THE FERNIEHIRST CASTLE RESTORATION FUND
TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Scotiish Chari
Number SC000701

THE FERNIEHIRST CASTLE RESTORATION FUND
STATEMENT OF ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Pa
General Infomialion
Report of the Trustees
24
Stslemenl of Receipts and Payments
Statement of Balances
Notes to the Financial Stslements
Independent Examinerfs Re￿rt
10

ND
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2024
REFERENCE AND AtIMINISTRAllVE DEfAILS
SCOTTISH CHARITY NUMBER
Sco￿701
REGISTERED OFFICE DETAJLS
TRUSTEES
SECREfARIES & TREASURERS
INDEPENDENT EXAMINER
JR'II r4.(>Jg & iorbJrTr LLP
19 BLKdeuth Street
Hawick
TD9 OHL
BANKERS
The Royal Bank of &otland
6 The Square
Kelso TD5 FHG
STOCKBROKERS
RBC Bwn Dotphin
144 Morrison Street
Edinburgh
EH3 8BR

THE FERNIEHIRST CASTLE RESTORATION FUND
REPORT OF TH
STEES
FOR THE YEAR ENDED 3D SEPTEMBER 2024
Establlshment of Trust
The trusi was conslituleL1 by deed ot trust b
date(J 17 and 27 December 1986 and règisterel Ip the B.w*s cf CoLfCI ap,d >Essicn on 8th January 1987.
The 12th Marquis of Lothian, settler of the '.rust. who d e¢ on 11 (ktober 2CK)4. resided at Femiehifst Casle. His
heir. the 13th Marquk8 live$ a
anot￿r his1or￿ house that b•k)rvJs to th8 Scottish
Clan OT Famity of Kerr.
Trustee M•*tings and ￿POIntment
The original Iiustees were a￿￿￿ted by th8 deed of trust". subsequent trustees are ap￿inted by the exssling
trustee5. New ITUStee5 are briefed on the trusts airn5 and obJeGb"ves. Al the trustees, rr￿ting. the trustees agree
the broad areas of strategy and area5 of acbvty fcrf the In￿t indudiThJ ccnslJerat￿n of grant making, inve5tsnenl
reserves, risk management Ferforn￿n￿.
Risk S&itemenl
The trustees considar that the onty signrficanl risk affecting the trust is that thgir Ir￿JMe and the value of their
InvÈstm6nts may drop, 8ithÈr 8s 8 r89AJIt of or mora ccx77par#ès in whlch thè trust ￿ldS shares ￿'n9 badty or
88 a re8Utt of 8 substsntl81 f311 in the sto(* m8rk81 ￿￿8[81￿. To countet thts risk, thg tr￿￿98 rgty on competent
investment rnanagers and ty lo ensure that th&'r expenditure on rev8rwJe acLx)unt year
does not exceed tW'I irKome of that year.
ObjgCtiY¢s and ktivities
The capital and income of the IfL￿t fuTrJ are to te held for the charitable purpos8s of the trust. aro tho
a(fvancement of the edu¢alion of the publi¢ in the hislory of the Scottrsh Clan or Famity of Kerr and for this
purpose lo assist with the rest￿allOn of Femiehirst Caslje as a museum for the Scottish Clan or Famdy of Kerr
an¢y the provision of facilities to enable publ￿ access to be obtained to the historic houses and casues of the
Scottish Cbn or Family of Kerr.
The trustees are directed to pay or appty the ir)tsTh of the tnist fiJnd, and have wwefs in their discretbn to k)ay
or apply the capital in whole or parL in or tcvwards the furtherartt of those chariiabte purposes in manner as
the tAJSt8es think fft. provR18d aNways sijch paymant or application is for charitabje purposes only.
Grant M•kiN4 Polffy
The Iruslees. general policy is to uiilise the income ari&ng the assets and funds under their control to
facilitate the restoration of Ferniehirst Castle as a museum forthe Scoitish aan or Family of Kerr and lo help wrth
the provision of facilities to enable public access to be obtained to FerNehirst Castle. in accordance wtlti the
objects Of charitable purposes of the tnjst. as sot wt in the paragrath at*)ve. AcCcrth￿Y the trustees nomalty
mak8 a grant r8pr&senting the bulk of tha iNx)m8 ol lh8 trust to FerThehirsl TNsi as the proprietor of
Femiehirst Castle. tr) assist ￿th tho ¢ost of admrtb.ng tha pU￿le to, and of m3intainhlg thè a￿tS used eXdu￿VeIY
for a￿88$ purposes to thg Castle.
In addition the Iwstees see rt as part of ih8iT polry to erKX)ur8ge 8rvJ supy)rt Vi94ts to Femithirst or Studios on
local history by Jedburgh schoobs. and lo support the work of the Curator at Fwniehirst ca81￿.

