THE DUNBEATH PRESERVATION TRUST REPORT AND ACCOUNTS for the year eded 31 ,Mar¢h 2025 Reid & Fraser CharterLd Accounlants 15 Princes Strccl Th4Lrso Caiihness KW14 7BQ
THE DUNBEATH PRESERVATION TRUST LEGAL AND ADMINISTRATIVE IP4FORMATiof* F4)r the year ended 31 MAr¢h 2025 TEiLS"I'EES Resigned 03.12.24 ADK'ISORS OFFICIALS ChaiTreTson Vice Chairperson S¢ctetary Ho.TseT IANAGERJCURATOR: PRINCIPAL OFFICE: Old School DunFEath Caitkn)ess KW6 6ED STOCKBROKERS Bar¢lay$ InvcsimLnt Solutions Ltd 120 Bothwell Street Glasgow G2 7JT BANKERS Virgin Money PLC SOLICITORS Younu Robertson & Co Solicitors and Est&(e A2enlS 29 Traill Strcel Tlivrso KW148EQ Cliari¢red ALLountants 15 Prin¢es Stre¢t KIV147BQ CHARITY INUMBER SCOOJ175 Page I
THE DUNBEATH PRF.SERVATION TRUST TRUSTEES, REPORT for the }ear ended 31 larch 2025 Th¢ Tru3t¢¢5 pr¢3cnt thcir rtport nd thc financial statements for the ¢harity for the peri ¢Adcd 31 March 2025. STRUCTURE. GOVERNANCE AND MAISAGEMELNT Governing Document The Charity is a Seoirish C'haritsblc Incorporated L)roaiiisaiion ISC IOI. li was regis(ercd in irs cuffeni ILiial Iu-'.11 Llll jll fj;tr£'li ?Dl 5. TIIL cI)<iritv was prcviousl). (i Trust, ¢Tl¢d by a decd dated 15 May 1985 by thc sdtloz aiid it wa5 modeniisèd on his instructions in 2001 further in 2011. Appointment Df Trustees Tlic Tnistees during Ihe year of review lo the date of this report are delaild on Company Infornution page l. Twslees consist of "Local" and "Expen" trnstees. One Iliird of ihe irusiees in each caielwory -'Local"' and -'Expen" mire am)ually ai ihe Annull Gciietal Mcctins but sl)all be eligible for re4le¢tion. Or%anisational Structure The (harily is run by thc Trustees who meet on a regular b1$ and whose polici¢s and decisions are impl¢mented by a Board of Ol¢ials. The names of Ihe Trusiees and ol¢la15 who actal thring the year are lisied on page l. I"he Trusiees and Officials are not remunerdted for sm'ices provided in their capaciry as Trusicclotricial. Tl)e daily adminisiratton of th¢ ¢h4rity is handl¢d by an exptricnced mcrnber of Siaff_ OBJECTIVES AND AlI1[TREs The objcciives of thc chl£ riiy ar¢ thc preserva110 enhattcemeni ind developmcnt for educational and other charitable purp05e5 of the ga)ernl localiry of Dunbeaib, Caiihncss wilh particulaT referente io irs resources iii r¢spect of prehistoric siies, ancient nioniim¢nts, historic buildings, swial liis10ry and general enviroiimeni including its fl. fauna and geolo. Th¢ Boai Stlcd is open to ihe public daily duiing the sutXLmLY rnoiiihs. Full Actreditalion siatus under ihe Accredilation Scheme (Mun Galleries Stot]and) and our 4-star rating tlirov¥h VisitS¢otland is retained. FUTURE PLANS The Iciiral ofihc lun¥ 5ervTn¥ dnd ihe posilion ofoevelopinent whosc funding h¢15 now Loinc to an cnd, rcquir¢s US to focu5 shaTply on our prioTiIÉL¥ for thc corning y¢Jrs. Th¢ plans to restore ihe Salmon Bothy proved to be too probleThati¢al for varinus re2sons. not lea%t fundino but also rhe prdetiealities ofthe aCceibility of the area for visitors and also sourclli2 Staffing to service such a Venre completton. We very much want lo recThit volunteers to becorne involva in staffmg the Heritage cenire itself tt) enable Il lo iiicrease 115 opening hours. It has been challenging In (he pasi ro gei individuals io con]e forn'ard bui ihcre will bc a drive io byei morc voluntc¢rs wilh local kiiowlcdgc ard hisiorical interests io offcr Ehcir limc. A5 