Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A 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 2025
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees DWBand JRDale K Batlow S Neal (Appointed 5 September 2024) Founder MrsA R Jarvis MBE Chief Executive Officer P vlliaMS Patrons Virginia McKenna Sir Paul Mccartney Charity number 1134680 Company number 07004861 Registered office 10 Market Square Hayle Cornwall United Kingdom TR27 4HE Auditor Azets Audit Services Woodlands Court Truro Business Park Truro Comwall United Kingdom TR4 9NH Bankers Barclays Bank UK PIC 1 Church Pla London United Kingdom E14 5HP Solicitors Nalders Farfey House Falmouth Road Truro Cornwall United Kingdom TR12HX Vingoe Lloyd 33 St Johns Street Hayle Cornwall United Kingdom TR27 4LL
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST LEGAL AND ADMINISTRATIVE INFORMATION Murrell Associates 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
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST CONTENTS Page Trustees, report Statement of trustees. responsibilities Independent auditorfs report 8-10 Statement of financial activities Balance sheet 13 statement of cash flows 14 Notes to the financial statements 15-30
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2025 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 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's 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.
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance The year ending March 2025 was one of our busiest yet! Vle were proud to help over 157,000 people and care for 158,000 beloved pets. Currently, 1,030 pets are in forever foster homes. and more than 110 pets live in each of our tsvo specialist 'Home from Home. sanctuaries in Cornwall and Devon. Our Head Office receives around 600 calls every day, and since launching our new website, email enquiries have soared to approximately 32,000 per year. Most emails arrive outside office hours and are answered promptly the next working day. At Hillside Fann Sanctuary, we care for.. 22 dogs, 30 cats. 8 sheep. 11 chickens. 1 rooster. 6 tortoises. 4 horses, and 30 racing pigeons - a total of 112 pets. At Poldarves Farni Sanctuary. we have.. 19 dogs, 16 cats, 10 ponies, 2 squirrels, 3 tortoises, 1 pig, 1 cow, 12 sheep, and 49 birds (including ducks, chickens, geese, finches. and doves) - a total of 113 pets We now have 8,213 pets registered for lifelong care. These numbers naturally fluctuate throughout the year as new animals join us and others sadly pass away. Our veterinary costs rose significantly this year, reaching £1,008,263 alongside £142,460 for animal feed and £170,141 for grooming, supplements. and related services. This increase is largely due to rising veterinary fees, bringing our total animal care costs to over £1.3 million. The Cinnamon Trust remains the only major UK charity dedicated to supporting older people and the temiinally ill with pet care. ensuring both peace of mind for owners and the best possible welfare for their pets. Demand for our services continues to grow- we handled 14,401 new Cases this year. Many cases are ongoing., for example, over 15,000 dogs are walked weekly by our volunteers, often for years. Each case typically requires or three volunteers, supported by staff vtho maintain regular contact to ensure continuity and resolve any issues. We currently have 475 young volunteers (aged 24 and under), and by rejoining the Duke of Edinburgh's Award Scheme in 2024125, we've seen a slight increase in youth participation. Like many charities, we face challenges in volunteer recruitment due to the cost-of-living crisis. so our 40th Anniversary campaign in 2025126 will focus on attracting more volunteers. Our active volunteer base stands at 15,944. Membership has grown to 60,238, induding 61 overseas members from places such as The Bahamas, Cayman Islands, Fran, Hong Kong, and the USA. IAle even have two Forever Fosterers in Canada and the USA. Life Membership stsnds at 4.464. a slight decrease from last year. We plan to review membership options and pricing going forward. As at the date of this report we employ 117 dedicated staff members.
