Company wi$trdtlon number SC317093 FRIENDS OF CULZEAN ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
FRIENDS OF CULZEAN LEGAL AND ADMINISTRATIVE INFORMATION Thistees MrKMay Mr J D Rattenbury Lord D T Kennedy Mr N Geddgs Ms K E A Shanlgy S•eretsry Mr J D Rattenbury Charlty number IS¢ollandl SC037983 Company number SC317093 R•gistered oifK• 4 Ewenfiekl Park Ayr Ayrshire United Kingdom KA7 2QG Independont •x•mlner Stephen Wllkng C.A. 3 Wellwigton Square Ayf Ayrshire United Kingdom KA71EN Bank•r8 Royal Bank of Scotland Ayr Chief Office 30 Sandgate Ayr I<A7 1BY
FRIENDS OF CULZEAN coKrENTS Pag• Trustees, report Statement of Iruslees, responsi.lit1'eS Ind8p8ndenl examiners report Statement of financial activities Balance sheet Statement of cash fk)ws Notes to the fin8n17al statements 8-15
FRIENDS OF CULZEAN TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 28 FEBRUAR Y 2026 The Irusteeg present their annu81 report and )Inancial statements for the year ended 28 Febftry 2026. The financial 51alemenls have been Prepared in aCrdanCe with the a¢¢ounling pol@S sot oul in note 1 to the financial statements 8nd ¢ompty with the charity's gL)veming document, the Cornpani¢s A¢1 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republi¢ of lieland" and the Charoties SORP 'Accounting and Reporting by Charities.. Statement of Re)MMended Praclice applicAble to charities preparing thei a¢¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021". ObSè¢tlv•s and activitles Th¢ objeclives oflhe company a as follows .' {11 The company has been established for ¢haritale objects onty. 121 The objects for which the Company has been eslabli$hed are lo support the National Trust for Scolland {s)ttiSh charity Number SC0074101 with regard to their propety, Cukean Gaslle and Country Pack, whatever means are suitable wthin the ntext of charitable adiviligs indudityJ'. raising fvnds. en¢ouraging donations and spon$orship, organising and helping ev8nts and business aetivities 131 The actiwties of the Friend$ of Cukean mu51 be undtrrtakgn with the agreement of the rnanag8mt of Culzean CasU8 and Country Pa. The trustees havg paid due regard to guidance is$uod by the Chanty Commission in decAding what actIlieS the Charity should undertake. We hav? an ¢nlhusiaslic and committed lam of volunteers oper8ting the Secon¢>hand Bookshop, led by our volunteer shop coordinator. A¢hi¢v•m•nts and perfomian¢• The bookshop continues to increase annual sales. and grateful Ihanky are due to our vclunteer shop organiser and her team of volunteers. The shop is increasngly an aspiration for other NTS properties, and volunteers have been invofv8d in supporting and advisin9 groups on how lo achi$vo success. A donation of £28,613 was made this year for the rèstoration dock in the Clock tower of th8 old 51able block. We are also anlicipalin9 a request in the coming months for over £91,1100 for a range of projects induding support for a new propagation greenhouse to replace the old wooden one. equipmént lo improve the monitoring of wldlrfe in path, and support for events in the coming season. This nexi donation will take the lolal donations made to the NTS in excess of £500,000, and we will be takj'ng slep$ lo Celebrate and infoTm King Ch8rfes of this achievem•nl. Flnancial r•view In the period 1st March 2025 to 28th Febwary 2028, the charity generated nel OLrtgoirKJ expenBes of £36.395 12025-. £75,163). A donatKn of £28,613 was made 1¢ thè National Trust for Scotland, for the projecls listed above 12025= £68,818). The bookshop generated income of £63,464 (2025-. £52,649). Al lh¢ end of Ihe year. £103.946 12025= £76,856) was held in gÈneral reserves. Plans lor fure p¢riodg The funding provided by the Friends of CZe4n has had. and tr)nlinues to have. a maioT tenefi¢ial effect on the property, by ènabling improvements to be made that woubd not otherwise be possible. Through close consultation beeen ce8n,$ managemenl and th8 chaiity Iruslee$, we aim to get the mosl out ¢)f the funding created by the volunteers and ensurg rt 1$ PLtt to the best possiblè use. Stru¢turo. governanco and manaym•nt The charity is controlled by its governing docufflenl, a deed of trust, and con5trtules a limited company. limiled by guaTanl8e. as defined by the Companiès Act 2006.
