2024-12-31-accounts - Thirlestane Castle Trust

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

REGISTERED CHARITY NUMBER: SC011491

Report of the Trustees and

Consolidated Audited Financial Statements for the Year Ended 31st December 2024

for

The Thirlestane Castle Trust

��

The Thirlestane Castle Trust

Contents of the Consolidated Financial Statements for the year ended 31st December 2024

	Page
Reference and administrative details	1
Report of the trustees	2 to 6
Report of the independent auditors	7 to 10
Consolidated statement of financial activities	11
Statement of financial activities	12
Consolidated statement of financial position	13
Consolidated statement of cash flows	14
Notes to the consolidated statement of cash flows	15
Notes to the consolidated financial statements	16 to 33

The Thirlestane Castle Trust

Reference and Administrative Details

for the year ended 31st December 2024

Trustees

Principal address

Registered charity number

SC011491

Auditors

Sumer Auditco Limited 47-49 The Square Kelso Roxburghshire TD5 7HW

Page 1

The Thirlestane Castle Trust

Report of the Trustees for the year ended 31st December 2024

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s trust deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015).

Trust Purposes

The Trust is held for charitable purposes and in particular:

(a) To preserve for the public benefit the whole or such part or parts of the buildings and their grounds known as Thirlestane Castle, Lauder, Berwickshire, as may be owned by the Trustees or as may be leased or lent to the Trustees.
(b) To protect and improve the amenities of Thirlestane for the public benefit
(c) To preserve for the public benefit as an adjunct to Thirlestane furniture, pictures and other chattels ordinarily kept at Thirlestane or which have been given or lent to the Trustees.
(d) To facilitate and encourage access to and study and appreciation of Thirlestane and such furniture, pictures and chattels by the general public.

ACHIEVEMENT AND PERFORMANCE Review of Activities

The Thirlestane Castle Trust

Report of the Trustees for the year ended 31st December 2024

The Thirlestane Castle Trust

Report of the Trustees

for the year ended 31st December 2024

The Thirlestane Castle Trust

Report of the Trustees

for the year ended 31st December 2024

The investments are placed in the hands of investment managers who attend to the ongoing management of the portfolio within parameters laid down by the Trustees.

Recruitment and appointment of new trustees

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes an incorporated charity.

Risk management

��

The Thirlestane Castle Trust

Report of the Trustees for the year ended 31st December 2024

Statement of trustees' responsibilities

The trustees are responsible for preparing the Report of the trustees and the consolidated financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the Trustees to prepare consolidated financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of reserves of the charity for that period. In preparing those consolidated financial statements, the trustees are required to

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
State whether applicable accounting standards, comprising FRS102, have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the consolidated financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the consolidated financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, and the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdon governing the preparation and dissemination of financial statements may differ from legislation in order jurisdictions.

��

Approved by the trustees on ………………………. and signed on their behalf by:

...............

Page �

��

Report of the Independent Auditors to the Trustees and Members of The Thirlestane Castle Trust (Registered number: SC011491)

Opinion

We have audited the group and parent financial statements of The Thirlestane Castle Trust for the year ended 31st December 202� which comprise the Statement of financial activities, the Statement of financial position, the Statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdon Generally Accepted Accounting Practice).

In our opinion the financial statements:
give a true and fair view of the state of the group’s and the parent charitable trusts’s affairs as at 31st December 202� and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the consolidated financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the consolidated financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the consolidated financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Page �

��

Report of the Independent Auditors to the Trustees and Members of The Thirlestane Castle Trust (Registered number: SC011491)

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Report of the independent auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable trust and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the trustees.

We have nothing to report in respect of the following matters where the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

The information given in the financial statements is inconsistent in any material respect with the Trustees’ report; or
proper accounting records have not been kept, or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page �

��

Report of the Independent Auditors to the Trustees and Members of The Thirlestane Castle Trust (Registered number: SC011491)

Our responsibilities for the audit of the financial statements

�� Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the independent auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included OSCR and Charity SORP FRS102 and local tax legislation. The engagement partner ensured the engagement team had the necessary competence, capabilities and skills to identify laws and regulations and they remained alert to such matters throughout the audit.

Based on the results of our risk assessments we designed our audit procedures to identify non-compliance with such laws and regulation. We identified and evaluated the laws and regulations and enquired of management whether they were aware of any instances of non-compliance. We corroborated these through review of legal and professional fees and any correspondence with HMRC. A full disclosure checklist was carried out. We considered the tax and VAT position of all entities within the group.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. The laws and regulations we considered in this context included UK Employment Law, Data Protection Act 2018 and Health and Safety laws.

