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2025-03-31-accounts

Arctic Convoy Museum (SCIO) Charity No. SC047909

Trustees Reports and Unaudited Accounts 31° March 2025

Arctic Convoy Museum (SCIO)

Contents

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Arctic Convoy Museum (SCIO)

Trustees Annual Report

The Trustees present their report with the unaudited financial statements of the charity for the year ended 31*' March 2025.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. SC047909

Registered Office

Birchburn Aultbea Achnasheen Ross-Shire 1V22 2HZ

Trustees

The following Trustees served during the year:

Capt. C Connolly OBE RN Rtd

A Davies

E. Duncan Capt. D. Freeman LVO RN Rtd Appointed 25/09/2024 D. Gibson Resigned 08/07/2024 P. Harrison E. Miles A Reid Resigned 20/04/2024 F. Russell B Sturman-Mole Resigned 17/04/2024 J. Wiseman Appointed 29/10/2024

Independent Examiner

MacKenzie Kerr Limited Chartered Accountants Redwood 19 Culduthel Road Inverness I1V2 4AA

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Arctic Convoy Museum (SCIO)

OBJECTIVES AND ACTIVITIES

The charitable purposes of the Arctic Convoy Museum (SCIO) are defined in its constitution. The purposes are:

ACHIEVEMENTS AND PERFORMANCE

The year to March 2025 was another successful one for the museum. Although visitor numbers were down 1.8% to 7,383, total income rose by 30.8% to £ 92,761 owing to a combination of the increase in the admission price and two donations of £5,000. Retail sales were flat. Admission income was up 18.8% to £ 50,574.

The museum received a repeat award from Trip Advisor for the favourable comments it received from the public. According to the visitor book there were visitors from 26 countries from all part of the world.

We continue to conduct health and safety reviews along with other operational reviews to ensure that the museum remains compliant in all aspects.

FINANCIAL REVIEW

As of 31 March 2025 the museum had unrestricted reserves of£ 53,127 and restricted reserves of£ 249,283. The museum’s Operations Manager resigned in March and has been replaced by a manager with a seasonal contract only, which will lead to a significant reduction in staff costs going forward. We are confident that the current year will produce an operating surplus.

PLANS FOR FUTURE PERIODS

With the agreement of OSCR and Museums and Galleries of Scotland, the charity’s name has been changed to Arctic Convoy Museum (ACM), in line with our trading name. The constitution was amended accordingly.

The curator continues to work on the museum’s accreditation as well as the digitisation of the collection. We have submitted a planning application for a storage unit next to the museum to house the growing collection and this should be in place prior to the beginning of[the][next][season.]

The plans for increased car parking and a memorial garden are currently on hold until such time as funding opportunities improve, and we have sufficient staff and volunteers.

Arctic Convoy Museum (SCIO)

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Arctic Convoy Museum (SCIO) is a Scottish Charity registered with the Scottish Charity Regulator with effect from 10" November 2017, with registration number SC047909.

The charity is governed and administered in accordance with its constitution, which was adopted on 21" May 2017.

The committee, which meets on a regular basis, and at least six times a year, are the Charity’s trustees elected at the Annual General Meeting, which is held in accordance with the museum’s constitution. Under the constitution there must be a minimum of four and not more than twelve elected trustees, who are responsible for the strategic direction of the museum.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with Charities and Trustees Investment (Scotland) Act 2005,and 2006 (as amended) and the 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 ofIreland (FRS 102).

The trustees are responsible for the safeguarding of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the board.

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F.M.D. Russell
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Trustee

Date: & Februory 2026

Arctic Convoy Museum (SCIO)

Independent Examiners Report

I report on the financial statements of the charity for the year ended 31 March 2025, which are set out on pages 7 to 17.

Respective responsibilities of trustees and examiner

The charity trustees (who are also the directors of Arctic[Convoy][Museum][(SCIO)][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 Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006.The charity trustees consider that the audit requirement of Regulation 10(1)(a)-(c) of the Charities Accounts (Scotland) Regulations 2006 does not apply.