FRIENDS OF CULZEAN TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2026 The Iruslees Iwk to appoint new trustees who are committed lo the aims of the Tnjst, and ideally have an a550clatn wlh Cukean and its Surrounding are8. The tharity aims to have a good representation of the volunteers and a balance of skills and expellence among81 individual Iru$l89S. Friends of Culzean is assocjaled with the followiny bod$ which are connected to or supported by the charity.. -Culz&an Caswe and Country Park -National Trust for Scotland Thelr lees. reportwas apprc*ved by the Board of Trustees. Mr J D Rattenbury Truste& Daled.. 20 April 2026
FRIENDS OF CULZEAN STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 28 FEBRUARY 2026 The Iruslees. who 8re 81s0 the director5 of Friends Of Culzean for the purpose of o)mpany law. arg responsible for preparing the Trustees, Report and the financial slalement$ in accordance with applicable law and Unite(J 'ngdoM Accountin9 Standards (United "ngdoM Generalty Accepted Accounting Practice). Company law requires thè trustees to prepare financAal stal8ments for each financ4al year which give a true and fair view of the state of affairs of the charity and of the incoming r¢sources and application of iesouices, induding the In¢ome and expendilure, of the th?ritsbl& company for that year. In Preparing these finan¢ial stalem8nts, the Iruslees are required lo: - select suitable accounting wtrli¢i•s and then apply them con8isl&ntty'. - observè the methods and principles in the Charities SORP- - make judgements and estirnales that aro reasonable and prudent., stale whether appli¢able UK Accounting Stsndards have been foll¢)wed. sublefA lo any material departure5 disdosed and explained in the financial slalernènls,. and - prepare the financial stalem¢nl$ on th8 going concern basis unl*s$ it is inappropriate to presum& that the thority will ntInue in operation. Tho trustees are responsible for keeping adequate a¢¢ounting records that disclose with reasonable accuracy al any time the financial position ofthe chanty and enable them to ensure that the financial slalements Comply wlh the Comp8nie$ Act 2[8. They are also responsible for safeguarding the assets of th8 charity and hence for tsking reasonable steps for the prevention 8nd deteetion of fraud and other irre9Llaries.
FRIENDS OF CULZEAN INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FRIENDS OF CULZEAN I report to the trustee$ on my examin8llon of Ihe financial stalemènls of Friènds Of Culzean (the charity) lor th8 year ended 28 February 2026. Re$pon$lbllttle• and basis of rnport As the tru51ees of the Charity land also its directors ftsr the purposes of cx)mpany lawl, you are responsible for the preparation of the fin8n¢ial $tatemonts in accordance wilh the iequwements of the ComponiesAct 2006. Having satisfied myself that the financial statemènts of the charity are not required to be audited under Part 16 of the Companies A¢t 2006 and are eligible for ndependenl examination, I raport in resped of my examination of the charity's finan81 Statements ¢8rried oul under sedion 145 of the Charities Act 2011. In ¢arying out my examination I have followed the Directions given by the Charity Commission under 3ection 14515)Ib) of the Chariti88 Act 2011. Indep•ndnt èxamlnerfs stat•wnt I have completed my examination. I confim that no matters have come to my attention in connection wilh the examination giving m• cause to believe that in any matèrial respècl.. ¥counting records were not kept in te$pe¢t of tho charity as required by sedion 366 of the CompaAiÈs Act 20(. tha finanaal slalements do not 8¢¢ord wrth thosè records: or Ihe financial slalemenls do not ci)mpYy wlh th& accounting requiremenlg of section 396 of thè Companiès Act 20[ olher than any requirement that financial statements give a true and fair view, which 18 not a matter considered as part of an independent examination", or Ihe financral 51atemènls have not been prépared in acLordance with the methods and principles of th¢ Stalemenl of Recommended Practice lor accounting and reporting by charities appli¢ablÈ to ¢harits"ès prèparing their financial staternenls in acGordanL* the FinaneAal Reporting Standard applicable in the UK and Republic of Iraland IFRS 1021. I have no o)nrEms and have Come across no olhèr matters in connection with the examination lo whith attenllon should be drawn in Ihis report in order lo enable a ptoptrr und&rstsnding of the financial statements ID be reached. st•ph•n Wilkie C.A. 3 Wellington Square Ayr Ayrshire KA7 1EN 20 April 2026
FRIENDS OF CULZEAN STATEMENT OF FINANCIAL ACTivrriES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 28 FEBRUAR Y 2026 Unrestricted Unrestricted fund¥ fund5 2026 2025 Othei trading activities 63,464 52,649 ndlturè on: Raising lund5 1,024 1,404 Charitsbl& a¢tivrfie$ 35.371 73,759 Total expenditur• 36,395 75.163 Net incom•ll•xp•nditur•l for th• yearl N•t mov•m•nt in funds 27,069 122,5141 Fund balances al 1 Marth 2025 76,B56 99,370 Fund balances at 28 February 2026 103,925 76,856 The $tat¢monl of financial a¢tivitS includes all gains and los$e$ recognised in the year. Th8 Statem8nt ol financial actiwti8s irKludes all gains and loss•$ regnISed in the year. All income and &xpèndilu deriv8 from continuing 8¢bVi1$. The slatemenl of ffinancial activities also complies wmh the requlrements for an incom9 and gxpenditure a¢nt under the coMpan&s Act 2(K)6.