Based on the results of our risk assessments we designed our audit procedures to identify non-compliance with such laws and regulation. We identified and evaluated the laws and regulation and enquired to management whether they were aware of any instances of non-compliance and what procedures were in place to ensure compliance. We corroborated this through review of correspondence with any regulators, review of policies for health and Safety and data protection and reviewing submissions to HMRC. A review of payroll was performed including review of the contract and gross to net pay checks, and verification checks of staff.

We assessed the risks of material misstatement in respect of fraud via enquiries of management and those charged with governance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considered the internal controls in place to mitigate risks of fraud. Permission on the accounting software were checked and were appropriate to the staff role, access to online banking for making payments was also established, evidence of authorization and allocations of major expenditure were sought. Management are very involved in the day to day running of the business and have good knowledge of the amount and expected timing of receipts from customers and payments to suppliers.

To address the risk of fraud through management bias and override of controls we performed analytical procedures to identify any unusual or unexpected relationships, tested journal entries to identify unusual transactions, assessed the level of subjectivity and estimation within the account balances and investigated the rationale behind any significant or unusual transactions. The preparation of management accounts which are reviewed by the Trustees on a regular basis helps mitigate this risk.

With regard to identification of material misstatements in relation to fraud, we considered income recognition in line with FRS102, reviewed the appropriateness of the accounting policies selected and reviewed disclosures for completeness and accuracy. We also identified related parties and reviewed the completeness and accuracy of related party transactions.

Page �

Report of the Independent Auditors to the Trustees and Members of The Thirlestane Castle Trust (Registered number: SC011491)

The main factors of the audit process which may affect the likelihood of detection of irregularities includes the element of inherent difficulty always present in detecting irregularities due to fraud, the increase in the inherent difficulty due to remote audit testing and that conclusions on the design and implementation of internal controls focus only on those we have assessed as key controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial

Use of our report

This report, including the opinions, has been prepared for and only for the charity’s trustees as a body in accordance with section 44 (1) © of the Charities and Trustee Investment (Scotland) Act 2005 and regulations more under that Act (regulation 10 of The Charities Accounts (Scotland) Regulations 2006 (as amended) and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

47-49 The Square Kelso Roxburghshire TD5 7HW Date: ..........

The Thirlestane Castle Trust

Consolidated Statement of Financial Activities for the year ended 31st December 2024

							31.12.24	31.12.23
		Unrestricted	Restricted		Endowment		Total	Total
		funds	funds	funds	funds	funds	funds	funds
	Notes	£	£		£		£	£
INCOME AND
ENDOWMENTS FROM
Donations and legacies	3	20,488	45,015			-	65,503	100,130
Charitable activities	6
Net income from catalogues		2,015		-		-	2,015	1,805
Castle and Grounds		42,730		-		-	42,730	42,862
Other trading activities	4	684,038		-		-	684,038	460,525
Investment income	5	10,897		-		-	10,897	11,035
Total		760,168	45,015			-	805,183	616,357
EXPENDITURE ON
Raising funds	10	90,707	48,525		1,121		140,353	118,304
Charitable activities
Castle and Grounds	7	174,799	2,020			-	176,819	177,861
Other trading activities	11	397,963		-		-	397,963	348,959
Total		663,469	50,545		1,121		715,135	645,124
Net gains/(losses) on
investments		-		-	(4,962)		(4,962)	16,590
NET
INCOME/(EXPENDITURE)		96,699	(5,530)		(6,083)		85,086	(12,177)
Transfers between funds		-		-		-	-	-
Net movement in funds		-		-		-	-	(12,177)
RECONCILIATION OF
FUNDS
Total funds brought forward		145,674	492,865		573,691		1,212,230	1,224,407
TOTAL FUNDS CARRIED
FORWARD		242,373	487,335		567,608		1,297,316	1,212,230

The notes form part of these financial statements

The Thirlestane Castle Trust

Statement of Financial Activities

for the year ended 31st December 2024

							31.12.24	31.12.23
		Unrestricted	Restricted		Endowment		Total	Total
		funds	funds	funds	funds	funds	funds	funds
	Notes	£	£		£		£	£
INCOME AND
ENDOWMENTS FROM
Donations and legacies	3	264,073	45,015			-	309,088	162,228
Charitable activities	6
Net income from catalogues		2,015		-		-	2,015	1,805
Castle and Grounds		42,730		-		-	42,730	42,862
Other trading activities	4	42,490		-		-	42,490	45,968
Investment income	5	10,897		-		-	10,897	11,035
Total		362,205	45,015			-	407,220	263,898
EXPENDITURE ON	10
Raising funds		90,707	48,525		1,121		140,353	118,304
Charitable activities
Castle and Grounds	7	174,799	2,020			-	176,819	177,861
Total		265,506	50,545		1,121		317,172	296,165
Net gains/(losses) on
investments		-		-	(4,962)		(4,962)	16,590
NET
INCOME/(EXPENDITURE)		96,699	(5,530)		(6,083)		85,086	(15,677)
Transfers between funds		-		-		-	-	-
Net movement in funds		-		-		-	-	(15,677)
RECONCILIATION OF
FUNDS
Total funds brought forward		145,674	492,865		573,691		1,212,230	1,227,907
TOTAL FUNDS CARRIED
FORWARD		242,373	487,335		567,608		1,297,316	1,212,230

