REGISTERED CHARITY NUMBER: SC014415 

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

FOR KIRKCUDBRIGHT HARBOUR COTTAGE TRUST 

Bell Ogilvy Chartered Accountants 36 King Street Castle Douglas Dumfries & Galloway DG7 1AF 

) 

KIRKCUDBRIGHT HARBOUR COTTAGE TRUST 

' 

## CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 

|||Page||
|---|---|---|---|
|Report ofthe Trustees|1|to|2|
|Independent Examiner's Report||3||
|Statement of Financial Activities||4||
|Balance Sheet||5||
|Notes to the Financial Statements|6|to|7|
|DetailedStatementofFinancialActivities|8|to|9|



KIRKCUDBRIGHT HARBOUR COTTAGE TRUST 

, 

## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 

The Trustees have pleasure in submitting their Annual Report and Accounts of the Trust for the year ended 31st December 2025. 

## OBJECTIVES AND ACTIVITIES 

## Objectives and aims 

The purpose of the trust is the upkeep and maintenance of the cottage known as the Harbour Cottage in Kirkcudbright, for the purposes of preserving an old building and the amenity of the group of which it forms part. The Trustees shall as far as possible use the premises to further the arts, and in this connection, may either make use of the premises themselves or let the same for long or short periods 

## ACHIEVEMENTS AND PERFORMANCE 

Charitable activities A full programme of exhibitions was held during the year 

There is a full exhibition programme in place for 2026 

## FINANCIAL REVIEW 

## Investment policy and objectives 

The investment policy is aimed at maintaining the real value of the General Fund over a period of years and thereby providing a reasonable level of income to meet the requirements of the Trust. During the period the Trustees reviewed the investments with the professional advisers. The Stockbrokers have discretionary powers in relation to the management of the listed investments and exercise these within the agreed investment policy. 

## Reserves policy 

: 

A surplus of £3,541 was made for the year (2024: Deficit £1,452). As a result, total unrestricted funds held at the year-end were £23.497 (2024: £19,956). No restricted funds are held. 

## The market value of the investment at the year-end was £59,198 

The Trust's funds are required for the maintenance and repair of the Gallery. The policy of the Trustees is to at least try and break even in respect of income and ordinary expenditure. 

## STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document 

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. 

The Trust Declaration is dated 24th January 1958. 

Recruitment and appointment of new trustees All of the Trust's Trustees are appointed or reappointed at the Trust's Annual General Meeting. 

## REFERENCE AND ADMINISTRATIVE DETAILS 

Registered Charity number $C014415 

## Principal address 

c/o R L Forbes Moss House 36 High Street KIRKCUDBRIGHT DG6 4JX 

Page 1 

KIRKCUDBRIGHT HARBOUR COTTAGE TRUST 

; 

## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 

## Trustees 

R L Forbes Mrs S McKenzie Miss J McKnight | N Steele Dr D Devereux Rev D Preston Mrs S Williams Mrs J Ross 

Independent Examiner Bell Ogilvy Chartered Accountants 36 King Street Castle Douglas Dumfries & Galloway DG7 1AF 

Contact Address The Secretary, Mrs M Steele, 3 Holroyd Road, Kirkcudbright, DG6 4HR Approved feorecrer’ by order of the board of trustees on _ 23rh fe bructy Zk and signed on its behalf by: 

R L Forbes - Trustee — 

Page 2 

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KIRKCUDBRIGHT HARBOUR COTTAGE TRUST 

| report on the accounts for the year ended 

31 December 2025 set out on pages four to eight. 

## Respective responsibilities of trustees and examiner 

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

## Basis of the independent examiner's report 

My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the accounts. 

## Independent examiner's statement 

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

- (1) which gives me reasonable cause to believe that, in any material respect, the requirements 

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

- - to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations 

have not been met; or 

- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 

Eilidh J Harman BA (Horis) CA The Institute of Chartered Accountants of Scotland 

## Bell Ogilvy 

Chartered Accountants 36 King Street Castle Douglas Dumfries & Galloway DG7 1AF 

## pate S Merch. 2026... 

Page 3 

KIRKCUDBRIGHT HARBOUR COTTAGE TRUST 

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## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 

|||2025|2024|
|---|---|---|---|
|||Unrestricted|Total|
|||fund|funds|
||Notes|£|£|
|INCOME AND ENDOWMENTS FROM||||
|Donations and legacies||2,644|424|
|Other trading activities|2|62,427|43,294|
|Investment income|3|1,050|1,063|
|Other income||137|134|
|Total||66,258|44,915|
|EXPENDITURE ON||||
|Raising funds|4|137|134|
|Charitable activities||||
|Further the arts for the upkeep &||||
|maintenance ofcottage||62,580|46,238|
|Total||62,717|46 367|
|NET INCOME/(EXPENDITURE)||3,541|(1,452)|
|RECONCILIATION OF FUNDS<br>Total funds broughtforward||19,956|21,408|
|TOTAL FUNDS CARRIED FORWARD||23,497<br>SS|19,956<br>=|



