**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.
- 1 -
## **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
- 4 -
## **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
- 5 -
## **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.
- 6 -
## **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
- 7 -
## **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: .........................
- 8 -
## **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.
- 9 -
## **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|
- 10 -
## **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).
- 13 -
## **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.
- 14 -
## **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|
- 15 -
## **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|
- 16 -
## **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**
- 18 -
## **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|
- 19 -
## **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.
- 22 -
**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 -