Charity registration number SC037983 (Scotland)
Company registration number SC317093 (Scotland)
FRIENDS OF CULZEAN
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
FRIENDS OF CULZEAN
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr K May
Mr J D Rattenbury
Lord D T Kennedy
Mr N Geddes
Ms K E A Shanley
Secretary
Mr J D Rattenbury
Charity number (Scotland)
SC037983
Company number
SC317093
Registered office
4 Ewenfield Park
Ayr
Ayrshire
United Kingdom
KA7 2QG
Independent examiner
Azets
3 Wellington Square
Ayr
Ayrshire
United Kingdom
KA7 1EN
Bankers
Royal Bank of Scotland
Ayr Chief Office
30 Sandgate
Ayr
KA7 1BY
FRIENDS OF CULZEAN
CONTENTS
Page
Trustees' report
1 - 2
Statement of trustees' responsibilities
3
Independent examiner's report
4
Statement of financial activities
5
Balance sheet
6
Statement of cash flows
7
Notes to the financial statements
8 - 14
FRIENDS OF CULZEAN
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -

The trustees present their annual report and financial statements for the year ended 28 February 2025.

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 [governing document], 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 accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The objectives of the company are as follows :

 

(1) The company has been established for charitable objects only.

 

(2) The objects for which the company has been established are to support the National Trust for Scotland (Scottish charity Number SC007410) with regard to their property, Culzean Castle and Country Park, by whatever means are suitable within the context of charitable activities including; raising funds, encouraging donations and sponsorship, organising and helping events and business activities

 

(3) The activities of the Friends of Culzean must be undertaken with the agreement of the management of Culzean Castle and Country Park.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

We have an enthusiastic and committed team of volunteers operating the Second-hand Bookshop, led by our volunteer shop coordinator.

Achievements and performance

The bookshop has increased its income steadily since Covid, through the continued work of the volunteer shop organiser and her team of volunteers. The shop is well maintained and provides an enjoyable and comfortable environment in which to browse the books and relax.

 

There was a donation of £68,810 made in the year to provide improvements to the Home Farm Kitchen, new bat detectors for the Rangers, a sophisticated plant labelling machine for the gardens and three defibrillators for distribution in the park.

 

It has been proposed and agreed that from 2025-2026, £2,000 per year will be allocated to the purchase account for general shop maintenance. Major shop purchases, such as the new coffee machine, will be funded from the main account.

Financial review

In the period 1st March 2024 to 28th February 2025, the charity generated net outgoing expenses of £75,163 (2024: £43,681). A donation of £68,810 was made to the National Trust for Scotland, for the projects listed above. The bookshop generated a net income of £52,649 (2024: £53,154). At the end of the year, £76,856 (2024: £99,370) was held in general reserves.

Plans for future periods

The funding provided by the Friends of Culzean has had, and continues to have, a major beneficial effect on the property, by enabling improvements to be made that would not otherwise be possible. Through close consultation between Culzean's management and the charity trustees, we aim to get the most out of the funding created by the volunteers and ensure it is put to the best possible use.

Structure, governance and management

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

FRIENDS OF CULZEAN
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 2 -

The trustees look to appoint new trustees who are committed to the aims of the Trust, and ideally have an association with Culzean and its surrounding area. The charity aims to have a good representation of the volunteers and a balance of skills and experience amongst individual trustees.

 

Friends of Culzean is associated with the following bodies which are connected to or supported by the charity:

 

-Culzean Castle and Country Park

 

-National Trust for Scotland

The trustees' report was approved by the Board of Trustees.

Mr J D Rattenbury
Trustee
Dated: 22 July 2025
FRIENDS OF CULZEAN
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -

The trustees, who are also the directors of Friends Of Culzean for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006. 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.

FRIENDS OF CULZEAN
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF FRIENDS OF CULZEAN
- 4 -

I report on the financial statements of the charity for the year ended 28 February 2025, which are set out on pages 5 to 14.

