THE FERNIEHIRST CASTLE RESTORATION FUND TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Scottish Charf 701
THE FERNIEHIRST C STO TATEMENT OF Accoupirs OR THE YEAR Conlenls G¢nwal Infom)allon ReFY)rt of the Trust888 24 Statement of Recelpts aThl Payments Stslement of Balances Notes to the Finncial Slatsments Independent Examinerfs Rewrt 10
THE FERNIEHIRST CASTLE RESTORA710N FUN us FOR THE YEAR ENDED 30 SEPTEMBER 2025 REFERENCE AND ADMINISTRATIVE DEfAIL8 sCOlSH CHARITY NUMBER SCCW701 REGISTERED OFFICE DAlLs Lothian Famity Twsl Lothian Eststes Je(Jbwgh T08 6UF TftuEES Mr Michael Bell Mr Ntholas Antrw Philip Von We8terthoLz Mr Dad PerrAval Sturrcd (Retrlng Trustee) Mr Dawd Kerr (retiring Irusteel Lady Arn?1 Kerr Ilnc¢ynlng trustee) sECRARlEs & TREASURERS Lothian Famlly Tr1 Lothian Estate5 Jeilburgh TD8 6UF INDEPENDEMT EXAMINER Joanne GIbs, CA JRW Hogg & Thorbum LLP 19 8uc¢le(th Stre•t Hawid( T09 OHL BANKERS Th• Royal Bank of S¢oUanrJ 6 The Square K•lso TD5 7HG STOCK8ROKERS R8C Brewn DO1n 144 Morrison Street Ethnburgh EH3 88R
HI FOR THE YEAR ENDED 30 SEPTEMBER 2025 E8t•bl18hMrt of Trust The w¥$ conthltvtgd by doed of IrLtst by Ll•uten8nl C/Jkn)el Frnnd¥ R N Ken athj Professor Thomas D Lh ¢Jated 17 WKI 27 December 1988 and re9iStered In the Books of Councll and S95sth on 8th J#nuary 1987. Tho 12th M¥wls of L0thft, s91r 1ftt. digd on 11 October 2{4. TèBlded at Ftrnlohtrst Casue. Trusts• M••ting• and Appointm•nt Tho orfginal tW5tees We aprynIed ty the doad oftNsi' sub68quenl Iruslees are appolntad by Its exlBlkng Iwstees. New trustees are brfed on thg trusis and olit. At thg trustees. meeting, the trLth$ 89rn9 tha broad arges of str8lew and ams of activlty lor In1 I4u19 consideration of grnnl m•ktng. The51WnI rtryS. risk managemenl and pwlornance. Rl8k SO•nI The truste&$ cty161d8r th81 thtr cnly nNlcanl rlEk affoLlrwJ tho In¢ Is that thdr kncome and th• vah ol thelr invostrnents may dnjp, elther as a reSt of one or more companlg$ In whlch th• trust ho$ Jh¥res ¢Mng bad or as a of a subslAnti•l fall In Ihè sto¢l( morktsf genernlty. To counter this iisk. the Injstees rely on ¢onyelwrt Invèthwl ffoMger$ 8nd ty to en8Lsre Ihat Iheir expendilwe on reven count in e >tar does Trjt exceed thew Incorne of that year. Objective• and N£UvltS•8 The Ca81 and hcome ofthe trust fund to be hdd chgritsble purn0 ofth• tW81. wNch •r• lh• •¢Jv•rtoment ol the ¢dwallon of Ihe pub14c In thè histcy of the knitish Ck8n or Famlly of Kerr and forlhi piwpose to a6s'BI wth the resioration of Femlehlrst cos¢ as • mus•1 for the Scottlsh Clan or Famity of Ke a1 the provldon of f8c111119s10 