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 2024
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Allan Templeton (Chairperson)
Hector Roy Macintyre (Co vice-chairperson)
Pauline Butler (Secretary)
Irene Macintyre
Anne MacLennan
Jean Ross (Co vice-chairperson)
Guy Seaman
Ben Thomas
Peter Lynn
Corinna Annetts
(Appointed 12 June 2024)
Liz Forrest
(Appointed 28 October 2024)
Gordon Mcintosh
(Appointed 28 October 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 - 9
Balance sheet
10
Notes to the financial statements
11 - 23
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 2024.

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

In many respects 2024 was another successful year for Gairloch Museum. The UK Museum Accreditation Scheme is a national standard that demonstrates commitment to best practices of governance, collections management and visitor services. We were very pleased to be informed in September that we had been re-awarded the standard for another five years after a rigorous review of all we had undertaken since moving to our new premises.

W e had many positive and encouraging remarks about our permanent display. Our art and cultural exhibitions were much admired. We continued to develop our events programme, serving both visitors in the open season and the local community throughout the year. However, as in the previous year, though our admissions income was higher, our income fell short of our outgoings, and that has become a focus of our attention.

The Board of the Museum met eight times in 2024, with a small Executive Group of Board Officers and Staff meeting between times to address issues and ensure actions. Jeremy Fenton stepped down from the Board in June, after serving as Vice-Chair for the last ten years. His contribution to all aspects of the work of the Museum has been immense, and he continues to contribute to the front desk, guided walks, and publications. Jean Ross was elected Vice-Chair, as well as having responsibility for the Cafe. Gordon MacIntosh and Liz Forrest joined the Board at the end of the year, being elected at the AGM.

In response to our financial situation, and looking to the future, the Board approved a Financial Sustainability Strategy, a crucial part of the Forward Plan that will cover all aspects of the Museum’s operations, responsibilities and activities for the next three years. Among other things, the Strategy focussed on the need to increase footfall and membership through Marketing. We were grateful to the Hon Dr Deborah Keith for agreeing to chair the Group.

This was the first full year for our new Curator, Corinna Annetts, whose leadership is characterised by pleasant efficiency and a focused work ethic. She has already made significant contributions to all aspects of the work of the Museum, for example, increasing the number of family-focussed activities, including a series of ‘Mini-Museum’ sessions during the summer holiday period. A number of a grants, not least a major award from MGS for an Events and Outreach Officer, have been secured.

The Events and Outreach programme was seen as an increasingly important part of the work of the Museum. Throughout the year there were Art, Cultural and Heritage exhibitions in both Galleries, and these are open to the public without admission fee. Major Art exhibitions this year included Our Fragile Land and Ulaidhean/Treasures, the latter in collaboration with the Society of Scottish Artists. Our Winter Talks series continued to evolve, with topics ranging from the Picts to Salmon to Deer and the Landscape. Both Exhibitions and Events have Planning Groups, and at the end of the year we were pleased to welcome Ell Sinclair as our new Events and Outreach Officer. The Warm Winter/Whatever the Weather Wednesdays grow in confidence and are attracting wide interest supporting, as they do, the vulnerable in our community.

Also in 2024, the Museum benefitted from funding support which enabled us to be one of a consortium of four Highland museums to work with a Gaelic Development Officer. Gaelic lunches and meetings became a regular feature, a weekly, term-time conversation class, Cearcall Còmhraidh, engaged both fluent Gaelic speakers and learners of all ages, and additional signage was installed to recognise our Gaelic heritage.

GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The Café continued to prove very popular with visitors and locals alike, but at the end of the year after four years at the helm, our cafe manager, Sally Cameron, decided to step down. We were very grateful to Sally for all that has been achieved in Am Bàrd Cafe, and for being so helpful during the transition period. After competitive interview, Noreen Mackenzie was appointed the new Café Manager to start in 2025.

The Shop continued to prove popular with both visitors and locals, offering a wide range of books, gifts and garments. Irene Macintyre has responsibility, and her unceasing search for new and interesting merchandise is one key reason for the shop’s success.

The Front of House staff ensure a warm welcome to all visitors, while doing immense work behind the scenes to ‘keep the show on the road’. Eilidh Smith and Barbara Mackenzie, as well as volunteers Pete Lynn and Janet Buxton, take full responsibility at the Front Desk, supported by a larger group of willing volunteers. This report is an opportunity to place on record how fortunate the Museum is in the quality of its current staff, and to thank all our Volunteers, who are never taken for granted.