thc FILYitoge Ccntrc ii) r¢c¢nt ycirs has only managed to offer restricted opening. we feel that the involvement of more vcjlunteers and icam leaderlman&lger WDLild noi onl). allow us io incT¢ase the houTS but would also encournge more lo¢ab (o use the museum and aiiei)d ell1$ on offer. This in turn would promote Ihe need for volunleers lo continue the work to siistain and expand the centre for the fuiure. li is clear that niost visi¢ors spend tinie at IIK harur ar¢a whu¢ n)03t of our Lwildiiigs Jr¢. Tlicy mu3t be encouraged io visit Ihe Ileriiage Centr¢ where they ¢3n f)nd out 50 niuch more. Central to this is a team of volunteers who are able lo keep the Heritage Cenlre open for more hours aNd who will create a vibrani and ivelcoming alniosphere. It is our inteniion to reach out ii)lo rlie communiry for volunieers. If fvnding allows. we would hope to offer a new posilion of managerlieam leader for tlies¢ volunteers. In ord¢r to fulfil our obligations forac¢reditaiion w¢ Ii?ve to access cut31orial expertise- IÈ is envisaued that thi% will be In d)e fonn of a part lime ad hoc posilion or on a consullative basis. Gii'en a new ieam we would hopc Èu refresh & reYitslis¢ ihe d15piays dThl drtefdLls 111 Ili¢ HLiitsge Ceiilie 4111d Iliiou¥li iicw iiiftsi"tiJaLive paiiels in the harboiir Trrca wc woidd form gr¥aicr links E¢tM"eety our hrlxur buildings and ihc H¢rit3ge Centre. Increased foot fall coupled with 4 nre vibrant visiror experience will incre revenu
THE DUNBEATH PRESERVATION TRUST TRUSTEES. REPORT for the year ended 31 March 2025 (¢ontinued) Undoubiedly ihe Heritagc Centr¢ would benefit from a mor¢ flexible and etYici¢ni healing systein. Funding had been applied for a nior¢ sustainable hcating system bul, given thc fabric and posilion of the building much more iiispcclion aiid calculations on insulaiion requiremeiits and possibilities M'ould have to be carried out to ensure thai any Sysleiii conteinplaied would be sllltable for the fviure. The Same funding sirean) is available in the coiniiig year and we iiiiend io have these investigations Carried out prior lo making fijrther appli¢alions. A ii)ajor focus is on the fabric of Il)e buildings ai the harbour where maiiitei)ance work is required. The lar8¢ fislicnt)en's stOTC roo(i)¢¢ds aiteiitionlrepla¢¢m¢nl. li is hoped thai fuiiding may be sourced io allow us io uiidcrtake repairs on Il)is. li is also our inlentioi) if funds allow. to develop ih¢ ice liouse into mor¢ of a visilor experien¢¢ Ptsbsibly allowiii&F access to tlie bliilding. Tentative enquiries have alrcady bLYn made regarding tliis. In tlie pasi year w¢ have relad th¢ popvlar boat house with larcl) and il will again be open for visitors in the coming SLitnincr season. TRUST FUNDS Tlie cliarily's LTencral fund5 consisl of funds which the charity may use for its Purposes at irs discretion. The charity lias an Endowinent whicl) li musi endcavour to reiaii) inia¢i as part of ilie cliariry's ¢apital. Tl?e eiidowinent has b¢¢n iiivested to provide income for its activities. FINANCIAL REVIEW The reslilrs for the year are reported in Ihe financial sialements. Tlic financial review ha5 shown tliat stringent measiir¢g are reqLiir¢d to allow the charity to k¢cp tlie books balanced. As k rcsiilt. the Heritag¢ Muscuin is open to tlie piibli¢ for thr¢e days per week. Loi¢ staff hours w'tll remain ai 21 hours per week and ihc Trust will seek to improv¢ volLinteer