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 In Memoriam and Recognition We were deeply saddened by the passing of our Founder and fomier Chief Executive, Mrs Averil Regina Jarvis MBE, on 22 January at the age of 79. Her ftjneral was held at Phillack Parish Church on 21 February and attended by staff and pets from The Cinnamon Trust. INe also moum the loss of one of our beloved Trustees, Mrs Pat Atkins. On a brighter note, we were thrilled to be named one of The Sunday Times Great Places to Work 2024 in the medium-sized organisation category, reflecting significant improvements in employee satisfaction. We were also nominated for the National Diversity Awards for our work combating social isolation among older people. Key Developments Trusted Care now manages our register alongside their own care home catalogue, offering members a dedicated helpline available seven days a week. We moved our main bank account to Barclays Corporate, enabling cheque scanning and reducing reliance on local branches as they have all closed. Our new CRM system was implemented towards the end of the financial year. This wll speed up volunteer allocation, highlight recruitment needs, and allow cloud-based operations, reducing hardware costs as our existing server reaches end-of-life. Big Walk Day was a huge suttess, wth over 40 walks nationwide and more than 1,000 participants spreading the word. Every dog received a goody bag! Memory Trees have been installed at both sanctuaries, offering engraved leaves to commemorate pets who have passed. As we approach our 40th year- "Sharing and Telling" we plan to attend major cat and dog events with our new events trailer to boost volunteer recruitment. Work has begun on updating our old DVDlvideo and creating a new-style newsletter as a keepsake for volunteers and members. In partnership wth Charlie Bears. we're designing a special Corgi collectible to celebrate our 40th anniversary. Head Office- Hayle Solar panels are now installed and providing up to 70°A of our summer electricity needs, significantly reducing costs. Parking remains a challenge, but thanks to Home Bargains. we have six staff spaces on rotation, plus additional spaces nearby. We're also lrialling a four-day working week with extended hours to better manage rising demand. Hillside Sanctuary Improvements continued throughout 2024125. including new staff and visitor parking, upgrades to the dog area and tortoise room, and a new F)olytunnel to grow tortoise foi)d and reduce costs. We've enhanced horse stables, field shelters, and grazing areas, and built a new strawlhay store to cut feed and bedding expenses. Solar panels have been installed on the cat house. and y await further power supply from the National Grid as the sanctuary expands. Hillside now has 23 staff members
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Poldarves Sanctuary Plans for the new Cat Home remain on hold due to delays in securing additional electricity supply. Permission from the National Grid required agreements from neighbouring landowners. and we're pleased to report that working with National Grid and avoiding working th the neighbours, we wll be connected in due course, allowing us to move forward. The kitchen at Poldarves has been completely refurbished with specialist flooring designed to support dogs with rheumatic joints this improvement has been very well receivedl The new kitchen is brighter, easier to clean, and much more practical for daily use. In addition, the fire alarm system has been upgraded and can be extended to cover the new Cal Home once construction is complete. Work has also begun at Sunnyside to address major damp issues and replace the asbestos roof at the rear of the building. Poldarves currently has 25 staff members. including two on matemity leave. 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 return approach. Sufficient liquidity and cash resetves 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 classes which can include cash, bonds, equities, propety. hedge fvnds etc. and any other asset that is deemed suitable for the charity. Currently the Trust maintains both a balanced portfolio and a defensive portfolio. Cash reserves 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 any company involved either directly or indirectly wth 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 following infomiation on a quartedy basis. valuation of investments, transaction reports, cash reconciliations, perfonnance 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 rtain 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 wll review the information provided at each meeting and make adjustments to policy as and when necessary.
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Financial review The Cinnamon Trust currently has an annual income of £8.738.02312024: £8.352.049) of which £6,174,450 (2024: £6,138.773} is derived from legacies. Total net incoming resources were £5.409,730 (2024: £6.247,906). The trend has been for legacy income to be variable. This dependence on legacies, which are a source of income dependent upon circumstances and beyond the control of the charity, make il extremely difficult to budget for anticipated legacy income. Reserves 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 dimate and are readily available to meet anticipated cash flow requirements. ReseeS policy As at 31 March 2025, the Trust had unrestricted ftjnds of £62.154.446 {2024: £56.734.807). This includes tangible and intangible fixed assets of £3.453,470 (2024: £3,032,352), therefore leaving a free reseNes balance of £58,700,976 (2024: £53,702,455). It is the Trustees, policy to retain three years running costs in reserve (£15,538,122. 2024 . 14,215,065). Current levels of unrestricted reserves are higher than the multiple of recent expenditure but stand the Trust in good stead in very unpredictable kn'mes on all fronts. The Trust reviewed its reserve policy in May 2024 and decided Ihat effective 31 March 2024 two designated funds be recognised in the annual accounts of Charity. A designated fund is created when the Board of Trustees decides to set aside an amount from unrestricted funds for a particular purpose. These designated funds are '. The Cinnamon Promise Designated Fund £30.021,406 The Cinnamon Trust estimated the future cost of our promise to the previous owners of pets that we have taken into our care that we would look after those pets for the term of their natural lives. The Cinnamon Trust New Sanctuary Designated Fund . £15,000,000. This designated fund is for the purpose of purchasing a third sanctuary somewhere in England and Wales, making modifications as required, and recruiting and training of staff. no purchase has actually occurred. The Trustees are of the opinion that no significant changes have occurred to warrant revisiting the calculation of these designated ndS at this time. Further information is available in Note 22 of the annual accounts. After setting aside these two designated funds from our unrestricted fvnds the remaining free unrestricted funds amount to £13,679,570 (2024: 8,681.049) Investment policy and objectives The objective of the Cinnamon Trust is to at least maintain the value in real tem)s of Charity funds. At 31 March £1,608.331 was invested with and managed by Quilters and the Trustees are not minded to increase this. £48,328,038 was invested and managed by the appropriate team at Coutts & Co. Cash at bank and in hand of £7,235,654 reflects a high level of term deposits on call or short maturities which gained the Charity attractive interest earnings at very low risk. These fvjnds will be called upon to partly fund the purchase and development of the new sanctuary. 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.
