Charity registration number SC010249 (Scotland)
Company registration number SC426095 (Scotland)
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Allan Templeton (Chairperson)
Hector Roy Macintyre (Vice-chairperson)
Pauline Butler (Secretary)
Irene Macintyre
Anne MacLennan
Jean Ross
Guy Seaman
Ben Thomas
Peter Lynn
Corinna Annetts
(Appointed 12 June 2024)
Charity number (Scotland)
SC010249
Company number
SC426095
Registered office
Gairloch Museum
Gairloch
IV21 2BH
Independent examiner
Paul Hutchison ACA
Azets Audit Services
Chartered Accountants
Quay 2
139 Fountainbridge
Edinburgh
EH3 9QG
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
CONTENTS
Page
Trustees' report
1 - 6
Independent examiner's report
7
Statement of financial activities
8
Balance sheet
9
Notes to the financial statements
10 - 19
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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).

Objectives and activities

The purpose of the company, as a registered charity, is to promote and encourage interest in, and care for, the history, culture, beauty and character of the Parish of Gairloch, for the benefit of all who wish to be engaged in such advancement of its heritage, be they locally resident, visiting the area in person, or in contact through any form of communication from afar. For a list of activities organised by the charity in the year, please see the 'Exhibitions and Events' section.

Achievements and performance

2023 would be best described as a year of change and challenge for Gairloch Museum. The Museum and Cafe continued to receive plaudits and accolades, but there was an underlying financial challenge caused by a fall in footfall and membership which meant we ended the year in deficit, eating into our meagre financial reserves. This had implications for budgeting in 2024 which, among other things, included the decision not to replace a leaving member of Front of House staff and a different operating model in the Cafe.

 

Karen Buchanan, our Curator of nearly ten years, resigned in May. Her immense contribution to the new Gairloch Museum will be a lasting legacy and we wish her well in new endeavours. Following Karen’s resignation, we were fortunate in engaging Rachael Thomas to act as interim Curator. Rachael’s knowledge of the Museum and its Collection is considerable from her time in the move from the old to the new Museum. We were grateful for her input once again, not least in helping to implement the transfer to the new Axiell Collections database, to update our curatorial policies as preparation for the Accreditation submission due in early 2024 and developing our social media presence on Smartify (the Art and Cultural app).

 

Following competitive interview, Corrina Annetts was appointed Curator and took up her post on the day of the AGM (30 October). Corinna came to us with ten years’ experience in the museum and heritage sector, most recently as Collections Manager for Historic Environment Scotland at Duff House, Banff.

 

Another big change for the Museum toward the end of 2023 was when Roy Macintyre, after 25 years as Chairman of the Museum Board, decided to step down. Roy has been the leading light in the development of Gairloch Museum and his background as civil engineer, local business man, former Highland Councillor and Gairloch heritage enthusiast meant he was ideally suited to lead the team that, against the odds, saw the new Gairloch Museum project through to completion. This is another opportunity to thank Roy for his unsurpassed contribution to the Museum and to Wester Ross Heritage. Allan Templeton, who had been associated with the Museum for around ten years, was elected Chair at the first Board meeting after the AGM and has a hard act to follow. The Board also saw changes with the co-option of Eilidh Smith, our Front of House Coordinator, to be the employee rep, the attendance of Gordon Macintosh and the resignation of Neil Lebeter.

 

Despite these changes, the Museum continued to develop a full programme of events. The Warm Winter Wednesdays morphed into the Whatever the Weather Wednesdays. This initiative continued to develop with outreach activities and was increasingly recognised as an exemplar in the sector. There were Art Exhibitions throughout the year in both Upstairs and Ground Floor Galleries, this year including portrait, landscape, modern art and tapestry exhibitions, all of which were well received and some outstanding. This is an opportunity to pay tribute to the several local artists who not only exhibit but also help to plan, promote and curate these exhibitions, and also to applaud our highly valued Front of House team who were integral to all Museum Events. Other events included the now legendary Monday Ceilidh evenings, creative writing and tapestry workshops, and fifteen book group meetings including some delving into Dixon’s Gairloch. Our Talks series included Finlay Mackinnon, Lighthouse Lives, Taking Inspiration from Nature, Talking about Tapestry, and, at the AGM, Legacy of the Glen (Inverlael). Our first talk of the winter season was In WS Thomson’s Footsteps and this led to a collaborative project with the photographer Estelle Siegers Nelson, now underway, which will be part of our 50th Anniversary celebration in 2027.

GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

During 2023 we saw the completion of the solar panels project, another step in our Ever Greener objective. We continued to offer the best experience we could to locals and visitors alike. The Cafe received excellent feedback overall but we struggled with staffing and budgeting. The Shop is well established and aims to reflect the mood of the Museum and the culture of Wester Ross, while at the same time providing visitors with something memorable to take away, whether book, garment, soap or drink.

 

In 2023 as ever, we were dependent on a group of highly dependable Volunteers, all of whom seem to derive considerable satisfaction from their contribution to the work of the Museum. Again, it is important to acknowledge their enthusiastic commitment and to emphasise that this is never taken for granted. The Board welcomes offers of support and suggestions for improvement and development from the community, be that as volunteers, members or participants. Our meetings are open to all, with Minutes published on the website. We also acknowledge the very positive and heartwarming feedback from our visitors, both through social media and in our Visitors’ Book.

Exhibitions and Events 2023
Exhibitions in the Museum Galleries
March - April
Exhibition 1
Katherine Sutherland
Preview 3 March
"Colours of Scotland"
Exhibition 2
Gairloch Museum
Finlay Mackinnon- the Poolewe Artist 1863-1931
May - June
Exhibition 3 (both galleries)
Daniel Murray
Preview 5 May
Paintings
July-August
Exhibition 4
Sheena Graham
Preview 7 July
Gairloch and the Outer Isles
Exhibition 5
Nearly Wild Weaving
Waterline, a collaborative tapestry exhibition
(facilitated by Joan Baxter with Irene Evison and Anna Wetherell)
September-October
Exhibition 6
Lynn Bennet Mackenzie
Preview 1 September
13 Moons
Exhibition 7
Black Isle Abstract collective
Reactions and Responses
November-December
Exhibition 8 (both galleries)
A range of 15 artists and makers
Preview 3 November
Winter Showcase
Talks and Films
Tuesday 21 February
In W.S. Thomson's footsteps
Estelle Slegers Helsen
(The Wester Ross Series)
Thursday 9 March
Finlay Mackinnon - the Poolewe Artist
Pauline Butler
Thursday 8 June
Lighthouse Lives - Film & music
The Northern Lighthouse Heritage Trust
Thursday 22 June
Taking Inspiration from Nature
Merryn Glover
(slide show, music and discussion)
Friday 7 July
Talking about Tapestry
The Waterline Project
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Monday 30 October
AGM & Legacy of the Glen (Lechmelm)
Richard Else
Thursday 9 March
Finlay Mackinnon - the Poolewe Artist
Pauline Butler
Thursday 8 June
Lighthouse Lives - Film & music
The Northern Lighthouse Heritage Trust
Thursday 22 June
Taking Inspiration from Nature
Merryn Glover
(slide show, music and discussion)
Friday 7 July
Talking about Tapestry
The Waterline Project
Monday 30 October
AGM & Legacy of the Glen (Lechmelm)
Richard Else
Ceilidh House
Mondays fortnightly throughout the year
Singing, playing music, reading some
from 9 January to 18 December
poetry or porse, telling a story...
Workshops/demonstrations
Mondays from January to May
Spirit of the Highlands and Islands
Tapestry project
Friday 24 March
Vintage layers, lace and labels
Fran Harvey
(Card-making)
Thursday 22 June
Creative Writing Workshop:
Merryn Glover
Taking Inspiration from Nature
10-14 July
Tapestry weaving workshops
The Waterline Project
(each day - separate sessions)
21-25 August
Tapestry weaving masterclass course:
Joan Baxter of the Waterline Project
Landscapes of the Heart
Friday 1 December
Christmas crafts: lino-print cards
Corinna Annetts
Saturday 16 December
Christmas crafts: printed gift wrap
Corinna Annetts
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Book Groups
Wednesday 18 January (online)
Book Group: The Outrun by Amy Liptrot
& Thursday 19 January (in person)
Thursday 26 January