It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 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 ofthe[accounting][records][kept][by][the][charity][and][a] comparison ofthe financial statements presented with those records. It also includes consideration ofany 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 the course of 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 Charities and Trustee Investment (Scotland) Act 2005 and Regulation 4 of the Charities Accounts (Scotland) Regulations 2006, and - to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 have not been met, or

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

Mark Sanderson Bse(Hons), CA

MacKenzie Kerr Limited Chartered Accountants Redwood 19 Culduthel Road Inverness TV2Date:4AA A February a20¢6

Arctic Convoy Museum (SCIO)

Statement of Financial Activities (incorporating Income and Expenditure Account) for the year ended 31 March 2025

Notes Unrestricted Restricted Total funds Total funds
funds funds 2025 2024
2025 2025 £ £
£ £
Income and endowments from:
Donations and legacies 5 17,884 2,891 20,775 7,420
Charitable activities 6 50,574 - 50,574 42,543
Other trading activities 7 20,821 . 20,821 20,221
Investments 8 591 - 591 627
89,870 2,891 92,761 70,811
Expenditure on:
Raising funds 9 23,502 - 23,502 15,712
Charitable activities 10 62,879 - 62,879 52,895
Other trading activities 1 15,000 9,729 24,729
101,381 9,729 111,110 87,856
Net gains on investments - - -
Net income/(expenditure) 12 (11,511) (6,838) (18,349) (17,045)
Transfer between funds - - -
Net income/ (expenditure) before (11,511) (6,838) (18,349) (17,045)
other gain/(losses)
Other gain and losses ee oe - - ; a
Net movement in funds (11,511) (6,838) (18,349) (17,045)
Reconciliation of funds:
Total funds brought forward 71,476 249,283 320,759 337,804
Totalfundscarriedforward 59,965 242,445 302,410 320,759

Arctic Convoy Museum (SCIO)

Balance Sheet

for the year ended 31 March 2025

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for the year ended 31 March 2025
2025 2024
Notes £ £
Fixed Assets
Tangible assets 14 258,548 265,492
258,548 265,492
Current Assets
Stocks 15 574 8,092
Debtors 16 2,864 2,866
Cash at bank and in hand 44.427 47,658
47,865 58,616
Creditors: Amount falling due within one year 17 (4,003) (3,349)
Net current assets 43,862 55,267
Total net assets 302,410 320,759
The funds ofthe charity:
Restricted funds 18
Restricted income funds 242,445 249,283
242,445 249,283
Unrestricted funds 18
General funds 59,965 71,476
59,965 71,476
Reserves
Totalfunds 302,410 320,759

Total net assets

The funds of[the][charity:]

The trustees have prepared the accounts in accordance with section 44 of the Charities and Trustee Investment (Scotland) Act 20025.

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Approved by the board on 01 December 2025, ‘And sfgned pints behalf by: F. Russell

Trustee

Date: 04/02/2026

Page 8 of 17

|Arctic Convoy Museum (SCIO) | Notes to the Accounts | for the year ended 31 March 2025 | 1 Charity information policy

2 Accounting policies | Basis of preparation The financial statements have been prepared in accordance with the charity’s constitution, the | 2006Charities(as andamended) TrusteeandInvestment“Accounting (Scotland)and Reporting Act 20025,by Charities:the CharitiesStatement Accountsof Recommended (Scotland) RegulationsPractice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard | applicable in the UK and Republic of Ireland (FRS 102) (effective | January 2019)”. The charity is a Public Benefit Entity as defined by FRS 102. | The charity has taken advantage ofthe provisions in the SORP for charities applying FRS 102 Update Bulletin | not to prepare a Statement of Cash Flows.

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The financial statements are prepared in sterling, which is the functional currency ofthe charity. Monetary amounts in these statements are rounded to the nearest £. Theaccounting financialpoliciesstatementsadoptedhave beenare set preparedout below.under the historical cost convention. The principal

Fund accounting Unrestricted funds These are available for use at the discretion of the trustees in furtherance ofthe general objects of the charity. Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement ofinvestment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income Recognition of income. Income is included in the Statement of Financial Activities (SoFA) when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Expenditure Where income has related expenditure the income and related expenditure is reported gross in the SoFA. Donations and legacies Voluntary income received by wayof grants, donations and gifts is included in the SoFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on donations and gifts Income from tax reclaims is included in the SoFA at the same time as the gift/donation to which it relates. Donated services and Facilities These are only included in income (with an equivalent amount in expenditure) where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value ofany volunteer help received is not included in the accounts.

