The Moray Society Charity Accounts

COMPANY REGISTRATION NUMBER: SC106529

CHARITY REGISTRATION NUMBER: SC017546

The Moray Society

Company Limited by Guarantee

Unaudited Financial Statements

31 March 2026

The Moray Society

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2026

	Pages

Directors' annual report	1 to 5

Independent examiner's report to the trustees	6

Statement of financial activities (including income and expenditure account)	7

Balance sheet	8 to 9

Statement of cash flows	10

Notes to the financial statements	11 to 22

The Moray Society

Company Limited by Guarantee

Directors' Annual Report

Year ended 31 March 2026

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2026 .

Reference and administrative details

Registered charity name	The Moray Society

Charity registration number	SC017546

Company registration number	SC106529

Principal office and registered	Elgin Museum
office	1 High Street
	Elgin
	Moray
	IV30 1EQ

The trustees

	Janet Trythall
	Bill Dalgarno	(Retired 10 May 2026)
	Claire Herbert
	Graham Robertson
	Donna Skelly
	Stuart Huyton
	Dr Nick Brown
	Dr Alison Wright
	Eleanor Bradford
	Andrew Hamilton	(Retired 11 February 2026)
	Laura Chilton	(Appointed 13 March 2026)
	Paul Mowbray	(Appointed 10 June 2026)

Company secretary	Graham Robertson

Independent examiner	Alison Fionda CA, as associate in the firm of: Ritsons,CA
	103 High Street
	ELGIN
	Moray
	IV30 1EB

Objectives and activities

The objects for which the charitable company is established are:

1. To advance the education of the public in the furtherance of the arts, antiquities, archaeology, geology, botany, history and natural history especially as connected with the County of Moray and the collection, preservation and arrangement of objects connected therewith to make them so far as practical available to the public to view or study and in particular and without prejudice to the foregoing generality to promote, conserve, maintain and protect for the benefit of the public, a Museum and so far as practical to maintain the Museum Collection within its existing historic purpose built accommodation in Elgin;

2. To maintain, safeguard and conserve the amenities and environment of the area inter alia by

(a) stimulating public interest in and care for the beauty, history and character of the area;

(b) encouraging the preservation, development and improvement of features of general public amenity or historic interest; and

(c) encouraging high standards of architecture and town planning in the area; and

3. To advance community development by working with other charities and community organisations in the area, thereby promoting individual and group encouragement.

Principal Activities

The Society is a charitable organisation established to further education in the history and natural history of the district of Moray and safeguard and preserve the amenity of the area. The Society runs and maintains the Elgin Museum and the collection therein.

Structure, governance and management

Governing document

The Society is a charitable company limited by guarantee and is governed in accordance with its articles of association which were last updated on 21 February 2025. It is registered as a charity with the Scottish Charity Regulator.

Appointment of directors

Both a board of directors and a management committee are appointed. The committee reports to the board with each having some members in common.

Nominations are invited for new directors and are appointed to the Board at Annual General Meeting. All new directors are briefed on their responsibilities and the procedures of the Society.

Achievements and performance

The primary activity of The Moray Society is the management and running of Elgin Museum, Scotland's oldest continuously independent museum, including care of its fabric and collections. This work is carried out by members and volunteers.

We have continued to experience problems with our building stock. Rainwater ingress continues to be a concern in our rear gallery, while potential structural issues were noted in the main gallery with cracks appearing in arches along our upper mezzanine gallery. The arches are subject to ongoing investigations, which have taken longer than anticipated, and which have further impacted on our ability to open with regular hours during 2026.

Between 1 April 2025 - 31 March 2026, we had 1,365 visitors. This represents a decrease of 76.5% as compared to the previous recording period. Visitor access has continued to be challenging and limited because of the ongoing problems with the building, as touched on above. Although visits were possible by appointment during the current reporting period, our regular visitor hours were limited to four 3-day weekends in July and August. This was also in part due to limited volunteer availability.