Respective responsibilities of trustees and examiner

The charity’s trustees, who are also the directors of Friends Of Culzean for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Azets
3 Wellington Square
Ayr
Ayrshire
KA7 1EN
United Kingdom
Dated: 22 July 2025
FRIENDS OF CULZEAN
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 5 -
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Income from:
Other trading activities
2
52,649
53,154
Expenditure on:
Raising funds
3
1,404
2,751
Charitable activities
4
73,759
40,930
Total expenditure
75,163
43,681
Net (expenditure)/income for the year/
Net movement in funds
(22,514)
9,473
Fund balances at 1 March 2024
99,370
89,897
Fund balances at 28 February 2025
76,856
99,370

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
FRIENDS OF CULZEAN
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 6 -
2025
2024
Notes
£
£
£
£
Current assets
Cash at bank and in hand
77,821
100,288
Creditors: amounts falling due within one year
10
(965)
(918)
Net current assets
76,856
99,370
Income funds
Unrestricted funds
76,856
99,370
76,856
99,370

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 28 February 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 22 July 2025
Lord D T Kennedy
Trustee
Company registration number SC317093
FRIENDS OF CULZEAN
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
2025
2024
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
12
(22,467)
9,531
Net cash used in investing activities
-
-
Net cash used in financing activities
-
-
Net (decrease)/increase in cash and cash equivalents
(22,467)
9,531
Cash and cash equivalents at beginning of year
100,288
90,757
Cash and cash equivalents at end of year
77,821
100,288
FRIENDS OF CULZEAN
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 8 -
1
Accounting policies
Charity information

Friends Of Culzean is a private company limited by guarantee incorporated in Scotland. The registered office is 4 Ewenfield Park, Ayr, Ayrshire, KA7 2QG, United Kingdom.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], 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 accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.3
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

 

 

FRIENDS OF CULZEAN
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 9 -
1.4
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

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.

1.5
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2
Other trading activities
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Shop income
52,609
53,033

Sale of drinks and snacks

40
121
Other trading activities
52,649
53,154
FRIENDS OF CULZEAN
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 10 -
3
Raising funds
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Trading costs

Rental of coffee machine

1,068
1,122

Sundry expenses

159
1,503

Drink and snacks supplies

177
126
Trading costs
1,404
2,751
4
Charitable activities
2025
2024
£
£

Bank charges

830
776

Repairs & renewals

2,879
2,665

Insurance

270
270
3,976
3,712
Grant funding of activities (see note 5)
68,818
36,300
Share of governance costs (see note 6)
965
918
73,759
40,930
5
Grants payable
2025
2024
£
£
Ayrshire Cancer Support
8
20
National Trust for Scotland
68,810
36,280
FRIENDS OF CULZEAN
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 11 -
6
Support costs
Support costs
Governance costs
2025
2024
£
£
£
£

Independent examiners fee

-
965
965
918
-
965
965
918
Analysed between
Charitable activities
-
965
965
918

 

7
Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year nor for the year ended 29 February 2024.

8
Employees
2025
2024
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
9
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

10
Creditors: amounts falling due within one year
2025
2024
£
£
Accruals and deferred income
965
918
11
Related party transactions

The charity operates within premises in the grounds of Culzean Castle and Country Park owned by the National Trust for Scotland. No market value rental is charged by the National Trust, but the charity makes donations towards the maintenance and upkeep of the premises.

FRIENDS OF CULZEAN
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 12 -
12
Cash generated from operations
2025
2024
£
£
(Deficit)/surpus for the year
(22,514)
9,473
Movements in working capital:
Increase in creditors
47
58
Cash (absorbed by)/generated from operations
(22,467)
9,531
FRIENDS OF CULZEAN
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 13 -
Friends  of Culzean
Detailed Statement of Financial Activities
For The Year Ended 28 February 2025
Income and endowments
2025
2024
£
£
Donations and legacies
Book sales
52,609
53,033
Drink and snack sales
40
121
Total incoming resources
52,649
53,154
Expenditure
Raising funds
Rental costs
1,068
1,122
Sundry expenses
159
1,503
Drinks and snack sales
177
126
1,404
2,752
Charitable activities
Bank charges
830
776
Repairs and renewals
2,879
2,665
Insurance
270
270
Grants
68,818
36,300
Governance costs - accountancy fees
965
918
73,759
40,929
Total resources expended
75,163
43,681
Net income/(expenditure)
(22,514)
9,473
FRIENDS OF CULZEAN
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 14 -
Friends  of Culzean
Detailed Statement of Financial Activities
For The Year Ended 29 February 2024
Income and endowments
2024
2023
£
£
Donations and legacies
Book sales
53,033
44,864
Drink and snack sales
121
2,223
Total incoming resources
53,154
47,087
Expenditure
Raising funds
Rental costs
1,122
1,417
Sundry expenses
1,503
1,281
Drinks and snack sales
126
1,219
2,752
3,917
Charitable activities
Bank charges
776
609
Repairs and renewals
2,665
962
Insurance
270
270
Grants
36,300
-
Governance costs - accountancy fees
918
860
40,929
2,701
Total resources expended
43,681
6,618
Net income
9,473
40,469
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