FRIENDS OF CULZEAN BALANCE SHEET AS AT 28 FEBRUARY2026 2026 2025 Notes Fixed a¥Jets T•n9ibl& assets 11 Currnnt assgts Cash al bank and in hand 104,353 77,821 Credltorn: mounts falllng due wlthin on• y•r 12 11,014) 1965) Not current awts 103,339 76,856 Totsl I$ts l•s$ current liabllStlgs 103.925 76,856 Th• funds of the ¢harity Unrestricted fvnds 13 103.925 76,856 103,925 76,856 The cornpany 15 entitled to the exemptv)n frw the audit requirement ntaIned in sedion 477 of the Companiès Act 20C6. for the year ended 28 February 2026. The directors acknowledge Iheff re$ponsibilth'es for complying with the requirements of the Companies Act 200$ with r¢specl lo accounting records and the prepara.On of finanoal sialements. The member5 have not reqUId company lo obtain an audit of tts finanrA81 statements for tho year in question in accordance with sedion 476. These financ4al slal&m9nts have been prepared in accordance with the prow$ion$ ¥pplicabl8 to companies subject to the small companie5 reyime. The financial stalemants were approved by the Iwslees on 20 April 2026 Lord D T Kennedy Trustee Company regigtralion number SC317093 (stIad)
FRIENDS OF CULZEAN STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2026 2026 2025 Cash flows from op•r4llng actlvltles Cash g&neraled fromllabsorbed by) e4)erations 1S 27.250 122,46n Investing acti¥iti•s Purchase of tangible fixed assets (718) Net ¢a8h uBod In Invostlng a¢tlvltl•s (7181 N•t cash used In Ilnancing ittlvltles mgt increas•lld•cr•a$•l in ¢*$h and u$h •qulvalents 28.532 (22.467) Cash and ¢ash èqulvalenls al beginning of year 77.821 100,288 Ca•h and c••h •qulval•nts at end of year 104.353 77,821
FRIENDS OF CULZEAN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY2026 Accounting pollel•s Charlty Inforniation Friends Of Cuean is a pwivaltr ¢ompany limited by guarantèè incorporated in Swlland. Thè wgislere¢Y office is 4 Ewènfield Park, Ayr. Ayrshire. KA7 2QG, United Kingdom. 1.1 Accounting convenlion The financial slal$menls have been prepared in accordance with the chanty's Igoveming doiajmenti, the Charities and Trustèè Invèstment Iscouandl Act 2005, the Charities Accounts IS¢oll8ndl R19t10nS 2006 {as amended} and "Accounting and Reporting by Charities." Statement of Recommended Practice appli¢abfè lo ¢hariti&s preparing their accounts in accordance with the Fin8niyal Rèporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (Offe'V0 1 January 2019)" Thè tharily 1$ a Pubknc Benefit Entity as defined by FRS 102. The financial ststemenls are ppared in starling. which is the lunctlonal currency of th8 charity. Monetary amount$ in these financial stalemenl$ are roundad to the nearest É. The finan(ial statements have been prepared under the hislori¢al cost convention, Imodified to indud• th• revaluation of freehold properties and to include investment properties and ¢¢rt¥in financial instruments at fair valuel. The principal accounting policie5 adopted are set out below. 1.2 Charit•bl• funds Unfeslri¢ted funds are available for use at the discretion of truslaes in furtheranc* of their thathable objèctives. RestrScted fvnds 4r8 subject to SFJe¢ific condibons by donors or grantors 0$ lo how they may be used. The purposes anil uses of the restricted funds are set out in the notes lo the financial statgmonts. End¢)WTnent fund$ are subject to speafi¢ conditions by doTh)r5 that the capital musl be maintained by Ihe charity. 1.3 Income Incorne is rec¢gnised when the charity is legally enlilled to it after any performance crditnS have beerb mel. the Jmourtls can méasured reliably, and il is probable that income will be received. Cash donations are rs)¢ognised on receipt. Other donations are recognised crte thè has been notified of the donation, unless perfomiance condTtion5 requi deferral of the amount. Income lax ro¢ovarable in relation to donations received under GiftAid or deeds of cov¢nanl 1$ reco9nised al the thme ofthe donalK)n. Legacies are re¢ognlsed on receipt or otherwise if th8 charity has b8&n notified of an imp$nding distribution, thè amount is known, and rlpt is expected. 11 the amount 1$ not known. the legacy is Ireated 8$ a ¢ontingant asset.
