REGISTERED COMPANY NUMBER: SC591764 (Scotland)

REGISTERED CHARITY NUMBER: SC48240

Report of the Trustees and

Financial Statements for the Year Ended 31 March 2025

for

IOLAIRE CENTRE LTD

(A COMPANY LIMITED BY GUARANTEE)

Page

Report of the Trustees

1

to

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Balance Sheet

6

to

7

Notes to the Financial Statements

8

to

12

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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

Objectives and aims

Our charity's purpose as set out in the objects contained in the company's Articles of Association is:-

The advancement of education and heritage in the Outer Hebrides including, without limitation, the establishment and management of a visitor centre in Stornoway, Isle of Lewis, to promote, inform and educate the local community and visitors about the Iolaire disaster ("the Visitor Centre"), particularly through the following activities:-

- Identifying, collecting, preserving and increasing access to information and artefacts associated with the Iolaire disaster, and related cultural and social history.

- Through interpretation, to provide a high quality re-telling of the Iolaire story and associated themes using a variety of innovative channels.

- Work in partnership with bodies such as Lews Castle UHI, Comhairle nan Eilean Siar and local cultural and heritage organisations to provide opportunities for learning (such as exhibitions, conferences, talks and visits).

- Providing a Visitor Centre that can bring cultural, economic and social benefits to the community of the Outer Hebrides, and, to re-invest any profits derived from the project in the charitable aims of the company.

The project is continuing to focus on achieving the following outcomes:-

- To transform and regenerate the Islands through the heritage and story of the Iolaire.

- Heritage will be identified and better explained.

- People will learn about heritage, leading to change in ideas and actions.

- The maritime history of the islands will be explored.

- People will have greater well-being.

- The local area will be a better place to live, work, or visit.

- A sustainable visitor experience in the Centre will be created that is a dynamic cultural venue attracting visitors from all over the UK and the diaspora from the wider world.

- Promote Gaelic language and Hebridean Island culture.

- Be a catalyst for the wider Stornoway Vision regeneration.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

Summary of the main achievements of the charity in this period:-

- The Experience Design and Activity Planning tendered successfully.

- The tendered work scope was carried out a further deep community consultation was completed

- Experience Design approach and chosen option were agreed and a comprehensive report was received to enable the next step of architectural design to be advanced

- Iolaire poppies have continued to be made available as part of the Poppy Scotland permanent collection. The Iolaire Poppy work has been driven by community engagement and as an act of goodwill from the project following the initial work done in the Commemoration year by the Council.

FINANCIAL REVIEW

Principal funding sources

The charity has sufficient funds for its current committed activities, which can be seen from the statutory accounts, these are: developing a project and a fundraising plan on a phased basis with a view to funding the building, and establishment of the visitor experience.

Gael Force Group have now paid £100,000 to the charity, which was paid as agreed in £25,000 instalments providing certain project milestones are met, and subject to the Board of Directors of that company approving each instalment.

Within the current work plan there is a need for additional funds to deliver an Architectural Design to be advanced.

The trustees consider however that the charity has sufficient funds to complete all committed activities in the following year though it is recognised that further funds will be required to progress the next stages of the project.

Investment policy and objectives

The Charity currently does not have an investment policy and the Trustees do not consider it necessary at this formative stage of the Charity to have an investment policy. Any funds raised will be to contribute towards the establishment of the proposed Iolaire Centre and this is likely to be the situation for several years.

Reserves policy

The Trustees consider at this early formative stage of the Charity that a fully developed reserves policy is not required beyond ensuring that there are sufficient funds secured and in hand to cover any committed expenses being incurred to develop the project plan to build the Iolaire Centre.

FUTURE PLANS

- A revisit of the business case and economic case to update the project viability and sustainability will be carried out in early 2026.

- An Architectural competition is to be scoped and funding raised, to obtain tenders for commencing the next phase of design and cost estimation.

Research and Engagement

The Iolaire Impact Research Project Phase 1 has been delivered. Phase 2 will be scoped when funding is available and the when the timing is appropriate in the project development.

The trustees will seek to appoint additional trustees who have the skill set required to advance a project of this scope and scale.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity is controlled by its governing document, a Deed of Trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Iolaire Centre Ltd is a company limited by guarantee, as defined by the Companies Act 2006. It is governed by its Memorandum and Articles of Association dated 19 March 2018. It is registered with the Office of the Scottish Charity Regulator (OSCR).

Those wishing to join the company as members must sign, and lodge with the company a written application for membership. The directors shall consider each application for membership at the first directors' meeting which is held after the receipt of the application; the directors shall, within a reasonable time after the meeting, notify the applicant of their decision on the application.

In the period from 1 April 2024 to 31 March 2025 there were no subscriber members.

Recruitment and appointment of new trustees

The directors may be appointed by the members at the Annual General Meeting. The directors may at any time appoint any member to be a director. At each general meeting all the directors shall retire from office but shall then be eligible for re-election. The maximum number of directors shall be 8 and the minimum shall be 2.