As ever the Board welcomes offers of support and suggestions for improvement from our community of Members. Our meetings are open to all with Minutes published on the website. We also acknowledge the warm and encouraging feedback on social media and particularly in our Visitor’s book. As a final point, we are already planning the celebration of our 50th anniversary in 2027 and will be grateful for any reminiscences and memorabilia, including photographs, to enhance the exhibition and activities that we are working towards.

Exhibitions and Events 2024
Exhibitions in the Museum Galleries
March-April
Exhibition 1
Celia Garbutt
Preview 1 March
"Romance”
Exhibition 2
Sadie Paige
Hello Sweet Cheeks
May-June
Exhibition 3
Aileen Grant, Fiona Macintyre, Jane Rushton and Beth Robertson Fiddes
Preview 3 May
Our Fragile Land
July-September
Exhibition 4
Society of Scottish Artists
Preview 5 July
Ulaidhean/Treasures
October-December
Exhibition 5
Dr Liz Forrest
Preview 4 October
Shepherds Wanted: Wester Ross Pioneers to Patagonia 1880-1930
Exhibition 6
Alison Dunlop
Minch Song
Talks, Walks and Films
Friday 23 February
Dualchas Gheàrrloch
Fraser McRobert
Wednesday 13 March
The Campaign for Women's Suffrage in the Highlands
Dr Susan Kruse
Saturday 4 May
Live to Travel
Marta Misztal
Thursday 15 August
Fireside Stories
Lizzie McDougall
Monday 7 October
Shepherds Wanted: Wester Ross Pioneers to Patagonia 1880-1930
Dr Liz Forrest
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Monday 28 October
From Gairloch to the Galapagos
Allan Templeton
(AGM talk)
Tuesday 5 November
Landscape change in the Scottish Highlands
Dr James Fenton
Friday 8 November
Sea Stories
Bob Pegg
Friday 15 November
The Atlantic Salmon: research and restoration solutions for an iconic species
Melanie Smith & Jess Rodger
Friday 13 December
The development of the Pictish kingdoms AD300-900 (online)
Prof. Gordon Noble
Saturdays through season
Achtercairn Archaeology Trail guided walk
Jeremy Fenton
Ceilidh House
Mondays fortnightly throughout the year from
Singing, playing music, reading some poetry or prose, telling a story …
8 January to 9 December
Workshops/demonstrations
Thursday 22 February
Gaelic Workshop
Anna MacQuarrie
(2 sessions)
Tuesday 26 March
My House of Memories training session
Tuesday 23 April
Family research
Dorothy Malone
Friday 7 & Saturday 8 June
Scottish Entemology Group
Fridays 23 August onwards during term time
Cearcall Còmhraidh
Bria Mason
(Gaelic conversation sessions)
Saturday 28 September
Vegetable Fermentation Workshop
Hannah Taylor (Gut Feelings Kombucha)
Saturday 7 December
Christmas Tree Cards Nature Print & Mini Wreaths
Saturday 14 December
Gingerbread House decorating
Collection Connections
Fridays: 16 February;
1 March; 8 March; 15 March; 22 March; 29 March; 5 April; 12 April; 19 April; 26 April.
‘Explore the Museum displays' - training sessions
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Book Group
Thursday 18 January (online) &
Columba's Bones
24 January (in person)
by David Greig
Thursday 29 February
Study for Obedience
(in person & online)
by Sarah Bernstein
Tuesday 9 April
Of Stone and Sky
(in person & online)
by Merryn Glover
Tuesday 14 May
Whisky Galore
(in person & online)
by Compton Mackenzie
Tuesday 4 June
Findings
(in person & online)
by Kathleen Jamie
Tuesday 23 July
Queen Macbeth
(in person & online)
by Val McDermid
Tuesday 3 September
Last Witch of Scotland
(in person & online)
by Philip Paris
Tuesday 8 October
The Redemption of Alexander Seaton
(in person)
by S G Maclean
Tuesday 12 November
Island of Wings
(in person & online)
by Karin Altenberg
Creative Writing Group
Thursdays 25 January;
Creative Writing Group
22 February; 28 March;
30 April; 11 June; 16 July.
Tuesdays 20 August;
17 September; 29 October.
Thursday 28 November
Whatever the Weather Wednesdays
Every Wednesday during term time
Reminiscence mornings based on stimulus objects from the Museum collections.
Games, chat, crafts in the afternoon
School Visits
Tuesday 27 February
Bualnaluib primary school: round houses
Thursday 25 April
Shieldaig primary school: defending our homes
Friday 27 September
Bualnaluib & Poolewe primary schools: Maths Week challenge
Monday 30 September
Bualnaluib primary school: school days in the 1920s
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Other Events
Saturday 27 January
Burns Supper Pub Quiz
Gairloch Museum
Saturday 17 February
Pub Quiz
Badachro Inn
Saturday 16 March
Pub Quiz
Old Inn
April
Easter chicks play hide and seek
Thursday 4 April
Family Crafts:
Easter Egg Family Painting
Friday 12 April
Family Crafts:
Edible Cress Easter Bunnies
Saturday 29 June
Gairloch Gathering
Tuesday 16 July
Mini-Museum: What's that Noise?
Wednesday 17 July
Fèis Rois Ceilidh Trail musicians
Tuesday 23 July
Mini-Museum: Sea shell painting
Wednesday 31 July
Mini-Museum: Make your own Clan banner
Tuesday 6 August
Mini-Museum: Highland Games
Tuesday 13 August
Mini-Museum: Haunted Lighthouse Escape Room adventure
Saturday 7 September
Doors Open Day & Behind the Scenes at the Museum tours (x4)
Financial review