4nabl8 wblk attes8 to bo obtsId to Ihe hl8t¢ti hou888 and C4Bll8s ofthe Scottish Cjan c¥ Famlty of Kwr. The tru¥leg5 or• dected to pay OT appty tho Incomo of th• trust nd, and hgvo powers in Ih•ir dls¢rntbn to pay or apptythe capitsl In whole part. In or towards the futhÉrnnc8 of thos• tharit#bl? purFQSQS ID such manngr 96 the trustees thlnk fft. provid•d $Lth or 8pplatson Is for tharItab putposes 0. Gr•nt M&klny Polky The trs. general pojlcy Is to ulllse the Ineome arfng from assets 8nd fuThJ$ urKt¢r thtr control to fadltat• th• r•stoAlon of F•mthlrst C•slle as ¥ museum for thè S¢ottlsh C or F8lY of Ke and to Wp vth thg prwwon ol ts(alitles to onable pubThc access to be (thlned to Femiehirst Cast. In accordane• w#h the otlectsor chathable purposos ol tho trust, as sd in th• p4ra9r4ph abov•. Acc(dingty Ihg trusiees nonnally moka 8 Lydnl rèpresenting the bufk crfthe Incwne of th8 trust lo th¥ Femifrhi Trust 48 tho proprtotor ol Fe9hIr$I C8s110. tr 88e+st w6th the cost of atnltllno thtr publlc lo. an(F of m8lntalng the 888ets us8d exthS8 In addilkn the truste so0 It as part ofth91r 1¢Y to ra99 aTrJ support vlsrts to For&hIr* L¥ on locol traBtrJy by J8thurth schooh. to support th• vKrfk of Cw•tor at Fwnthtr¥t C•#k.
ThE DED Aehl•veffl•nts •nd Perfombance Durfng the year to 30 September 2025 th• income ofthe trust arUnted lo £29.$28 {2024: £29.401}, Gnts of £15.00012024: £48.fy)O) were m¥de duryy th? ygw. As at Ihe ye•r vnd. r¥v9n cath balance Is £3,183 12024.. £4,Cfj71, Thp ¥pplk¥ibns fffjm the Irust895 ofth? Femlehirst Tru¥t las own¥rs of thè CasUo1 lor kn•ndal a89nCe for thg costs TotIng to publtc accass at Fomlehlrst wore doaft vrith as blbws',- trustees agreed te make a grant of£15,WO lo Femi0r$t Tru81 f¢x access to the cast18.' du• to tho levols of grants pald last year. they want•d lo r•takn a ¥h b8nG0 futwe fundlrvJ rnquests. InNwtm•nt Polley In temis of the pFo¥A$bn6 of tho trust d••d. the trust hav• unr•strlrAed ptrs ofinveslm•rt. Ac(¥>TdlryJy tha Injstees ernOY competent inveBtrnent manager¥ lo manBge the rnve3trnts on a diwAetKJnary basls. RBC Bre•An Dolphln are the aPFolnted investrnwrt manag8rs to the F1. Fln•ncl•l R••W prineip81 Assets In th• trust 8130 S¢pt8mber 2025 8 portfollo of shore$ managed ty RBC Brn Dolphin, which w&0 purche8ed in ÈccDrdIe• with the wwers given te tha in the deod of tfUSI. Thv market vthluè ol thè invè3tm?nls managed by R8C Brs%%yn Dolphirt. 