input. CHARITABLE STATUS The charity is rcgisrered with HM Re&¢nue & Customs as a charity under the registtation number STO17114. STATEMENT OF TRUSTEES, RESPONSIBILITIES ic Charities and Tnistcc Investnieiil (Scotland) Act 2005 and ille Chartties Accounts {Scoilandi Regulations 2006 las ainend¢dl reqiiire tlie TNstees lo propLrly prepare accounls for cacli fii)ancial year which giipe a true and fail view of tl)e finanLial aciivitics of the charity and lis financial position ar the end of that year. In preparing those accounts, the Tnistccs arc rcqiiired io.. s¢leLI Sultablc accounting policies and apply tliem ¢onsist¢ntly.' make jiidgemenis and estimales that are reasonabl¢ and prudent.. slate whetS)er the policies adopted are iii accordance with Chariiies Accounts (Scotlai)dl Regularions 2006 (as airei)d¢dl and with applicabl¢ statements of recommended practice. subjecl to any maierial departures disclosed and explained in the financial stalemenis: prcpare the finaiicial statcments on a going concern basis unless it is inappropriate to assume i11 Ilie charity wtll continue in operation. Tl)c Triisl¢¢s are responsible for k¢eping propcr accounting records wliich disclose with reasonable accuracy at any lim¢ Ihc financi£11 position of ihe charily nd enabl¢ ihcm to ensurc ihai the financial slic tcincnis comply with thc Charities and Trusiee Investnienl Iscotlandl Aci 2005 and Ilie CliariEies Accounis IScotlai)dl R¢gulaiions 2006 las aineiid¢d). They are also responsibl¢ for safegiiarding the asseis of ihe chariry and hence for iaking reasonable sieps for the preveiition and dereciion of fraud and other irregulariti¢s.
THE DUNBEATH PRES£RVATIO&N TRUST TRUSTEES. REPORT for the )'eAr ended 31 h.larch 2025 (continued) RISK fvIANAGENIENT The Trustees have a dlity to ideniify and review the risks to 'hICh ihe chlty is axposed and to cnsute apprnpriate controls are in place to provide reasonable assurancc against fraud amd ¢rriY. On behalt. ol'the bL)ard Vice-cliairpersoii Page 4
THE DUNBEATH PRESERVATION TRUST lkndependent Examiner's Report to th¢ Trustees for the year e*ded 31 NIar¢h 2025 I report on the accounts of the charity for the year en(kd 31 March 2025. which are sei out on pages 6 to 12. Respeetive r¢sponsibilities of trustecs snd indepcttdent ex#min¢r The charitys IntteS are responsible for Ihe prepaAtion of the xcounts ill accordance with th¢ lem of the Chariiies aiid TTusiee Invesinienl Iscotland) Act 2005 and Ihe Charities Accounts (Scotlandi RegulatN)ns 2006. The ¢hafity trnslees ¢onsid¢r ihat the audit requirejneni of Reeulation 101 I } la) {cl of ttje .4ccounts Re(Fulaiions does not apply. It is iny r¢spuiisibili(y ¢0 examin¢ ihe accouiits as r¢quir¢d und¢r section 4411) Icl of ibL Aci And state Hhetherpdm¢ular ni&tlus hllvc come lo my <cnlion. Basis of independenr tx#Thiner's 51alement My exatTrin&tiQil is carried out in accordance with R¢ouEaiion I l of the 2(K16 A¢¢ouiiis Reclulaiions. An exaniinaiion includes a revtew of ilie accouniinn re¢dS kept by the charits. aThl a c(Knparisoii of the accounL8 presenied witli Ihose r¢¢ords. li also includcs considcration of any UEiUSual LLuns 01 dix105urc5 Lll tl]e accow)ts, and seeks explanaLions fron) the tmstees concernirto any such maiters. The procedures ui?denaken do noi provide all the evidence thot th'ould bc requirLd in an audit. and COilSL'quenil) I do nol express an audii opini(m ihe Yiew ¥iven by il)e accounts. Indepelldent