FRIENDS OF CULZEAN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2026 Aecountlng pollclè# (Continued 1A EXndItUr Expendllure 1$ recognised once the is a lagal or conslfuctive obligation lo transfer economic benefft to a third party, ft is probable that a transfer of economic benefrts will be required in settlefflent, and th8 anTh)unt ol the obligali¢Jn can be measured reliabty. Expenditure is classified by actiwly. The costs of each acl'vty are made up of the total of dIrt costs and shared Costs, including support eosts Invold in undertaknng each activity. Diroct ¢osts attributable to a single a¢liwty a allocated directly to that a¢tiwly. Shared costs which contribute to more than one a¢tiwty and support C4Jsls whlch are not attributable to a single aclivtty afe apportioned between those 8¢tivllies on a basis consistenl with the use of rgsour¢es. Central slaff costs are allo¢ated on tho basis of lime spent, and depreaalion charges aTe allo¢atad on the portion of the assefs use. Liabilitios are recognised as expendiiwe as soon as there is a legal or ¢¢nstnJctiv8 obligation commttting the ¢harty to that exp&nditure, it is probablè that a transfer of economic benefits will be wuired in settlement and the amount of the obli9ation can be measured reliabty. Expenditure is accounted lor on an a¢¢rual$ ba$1$ and has been cla5srfied under headings that aggrègate all cost related to th8 category. Whew costs eAnnot be direclly attributed lo parti¢ular headings they have been althated lo activities on a ba515 consistent with the use of resources. 1.8 Tangibh fix•d a#8ets Tangible fixed assets a initially measured at cost and $ub88quentty measured at cost or valuation, net of deprecAation and any impairment losses. D&prè¢iation is recognised so as to wyita off the C${ or valuation of assets less their resJual values over their useful lives on the following ba5es'. Plant and 8quipmenl 5 years straight line The gain or bss arising on the dlsposal of an asset is determined as diffor•nce betsyeen the sale proceeds and the carrying Val of thè assèt. and is racognised in the slalement of financAal acvities. 1.6 Cash and cash •qulvalents Cash and cash equivalen18 in¢lud¢ cash in hand. deposits held al call with bks, other 5hoTktemi liquid iT)vestments with original maturities of th¢ months or S$, and bank overdrafts. Bank overdrafts are shown wrthin borrowings in [rent liabiles. Incomo from oth•r trndlng activiliej Unrestricted Unrestricted funds fund¥ 2026 202S Shop income Other income 83,484 52,609 40 Other trading activities 63,464 52.849
FRIENDS OF CULZEAN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2026 Ral•lng funds unstriCted un$tleted funds lunds 2026 2025 Rent81 of coffee machine Sundry PenSeS Drink and snacks supplies 1,068 159 177 588 130 Trading costs 1.024 1,404 Charltable activilies 2026 2025 DeprlatIon and impaimient Bank charges Repairs & rer)ewals Insurance 132 1.031 4.311 270 830 2,879 270 5.744 3,979 Grant funding of Setlti$$ Is•e tN)le 51 Share of govwnance costs (see note 6} 28.613 1.014 68,818 35,371 73,762 Grnnts payable Charltablfr actlviti 2026 Charltablè activiti•$ 2025 Grants to institutions.. National Trust for Scotland 28,613 68,818 10-
FRIENDS OF CULZEAN NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2026 Support costs allocatod to actlvlde8 2026 2025 Govarnance costs 1,014 Anatysed between: Charitable a¢livities 1,014 Not movement in funds 2026 2026 The nel movement in funds is stated after chargingllcredilingl.. Fees payabla to the charily's independent examiner.. - for the independent examinalbtin of the (a)antys flnandal slalements - for accountsncy services Deprecialion of Thyned tangible fixed assets 507 507 132 Tru$t••s None of the trustees {or any porson$ ¢ontwted Wbth them) received any reelatiOn 01 beneffts from Ihe ¢harity durng the year nor for the year ended 28 February 2025. Employe 2026 Number 2025 Number Total There were no employees whose annual remuneralth was rn0 than £60.0W. 10 Taxatlon Gharity is exempl from taxation on ils actNTti8s because all its inGome is applied for charitab19 purposes.