4$ ?1 th? year •nd was £1.006,185, and wlih ¢8sh hekl 01 £9,702 amounted to £1,015,88712024.. £984,820), whi( represenied en Increas• of 3.15% over thè r. The tnJstÉ¢s wlll conder m&kln9 fvrther invèslments in due from Ihtr ¢88h derrtJ$ils hèld, but Mnthe CCY15ider it prudonl io retsin a dyee of IKiuitIty. erall there was 5urplu8 for the year of £10.54812024.. Defldt £21,135) due lo less grants pald to Ihg Feml8hst Trust. Re••rve• PolScy The trustees Seè no need fer reterves, as they have no Commit15 olherthan the 8dmlnlstr•tion ¢osts of the trust.. effect the whok Inveslment gnd PrOrtY portfollo may b8 looked on 86 a r•s•p4f. as th& tru3lees be ablè to spend pgrt of the ¢9181 of the porrfollo If the twslegs fell 6t wffl&ently Important lo malntaln the Itvel of 9onts to th¢ bodles whlch the trust Bupports on 8 regul8r ba8. Plan¥ for Futur• P•rfiKI¥ 8y contlnuing tg award grants the Char provldes a long term cornrnilmenl ic meeung Its oWect4v88. In additlon to th15 commltment the trust•es wlll b8 catyng out a lurthor strateglc revl8w ofthe actfvh ol th8 trust in 2026 ¢0 •nsur• thdr long t•rni commfrnnl k mot
THE FERNIETrNRST cA¥fLE RESTORATION FUND R TH EPTEIIBER 2025 STATEMENT OF THE TRUSTEES. RESPONSIBILITIES trustee8 mu8t prepare financi81 ststernents glve sufflclBnt detail to enable •n opwodatksn of the transacllons of the charity during thè finandal ywr. The trustees ore rnsponslble for k••ptho wjper 8¢¢04mtlng records Ihat dlsckjse w5th r88sonablo a¢ttcY at 8ny tlme the lthandal tIon of the chttatl8 fund and enable them to onsure that the fln8nci81 Et8tgment6 COMP the Cherltbes ond Trustao Investmont {ScoU8ndl Ad 2005, the Charfes Awounts IScotSand) Rggul8bw$ 2006 las amwvjgd) ¥nd the prwslans of Ihp fun¢J's constitut)n. They are r9spGYlo for sguardlng the assots ofth& fvnd and ncfj lor laklng reasonakle Steps for the prevenuw aNI delectlon fr8ud and oth•r irr89ulwKI•s. The tW5tees conffirm Ihal the thancial statements of the trust for the year to 30 September 2Wd5 0)mply wlth current 5tstutory rgqulr8m•nts and vAth ts wovtslons of the dgwj of tntst. Trust••= Mr M Bell Dal•'.
THE FERNIEHIRST CASTLE RESTORAT1014 FUND STATEMENT OF RECEIPTS AND PAYMENTS R TH EPT nr•strict•d Fundts wMIu• 2024 Tot•1 Investment Income Dwidend Income an(1 Interest Repwent from JRW HaT Sub- Total 29,928 £ 29,928 27,601 1,8C 29,401 29,928 29,928 Total Re[pts 29,928 £ 29.928 29.401 Grants Msnagemonl C08t Indopendenl Examinw Cost Sub- Total 10 11 12 15.000 15.C 2,736 1,8 50,536 1,8(K) 19,380 19,380 Total Payments 19,380 £ 19,380 Surplu(DoCIt) for Yo4r befwe Tr$fOr1 10,548 £ 10.548 £ 21,135 Transfers 10,548 110.548) Surplusl<Deficit) for Y•ar 10,548 £ 10,548 £ 21.135