Outreach activities and events included talks, family events, school and community group visits (both in the museum or offsite at community venues), Treasure Trove finds days, guided walks, a fundraising quiz (which has become an annual fixture) and an archaeology conference. The guided walks were delivered as part of the Moray Walking Festival, an annual region-wide event. It allows us to share the museum in new ways with new audiences, widening our reach and stimulating new interest in the organisation. Both walks were sold out, with demand for our continued participation in 2026 and beyond. The archaeology conference, held off-site at UHI's Elgin campus, was our first foray into a hybrid event, with around 60 attendees in person and 20 attending online via a live stream. It was a resounding success, and our Activities Committee have already discussed options for similar events in future.

As mentioned in the last report, we were successful in obtaining a Small Grant from NHLF to fund two posts: a fixed term freelance Inventory Manager and a part-time fixed term Redevelopment Project Manager. Recruitment has been undertaken, and the posts have been filled with both making good progress in their respective roles. This has alleviated some of the pressure on our core volunteers, freeing up time to prioritise other essential work.

We were also successful in obtaining an award of £11,000 from AIM Museum Fundamentals funded by Pilgrim Trust and The Julia Rausing Trust to allow us to secure the future of our over 200 years old coracle - the last known example of this kind of boat in Moray. Elgin Museum was one of just 13 recipients in this first round that was open to museums from across the UK. Under the grant, the coracle will be cleaned, analysed and conserved, and consideration given to a new means of display; family events will be delivered, along with an in person talk and online interview with the conservator.

We saw a steady increase in volunteer numbers during the reporting period, which continues to grow. Membership remained steady.

Plans for future periods

We continue to plan and deliver events and activities to ensure the Museum remains present in people's consciousness, despite restrictions on our opening. We have explored new ways of presenting the Museum, relocating to our Side Hall with a "pop-up" museum over summer 2026 - this is a trial to test a proof of concept, to allow us to remain open on a reduced scale during future redevelopment works in the main building.

The NLHF Redevelopment Project Manager continues to work with our appointed architects to drive the building works forward, with a suggested plan of a phased programme being well received by our Board. Subject to funding, it is anticipated that Phase 1 will see the rear gallery roof repaired and solar panels installed. Following assessment of the Side Hall "pop-up" museum, it is expected that Phase 2 would be redevelopment of this space to make it fit for purpose as a standalone museum space with e.g. the installation of an accessible toilet, new lighting, heating, insulation and external repairs.

A review of the Membership database and Members offers is planned, along with improved communications, to help ensure existing members feel involved and connected while also aiming to attract new members. The Museum is now also in its Accreditation renewal year, with the final submission due in June 2027. A new sub-group has been formed under the Museum's Documentation Group to help this process run smoothly.

Financial review

The financial results for the year are shown on page 9 of the accounts. The Society had net income for the year of £59,797 (2025 - £38,579 deficit), and of this £38,805 related to a surplus on restricted funds (2025 - £2,758 deficit), and the remaining £20,992 related to a surplus on unrestricted funds (2025 - £35,821 deficit). This overall surplus (2025 - deficit) is after a gain on investments of £115,172 (2025 - £10,478). The society's principal funding sources include a combination of grant funding, donations and membership subscriptions.

Reserves policy

The Society agreed a formal Reserves Policy in January 2025. Reserves are unspent income, and strategic decisions need to be made around when and how these funds are best spent, balancing the need to manage risks against the need, as a charity, to serve beneficiaries as quickly as possible.

