2025-12-31-accounts

Charity registration number SC010249 (Scotland) Company registration number SC426095

GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Allan Templeton (Chairperson)
	Hector Roy Macintyre (Co vice-chairperson)
	Pauline Butler (Secretary)
	Anne MacLennan
	Jean Ross (Co vice-chairperson)
	Guy Seaman
	Ben Thomas
	Peter Lynn
	Corinna Annetts
	Liz Forrest
	Gordon Mcintosh
Charity number (Scotland)	SC010249
Company number	SC426095
Registered office	Gairloch Museum
	Gairloch
	IV21 2BH
Independent examiner	Paul Hutchison ACA
	Azets Audit Services
	Chartered Accountants
	Quay 2
	139 Fountainbridge
	Edinburgh
	EH3 9QG

GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

CONTENTS

	Page
Trustees' report	1 - 7
Independent examiner's report	8
Statement of financial activities	9 - 10
Balance sheet	11
Notes to the financial statements	12 - 25

GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees present their annual report and financial statements for the year ended 31 December 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS102") and "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).

Objectives and activities

The purpose of the company, as a registered charity, is to promote and encourage interest in, and care for, the history, culture, beauty and character of the Parish of Gairloch, for the benefit of all who wish to be engaged in such advancement of its heritage, be they locally resident, visiting the area in person, or in contact through any form of communication from afar. For a list of activities organised by the charity in the year, please see the 'Exhibitions and Events' section.

Achievements and performance

In 2025 Gairloch Museum continued on its trajectory from a repurposed Cold War bunker to a premier Highland destination. We developed our exhibition and events offer and strengthened community ties through our talks, activities and outreach programme.

This year our income was sufficient to meet our cash outgoings. However footfall was similar to the previous year, and the need to increase visitor numbers to fund more, much needed, front of house sessions has become a priority. To that end we were fortunate in obtaining funding from three private donors to employ a Marketing Officer who began work in September.

The Board of the Museum met six times during the year, with the smaller Executive Group of Board Officers and Staff meeting between times, to address issues and ensure actions. Alistair Stephen (who has been a member of the Events and Outreach and Roundhouse Planning Groups) was co-opted and Sadie Paige (member of Exhibitions Planning Group and with an IT and Strategy background) attended several Board meetings. Roy Macintyre resigned as Vice-Chair. At the end of the year Irene Macintyre stepped down having been one of the longest serving members of the Board. Her contribution and commitment to the work of the Museum has been unswerving and she will be sorely missed (see also below).

There are now a number of Working Groups that meet regularly throughout the Year and report to the Board. They are Exhibition Planning Group, Events and Outreach Group, Financial Strategy Group and Ever Greener Group. Their reports are incorporated within the Board minutes available on the Website.

Our Curator Corinna Annetts continued to provide sound, efficient leadership in all relevant Museum matters. Much of her time was devoted to the Roundhouse Project: liaising with architects and all interested parties, preparing planning and building applications, and writing several substantive grant applications. As a result of this considerable effort the Project is now well underway and the building of the Roundhouse will be a major feature of our 50th Anniversary celebration in 2027. Behind the scenes at the Museum, two volunteers deserve mention. Dorothy Malone continues to provide and develop our genealogy offer, while Sofie Banister assists the Curator with collections work.

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GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

The Exhibitions, Events and Outreach programme was particularly busy with many new activities being trialled, this being the first full year of our MGS funded Events and Outreach Coordinator, Ell Sinclair. For example the programme was extended to include walks and workshops in Poolewe. As ever our Art Exhibitions proved popular with both visitors and locals with many highlights including a prestigious Summer Exhibition from the Royal Scottish Society of Painters in Watercolour (RSW). Our programme of support for the vulnerable in our community was best exemplified by the increasing profile of the Warm Winter/Whatever the Weather Wednesdays.

This year the Cafe did particularly well under its new Manager Noreen Mackenzie and assistant Jen Cockburn. An increased offer included a new menu, longer opening hours and support for many Museum activities. As a result Cafe income increased, although this has been offset by a number of unanticipated maintenance and equipment costs.

