-As filed with the Securities and Exchange Commission on March 30, 2006

  ============================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                              --------------------
                                    FORM 10-K
                              --------------------

(MARK ONE)

|X|   ANNUAL REPORT  PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES  EXCHANGE
      ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005 (NO FEE REQUIRED)

                                       OR

|_|   TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR 15(D)  OF THE  SECURITIES
      EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________ TO _________
      (NO FEE REQUIRED)

<TABLE>
<S>                      <C>                                                             <C>
 Arran Funding Limited                        South Gyle Receivables                            RBS Cards
                                                 Trustee Limited                         Securitisation Funding
                                                                                                 Limited
                           (Exact name of Registrants as specified in their charters)
Jersey, Channel Islands                      Jersey, Channel Islands                     Jersey, Channel Islands
                         (State or other jurisdiction of incorporation or organisation)
        333-128502                                333-128502-02                               333-128502-01
                                             (Commission File Number)
          NONE                                         NONE                                       NONE

                                       (I.R.S. Employer Identification No.)
  22 Grenville Street,                         22 Grenville Street,                         Royal Bank House
       St. Helier,                                 St. Helier,                               71 Bath Street
     Jersey JE4 8PX                               Jersey JE4 8PX                             Jersey, JE2 4SU
    Channel Islands                              Channel Islands                             Channel Islands
                                    (Address of Principal Executive Offices)
                                                   (Zip Code)
   +(44) 1534-609000                           +(44) 1534-609000                            +(44) 1534-285279
              (Registrant's Telephone Number, including Area Code)
</TABLE>
Securities registered or to be registered pursuant to Section 12(b) of the Act:
None

Securities registered or to be registered pursuant to Section 12(g) of the Act:
None

                                -----------------

Indicate by check mark if the  registrant is a well-known  seasoned  issuer,  as
defined in Rule 405 of the Securities Act.

                                                                  Yes |_| No |X|

Indicate  by  check  mark if the  registrant  is not  required  to file  reports
pursuant to Section 13 or Section 15(d) of the Act.

                                                                  Yes |_| No |X|

Note - Checking the box above will not relieve any  registrant  required to file
reports  pursuant  to  Section  13 or  15(d)  of the  Exchange  Act  from  their
obligations under those Sections.

<PAGE>

Indicate  by check mark  whether  the  registrants:  (1) have filed all  reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports), and (2) have been subject to such
filing requirements for the past 90 days.

                                                                  Yes |X| No |_|

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K (ss.  229.405 of this chapter) is not contained  herein,  and
will not be  contained,  to the best of  registrant's  knowledge,  in definitive
proxy or information  statements  incorporated  by reference in Part III of this
Form 10-K or any amendment to this Form 10-K.

                                                                             |X|

Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated  filer, or a  non-accelerated  filer. See definition of "accelerated
filer and large  accelerated  filer" in Rule 12b-2 of the Exchange  Act.  (Check
one):

Large accelerated filer    |_| Accelerated Filer   |_| Non-accelerated Filer |X|

Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Act).

                                                                  Yes |_| No |X|

State the aggregate market value of the voting and non-voting common equity held
by non-affiliates  computed by reference to the price at which the common equity
was last sold, or the average bid and asked price of such common  equity,  as of
the last business day of the registrant's most recently  completed second fiscal
quarter.

                                 Not applicable


                                       2
<PAGE>

                                TABLE OF CONTENTS

                                                                            Page

                                     PART I

Item 1. Business
Item 1A. Risk Factors
Item 1B. Unresolved Staff Comments
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Submission of Matters to a Vote of Security Holders

                                     PART II

Item 5. Market for Registrant's Common Equity, Related Stockholder matters
and Issuer Purchases of Equity Securities
Item 6. Selected Financial Data
Item 7. Management's Discussion and Analysis of Financial Condition
and Results of Operations
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Item 8. Financial Statements and Supplementary Data.
Item 9. Changes in and Disagreement with Accountants on Accounting
and Financial Disclosure
Item 9A.  Controls and Procedures
Item 9B. Other Information