Our Reserves planning forms part of our overall strategic planning including fundraising strategy, outlined in our Forward Plan 2022-2026. A risk-based approach is used to calculate an optimal level of reserves that looks at reliability of income, costs for re-organisation of activities, and specific liabilities. Amounts are included for risks we are aware of as well as contingencies to allow the Society to cope with unexpected costs and opportunities. We hold reserves principally to:

(a) protect the continuity of The Moray Society 's work against uncertain future income streams

(b) provide the capital needed to finance investment in operations

(c) provide funds to replace assets

(d) to cover for specific liabilities and identifiable risks, e.g. expected running costs

(e) to allow The Moray Society to respond to unexpected opportunities that can further its mission

(f) to allow The Moray Society to meet contractual and legal obligations

(g) to allow for unforeseen emergencies or needs, e.g. an unexpected repair bill, short-term deficits in a cash budget, inflation increases in operational costs

The context for the formalisation of the Reserves Policy was two-fold:

(a) An unrestricted donation of £1.6 million received in 2023, a figure far exceeding our usual

annual unrestricted donations. It is largely invested through an investment company. It is noted that the value of investments can rise and fall.

(b) The deteriorating condition of The Moray Society's building stock and the urgent need to

progress our active project planning. This combines essential repairs and rebuild with improvements in line with the Society's charitable objectives. Specific identifiable serious deterioration includes the Museum's Rear Gallery roof and the general condition of the adjacent No 3 High Street, owned by The Moray Society, with crumbling masonry and a second temporary roof. Costs for the project are anticipated of the order of £7-10 million. While there is no designated funding for this within the Reserves Policy, inevitably Museum funds will be called on (in addition to external funding/fundraising) as the project progresses.

It was agreed that the minimum reserves should:

(a) be reviewed and changes minuted at least quarterly, as a Board meeting agenda item.

(b) and be sufficient to cover:

(1) General running costs for 3 years (to include utilities, rates, insurance, memberships, cleaning, general maintenance, office costs, security, staffing, etc.) £67k p.a., so £201k

(2) Immediate emergency costs relating to state of buildings eg removal of collections to appropriate off site location and storage, and rental, etc of business/office units for up to 3

years (in the event of buildings collapse). Est. £621k

(3) Specified additional contingency reserve eg if required to take down No 3 for safety reasons or to cover emergency repairs if required in advance of current planned buildings project to

allow the charity to continue operations. Est. £700k

The agreed reserves for 2025 - 2026 was therefore set at £1,522,000.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The directors' annual report was approved on 30 October 2026 and signed on behalf of the board of trustees by:

Claire Herbert

Trustee

The Moray Society

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of The Moray Society

Year ended 31 March 2026

I report on the financial statements for the year ended 31 March 2026, as set out on pages 7 to 22.

Respective responsibilities of trustees and examiner

The charity's trustees (who are also the directors of the company for the purposes of company law) 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. The charity 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 accounts as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's report

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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the 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 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.

Alison Fionda CA, as associate in the firm of: Ritsons,CA

Independent Examiner

103 High Street ELGIN Moray IV30 1EB

30 October 2026

The Moray Society

Company Limited by Guarantee

Statement of Financial Activities (Including Income and Expenditure Account)

Year ended 31 March 2026

	Year to 31 Mar 26			Period from 1 Jan 24 to 31 Mar 25
	Unrestricted funds	Restricted funds	Total funds	Total funds
Note	£	£	£	£

Income and endowments

Donations and legacies	5	11,256	–	11,256	37,361
Charitable activities	6	–	49,319	49,319	22,726
Other trading activities	7	1,494	–	1,494	6,587
Investment income	8	1,791	–	1,791	19,681
Other income	9	4,934	–	4,934	100
		--------	--------	--------	--------
Total income		19,475	49,319	68,794	86,455
		--------	--------	--------	--------

Expenditure

Expenditure on raising funds:

	Costs of other trading activities		10	( 825)	–	( 825)	( 2,243)
Expenditure on charitable activities		11,12		( 83,189)	( 40,155)	( 123,344)	( 133,269)
				--------	--------	---------	---------
Total expenditure				( 84,014)	( 40,155)	( 124,169)	( 135,512)
				--------	--------	---------	---------

