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← Islay Heritage

2025-07-31-accounts

REGISTERED CHARITY NUMBER: SC046938

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

FOR

ISLAY HERITAGE

Mitchell Edwards Chartered Certified Accountants 24A Ainslie Place Edinburgh EH3 6AJ

ISLAY HERITAGE

CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 July 2025

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Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the Financial Statements 6 to 9
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ISLAY HERITAGE

REPORT OF THE TRUSTEES for the year ended 31 July 2025

The trustees present the annual report and financial statements for the financial period from 1 August 2024 to 31 July 2025.

OBJECTIVES AND ACTIVITIES

Objectives and aims

Islay Heritage (SC046938), Dualchas Ìle, was formed in 2016 as a charity devoted to Islay's past and the many ways in which it can be explored and enjoyed by everyone. It has four charitable purposes:

Research - Rannsachadh Education - Foghlam Recreation - Cur-seachad

Conservation - Glèidhteachis

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

Three projects were undertaken by Islay Heritage in 2025-26, contributing to the charity's missions of conservation, research and education:

1. Dunyvaig Castle Project

Islay Heritage's activities were dominated by the Dunyvaig Castle Project. Since 2023 this has involved fund raising and a grant application to Historic Environment Scotland (HES) to enable the stabilisation of castle walls. Negotiations and discussions with HES and the appointed architects, Simpson & Brown, were on-going throughout the year involving the plan of works and required funding. An ecological survey was undertaken and further negotiations were required with Diageo (the owners) regarding their financial contribution. The project reached a milestone in December 2025 with the award of funding from HES. That led to the appointment of Laing Traditional Masonry as the contractor. Work began in March 2026.

2. Nave Island Archaeological Project

To build on the Early modern and Medieval archaeological research on Islay undertaken by the University of Reading and supported by Islay Heritage, a small team of archaeologists led by Steven Mithen, undertook trial excavations at a monument on Nave Island during a week in August 2025. This was to evaluate the Royal Commission's 1974 designation of the monument as a Viking House. The excavations located two human burials with the stone foundations of what was probably a turf wall. This left the nature and date of the monument unclear, but progress should be forthcoming from the results of radiocarbon dates from the burials that is expected by July 2026.

3. Olistadh exhibition

In October 2025 Steven Mithen and Amanda Clarke requested space in Islay Museum for a exhibition about the Islay Heritage/University of Reading excavations at Olistadh. Fortunately, a space had become available as a result of modifications to the museum's interior. Work began on preparing an exhibition of display boards and artefacts that is planned to be installed in May 2026.

FINANCIAL REVIEW

The charity did not receive any donations in the period under review (2024: £100,648) and incurred expenditure of £25,957 (2024: £43,557). £22,445 of this expenditure related to a restricted fund for the conservation of Dunyvaig Castle.

Reserves Policy

The trustees' policy is to maintain a level of reserves sufficient to maintain the delivery of its charitable purposes. Total funds at the balance sheet date amounted to £180,033 (2024: £205,990). Unrestricted funds amounted to £99,086 (2024: £102,598) and restricted funds amounted to £80,947 (2024: £103,392).

Page 1

ISLAY HERITAGE

REPORT OF THE TRUSTEES for the year ended 31 July 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is a Scottish Charitable Organisation (SCIO) and is governed by its constitution. It was incorporated on 28 October 2016.

The Structure of the organisation consists of the members and the charity trustees. The members have the right to attend members' meetings and annual general meetings, appoint the trustees and take decisions on changes to the constitution. The trustees generally control the activities of the charity and are responsible for monitoring and controlling its financial position.

At each annual general meeting the members may elect any member (unless he/she is disqualified from being a charity trustee under the Charities and Trustee Investment (Scotland) Act 2005 or is an employee of the charity) to be a charity trustee.

The trustees may at any time appoint any member (unless he/she is disqualified from being a charity trustee under the Charities and Trustee (Scotland) Act 2005 or is an employee of the charity) to be a charity trustee and may at any time appoint any non-member to be a charity trustee (unless he/she is disqualified from being a charity trustee under the Charities and Trustee (Scotland) Act 2005 or is an employee of the charity) either on the basis that he/she has been nominated by a body with which the charity has close contact in the course of its activities or on the basis that he/she has specialist experience and/or the skills which could be of assistance to the trustees.

Related parties

There were no related party transactions in the year ended 31 July 2025 nor the year ended 31 July 2024.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

SC046938

Principal address

Carnduncan Farmhouse Carnduncan Gruinart Argyll, Isle of Islay PA44 7PS

Trustees

S J Mithen L S Campbell L A Wilson D A Gillies M Younger Ms E McNab - resigned 26 February 2026

Independent Examiner

Mitchell Edwards Chartered Certified Accountants 24A Ainslie Place Edinburgh EH3 6AJ

Approved by order of the board of trustees on 28 April 2026 and signed on its behalf by:

D A Gillies - Trustee

Page 2

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ISLAY HERITAGE

I report on the accounts for the year ended 31 July 2025 set out on pages four to nine.

