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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

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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 v￿lliaMS
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

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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

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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

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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.

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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.

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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

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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.

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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.
Rese￿eS 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.

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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 be￿een 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. v￿S approved by the Board of Trustees.
SpJned by..
eg836YÉO¥AWitt.
JRDale
Trustee
18 Decenljer 2025
Date:.............................................

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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.

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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 y￿thin the trustees, report have been prepared in
accordance with applicable legal requirements.

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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.

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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-

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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 be￿een 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 be￿een 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 cur￿nt 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 ex￿ptIOn 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 cOn￿M 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 re￿iVed 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=
So￿are
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 be￿een 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-

fotro
- Ln I
) (S)
) fD
) tr
iofo

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
Be￿een 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-