The Museum Shop continued to prove popular with both visitors and locals, offering an ever increasing range of merchandise. The undoubted success of our retail offer over recent years can be attributed to the commitment and expertise of Irene Macintyre. So her retirement at the end of the year leaves a gap that will be difficult to fill. However we were extremely grateful for her help in preparing for the new season.

Our Front of House staff, Eilidh Smith and Barbara MacKenzie, supported by a group of committed volunteers, worked hard to provide a warm welcome to all visitors and, judging by comments received, were successful in this respect. Eilidh and Barbara have in addition many other responsibilities behind the scenes, including the operational health and safety aspects of the premises and ensuring that the events and activities programme is promoted through social and print media. We are very fortunate in the quality of our many volunteers who support all aspects of the work and responsibilities of the Museum.

So as we look forward to the new season with optimism, the commitment of staff and volunteers is never taken for granted by the Museum Trustees, and we continue to offer opportunities across our full range of activities to those interested in supporting the culture and heritage of Gairloch parish.

Exhibitions and Events 2025 Exhibitions in the Museum Galleries

March-April	Exhibition 1	Blake Milteer
Preview 1 March	Returning
	Exhibition 2	Carol Cocks
	Inside Outside
May-June	Exhibition 3	Anna Brice Cockland
Preview 2 May	Destination
	Exhibition 4	Derek Robertson
	Bho Bheul an Eòin
July-August Preview 4 July	Exhibition 5 RSW Summer Exhibition	Members of The Royal Society
		of Painters in Watercolour
September-December	Exhibition 6	Lisa Fenton O'Brien
Preview 6 September	Saturation
	Exhibition 7	Sarah Milteer
	Story / Land
Talks, Walks and Films
Friday 31 January	Insights into Wester Ross from early	Nevis Hulme
	maps
Friday 21 February	Protecting Native Wildlife through the	Prof. Xavier Lambin
	control of Mink

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GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Friday 28 March

The Archaeology of Salmon Fishing Alastair Stenhouse

Red Deer - Unearthing our Ancient Story Cath Page

Friday 25 April Red Deer - Unearthing our Ancient Story Cath Page Friday 13 June Destination - artist’s talk Anna Brice Cockland Friday 27 June Bho Bheul an Eòin Derek Robertson (From the Bird’s Mouth) Monday 28 July Guided walk: Stories of the Stones

Guided walk: Stories of the Stones Pauline Butler & Katie Grant (Londubh Burial Ground, Poolewe) Guided Walk: Poolewe Past and Pauline Butler Present An evening with Donald S Murray and John B McMillan

Thursday 31 July

Monday 8 September Friday 12 September Saturday 20 September Monday 13 October

Managing the Last Great Wilderness Dr Kim Crosbie

Doors Open Day, Behind the Scenes: store tours

Tattie Project Talk: The Commonwealth Gayner Mackenzie (James Potato Collection Hutton Institute) Cracks, Chips and Copies: Discovering Prof. Sally Foster New Lives for the Stone of Destiny

Monday 27 October (AGM)

Saturday 22 November Friday 28 November

Story / Land: Gallery Tour

Sarah Milteer

Beavers, Bears and Mountain Hares - Matt Larsen-Daw the Past, Present and Future Wild Mammals of NW Scotland

Every Saturday during the season

Guided walks: Achtercairn Archaeology Jeremy Fenton Trail

Ceilidh House

Mondays fortnightly throughout the year from 20 January to 15 December

Singing, playing music, reading some poetry or prose, telling a story …

Workshops/demonstrations

Fridays 10 January onwards during term time

Cearcall Còmhraidh (Gaelic Bria Mason conversation sessions)

Thursday 13 February

History and Other Inspiration Shona MacLean

Thursday 22 February (2 sessions)

Gaelic Workshop

Anna MacQuarrie

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GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Friday 21 and Saturday 22 March Friday 13 and Saturday 14 June Friday 5 and Saturday 6 September Friday 17 October (Torridon) Friday 14 and Saturday 15 November

Make do and Mend!