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 (Resigned 3 March 2025) (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. SpJned by.. eg836YÉO¥AWitt. JRDale Trustee 18 Decenljer 2025 Date:.............................................
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 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.
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A 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 2025 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 2025 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.
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A 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.
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A 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 limitstions 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. Skjned by.. 722FECA482B341D. Matthew Webb FCA Isenior Statutory Auditor) for and on behalf of Azets Audit Services 18 December 2025 Chartered Accountants ststutory Auditor IAloodlands Court Truro Business Park Truro Comwall United Kingdom TR4 9NH 10-
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Current financial year Unrestricted Restricted funds funds 2025 2025 Total Total 2025 2024 Notes Income from: Donations and legacies Other trading activities Investments 6,927,785 124,429 1,685,809 6,927,785 6,833,405 124,429 131,384 1,685,809 1,387,260 Total income 8,738,023 8,738,023 8,352,049 enditure on: Raising funds 99,499 99,499 88,624 Charitsble activities Poldarves Sanctuary Hillside Sanctuary Community Services Sunnyside & Millbank 239,572 335,964 4,582,820 21,018 239,572 335,964 4,582,820 21,018 145,671 289,574 4,238,376 64,734 Total charitable expenditure 5,179,374 5,179,374 4,738,355 Other 101 101 13,662 Total expenditure 5.278,974 5,278,974 4,840,641 Net gains on investments 12 1.950,681 1.950,681 2,736.498 Net incoming resources befo transfers 5,409,730 5,409,730 6,247,906 Gross transfers beeen funds 9,909 (9,909) Net movement in funds 5.419,639 (9,909) 5,409,730 6,247,906 Fund balances at 1 April 2024 56.734,807 255,002 56,989,809 50,741.903 Fund balances at 31 March 2025 62.154,446 245,093 62.399,539 56,989.809 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. 11
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Prior financial year Unrestricted Restricted funds funds 2024 2024 Total 2024 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 Total income 8,352,049 8,352,049 enditure on: Raising funds 88,624 88,624 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 Total charitable expenditure 4,738,355 4,738,355 Other 13,662 13,662 Total expenditure 4,840,641 4,840,641 Net gainsl(losses) on investments 12 2.736,498 2,736.498 Net incoming resources befo transfers 6,247,906 6,247,906 Gross transfers beeen funds 155,483 (155,483) Net movement in funds 6,403,389 (155,483) 6,247,906 Fund balances at 1 April 2023 50,331,418 410,485 50,741,903 Fund balances at 31 March 2024 56.734,807 255,002 56,989.809 12-
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes Fixed assets Intangible assets Tangible assets Investments 14 15 16 676.277 2,905.546 49,936.369 371.621 2,792.650 31,989.480 53,518,192 35,153,751 Current assets stocks Debtors Cash at bank and in hand 17 18 30,4C 1,841.178 7,235,654 34,146 1,901,449 20,139,930 9,107.238 22,075,525 Creditors: amounts falling due within one year 19 (225.891) 1239.467) Net current assets 8,881,347 21,836,058 Total assets less curnt liabilities 62,399,539 56,989,809 Income funds Restricted funds Unrestricted funds Designated funds General unrestricted funds 21 245,093 255,002 22 45,021.4C6 17.133.040 45,021,406 11,713,401 62,154.446 56,734.807 62,399.539 56,989.809 18 December 2025 The financial statements were approved by the Trustees on ......................... SvJThed by.. 3E08P*8641C Trustee Company registration number 07004861 13-
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flov from operating activities Cash generated from operations 26 1.958.025 2.409,072 Investing activities Purchase of inlangible assets Purchase of tangible fixed assets Purchase of investments Proceeds on disposal of investments Interest and dividends received (325,236) (226,546) (41,681,779) 25,685,571 1.685,809 (301,920) {406,284) (14,345,556) 13,550,186 1,387,260 Net cash used in investing activities (14,862,181) {116,3141 Net cash used in financing activities Net (decrease)lincrease in cash and cash equivalents (12,904,156) 2,292,758 Cash and cash equivalents at beginning of year 20,139,810 17,847,052 Cash and cash equivalents at end of year 7,235,654 20,139,810 Relating to: Cash at bank and in hand Bank overdrafts included in creditors payable within one year 7.235,654 20.139,930 {1201 14-