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Arctic Convoy Museum (SCIO)

Investment income This is included in the accounts when receivable. Gains/(losses) on revaluation of fixed assets This includes any gain or loss resulting from revaluing investments to market value at the end ofthe year. Gains/(losses) on investment assets This includes any gain or loss on the sale of investments. Expenditure Recognition of Expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates. Expenditure on raising funds

These comprise the costs associated with attracting voluntary income, fundraising trading costs and investment management costs. Expenditure on charitable Activities These comprise the costs incurred by the Charity in the delivery of[its] activities and services in th furtherance of its object, including the making of grants and governance costs. Grants Payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustee at th end of[the] year but not yet paid. Governance Costs These include those costs associated with meeting the constitutional and statutory requirements of[the][Charity,][including][any][audit,][independent] examination fees, costs linked to the strategic management ofthe Charity, together with a share of other administration costs. Other Expenditure These are support costs not related to any particular activity.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets and depreciation

Freehold Property 2% straight line Plant and Machinery 10% straight line Heritage Assets 0% Office Equipment 25% Reducing balance

Museum artefacts are classified as Heritage Assets and are not depreciated. These assets, which have been purchased, donated or loaned to the Arctic Convoy Museum in order to meet its charitable activities. The value in the balance sheet relates only to assets purchased since 2015. A reasonable valuation of the heritage assets purchased in earlier years and the donated assets is not currently available at a cost commensurate with the benefit to users of these accounts, and so has not been included in the financial statements. Loaned assets remain the property of then lenders and do form part of these financial statements. An estimated valuation of all heritage assets held in the Arctic Convoy Museum is £35,000.

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Page 10 of 17

Arctic Convoy Museum (SCIO)

Stocks

Stock is included at the lower ofcost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid of any trade discount.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term, liquid investments, with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown with borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the charity’s cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other 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 due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for trade discounts due.

Pension Costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions to a separate entity. Once the contributions have been paid to the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets ofthe[plan][are][held][separately][from][the][charity][in][independently][administered][funds.]

3 _—-Related Party Transactions

Transactions in the year with parties connected to the trustees were:

N. Ellakirk — Social media, campaigns and public enquiries

G. Russell — Part time employee at exhibition centre

F. Russell — ad-hoc staffing at exhibition centre (self-employed)

F. Russell — Mileage reclaimed for charity journeys

£4,340 (2024: £ 7,200)

£ 4,034 (2024: £ 1,215)

£ 524 (2024: £1,692)

£ 152 (2024: £ 35)

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Arctic Convoy Museum (SCIO)

4 Statement ofFinancial Activities - prior year Unrestricted
funds		 Restricted
funds		 Total
funds
2024 2024 2024
£ £ £
Income and endowments from:
Donations and legacies 7,420 - 7,420
Charitable activities 42,543 - 42,543
Other trading activities 20,221 - 20,221
Investments 627 - 627
Total 70,811 . 70,811
Expenditure on:
Raising funds 15,712 - 15,712
Charitable activities §2,591 304 52,895
Other 10,581 8,668 19,249
Total 78,884 8,972 87,856
Net gains on investments - - -
Net income (8,073) (8,972) (17,045)
Transfer between funds - - -
Net income before other gain/(losses) (8,073) (8,972) (17,045)
Other gains and losses So . =
Net movement in funds (8,073) (8,972) (17,045)
Reconciliation of funds:
Total funds brought forward 79,549 _ 258,255 337,804
Total funds carried forward 71,476 249,283 320,759
5 Income from donations and legacies Unrestricted Restricted Total Total
2025 2025 2025 2024
£ £ £ £
Donations 16,418 1,000 17,418 6,456
Grants - 1,491 1,49] -
Membership subscriptions 453 - 453 375
Sundry 1,013 400 1,413 589
17,884 2,891 20,775 7,420
6 Income from charitable activities Unrestricted Restricted Total Total
2025 2025 2025 2024
£ £ £ £
Exhibition Centre admissions 50,574 - 50,574 42,543
50,574 - 50,574 42,543
7 Income from other trading activities Unrestricted
2025		 Restricted
2025		 Total
2025		 Total
2024
£ £ £ £
Retail sales 20,821 - 20,821 20,221
20,821 - 20,821 _20,221