Tuesday 25 March

Creative Writing Workshop

Cynthia Rogerson

Thursday 17 April Thursday 16 October

Trad Dance Workshops Build a mini-land yacht

Ell Sinclair

Moray Swanson (Science Skills Academy)

Wednesday 22 October

Eco-printing Workshop

Katie Grant (Highlife Highland Ranger)

Saturday 22 November

Drawing from the Collection (Art workshop)

Blake Milteer

Saturday 6 December

Christmas Tree Ornament Decorating

Book Group

Tuesday 4 February (in person & online)

The Secrets of Blythswood Square by Sara Sheridan

Tuesday 18 March (in person) Wednesday 19 March (online)

The Tailor of Inverness by Matthew Zajac

Tuesday 6 May (in person and online)

Young Art and Old Hector by Neil M. Gunn

Tuesday 10 June (in person and online)

The Diary of a Bookseller by Shaun Bythell

Tuesday 22 July (in person and online)

Restless by William Boyd

Tuesday 26 August (in person and online)

The Road Dance by John Mackay

Tuesday 4 November (in person and online)

One Came Back by Rose McDonagh

Wednesday 10 December (in person and online)

News of the Dead by James Robertson

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GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Creative Writing Group

Tuesdays 14 January; 25 February; 13 May; 17 June; 15 July; 12 August; 7 October; 16 December.

Creative Writing Group

Whatever the Weather Wednesdays

Every Wednesday during term time

Reminiscence mornings based on stimulus objects from the Museum collections.

Games, chat, crafts afternoon

School Visits

25 & 26 September Primary School Maths Week workshops 28 October Gairloch High School SMART group

Visits to Isle View Care Home

13 May; 10 June; 1 July; 18 September; 6 October; 6 November; 16 December

Reminiscence sessions

Other Events

Saturday 24 January

Saturday 28 February Saturday 21 March Saturday 26 March

Pub Quiz Gairloch Museum Pub Quiz Gairloch Hotel Pub Quiz Gairloch Museum The Tattie project: planting

Fridays 2 May, 20 June, 29 August; 31 October; 12 December

Lòn Gaidhlig - Gaelic Lunch

3-9 May

Wednesday 7 May Tuesday 15 July

Archaeology: Community Dig Tom Gardner & Katie Walker Archaeology dig: Open Day

Building the Roundhouse Project: Community Ideas and Feedback

Wednesday 23 July Wednesday 13 August

Fèis Rois Ceilidh Trail

Butoh Dance Performance

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GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Saturdays 23 August & 25 October

The Tattie Project: harvesting the crop

Thursday 4 September Saturday 8 November Wednesday 17 December

New music Allie Ormston & Rò Dark Skies: Bria Mason Gaelic Stories and Songs by the Fire Carols by the Lighthouse Lens

Financial review

An operating surplus of £25,051 on charitable activities combined with a charge for depreciation of £67,755 resulted in a deficit of £42,704 being carried through to the balance sheet financial year compared to a surplus of £28,748 last year. The charity held unrestricted income reserves of £2,078,708 at the year end (of which £1,980,013 represents the net book value of the museum building, fixtures & fittings etc) with restricted funding reserves of £117,337 and £37,628 to an endowment fund. In the view of the trustees, the company has sufficient reserves to enable it to continue to operate for the foreseeable future. Aside from time given by the volunteers, no facilities or services were donated.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Allan Templeton (Chairperson) Hector Roy Macintyre (Co vicechairperson) Pauline Butler (Secretary) Irene Macintyre (Resigned 28 February 2026) Anne MacLennan Jean Ross (Co vice-chairperson) Guy Seaman Ben Thomas Peter Lynn Corinna Annetts Liz Forrest Gordon Mcintosh

Induction and training of trustees

Trustees are appointed in accordance with the charity's governing documents, receive induction information and, where appropriate, training in specific aspects of curation, management and operations.

Key management personnel

A sub-group of trustees comprising a chairman, secretary and treasurer are responsible for setting the terms and conditions, including the remuneration packages, of the charity's key management personnel.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

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GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

This report has been prepared in accordance with the provisisions applicable to companies entitled to the small companies exemption.

The Trustees' report was approved by the Board of Trustees.

A Templeton

.............................. Allan Templeton (Chairperson)

Date: .............................................24th August 2026

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GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

I report on the financial statements of the charity for the year ended 31 December 2025, which are set out on the statement of financial activities, balance sheet and related notes.