E FERNIEHIRST CA8TLE RE 8TATEMENT OF BAL*>ICES AS AT 30 8EPTEMBER 20 Fu Fun cpen0 bank and in h8nd 20,974 £ 20.D74 42.109 and P•ymerts sllDefI¢ll 10,$48 10,548 (21.136} 31,522 £ 31,522 £ 20.974 Bank and Cash B3Lane05 Royal Bonk of ScoO8nd Acclwnl 31,522 31,522 20.974 31,522 t 31.522 £ 20.974 InvestMts Stockbmker S8uJrttl8s. Brov Dolphin R8C 8r9thn Dolphkn- Acuunl RBC Bron LIphkn. C8piW Works ol Art I.0.185 1,rMJ6,185 3.183 9.702 14.026 980.397 4,CK87 4,423 14.028 3.183 2,1g9 7503 14.026 2.199 £ 1.027,714 £ 3.183 £ 1.033,098 £ 1.12.913 IndepenESenl Exam1 Fee LothKan Estates Fee 1,800 2,400 4,200 £ 1.800 4.2C#) £ 4.2CiI Totsl 2.199 É 7.069.236 ££ 1.0,418 £ 1.019.687 Mrmedi
THE FERNIEHIRST CASTLE RESTORATION FUND NOTES TO THE FINANCIAL STATEMENTS FOR T MBER 2025 1. &4SIS ACCOUNTING Thg¥e ¥CCOLrnts have been PAred on the R8celpts 8TrJ Pawn8nts bgsls In 8ccordanc8 Chath8 and Tnjstee Inv¢sbnenl (Scotlandl Act 21x15 a1 the Chw115es PKcounts (Scollandl regulatlon 20061•$ amended). 2NA RE AND PURPOSE OF FUNDS Unrestnrled fund5 arB thos9 tho1 rnay u¥gd 81 th• discr•tic ofthe tnJst••s In furtherarK8 ofthe objects of thanty. Th• Inr$ unresththd fvThts rnprtse of a Captal and 8 Revenue Fund. Ca1 1$ the Investe(J fwK18 th1¢h geneT8ts lh8 ncomo IRevenuB}. Revewwe ts the Inccm• r•¢owgd from wital investrn. Both funds are wbje¢t to eXPgr5es. Oonalfjons ore usually pald from the avall8bJe Revwue belan. the trustees are free to use ether fund for any PLffPL>Se n flvthgrancg ofthe tharilabkn purposes. If try 50 d8teThnlThe. R8strfct8d fund8 arn sh hekl sp8dficalty for Library andlor b(Kks aTrJ for tho KILMeum. ReBlricted Fund C•sh r•surj from dOnatiOr Is hdd lorth• folIcn9.. Lbrary andloT 8ooks mUm 1m7 1.162 1.037 t.162 2.199 2.1 ini8tralon costs have been allocated to the rfrvèe fund. Tho Iru9t is rb)t r•Jl8t•r•d for VAT and accordlndy 8¥penthtLxe Indud8s VAT whore apFYopriaie. 4 TAXATION Thè tN$l is a Charfty and Is rets)onknd aB such by M M Rovwue and Custom$ for laxolKn purpoms. As r•sult thern Is no118bllltyto tsxatlon on any of ts incom•. MPL The trt no employees el uny time during the Yr. STEE There were no payments for Temuneration or expW3 to lh8 Trustees In 2025 c2024. LATED P rYTKANSACTI Nth)lag Von Westenholz Is the sffi of Lody Mary Von Wesletholz. a 51st¢r of Lord Ralph Kerr, 8 b•fiary ofthe Femthlrst Trust. L8ityAmabel Kwr is a daughter of Lord Ralph Kern. 8 b&n¢81ry ofthe FemhOrSt Trust. llthael Bell its 8 trustee of the FeMhirst TrusL Davld Sluffc¢kw8s • Iw$t•e of the F•n¥thrst Trust. The FwnlèNrst Trust whl¢h was $91 up to own 8nd m•vitoln tre donatgd h9rltag8 wrjkwtyat FemleNrsi C¥8Ue, re1¥& grants Irom thg trust sh(bwn In Nots10.