Respective responsibilities of trustees and examiner

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

Basis of the independent examiner's report

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

Independent examiner's statement

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

have not been met; or

Mark T Edwards FCCA

The Association of Chartered Certified Accountants

Mitchell Edwards Chartered Certified Accountants 24A Ainslie Place Edinburgh EH3 6AJ

28 April 2026

Page 3

ISLAY HERITAGE

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 July 2025

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
4
-
EXPENDITURE ON
Charitable activities
5
Charitable activities
3,512
NET INCOME/(EXPENDITURE)
(3,512)
RECONCILIATION OF FUNDS
Total funds brought forward
102,598
TOTAL FUNDS CARRIED FORWARD
99,086		 Restricted
funds
£
-
22,445
(22,445)
103,392
80,947		 2025
Total
funds
£
-
25,957
(25,957)
205,990
180,033		 2024
Total
funds
£
100,648
43,557
57,091
148,899
205,990

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 4

ISLAY HERITAGE

BALANCE SHEET 31 July 2025

Unrestricted
fund
Notes
£
CURRENT ASSETS
Debtors
8
-
Cash at bank
101,534
101,534
CREDITORS
Amounts falling due within one year
9
(2,448)
NET CURRENT ASSETS
99,086
TOTAL ASSETS LESS CURRENT LIABILITIES
99,086
NET ASSETS
99,086
FUNDS
10
Unrestricted funds:
General fund
Restricted funds:
Information Boards
Dunyvaig
TOTAL FUNDS		 Restricted
funds
£
-
83,035
83,035
(2,088)
80,947
80,947
80,947		 2025
Total
funds
£
-
184,569
184,569
(4,536)
180,033
180,033
180,033
99,086
8,838
72,109
80,947
180,033		 2024
Total
funds
£
1,262
205,923
207,185
(1,195)
205,990
205,990
205,990
102,598
8,838
94,554
103,392
205,990

The financial statements were approved by the Board of Trustees and authorised for issue on 28 April 2026 and were signed on its behalf by:

D A Gillies - Trustee

The notes form part of these financial statements

Page 5

ISLAY HERITAGE

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025

1. LEGAL STATUS OF THE CHARITY

The charity is a Scottish Charitable Organisation (SCIO) and is governed by its constitution with its principal address at Carnduncan Farmhouse, Carnduncan, Gruinart, Argyll, Isle of Islay, PA44 7 PS.

The presentation currency of the financial statements is the Pound Sterling (£). Amounts are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention.

Preparation of the accounts on a going concern basis

The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.

Income

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

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

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.

Debtors

Debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank

Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar amount.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.

continued...

Page 6

ISLAY HERITAGE

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2025

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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 the period of the revision and future periods where the revision affects both the current and future periods.

In the opinion of the trustees, these financial statements do not include any critical accounting judgements or key estimates.

4. DONATIONS AND LEGACIES

2025
£
Donations
-
5.
CHARITABLE ACTIVITIES COSTS
Support
Direct
costs (see
Costs
note 6)
£
£
Charitable activities
23,213
2,744
6.
SUPPORT COSTS
Governance
Management
Finance
costs
£
£
£
Charitable activities
1,482
8
1,254
Support costs, included in the above, are as follows:
2025
Charitable
activities
£
Insurance
1,482
General expenditure
8
Independent examination fee
1,254
2,744		 2024
£
100,648
Totals
£
25,957
Totals
£
2,744
2024
Total
activities
£
1,465
4
1,194
2,663

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2025 nor for the year ended 31 July 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2025 nor for the year ended 31 July 2024.

continued...

Page 7

ISLAY HERITAGE

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2025

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8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£ £
-
Prepayments 1,262
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£ £
Other creditors 4,536 1,195
10. MOVEMENT IN FUNDS
Net
movement At
At 1.8.24 in funds 31.7.25
£ £ £
Unrestricted funds
General fund 102,598 (3,512) 99,086
Restricted funds
Information Boards 8,838 - 8,838
Dunyvaig 94,554 (22,445) 72,109
103,392 (22,445) 80,947
TOTAL FUNDS 205,990 (25,957) 180,033
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund - (3,512) (3,512)
Restricted funds
-
Dunyvaig (22,445) (22,445)
TOTAL FUNDS - (25,957) (25,957)
Comparatives for movement in funds
Net
movement At
At 1.8.23 in funds 31.7.24
£ £ £
Unrestricted funds
General fund 110,298 (7,700) 102,598
Restricted funds
Information Boards 8,838 - 8,838
Dunyvaig 29,763 64,791 94,554
38,601 64,791 103,392
TOTAL FUNDS 148,899 57,091 205,990
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continued...

Page 8

ISLAY HERITAGE

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2025

10. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Restricted funds
Dunyvaig
TOTAL FUNDS		 Incoming
resources
£
-
100,648
100,648		 Resources
Movement
expended
in funds
£
£
(7,700)
(7,700)
(35,857)
64,791
(43,557)
57,091

The unrestricted funds are available to be spent for any of the purposes of the charity.

The information board restricted fund relates to the collaborative project with the Museum of Islay Life do develop a number of information boards. The restricted fund is only available for costs related to this project.

The Dunyvaig restricted fund relates to the conservation of Dunyvaig Castle. The restricted fund is only available for costs related to this project.

11. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 July 2025.

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