The notes form part of these financial statements

The Thirlestane Castle Trust

Consolidated Statement of Financial Position	Consolidated Statement of Financial Position	Consolidated Statement of Financial Position	Consolidated Statement of Financial Position
	31st December 2024	31st December 2024
		Group	Group	Charity	Charity
		2024	2023	2024	2023
		£	£	£	£
Fixed assets
Tangible assets	16	823,235	788,255	806,920	769,626
Investments	17	459,142	458,517	459,242	458,617
		1,282,377	1,246,772	1,266,162	1,228,243
Current assets
Stocks	18	7,839	6,629	7,839	6,629
Debtors: amounts falling due within one year	19	28,656	57,205	62,171	62,958
Cash at bank		243,325	221,956	28,365	77,450
		279,820	285,790	98,375	147,037
Creditors
Amounts falling due within one year	20	(264,881)	(320,332)	(67,221)	(163,050)
Net current assets		14,939	(34,542)	31,154	(16,013)
Total assets less current liabilities		1,297,316	1,212,230	1,297,316	1,212,230
Net assets		1,297,316	1,212,230	1,297,316	1,212,230
Funds	22
Unrestricted funds		242,373	145,674	242,373	145,674
Restricted funds		487,335	492,865	487,335	492,865
Endowment funds:
National Heritage Memorial Fund		351,845	351,845	351,845	351,845
Capital Fund		215,763	221,846	215,763	221,846
		567,608	573,691	567,608	573,691
		~~1,297,316~~	1,212,230	~~1,297,316~~	1,212,230

Approved by the Trustees on

their behalf by:

The notes form part of these financial statements

��

The Thirlestane Castle Trust

Consolidated Statement of Cash Flows
for the year ended 31st December 2024
2024
Notes
£
Cash flows from operating activities
Cash generated from operations
1
130,580
Interest paid
(1,121)
Finance costs paid
(7,233)
Net cash provided by operating activities
122,226
Cash flows from investing activities
Purchase of tangible fixed assets
(100,232)
Investment movement
(625)
Net cash used in investing activities
(100,857)
Cash flows from financing activities
New loans in year
-
Loan repayments in year
-
Net cash (used in)/provided by financing activities
-
Change in cash and cash equivalents in
the reporting period
21,369
Cash and cash equivalents at the
beginning of the reporting period
2
221,956
Cash and cash equivalents at the end of
the reporting period
2
243,325

2023
£
85,941
(1,061)
(5,731)
79,149
(93,087)
(22,266)
(115,353)
-
-
-
(36,204)
258,160
221,956

The notes form part of these financial statements

Page 1�

The Thirlestane Castle Trust

Notes to the Consolidated Statement of Cash Flows

for the year ended 31st December 2024

1. Reconciliation of net income/(expenditure) to net cash flow from operating activities

			2024	2023
			£	£
	Net income/(expenditure) for the reporting period (as per the
	Statement of financial activities) (before tax)		85,086	(12,177)
	Adjustments for:
	Depreciation charges		65,252	67,408
	Interest paid		1,121	1,061
	Finance costs		7,233	5,731
	Increase in stocks		(1,210)	(2,301)
	Decrease in debtors		28,549	(50,802)
	Decrease in creditors		~~(55,451)~~	77,021
	Net cashprovidedby operations		130,580	85,941
2.	Analysis of cash and cash equivalents
			2024	2023
			£	£
	Notice deposits (less than 3 months)		243,325	221,956
	Total cash and cash equivalents		243,325	221,956
3.	Analysis of changes in net debt
		At 1.1.24	Cash flow	At 31.12.23
		£	£	£
	Net cash
	Cash at bank and in hand	221,956	21,369	243,325
	Total	221,956	21,369	243,325

��

The Thirlestane Castle Trust

Notes to the Consolidated Financial Statements

for the year ended 31st December 2024

�� Accounting policies

Basis of preparing the consolidated financial statements

The consolidated financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these financial statements. The financial statements have been prepared in accordance with:-

The Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting standards applicable in the UK and Republic of Ireland (FRS102) effective January 2015.
The Charities and Trustee investment (Scotland) Act 2005
The �harities Accounts (Scotland) Regulations 2006 (as emended)
The Trust constitutes a public benefit entity as defined by FRS102 and is an unincorporated charity.
The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

Group financial statements

The group financial statements consolidate the financial statements of the Trust and its subsidiary Thirlestane Castle Ltd. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Income

All income is recognised in the Consolidated 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.