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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. Designaled funds comprise funds vthich have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. 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. 15-
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 10 years straight line 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. 16-
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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. 17-
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 2025, nor to 31 March 2024, 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. 18-
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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. 19-
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Other trading activities Unrestricted Unrestricted funds funds 2025 2024 CT100 Club income Catalogue income 38,455 85,974 43,488 87,896 Other trading activities 124,429 131,384 Investments Unrestricted Unrestricted funds funds 2025 2024 Income from listed investments Interest receivable 1,183,933 501,876 945,205 442,055 1.685,809 1,387.260 Donations and legacies Unrestricted Unrestricted funds funds 2025 2024 Donations and gifts (induding gift aid) Legacies receivable Government grants receivable 753,335 691.161 6.174,450 6,138.773 3,471 6,927,785 6,833,405 Raising funds Unrestricted Unrestricted funds funds 2025 2024 Fundraisin and ublici Staging fundraising events 24,104 11,433 -20-
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Raising funds {Continued) Tradin costs Purchases 75,395 77,191 99,499 88,624 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2024.. £nil). Trustees. expenses There were no expenses reimbursed to, or paid, on behalf of Trustees in the year (2024= £nil). Other Unrestricted Unrestricted funds funds 2025 2024 Net loss on disposal of tangible fixed assets 101 13,662 101 13,662 21
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charitable activities Poldarves Hillside Communitysunnyside & Sanctuary Sanctuary Services Millbank 2025 2025 2025 2025 Total 2025 Total 2024 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 2,666,016 2,666,016 2,303,004 7.710 11,996 112.408 2.131 3.396 60,605 5,186 7,492 167,196 26,641 145,448 47,022 15,263 25,059 88.576 2.016 134,130 2,132 10,989 60,605 85,818 8,188 168,197 26,892 170,141 142,460 37,386 117,933 90,359 7,138 106.240 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 3.147 4,740 (294) 54,412 476 26,220 220 957 251 14,536 61,504 10,405 55,587 1,783 3,717 10,157 33,934 11,718 19,047 18,240 3.421 90.322 1,907 122,172 2,364 795.769 104,959 1,008,263 109,230 943.863 129,605 3,276 19,512 309,653 1,056 333,497 252,138 239.572 335,964 4,582.820 21,018 5,179,374 4,738,355 239,572 335,964 4.582.820 21,018 5,179,374 4,738.355 Support costs Included within charitable activity expenses are the following support costs.. 2025 2024 Staff costs Office expenditure Computer costs Depreciation and amortisation 401,884 262,203 90,359 123,970 401.891 316.047 73.749 106.240 878,416 897,927
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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.. 2025 Number 2024 Number Sanctuary staff Community support and administrative stsff 48 51 45 Total 99 89 Employment costs 2025 2024 Wages and salaries Social security costs other pension costs 2.374,389 209,851 81,776 2,090.021 169.160 43.823 2,666,016 2,303,004 The number of employees whose annual remuneration was £60,000 or more were.. 2025 Number 2024 Number £70,001 to £80.000 12 Net gainsl(losses) on investments Unrestricted Unrestricted funds funds 2025 2024 Change in fair value of investments 1,950,681 2,736,498 -23-
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Net movement in funds 2025 2024 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 113,549 20,580 2,131 18,000 10,494 92.409 13.831 1.263 16,550 13,664 14 Intangible fixed assets Software Cost At 1 April 2024 Additions 597,364 325,236 At 31 March 2025 922.600 Amortisation and impairment At 1 April 2024 Amortisation charged for the year 225,743 20,580 At 31 March 2025 246,323 Carrying amount At 31 March 2025 676,277 At 31 March 2024 371,621 Included within sothvare is £686.437 (2024= £361,200) 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 {2024= nil). -24-
