Charity registration number 1134680 Company registration number 07004861 (England and Wales) THE CINNAMON TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE CINNAMON TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees DWBand JRDale P Atkins K Badow S Neal (Appointed 4 May 2023) (Appointed 5 September 2024) Founder MrsA R JaNiS MBE Chief Executive Officer P VlliaMS Patrons Virginia McKenna Sir Paul Mccartney Charity number 1134680 Company number 07004861 Registered office 10 Marf(et Square Hayle Cornwall United Kingdom TR27 4HE Auditor Azets Audit servIs Woodlands Court Truro Business Park Truro Cornwall United Kingdom TR4 9NH Bankers Barclays Bank UK PIC 1 Church Pla London United Kingdom E14 5HP Solicitors Nalders Fadey House Falmouth Road Truro Cornwall United Kingdom TR12HX Vingoe Lloyd 33 St Johns Street Hayle Comwall United Kingdom TR27 4LL
THE CINNAMON TRUST LEGAL AND ADMINISTRATIVE INFORMATION Murrell Assoaates LLP 14 High Cross Truro Cornwall United Kingdom TR12AJ Investment advisors Quilter Cheviot Quilter & Co Limited Queens Quay 33-35 Queens Square Bristol BS14LU United Kingdom Coutts & Co Charity Investment 440 Strand London WC2R OQS United Kingdom
THE CINNAMON TRUST CONTENTS Page Trustees, report Statement of trustees. responsibilities Independent auditorfs report 9-11 Statement of financial activities 12-13 Balance sheet 14 statement of cash flows 15 Notes to the financial statements 16-31
THE CINNAMON TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report and financial statements for the year ended 31 March 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 goveming document, the Companies Act 2006 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 Republi¢ of Ireland (FRS 102) (effective 1 January 2019}" Objectives and activities The charity's objects are to relieve.. the elderly and anyone who has been diagnosed as suffering from a terminal illness by providing or assisting in the provision of care for the companion animals for which they are no longer able to provide- and the suffering of and cruelty to animals whose eldedy or temiinally ill owners have died, or are no longer able to care for them, by the provision of a shelter or where possible finding a foster home for them. Mission statement "Peace of mind and practical help for people - love, care, and safety of their pets." Public benefit The Trustees confirm that they have complied wth the duty under Section 4 of The Companies Act 2006 to have due regards to the Charity Commission's general guidance on public benefit. References have been made in this report as to how public benefit has been promoted through the care of animals of elderly and terminally ill owners. The trustees have paid due regard to guidance issued by the Chanty Commission in deciding what activities the charity should undertake. Strategic report The description under the headings "Achievements and performance" and "Financial reviev/' meet the company law requirements for the trustees to present a strategic report.
THE CINNAMON TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance The year to 31 March 2024 was again even busier than previous years helping over 157,000 people with their beloved pets. We have 1,702 pets in forever foster homes and over 100 pets in each of the two specialist sanctuaries in Cornwall and Devon. Hillside Fami Sanctuary has 21 dogs, 33 cats. 8 sheep, 11 chickens, 1 rooster, 5 tortoises, 2 horses and the arrival of 37 Racing Pigeons, totalling 118 pets. We have 108 residents at Poldarves Farm Sanctuary.. 18 dogs, 14 cats, 10 ponies, 2 squirrels, 3 tortoises. 1 pig. 1 cow, 12 sheep and 47 ducks. chickens, geese. finches, budgies and doves. An increase to 7,772 pets who are registered for life-long care. These figures nesSarilY rise and fall during the course of the year with new animals requiring care and old friends coming to the end of their lives. The representation here is taken on 31st March 2024. Our veterinary fees to veterinary surgeons all over the UK increased to a massive £943,863 over the year, together th the cost of animal feed at £124,391 and the costs of grooming. veterinary supplements and services to £182,994. This is a massive rise, mainly due to the increased charges that veterinary surgeons demand for their professional services. Atotal of over £1.25M The Cinnamon Trust is still, the only major provider of services which not only enables owners and pets to enjoy each other's company in spite of any difficulties that may arise for elderly and frail owners in essential day-to-day care of their pets, but also ensures that owners have peace of mind and pets receive all the care they require for their health and welfare. The marked increase in demand for, and provision of, our SeiceS is testament to not only the need, but also the ability to respond. We handled 13.407 new cases in the year. Many continue from year to year, for example there are over 15,000 dogs being walked each day by our volunteers and, most of these, for years. Each dog walking case requires or three volunteers to ensure continuity of setvice and constancy, and this in turn requires more members of staff to regulady keep in touch with both owners and volunteers to ensure all is well and take remedial action if there are problems. We have 488 young124 years and under) volunteers and by rejoining The Duke of Edinburgh's Award Scheme in 202415 we hope to increase our young volunteers. All charities are struggling wth volunteer recruitment due to financial constraints for many people in the UK, wth the cost of living cnsis. Our main driver for our 40th Anniversary in 25126 will be to recruit further volunteers. Our membership is 53,156 including 30 overseas members (From The Bahamas, to The Cayman Islands, France, Hong Kong and The United States). We have kn Forever Fosterers in Canada and The United States. We have 4498 Life Members, up almost 60A on previous year There are 93 members of staff at 31 March 2024.
