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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
In connection with my examination, no matter has come to my attention:
to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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.
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.
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.
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.
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.
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.
Sale of drinks and snacks
Rental of coffee machine
Sundry expenses
Drink and snacks supplies
Bank charges
Repairs & renewals
Insurance
Independent examiners fee
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.
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.
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.