                                    PART III

Item 10. Directors and Executive Officers of the Registrant
Item 11. Executive Compensation
Item 12. Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters
Item 13. Certain Relationships and Related Transactions
Item 14. Principal Accountant Fees and Services

                                     PART IV

Item 15. Exhibits and Financial Statement Schedules


                                       3
<PAGE>

                                     PART I

Item 1. Business

            Arran Funding  Limited,  the issuer,  is a public limited  liability
company which was incorporated in Jersey,  Channel Islands, as a special purpose
vehicle for the issue of asset backed  securities,  under the Companies (Jersey)
Law 1991 on September  7, 2004 with  registered  number  88474.  Its  registered
office and principal place of business are located at 22 Grenville  Street,  St.
Helier, Jersey JE4 8PX, Channel Islands.

            The  authorised  share  capital  of  the  issuer  is  (pound)10,000,
comprising  10,000 shares,  each of (pound)1 par value. The issued share capital
of the issuer is (pound)10,  comprising ten shares, each of which is fully paid.
All of the issuer's issued share capital is held by Arran Holdings  Limited.  It
has a fiscal year end date of 31 December,  and it will publish audited accounts
for each fiscal year within six months of its year end. The issuer does not have
any subsidiaries. Its telephone number is +44 1534 609 000.

            RBS Cards Securitisation Funding Limited, the loan note issuer, is a
private limited liability company  incorporated in Jersey,  Channel Islands. Its
registered  office is located at Royal Bank House,  71 Bath Street,  St. Helier,
Jersey JE4 8PJ, Channel  Islands.  Its telephone number is +44 1534 285 279. The
loan note issuer is a wholly-owned  subsidiary of The Royal Bank of Scotland plc
("RBS").

            The loan note issuer was  incorporated  on February 2, 2000 to issue
loan  notes  from time to time in  respect  of each  trust  series  for which it
becomes an investor beneficiary of the receivables trust.

            The loan  note  issuer  does not have any  employees.  The loan note
issuer has entered into an agreement dated March 27, 2000 with The Royal Bank of
Scotland  International  Limited, a wholly-owned  subsidiary of RBS incorporated
and  resident in Jersey,  under  which The Royal Bank of Scotland  International
Limited has agreed to provide administrative services to the loan note issuer.

            South Gyle Receivables Trustee Limited,  the receivables trustee, is
a private limited liability company,  which was incorporated in Jersey,  Channel
Islands on February 2, 2000.  Its  registered  office is located at 22 Grenville
Street, St. Helier, and Jersey JE4 SPX, Channel Islands. Its telephone number is
+44 1534 609 000.  The  receivables  trustee  does not have any  employees.  The
shares of the  receivables  trustee are held by two nominees for a  professional
trust company - not affiliated to RBS - on trust for charitable purposes.  After
the  receivables  trustee has paid all amounts due in respect of each beneficial
interest in the  receivables  trust and met all of its costs and  expenses,  any
profits will be paid as dividends to the  professional  trust company which will
pay them on to charities in Jersey selected at its discretion.

            The property of the Issuer  currently  consists of the series 2005-A
loan note and the series 2005-B loan note.  The property of the Loan Note Issuer
currently  consists  of the  investor  interest  in the  receivables  trust with
respect  to each of  series  2005-A  and  series  2005-B.  The  property  of the
receivables  trust  currently  consists  solely  of  receivables  in  designated
revolving  credit card  accounts of The Royal Bank of Scotland  plc and National
Westminster Bank Plc and related rights. Certificates of Compliance of the Trust
Cash Manager and the Servicer are filed  herewith as Exhibits 99.1 and 99.2. The
Servicer's  Certificate of Compliance contains a statement that the Servicer has
complied  with all  conditions  and  covenants  under the  relevant  transaction
documents.  The Trust  Cash  Manager's  Certificate  of  Compliance  contains  a
statement  that the Trust Cash  Manager has  complied  with all  conditions  and
covenants under the relevant transaction documents.


