,052
33,310
94,258
95,310
Totals
£
97,459
18,148
(16,938)
11,927
110,596
110,596
97,459

There were no investment assets outside the UK.

The following investments held in individual entities at 31 October 2024 exceed 5% of the portfolio value:

Holding £
Vanguard Funds S&P 500 Fund 14.74% 16,303
Brown Advisory Sustainable Growth Funds 8.74% 9,661
Fidelity Income Funds 8.56% 9,470
IFSL Evenlode Investment Funds 7.96% 8,806
Royal London Sustainable Funds 6.73% 7,446
Blackrock Funds Managers Ltd 5.35% 5,920

The investments have a fair value of £109,944 (2023: £95,792) and a historical cost of £99,551 (2023: £97,327).

29

continued...

GLENCOE FOLK MUSEUM SCIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024

14. STOCKS

Stocks
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Taxation and social security
Other creditors
16.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
Restricted
Endowment
funds
funds
fund
£
£
£
Fixed assets
94,258
-
-
Investments
110,596
-
-
Current assets
(102,370)
352,501
110,595
Current liabilities
(3,150)
-
-
99,334
352,501
110,595
17.
MOVEMENT IN FUNDS
Net
At
movement
1/11/23
in funds
£
£
Unrestricted funds
General fund
44,983
(41,941)
Designated fund
94,842
(935)
139,825
(42,876)
Restricted funds
Fixed asset funds
125
(31)
Clan Donald Chart Digitisation
23
-
Social Enterprise Scotland
161
-
AIM Coffin Boat
2,367
2,429
Development Project
280,548
66,879
283,224
69,277
Endowment funds
Endowment fund
97,459
15,521
TOTAL FUNDS
520,508
41,922		 2024
£
4,429
2024
£
-
3,150
3,150
2024
Total
funds
£
94,258
110,596
360,726
(3,150)
562,430
Transfers
between
funds
£
2,385
-
2,385
-
-
-
-
-
-
(2,385)
-		 2023
£
4,814
2023
£
1,908
1,550
3,458
2023
Total
funds
£
95,310
97,459
331,197
(3,458)
520,508
At
31/10/24
£
5,427
93,907
99,334
94
23
161
4,796
347,427
352,501
110,595
562,430

30

continued...

GLENCOE FOLK MUSEUM SCIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Designated fund
Restricted funds
Fixed asset funds
Museum Galleries Scotland
National Lottery Heritage Fund
AIM Coffin Boat
Development Project
Endowment funds
Endowment fund
TOTAL FUNDS		 Incoming
resources
£
47,024
-
47,024
-
31,096
138,230
2,500
76,710
248,536
2,455
298,015		 Resources
expended
£
(88,965)
(935)
(89,900)
(31)
(31,096)
(138,230)
(71)
(9,831)
(179,259)
(1,200)
(270,359)		 Gains and
Movement
losses
in funds
£
£
-
(41,941)
-
(935)
-
(42,876)
-
(31)
-
-
-
-
-
2,429
-
66,879
-
69,277
14,266
15,521
14,266
41,922

Comparatives for movement in funds

Unrestricted funds
General fund
Designated fund
Restricted funds
Fixed asset funds
Museum Galleries Scotland
Clan Donald Chart Digitisation
National Lottery Heritage Fund
Social Enterprise Scotland
AIM Coffin Boat
Development Project
Endowment funds
Endowment fund
TOTAL FUNDS		 At
1/11/22
£
2,655
95,797
98,452
167
19,373
23
-
161
2,435
-
22,159
195,917
316,528		 Net
movement
in funds
£
(39,156)
(955)
(40,111)
(42)
(24,007)
-
(12,214)
-
(68)
280,548
244,217
(126)
203,980		 Transfers
between
funds
£
81,484
-
81,484
-
4,634
-
12,214
-
-
-
16,848
(98,332)
-		 At
31/10/23
£
44,983
94,842
139,825
125
-
23
-
161
2,367
280,548
283,224
97,459
520,508

31

continued...

GLENCOE FOLK MUSEUM SCIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024

17. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Designated fund
Restricted funds
Fixed asset funds
Museum Galleries Scotland
National Lottery Heritage Fund
AIM Coffin Boat
Development Project
Endowment funds
Endowment fund
TOTAL FUNDS		 Incoming
resources
£
54,371
-
54,371
-
12,500
17,046
-
284,749
314,295
3,259
371,925		 Resources
expended
£
(93,527)
(955)
(94,482)
(42)
(36,507)
(29,260)
(68)
(4,201)
(70,078)
(1,900)
(166,460)		 Gains and
Movement
losses
in funds
£
£
-
(39,156)
-
(955)
-
(40,111)
-
(42)
-
(24,007)
-
(12,214)
-
(68)
-
280,548
-
244,217
(1,485)
(126)
(1,485)
203,980

General fund

The general funds are available for use at the discretion of the Trustees in accordance with the charity's objectives. It is maintained at a level sufficient to allow the organisation time to adjust to changing financial circumstances.

Designated fund

The designated fund represents property purchased to house exhibits not on display, stock of books and pamphlets etc, for resale and to provide accommodation for the Curator.

Fixed assets fund

Grants were received from Museum Galleries Scotland in 2013 and 2015 towards the cost of audio and computer equipment. This fund represents the net book value of the respective assets.

Museum Galleries Scotland

Grants received for furtherance of the charity's objectives.

Clan Donald Chart Digitisation

A grant received for chart digitisation.

National Lottery Heritage Fund

A restricted grant for the SCIO's major capital project.

Social Enterprise Scotland

Grants received to assist with the charity shop.

AIM Coffin Boat

Grants received for the conservation and building of a cradle to support the coffin boat.

Development Project

Grants received for the ongoing development project being carried out.

Endowment fund

32

continued...

GLENCOE FOLK MUSEUM SCIO

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024

17. MOVEMENT IN FUNDS - continued

The fund represents the legacy from Miss Fairweather. These reserves are invested in stocks and shares to produce income for the general running of the Museum. The investment income is initially credited to the endowment fund and then transferred to general funds.

18. EMPLOYEE BENEFIT OBLIGATIONS

The charity operates a defined contribution pension scheme, the assets of which are held in a separate fund. The charity also makes contributions to the private pension schemes of certain employees. The amount paid in the year and charged to the Statement of Financial Activities amounted to £2,356 (2023 - £2,172).

19. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 October 2024.

33