THE FERNIEHIRST c￿￿TLE RESTORATION FUND
REPORT OF THE TRUSTEES
FOR THE YEAR ENOED 30 SEPTEMBE
AehFov•m•nts and Pèrfomiane•
During the year to 30 September 2(r24 ￿ inu)me of Ihe trust amounted to £27.73212023.' £27,636). Grants of
£46.00012023." £20,000) We￿ made during the year. As at the year end. the revenue cash balance is £4,067
12023.. £3,936). This incuded the repayTrent of the IrKIe￿ndenI auditors fee that was paid twAee in the previous
The applicatlOEIS from the trustees of the Femi8hirst Trust {as Owne￿ of the Castle) for financial assistsnce for the
costs relating to public access at Femiehirst We￿ dealt wth as fdbws_'_
The trustees agreed to make a grant of £20,000 lo Femiehirst Trust for public a￿55 to the ¢astl8", The
Trustees contnbuteo £26.000 tchyard the o)sts of external painbng and the r8placetT￿ ofthe gas boiler in the
bothyl Kerr Kitchen at Femiehirst. A commrtm8nt vrds tnade to fuThJ the lighting condltctor at a budgeted cost of
£5.OOO+VAT. however, this work has mt been undertaken aThY therefore, no fvn(Is have be8n required.
Investment Pollcy
In temis of the provisKins of the trust deert. the trustees have unrestricte(I powers of investment. Accordingly the
trustees ernploy competent investment managers to rnanage the investments on a discretionary basis. RBC
Brewin Dolphin are the 8Ptx)int8d investrnent managers to the Fund.
Financial Review
The principal assets in the trust at 30 September 2024 were a portfolio of shar8s managed by RBC Brewin
Oolphin, which were purchased in a(xordance wrth the powers given to the truslees in the deed of trust.
The rnarket value of the inveslrnents managed by the R8C Brewin Ddphin. as at the year end was £980.397. and
with cash l)old of £4.423 amounted to £984.82012023: £&XI.7371. whith reWe5W￿ an ir￿reaSe of 10.56•A ov8r
the year.
The tnjstees will o)nsider makiThJ further investrnents in due course from the cash depc6¢ts held. but meantime
consider rt prud8llt to rètsin a dègree of 1￿uldrty. I￿￿all there was deficit for the year of£23,30112023.. Surplus
£4211 due to the add1￿￿al grants paKI to the Fern*hir5t Trust
Reservès Ptsliey
The trustees see m need for res8Nes, as they have real commitsnents other than the administration costs of
the trust", in effect the whote investment and propety pOrlfr4￿ may be Icx*ed on 85 a r8serve, as the trustees
would be able to spend part of the catxtal of the wjrtfditi rf the trustees felt it sufficiently important to maintain the
level of gr8nts to the bodies which the trust SUP[￿rts on a reguLir basis.
Plans for Futur• P•riods
By continuing to 8W8rd 9rarts the ch8rity FXDvKles a lorvJ temi cxthmthnt to meetirKJ its objectNes. In addition
to this commitment the trustees will be caffwr¥J out a furlher stratsjic review of the activibe5 of the trust in 2025 to
ensuie Iheir lon9 term cornmitment 18 rnet.