                                       4
<PAGE>

Item 1A. Risk Factors

Not applicable

Item 1B. Unresolved Staff Comments

Not applicable

Item 2. Properties

            See Item 15(a), Exhibits 99.3-99.15 for information provided in lieu
of information required by Item 102 of Regulation S-K.

Item 3. Legal Proceedings

            The Issuer  knows of no material  legal  proceedings  involving  the
Issuer.  The Loan Note Issuer knows of no material legal  proceedings  involving
the Loan  Note  Issuer.  The  Receivables  Trustee  knows of no  material  legal
proceedings involving the receivables trust.

Item 4. Submission of Matters to a Vote of Security Holders

            None

                                     PART II

Item 5. Market for Registrant's  Common Equity,  Related Stockholder matters and
Issuer Purchases of Equity Securities

            None of the  Notes,  the loan  notes or the  investor  certificates,
representing  undivided beneficial interests in the receivables trust, is traded
on any nationally recognised exchange in the United States. The Notes are listed
on the  London  Stock  Exchange  and the loan  notes are  listed on the  Channel
Islands Stock Exchange.

      As of December 15, 2005, the number of holders of record for each class of
Certificate were approximately as follows:

            Series 05-A

            Class A 24

            Class B 7

            Class C 4

            Series 05-B

            Class A1 7

            Class A2 10

            Class A3 13


                                       5
<PAGE>

            Class B3 5

            Class C1 2

            Class C3 3

Item 6. Selected Financial Data

            South Gyle Receivables Trustee Limited and RBS Cards  Securitisation
Funding  Limited attach hereto under Exhibits  99.3-99.15 the monthly Trust Cash
Manager's  Reports  and an  aggregate  of such  reports  in  respect  of (i) the
investor  interest in the  receivables  trust  relating to the series 00-B notes
(the "Series 00-B Notes") and the series 00-C notes (the "Series 00-C Notes" and
together with the Series 00-B Notes,  the "Series 00 Notes") issued by Arran One
Limited  and Arran Two Limited  respectively  and (ii) the series 00-B loan note
and 00-C loan note relating to the Series 00 Notes,  which  reports  include all
financial   information   relating  to  the  registrants  that  is  relevant  to
Noteholders. The Series 00-B Notes were repaid in full on March 15, 2005 and the
Series 00-C Notes were repaid in full on September 15, 2005.

Item 7. Management's  Discussion and Analysis of Financial Condition and Results
of Operations.

Not applicable

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

            The Issuer has entered  into a currency  swap  transaction  for each
series and class of notes under a swap agreement with The Royal Bank of Scotland
as the swap  counterparty.  Under the swap  agreements for each of series 2005-A
and series 2005-B,  the issuer pays to the swap  counterparty  on each loan note
payment date in respect of the notes of such series, all amounts received by the
Issuer from the Loan Note Issuer in respect of the relevant series of loan note,
after  deducting the costs and expenses of the Issuer,  an amount (if any) equal
to principal and interest due on the expenses loan in respect of such series and
an amount  representing  any profit for the Issuer for that  interest  period in
respect of such series.  Under the swap  agreement for each of series 2005-A and
Series 2005-B,  the swap counterparty pays to the Issuer on each payment date in
respect of the notes of such series, sums in U.S. dollars,  Great British pounds
and/or euros, as applicable, equivalent at the swap rate to the sterling amounts
paid by the Issuer to the swap counterparty on that payment date.