THE CINNAMON TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Our Pet Friendly Care Homes and Retirement complex register has been entrusted to Trusted Care who are managing the register alongside their own catalogue of care homes. They offer our members a dedicated telephone line for queries and are available on the phone 7 days a week. As most of employment within Cornwall has been around the busy summer period, The Trust has often struggled th staffing levels. By joining the Living Wage Foundation, we are now paying all staff and contractors over the National Minimum Wage which wll in tum reduce the need to recruit and keep employees thereby saving in training time and costs. Payroll processing has been brought back in house. All managers have received Mental Health First Aid training and ten staff members have become Mental Health Champions to help all staff wth any issues they may have. This step initially reduced sick leave by 100A. Work has started on a new CRM system which ll11 help all staff allocate volunteers quicker to new Cases and will also help with showing areas of recruitment for new volunteers prior to need. This will make us more prepared to help people as soon as they request help rather than recruiting volunteers when demand is already required. This system will allow us to use the Cloud and thereby reducing the cost on hardware as our current server is end of life. Head Office Hayle Following the rise in electricity prices, solar panels are now installed and proving successful providing 70 % of power used within the office during the summer months. A noticeable decrease in what we are paying for electricity is beginning to show in monthly bills. The carparking arrangements for staff is still a problem, but Home Bargains has provided us with 6 spaces which the staff use on a rotational basis. Car parking spaces have also been provided in the car park. Hillside Sanctuary A programme of repairs and renovations at Hillside started in the summer of 2023, together with the mpletIon of the Dog Rehabilitation Centre, named after one of our young supporters. Gethin, who passed away from Canr, but wanted The Cinnamon Trust to benefit from his gift, so it seemed only right , that this new purpose built home should be named after him. Following the death of one of our members. we Vre challenged wth building a Pigeon Loft for flocks of racing pigeons, for them to live out their retirement in the Devon Countryside. Exira training for the staff was provided by a local pigeon group and all pigeons are happily installed. Changes had been made to the Horses stable, Field shelter and fields to allow better use of the land for both the horses and the sheep, together wth a new StrawlHay store to reduce the cost of the purchase of feed and bedding. Solar panels have been installed on the Cat house to help redu the cost of electricity and work towards our reduction on fossil fuels. Hillside has 23 Members of stsff at 31 March 2024.
THE CINNAMON TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Poldarves Sanctuary Plans for the new Cat Home have had to be put on hold following the passing of planning permission due to non- availability of more electric power. Pemiission to get more power into Poldarves by National Grid meant pemiission being granted by both sets of neighbouring land owners. INe are still waiting for pennission and indeed a solution. An old storage shed has now been tumed into an outside toilet and the conversion of part of the old Cat House has been made into a quiet room for staff {and pets)! Poldarves has 25 Members of staff (Induding 2 on matemity leave) at 31 March 2024. Plans for next year will include a new website to link into our new CRM system, new air-conditioning I heating for Head offi, using the reduced power from the Solar panels to provide a better working environment. Change in working hours for staff to increase efficiencies. Purchase a new Sanctuary in the West Midland area to service pets from Wales and Northern England. whilst keeping in with daily travel for Head offi Staff. Of course, this will be our 40th Anniversary in 2025, and our challenge will be to increase our volunteer family by 200k as well as increasing the number of people who have heard about us. Investment Objectives The Trustees wish to invest the portfolio to provide a retum, that maintains the real (inflation adjusted) value of the growth of the capital. The Trustees wish to follow a total retum approach. Sufficient liquidity and cash reserves should be maintained at all times to meet emergency funding requirements of the charity. Assets The Trust's assets can be invested widely and diversified to Produ a balanced portfolio using asset dasses which can include cash, bonds, equities, property, hedge funds etc. and any other asset that is deemed suitable for the charity. Cash reseNes outside the investment portfolios are invested in UK temi deposits. Ethical Policy All the above is subject to the proviso that funds should not be invested wth any company involved either directly or indirectly with animal testing and research. Trustees are aware that is implemented on a best endeavours basis. Reporting and Monitoring The fund managers are required to provide the followng information on a quarterly basis, valuation of investments, transaction reports, cash reconciliations, performance analysis and commentary. The board collectively has responsibility for agreeing strategy, monitoring investment assets and for signing instructions to investment managers. Management can take actions wthin certain parameters to facilitate investment decisions and these are reported to the board either prior to the action or as soon as reasonably possible. The Trustees will review the information provided at each meeting and make adjustments to policy as and when ne$sary.