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Arctic Convoy Museum (SCIO)

8 Income from Investments Unrestricted Restricted Total Total
2025 2025 2025 2024
£ £ £ £
Bank interest received 591 - 591 627
591 - 591 627
9 Expenditure on raising funds Unrestricted Restricted Total Total
2025 2025 2025 2024
£ £ £ £
Cost ofgenerating voluntary income:
Donations and legacies 21 - 21 180
Fundraising trading costs:
Retail sales 23,481
23,502		 -
-		 23,481
23,502
10 Expenditure on charitable activities Unrestricted Restricted Total Total
2025 2025 2025 2024
£ £ £ £
Expenditure on charitable activities:
Exhibition Centre staff costs 57,213 - 57,213 41,963
Advertising and PR 16 - 16 746
Social media development 1,820 = 1,820 3,000
Public enquiries 1,820 - 1,820 3,000
Campaigns 700 - 700 1,200
Website development 810 - 810 475
Project development - - - 2,335
Governance costs:
Independent examination fees 500 - 500 176
62,879 - 62,879 52,895
11 Other Expenditure Unrestricted Restricted Total Total
2025 2025 2025 2024
£ £ £ £
Motor and travel costs 222 - 222 2,396
Premises costs 5,015 1,656 6,671 4,199
Repairs and renewals 1,301 a 1,301 354
Depreciation, impairment, loss on disposal or fixed asset: 1,250 6,473 7,723 7,365
General administrative costs M212 1,600 8,812 3,886
Legal and professional . - - 1,049
15,000 9,729 24,729 19,249
12 Net income/(expenditure) before transfers 2025 2024
£ £
This is started after charging:
Depreciation ofowned fixed assets, loss on asset disposal Ite 7,365
IndependentExaminer'sfee 500 176

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Arctic Convoy Museum (SCIO)

13. Staff Costs

No employee received emoluments in excess of£60,000

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The average monthly number of full time equivalent employees during the year was as The average monthly number of full time equivalent employees during the year was as follows:
2025 2024
number number
Exhibition centre staff 1 l
Employment cost: 2025
£		 2024
£
Wages and salaries 54,743 40,503
Social security = .
Pensioncosts 2.470 1,460
The charity operates
a NEST defined contribution		 charity operates
a NEST defined contribution		 scheme scheme for its employee(s). for its employee(s). The costs are included in the Charitable included in the Charitable
Activities costs relating to running the Exhibition Centre.
14. Tangible fixed assets Landand Plantand Heritage Office Total
Buildings Machinery assets equipment
Cost or revaluation
at
 April 2024 260,958 17,368 5,923 3,012
additions . . . 779 779
disposals
transfers
at 31 March 2025 260,958 17,368 5,923 3,791 288,040
Depreciation and impairment
at 1 April 2024 15,307 4,678 - 1,784 21,769
Depreciation charge for the year 5,219 1,737 - 767 7,723
Disposals
at 31 March 2025 ___20,526 6,415 - 2551 29,492
Net book values
at 31 March 2025 240,432 10,953 5,923 1,240 258,548
at 31 March 2024 245,651 12,690 5,923 1,228 265,492
1S Stocks 2025 2024
£ £
Finished goods for Retail sales 574 8,092
574 8,092
16 Debtors 2025 2024
&; £
Trade debtors 22 295
Prepayments and accrued income 2,234 1,721
VAT recoverable 608 850
2,864 2,866

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Arctic Convoy Museum (SCIO)