An operating surplus of £98,743 on charitable activities combined with a provision charge for depreciation of £69,995 resulted in a surplus of £28,748 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 £2,103,966 at the year end (of which £2,001,321 represents the net book value of the museum building, fixtures & fittings etc) with restricted funding reserves of £134,783 and £37,628 to a new endowment fund. 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.

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.

GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
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 (Co vice-chairperson)
Pauline Butler (Secretary)
Irene Macintyre
Anne MacLennan
Jean Ross (Co vice-chairperson)
Guy Seaman
Ben Thomas
Peter Lynn
Eilidh Smith
(Resigned 12 June 2024)
Corinna Annetts
(Appointed 12 June 2024)
Jeremy Fenton
(Resigned 12 June 2024)
Liz Forrest
(Appointed 28 October 2024)
Gordon Mcintosh
(Appointed 28 October 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' r eport was approved by the Board of Trustees.

Allan Templeton (Chairperson)
9 September 2025
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 2024, which are set out on the statement of financial activities, balance sheet and related notes.

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: 16 September 2025
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Current financial year
Unrestricted
Restricted
Endowment
Total
Total
funds
funds
funds
2024
2024
2024
2024
2023
Notes
£
£
£
£
£
Income and endowments from:
Donations and legacies
3
16,540
85,256
37,628
139,424
83,597

Museum income

Admissions

56,579
-
-
56,579
47,248

Shop sales

58,987
-
-
58,987
57,595

Memberships

7,079
-
-
7,079
7,044

Cafe income

66,737
-
-
66,737
63,963

Income from fundraising

4
28,229
-
-
28,229
12,929
Investments
5
309
-
-
309
-
Other income
6
14,945
-
-
14,945
16,110
Total income and endowments
249,405
85,256
37,628
372,289
288,486
Expenditure on:
Raising funds
7
741
-
-
741
2,041
Charitable activities
8
279,472
63,328
-
342,800
348,658
Total expenditure
280,213
63,328
-
343,541
350,699
Net (expenditure)/income before transfers
(30,808)
21,928
37,628
28,748
(62,213)
Gross transfers between funds
(2,217)
2,217
-
-
-
Net movement in funds
(33,025)
24,145
37,628
28,748
(62,213)
Fund balances at 1 January 2024
2,136,991
110,638
-
2,247,629
2,309,842
Fund balances at 31 December 2024
2,103,966
134,783
37,628
2,276,377
2,247,629

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
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Prior financial year
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
Notes
£
£
£
Income and endowments from:
Donations and legacies
3
13,897
69,700
83,597

Museum income

Admissions

47,248
-
47,248

Shop sales

57,595
-
57,595

Memberships

7,044
-
7,044

Cafe income

63,963
-
63,963

Income from fundraising

4
12,929
-
12,929
Other income
6
16,110
-
16,110
Total income and endowments
218,786
69,700
288,486
Expenditure on:
Raising funds
7
2,041
-
2,041
Charitable activities
8
303,986
44,672
348,658
Total expenditure
306,027
44,672
350,699
Net movement in funds
(87,241)
25,028
(62,213)
Fund balances at 1 January 2023
2,224,232
85,610
2,309,842
Fund balances at 31 December 2023
2,136,991
110,638
2,247,629
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,043,253
2,113,248
Current assets
Stocks
13
22,363
20,922
Debtors
14
16,124
6,713
Cash at bank and in hand
203,384
124,370
241,871
152,005
Creditors: amounts falling due within one year
15
(8,747)
(17,624)
Net current assets
233,124
134,381
Total assets less current liabilities
2,276,377
2,247,629
Capital funds
Endowment funds
17
37,628
-
Income funds
Restricted funds
18
134,783
110,638
Unrestricted funds
2,103,966
2,136,991
2,276,377
2,247,629

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 2024.