THE CINNAMON TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review For the year ended 31 March 2024, The Cinnamon Trust had an income of £8.352,04912023: £6,680,540) of which £6,138,773 (2023:£5,091.2541 is derived from legacies. Total net incoming resources were £6.247,906 (2023: £992,647). The improvement is largely due to improved investment perfomiance in the year. The trend has been for legacy income to decline. This dependence on legacies, which are a source of income dependent upon circumstances and beyond the control of the charity. make it extremely difficult to budget for anticipated legacy income and reseprfes need to be maintained to cover any future reduction in revenues. Further, these resources stand the charity in good stead in a very uncertain economic climate and are readily available to meet anticipated cash flow requirements. Reserves policy The Trust currently has unrestricted funds of £56,734.807 (2023: £50,331,418). This includes tangible and intangible fixed assets of £3,164.271 (2023: £2.575.969). therefore leaving a free reserves balance of £53,570,536 (2023: £47,775,449). It is the Trustees, policy to retain three years. running costs in reserve 1£14,215,065, 2013: £11,863,986). Current levels of reserves are higher than the multiple of recent expenditure but stand The Trust in good stead in very unpredictable times on all fronts. The Trust reviewed its reserves policy in May 2024 and decided that effective 31 March 2024 designated funds be recognised in the annual accounts of the Charity. A designated fund is created when the Board of Trustees decides to set aside an amount from unrestncted fijnds for a particular purpose.
THE CINNAMON TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Cinnamon Promise Designated Fund The Cinnamon Trust has estimated the future cost of our promise to the previous owners to take care of the pets currently in our care for the temi of their natural lives. This has considered current costs and average lifespan of different pets {increased to reflect our experience that pets live longer than average with the care we provide). and has created a designated fvnd to reflect this commitment. The Cinnamon Trust is unique. Vvhen it takes on responsibility for a pet it takes on and retains ownership of the pet. We promise to the previous owner (a person over 65 or with a temiinal illness) who relinquishes ownership of their beloved pet to us is that we will continue to look after and love their pet for the rest of its natural life. Some of our pets have long natural lives {eg tortoises and ponies). For pets that are found foster families, we do our utmost to find the perfect match of foster family and pet. We also stay in touch with foster families and ensure the pet receives a safe and loving home. We have responsibility for all vet bills so we can be sure these pets get the best possible medical care. For Ihose pets we accept into our care which we do not think are suitable for foster family placement, we take them into our sanctuaries. Our sanctuaries are like a home away from home. We take this promise to the previous ovffler very seriously. Ultimately, we are promising your pet will continue to be loved and live their best life. This designated fvnd has been created based on our estimate of the cost of delivering on this promise for pets currently in our care. The Trust estimates this commitment to be £30,021,406 as at 31 March 2024. The Cinnamon Trust New Sanctuary Designated Fund It has become dear that the Charity faS increasing demand for its services. With the 40th anniversary year in 2025 it is expected that more people will hear of us and that we will be helping more people. Our sanctuaries are nearing capacity and it has been decided that we need to create a third sanctuary. We have learned from setting up the existing two sanctuaries that purpose built is the best way. It is anticipated that this new sanctuary will be outside of Southwest England, will need extensive modification or construction, and will integrate with our existing operations. A considerable recruitment and training effort will also be required. An amount of £15 million has been set aside for the acquisition and development of a new sanctuary (including all acquisition, modification and construction, recruitment and training costs). The Cinnamon Trust has begun its search for an appropriate property. After setting aside these designated funds our unrestricted (and undesignated) funds wll amount to £11,713,401. Investment policy and objectives The objective of the Cinnamon Trust is to at least maintain the value in real terms of Charity funds. £1,586,553 is currently invested with and managed by Quilters and the Trustees are not minded to increase this. £30,402,927 is invested and managed by the appropriate team at Coutts & Co. The Trustees reviewed this during the financial year and compared Coutts to other investment managers and advisers. The Trustees decided to retain Coutts as the primary investment manager. Cash at bank and in hand of £20.139,930 reflects a high level of terni deposits on call or short maturities which gained the Charity attractive interest eamings at very low risk. sin year end the Charity has reallocated some of these funds to investment portfolios as interest rates began to dedine. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