Income from the government and other grants, whether “capital” or “revenue” grants are recognised when the charity has entitlement to the funds, any performance conditions attached to the grant have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred.

Interest receivable on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank

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.

Raising funds

Costs of generating funds comprise the costs associated with attracting voluntary income which include core income grants.

Governance costs

Governance costs are those incurred in connection with the administration of the company and compliance with constitutional and statutory requirements.

Allocation and apportionment of costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. The charity identify the costs which relate to its support functions and then identify those with relate to the governance function. Having identified its governance costs, the remaining support costs together with governance are apportioned to the key charitable activities undertaken in the year.

Page 1�

��

The Thirlestane Castle Trust

Notes to the Consolidated Financial Statements - continued for the year ended 31st December 2024

1. Accounting policies - continued

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to Property - �� Maitland Suite and Servery - �0% on cost and 15% on cost Fixtures & Fittings - �� Lauderdale Suite - 10% on cost Motor Vehicles - 25% reducing balance - Equipment �� Tangible fixed assets are stated at cost less accumulated depreciat��and accumulated impairment losses.

Stocks

Stock is valued at cost and represents cleaning materials and other items that have not been used by the year end.

Taxation

The charity is exempt from corporation tax on its charitable activities. The charity's subsidiaries are not exempt from corporation tax.

Taxation for the year comprises current and deferred tax. Tax is recognised in the consolidated statement of financial activities, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Taxation

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Page 1�

The Thirlestane Castle Trust

Notes to the Consolidated Financial Statements - continued for the year ended 31st December 2024

1. Accounting policies - continued

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Investments

Going concern

The trustees have considered the trusts financial position for a period of 12 months from the date of signing these financial statements and have reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

The Thirlestane Castle Trust

Notes to the Consolidated Financial Statements - continued for the year ended 31st December 2024

2. Thirlestane Castle Ltd

The wholly owned trading subsidiary, Thirlestane Castle Ltd, is incorporated in the United Kingdom (company number SC735048). The charity owns the entire share capital of 100 ordinary share of £1 each. A summary of the trading results is shown below.

The summary financial performance of the subsidiary alone is:

	2024	2023
		£
Income	665,548	438,559
Total expenditure	665,548	438,559
Net income	-	-

3. Donations and legacies

	2024	2023	2024	2023
	Group	Group	Charity	Charity
	£	£	£	£
Donations	20,488	20,145	264,073	82,243
Grants	45,015	79,985	45,015	79,985
	65,503	100,130	309,088	162,228

��

The Thirlestane Castle Trust

Notes to the Consolidated Financial Statements - continued for the year ended 31st December 2024

4. Other Trading Activities

Events Weddings Accommodation Tea room income Gift shop income Rental income Miscellaneous income Commission income Filming income 5. Investment income Rents from grass parks Investment portfolio income 6. Income from charitable activities Catalogues Admissions	2024 Group £ 161,076 186,684 245,770 - 16,888 - 1,396 207 �� �� 2024 Group £ 4,146 6,751 10,897 2024 Group £ 2,015 42,730 44,745	2023 Group £ 82,070 116,964 239,524 2,884 14,370 - 4,507 206 460,525 2023 Group £ 4,296 6,739 11,035 2023 Group £ 1,805 42,862 44,667	2024 Charity £ - - - - 16,888 24,000 1,395 207 � �� 2024 Charity £ 4,146 6,751 10,897 2024 Charity £ 2,015 42,730 44,745	2023 Charity £ - - - 2,884 14,371 24,000 4,507 206 - 45,968 2023 Charity £ 4,296 6,739 11,035 2023 Charity £ 1,805 42,862 44,667

Page ��

��

The Thirlestane Castle Trust Notes to the Consolidated Financial Statements - continued for the year ended 31st December 2024

7 Charitable activities Group and Charity

Group and Charity Castle and Grounds 8. Direct costs of charitable activities Group and charity Staff costs Water rates and insurance Repairs and renewals Light and heat Garden expenses Bad debts	Direct Costs (see note 8) £ 76,205	Support costs (see note 9) £ 10�� 2024 £ 24,606 22,560 31,055 (5,674) 3,343 315 76,205	Totals £ 17�� 2023 £ 26,008 30,808 21,800 1,884 (407) - 80,093