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 9 September 2025
Allan Templeton (Chairperson)
Trustee
Company registration number SC426095
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
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 a mounts 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, 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 2024
1
Accounting policies
(Continued)
- 12 -
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 2024
1
Accounting policies
(Continued)
- 13 -
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 p aymen ts 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 2024
- 14 -
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
Endowment
Total
funds
funds
funds
general
2024
2024
2024
2024
£
£
£
£
Donations and gifts
10,268
23,000
37,628
70,896

Grants receivable for core activities

6,272
62,256
-
68,528
16,540
85,256
37,628
139,424
Unrestricted
Restricted
Endowment
Total
funds
funds
funds
general
2023
2023
2023
2023
£
£
£
£
Donations and gifts
7,625
8,000
-
15,625

Grants receivable for core activities

6,272
61,700
-
67,972
13,897
69,700
-
83,597
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Donations and legacies
(Continued)
- 15 -
Unrestricted
Restricted
Endowment
Total
funds
funds
funds
general
2024
2024
2024
2024
£
£
£
£
Donations and gifts
Donations - general
10,268
-
-
10,268
Winter Warmer Wednesdays
-
2,000
-
2,000
Permanent Exhibition Improvements
-
10,000
-
10,000
Education programme
-
11,000
-
11,000
Richmond Endowment
-
-
37,628
37,628
10,268
23,000
37,628
70,896
Unrestricted
Restricted
Endowment
Total
funds
funds
funds
general
2023
2023
2023
2023
£
£
£
£
Donations and gifts
Donations - general
7,625
-
-
7,625
Winter Warmer Wednesdays
-
8,000
-
8,000
7,625
8,000
-
15,625
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Donations and legacies
(Continued)
- 16 -
Unrestricted
Restricted
Endowment
Total
funds
funds
funds
general
2024
2024
2024
2024
£
£
£
£
Grants receivable for core activities
Grants for running expenses
6,272
590
-
6,862
Grants for Pushing the Boundaries
-
14,486
-
14,486
Grants for Whatever the Weather
-
35,180
-
35,180
Grants for Gaelic Devleopment Officer
-
9,100
-
9,100
Grant for Gaelic Convenor
-
2,900
-
2,900
6,272
62,256
-
68,528
Unrestricted
Restricted
Endowment
Total
funds
funds
funds
general
2023
2023
2023
2023
£
£
£
£
Grants receivable for core activities
Grants for running expenses
6,272
-
-
6,272
Grants for Pushing the Boundaries
-
33,479
-
33,479
Grants for events & outreach
-
28,221
-
28,221
6,272
61,700
-
67,972
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
4

Income from fundraising

Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Exhibition income

28,229
12,929
5
Investments
Unrestricted
Total
funds
2024
2023
£
£
Interest receivable
309
-
6
Other income
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Other income
2,150
5,018

Course income

-
185

HMRC Gift Aid received

8,548
5,370

Rental & property management fees

4,247
5,537
14,945
16,110
7
Raising funds
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Exhibition expenses

741
2,041
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
8
Charitable activities
2024
2023
£
£
Staff costs
103,173
111,793
Depreciation and impairment
69,995
75,456

Director's remuneration and pension costs

29,984
27,573

Light & heat, rates & insurance

26,045
23,838

Operating lease payments - office equipment

613
2,297

Bank & PayPal charges

3,128
3,306

Property repairs & cleaning

4,998
6,064

Printing, postage, stationary & advertising

6,892
3,484

Event & curation expenses

27,986
26,259

General expenses

3,596
4,386

Telephone, internet & computer costs

3,108
2,879

Travelling & subsistence

115
384

Accounting, professional & bookkeeping fees

690
695
Goods for resale
58,032
55,340
338,355
343,754
Share of governance costs (see note 9)
4,445
4,905
342,800
348,659
Analysis by fund
Unrestricted funds
279,472
303,986
Restricted funds
63,328
44,672
342,800
348,658
9
Support costs
Support costs
Governance costs
2024
Support costs
Governance costs
2023
£
£
£
£
£
£
Charitable activities

Independent examination

-
4,445
4,445
-
3,455
3,455

All other services

-
-
-
-
1,450
1,450
-
4,445
4,445
-
4,905
4,905
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
10
Trustees and Key Management Personnel