FRIENDS OF CULZEAN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 11 Tangible fixed oMets Plent and qulpmertt Cost Addil*)ns 718 Al 28 February 2026 718 Deprnciation and impairmorbt Depreciation th8rg¢d in the year 132 At 28 February 2028 132 Carrying amount Al 28 Februwy 2026 586 12 Croditorn: amounts fallSng wSthln one year 2026 202S Attruals and d8f8tred income 1.014 965 13 Unrostrict•d funds The unreslrided lunds ofth6 charity comprise the unexpended balances of donatKins and grants which ar8 not subjéct to spe¢rfi¢ o)nditions by donors and grantors as to how they may be used. These in¢lude designated funds which havg b$gn $91 aside out of unrestri¢l8d funds by the trustees for spe¢ific purposes. At l March 2025 In¢omlng resources R•sour¢es At28 expend•dF•bnMry 2026 Gen8ral fvnds 76,856 83.464 136,3951 103,925 Pmvlou$ year. At 1 March 2024 In¢omlng resources R•sourcos At28 expendedF¢bruary 2025 General funds 99,370 52,649 {75,1631 76,856 14 Relatgd party transaction5 Th8 charity operates wilhin premisas in the grounds of CuLzean Castle and Country Park owned by the National Tru51 for Scotland. No market value rentsl is charged by the N8lw)nal Trust. bul the tharily makes dOnaon$ towards the mainlenance and upkeep of the premises. 12-
FRIENDS OF CULZEAN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 15 C4$h generatsd froml{absorbgd by) op•ratlons 2026 2025 Suipluslldeficit} for the y8ar 27.069 (22.5141 Adjuslm*nts for: Depieciali¢n and irnpairment oftsngible fixed assets 132 Mov•m•nts In working capital: Inuoase in craditors 49 47 Cash generat•d fromllabsorbod by) 0ratIOnS 27,250 (22,467) 13-
FRIENDS OF CULZEAN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FE8RUARY2026 Frf•nds of Culzean Detalled Statemont ol FIMn¢lal ActlvStl•8 For The Y1 End•d 28 Fèbruary 2028 Income and endowments 2026 2025 Donitions and l•ga¢lg$ Book $31es Drink and snack sa$ 63,464 52,609 40 Totsl Incoming re8our¢o$ 63,464 52.649 Expenditurn Ral$lng funds Rental costs Sundry expense8 Drinks and sn8ck 8ale8 3( 588 130 1.065 159 177 1,024 1.401 Charltablè acthfltlos Bank charges Repairs and newa13 Insurance Grants Governance costs- accountanw fees Depreciation 1,031 4.310 270 28,614 1,014 132 830 2,879 270 68,818 965 35.371 73,762 Total resources •xp•ndèd 36.395 7S,163 Net In¢om•ll¢xpendltur•l 27,069 122,514) 14-
FRIENDS OF CULZEAN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2026 Friends of Culzean D•tailed Ststemènt of Flnancial Activities Fw The Year Ended 29 Fèbruary 2025 Income and endowm•nts 2025 2024 Don•tlons and lagacies Book sales Drink and snack ¥ale$ 52,609 40 53,033 121 Total Inc¢mlng resourc 52,649 53,154 Expenditure Raising fund$ RenLIl costs Sundry expenses Drinks and snack sale5 1.065 159 177 1,122 1,503 126 1.401 2.751 Charltabl• activilios Barik tharges Repairs and renewals Insurance Grants GovemarKe w$ts- accountancy fees 830 2,879 270 68,818 965 776 2.665 270 36,300 918 73.762 40.929 Tolal r•sour¢t$ exnded 75,163 43,680 Net Incom8 (22.514) 9.474 15-