The notes form part of these financial statements 

Page 4 

KIRKCUDBRIGHT HARBOUR COTTAGE TRUST 

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| 

q 

## STATEMENT OF BALANCES 31 DECEMBER 2025 

||2025|2024|
|---|---|---|
||Unrestricted|Total|
||fund|funds|
||£|£|
|CURRENT ASSETS|||
|Cash at bank|23,497|19,956|
|NETCURRENTASSETS|23,497|19,956|
|TOTAL ASSETS LESS CURRENT|||
|LIABILITIES|23,497|19,956|
|NETASSETS|23,497|19,956|
|FUNDS|||
|Unrestricted funds:|||
|General fund|23,497|19,956|
|TOTAL FUNDS|23,497|19,956|
|Investments atMarket Value|59,198|94,264|
|(Cost£49,682)|||



The financial statements were approved by the Board of Trustees and authorised for issue on DB Fety fa boo and were signed on its behalf by: fj ln Loot ec 

R L Forbes - Trustee a 

The notes form part of these financial statements 

Page 5 

## KIRKCUDBRIGHT HARBOUR COTTAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 

## 4. ACCOUNTING POLICIES 

## BASIS OF PREPARING THE FINANCIAL STATEMENTS 

These accounts have been prepared on the Receipts and Payments basis in accordance with the Charities & Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). 

## ACCOUNTING CONVENTION 

The financial statements have been prepared under the historical cost convention 

## TAXATION 

The charity is exempt from tax on its charitable activities. 

## FUND ACCOUNTING 

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

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

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

## VOLUNTARY INCOME AND EXPENDITURE 

All monetary donations and gifts are credited to the income and expenditure account on an actual basis and the same also applies in respect of expenditure. : .2. OTHER TRADING ACTIVITIES 

: 

||2025|2024|
|---|---|---|
||£|£|
|Own Exhibition|7,680|7,524|
|Other Exhibitions|43,782|25,189|
|Hire of Gallery|8,312|8,770|
|Insurance and Other Expense Re-imbursed|1,380|1,380|
|Card Machine charges repaid|716|431|
|Book sales|557|-|
||62,427|43,294|



Page 6 

continued... 

KIRKCUDBRIGHT HARBOUR COTTAGE TRUST 

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

3. INVESTMENT INCOME 

. 

, 

|3.|INVESTMENT INCOME||||
|---|---|---|---|---|
|||2025|2024||
|||£|£||
||Dividend Income|1,050|1,063||
|4.|RAISING FUNDS||||
||INVESTMENT MANAGEMENT COSTS||||
|||2025|2024||
|||£|£||
||Portfolio management|137||134|
|5;|TRUSTEES’ REMUNERATION AND BENEFITS||||
||There were no trustees’ remuneration or other benefits for the year ended 31 December||2025|nor for|
||theyearended31December2024.||||



## TRUSTEES' EXPENSES 

There were no trustees’ expenses paid for the year ended 31 December 2025 nor for the year ended 31 December 2024. 6. RELATED PARTY DISCLOSURES 

There were no reiated party transactions for the year ended 31 December 2025. 

rg HERITABLE PROPERTY 

The Harbour Cottage is owned by the Trustees. It is considered that the building falls within the definition of a heritage asset. 

The building, which was gifted to the Trust over 50 years ago by Scottish Agricultural Industries Ltd., was restored and developed into an Art Gallery through funds raised from a public appeal. 

The property was valued in November 2023 by J & E Shepherd, Chartered Surveyors, in the sum of £125,000. The Trustees continue with the view not to capitalise the building. 

Page 7 

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KIRKCUDBRIGHT HARBOUR COTTAGE TRUST 

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## DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 

||2025|2024|
|---|---|---|
||£|£|
|INCOME AND ENDOWMENTS|||
|Donations and legacies|||
|Donations|2,244|424|
|Grants|400|-|
||2,644|424|
|Other trading activities|||
|Own Exhibition|7,680|7,524|
|Other Exhibitions|43,782|25,189|
|Hire of Gallery|8,312|8,770|
|Insurance and Other Expense Re-imbursed|1,380|1,380|
|Card Machine charges repaid|716|431|
|Book sales|557|.|
||62,427|43,294|
|Investment income|||
|Dividend Income|1,050|1,068|
|Other income|||
|Sale of Investments|___ 137|134|
|Totai incoming resources|66,258|44,915|
|EXPENDITURE|||
|Investment management costs|||
|Portfolio management|137|134|
|Charitable activities|||
|Rates and water|522|491|
|Insurance|1,876|1,868|
|Light and heat|2.157|2,485|
|Telephone|704|1,125|
|Postage and sundry expenses|462|256|
|Advertising<br>Artists|1,127<br>48 424|1,345<br>30,845|
|Repairs and Renewals|1,523|2,994|
|Card Machine Charges|716|431|
|Casual Wages|3,830|4,201|
|Cost of book publication|999|-|
||62,340|46,041|
|Support costs|||
|Governance costs|||
|Accountancyandlegalfees|240|192|



Page 8 

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KIRKCUDBRIGHT HARBOUR COTTAGE TRUST 

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## DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 

Total resources expended Net income/(expenditure) 

|2025|2024|
|---|---|
|£|_£|
|62,717|46,367|
|3,541|(1,452)|



This page does not form part of the statutory financial statements 

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