17 Creditors - Amounts falling due within due within one year 2025 2024
£ £
Trade creditors 244 930
Other taxes and social security 2,329 1,992
Other creditors - 146
Accruals and deferred income - 1,430. - 281
4,003 3,349
18 Movement in Funds at 1 Apr Incoming resources at 31 Mar
2024 resources expended 2025
£ £
Restricted Funds:
Sewing Hope - 400 - 400
NHI Grant - 1,49] - 1,491
William H Welch 990 = - 990
Memorial Path fund 185 - - 185
Exhibition Centre 243,901 - (9,729) 234,172
Bertie 4,207 1,000 - 5,207
249,283 2.891 (9,729) 242,445
Unrestricted funds:
General funds 71,476 89,870 (101,381) 59,965
Revaluation Reserves - - - -
Total Funds 320,759 «92,761 =~ (111,110) 302,410
19 Analysis ofnet assets between funds Unrestricted —_Restricted Total
2025 2025 2025
£ £ £
Fixed assets 9,347 249,201 258,548
Net current assets 50,618 (6,756) 43,862
59,965 242,445 302,410

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Arctic Convoy Museum (SCIO)

Detailed Statement of Financial Activities

For the year ended 31 March 2025

For the year ended 31 March 2025
Unrestricted Restricted Total Total
funds funds funds funds
2025 2025 2025 2024
£ £ £ £
Income and endowments from:
Donations and legacies
Donations and legacies 16,324 1,000 17,324 6,456
Grants - 1,491 1,491 -
M'ship subscriptions 453 - 453 375
Gift Aid 94 - 94 -
Sundry 1,013 400, ANB S89
17,884 2,891 20,775 7,420
Charitable activities:
Exhibition Centre admissions $0,574 ee ———S0,574 42,543
50,574 - 50,574 42,543
Other trading activities:
Fundraising activities - - - :
Retail sales 20,821 - 20,821 20,221
20,821 - 20,821
Investments:
Bank interest received 591 - 591 627
Total income and endowments from: 89,870 2,891 92,761 70,811
Expenditure on raising funds
Costs ofgenerating donations and legacies
Donation and legacies 21 - 21 180
Costs ofother trading activities:
Retail sales 23,481 - 23,481 15,532
23,502 - 23,502 15;712
Charitable activities:
Exhibition centre staffcosts 57.213 - $7,213. 41,963
Advertising and PR 16 - 16 746
Social media development 1,820 - 1,820 3,000
Public enquiries 1,820 - 1,820 3,000
Campaigns 700 - 700 1,200
Website development 810 - 810 475
Project development : ee. eee ss 2,335
62,379 - 62,379 52,719
Governance costs
Independent Examination fees 500 - 500 176
500 - 500 176
Totalofexpenditureoncharitableactivities 62,879 - 62,879 52,895

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Arctic Convoy Museum (SCIO)

Unrestricted Restricted Total Total
funds funds funds funds
2025 2025 2025 2024
£ £ £ £
Other expenses:
Motor and travel costs:
Travel and subsistence 222 . 222 2,396
Premises costs:
Rates / water 259 . 259 239
Light, heat and power 2,544 - 2,544 1,076
Premises cleaning 259 - 259 -
Premises insurances 1,051 - 1,051 1,003
Other premises costs 902 1,656 2,558 1,881
General administrative costs, including depreciation and amortisation:
Repairs and renewals 1,301 - 1,301 354
Deprec. of land & buildings 175 5,044 5,219 §,219
Deprec. of plant
& machinery		 308 1,429 15737 1,737
Deprec. ofoffice equipment 767 767 409
Bank charge 1,343 - 1,343 1,167
Postage& couriers 411 . 411 315
Software, IT support and related costs - - - 96
Stationeries and printing 229 - 229 178
Subscriptions 132 1,600 1,732 888
Sundry expenses 456 - 456 493
Telephone and broadband 836 . 836 749
Consultancy fees 3,805 - 3,805 -
Legal and professional costs:
Other legal and professional costs - - - 1,049
Total ofexpenditure ofother costs 15,000 9,729 24,729 19,249
Total expenditure 101,381 9,729 111,110 87,856
Net gains on investments
Net income/ (expenditure)
Transfers between funds - = si =
Net income/ (expenditure) before other gains/(losses) (11,511) (6,838) (18,349) (17,045)
Other gains - - - -
Net movement in funds (11,511) (6,838) (18,349) (17,045)
Reconciliation of funds:
Total funds brought forward 71,476 249,283 320,759 337,804
Totalfundscarriedforward 59,965 242,445 302,410 320,759