e¥aminer's 51atement In th¢ CQLiE5e of my ¢xamination. thIn ha5 io aii¢ntion whieh oives rne reasonable cause to believe that in amy material respect, the requttrment$= lo keep accounting records in accoTdanc¢ with Scction 44 (1)(a) of the 2005 Aci and Regidation 4 of the 2006 Accounts Rcgiilaiions, and to preparc accoiinls which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Rcgularions have noi becn mel, or to which. in my opinÉon. alt¢ntion should be &awn in ordw lo er•ble a proper und¢rstanding of the accounts to b¢ reached. Reid & Frascr Chartered Accoun¢anLs 15 PriiiLes Sire¢i T])urso KW147BQ Date: (l.11.ZS. PaE¢ 5
THE DUNBEATH PRESERVATION TRUST Statement of Financi21 Actii'ilies (incorporating Income and Ependiture Account) For the year ended 31 Mnrch 2025 Total funds 2025 TotAI funds 2024 Permanent Endo*'ment Restricted Unrestricted fund5 funds Note Income re$ouree$ Donaiions Donated volunteer linie Aciivili¢s to further ih¢ Trust's objeciives: Grnnts Fui)draising Iiiv¢slin¢ni incom¢ RLalised gain from investnients Unrcalis¢d gain from investrnents Reiilal income Suiidry income 4,393 5,697 4.393 5.697 3,346 4,621 23,614 23.614 1.004 10,494 19,127 1,683 10.371 1.004 10.494 125 125 21 255 ?55 4.884 324 22,267 2,330 68? 4,884 324 Total incoming resources 380 23.614 26,796 50.790 64,448 Resource5 expended Costs of generarin fiinds= Stocks Manaernent & adniini%ira¢ion Charitable expendittire 228 228 12? 1.025 1.025 1,005 22.266 24.346 1.348 46.612 1.348 51.838 500 Governance Cos Realised loss froin investiiients Unrcaliscd loss from investments Total resources e¥pend¢d 1.025 22,266 25.922 49,213 53.465 Net moi'ement in funds 12 (6451 1.348 874 1.577 10.983 Funds transferred {10.000) i 0,000 Total funds brought forivArd 344.261 443.608 33,823 821.692 810,709 Total funds cmrrled forivard 12 333.616 444,956 44.697 823.269 821,692 There w¢r¢ no recognised gains or losses for the years oiher ihan thos¢ included in the Stateineni of Financial Activities. Paee 6
THE DUINBEATH PRESERVATIO) TRUST Balanct Sbeet •5 at 31 fvlarch 2025 Notes 2025 2Q24 Fixed 95sets Freehold Properfy Fittings and Equipment Art-work Investment Property ?97.536 396,229 25.799 39.000 i9.0(K> 102.074 462,860 461,028 Investm¢Dts At tnarket value 333,616 344.261 Current A5set5 Cash ai bank - General Account Cash ai bank - Redevelopmeni Account Stock on hand Casl) on haiid SuTtdry debior5 11.436 12.001 2.922 i2) ?,69) 4.231 8.249 3,015 325 2.590 29.377 18.416 Current LlabilÈtios Sundry cr£di$S (2,584) (2,0131 et assets 823.?69 821.692 RepTesenting: CapitAI Fnd. Pennanenl Endowmenl 333.616 344,261 Restricted Funds Revalualioii Rcsfrve Old Sehoolhouse Utlice Conwsion Glasgow UiiiY¢rsity Visitors C¢ntre and Exhibition H8rbour Propernies Redevelopin¢nt Projcct Fishings Phase 2 Projecls 28.665 28.335 3,170 36.888 34.279 279.830 32.85) 936 28.665 28,335 3.170 36.888 34.279 279.810 32,8)3 (4121 444.956 443.608 Unrestritted Fund, General 44.697 12 823269 821.692 ice-ChairFrson Page 7