Net gains on investments	13	85,506	29,666	115,172	10,478

	--------	--------	---------	---------
Net income/(expenditure)	20,967	38,830	59,797	( 38,579)
	--------	--------	---------	---------

Transfers between funds	25	(25)	–	–

	--------	--------	---------	---------
Net movement in funds	20,992	38,805	59,797	( 38,579)

Reconciliation of funds

Total funds brought forward	1,770,097	146,529	1,916,626	1,955,205
	------------	---------	------------	------------
Total funds carried forward	1,791,089	185,334	1,976,423	1,916,626
	------------	---------	------------	------------

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

All income and expenditure derive from continuing activities.

The Moray Society

Company Limited by Guarantee

Balance Sheet

31 March 2026

	2026		2025
Note	£	£	£	£

Fixed assets

Tangible fixed assets	18	113,601	119,585
Heritage assets	19	43,983	42,616
Investments	20	1,774,993	1,659,821
		------------	------------
		1,932,577	1,822,022

Current assets

Stocks	21	400	400
Debtors	22	21,682	10,973
Cash at bank and in hand		28,113	88,254
		--------	--------
		50,195	99,627

Creditors: amounts falling due within one year	23	( 6,349)		( 5,023)
		--------		--------
Net current assets			43,846		94,604
			------------		------------
Total assets less current liabilities			1,976,423		1,916,626
			------------		------------
Net assets			1,976,423		1,916,626
			------------		------------

Funds of the charity

Restricted funds		185,334	146,529
Unrestricted funds		1,791,089	1,770,097
		------------	------------
Total charity funds	25	1,976,423	1,916,626
		------------	------------

For the year ending 31 March 2026 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

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

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

The Moray Society

Company Limited by Guarantee

Balance Sheet (continued)

31 March 2026

These financial statements were approved by the board of trustees and authorised for issue on 30 October 2026 , and are signed on behalf of the board by:

Claire Herbert

Trustee

The Moray Society

Company Limited by Guarantee

Statement of Cash Flows

Year ended 31 March 2026

	2026	2025
	£	£

Cash flows from operating activities

Net income/(expenditure)	59,797	(38,579)

Adjustments for:
Depreciation of tangible fixed assets	7,117	7,200
Net gains on investments	(115,172)	(10,478)
Dividends, interest and rents from investments	(1,439)	(2,393)
Other interest receivable and similar income	( 352)	( 17,288)
Accrued expenses	1,062	10,057

Changes in:
Trade and other debtors	( 10,709)	( 3,711)
Trade and other creditors	264	( 2,470)
	---------	--------
Cash generated from operations	( 59,432)	( 57,662)

Interest received	352	17,288
	--------	--------
Net cash used in operating activities	( 59,080)	( 40,374)
	--------	--------

Cash flows from investing activities

Dividends, interest and rents from investments	1,439	2,393
Purchase of tangible assets	( 1,133)	( 21,586)
Purchase of heritage assets	(1,367)	(4,323)
Purchases of other investments	–	(1,544,889)
Proceeds from sale of other investments	115,172	94,789
	---------	------------
Net cash from/(used in) investing activities	114,111	( 1,473,616)
	---------	------------

Net increase/(decrease) in cash and cash equivalents	55,031	( 1,513,990)
Cash and cash equivalents at beginning of year	88,254	1,602,244
	---------	------------
Cash and cash equivalents at end of year	143,285	88,254
	---------	------------

The Moray Society

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2026

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in Scotland and a registered charity in Scotland. The address of the registered office is Elgin Museum, 1 High Street, Elgin, Moray, IV30 1EQ.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The charity constitutes a public benefit entity as defined by FRS 102.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Income

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Heritable property	-	2% straight line
Fixtures, fittings and equipment	-	rates from 5% to 33.33% on both straight line and reducing balance basis

Heritage assets

Heritage assets measured under the cost model are initially recorded at acquisition cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Heritage assets measured under the revaluation model are recorded at fair value less any accumulated impairment losses. Where information on the cost or value of an asset is not available and cannot be obtained at a cost which is commensurate with the benefits to users of the financial statements, the asset shall not be recognised in the statement of financial position.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Limited by guarantee

The company is limited by guarantee and does not have share capital.