In accordance with the charity's governing documents, one employee serves as a (co-opted) trustee. During the current year, Eilidh Smith (Front of House Supervisor) served as a trustee from January to June and the charity incurred costs of £11,203 in salary and Employers National Insurance costs and pension contriubtions of £423. Corinna Anetts (Curator) served as a trustee from June to December and the charity paid her £19,245 includinding employers National Insurance, and pension contriubtions of £711. In the prior year one of the (co-opted) trustees, Dr Karen Buchanan, was remunerated during the reporting prior period until her resignation in April 2023. She was employed under contract by the charity as the Museum Curator and received remuneration of £10,000 and company contributions to pension schemes of £800 during that priod.. The charity also incurred Employers National Insurance costs in relation to her employment of £741 during the prior 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:

2024
2023
Number
Number
9
12
Employment costs
2024
2023
£
£
Wages and salaries
128,278
134,992
Social security costs
2,518
1,847
Other pension costs
2,363
2,526
133,159
139,365
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 2024
- 20 -
12
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2024
2,062,237
27,944
461,980
2,552,161
At 31 December 2024
2,062,237
27,944
461,980
2,552,161
Depreciation and impairment
At 1 January 2024
155,249
16,588
267,076
438,913
Depreciation charged in the year
39,056
1,703
29,236
69,995
At 31 December 2024
194,305
18,291
296,312
508,908
Carrying amount
At 31 December 2024
1,867,932
9,653
165,668
2,043,253
At 31 December 2023
1,906,988
11,356
194,904
2,113,248
13
Stocks
2024
2023
£
£
Finished goods and goods for resale
22,363
20,922
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2
35
Other debtors
14,636
5,370
Prepayments and accrued income
1,486
1,308
16,124
6,713
15
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
2,257
6,861
Trade creditors
2,349
1,975
Other creditors
65
65
Accruals and deferred income
4,076
8,723
8,747
17,624
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
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
Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Movement in funds
Balance at
1 January 2024
Income
Balance at
31 December 2024
£
£
£
Permanent endowments
Richmond Endowment
-
37,628
37,628
-
37,628
37,628

The income from the Richmond Endowment fund will be expended on the museum's work.

18
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 2024

Income

Expenditure

Transfers
Balance at
31 December 2024
£
£
£
£
£
Events and outreach
17,258
-
(17,258)
-
-
Whatever the Weather Wednesdays
5,885
37,180
(18,838)
-
24,227
Long term reserve support
35,000
-
-
-
35,000
Solar panels
46,933
-
(8,706)
-
38,227
Gaelic development officer
5,562
9,100
(16,879)
2,217
-
Bord na Gaidhlig Gaelic Course Convener
-
2,900
(944)
-
1,956
Pushing the Boundaries - MGS
-
14,486
(113)
-
14,373
Permanent exhibtion improvements
-
10,000
-
-
10,000
Education programme
-
11,000
-
-
11,000
Signage
-
590
(590)
-
-
110,638
85,256
(63,328)
2,217
134,783
GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Restricted funds
(Continued)
- 22 -
Movement in funds
Balance at
1 January 2023

Income

Expenditure

Transfers
Balance at
31 December 2023
£
£
£
£
£
Events and outreach
6,230
28,221
(17,193)
-
17,258
Cafe set up
-
-
-
-
-
Whatever the Weather Wednesdays
-
8,000
(2,115)
-
5,885
Finlay Mackinnon Restoration
-
-
-
-
-
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

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

Whatever the Weather Wednesdays - to provide activities, and in winter, a warm lunch for members from the community with various challenges

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

Solar panels - funding received for the installation of solar panels on the museum building

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

Bord na Gaidhlig Gaelic Course Convenor - funding for a Gaelic Language Course Convenor

Pushing the Boundaries MGS – to provide an event & exhibitions coordinator over a two-year period

Permanent exhibition improvements – individual donations towards refreshing and extending the museum’s permanent exhibition

Education programme – individual donations to support the museum’s programme of talks, workshops and other events

Signage - funding to improve the museum's signage

GAIRLOCH & DISTRICT HERITAGE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
19
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Endowment funds
Total
2024
2024
2024
2024
£
£
£
£
Fund balances at 31 December 2024 are represented by:
Tangible assets
2,001,321
41,932
-
2,043,253
Current assets/(liabilities)
102,645
92,851
37,628
233,124
2,103,966
134,783
37,628
2,276,377
Unrestricted funds
Restricted funds
Endowment funds
Total
2023
2023
2023
2023
£
£
£
£
Fund balances at 31 December 2023 are represented by:
Tangible assets
2,063,916
49,332
-
2,113,248
Current assets/(liabilities)
73,075
61,306
-
134,381
2,136,991
110,638
-
2,247,629
20
Related party transactions

Other than those already disclosed in note 10, t here were no disclosable related party transactions during the year (2023 - none).

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