THE FERNIEHIRST CASTLE R
TORATION FUND
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2024
STATEMENT OF THE TRUSTEES. RESPONSIBILMES
The trustees must prepare financial statemenis whth give suffiuent detal to enajle an apwecialion of the
iiansaclions ol the charity during the financBI yEar.
The Irustees a￿ ￿Sp￿E1b1e for keeping proper accountir& re¢ords thai dixkjse wrth reasonabk accuracy at
any time the financial kY)SrtK)n of the ¢haritable fvnd and ènabla ihèm to ensure that th& finanoal slalements
comply wrth the Chants"8s and Trustae Investment Iscodandl Act 2(X)S. the Charities Accounts (Scotlandl
R￿ul8th.0nS 2006 las amendedl and Ihe provisM￿S of the fUn￿S ctJnsts"lulit)n. They are also responsible for
safeguarding the ass81s ol th8 and h8FL& for taking ￿asonaÈ4e sieps Ihe prevent*Jn and detection of
rraud and other irregulariles.
Th8 trust8gS (y)nfirm that the finarKial slalemènts of the 1Th￿t for the year to 30 September 2024 comply with
ojrrent statutcry reqt1￿Me￿ts wrth the pn)v$sic￿ of the deed of tntsl.
D8te'.

THE FERNIEHIRST CASTLE RESTORATION FUND
STATEMENT OF RECEIPTS AND PAYMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Unrestricted Funds
Ca
Notes ￿lIa1
Revenuè
2024
Total
2023
Total
Recei
Inveslment Income
Dividend Income and Interest
Repayment from JRW HT
Net Investment Sales- (Sales less
Pufchasesl
27,732 £
1.800
27,732
1.800
27,636
2.750
2,750
7.020
Total Rec¢lpts
2.750 £
29.532 £
32.282
34,656
Pa
Inveslmenl Purchase Costs -
{Sales less Purchases}
Investment Management Costs
Grants
Management Cost
Independent Examiner Cost
Total Payments
5.047
5.047
46.(M)O
2,736
1,800
55.583
8,235
20,000
2,400
3,600
34,235
10
46.000
2,736
1.800
50.536 £
11
12
5,047 £
{Deficitl for Year before
Transfers
-2.297 £
-21.CMH £
-23.301
421
Transfers
-21.135
21.135
Surplusl{Deficitl for Year
-23,432 £
131 £
-23.301
421

THE FERNIEHIRSI CASTLE RESTORATIC*I FUND
MENT OF
ES
AS AT 30 SEPTEMBER 2024
Restvirted F nds Unrestrictèd Fund¥
Total
2023
2024
2024
2024
2024
Funct5
Opening c3yh at bank aTrJ In haTr4
2.199 £
48.W £
52,344
131
-Z3,NJl
421
2199 £
fJ.198 E
4.1%7 £
29,464 E
52,765
￿￿k and Cash 8alances
rewin Oolphin- R8¥enue Account
8rewin Do1￿1n- Capitd Accounl
Royal B8nk of Swlland Arzwnt
4.C67
4.057
4,423
20.974
3.936
6.720
42.109
2.199
2224
20.974
2.199 £
23.19B £
4.C*7 £
29.464 £
52,7
Stockbroker Securilie5- lJ(W 8
w￿($ ofAtl
9KI.397
14.028
9￿.397
14.OZ6
884.017
14,Q26
994.423 £
0 £ 994,423
898.043
Liatsil&tEs
Indepgndenl Examingr F&¢
F8rThiehirst Tfusl
InvesbY*nt Managemet)t Fee
LolPrian E51ates Fee
4.XXI £
Total Reserves
2,193 { 1.017.621 £
-133 £ 1.019.687
946.608
vedb tha TrUst￿S
Dale
LWX.