In the event of the Society being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

5. Donations and legacies

Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
£	£	£	£

Donations

Donations and gifts	6,768	6,768	26,047	26,047
Teddy box	304	304	4,382	4,382

Subscriptions

Subscriptions	4,184	4,184	6,932	6,932
	--------	--------	--------	--------
	11,256	11,256	37,361	37,361
	--------	--------	--------	--------

6. Charitable activities

	Restricted Funds	Total Funds 2026	Restricted Funds	Total Funds 2025
	£	£	£	£
Miscellaneous grants	49,319	49,319	22,726	22,726
	--------	--------	--------	--------

7. Other trading activities

	Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
	£	£	£	£
Shop income	1,494	1,494	6,587	6,587
	-------	-------	-------	-------

8. Investment income

	Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
	£	£	£	£
Income from listed investments	1,439	1,439	2,393	2,393
Bank interest receivable	352	352	17,288	17,288
	-------	-------	--------	--------
	1,791	1,791	19,681	19,681
	-------	-------	--------	--------

9. Other income

	Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
	£	£	£	£
Sundry income	1,440	1,440	100	100
Conference income	3,494	3,494	–	–
	-------	-------	----	----
	4,934	4,934	100	100
	-------	-------	----	----

10. Costs of other trading activities

	Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
	£	£	£	£
Costs of other trading activities - Shop costs	825	825	2,243	2,243
	----	----	-------	-------

11. Expenditure on charitable activities by fund type

	Unrestricted Funds	Restricted Funds	Total Funds 2026
	£	£	£
Museum running and maintenance	69,689	40,155	109,844
Support costs	13,500	–	13,500
	--------	--------	---------
	83,189	40,155	123,344
	--------	--------	---------

	Unrestricted Funds	Restricted Funds	Total Funds 2025
	£	£	£
Museum running and maintenance	82,766	40,757	123,523
Support costs	9,746	–	9,746
	--------	--------	---------
	92,512	40,757	133,269
	--------	--------	---------

12. Expenditure on charitable activities by activity type

	Activities undertaken directly	Support costs	Total funds 2026	Total fund 2025
	£	£	£	£
Museum running and maintenance	109,844	–	109,844	123,523
Governance costs	–	13,500	13,500	9,746
	---------	--------	---------	---------
	109,844	13,500	123,344	133,269
	---------	--------	---------	---------

13. Net gains on investments

	Unrestricted Funds	Restricted Funds	Total Funds 2026
	£	£	£
Gains/(losses) on gilts held for investment purposes	16,029	–	16,029
Gains/(losses) on listed investments	69,477	29,666	99,143
	--------	--------	---------
	85,506	29,666	115,172
	--------	--------	---------

	Unrestricted Funds	Restricted Funds	Total Funds 2025
	£	£	£
Gains/(losses) on gilts held for investment purposes	8,302	–	8,302
Gains/(losses) on listed investments	(6,024)	8,200	2,176
	-------	-------	--------
	2,278	8,200	10,478
	-------	-------	--------

14. Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

	2026	2025
	£	£
Depreciation of tangible fixed assets	7,117	7,200
	-------	-------

15. Independent examination fees

		Period from
	Year to	1 Jan 24 to
	31 Mar 26	31 Mar 25
	£	£

Fees payable to the independent examiner for:

Independent examination of the financial statements	3,935	3,750
Other financial services	500	849
	-------	-------
	4,435	4,599
	-------	-------

16. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

		Period from
	Year to	1 Jan 24 to
	31 Mar 26	31 Mar 25
	£	£
Wages and salaries	17,919	32,562
Employer contributions to pension plans	106	375
	--------	--------
	18,025	32,937
	--------	--------

The average head count of employees during the year was 1 (2025: 3 ).