THE DUNBEATH PRESERVATION TRUST I 'otes to the financial statements for the )'ear ended 31 larch 2025 I ACCOUN'TifiG POLICIES The financial stateiiient5 of the charity, which is a public bertefii eiiiiry under FRS 102, hove been prepared ii) aeeordttiice with Ihe Charities SORP IFRS 1021 'Ac¢ouniii)g and Reporting by Chariiies.. Siatemenl of Reconimend¢d Pi'aclice applicable to charities prepariiig their accoui)ts in accordaiice with ihe Finaiicial Reportiiig Stai)d8rd applicable in the UK aiid Republic of Irclaiid IFRS 1021 (effcctive l Jaiiuary 20191,. Financial Rcportii)g Siandard102'Thc Financial ReporiiiJg Stai)dard applicablc iii Ihc UK aiid Rcpublic of Ircland, and ilie Charities aiid Tnlee Invcslin¢nt (Scotlandl Aci 2005. Tlie financial sia¢¢ni¢nts have been pr¢pared und¢r ilie hisiorical cost conveniioii. Income All voliintary in¢oin¢ is in¢liided in income on receipt except where ihe donor r¢quires the sum to be invested to provid¢ incom¢ for th¢ charity's piirpos¢s. in which case it is treated as an endowinent. Income froin investiiient5 is reco£nised in ihe Income and Expenditure Accouiil when receivable. Grants receivable, incliiding grants for the purcliase of fixed assets, are credited to the Statemcni of Financial Activities ISOFAI iii tlie year for ivhich tliey arc r¢ccivcd. Deferred income represents amounts received for fiitiire periods and is released io incomiii¥ r¢sour¢¢s in the period for whicl) it has been received. Resources expended All expenditiire is included on an accruals basis. Unrestricted funds Ui)res(ricied funds are incoming resources receivable or gen¢tated for the objects of the charity without rther specified purp05c ai)d are available as general funds. Restricted funds Re51riLled fisnds are to be used for specific purposes as laid down by the donor. Expendilure which mc¢ts these criteria. is charged to the fiind. Fixed assets Fixed assct5 arc origii)ally rccordcd at cosi. Depreciation is calculated so as ¢0 write off the cosl of ali asset, less irs estimated residual value. over its us¢ful ¢conomi¢ life as follows= Fit(ings and equipmenl 15 /0 and 250/0 reducing balance Fixed asseis consisting of exhibition ¢quipment and archival material are not capilali5ed but are writtei) off oil acquisitlOl1 through ihe Incon)e and Expenditure Accounl. as a substai)¢ial part ofthese assets is eonsidered inaliei)able. Depreciation is iio longer cliargLd oil freLliold lund and buildings and ariworks. Investment Property liivesliiieiil properly is shown at most reeent valuation. Any aggregate sulUS or deficit aristng from ¢hang¢s iii fair value 18 recognised iii tlie Siarement of Finaiicial Aciivilies. Investmcnts Invcslii)ei)ts are iiicluded at market value ai ilie balance she¢1 dare. Any gain or loss 011 rcvalualion is taken 10 the 51ateinent of finai)cial activities ISOFAI. R¢alis¢d gains or losses on the sale of invesim¢i)rs are shown irt the SOFA before being iransferred lo ihe Pernianeni Endowment fund. Page 8
THE DUNBEATH PRESERVATION TRUST Notes to the financi41 statements for tbe year ended 31 March 2025 {tontinued) FIXED ASSETS Freehold Fittings & Propertv Equipment Art-m'ork Tot*1 COST Balan¢c Mt l April 2024 Additions d(Iring year RL'classificaiiun 420.357 3,381 1102,074) 144.530 142 47.827 612.714 3.523 1102,074} Balance al 31 March 2025 321.664 144.672 47.827 514.163 DF.PRECIATION Balaiic¢ ai l April 2024 Elimiftatcd 24,128 118,731 8.827 151.686 Charge for year 1.691 1,691 Balance at 31 March 2025 24,128 120.422 8.827 153.377 NET BOOK VALUE AT 31 March 2025 297.536 24.250 i9,000 360.786 NET BOOK VALUE AT 31 Marcli 2024 396,229 25.799 39.000 461,028 liicluded in th¢ lolal for freehold property broughi forward is the Old Schoolhouse which has been reclassified duri11 the year as investment property. Tlie Trusiees ivill revieiir whether a revaluation is required in rh¢ year to 31 March 2026. 3 INVESTMENT PROPERTY FAIR VALUE ReLla55ification 102.074 Balance at 31 March 2025 102.074 NET BOOK VALUE AT 31 hlarch 2025 102.074 NET BnoK VALUE AT 31 MaTclI 2024 4 INVESTMENTS 2025 2024 Market value at 31 March 333.616 344.261 Pa8e 9