THE FERNIEHIRST C￿TLE RESTORATION FUND
NOTES TO THE FIMANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1. BASIS OF ACCOUNTING
These accounts have prep8Td M Ihe R￿ety and PaYM￿S bass ir¢ acxordan¢e with the Charrti*
and Trustee Invèstrnent IScotlaThJl Act 2005 aThY the Charities Aco)unts (Scolandl regUlatiL￿ 2006 las
amended).
Untestricted fvnds are those that may bè usèd at the discret￿n of the tnsstees in furtherance of Ihe objects ctf
the charity. The trust's unrestricted funds cornwise of a Capttal and a Revenue Fund. Capital is the invested
funds wtruch generate the ¢ncome IRevenL*). RevenLfe is the incwe rw2ived from capital inveslments. Both
funds are subject to expenses. Donats￿ are usualty pad from the availa￿ Revenue balance. How8v8r
the trustees are free to use erther fund for any purpose in furtherance fAthe charilabse purF4)ses, rf they so
detemiine.
Restricled funds are Ga5h donat￿5 hdd sp8cffirxlty Library arKJlor lK)￿S aTwJ ￿r the Museum.
2024
Restriet8d Fun¢J
Cash resultiryj fvom donab.ons is hefvj for the folltrwing".
Liblary andlof Books
Museum
1.037
1,162
1,037
1,162
2.199
2,193
Administralion costs have Lwi allocated to the revenue fLttwJ.
3VAT
The tfusl is regist$r8d for VAT and arAx>rdirwJly eX￿￿lIur￿ indudès VAT aF4)ropriate.
4 TAXATION
Th8 trust IS 8 ch8rlty and rewised As such by H M Revenue and Customs for taxatx)n PuryK)S￿. As a
result thare is no liability to taxaiion on of ils incfyme.
5 EMPLOYEES
The trust has no 8fflFknye8S at any b"m8 duwin9 Ih• year.
6 TRUSTEE REMUNERATION ANO EXPENSES
There wwe no payments fcrf rernuneratkjn or e￿n￿¢S to the T￿lee in 2024 or 2023.
7 RÈLATED PARTY TRANSACTI
tha sry- of
ol ..he -efri.frh',rb'.
a distsnt -elaJan o! Jo:tr
S 8 trustee of Ilie Femiehirsl Tnjsl. The Femiehirst Trust which was 8el up lo own and m8inlain
the designated her1￿e property at Fomi8hirst Caslle. recetveo grants fr(*n ts tn*t as sh(AYn n Note10.
NS
? bts-eFifi3PI

THE FERNIEHIRST CASTLE RESTORATION FUND
NOTES TO THE FINANCIAL STATEMEKrs
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8 INVESTMENTS
Stock Market Securilies
Investments are quoted on Inlernatyonal Slock Exchanges.
Investments are revieN%Ed at least yearty by investment managers and changes in the portfdio are made 01
their r8comrnendakn"on.
2024
884.017
(299.746)
2023
891.834
-95.427
88,407
-797
£ 884.017
Opening Market Value at 30 September 2023
Disposal proceeds
Acquisition at Cosl
Revaluations
Closing Market Value at 30 Seplembef 2024
99.130
£ 980.397
Historic Cosl al 30 September 2024
£ 871,642
£ 857,856
Works ofA
Works of Art are heritage assets and are slated at cost. No depreciation is charged as the works of art arf
well maintained and have an estimated realisable value in excess of the cost.
The Injstees review the paintings annualw for indicakn.ons of impairnient.
2024
2023
Painting of Femiehirsl Castle by Axel Haig
(Cost £2,000 4 May 19931
2.000
2.000
Portrart of Robert Kerr Lord Somerset attributed
to George Gelijorp and restordkn.on N
{Cost £5,646. restoration 4 December 1993 - £1.8801
7,526
7.526
P8inting of Mary aueen of Scots by an anonymous
18th century British artist
(Cost £4,500 29 June 1998)
4,500
14.026
4.500
14.026
9 INVESTMENT MANAGEMENT COSTS
Portfolio Management Fees- Brewn Doiphin
5,047
8,235
10 GRANTS MADE
Public access at Femiehifsl caS￿e
To the Ferniehirst Tiust. to assist wth Ihe cost of admilbThJ
the public to. and of maintaining the assets used
exclusively for ac￿$$ purposes at Femiehirsl Casde
46.000
20,000