Delving into Dixon: Geology & Minerals
Jeremy Fenton
Wednesday 15 February (online)
Book Group: Young Mungo by Douglas Stuart
& Thursday 16 February (in person)
Thursday 23 February
Delving into Dixon: Finlay Mackinnon -
Pauline Butler
the Poolewe Artist
Thursday 23 March
Delving into Dixon: Antiquities
Jim Buchanan
Wednesday 29 March (both online and in person)
Book Group: The Ninth Child by Sally Magnusson
Wednesday 12 April
Meet the Author - John McLellan's - The Faultline
Wednesday 26 April (in person)
Book Group: The Living Mountain by
& Wednesday 3 May (online)
Nan Shepherd
Thursday 27 April
Delving into Dixon: Ancestry and Names
Dorothy Malone
Wednesday 31 May (in person & online)
Book Group: Islands of Abandonment by Cal Flynn
Wednesday 28 June (online)
Book Group: Rizzio by Denise Mina
& Thursday 6 July (in person)
Thursday 17 August (online and in person)
Book Group: At the Loch of the Green Corrie by Andrew Greig
Thursday 21 September (online and in person)
Book Group: Nothing Left to Fear from Hell by Alan Warner
Thursday 2 November
Book Group: Beside the Ocean of
(online and in person)
Time by George Mackay
Thursday 7 December (in person)
Book Group: The Bookseller of Inverness
& 14 December (online)
by S G Maclean
Creative Writing Group
Wednesdays: 8 February,
Creative Writing Group
24 March, 12 April, 24 May, 28 June,
2 August, 6 September, 4 October,
14 December
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Whatever the Weather Wednesdays
19,26 April
Reminiscence mornings based on stimulus objects from the Museum collections.
3,10,17,24,31 May
Games, chat, crafts afternoon
7,14,21,28 June
16,23,30 August
6,13,27 September
4,25 October
15,22,29 November
6,13,20 December
School Visits
20 April
The Wild Escape workshops (Art Fund)
Poolewe and Shieldaig primary schools
Bualnaluib primary school
24 May
Gairloch primary school: intergenerational
Beetle Drive with the Whatever the
Weather Wednesday group
21 November
Bualnaluib primary: Maths Week
Other Events
April
Easter chicks play hide and seek
Saturday 1 July
Gairloch Gathering
Thursday 20 July
Ceilidh Trail musicians
Friday 11 August
Book launch: Windswept
Annie Worsley
Saturday 2 September
Doors Open Day & Behind the Scenes
at the Museum Tours (x4)
Friday 8 September
Pebbles on the Beach
Emma Wotherspoon
(Scottish Geology Trust Festival)
Wednesday 25 October
Poetry reading
Jim Carruth
Saturday 2 December
Seashell Identification Day
Wester RossBiodiversity Action Forum
Financial review

An operating surplus of £13,243 on charitable activities combined with a provision charge for depreciation of £75,456 resulted in a deficit of £62,213 being carried through to the balance sheet financial year compared to a deficit of £30,619 last year. The charity held unrestricted income reserves of £2,136,991 at the year end (of which £2,063,916 represents the net book value of the new museum building, fixtures & fittings etc) with restricted funding reserves of £110,638. In the view of the trustees, the company has sufficient reserves to enable it to continue to operate for the foreseeable future. Aside from time given by the volunteers, no facilities or services were donated.

GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Allan Templeton (Chairperson)
Hector Roy Macintyre (Vice-chairperson)
Pauline Butler (Secretary)
Karen Buchanan (Curator)
(Resigned 16 May 2023)
Irene Macintyre
Anne MacLennan
Jean Ross
Guy Seaman
Ben Thomas
Peter Lynn
Neil Lebeter
(Resigned 12 September 2023)
Eilidh Smith
(Appointed 17 May 2023 and resigned 12 June 2024)
Corinna Annetts
(Appointed 12 June 2024)
Jeremy Fenton (Co-vice-chairperson)
(Resigned 12 June 2024)

Induction and training of trustees

Trustees are appointed in accordance with the charity's governing documents, receive induction information and, where appropriate, training in specific aspects of curation, management and operations.