9.
Support costs
Group and charity
Governance
Management
costs
£
£
Other trading activities
100,288
20,415
Castle and Grounds
8��
20,416
18��
40,831
��
Management
31.12.24
Other
Castle
trading
and
Total
activities
Grounds
activities
£
£
£
Wages (grounds & mkt.)
23,400
31,868
55,268
Publicity
9,305
9,306
18,611
Professional fees
10,000
15,144
25,144
Operating leases
375
374
749
Telephone
1,911
1,911
3,822
Postage, stationery & printing
2,165
2,166
4,331
Motor & travel
358
Sundries
1,315
��
Depreciation of tangible and heritage assets
50,469
61,677
Bank charges
1,348
-
358
��
11,208
1,348
2,696
100,288
8��
1��
Governance costs
31.12.24
Other
Castle
trading
and
Total
activities
Grounds
activities
£
£
£
Accountancy
13,050
13,050
26,100
Independent Examiner's fee
4,292
4,293
8,585
Auditors remuneration
425
425
850
Legal expenses
2,648
2,648
5,296
20,415
20,416
40,831

Totals
£
120,703
10�,��
2��
31.12.23
Total
activities
£
38,709
18,950
28,217
491
3,368
3,079
1,242
13,622
64,728
1,632
174,038
31.12.23
Total
activities
£
6,743
850
13,400
8,349
29,342

Page 2�

��

The Thirlestane Castle Trust Notes to the Consolidated Financial Statements - continued for the year ended 31st December 2024

10. RAISING FUNDS Group and charity Raising donations and legacies

Professional fees
Other trading activities
Purchases
Event costs
Support costs
Investment management costs
Interest payable and similar charges
Aggregate amounts
11.
Other Trading Activities (Direct)
Group
Other direct costs
Wedding costs
Tea room costs
Catering Costs
Event costs
Repairs and renewals
Accommodation costs
Booking commissions
Management fees
Wages
Water rates and insurance
Light and heat
Legal and professional fees
Telephone
Postage, stationery and printing
Sundry
Depreciation
Bank charges
Accountancy
Taxation

31.12.24
31.12.23
£
£
2,499
2,976
31.12.24
31.12.23
£
£
1��
7,018
2,767
1,637
120,703
105,612
136,��
114,267
31.12.24
31.12.23
£
£
1,121
1,061
1��
118,304
31.12.24
31.12.23
��,��
29,170
14,194
12,010
1,368
2,754
40,157
-
28,213
33,960
3,628
32,568
24,930
18,605
10,861
4,979
14,111
18,488
145,095
117,081
43,800
37,306
3,064
16,545
14,574
15,198
2,677
3,181
539
495
1,238
812
3,578
3,326
4,537
4,141
1,990
1,840
-
(3,500)
��
��

Page 22

��

The Thirlestane Castle Trust

Notes to the Consolidated Financial Statements - continued for the year ended 31st December 2024

12. Trustees' remuneration and benefits

During the year accommodation m

(Trustee) was paid £28,221 in her role as marketing, events and of which an element related to the 2022 period)

Trustees' expenses

During the year

received £300 for Sundry expenses within the charity (2023: £730).

13. Staff costs

Wages Pension Social security	2024 £ 230,616 2,830 9,804 243,250	2023 £ 183,391 2,776 6,966 193,133

The average number of employees during the year was as follows:

2024 2023 1� 11

No employee received emoluments of more than £60,000

14. Comparatives for the statement of financial activities at 31 December 2023

INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Net income from catalogues Castle and Grounds Other trading activities Investment income Total EXPENDITURE ON Raising funds Charitable activities Castle and Grounds Total Net gains on investments	Unrestricted funds £ 82,243 1,805 42,862 45,968 11,035 183,913 67,397 143,337 210,734 -	Restricted funds £ 79,985 - - - - 79,985 49,846 34,524 84,370 -	Endowment funds £ - - - - - - 1,061 - 1,061 16,590	Total funds £ 162,228 1,805 42,862 45,968 11,035
				263,898
				118,304 177,861
				296,165
				16,590

Page 2�

��

The Thirlestane Castle Trust

Notes to the Consolidated Financial Statements - continued for the year ended 31st December 2024

14. Comparatives for the statement of financial activities

NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted funds £ (26,821) - (26,821) 172,495 145,674	Restricted funds £ (4,385) - (4,385) 497,250 492,865	Endowment funds £ 15,529 - 15,529 558,162 573,691	Total funds £ (15,677) - (15,677) 1,227,907 1,212,230

15. Heritable assets

As a result of a gift by the Trustees have title to Thirlestane Castle and surrounding policies, together with the contents, with the exception of the residential wing which is still owned by the family. As the Trustees feel that no value can be easily attached to these assets, they have not been reported in the balance sheet. The Castle and its contents have an insurance value of £66,449,924 (2023: £63,212,932).