      Each swap agreement for any class or sub-class may be terminated  early in
the following circumstances:

            (a)  at the  option  of  one  party,  after  the  expiration  of any
applicable  grace  period,  if there is a failure by the other  party to pay any
amounts due under the swap agreement;

            (b)  pursuant  to  the  occurrence  of an  event  of  default  under
condition 10 of the note conditions and the notes becoming repayable;

            (c) upon the  occurrence  of certain  other  events with  respect to
either party to the swap agreement,  including an insolvency,  merger without an
assumption of the  obligations in respect of the swap  agreement,  or changes in
law resulting in illegality; and

            (d) in the event  that there is a  withholding  tax  imposed  (1) in
relation to the issuer's  payments  under the swap  agreement (2) in relation to
the swap counterparty's payments under the swap agreement


                                       6
<PAGE>

(following,  broadly, expiry of any period during which the swap counterparty is
required to mitigate  against the  imposition  of such  withholding  tax) and if
determined,  in accordance  with condition 14 of the note  conditions as a basic
terms  modification,  by an  extraordinary  resolution of the noteholders of the
relevant class or subclass.

            Upon any early  termination of a swap  agreement,  the issuer or the
swap counterparty may be liable to make a termination  payment to the other. The
amount of any such termination  payment will be based on the market value of the
swap computed in accordance with the relevant swap  agreement,  generally on the
basis of market  quotations of the cost of entering into a swap transaction with
the same terms and  conditions  that would  have the  effect of  preserving  the
respective  full payment  obligations  of the parties,  in  accordance  with the
procedures  set  forth in the  relevant  swap  agreement.  Any such  termination
payment could, if interest rates and/or the relevant  currency exchange rate had
changed significantly, be substantial.

            Upon  termination  of a  swap  agreement  and  no  replacement  swap
counterparty  being  arranged  within the required  time, the security under the
trust deed (and the  supplement  to the trust  deed) in respect of the  relevant
series will become  enforceable.  If such  security is  enforced,  the  proceeds
thereof  will be applied in payment of amounts  under the order of  priority  of
payments set forth in the  conditions of the notes of such series.  In the event
that a  swap  agreement  with  respect  to a  specific  class  or  sub-class  is
terminated  not as a result of a swap  counterparty  swap event of  default  (as
defined below), then any termination payment to be paid to the swap counterparty
by the issuer in accordance with the early  termination  provisions of such swap
agreement shall rank pari passu with only those payments to be made with respect
to the relevant class or sub-class of notes  corresponding  to the relevant swap
agreement.

            Certain  events  including,  without  limitation,  failure to pay or
deliver,  misrepresentation,  insolvency  or  bankruptcy  pertaining to the swap
counterparty  (a "swap  counterparty  swap event of default")  may result in the
early  termination  of the  relevant  swap  agreement.  In the event that a swap
agreement  is  terminated  as a  result  of a swap  counterparty  swap  event of
default, then any termination payment to be paid to the swap counterparty by the
issuer  in  accordance  with  the  early  termination  provisions  of such  swap
agreement  shall be  subordinated  to any payments to be made under the relevant
notes.

Item 8. Financial Statements and Supplementary Data.

      Not applicable

Item 9. Changes in and Disagreement with Accountants on Accounting and Financial
Disclosure

      NONE

Item 9A. Controls and Procedures

      Not applicable

Item 9B. Other Information

      Taxation


                                       7
<PAGE>

                    MATERIAL UNITED KINGDOM TAX CONSEQUENCES

            The comments  below are of a general  nature based on current United
Kingdom law and  practice as of the date of this Annual  Report on Form 10-K and
are subject to any change in law that may take effect after this date.  They are
made on the assumption  that there will be no  substitution of the issuer and do
not consider the tax consequences of any such substitution.  The comments do not
purport to be a complete analysis of all UK tax  considerations  relating to the
notes.  They  relate  only to the  position  of  persons  who  are the  absolute
beneficial owners of their notes and may not apply to certain classes of persons
such as dealers.  They do not  necessarily  apply where the income is deemed for
tax purposes to be income of any other person.  Any noteholders who are in doubt
as to their tax position should consult their professional advisers.

            Noteholders  who may be liable to  taxation in  jurisdictions  other
than the United Kingdom in respect of their acquisition,  holding or disposal of
the notes are particularly advised to consult their professional  advisers as to
whether they are so liable (and, if so, under the laws of which  jurisdictions),
since the following  comments  relate only to certain  United  Kingdom  taxation
aspects of payments in respect of the notes. In particular,  noteholders  should
be  aware  that  they  may be  liable  to  taxation  under  the  laws  of  other
jurisdictions  in  relation  to  payments  in  respect of the notes even if such
payments  may be made  without  withholding  or  deduction  for or on account of
taxation under the laws of the United Kingdom.