No employee received employee benefits of more than £60,000 during the year (2025: Nil).

17. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the directors.

No expenses have been incurred by the directors.

18. Tangible fixed assets

	Heritable Property	Fixtures, Fittings & Equipment	Total
	£	£	£
Cost
At 1 April 2025	292,872	297,732	590,604
Additions	–	1,133	1,133
	---------	---------	---------
At 31 March 2026	292,872	298,865	591,737
	---------	---------	---------
Depreciation
At 1 April 2025	173,980	297,039	471,019
Charge for the year	6,045	1,072	7,117
	---------	---------	---------
At 31 March 2026	180,025	298,111	478,136
	---------	---------	---------
Carrying amount
At 31 March 2026	112,847	754	113,601
	---------	---------	---------
At 31 March 2025	118,892	693	119,585
	---------	---------	---------

The charitable company holds a separate investment property next door to the museum which was rented out in previous years. It is not possible to identify the separate cost of this property. During 2021 the property was valued at £50,000 in its current condition.

19. Heritage assets

Heritage assets comprise the following assets which have been stated at their cost price.

	Elgin Silver Tea Set	Silver Snuff Box	Treasure Trove	Total
	£	£	£	£
Cost or valuation
At 1 April 2025	8,000	4,000	30,616	42,616
Additions	–	–	1,367	1,367
	-------	-------	--------	--------
At 31 March 2026	8,000	4,000	31,983	43,983
	-------	-------	--------	--------
Accumulated depreciation
At 1 April 2025 and 31 March 2026	–	–	–	–
	-------	-------	--------	--------
Carrying amount
At 31 March 2026	8,000	4,000	31,983	43,983
	-------	-------	--------	--------
At 31 March 2025	8,000	4,000	30,616	42,616
	-------	-------	--------	--------

The Elgin Silver Tea Set dates from 1800-1815 and the Silver snuff box dates from c1840. Both were acquired using money donated by the Welsh Family Trust.

Treasure Trove assets are multi-period finds discovered in Moray and allocated to Elgin Museum by the Treasure Trove panel and purchased by the Moray Society accordingly.

Summary of transactions

2026	2025	2023	2022	2021
£	£	£	£	£

Included in the balance sheet

Purchases	1,367	4,323	1,565	–	–
Total additions	1,367	4,323	1,565	–	–
	-------	-------	--------	----	--------

Heritage assets not recognised on the balance sheet

Historically, acquisitions of heritage assets held as part of the museum collection have not been capitalised. Additions recognised above represent heritage assets purchased by the museum since 2007. Due to the lack of reliable historic cost information and, due to the nature of the assets, the difficulties associated with establishing a valuation for the existing collection, these assets continue to be excluded. A description of the assets not capitalised is set out below.

Elgin Museum has over 36,000 items within its collection relating to local history and the Moray region in general. The museum's reference library is a primary source for researching people, places and events. Photographic archives dating back to the early Victorian times can be accessed. The museum holds a rich collection of oil and watercolour paintings and prints. The fossil collection which is available for research purposes contains more than 900 local fish and reptiles and a similar number of of minerals and miscellaneous fossils.

20. Investments

	Listed investments
	£
Cost or valuation
At 1 April 2025	1,659,821
Additions	–
Fair value movements	115,172
	------------
At 31 March 2026	1,774,993
	------------
Carrying amount
At 31 March 2026	1,774,993
	------------
At 31 March 2025	1,659,821
	------------

All investments shown above are held at valuation.

Listed investments

All investments shown above are held at valuation. The cost of the investments was £1,147,672 (2025 - £1,597,672).