The acquisition, preservation, management and disposal of heritage assets is stipulated by the Deed of Trust and terms of the endowment from the National Heritage Memorial Fund.

The charity maintains a register of items in its collection. Thirlestane Castle and its collection are open to the public, except in those circumstances where access is restricted in order to ensure the asset's preservation.

At present there are no plans to acquire further heritage assets or dispose of any existing heritage assets. No such transactions have occurred during the year or the previous five years.

16. TANGIBLE FIXED ASSETS

Group Improvements Under to property construction £ COST At 1 January 2024 517,670 88,413 Additions - 98,972 Reclassification - - At 31 December 2024 517,670 187,385 DEPRECIATION At 1 January 2024 25,884 - Charge for year 24,589 - At 31 December 2024 50,473 - NET BOOK VALUE At 31 December 2024 467,197 187,385 At 31 December 2023 491,786 88,412	Maitland Suite and Servery £ 219,887 - - 219,887 135,723 23,936 159,659 60,228 84,164	Fixtures and fittings £ 109,228 970 - 110,198 29,021 7,430 36,451 73,747 80,207

Page 2�

��

The Thirlestane Castle Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

16. TANGIBLE FIXED ASSETS - continued

Lauderdale
Motor
Suite
vehicles
£
£
COST
At 1 January 2024
50,500
950
Additions
-
-
Reclassification
-
-
At 31 December 2024
50,500
950
DEPRECIATION
At 1 January 2024
50,391
759
Charge for year
72
46
At 31 December 2024
50,463
805
NET BOOK VALUE
At 31 December 2024
37
145
At 31 December 2023
110
191
TANGIBLE FIXED ASSETS
Charity
Improvements
Under
to property
construction
£
£
COST
At 1 January 2024
517,670
88,412
Additions
Reclassification
-
98,973
-
At 31 December 2024
517,670
187,385
DEPRECIATION
At 1 January 2024
25,884
-
Charge for year
24,589
-
At 31 December 2024
50,473
-
NET BOOK VALUE
At 31 December 2024
467,197
187,385
At 31 December 2023
491,786
88,412

Equipment
Totals
£
£
101,393
1,088,041
290
100,232
-
-
101,683
1,188,273
58,008
299,786
9,179
65,252
67,187
365,038
34,496
823,235
43,385
788,255
Maitland
Fixtures
Suite and
and
Servery
fittings
£
£
219,887
86,119
-
-
-
-
219,887
86,119
135,723
24,542
23,936
3,885
159,659
28,427
60,228
57,692
84,164
61,577

Page 2�

��

The Thirlestane Castle Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

16. TANGIBLE FIXED ASSETS - continued Lauderdale Motor Suite vehicles £ £ COST At 1 January 2024 50,500 950 Additions - - Reclassification - - At 31 December 2024 50,500 950 DEPRECIATION At 1 January 2024 50,390 759 Charge for year 74 48 At 31 December 2024 50,464 807 NET BOOK VALUE At 31 December 2024 36 143 At 31 December 2023 110 191 17. FIXED ASSET INVESTMENTS Shares in group undertakings £ MARKET VALUE At 1 January 2024 100 Additions - Disposals - Revaluations - At 31 December 2024 100 NET BOOK VALUE At 31 December 2024 100 At 31 December 2023 100 Summary 2024 Market Cost Value £ £ McInroy & Wood Balanced Fund 384,569 459,142 £384,569 £459,142	Equipment £ 101,393 - - 101,393 58,007 9,147 67,154 34,239 43,386 Listed investments £ 458,517 5,587 - (4,962) 459,142 459,142 458,517 2023 Cost £ 375,545 £375,545	Totals £ 1,064,931 98,973 - 1,063,904 295,305 61,679 356,983 806,920 769,626 Totals £ 458,617 5,587 - (4,962) 459,242 459,242 458,617 Market Value £ 458,517 £458,517