            UK withholding tax

            The notes issued by the Issuer will  constitute  "quoted  Eurobonds"
provided  they are and  continue  to be listed on a  recognised  stock  exchange
within the meaning of section 841 of the Income and Corporation  Taxes Act 1988.
The London Stock  Exchange is a recognised  stock  exchange for these  purposes.
Under HM Revenue and Customs published  practice,  securities will be treated as
listed on the London Stock exchange if they are admitted to the Official List by
the United Kingdom  Listing  Authority and are admitted to trading on the London
Stock  Exchange.  Whilst  the notes  are and  continue  to be quoted  Eurobonds,
payments of interest on the notes may be made without  withholding  or deduction
for or on account of United Kingdom income tax.

            In all cases falling outside the exemption described above, interest
on the notes may be paid under  deduction  of United  Kingdom  income tax at the
lower rate  (currently 20 per cent.) subject to such relief as may be available,
for example under the provisions of any applicable double taxation treaty.

            Provision of information

            Noteholders who are individuals  should note that where any interest
on notes is paid to them (or to any person acting on their behalf) by the issuer
or any  person in the United  Kingdom  acting on behalf of the issuer (a "paying
agent"),  or is received by any person in the United Kingdom acting on behalf of
the relevant noteholder (other than solely by clearing or arranging the clearing
of a cheque) (a "collecting  agent"),  then the issuer,  the paying agent or the
collecting  agent (as the case may be) may,  in certain  cases,  be  required to
supply to the United  Kingdom HM Revenue and Customs  details of the payment and
certain details relating to the noteholder  (including the noteholder's name and
address).  These provisions will apply whether or not the interest has been paid
subject to  withholding  or deduction for or on account of United Kingdom income
tax and whether or not the  noteholder  is  resident  in the United  Kingdom for
United Kingdom taxation purposes.  Where the noteholder is not so resident,  the
details  provided to the United  Kingdom HM Revenue arid Customs may, in certain
cases,  he passed by the  United  Kingdom  HM  Revenue  and  Customs  to the tax
authorities of the jurisdiction in which the noteholder is resident for taxation
purposes.


                                       8
<PAGE>

            Discount

            Notes may be issued at an issue price of less than 100 per cent.  of
their  principal  amount.  Any  discount  element  on any such notes will not be
subject  to any  United  Kingdom  withholding  tax  pursuant  to the  provisions
mentioned above, but may he subject to reporting requirements as outlined above.

            EU Directive on the taxation of savings income

            Under EC Council  Directive  2003/48/EC  on the  taxation of savings
income, each member state is required,  from July 1, 2005, to provide to the tax
authorities  of another  member  state  details of payments of interest or other
similar income paid by a person within its jurisdiction to, or collected by such
a person for, an individual resident in that other member state;  however, for a
transitional  period,  Austria,  Belgium  and  Luxembourg  may  instead  apply a
withholding  system in relation to such payments,  deducting tax at rates rising
over time to 35 per cent. The transitional  period is to terminate at the end of
the first fiscal year  following  agreement by certain  non-EU  countries to the
exchange of information relating to such payments.

            Also with  effect from July 1, 2005,  a number of non-EU  countries,
and  certain  dependent  or  associated  territories  of certain  member  states
(including  Jersey),  have agreed to adopt similar measures (either provision of
information  or  transitional  withholding)  in relation  to payments  made by a
person  within  its  jurisdiction  to, or  collected  by such a person  for,  an
individual  resident in a member  state.  In  addition,  the member  states have
entered into  reciprocal  provision of information or  transitional  withholding
arrangements  with  certain of those  dependent  or  associated  territories  in
relation to payments made by a person in a member state to, or collected by such
a person for, an individual resident in one of those territories.