 

Key management personnel

A sub-group of trustees comprising a chairman, secretary and treasurer are responsible for setting the terms and conditions, including the remuneration packages, of the charity's key management personnel.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

This report has been prepared in accordance with the provisisions applicable to companies entitiled to the small companies exemption.

The Trustees' report was approved by the Board of Trustees.

Allan Templeton (Chairperson)
23 September 2024
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
- 7 -

I report on the financial statements of the charity for the year ended 31 December 2023, which are set out on pages 8 to 19.

Respective responsibilities of trustees and examiner

The charity’s trustees, who are also the directors of Gairloch & District Heritage Company Ltd 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 Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements 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 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, 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 view given by the financial statements.

Independent examiner's statement

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

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

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

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

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

Paul Hutchison ACA
Azets Audit Services
Chartered Accountants
Quay 2
139 Fountainbridge
Edinburgh
EH3 9QG
Dated: 25 September 2024
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
Notes
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
3
13,897
69,700
83,597
31,256
73,560
104,816

Museum income

Admissions

47,248
-
47,248
51,533
-
51,533

Shop sales

57,595
-
57,595
62,388
-
62,388

Memberships

7,044
-
7,044
7,726
-
7,726

Cafe income

63,963
-
63,963
84,024
-
84,024

Income from fundraising

4
12,929
-
12,929
4,994
-
4,994
Other income
5
16,110
-
16,110
10,560
-
10,560
Total income
218,786
69,700
288,486
252,481
73,560
326,041
Expenditure on:
Raising funds
6
2,041
-
2,041
38
-
38
Charitable activities
7
303,986
44,672
348,658
332,822
23,800
356,622
Total expenditure
306,027
44,672
350,699
332,860
23,800
356,660
Net (expenditure)/income for the year/
Net movement in funds
(87,241)
25,028
(62,213)
(80,379)
49,760
(30,619)
Fund balances at 1 January 2023
2,224,232
85,610
2,309,842
2,304,611
35,850
2,340,461
Fund balances at 31 December 2023
2,136,991
110,638
2,247,629
2,224,232
85,610
2,309,842

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,113,248
2,131,330
Current assets
Stocks
13
20,922
22,686
Debtors
14
6,713
6,854
Cash at bank and in hand
124,370
164,181
152,005
193,721
Creditors: amounts falling due within one year
15
(17,624)
(15,209)
Net current assets
134,381
178,512
Total assets less current liabilities
2,247,629
2,309,842
Income funds
Restricted funds
17
110,638
85,610
Unrestricted funds
2,136,991
2,224,232
2,247,629
2,309,842

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 23 September 2024
Allan Templeton (Chairperson)
Trustee
Company registration number SC426095
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Charity information

Gairloch & District Heritage Company Ltd is a private company limited by guarantee incorporated in Scotland. The registered office is Gairloch Museum, Gairloch, IV21 2BH.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's memorandum and articles of association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The charity has generated an operating surplus in the year, before depreciation is accounted for, and continues to have a strong asset base and cash position. At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

 

Museum admissions and shop and cafe sales are recognised at the time of the sale. Museum membership is recognised on a cash basis, no deferral is recognised as the income is not a significant stream for the charity.

Income received under contract or where entitlement to grant funding is subject to the performance of specific activities is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

 

Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
straight line over 40 years
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Heritage assets

It is the policy of the charity not to capitalise heritage assets belonging to the Museum, where a reliable estimate cannot be made of the asset’s fair value or the information on cost or value is not available and which cannot be obtained at a cost which is commensurate with the benefits to the users of the financial statements. These are in effect inalienable, held in perpetuity, and are mostly irreplaceable. Any financially based valuation would be misleading to the value and significance of the material culture involved. The trust has a clear duty of care for these assets and to make them available for the enjoyment and education of the public as far as is possible, commensurate with their long-term care and preservation. The highest possible standards of collection management are applied, and the catalogues are made available as widely as possible to facilitate all enquiries and requests for information, subject to appropriate security and data protection guidelines.