Page 2�

The Thirlestane Castle Trust

Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2024

STOCKS
Group and Charity	31.12.24	31.12.23
	£	£
Stocks	7,839	6,629

19. Debtors: amounts falling due within one year

	Group		Group	Charity	Charity
	2024		2023	2024	2023
	£		£	£	£
Amounts falling due within one year:
Trade debtors	17,742	17,742	6,794	75	765
Other debtors	100	100	49,752	100	49,752
Intercompany debtor	-	-	-	39,098	-
VAT	-	-	-	12,080	11,782
Prepayments and accrued income	~~10,814 ~~	0	659	10,818 ~~a ~~	659 ~~a~~
	28,656		57,205	62,171	62,958
Creditors: amounts falling due within one year	Creditors: amounts falling due within one year
	Group		Group	Charity	Charity
	2024		2023	2024	2023
	£		£	£	£
Trade creditors	45,585		80,350	38,279	77,199
Accruals and deferred income	200,9 63		163,073	28,942	31,295
VAT	18,333		76,909	-	-
Intercompany creditor		-	-	-	54,556
	264,881	264,881	320,332	67,221	163,050

20. Creditors: amounts falling due within one year

The Thirlestane Castle Trust

Notes to the Consolidated Financial Statements - continued for the year ended 31st December 2024

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS Group

ANALYSIS OF NET ASSETS BETWEEN FUNDS Charity

��

The Thirlestane Castle Trust

Notes to the Consolidated Financial Statements - continued for the year ended 31st December 2024

22. MOVEMENT IN FUNDS Group

Group Unrestricted funds General fund Restricted funds Playground Development Fund Toy Collection/Nursery Project Museum Galleries Scotland Community and Renewable Energy Scheme Endowment funds National Heritage Memorial Fund Capital Fund TOTAL FUNDS Net movement in funds, included in the above a Unrestricted funds General fund Restricted funds Playground Development Fund Toy Collection/Nursery Project Community and Renewable Energy Scheme Endowment funds Capital Fund TOTAL FUNDS	At 1.1.24 £ 145,674 23 406,900 5,957 45,000 34,985 492,865 351,845 221,846 573,691 1,212,230 re as follows: Incoming resources £ �� - - - 45,015 45,015 - ��	At 1.1.24 £ 145,674 23 406,900 5,957 45,000 34,985 492,865 351,845 221,846 573,691 1,212,230 re as follows: Incoming resources £ �� - - - 45,015 45,015 - ��		Net movement in funds £ 9�,�� (6) (49,574) (965) - 45,015 (5,530) - (6,083) (6,083) 8�� Resources expended £ (6��) (6) (49,574) (965) - (50,545) (1,121) (��		Transfers between funds £ - - - - - - - - - - - Gains and losses £ - - - - - - (4,962) (4,962)		At 31.12.24 £ �� 17 357,326 4,992 45,000 80,000 487,335 351,845 215,763 567,608 1,29�,�� Movement in funds £ �� (6) (49,574) (965) 45,015 (5,530) (6,083) 8��



	re

Page 2�

��

The Thirlestane Castle Trust

Notes to the Consolidated Financial Statements - continued for the year ended 31st December 2024

22. MOVEMENT IN FUNDS

Charity Unrestricted funds General fund Restricted funds Playground Development Fund Toy Collection/Nursery Project Museum Galleries Scotland Community and Renewable Energy Scheme Endowment funds National Heritage Memorial Fund Capital Fund TOTAL FUNDS Net movement in funds, included in the above a Unrestricted funds General fund Restricted funds Playground Development Fund Toy Collection/Nursery Project Community and Renewable Energy Scheme Endowment funds Capital Fund TOTAL FUNDS	At 1.1.24 £ 145,674 23 406,900 5,957 45,000 34,985 492,865 351,845 221,846 573,691 1,212,230 re as follows: Incoming resources £ 36�� - - - 45,015 45,015 - 40��	At 1.1.24 £ 145,674 23 406,900 5,957 45,000 34,985 492,865 351,845 221,846 573,691 1,212,230 re as follows: Incoming resources £ 36�� - - - 45,015 45,015 - 40��		Net movement in funds £ 9�� (6) (49,574) (965) - 45,015 (5,530) - (6,083) (6,083) �� Resources expended £ (26�� (6) (49,574) (965) - (50,545) (1,121) (317,��)		Transfers between funds £ - - - - - - - - - - - Gains and losses £ - - - - - - (4,962) (4,962)		At 31.12.24 £ �� 17 357,326 4,992 45,000 80,000 487,335 351,845 215,763 567,608 1,29�� Movement in funds £ 9�� (6) (49,574) (965) 45,015 (5,530) (6,083) 8��



	re

Page ��

��

The Thirlestane Castle Trust

Notes to the Consolidated Financial Statements - continued for the year ended 31st December 2024

22. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Group and Charity

At 1.1.23 £ Unrestricted funds General fund 168,995 Restricted funds Playground 30 Collection Preservation fund (Japanese Tortoise Proceeds) 13,240 Development Fund 475,731 Toy Collection/Nursery Project 7,764 Tree planting fund Museum Galleries Scotland Community and Renewable Energy Scheme 485 - - 497,250 Endowment funds National Heritage Memorial Fund 351,845 Capital Fund 206,317 558,162 TOTAL FUNDS 1,224,407 Comparative net movement in funds, included in the above are a Incoming resources £ Unrestricted funds General fund 536,372 Restricted funds Playground Collection Preservation fund (Japanese Tortoise Proceeds) - - Development Fund - Toy Collection/Nursery Project Tree Planting Fund Museum Galleries Scotland Community and Renewable Energy Scheme - - 45,000 34,985 79,985 Endowment funds Capital Fund - TOTAL FUNDS 616,357	Net movement in funds £ (23,321) (7) (13,240) (68,831) (1,807) (485) 45,000 34,985 (4,385) - 15,529 15,529 (12,177) s follows: Resources expended £ (559,693) (7) (13,240) (68,831) (1,807) (485) - - (84,370) (1,061) (645,124)		Transfers between funds £ - - - - - - - - - - - - - Gains and losses £ - - - - - - - - - 16,590 16,590	At 31.12.23 £ 145,674 23 - 406,900 5,957 - 45,000 34,985 492,865 351,845 221,846 573,691 1,212,230 Movement in funds £ (23,321) (7) (13,240) (68,831) (1,807) (485) 45,000 34,985 (4,385) 15,529 (12,177)

Page 3�

��

The Thirlestane Castle Trust

Notes to the Consolidated Financial Statements - continued for the year ended 31st December 2024

Restricted Funds

Playground Fund - The balance on the playground fund at 31st December 2023 is represented by the adventure playground, an asset which should help to generate funds from visitors over the coming years.

Development Fund - This fund was created as Phase 2 of the development began, incurring costs to create new income generating ability by creation of a new self-catering apartment and improvements in support of event catering. At 31 December 2024 the fund balance of £357,326 was represented by fixed assets of £576,847 and net current liabilities of (£219,521).

Toy Collection - This fund was created in 2018 with grants received for £15,000 to relocate the Toy Collection and Muniments project. The closing balance of £4,992 is represented by Fixed assets held.

MGS – During 2023 and 2024 £80,000 was awarded by Museum Galleries Scotland for solar panels. This is the closing balance on the fund represented by Fixed Assets held.

CARES – During 2023 and 2024 £34,985 was awarded by Community and Renewable Energy Scheme for solar panels. This is the closing balance on the fund represented by Fixed Assets held.

Endowment Funds

The Endowment Funds are capital funds of a permanent nature. The Capital Fund represents an accumulation of the realised and unrealised gains/losses on investments arising out of the original endowment, less management fees treated as capital and debited to the Capital Fund.

Endowment Fund National Heritage Memorial Fund: Endowment Capital Fund Balance Brought Forward from Previous Year Fund Management Fees Realised Gain/(Loss) on Sale of Investments Adjustment for Unrealised Gain/(Loss) on Investments National Heritage Memorial Fund: Capital Total	2024 £ 351,845 221,846 (1,121) - (4,962) £215,763 £567,608	2023 £ 351,845 206,317 (1,061) - 16,590 £221,846 £537,691

From 8 February 2019, the National Heritage Memorial Fund have granted the Trust permission �� to £300,000 of the Endowment Fund balance towards the development projects.

From 1 January 2016, the National Heritage Memorial Fund have granted the Trust permission to use the full Capital Fund balance, along with any annual growth going forward.

Page 3�

The Thirlestane Castle Trust

Notes to the Consolidated Financial Statements - continued for the year ended 31st December 2024

RELATED PARTY DISCLOSURES

The Castle and its contents were gifted to the Trust by

, as disclosed in note 15.

The following transactions occurred during the year with trustee

(a) Recharges were made byas for: Contribution to biomass boiler heating - £857 (2023: £857) Insurance - £1,176 (2023: £nil) Castle repairs - £2,042 (2023: £3,659) Water costs - £nil (2023: £2,557) Grass and Ground costs - £3,299 (2023: £nil) Solar Panel Installation - £1,630 (2023: £nil)

Insurance - £3,897 (2023: £21,354) Apartment Cleaner - £720 (2023: £nil) Grass Parks rental - £3,396 (2023: £3,396)

During the year

(Trustee) was paid £28,221 in her role as marketing, events and

Thirlestane Castle Ltd

The Charity owns 100% of the share capital in its trading subsidiary - Thirlestane Castle Ltd. The trading subsidiary donated profits of £243,584 (2023: £62,098) and at the year-end was due a balance of £39,098 to

the charity (2023: £54,556 was due from the charity).