THE CINNAMON TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management The charity is controlled by its goveming document, the Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Organisational stnjcture The Trustees who have served during the year and since the year end are set out below. DWBand JRDale PAtkins K Barlow S Neal (Appointed 4 May 2023) (Appointed 5 September 2024) Trustees are appointed by the board of Trustees and meet quarterfy with, rf necessary, ad hoc meetings called to address matters of importance that occur beeen meetings. The Chief Executive is responsible for strategic leadership, day to day decision making and administration and reports to the Trustees. Auditor In accordance with the company's articles, a resolution proposing that Azets Audit Service5 be reappointed as auditor of the company will be put at a General Meeting. Disclosure of inforniation to auditor Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The trustees, report, induding the strategic report. vS approved by the Board of Trustees. JRDale Trustee 1711212024
THE CINNAMON TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the directors of The Cinnamon Trust 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 Practi}. Company Law requires the trustees to prepare financial ststements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resou$ and application of resources, induding 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- obseNe 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 concem basis unless it is inappropriate to presume that the charity 11 continue in operation. The trustees are responsible for keeping adequate accounting records that disclose wth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with 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. In so far as the trustees are aware.. there is no relevant information of which the charitable company's auditors are unaware., and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
THE CINNAMON TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CINNAMON TRUST Opinion We have audited the financial statements of The Cinnamon Trust (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and note5 1 to 28 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted A¢Unting Practice). In our opinion, the financial statements- give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources. induding its income and expenditure, for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance viith the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wth Intemational Standards on Auditing (UK) (ISAS IUK)} and applicable law. Our responsibilities under those standards are further described in the Auditoffs SponSIbl1111eS for the audit of the financial statements section of our report. We are independent of the charity 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 suffiaent and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have conduded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least e1ve months from vthen the financial statements are authorised for issue. Our responsibilities and the responsibilities of the twstees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the infomiation induded in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance condusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we condude 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. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the trustees, report for the financial year for which the financial statements are prepared, which includes the directors, report and the strategic report prepared for the purposes of company law, is consistent with the financial statements., and the strategic report and the directors, report included ythin the trustees, report have been prepared in accordance with applicable legal requirements.
THE CINNAMON TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CINNAMON TRUST Matters on which we are required to report by exception In the light of the knowledge and understanding of the charty and its environment obtained in the course of the audit, we have not identified material misststements in the strategic report or the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement vlith the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made- or we have not received all the infomiation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the statement of trustees. responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal 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 charity'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 altemative but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under and report in accordance with the Acts and relevant regulations made or having effect thereunder. 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 an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance th 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 tsken on the basis of these financial ststements. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https=Il www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. 10-