Respective responsibilities of trustees and examiner

The charity’s trustees, who are also the directors of Gairloch & District Heritage Company Ltd for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is 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 financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

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

• (a) which gives me reasonable cause to believe that in any material respect the requirements:

• (i) to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

• (ii) to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or

• (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Paul Hutchison

Paul Hutchison ACA Azets Audit Services Chartered Accountants Quay 2 139 Fountainbridge Edinburgh EH3 9QG

01 September 2026 Dated: .........................

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GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025

Current financial year Unrestricted Restricted Endowment funds funds funds 2025 2025 2025 Notes £ £ £ Income and endowments from: Donations and legacies 3 20,741 59,820 - Museum income Admissions 54,674 - - Shop sales 65,680 - - Memberships 7,046 - - Cafe income 96,276 - - Income from fundraising 4 24,713 - - Investments 5 4,195 - - Other income 6 17,523 - - Total income and endowments 290,848 59,820 - Expenditure on: Raising funds 7 2,808 - - Charitable activities 8 313,298 77,266 - Total expenditure 316,106 77,266 - Net movement in funds (25,258) (17,446) - Fund balances at 1 January 2025 2,103,966 134,783 37,628 Fund balances at 31 December 2025 2,078,708 117,337 37,628	Total 2025 £ 80,561 54,674 65,680 7,046 96,276 24,713 4,195 17,523 350,668 2,808 390,564 393,372 (42,704) 2,276,377 2,233,673	Total 2024 £ 139,424 56,579 58,987 7,079 66,737 28,229 309 14,945
		372,289
		741 342,800
		343,541
		28,748 2,247,629
		2,276,377

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025

Prior financial year

Unrestricted Restricted Endowment funds funds funds 2024 2024 2024 Notes £ £ £ Income and endowments from: Donations and legacies 3 16,540 85,256 37,628 Museum income Admissions 56,579 - - Shop sales 58,987 - - Memberships 7,079 - - Cafe income 66,737 - - Income from fundraising 4 28,229 - - Investments 5 309 - - Other income 6 14,945 - - Total income and endowments 249,405 85,256 37,628 Expenditure on: Raising funds 7 741 - - Charitable activities 8 279,472 63,328 - Total expenditure 280,213 63,328 - Net (expenditure)/income before transfers (30,808) 21,928 37,628 Gross transfers between funds (2,217) 2,217 - Net movement in funds (33,025) 24,145 37,628 Fund balances at 1 January 2024 2,136,991 110,638 - Fund balances at 31 December 2024 2,103,966 134,783 37,628	Total 2024 £ 139,424 56,579 58,987 7,079 66,737 28,229 309 14,945
	372,289
	741 342,800
	343,541
	28,748 -
	28,748 2,247,629
	2,276,377

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GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

BALANCE SHEET

AS AT 31 DECEMBER 2025

Notes Fixed assets Tangible assets 12 Current assets Stocks 13 Debtors 14 Investments 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Capital funds Endowment funds 18 Income funds Restricted funds 19 Unrestricted funds	2025 £ £ 1,997,375 22,227 18,451 50,000 156,909 247,587 (11,289) 236,298 2,233,673 37,628 117,337 2,078,708 2,233,673	2024 £ £ 2,043,253 22,363 16,124 - 203,384 241,871 (8,747) 233,124 2,276,377 37,628 134,783 2,103,966 2,276,377	2024 £ £ 2,043,253 22,363 16,124 - 203,384 241,871 (8,747) 233,124 2,276,377 37,628 134,783 2,103,966 2,276,377
			2,276,377
			37,628 134,783 2,103,966
			2,276,377

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................24th August 2026.

A Templeton

..............................

Allan Templeton (Chairperson) Trustee

Company registration number SC426095

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GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

Charity information

Gairloch & District Heritage Company Ltd is a private company limited by guarantee incorporated in Scotland. The registered office is Gairloch Museum, Gairloch, IV21 2BH.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's memorandum and articles of association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

The charity generated net income before depreciation was accounted for in the year, and continues to have a strong asset base and cash position. At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Museum admissions and shop and cafe sales are recognised at the time of the sale. Museum membership is recognised on a cash basis, no deferral is recognised as the income is not a significant stream for the charity.

