2026-01-31-accounts - Muirneag na Mara SCIO

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Charity number: SC053930

Muirneag na Mara SCIO

Trustees' Report and Financial Statements

Period ended 31 January 2026

Muirnea na Mara SCIO g

Report of the Trustees

Period ended 31 January 2026

The trustees are pleased to present their report together with the financial statements of the charity for the period ended 31 January 2026.

Reference and administrative information

Charity name	Muirneag na Mara SCIO
Charity number	SC053930
Address	208 Altandhu
	Achiltibuie
	Ross-Shire
	IV26 2YR
Trustees	A Smith (Secretary)
	C Watters
	F Perry
	G Stone (Chair)
	J Peach (Treasurer)
	K Peach

Structure, governance and management

Muirneag Na Mara (SCIO) is a Scottish Charitable Incorporated Organisation, founded and registered in January 2025 with OSCR, the Scotland charity regulator.

The structure of the organisation consists of the BOARD - who hold regular meetings, and generally control the activities of the organisation; for example, the board is responsible for monitoring and controlling the financial position of the organisation.

The board also appoints charity trustees to fill vacancies, and the people serving on the board (in their capacity as members of the organisation) have power to make changes to the constitution itself. The people serving on the board are referred to in this constitution as CHARITY TRUSTEES - and they are also the MEMBERS of the organisation for the purposes of the Scottish Charities Act. Under the provisions of this constitution, no-one can be a member unless they are also a charity trustee of the organisation; and if anyone ceases for any reason to be a charity trustee of the organisation, they automatically cease to be a member. The Scottish Charities Act requires certain decisions to be taken by the charity trustees in their capacity as members of the organisation. The maximum number of Trustees is 10, the minimum 3.

Aims and objectives

The charity has been established to rebuild and operate the historic 80ft (24m) sailing vessel - the herring lugger SV Muirneag ('Darling Girl' in Gaelic). Upon its completion it will be the only seaworthy class one Zulu in existence (see History section). Once it is built, fully coded and licensed it will be based in Ullapool and Stornoway, operating primarily in NW Scotland and the Hebrides, with longer range cruises to cover all of the British Isles, and potentially Europe and the Baltics.

The objective of the Muirneag Project is to create a world class community asset, a fundamental driver for:

Re-establishing heritage boatbuilding skills
Youth projects and apprenticeships,
Sail training & Tall ship racing,
Citizen marine science via an onboard laboratory
Communities to engage with the marine environment, Scotland’s rich seafaring heritage, and the place of herring fishing in world history.

Muirnea na Mara SCIO g

Report of the Trustees

Period ended 31 January 2026

Activities

Key milestones and achievements of the trust in its first year of operation are listed below:

Tender: the SCIO issued a competitive tender to three boat building yards for the construction of the SV Muirneag in January. West Coast Working boats - a collaboration between Johnson & Loftus and Isle Ewe Boat Builders, were selected as principal contractors for the build in August.

Heritage Lottery Fund (HLF): Expression of Interest submission was approved in Q1 2025. This is in recognition of the criticality of the heritage skills involved with the recreation of the SV Muirneag. Funding of £450k was applied for. Ongoing engagements have been had with HLF to understand the best point at which to submit Stage 2 documents. This will be once the SCIO can demonstrate match funding from other sources.

Governance: during Q1 and Q2 a transparent governance structure was put in place for the SCIO with a constitution, trustee register, regular board meetings.

A conflict of interest register has been established.
A Risk Register has been established, risks made transparent (in the brochure) and are being actively managed.
Policies (Anti-harassment, EDI and equal opportunities, Fair employment, Safeguarding, and Privacy Policies) have been established for the SCIO.
Trustees met regularly in the form of Board Meetings, plus weekly fundraising meetings from October 2025 onwards.

The Muirneag Brochure: has been compiled to provide the information required from donors. This provides a detailed break down of cost, schedule and financial feasibility.

Feasibility report : An independent Feasibility Report for the project was conducted by Paul Hailwood, a Master Mariner with 7 years’ experience in command of Sail Training Vessels. As the Director of a marine consultancy company for 25 years providing independent risk management/assessment advice to the maritime industry, Paul provided the experience to provide an objective assessment of the project. At a high level the report supported the assumptions on build cost, build schedule, operational costs and operational revenue assumptions, and associated financial feasibility. The report provided a number of very useful recommendations to facilitate successful delivery and operation of the vessel, which will be pursued by the SCIO.

The key conclusion was thus, “The study assessed the proposal as practical, financially viable, and achievable provided the identified recommendations are successfully implemented.”

Social media launch : The Muirneag.org website, social media and Youtube Video were officially launched in Q4 2025. A content plan has been established to provide regular updates across the various social media platforms and monthly newsletter to build and maintain contact with project supporters.

With efforts focussed on establishing the Governance structure of the Trust, and completing robust planning and costing for the project, there were no construction activities in 2025, other than construction of the central frame of SV Muirneag. This was constructed to provide a tangible demonstration of size of the vessel. It is intended that this will be put on public display during 2026, along with information boards outlining the history and heritage of the SV Muirneag.

Muirnea na Mara SCIO g

Report of the Trustees

Period ended 31 January 2026

Activities ( cont.)