E FERNIEHIRST CAST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 TIAEMTS Stock M¥rket S&cL¥IUes Investrnents 8re quotsd on Intemational Stoca Exthanges. Invesknents a vieWed at least yearly by inveslmenl managers and changes in the portfdio •r• mode Ih8Sr recommendatlon. OpBning Market Value al y) September 2024 DI$p098ls Fo¢eed$ Acquisition at Cost Revaluations Closing Market Value at 30 September 2025 980.397 (359.6181 347,317 884,017 .299.746 296.996 99,130 £ 980.397 £ 1.006,185 Hiytorfc Cost 8130 September 2025 3.208 £ 871,642 Works of Art W(5 ol Art are httrltagg assets and are 5tatsd al cost. No depreciation is d)arged as the orks of art ore well maintain8d and havo an 8stimg1gd r88lisab18 V8luo in exc8ss of ihe cosL Thè tru5tee5 revlew the pelnfjngs nUelty foi Indicallons of Impalm70nt. 2024 P•lTrtlng of Femiehst C•sOe byAxel Ha {Co81 £2,000 4 May 19931 Portrall Robert Lord Somwset attributed to GeoryJe Ge1¢ and restoralK (Cost £5.646. torati 4 Decembef 1993- £1,880) Palntlng of Mary auen ol Scots by w ¥Tr)nyThous 18th ¢entsJry British artist (Cost £4.500 29 June 19981 2.000 2.0 7.526 7.526 4.500 14.026 14,026 9 INVESTMENT MANAGEMENT COSTS Porffollo M8n8goment Ffjes- Brn DolpNn 7.021 5.047 Public access at Femiehirst C85Ue To Iho Feml•hlr8t Tn*L to 8SSiSt vAlh the co81 of admilllng the pthlic to, and of maintsining the 8ssets tJ59d •xdusivety for access purposes at FeM1rSt Casue 15,000 £ 46.000
THE FERNIEHIRST CASTLE RESTORATION FUND NOTES TO THE FI 11 ADMINISTR4TION COSTS Mana98m•nt Fw- Lothlan Famity Trust 2,736 12 NDEPENDENT XAMINER Independent Examiner Fe•s- JRW H&T 1,800 13 MME There 8re contlngenl Ilablllties Includlng a ftnal Insdment for extemal palnllng and tho lightnlThJ nduclor Sn the Sum of£4.OOO+VAT al 30 September 2025
INDEPENDEfrrr EXAMINER'S REPORT TO THE TRUSTEES OF THE FERNIEPIIRST CASTLE RESTORATION FUND I report on the Accounts of the charity for the year ended 301h September 2025 which are sel out on pag8$ 5 10 9. RP•¢t1Ve r•sponsibilili•8 of trust••s and •xamlner Thg Charlty's trusts88 are respCsIble for the prep8ralbn of Ihè Accounts in acoordance wrfh the lemi$ of th8 Charltios and Trustee Investment (Scolandl Act 2005 and the Charities Accounts (Scollandl Regulations 2(M)6 las amende(11- The Charity Trusle8s cLJnsSder that the audit requlremenl of Regulatlon 10 (11 (d) of the Accounts Regulations does not apply. It is my responslblltty to 8xamlne the Accounts as requlred undèr seLtion 44111 (cl of the Act and lo state wh9ther p8rtlcular matters have com8 to my attention. Ba818 of Ind•p8nd•nt )mIne¥ statsment My examination is carried out in ac¢ord8nce with Regulalon 11 of the Char¢lYas Accounts (Swttandl Regulati(x)s 2006 las amended}. An 8X8min8fjon indudes a review of the accounting records kept by the Charity and a comparfson of the Accounts presented wlh those records. It also Includes conside¥ation of any unusual items or dlsdosures In the Accounts, and sèeks explanaticms from the Trustees tcerning any suth matters. Th8 pr¢xedurgs undertaken do not provide all the evidence that would required in an audlt. and consequently I do not express an audit opinion the view given in the Accfjunt& Independent examinerfs sLit•mont In the cA)j ol my examination, no matter has Con lo my attention which give m8 roasonable cause to believe that in any malerfal res the requirements: to keep accounting records in ac¢ord8rice with Section 44111 {al of the 2005 Act and Regulation 4 of the 2006 Accwnts Regulalh)ns {as amended), and to preparg Accounts whith a(tord with the accounting rd8 and comply wllh Regulation 9 of tha 2006 Ants Regulatlons have not been mel, or 2. to which. in my opinion, att8ntlon should be drawn in crfd&r to enable a proper und8rstanding ol the Awunts to be reached. Jo•nnè ibson. CA JRW, Hogg & Thorbum LLP 19 Bucclouoh Str¢o1 HAWICK TD9 OHL. 24th June 2026 10