**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** **----- Start of picture text -----**
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
**----- End of picture text -----**
**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 : - (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. 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** **----- Start of picture text -----**
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
**----- End of picture text -----**
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. Page 9