Fundraising : a fundraising workshop was held in September at the Northern Light House Board building in Edinburgh, chaired by Sir Andrew Cubie (former chairman of CBI Scotland, Northern Lighthouse Board plus many other charitable roles as chair or director), with attendance also from Chris Smith (Chair of RNLI Scotland). This provided the opportunity to test the objectives of the project with Sir Andrew and Chris who are extremely experienced in the charitable sector. The workshop was also used to establish an extensive list of potential donors and champions across the following themes: Trusts and Foundations, High Net Worth Individuals, Corporate sponsors, Donations in Kind, Crowdfunding.

A Crowdfunding site has been established and was launched in December with more than £1000 raised to date.

Fundraising commenced in earnest in Q4 with approaches and submissions made to a number of Trusts, Corporates and High Net Worth individuals, including:

Pledge received from Ullapool Harbour Trust for 10% of Project Costs (£180,000)
Application pending with SSEN Fund (£250,000)
Application made to Crown Estate(£30,000)
Discussions with Ullapool Harbour Trust and Stornoway Harbour for funding of apprenticeships for the
duration of the construction.

Future plans

The key focus of the SCIO for 2026 will be:

Fundraising,
Public engagement via social media, newsletters and website
Public engagement via events including Lugger Fest in May’26, plus Heritage skill demonstration/learning
sessions at the boat yard.
History and heritage outreach with information boards in Ullapool Harbour, displays in museums and
heritage/history partners.
Community outreach with engagement with local schools, youth groups, and any organisation with an
interest in history and heritage.

Once the majority (targeting 80%) of funds have been raised a construction start date will be formalised.

Financial review

The results for the period are set out in the attached financial statements. Policy on reserves: as a small organisation with limited resources, Muirneag Na Mara does not currently have a reserves policy. The Trustees will develop a reserves policy for adoption in the financial year ending 31st January 2027.

This report was approved by the board on

24 February 2026.

G Stone Chair

Muirnea na Mara SCIO g

Statement of financial activities

for the period ended 31 January 2026

Unrestricted Funds Notes £ Income and endowments from: Donations and legacies 2 1,674 Charitable activities - Other trading activities - Investment income - Total incoming resources 1,674 Resources expended: Charitable activities 3 96 Total resources expended 96 Net incoming/outgoing resources before transfers 1,578 Transfers 5 - Net movement in funds after transfers 1,578 Total funds brought forward 5 - Total funds carried forward 5 1,578	Restricted Funds £ - - - -	Total Unrestricted 2026 Funds £ £ 1,674 - - - 1,674 - 96 96 - 1,578 - - 1,578 - - 1,578 -
1,674	-	-
	-
96	-	-
	- -	-
	- -	-
	-	-

The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.

The notes form part of these financial statements.

Muirnea na Mara SCIO g

Balance Sheet

as at 31 January 2026

	Notes		2026		2025
			£		£
Current assets
Debtors		-
Cash at bank and in hand		1,578
		1,578		-
Creditors: amounts falling due within
one year		-
Net current assets			1,578		-
Net assets			1,578		-
Represented by:
Restricted funds	5		-
Unrestricted funds	5		1,578
			1,578		-
Approved by the board and signed on its behalf on		24th February	24th February2026
J Peach			G Stone
Trustee			Trustee

Muirnea na Mara SCIO g

Notes to the Accounts

for the period from 24 January 2025 to 31 January 2026

1 Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.

Basis of accounting

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.

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. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Fund accounting

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

Designated funds are funds which the trustees set aside for a specific purpose. 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.

Muirnea na Mara SCIO g

Notes to the Accounts

for the period from 24 January 2025 to 31 January 2026

Donations and legacies Donations Total income	Unrestricted Funds £ 1,674	Restricted Funds £ -	Total Total 2026 2025 £ £ 1,674 - 1,674 - 1,674 -
	1,674	-
	1,674	-

2 Donations and legacies

3 Resources expended on charitable activities Unrestricted Fund £ Social media 96 96 Total expenditure 96	Restricted Funds £ -	Total Total 2026 2025 £ £ 96 - 96 - 96 -
	-
	-

4 Trustees' remuneration and expenses

None of the trustees (or any persons connected with them) received any remuneration or expenses during the period.

Reserves At 24/01/24 £ Restricted funds: None - - Unrestricted funds General fund - Total funds - Represented by: Cash at bank and in hand	Income Expenditure £ £ - - 1,674 (96) 1,674 (96) 1,674 (96)	Income Expenditure £ £ - - 1,674 (96) 1,674 (96) 1,674 (96)	Transfers At 31/01/26 £ £ - - - 1,578 - 1,578 - 1,578
-		-
		(96)
-		(96)
-		(96)

	Unrestricted Funds £ 1,578	Restricted Funds £ -	Total Total 2026 2025 £ £ 1,578
	1,578	-	1,578 -

5 Reserves

Unrestricted	Restricted	Total	Total
Funds	Funds	2026	2025
£	£	£	£
1,578	-	1,578
1,578	-	1,578	-

Muirneag na Mara SCIO

Independent Examiner's Report

to the Trustees of Muir na Mara SCIO

On the accounts for the period ended 31 January 2026

I report on the accounts of the charity for the period ended 31 January 2026 which are set out on pages 4 to 7.

Respective Responsibilities of trustees and examiner

The charity's trustees are responsible for the prepapration of accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) 2005 Act and the Charities Accounts (Scotland) Regulations 2006. The charity 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 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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks 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 accounts.

Independent examiner's statement

In the course of my examination, no matter has come to my attention

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 comply with Regulation 8 of the 2006 Accounts Regulations

have not been met, or

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

T P Wright Chartered accountant

396 Elphin By Lairg Sutherland IV27 4HH

February 2026