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
sCO￿lSH CHARITY NUMBER
SCCW701
REGISTERED OFFICE D￿AlLs
Lothian Famity Twsl
Lothian Eststes
Je(Jbwgh
T08 6UF
Tftu￿EES
Mr Michael Bell
Mr Ntholas Antrw Philip Von We8terthoLz
Mr Da￿d PerrAval Sturrcd (Retrlng Trustee)
Mr Dawd Kerr (retiring Irusteel
Lady Arn?￿1 Kerr Ilnc¢ynlng trustee)
sECR￿ARlEs & TREASURERS
Lothian Famlly Tr￿1
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 DO￿1n
144 Morrison Street
Ethnburgh
EH3 88R

HI
FOR THE YEAR ENDED 30 SEPTEMBER 2025
E8t•bl18hM￿rt of Trust
The w¥$ conthltvtgd by doed of IrLtst by Ll•uten8nl C/Jkn)el Frnnd¥ R N Ken athj Professor Thomas D L￿￿h
¢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 L0th￿ft, s91￿r 1ft￿t. ￿ digd on 11 October 2{￿4. TèBlded at Ftrnlohtrst Casue.
Trusts• M••ting• and Appointm•nt
Tho orfginal tW5tees We￿ apry￿nIed ty the doad oftNsi' sub68quenl Iruslees are appolntad by Its exlBlkng
Iwstees. New trustees are br*fed on thg trusis and oli￿t￿￿￿. At thg trustees. meeting, the trLth$ 89rn9
tha broad arges of str8lew and ams of activlty lor In￿1 I￿4u￿1￿9 consideration of grnnl m•ktng. The51W￿nI
r￿try￿S. risk managemenl and pwlornance.
Rl8k S￿O￿•nI
The truste&$ cty161d8r th81 thtr cnly *nNlcanl rlEk affoL*lrwJ tho In￿¢ Is that thdr kncome and th• vah* ol thelr
invostrnents may dnjp, elther as a reS￿t 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 Ca￿81 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 histc*y 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
a￿1 the provldon of f8c111119s10 4nabl8 wblk attes8 to bo obtsI￿d to Ihe hl8t¢ti hou888 and C4Bll8s ofthe
Scottish Cjan c¥ Famlty of Kwr.
The tru¥leg5 or• d￿ected 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 $Lth or 8ppl*atson Is for tharItab￿ putposes 0￿.
Gr•nt M&klny Polky
The tr￿s. general pojlcy Is to ulllse the Ineome arf*ng from assets 8nd fuThJ$ urKt¢r thtr control to
fadltat• th• r•stoAlon of F•mthlrst C•slle as ¥ museum for thè S¢ottlsh C￿￿ or F8￿lY of Ke￿ and to Wp v*th
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
Fe￿￿9hIr$I C8s110. tr* 88e+st w6th the cost of at*nltllno thtr publlc lo. an(F of m8lntal￿ng the 888ets us8d exthS￿8￿
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 ar￿Unted lo £29.$28 {2024: £29.401}, G￿nts of
£15.00012024: £48.fy)O) were m¥de duryy th? ygw. As at Ihe ye•r vnd. r¥v9n￿ cath balance Is £3,183
12024.. £4,Cfj71,
Thp ¥pplk¥ibns fffjm the Irust895 ofth? Femlehirst Tru¥t las own¥rs of thè CasUo1 lor kn•ndal a8￿9￿nCe for thg
costs To￿tIng to publtc accass at Fomlehlrst wore doaft vrith as blbws',-
trustees agreed te make a grant of£15,WO lo Femi0￿r$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 b8￿nG0 ￿ futwe fundlrvJ rnquests.
InNwtm•nt Polley
In temis of the pFo¥A$bn6 of tho trust d••d. the trust￿ hav• unr•strlrAed ptr￿s ofinveslm•rt. Ac(¥>TdlryJy tha
Injstees ern￿OY competent inveBtrnent manager¥ lo manBge the rnve3trn￿ts on a diwAetKJnary basls. RBC
Bre•An Dolphln are the aPFolnted investrnwrt manag8rs to the F￿1.
Fln•ncl•l R•￿•W
prineip81 Assets In th• trust 8130 S¢pt8mber 2025 8 portfollo of shore$ managed ty RBC Br￿n
Dolphin, which w&0 purche8ed in ÈccDrd￿Ie• 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 con￿der m&kln9 fvrther invèslments in due from Ihtr ¢88h derrtJ$ils hèld, but M￿nth￿e
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 Feml8h*st Trust.
Re••rve• PolScy
The trustees Seè no need fer reterves, as they have no Commit￿15 olherthan the 8dmlnlstr•tion ¢osts of
the trust.. effect the whok Inveslment gnd PrO￿rtY portfollo may b8 looked on 86 a r•s•p4f*. as th& tru3lees
be ablè to spend pgrt of the ¢9￿181 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 ba￿8.
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¢￿tt￿cY at
8ny tlme the lthandal ￿tIon of the ch*ttatl8 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 r9spGY￿lo for
s*guardlng 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￿(Do￿CIt) 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
cpe￿n0 bank and in h8nd
20,974 £
20.D74
42.109
and P•ymerts s￿￿ll￿DefI¢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
InvestM￿ts
Stockbmker S8uJrttl8s. Brov
Dolphin
R8C 8r9thn Dolphkn- Acuunl
RBC Bro￿￿n L￿Iphkn. 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 Exam￿1 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 a￿1 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• In￿r$ unresththd fvThts ￿rnprtse of a Captal and 8 Revenue Fund. Ca￿1 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 eXPgr*5es. 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 tr*y 50
d8teThnlThe.
R8strfct8d fund8 arn ￿sh hekl sp8dficalty for Library andlor b(K*ks aTrJ for tho KILMeum.
ReBlricted Fund
C•sh r•su￿r￿j from dOnatiOr￿ Is hdd lorth• folIc￿n9..
Lbrary andloT 8ooks
mU￿￿m
1m7
1.162
1.037
t.162
2.199
2.1
ini8tralon costs have been allocated to the rfrvè￿e 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 laxolK*n purpoms. As
r•sult thern Is no118bllltyto tsxatlon on any of ts incom•.
MPL
The tr￿t no employees el uny time during the Y￿r.
STEE
There were no payments for Temuneration or expW￿3 to lh8 Trustees In 2025 c*2024.
LATED P
rYTKANSACTI
Nth)lag Von Westenholz Is the sffi of Lody Mary Von Wesletholz. a 51st¢r of Lord Ralph Kerr, 8 b•￿fi￿ary
ofthe Femthlrst Trust. L8ityAmabel Kwr is a daughter of Lord Ralph Kern. 8 b&n￿¢81ry ofthe Fem￿hOrSt
Trust. llthael Bell its 8 trustee of the FeM￿hirst 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 do*natgd h9rltag8 wrjkwtyat FemleNrsi C¥8Ue,
re￿1¥￿& 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$p098ls F*o¢eed$
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 Femieh*st 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 au*en 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- Br￿n 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 FeM￿1rSt 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
M￿ME
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.
R￿P•¢t1Ve r•sponsibilili•8 of trust••s and •xamlner
Thg Charlty's trusts88 are respC￿sIble 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 t￿￿cerning 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 r￿d8 and comply wllh Regulation 9 of tha
2006 A￿￿nts 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