1.8
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price.

Net realisable value is the estimated selling price less costs to be incurred in marketing, selling and distribution.

GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.10
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2
Critical accounting estimates and judgements

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

 

At the year end there are no areas where critical judgements or material estimates have been made.

 

 

3
Donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Donations and gifts
7,625
8,000
15,625
5,820
-
5,820

Grants receivable for core activities

6,272
61,700
67,972
25,436
73,560
98,996
13,897
69,700
83,597
31,256
73,560
104,816
Donations and gifts
Donations - general
7,625
-
7,625
5,820
-
5,820
Winter Warmer Wednesdays
-
8,000
8,000
-
-
-
7,625
8,000
15,625
5,820
-
5,820
Grants receivable for core activities
Grants for running expenses
6,272
-
6,272
25,436
-
25,436
Grants for solar panels
-
33,479
33,479
-
22,160
22,160
Grants for events & outreach
-
28,221
28,221
-
25,750
25,750
Grants for Gaelic development officer post
-
-
-
-
22,800
22,800
Reimagine
-
-
-
-
2,000
2,000
Other
-
-
-
-
850
850
6,272
61,700
67,972
25,436
73,560
98,996
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
4

Income from fundraising

Unrestricted
Unrestricted
funds
funds
2023
2022
£
£

Exhibition income

12,929
4,994
5
Other income
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Other income
5,018
424

Course income

185
1,110

HMRC Gift Aid received

5,370
2,570

Rental & property management fees

5,537
6,456
16,110
10,560
6
Raising funds
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£

Exhibition expenses

2,041
38
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
7
Charitable activities

Unrestricted

Restricted

Total

Unrestricted

Restricted

Total
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Staff costs
85,349
26,443
111,792
102,200
14,700
116,900
Depreciation and impairment
66,750
8,706
75,456
71,637
-
71,637

Director's remuneration and pension costs

27,573
-
27,573
33,151
-
33,151

Light & heat, rates & insurance

23,838
-
23,838
22,310
-
22,310

Operating lease payments - office equipment

2,297
-
2,297
2,568
-
2,568

Bank & PayPal charges

3,306
-
3,306
2,137
-
2,137

Property repairs & cleaning

6,064
-
6,064
7,201
-
7,201

Printing, postage, stationary & advertising

3,484
-
3,484
4,606
-
4,606

Project expenditure

-
-
-
-
4,280
4,280

Event & curation expenses

16,736
9,523
26,259
8,042
4,820
12,862

General expenses

4,386
-
4,386
857
-
857

Telephone, internet & computer costs

2,879
-
2,879
3,174
-
3,174

Travelling & subsistence

384
-
384
925
-
925

Accounting, professional & bookkeeping fees

695
-
695
6,422
-
6,422
Goods for resale
55,340
-
55,340
63,342
-
63,342
299,081
44,672
343,753
328,572
23,800
352,372
Share of governance costs (see note 8)
4,905
-
4,905
4,250
-
4,250
303,986
44,672
348,658
332,822
23,800
356,622
8
Support costs
Support costs
Governance costs
2023
Support costs
Governance costs
2022
£
£
£
£
£
£
Charitable activities

Independent examination

-
3,455
3,455
-
3,250
3,250

Legal and professional fees

-
1,450
1,450
-
1,000
1,000
-
4,905
4,905
-
4,250
4,250
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
9
Independent examiner's remuneration
The analysis of independent examiner's remuneration is as follows:
2023
2022
£
£
Independent examination
3,455
3,250
All other services
1,450
1,000
Total fees
4,905
4,250
10
Trustees and Key Management Personnel

In accordance with the charity's governing documents, one of the (co-opted) trustees, Dr Karen Buchanan, was remunerated during the reporting period until her resignation in April 2023. She is employed under contract by the charity as the Museum Curator and received remuneration of £10,000 (2022 - £28,500) and company contributions to pension schemes of £800 (2022 - £2,400). The charity also incurred Employers National Insurance costs in relation to her employment of £741 (2022 - £933) during the year.