Financial assets held at fair value

The investments are in UK quoted shares and investment funds. The market value of the investments is made up of £120,929 (2025 - £91,263) in restricted funds and £1,654,063 (2025 - £1,568,558) in unrestricted funds.

21. Stocks

	2026	2025
	£	£
Goods for resale	400	400
	----	----

22. Debtors

	2026	2025
	£	£
Prepayments and accrued income	9,292	8,082
Other debtors	12,390	2,891
	--------	--------
	21,682	10,973
	--------	--------

23. Creditors: amounts falling due within one year

	2026	2025
	£	£
Accruals and deferred income	6,012	4,950
Sundry creditors	337	73
	-------	-------
	6,349	5,023
	-------	-------

24. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 106 (2025: £ 375 ).

At the year end the pension contributions outstanding were £39 (2025 - £73).

25. Analysis of charitable funds

Unrestricted funds

	At 1 Apr 2025	Income	Expenditure	Transfers	Gains and losses	At 31 Mar 2026
	£	£	£	£	£	£
General funds	1,768,097	19,475	(84,014)	25	85,506	1,789,089
Publications	2,000	–	–	–	–	2,000
	------------	--------	--------	----	--------	------------
	1,770,097	19,475	(84,014)	25	85,506	1,791,089
	------------	--------	--------	----	--------	------------

	At 1 Jan 2024	Income	Expenditure	Transfers	Gains and losses	At 31 Mar 2025
	£	£	£	£	£	£
General funds	1,803,918	63,729	(94,755)	(7,073)	2,278	1,768,097
Publications	2,000	–	–	–	–	2,000
	------------	--------	--------	-------	-------	------------
	1,805,918	63,729	(94,755)	(7,073)	2,278	1,770,097
	------------	--------	--------	-------	-------	------------

The publication fund arose from funds received from the sale of a book which have been designated by the Trustees for future publications.

VisitScotland support fund - the Scottish Visitor Attractions Support fund was designated by the directors to be used to pay for extra costs incurred due to the effects of the covid pandemic. The balance of this fund was transferred to the general fund at the beginning of the year.

Restricted funds

	At 1 Apr 2025	Income	Expenditure	Transfers	Gains and losses	At 31 Mar 2026
	£	£	£	£	£	£
Elgin Tea Set	8,000	–	–	–	–	8,000
Silver	4,000	–	–	–	–	4,000
Acquisitions & Conservation Fund	87,057	683	(2,762)	–	29,666	114,644
Baxters - Shop Improvements	1,170	–	–	–	–	1,170
Imlay Foundation	5,728	–	–	–	–	5,728

Coracle Society	350	5,400	(26)	–	–	5,724
Baxter Foundation	1,000	–	–	–	–	1,000
Gordon Baxter Bequest	9,443	–	–	–	–	9,443
Geological displays	414	–	–	–	–	414
Welsh Trust re no. 3 High Street	25,017	–	(4,960)	–	–	20,057
Funding Officer	–	9,396	(2,808)	–	–	6,588
Handling Boxes	4,325	–	(40)	–	–	4,285
Idlewild embroidered map	25	–	–	(25)	–	–
Old Elgin Map	–	–	–	–	–	–
NHLF Small grant Building and Inventory Manager income	–	33,840	(29,559)	–	–	4,281
	---------	--------	--------	----	--------	---------
	146,529	49,319	(40,155)	(25)	29,666	185,334
	---------	--------	--------	----	--------	---------