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Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Fixed asset investments Listed investments Cash in portfolio Total Cost or valuation At 1 April 2024 Additions Valuation changes Disposals 30.931,187 41,681,779 1.950,681 (25.079.363) 1,058,293 31,989,480 41,681,779 1,950.681 (606,208) (25,685.571) At 31 March 2025 49.484,284 452,085 49,936.369 Carrying amount At 31 March 2025 49,484,284 452,085 49,936,369 At 31 March 2024 30,931,187 1,058,293 31,989,480 Fixed asset investments revalued Investments indude listed investments that are induded at fair value. The historical cost of listed investments at 31 March 2025 is £30,092,668 {2024: £28,958,976). 17 Stocks 2025 2024 Goods for resale 30,406 34,146 18 Debtors 2025 2024 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 61 500 1,840,617 549 49.213 1,851,687 1,841,178 1,901,449 -26-
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Creditors: amounts falling due within one year 2025 2024 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 55,554 120,053 9,145 41,139 225,891 239,467 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 £81,776 (2024 - £43,823). 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 2023 Transfers Balance at 1 April 2024 Transfers Balance at 31 March 2025 Propety and facilities reserve Hillside Sanctuary 275,000 135,485 (151.917) (3.566) 123,083 131.919 (6,343) (3,566) 116.740 128.353 410,485 (155.483) 255.002 (9,909) 245.093 The Hillside Sanctuary fund is in respect of funds specifically donated in connection with the purchase of a second sanctuary, being Hillside Sanctuary. The property and facilities reserve restricted fund is in respect of funds specifically donated for the purchase, improvement or other costs directly attributable to a physical facility. -27-
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 Balance at resources 31 March 2025 Transfe Balance at 1 April 2024 Future sanctuary and office Promise commitment 15.000,000 15,000,000 30.021.406 30.021.406 15,000.000 30,021.406 45,021,406 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 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Fund balances at 31 March 2025 are represented by.. Intangible fixed assets Tangible assets Investments Current assetsl{liabilities) 676,277 2,777.193 49,936,369 8,764.607 676,277 371,621 128,353 2.905,546 2,660,731 49.936,369 31,989,480 116,740 8.881.347 21.712,975 371,621 131,919 2,792,650 31,989,480 123,083 21,836,058 62,154.446 245,093 62.399.539 56.734,807 255,002 56,989.809 -28-
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 24 Operating lease commitments At the reporting end date the charity had outstanding commitments for fijture minimum lease payments under non-cancellable operating leases. which fall due as follows= 2025 2024 Within one year Beeen and five years 1,016 3,133 4,149 25 Capital commitments 2025 2024 At 31 March 2025 the charity had capital commitments as follows: Contracted for but not provided in the financial statements= Acquisition of property, plant and equipment 248,400 26 Cash generated from operations 2025 2024 Surplus for the year 5,409,730 6,247,906 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 (1,685,809) {1,387,260) 101 13,662 (1,950,681) (2,736,498) 20,580 13,831 113,549 92,409 Movements in working capital.. Decrease in stocks Decrease in debtors (Decrease) in creditors 3.740 60.271 (13,456) 495 192.906 {28,379) Cash generated from operations 1,958,025 2,409,072 27 Analysis of changes in net funds The charity had no debt during the year. -29-
Docusign Envelope ID.. EFCFE5ANCCfA683-A69fA3E2755D104A THE CINNAMON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 28 Related party transactions Remuneration of key management personnel The remuneration of key management personnel is as follows. 2025 2024 Aggregate compensation 269,041 238,360 Transactions with related parties The charity purchased goods and services from Design Solutions, a business owned by J Dale, totalling £46,082 {2024.' £81,647) during the year. At the balance sheet date, there was an amount due to Design Solutions of £nil (2024= nil) included within Creditors-. Amounts due within one year. The charity purchased goods and services from Nalders LLP, an LLP in which D Band is a designated member, totalling £10,926 (2024.. £3,969) during the year. There were no amounts owed to Nalders LLP at the current or previous year end. -30-