Income received under contract or where entitlement to grant funding is subject to the performance of specific activities is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

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GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings straight line over 40 years Plant and equipment 15% reducing balance Fixtures and fittings 15% reducing balance

Assets under construction are considered for impairment and will be depreciated upon completion of the project.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Heritage assets

It is the policy of the charity not to capitalise heritage assets belonging to the Museum, where a reliable estimate cannot be made of the asset’s fair value or the information on cost or value is not available and which cannot be obtained at a cost which is commensurate with the benefits to the users of the financial statements. These are in effect inalienable, held in perpetuity, and are mostly irreplaceable. Any financially based valuation would be misleading to the value and significance of the material culture involved. The charity has a clear duty of care for these assets and to make them available for the enjoyment and education of the public as far as is possible, commensurate with their long-term care and preservation. The highest possible standards of collection management are applied, and the catalogues are made available as widely as possible to facilitate all enquiries and requests for information, subject to appropriate security and data protection guidelines.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

1.9 Stocks

Stocks are stated at the lower of cost and estimated selling price.

Net realisable value is the estimated selling price less costs to be incurred in marketing, selling and distribution.

1.10 Current asset investments

Current asset investments are basic financial assets and include short-term liquid investments with original maturities between three months and one year.

1.11 Cash and cash equivalents

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

1.12 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

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GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

1.13 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

At the year end there are no areas where critical judgements or material estimates have been made.

3 Donations and legacies

Unrestricted Restricted Endowment funds funds funds general 2025 2025 2025 £ £ £ Donations and gifts 14,069 13,000 - Grants receivable for core activities 6,672 46,820 - 20,741 59,820 - Unrestricted Restricted Endowment funds funds funds general 2024 2024 2024 £ £ £ Donations and gifts 10,268 23,000 37,628 Grants receivable for core activities 6,272 62,256 - 16,540 85,256 37,628	Total 2025 £ 27,069 53,492
	80,561
	Total 2024 £ 70,896 68,528
	139,424

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GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

3	Donations and legacies				(Continued)
		Unrestricted	**Restricted **	Endowment	Total
		funds	funds	funds
				general
		2025	2025	2025	2025
		£	£	£	£
	Donations and gifts
	Donations - general	14,069	-	-	14,069
	Marketing officer	-	13,000	-	13,000
		14,069	13,000	-	27,069
		Unrestricted	**Restricted **	Endowment	Total
		funds	funds	funds
				general
		2024	2024	2024	2024
		£	£	£	£
	Donations and gifts
	Donations - general	10,268	-	-	10,268
	Winter Warmer Wednesdays	-	2,000	-	2,000
	Permanent Exhibition Improvements	-	10,000	-	10,000
	Education programme	-	11,000	-	11,000
	Richmond Endowment	-	-	37,628	37,628
		10,268	23,000	37,628	70,896

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GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

3	Donations and legacies				(Continued)
		Unrestricted	**Restricted **	Endowment	Total
		funds	funds	funds
				general
		2025	2025	2025	2025
		£	£	£	£
	Grants receivable for core activities
	Grants for running expenses	6,672	-	-	6,672
	Grants for Pushing the Boundaries	-	10,066	-	10,066
	Grants for Whatever the Weather	-	19,562	-	19,562
	Grants for Gaelic Devleopment Officer	-	7,272	-	7,272
	Grant for Gaelic Convenor	-	2,900	-	2,900
	Grant for Geological Timeline	-	1,000	-	1,000
	Grant for Celtman signage	-	1,020	-	1,020
	Grant for Marketing officer	-	5,000	-	5,000
		6,672	46,820	-	53,492
		Unrestricted	**Restricted **	Endowment	Total
		funds	funds	funds
				general
		2024	2024	2024	2024
		£	£	£	£
	Grants receivable for core activities
	Grants for running expenses	6,272	590	-	6,862
	Grants for Pushing the Boundaries	-	14,486	-	14,486
	Grants for Whatever the Weather	-	35,180	-	35,180
	Grants for Gaelic Devleopment Officer	-	9,100	-	9,100
	Grant for Gaelic Convenor	-	2,900	-	2,900
		6,272	62,256	-	68,528

• 17 -

GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

4 Income from other trading activities

		Unrestricted	Unrestricted
		funds	funds
		2025	2024
		£	£
	Exhibition income	24,713	28,229
5	Income from investments
		Unrestricted	Unrestricted
		funds	funds
		2025	2024
		£	£
	Interest receivable	4,195	309