            General issues

            The references to "interest"  above mean "interest" as understood in
United  Kingdom  tax law.  The  statements  above do not take any account of any
different  definitions of "interest" or "principal"  which may prevail under any
other law or which may be  created by the terms and  conditions  of the notes or
any related documentation.

            UK tax overview for US noteholders

            A US noteholder  will not be considered to be resident in the United
Kingdom for United  Kingdom tax purposes or otherwise  subject to United Kingdom
taxation  on its income  from the notes  (other  than tax  withheld at source as
discussed above) solely by reason of its holding of notes.

            UK tax overview for noteholders within the charge to UK tax

            Noteholders who are within the charge to UK corporation  tax, income
tax,  capital gains tax or  inheritance  tax will generally be subject to tax in
respect of their notes in accordance with the applicable legislation.

                                    PART III

Item 10. Directors and Executive Officers of the Registrant

      The  following  sets  out  the  directors,  the  directors'  ages  and the
directors' term of office for Arran Funding  Limited,  RBS Cards  Securitisation
Funding  Limited and South Gyle  Receivables  Trustee Limited as at December 31,
2005.


                                       9
<PAGE>

                              Arran Funding Limited
--------------------------------------------------------------------------------
         Name                         Age                    Term of Office
--------------------------------------------------------------------------------
Helen Grant                           39          Open duration, as permitted by
                                                  Jersey law
--------------------------------------------------------------------------------
Louise Kerhoat                        30          Open duration, as permitted by
                                                  Jersey law
--------------------------------------------------------------------------------
Gareth Paul Essex-Cater               47          Open duration, as permitted by
                                                  Jersey law
--------------------------------------------------------------------------------
Lynn Cleary                           34          Open duration, as permitted by
                                                  Jersey law
--------------------------------------------------------------------------------

                    RBS Cards Securitisation Funding Limited
--------------------------------------------------------------------------------
         Name                         Age                    Term of Office
--------------------------------------------------------------------------------
Mark Hansford                         41          Open duration, as permitted by
                                                  Jersey law
--------------------------------------------------------------------------------
Lynn Cleary                           34          Open duration, as permitted by
                                                  Jersey law
--------------------------------------------------------------------------------
Helen Grant                           39          Open duration, as permitted by
                                                  Jersey law
--------------------------------------------------------------------------------
Robert Niall Douglas                  43          Open duration, as permitted by
                                                  Jersey law

--------------------------------------------------------------------------------

                     South Gyle Receivables Trustee Limited
--------------------------------------------------------------------------------
         Name                         Age                    Term of Office
--------------------------------------------------------------------------------
Helen Grant                           39          Open duration, as permitted by
                                                  Jersey law
--------------------------------------------------------------------------------
Louise Kerhoat                        30          Open duration, as permitted by
                                                  Jersey law
--------------------------------------------------------------------------------
Gareth Paul Essex-Cater               47          Open duration, as permitted by
                                                  Jersey law
--------------------------------------------------------------------------------

Item 11. Executive Compensation

No applicable

Item 12.  Security  Ownership of Certain  Beneficial  Owners and  Management and
Related Stockholder Matters

<TABLE>
<CAPTION>
                              Arran Funding Limited
----------------------------------------------------------------------------------------------------
Title of Class         Name and Address of             Amount and Nature of        Percent of Class
                       Beneficial Owner                Beneficial Ownership
----------------------------------------------------------------------------------------------------
<S>                    <C>                             <C>                         <C>
Ordinary Shares        Arran Charitable Trust          10 shares                   100%
                       22 Grenville Street
                       St Helier, Jersey JE4 8PX
----------------------------------------------------------------------------------------------------
</TABLE>