THE FERNIEHIRST CASTLE RE
TORATION F
ND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11 ADMINISTRATION COSTS
2024
2.736
202
2.400
M8n8gemenl Fee5- Lothian Famity Tnjst
12 INDEPENDENT EXAMINER
2024
1.800
2023
3,600
Independent Examiner F￿- JRW
13 GUARANTEES AND COMMITMENTS
There are some contingent liabilities for INJhlning conductor in the sum of £5,iJc(J+VAT at 30 September
2024

INDEPENDEKf EXAMINER'S REPORT TO THE TRUSTEES OF
THE FERNIEHIRST CASTLE RESTORATION FUND
I rep)rt ￿ the knjunts of the ch8nty tor tl* ￿r 3)Ih September 2(124 wtrkh are set out cn pages 5 to 9.
RoSPgCtiw rnsponslbllltles of truslees and •xamFngr
The charitys Iru$lees ar8 r8SpcmSb￿ for Ihè wÈparatiffi of th# Ar*￿￿1￿ the 18mis of tw Chafitio$
and Trustee Inveslrnent IS(xJdandl Ai# XM)5 8nd the Charities Ac￿nIS {ScOll￿dI Regulations 2006 lag smendedl.
The Charity Twaees ccfflskler ihal Ihe audft ￿UTernent ￿ R9gULqfi￿ 10 (111é) Of1￿ At￿nts RegLJlal￿nS dces
not aptly. li Is Thy reSpc*￿t41Ify to exatnne the AcccHJnls as wuired undw section 44 {1) Ic) of the Act ard to state
vtsther parucular mattws have come to my 8ttentKJn.
Basis of ind•p•Nl•nt •xamin•rf8 8tat•mgnl
examination s carried ¢xrt In accorda￿ wrth R8gdatiw 11 of the Charftbs Ac•>)unts {Scodand} Rèaukttion¥ 2CW)6
las am•ndodl. An oxaminatson indudas a tsvk8w of the accountng rOCOTds kept by the Charity and 8 c*)mpari3on of
Accounts presanted wrth those reeords. It inckMJ05 constdoralkn of any Lmusual items oi dis¢bsLrg$ in the
A(xounls. and seeks exobn8ti(ms from the TnJst88scmC￿rQ any sueth matters. Tho prcr8durès undÈrtaken do
nol provide all 6widenee that W￿k1 be r•qLlr8d In ar audit. 8r#J ￿Y￿e￿l￿1y I do nol expr￿8 an audit Opini￿ on
the wen in the Ac¢)yJrts.
IT￿4P•nd•nt •xamln•rfs stat•m•nt
In thè eoutsè of my examnalion. matlor has com• to my atttnti
1. ￿1¢h gve m¢ reosoneble Ca￿ to beli￿e that in any material respec* thB rw?rrn￿'.
. lo keep ac￿<￿tIng recLxds In a¢cc*danct Mth 44111 (a) c)1 ihe 2CH)5 Aca a￿1 Regulauon 4 of the
2CQ6 Accojnts Regula￿nS las 8meTrJedl. and
. to prepare Actounts which ￿Yd with the accwnung r￿ts and cornyy 4rith Regulatw)n 9 ofthe
2006 Accwnts Rewlations
hav• nct bèsn ML or
2. to whlch. In ry cplnknn. a1tentith should be dr¥4vn in cffdw to 8nabl• a prw und•r#tsnding of th• knounts
JRW. Hogg & Thorburn LLP
19 Buccl•uch Str••(
HAWICK
TD9 QHL.
17th Junè 2025
10