	At 1 Jan 2024	Income	Expenditure	Transfers	Gains and losses	At 31 Mar 2025
	£	£	£	£	£	£
Elgin Tea Set	8,000	–	–	–	–	8,000
Silver	4,000	–	–	–	–	4,000
Acquisitions & Conservation Fund	78,667	2,286	(2,096)	–	8,200	87,057
Baxters - Shop Improvements	1,170	–	–	–	–	1,170
Imlay Foundation	5,728	–	–	–	–	5,728
Coracle Society	350	–	–	–	–	350
Baxter Foundation	1,000	–	–	–	–	1,000
Gordon Baxter Bequest	9,443	–	–	–	–	9,443
Geological displays	534	–	(120)	–	–	414
Welsh Trust re no. 3 High Street	30,522	–	(5,505)	–	–	25,017
Funding Officer	9,323	8,940	(25,104)	6,841	–	–
Handling Boxes	550	4,000	(225)	–	–	4,325
Idlewild embroidered map	–	5,000	(4,975)	–	–	25
Old Elgin Map	–	2,500	(2,732)	232	–	–
NHLF Small grant Building and Inventory Manager income	–	–	–	–	–	–
	---------	--------	--------	-------	-------	---------
	149,287	22,726	(40,757)	7,073	8,200	146,529
	---------	--------	--------	-------	-------	---------

Welsh Bequest and Heritage Lottery provided funds for the refurbishment of the museum. The fund has been fully spent and the balance relates to the net book value of the related fixed assets. The depreciation rate charged on the fixed assets was changed during the previous year to 25% straight line from 6.7% reducing balance.

Elgin Tea Set - donation was received for the specific purchase of the Elgin Silver Tea Set.

Silver - specific donation to fund the purchase of a silver snuff box.

Acquisitions & Conservation Fund - for Treasure Trove and other acquisitions to the Museum's collection and their conservation storage and display.

Baxters - to help fund refurbishment of the shop area.

Imlay Foundation - to improve the display and promulgation of the Archaeology collection.

The Coracle Society - a donation to be used for the upkeep and display of the Museum coracle. In the period additional funding was received for costs relating to Conserving the Speyside Coracle.

Baxter Foundation - to assist with the provision of youth outreach work.

Gordon Baxter Bequest - to be used for exhibits and presentations relating to the social and economic history of Moray.

Water's Edge project - a Weston Loan Programme funded exhibition of fossils from Elginerpeton pancheni; the funding was fully spent in the period (accounts 15 months not year?)

Geological displays - for the upkeep of the geological displays.

Welsh Trust - a donation received to help with costs of the property at No. 3 High Street.

Funding Officer - expenses related to the recruitment of a part-time development officer. The funding will be received in the next year.

Resource boxes - a donation received for the preferred purpose of improving resource boxes used for Learning & Outreach

Idlewild Trust - a grant received for Elgin Map of the World project

Gordon Fraser charitable Trust - an award for the conservation of the 1853 geological map

NHLF Funding - a grant received for the recruitment two new members of staff.

26. Analysis of net assets between funds

	Unrestricted Funds	Restricted Funds	Total Funds 2026
	£	£	£
Tangible fixed assets	111,601	2,000	113,601
Heritage assets	–	43,983	43,983
Investments	1,654,064	120,929	1,774,993
Current assets	28,773	21,422	50,195
Creditors less than 1 year	(6,349)	–	(6,349)
	------------	---------	------------
Net assets	1,788,089	188,334	1,976,423
	------------	---------	------------

	Unrestricted Funds	Restricted Funds	Total Funds 2025
	£	£	£
Tangible fixed assets	117,585	2,000	119,585
Heritage assets	–	42,616	42,616
Investments	1,568,558	91,263	1,659,821
Current assets	88,777	10,850	99,627
Creditors less than 1 year	(5,023)	–	(5,023)
	------------	---------	------------
Net assets	1,769,897	146,729	1,916,626
	------------	---------	------------

27. Analysis of changes in net debt

	At 1 Apr 2025	Cash flows	At 31 Mar 2026
	£	£	£
Cash at bank and in hand	88,254	(60,141)	28,113
	--------	--------	--------

28. Charges on assets

The charity granted a standard security over the Museum in favour of Historic Environment Scotland for a period of fifteen years from February 2018. The standard security was in relation to securing a grant of £111,706.

29. Related parties

There were no related party transactions in the current or previous year which need to be reported.