THE DUNBEATH PRESERVATION, TRUST Notes to the financial statements for thc year endcd 31 Imarch 2025 {continued) 5 DEBTORS Grants awarded i)ot yet received Other debtors 1,763 930 2.596 2,693 2,596 6 CREDITORS Accruals Otlicr crrdiiors 1,418 1.166 1,418 595 2.584 2,013 7 INCOlI1c RESOURCES TO FURTHER TRUST'S OBJECTIVES Total 2025 Total 2024 Grant income Restricted Unrestricted Hi<Fhland Couneil= Scrvice Level Agreement 6.?72 6.272 6.272 Caithness & North Sutlierland Flind= VolLinteer development officer grant 6.263 Scottish Power R¢newables - Halsary Fund: New lawi)moiver 2.)99 Beatrice Offshore Wind Fami Berriedale & Dunbeaih CC Panel project Harbour Furniture replacemcnt 8.480 8.480 2,952 MILseiLms Galleries Scoiland BSP Governance & Leadership 610 Tot81 grant income 23.614 23.614 19.127 Patre 10
THE DUL¥BEATH PRESERVATION TRUST Notes to the financial Statements lor the year ended 31 March 2025 (continued) COSTS OF FUTHERANCE OF TRUST'S OBJECTIVES Total 2025 Total 2024 Nott Restricted Unre$tr5eted Salaries, National Ii)5ururtce aiid Pensioii coniribulions Telephoiie & In(ern¢i Advertising Stationery Subscriptions Miiseiim archive costs Repairs Gcneral expenses Accountancy fees Rent& rates Eiisiirance Lsght & heal Bank cliarges Volunteers, lime Rental property expenses CompLLiei ¢0S1s Project Costs Depreciation 19,628 5,063 24,691 30,425 729 165 865 324 123 2.721 105 1,250 158 1,934 3.742 729 165 865 324 123 2.721 105 1,250 158 1.934 3,742 144 5,697 772 302 1,199 1,691 737 245 800 346 1,751 350 1,250 858 1,765 3.833 220 4,621 5,697 772 302 1.199 1.439 ?.673 1,964 ?5? 22.266 24.346 46.612 51,838 9 GOVERNANCE COSTS 2025 2024 Independei)i Examiner s fee Bookkceper costs iOO 848 500 1.348 500 10 EMPLOYEE CO.STS 2025 2024 Gross salaries {n¢i of SMP rccovery) Employer's pension ¢oniributions 24,219 472 29,838 587 24,691 30.425 Ther¢ was 8n avera¥e of 1.6 full time equivalenl staff members employed during the year. Pagell
THE DUNBEATH PRESERIIATION TRUST Nut¢s fo thi. Financial Slalemenls for the l'ear ended 311 M arch 2025 (continued) I I ANALYSIS OF IET ASSETS BETII'EEN FUIYDS Permanent Endoivment Total 2025 Total 2024 Restricted Unrestrlcted Tic iiuible fixed assets Invcstmcnts Ciirrent assets Current liabilities 431.330 31,530 462,860 333.616 29.377 (2,5841 461,028 344,?61 333.616 14.067 (441) 15.310 (2.143) (2.013) 333,616 444.956 44.697 823,269 821,692 12 MOVEMENT IN FUNDS Atl April 2024 Nel At31 I larch 2025 moveme Transfers Capit31 fund: Pemianent Endowment i44.261 164)) {10.0001 333.616 Restricted funds: R¢v&lii<l1ion Reserve Old Schoolhouse Office Conver5iO Glasgoiv UnlersitY Visitors, Cenire & Exhibition Harbour Properties Rcdevelopniciii Projeci Fishings Phase ? Projecrs ?8,665 ?8.335 3,170 36.888 34,279 279.830 i2.853 14121 28.665 3.170 36,888 34.?79 279.8JO 32,853 936 .348 Total restricted fund$ 443.608 1,348 444,956 Unre.$tricted funds- General 33,823 874 10,000 44.697 Total funds 8?1.692 1,577 823,269 13 TRANSACTIONS WITH TRUSTEES Thcrc were no transactions with Tnte¢S during the year to 31 March 2025. During ihe previous year, a pr()perty was rented to a Trnstee at market rent. Paoe 12