THE CINNAMON TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CINNAMON TRUST Extent to which the audit was considered capable of detecting irregularities. including fraud Irregularities, including fraud. are instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibililies, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity, ils activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying th that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial stalements, whether due to fraud or error, design and perfomi audit procedures responsive to those risks, and obtain audit eviden that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations. including fraud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included.. Enquiry of management and those charged with govemance around actual and potential litigation and claims as well as actual. suspected and alleged fraud- Reviewing minutes of meetings of those charged wth governance., Assessing the extent of Complian wth the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection., Reviewing financial statement disclosures and tesling to supporting documentation to assess Compliance with applicable laws and regulations., Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustrnents for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, induding those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of intemal control. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the CompaniesAct 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report. or for the opinions we have fom)ed. tthew Webb Matth(, b'¥C-bb jDc-c 11, 2.J24 15.-54 GMTI Matthew Webb FCA Isenior Statutory Auditor) for and on behalf of Azets Audit Services 1711212024 Chartered Accountants ststutory Auditor IAloodlands Court Truro Business Park Truro Comwall United Kingdom TR4 9NH 11
THE CINNAMON TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Current financial year Unrestricted Restricted funds funds 2024 2024 Total Total 2024 2023 Notes Income from: Donations and legacies Other trading activities Investments 6,833,405 131,384 1,387,260 6,833,405 131,384 1,387,260 5,829,256 133,138 718,146 Total income 8,352,049 8,352,049 6,680,540 enditure on: Raising funds 88,624 88,624 82,163 Charitsble activities Poldarves Sanctuary Hillside Sanctuary Community Services Sunnyside & Millbank 145,671 289,574 4,238,376 64,734 145,671 289,574 4,238,376 64,734 139,861 193,104 3,609,950 11,747 Total charitable expenditure 4,738,355 4,738,355 3,954,662 Other 13,662 13,662 Total expenditure 4.840,641 4,840,641 4,036,825 Net gainsl(losses) on investments 12 2.736,498 2.736,498 (1,651.068) Net incoming resources befo transfers 6,247,906 6,247,906 992,647 Gross transfers beeen funds 155,483 (155,483) Net movement in funds 6.403,389 (155,483) 6,247,906 992,647 Fund balances at 1 April 2023 50.331,418 410,485 50.741,903 49,749.256 Fund balances at 31 March 2024 56.734,807 255,002 56.989,809 50,741.903 The statement of financial activities indudes 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. 12-
THE CINNAMON TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Prior financial year Unrestricted Restricted funds funds 2023 2023 Total 2023 Notes Income from: Donations and legacies Other trading activities Investments 5,829,256 133,138 718,146 5,829,256 133,138 718,146 Total income 6,680,540 6,680,540 enditure on: Raising funds 82,163 82,163 Charitsble activities Poldarves Sanctuary Hillside Sanctuary Community Services Sunnyside & Millbank 139,861 193,104 3,609,950 11,747 139,861 193,104 3,609,950 11,747 Total charitable expenditure 3,954,662 3,954,662 Total expenditure 4,036,825 4,036,825 Net gainsl(losses) on investments 12 (1,651,068) (1,651.068) Net incoming resources before transfer5 992.647 992.647 Gross transfers between funds 3,566 (3,566) Net movement in funds 996,213 (3,566) 992,647 Fund balances at 1 April 2022 49,335,205 414,051 49,749,256 Fund balances at 31 March 2023 50,331,418 410,485 50,741,903 13-
THE CINNAMON TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Intangible assets Tangible assets Investments 14 15 16 371.621 2,792.650 31,989.480 83.532 2,492.437 28,457.613 35,153,751 31,033,582 Current assets stocks Debtors Cash at bank and in hand 17 18 34,146 1,901,449 20,139,930 34,640 2,094,355 17,847,052 22,075.525 19,976,047 Creditors: amounts falling due within one year 19 (239.467) 1267.726) Net current assets 21,836,058 19,708,321 Total assets less curnt liabilities 56,989,809 50,741,903 Income funds Restricted funds Unrestricted funds Designated funds General unrestricted funds 21 255,002 410,485 22 45,021.4C 11.713.401 50,331,418 56,734.807 50,331.418 56,989.809 50,741.903 1711212024 The financial statements were approved by the Trustees on ......................... JRDale Trustee Company registration number 07004861 14-
THE CINNAMON TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flov from operating activities Cash generated from operations 26 2.409.072 1.573,585 Investing activities Purchase of inlangible assets Purchase of tangible fixed assets Purchase of investments Proceeds on disposal of investments Interest and dividends received (301,920) (406,284) (14,345,556) 13,550,186 1.387,260 (59,280) {95,598) {34,800,415) 24,305,167 718,146 Net cash used in investing activities (116,314) 19,931,980) Net cash used in financing activities Net increasel(decrease) in cash and cash equivalents 2,292,758 (8,358,395) Cash and cash equivalents at beginning of year 17,847,052 26,205,447 Cash and cash equivalents at end of year 20,139,810 17,847,052 Relating to: Cash at bank and in hand Bank overdrafts included in creditors payable within one year 20.139,930 17.847,052 (120) 15-
THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information The Cinnamon Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 10 Market Square, Hayle, Comwall, TR27 4HE, United Kingdom. 1.1 Accounting convention The financial statements have been prepared in accordan with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan wth 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 pound. The financial statements have been prepared under the historical cost convention, with the exptIOn of investments that are measured at fair value. The principal accounting policies adopted are set out below. 1.2 Going ¢on¢em The twstees have assessed the use of the going concem basis and have considered possible events or conditions that might cast a significant doubt on the ability of the charitable company to continue as a going concern. The trustees have considered a period of at least twelve months from the date of approval of these financial ststements. In particular, the twstees have considered the charitable company's available cash balances in conjunction with expected working capital requirements and have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The trustees are of the view that there are no material uncertainties that may create significant doubt over the charitable company's ability to continue as a going concem. The charitable company therefore continues to adopt the going cOnM basis in preparing its financial statements. 1.3 Charitable funds Unrestricted fvnds are available for use at the discretion of the twstees in furtheran of their charitable objectives. 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. 16-
THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued) 1.4 Income All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The followng specific policies are applied to particular categories of income=. a) Voluntary income is reiVed by way of donations and gifts and is induded in full in the Statement of Financial Activities when receivable. Gifts donated for resale are included as income when they are sold. Donated assets are included at their fair value where this can be reliably measured and a third paty is bearing the cost. The value of services provided by volunteers is not quantifiable and accordingly has not been included. b) Income from the the sale of bought in goods is induded at the point of sale of the goods. c) Dividend and interest income from investments is included in the period in which it is receivable. d) 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. 1.5 Expenditure Expenditure is accounted for on an a¢¢ruals basis and has been classified under headings that aggregate all cost related to the category. Mhere costs cannot be directly attnbuted to particular headings they have been allocated to activities on a basis consistent with the use of resources. Fundraising costs are those incurred in seeking voluntary contributions and include the costs of goods purchased for resale as part of the trading income. Govemance costs are management and administration costs that are incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. 1.6 Intangible fixed assets other than goodwill Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases= Soare 250A on reducing balance 1.7 Tangible fixed assets Tangible fixed assets are stated at cost less depreciation and accumulated impaiment losses. Costs includes costs directly attributable to making the asset capable of operating as intended by management. Depreciation is recognised so as to v4rite off the cost of assets less their residual values over their useful lives on the following bases= Freehold propety Plant and equipment Fixlures and fittings Motor vehicles Office equipment 50 years straight line 1040 years straight line 10 years straight line 7 years straight line
5 years straight line The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carying value of the asset, and is recognised in the statement of financial activities. 17-
THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued) During the year, the depreciation rates have been revised to a straight line method as opposed to a reducing balance method, based on each assets remaining useful life. The effect of this change is immaterial both in the current year and prospectively. 1.8 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs. and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred. 1.9 Impairment of fixed assets At each reporting end date, the company reviews the carrying amounts of its intangible and tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Vlihere it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pr&tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the Statement of Financial Activities. Recognised impaimient losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. ere an impairment loss subsequently reverses. the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carying amount that would have been determined had no impaimient loss been recognised for the asset {or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the Statement of Financial Activities. 1.10 Stocks Stocks are stated at the lower of cost and net realisable value. after making due allowance for obsolete and slow moving items. Net realisable value is the estimated selling pri less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.11 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call wth 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. 18-
THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued) 1.12 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Sedion 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assels and liabilities are offset, wth the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a finanang transaction, where the transaction is measured at the present value of the future receipts di$Unted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities. induding creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised vthen the charity's contractual obligations expire or are discharged or cancelled. 1.13 Taxation The charity is subject to corporation tax if its trading activities exceed the small trading taxation exemption. No corporation tax was due in respect of the year ended 31 March 2024, nor to 31 March 2023, as the trading element resulted in a loss. 1.14 Employee benefits The cost of any unused holiday entitlement is recognised in the period in vthich the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.15 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 19-
THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued) 1.16 Foreign exchange Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than pounds stetling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date. monetary assets and liabilities thal are denominated in foreign currencies are relranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net incomel(expenditure) for the period. -20-
THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other trading activities Unrestricted Unrestricted funds funds 2024 2023 CT100 Club income Catalogue income 43,488 87,896 43,507 89,631 Other trading activities 131,384 133,138 Investments Unrestricted Unrestricted funds funds 2024 2023 Income from listed investments Interest receivable 945,205 442,055 616,227 101,919 1.387,260 718.146 Donations and legacies Unrestricted Unrestricted funds funds 2024 2023 Donations and gifts (induding gift aid) Legacies receivable Government grants receivable 691,161 6.138,773 3,471 738.002 5,091.254 6,833,405 5,829,256 Raising funds Unrestricted Unrestricted funds funds 2024 2023 Fundraisin and ublici Staging fundraising events 11,433 10,686 21
THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Raising funds {Continued) Tradin costs Purchases 77,191 71,477 88,624 82,163 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2023.. £nil). Trustees. expenses There were no expenses reimbursed to, or paid, on behalf of Trustees in the year (2023= £nil). Other Unrestricted funds Total 2024 2023 Net loss on disposal of tangible fixed assets 13,662 13,662
THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities Poldarves Hillside Communitysunnyside & Sanctuary Sanctuary Services Millbank 2024 2024 2024 2024 Total 2024 Total 2023 Staff costs Depreciation, amortisation and impairment Hire of plant and machinery Rents, rates and water Insurance Light and heat Telephone Postage and stationery Advertising Animal supplies (non food) Animal feed Cleaning Repairs and renewals Computer costs Motor expenses Veterinary fees and medicines Travelling other charitable expenditure 2.303,004 2,303,004 1,830,396 4,869 (4) 3.083 7,571 93.150 1.263 3.012 57.254 7,217 11,949 244,872 15,061 142,937 40,082 12,445 44,440 73.095 650 106,240 1,259 10,753 57,254 54,811 15,925 245,311 15,061 182,994 124,391 26,475 187,053 73,749 8,469 86.936 1.010 13.921 54.446 32,144 38,371 310,480 2,692 170,191 121,132 14,934 72,079 70,886 9,683 4,742 (84) 19,089 1,076 139 28,135 2,803 300 370 97 12,597 31,698 8,952 21,555 292 5.598 27,460 52,611 5,078 57,357 362 2,871 63,701 30.060 1,364 89,003 1,708 824.800 126,533 943,863 129,605 772.339 136,202 5,303 9,573 237,262 252,138 216,820 145.671 289,574 4,238.376 64,734 4,738,355 3,954,662 145,671 289,574 4.238.376 64,734 4,738,355 3,954.662 Support costs Included within charitable activity expenses are the following support costs.. 2023 2023 Staff costs Office expenditure Computer costs Depreciation and amortisation 401,891 316,047 73,749 106,240 331.590 352.175 70.626 86.936 897,927 841,327 -23-
THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Taxation The charity is exempt from tax on income and gains falling within section 505 of the TaxesAct 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the exient that these are applied to its charitable objects. 11 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Sanctuary staff Community support and administrative stsff 45 44 33 Total 89 77 Employment costs 2024 2023 Wages and salaries Social security costs other pension costs 2,090,021 169,160 43,823 1,661.566 137.082 31.748 2,303,004 1,830,396 The number of employees whose annual remuneration was £60,000 or more were.. 2024 Number 2023 Number £60,001 to £70.000 12 Net gainsl(losses) on investments Unrestricted Unrestricted funds funds 2024 2023 Change in fair value of investments 2,736,498 {1,651,068) -24-
THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Net movement in funds 2024 2023 Net movement in funds is stated after chargingl(crediting) Depreciation of owned tangible fixed assets Amortisation of intangible assets Hire of plant and machinery Auditors remuneration Auditors remuneration for non-audit work 92,409 13,831 1,259 16,550 13,664 78.852 8.084 1.009 12,750 2,300 14 Intangible fixed assets Software Cost At 1 April 2023 Additions 295,444 301,920 At 31 March 2024 597.364 Amortisation and impairment At 1 April 2023 Amortisation charged for the year 211,912 13,831 At 31 March 2024 225,743 Carrying amount At 31 March 2024 371,621 At 31 March 2023 83,532 Included within software is £361.200 (2023.. £59,280) relating to a CRM database system currently in development but not yet in use. No amortisation has been charged on this asset in the period {2023= nil). -25-
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THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Fixed asset investments Listed investments Cash in portfolio Total Cost or valuation At 1 April 2023 Additions Valuation changes Disposals 27.393,444 14.345,556 2.736,497 (13.544.310) 1,064,169 28,457,613 14,345,556 2,736.497 (5,876) (13,550.186) At 31 March 2024 30.931,187 1.058,293 31,989.480 Carrying amount At 31 March 2024 30,931,187 1,058,293 31,989,480 At 31 March 2023 27,393,444 1,064,169 28,457,613 Fixed asset investments revalued Investments indude listed investments that are induded at fair value. The historical cost of listed investments at 31 March 2024 is £28,958,976 {2023: £27,674,736). 17 Stocks 2024 2023 Goods for resale 34,146 34,640 18 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 549 49,213 1,851,687 2,094,355 1,901,449 2,094,355 -27-
THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Creditors: amounts falling due within one year 2024 2023 Notes Bank overdrafts Other taxation and social security Trade creditors Other creditors Accruals and deferred income 120 42,521 127,818 11,049 57,959 35.781 168.201 19,874 43,870 239,467 267,726 20 Retirement benefit schemes Defined contribution schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The charge to profit or loss in respect of defined contn'bution schemes was £43,823 (2023 - £31,748). 21 Restricted funds The income funds of the charity include restricted funds comprising the followng unexpended balances of donations and grants held on trust for specific purposes.. Balance at 1 April 2022 Tran5fer5 Balance at 1 April 2023 Resources expended Transfers Balance at 31 March 2024 Propety and facilities reserve Hillside Sanctuary 275,000 139,051 275,000 135,485 (151,917) 123,083 131,919 (3,566) (3,566) 414,051 (3,566) 410,485 (151,917) (3,566) 255,002 The Hillside Sanctuary fund is in respect of funds specifically donated in connection with the purchase of a second sanctuary, being Hillside Sanctuary. The propety and facilities reserve restricted fund is in respect of funds specifically donated for the purchase, improvement or other costs directly attributsble to a physical facility. £151.917 was spent during the year from this restricted fund. This included construction of new stables, pigeon loft and aviary, and a purpose built dog rehabilitation building. In addition a number of field shelters were built or repaired and a new workshopl storage and tractor shed constructed. -28-
THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.. Movement in funds Incoming resources Balance at 1 April 2023 Transfers Balance at 31 March 2024 Future santuary and office Promise commitment 15,000,000 15,000.000 30,021,406 30,021.406 45,021,406 45,021,406 Future sanctuary Both the Hillside and Poldarves sactuaries are nearing full capacity. Vlhile numbers can fluctuate we expect growth in numbers of animals at our sanctuaries as we become better known in our 40th anniversary year. The Trustees have decided to set aside fvjnds of £15 million to fund the purchase of a new sanctuary. This sanctuary will preferably be outside of the South West of England and so in keeping with our national operations. The amount set aside in the designated fund reflects a purchase of land somewhere in England and Wales, construction of purpose built buildings. integration with existing operations and recruitment and training of relevant staff. The Cinnamon Promise The Cinnamon Trust has estimated the future cost of our promise to the previous owners to take care of the pets currently in our care for the term of their natural lives. This has considered current costs and average lifespan of different pets (increased to reflect our experience that pets live longer than average with the care we provide). The Trust estimates this commitment to be £30.021,406 and has created a designated fund to reflect this commitment. For further infomiation please see the Trustees report. 23 Analysis of net assets between funds Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Fund balances at 31 March 2024 are represented by.. Intangible fixed assets 371,621 Tangible assets 2,660,731 Investments 31,989,480 Current assetsl{liabilities) 21,712.975 371,621 83,532 131,919 2.792,650 2,356,952 31.989,480 28,457,613 123,083 21.836.058 19,433,321 83,532 2,492,437 28,457,613 275,000 19,708,321 135,485 56,734.807 255,002 56.989.809 50.331.418 410,485 50,741.903 24 Operating lease commitments At the reporting end date the charity had outstsnding commitments for fijture minimum lease payments under non-cancellable operating leases. vthich fall due as follows= 2024 2023 -29-
THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 24 Operating lease Commitments {Continued) Within one year 197 25 Capital commitments 2024 2023 At 31 March 2024 the charity had capital commitments as follows: Contracted for but not provided in the financial statements= Acquisition of propety, plant and equipment 248,400 180,720 26 Cash generated from operations 2024 2023 Surplus for the year 6,247.906 992,647 Adjustments for= Investment income recognised in statement of financial activities Loss on disposal of tangible fixed assets Fair value gains and losses on investments Amortisation and impairment of intangible assets Depreciation and impairment of tangible fixed assets (1,387,260) 13,662 (2,736,498) 13,831 92,409 {718,146) 1,651,068 8,084 78,852 Movements in working capital.. Decrease/(increasel in stocks Decreasel(increasel in debtors (Decrease)lincrease in creditors 495 192,906 (28,379) (15,228) {528,250) 104,558 Cash generated from operations 2,409.072 1,573.585 27 Anatysis of changes in net funds The charity had no debt during the year. -30-
THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 28 Related party transactions Remuneration of key management personnel The remuneration of key management personnel is as follows. 2024 2023 Aggregate compensation 238,360 192,165 Transactions with related parties The charity purchased goods and services from Design Solutions, a business owned by J Dale, totalling £81,647 {2023.' £96,122) during the year. At the balance sheet date, there was an amount due to Design Solutions of £nil (2023= 28,820) induded wthin Creditors.. Amounts due wthin one year. The charity purchased goods and services from Nalders LLP, an LLP in which D Band is a designated member, totalling £3,969 (2023.. £29,078) during the year. There were no amounts owed to Nalders LLP at the current or previous year end. 31