                                       10
<PAGE>

<TABLE>
<CAPTION>
                    RBS Cards Securitisation Funding Limited
----------------------------------------------------------------------------------------------------
Title of Class         Name and Address of             Amount and Nature of        Percent of Class
                       Beneficial Owner                Beneficial Ownership
----------------------------------------------------------------------------------------------------
<S>                    <C>                             <C>                         <C>
Ordinary Shares        The Royal Bank of Scotland plc  10 shares                   100%
                       36 St Andrew Square
                       Edinburgh EH2 2YB
                       Scotland
----------------------------------------------------------------------------------------------------

<CAPTION>
                     South Gyle Receivables Trustee Limited
----------------------------------------------------------------------------------------------------
Title of Class         Name and Address of             Amount and Nature of        Percent of Class
                       Beneficial Owner                Beneficial Ownership
----------------------------------------------------------------------------------------------------
<S>                    <C>                             <C>                         <C>
Ordinary Shares        South Gyle Charitable Trust     10 shares                   100%
                       22 Grenville Street
                       St Helier, Jersey JE4 8PX
----------------------------------------------------------------------------------------------------
</TABLE>

Item 13. Certain Relationships and Related Transactions

NONE

Item 14. Principal Accountant Fees and Services

            Not applicable

                                     PART IV

Item 15. Exhibits and Financial Statement Schedules

(a) Exhibits

      (31.1) Sarbanes-Oxley Certification of Arran Funding Limited

      (31.2)  Sarbanes-Oxley  Certification  of South Gyle  Receivables  Trustee
      Limited

      (31.3)  Sarbanes-Oxley  Certification of RBS Cards Securitisation  Funding
      Limited

      (99.1) Trust Cash Manager's Certificate of Compliance

      (99.2) Servicer's Officer's Certificate of Compliance

      (99.3-99.5) Series 00-B Monthly Trust Cash Manager Reports

      (99.6-99.13) Series 00-C Monthly Trust Cash Manager Reports

      (99.14)  Series  00-B  Aggregate   Statement  of  Principal  and  Interest
      Distributions to Noteholders

      (99.15)  Series  00-C  Aggregate   Statement  of  Principal  and  Interest
      Distributions to Noteholders


                                       11
<PAGE>

(b) Not applicable

(c) Omitted


                                       12
<PAGE>

                                   SIGNATURES

            Pursuant to the requirements of the Securities Exchange Act of 1934,
this  report has been  signed  below by the  following  persons on behalf of the
registrant and in the capacities and on the dates indicated.

                            ARRAN FUNDING LIMITED
                               By: The Royal Bank of Scotland plc, as Servicer


                               /s/Colin Baillie
                               ---------------------------------
                               Name:  Colin Baillie, as Senior Officer in charge
                               of the servicing function of the Servicer


                            RBS CARDS SECURITISATION FUNDING LIMITED
                               By: The Royal Bank of Scotland plc, as Servicer


                               /s/Colin Baillie
                               ---------------------------------
                               Name:  Colin Baillie, as Senior Officer in charge
                               of the servicing function of the Servicer


                            SOUTH GYLE RECEIVABLES TRUSTEE LIMITED,
                               By: The Royal Bank of Scotland plc, as Servicer


                               /s/Colin Baillie
                               ---------------------------------
                               Name:  Colin Baillie, as Senior Officer in charge
                               of the servicing function of the Servicer

Date: March 30, 2006


                                       13
<PAGE>

                                Index to Exhibits

Exhibit No.       Document Description

31.1              Sarbanes-Oxley Certification of Arran Funding Limited

31.2              Sarbanes-Oxley Certification of South Gyle Receivables Trustee
                  Limited

31.3              Sarbanes-Oxley   Certification  of  RBS  Cards  Securitisation
                  Funding Limited

99.1              Trust Cash Manager's Certificate of Compliance

99.2              Servicer's Certificate of Compliance

99.3-99.5         Series 00-B Monthly Trust Cash Manager Reports

99.6-99.13        Series 00-C Monthly Trust Cash Manager Reports

99.14             Series 00-B  Aggregate  Statement  of  Principal  and Interest
                  Distributions to Noteholders

99.15             Series 00-C  Aggregate  Statement  of  Principal  and Interest
                  Distributions to Noteholders


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