6 Other income

	**Unrestricted **	Unrestricted
	funds	funds
	2025	2024
	£	£
Other income	7,806	2,150
HMRC Gift Aid received	3,684	8,548
Rental & property management fees	6,033	4,247
	17,523	14,945
Raising funds
	**Unrestricted **	Unrestricted
	funds	funds
	2025	2024
	£	£
Exhibition expenses	2,808	741

7 Raising funds

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GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

8 Charitable activities

Staff costs Depreciation and impairment Director's remuneration and pension costs Light & heat, rates & insurance Operating lease payments - office equipment Bank & PayPal charges Property repairs & cleaning Printing, postage, stationary & advertising Exhibitor payments Event & curation expenses General expenses Telephone, internet & computer costs Travelling & subsistence Accounting, professional & bookkeeping fees Goods for resale Share of governance costs (see note 9) Analysis by fund Unrestricted funds Restricted funds	2025 £ 134,956 67,755 36,861 28,664 - 3,680 9,884 3,386 13,607 7,435 5,344 3,606 49 1,507 69,475 386,209 4,355 390,564 313,298 77,266 390,564	2024 £ 103,173 69,995 29,985 26,045 613 3,128 4,998 6,892 18,089 9,896 3,596 3,108 115 690 58,032
		338,355 4,445
		342,800
		279,472 63,328
		342,800

9 Support costs

Charitable activities Independent examination	Support costs Governance costs £ £ - 4,355 - 4,355	2025 £ 4,355 4,355	Support costs Governance costs £ £ - 4,445 - 4,445	2024 £ 4,445
				4,445

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GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

10 Trustees and Key Management Personnel

In accordance with the charity's governing documents, one employee serves as a (co-opted) trustee. During the current year, Corinna Annetts (Curator) served as a trustee for the year and the charity incurred costs of £32,625 in salary and Employers National Insurance costs and pension contriubtions of £5,023. In the prior year Eilidh Smith (Front of House Supervisor) served as a trustee from January 2024 to June 2024 and the charity incurred costs of £11,203 in salary and Employers National Insurance costs and pension contributions of £423. Corinna Anetts (Curator) served as a trustee from June 2024 to December 2024 and the charity paid her £19,245 includinding employers National Insurance, and pension contributions of £711.

None of the trustees (or any persons connected with them) received any expenses in the current or prior year.

11 Employees

The average monthly number of employees during the year was:

Employment costs Wages and salaries Social security costs Other pension costs	2025 Number 10 2025 £ 162,960 5,823 3,034 171,817	2024 Number 9
		2024 £ 128,278 2,518 2,363
		133,159

There were no employees whose annual remuneration was more than £60,000.

• 20 -

GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

12 Tangible fixed assets

Freehold land and buildings Assets under construction £ £ Cost At 1 January 2025 2,062,237 - Additions - 5,870 At 31 December 2025 2,062,237 5,870 Depreciation and impairment At 1 January 2025 194,305 - Depreciation charged in the year 39,056 - At 31 December 2025 233,361 - Carrying amount At 31 December 2025 1,828,876 5,870 At 31 December 2024 1,867,932 - 13 Stocks Finished goods and goods for resale 14 Debtors Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 15 Current asset investments Unlisted investments	Plant and equipment £ 27,944 3,867 31,811 18,291 2,028 20,319 11,492 9,653	Fixtures and fittings £ 461,980 12,140 474,120 296,312 26,671 322,983 151,137 165,668 2025 £ 22,227 2025 £ 1,610 3,684 13,157 18,451 2025 £ 50,000	Total £ 2,552,161 21,877
			2,574,038
			508,908 67,755
			576,663
			1,997,375
			2,043,253
			2024 £ 22,363
			2024 £ 2 14,636 1,486
			16,124
			2024 £ -

• 21 -

GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other taxation and social security Trade creditors Other creditors Accruals and deferred income	2025 £ 1,129 5,407 - 4,753 11,289	2024 £ 2,257 2,349 65 4,076
		8,747

17 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

18 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

		Movement
		in funds
	Balance at	Income	Balance at
	1 January 2025		31 December
			2025
	£	£	£
Permanent endowments
Richmond Endowment	37,628	-	37,628
	37,628	-	37,628

The income from the Richmond Endowment fund will be expended on the museum's work.