 

None of the trustees (or any persons connected with them) received any expenses in the current or prior year.

11
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
12
14
Employment costs
2023
2022
£
£
Wages and salaries
134,992
142,441
Social security costs
1,847
3,892
Other pension costs
2,526
3,718
139,365
150,051
There were no employees whose annual remuneration was more than £60,000.
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
12
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
2,062,237
27,944
404,606
2,494,787
Additions
-
-
57,374
57,374
At 31 December 2023
2,062,237
27,944
461,980
2,552,161
Depreciation and impairment
At 1 January 2023
116,193
14,584
232,680
363,457
Depreciation charged in the year
39,056
2,004
34,396
75,456
At 31 December 2023
155,249
16,588
267,076
438,913
Carrying amount
At 31 December 2023
1,906,988
11,356
194,904
2,113,248
At 31 December 2022
1,946,044
13,360
171,926
2,131,330
13
Stocks
2023
2022
£
£
Finished goods and goods for resale
20,922
22,686
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
35
3,027
Other debtors
5,370
2,605
Prepayments and accrued income
1,308
1,222
6,713
6,854
15
Creditors: amounts falling due within one year
2023
2022
£
£
Other taxation and social security
6,861
4,051
Trade creditors
1,975
5,899
Other creditors
65
77
Accruals and deferred income
8,723
5,182
17,624
15,209
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
16
Retirement benefit schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

17
Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
Movement in funds
Balance at
1 January 2023

Income

Expenditure

Balance at
31 December 2023
£
£
£
£
Events and outreach
6,230
28,221
(17,193)
17,258
Warm Winter Wednesday
-
8,000
(2,115)
5,885
Long term reserve support
35,000
-
-
35,000
Solar panels
22,160
33,479
8,706
46,933
Gaelic development officer
22,220
-
(16,658)
5,562
85,610
69,700
(44,672)
110,638
Movement in funds
Balance at
1 January 2022

Income

Expenditure

Balance at
31 December 2022
£
£
£
£
Solar panels
-
22,160
-
22,160
Gaelic development officer
-
22,800
(580)
22,220
Events and outreach
-
25,750
(19,520)
6,230
Reimagine
-
2,000
(2,000)
-
Finlay Mackinnon Restoration
850
850
(1,700)
-
Long term reserve support
35,000
-
-
35,000
35,850
73,560
(23,800)
85,610

 

Events & outreach co-ordinator - these are funds received towards the events & outreach co-ordinator position

 

Finlay Mackinnon Restoration - this is fund assist in a creation of a digitised album of the works of the late Finlay Mackinnon

 

Long term reserve support - these are funds to bolster reserves for the long term

 

Gaelic development officer - to promote the use of the Gaelic Language with three other Higland Museums across their sites and outreach activities

 

Warm Winter Wednesday - to provide a warm lunch over the winter period for attendees at the Museum's "Warm Winter Wednesday" events for members fo the community with various challenges

GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
18
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Total
Unrestricted funds
Restricted funds
Total
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Fund balances at 31 December 2023 are represented by:
Tangible assets
2,063,916
49,332
2,113,248
2,130,667
663
2,131,330
Current assets/(liabilities)
73,075
61,306
134,381
93,565
84,947
178,512
2,136,991
110,638
2,247,629
2,224,232
85,610
2,309,842
19
Operating lease commitments
Lessor

The operating leases represent leases to third parties. The leases are negotiated over a term of 3 years and rentals are fixed for 3 years. There are no options in place for either party to extend the lease terms.

At the reporting end date the charity had contracted with tenants for the following minimum lease payments:

2023
2022
£
£
Within one year
-
4,045
20
Capital commitments
2023
2022
£
£

At 31 December 2023 the charity had capital commitments as follows:

Contracted for but not provided in the financial statements:
Acquisition of property, plant and equipment
-
57,187

The capital commitment represents solar panels that were isntalled on the roof of the building after the prior year end.

21
Related party transactions

Other than those already disclosed in note 10, there were no disclosable related party transactions during the year (2022 - none).

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