Organisational structure

The Directors have overall responsibility for the organisation and operation of the charity.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC591764 (Scotland)

Registered Charity number

SC48240

Registered office

24 - 26 Lewis Street

Stornoway

Isle of Lewis

HS1 2JF

Trustees

M K Macdonald

S Graham

Independent Examiner

John E Moffat BA FCA

Mann Judd Gordon Ltd

Chartered Accountants

26 Lewis Street

Stornoway

Isle of Lewis

HS1 2JF

Approved by order of the board of trustees on 23 December 2025 and signed on its behalf by:

M K Macdonald - Trustee

I report on the accounts for the year ended 31 March 2025 set out on pages five to twelve.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of the independent examiner's report

My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner's statement

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

(1)	which gives me reasonable cause to believe that, in any material respect, the requirements

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

-	to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations

have not been met; or

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

John E Moffat BA FCA

The Institute of Chartered Accountants in England and Wales

Mann Judd Gordon Ltd

Chartered Accountants

26 Lewis Street

Stornoway

Isle of Lewis

HS1 2JF

23 December 2025

31.3.25

31.3.24

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

300

109,000

109,300

18,000

Other trading activities

3

127

-

127

288

Total

427

109,000

109,427

18,288

EXPENDITURE ON

Charitable activities

Governance costs

1,363

-

1,363

893

An Treas Suaile

-

18,813

18,813

8,500

Chargeurs Museum

-

109,522

109,522

-

Other

384

-

384

8,927

Total

1,747

128,335

130,082

18,320

NET INCOME/(EXPENDITURE)

(1,320

)

(19,335

)

(20,655

)

(32

)

Transfers between funds

9

(1,335

)

1,335

-

-

Net movement in funds

(2,655

)

(18,000

)

(20,655

)

(32

)

RECONCILIATION OF FUNDS

Total funds brought forward

6,521

18,000

24,521

24,553

TOTAL FUNDS CARRIED FORWARD

3,866

-

3,866

24,521

31.3.25

31.3.24

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

CURRENT ASSETS

Stocks

6

1,000

-

1,000

1,000

Debtors

7

6,190

-

6,190

269

Cash at bank

2,620

12,021

14,641

32,657

9,810

12,021

21,831

33,926

CREDITORS

Amounts falling due within one year

8

(5,944

)

(12,021

)

(17,965

)

(9,405

)

NET CURRENT ASSETS

3,866

-

3,866

24,521

TOTAL ASSETS LESS CURRENT LIABILITIES

3,866

-

3,866

24,521

NET ASSETS

3,866

-

3,866

24,521

FUNDS

9

Unrestricted funds

3,866

6,521

Restricted funds

-

18,000

TOTAL FUNDS

3,866

24,521

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 23 December 2025 and were signed on its behalf by:

M K Macdonald - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, 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 Companies Act 2006. 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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

Fund accounting

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

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.	DONATIONS AND LEGACIES

31.3.25

31.3.24

£

£

Gifts

50,000

-

Donations

300

-

Grants

59,000

18,000

109,300

18,000

Grants received, included in the above, are as follows:

31.3.25

31.3.24

£

£

Imperial War Museum

-

18,000

Comhairle Nan Eilean Siar

59,000

-

59,000

18,000

3.	OTHER TRADING ACTIVITIES

31.3.25

31.3.24

£

£

Fundraising events - Poppy Pin sales

127

288

4.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

5.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

-

18,000

18,000

Other trading activities

288

-

288

Total

288

18,000

18,288

EXPENDITURE ON

Charitable activities

Governance costs

893

-

893

An Treas Suaile

-

8,500

8,500

Other

8,927

-

8,927

Total

9,820

8,500

18,320

NET INCOME/(EXPENDITURE)

(9,532

)

9,500

(32

)

RECONCILIATION OF FUNDS

Total funds brought forward

16,053

8,500

24,553

TOTAL FUNDS CARRIED FORWARD

6,521

18,000

24,521

6.

STOCKS

31.3.25

31.3.24

£

£

Stocks

1,000

1,000

7.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

VAT

6,190

269

8.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

12,021

2,000

Accrued expenses

5,944

7,405

17,965

9,405

9.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.4.24

in funds

funds

31.3.25

£

£

£

£

Unrestricted funds

General

6,521

(1,320

)

(1,335

)

3,866

Restricted funds

Restricted General

18,000

(18,813

)

813

-

Chargeurs Museum

-

(522

)

522

-

18,000

(19,335

)

1,335

-

TOTAL FUNDS

24,521

(20,655

)

-

3,866

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General

427

(1,747

)

(1,320

)

Restricted funds

Restricted General

-

(18,813

)

(18,813

)

Chargeurs Museum

109,000

(109,522

)

(522

)

109,000

(128,335

)

(19,335

)

TOTAL FUNDS

109,427

(130,082

)

(20,655

)

Comparatives for movement in funds

Net

movement

At

At 1.4.23

in funds

31.3.24

£

£

£

Unrestricted funds

General

16,053

(9,532

)

6,521

Restricted funds

Restricted General

8,500

9,500

18,000

TOTAL FUNDS

24,553

(32

)

24,521

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General

288

(9,820

)

(9,532

)

Restricted funds

Restricted General

18,000

(8,500

)

9,500

TOTAL FUNDS

18,288

(18,320

)

(32

)

A current year 12 months and prior year 12 months combined position is as follows:

Net

Transfers

movement

between

At

At 1.4.23

in funds

funds

31.3.25

£

£

£

£

Unrestricted funds

General

16,053

(10,852

)

(1,335

)

3,866

Restricted funds

Restricted General

8,500

(9,313

)

813

-

Chargeurs Museum

-

(522

)

522

-

8,500

(9,835

)

1,335

-

TOTAL FUNDS

24,553

(20,687

)

-

3,866

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General

715

(11,567

)

(10,852

)

Restricted funds

Restricted General

18,000

(27,313

)

(9,313

)

Chargeurs Museum

109,000

(109,522

)

(522

)

127,000

(136,835

)

(9,835

)

TOTAL FUNDS

127,715

(148,402

)

(20,687

)

10.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2025.