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GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

19 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Balance at 1 January 2025 £ Whatever the Weather Wednesdays 24,227 Long term reserve support 35,000 Solar panels 38,227 Gaelic development officer - Bord na Gaidhlig Gaelic Course Convener 1,956 Pushing the Boundaries - MGS 14,373 Permanent exhibtion improvements 10,000 Education programme 11,000 Signage - Geological Timeline - Marketing officer - 134,783	Movement in funds Income Expenditure £ £ 19,562 (35,863) - - - (4,984) 7,272 (7,272) 2,900 (1,886) 10,066 (24,439) - (648) - - 1,020 (1,020) 1,000 (355) 18,000 (799) 59,820 (77,266)	Transfers Balance at 31 December 2025 £ £ - 7,926 - 35,000 - 33,243 - - - 2,970 - - - 9,352 - 11,000 - - - 645 - 17,201 - 117,337	Transfers Balance at 31 December 2025 £ £ - 7,926 - 35,000 - 33,243 - - - 2,970 - - - 9,352 - 11,000 - - - 645 - 17,201 - 117,337
			117,337

• 23 -

GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

19 Restricted funds

(Continued)

Balance at 1 January 2024 £ Events and outreach 17,258 Whatever the Weather Wednesdays 5,885 Long term reserve support 35,000 Solar panels 46,933 Gaelic development officer 5,562 Bord na Gaidhlig Gaelic Course Convener - Pushing the Boundaries - MGS - Permanent exhibtion improvements - Education programme - Signage - 110,638	Movement in funds Income Expenditure £ £ - (17,258) 37,180 (18,838) - - - (8,706) 9,100 (16,879) 2,900 (944) 14,486 (113) 10,000 - 11,000 - 590 (590) 85,256 (63,328)	Transfers Balance at 31 December 2024 £ £ - - - 24,227 - 35,000 - 38,227 2,217 - - 1,956 - 14,373 - 10,000 - 11,000 - - 2,217 134,783	Transfers Balance at 31 December 2024 £ £ - - - 24,227 - 35,000 - 38,227 2,217 - - 1,956 - 14,373 - 10,000 - 11,000 - - 2,217 134,783
			134,783

Events & outreach co-ordinator - these are funds received towards the events & outreach co-ordinator position

Whatever the Weather Wednesdays - to provide activities, and in winter, a warm lunch for members from the community with various challenges

Long term reserve support - these are funds to bolster reserves for the long term

Solar panels - funding received for the installation of solar panels on the museum building

Gaelic development officer - to promote the use of the Gaelic Language with three other Higland Museums across their sites and outreach activities

Bord na Gaidhlig Gaelic Course Convenor - funding for a Gaelic Language Course Convenor

Pushing the Boundaries MGS – to provide an event & exhibitions coordinator over a two-year period

Permanent exhibition improvements – individual donations towards refreshing and extending the museum’s permanent exhibition

Education programme – individual donations to support the museum’s programme of talks, workshops and other events

Signage - funding to improve the museum's signage

Geological Timeline - funding for waymarkers and information boards for the Geological Timeline

Marketing officer - funding for an employed marketing officer

• 24 -

GAIRLOCH & DISTRICT HERITAGE COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

20 Analysis of net assets between funds

Unrestricted funds Restricted funds Endowment funds 2025 2025 2025 £ £ £ Fund balances at 31 December 2025 are represented by: Tangible assets 1,958,061 39,314 - Current assets/(liabilities) 120,647 78,023 37,628 2,078,708 117,337 37,628 Unrestricted funds Restricted funds Endowment funds 2024 2024 2024 £ £ £ Fund balances at 31 December 2024 are represented by: Tangible assets 2,001,321 41,932 - Current assets/(liabilities) 102,645 92,851 37,628 2,103,966 134,783 37,628	Total 2025 £ 1,997,375 236,298
	2,233,673
	Total 2024 £ 2,043,253 233,124
	2,276,377

21 Related party transactions

Other than those already disclosed in note 10, there were no disclosable related party transactions during the year (2024 - none).

• 25 -