Ch3rtty No.. 1165837 THE CUNMONT CHARITABLE TRUST ANNUAL REPORT and ACCOUNTS Forthe ear ended 31 March 2021
THE CUNMONT CHARITABLE TRUST Trnstees. Annual Report For the year ended 31 March 2021 The trustees present their report and accourts of the charity for the year ended 31 March 2021. The accounts havè béen prepared in accordance wrth the accounting polTcies *t out In note 1 to the accounts and comply with the charity's trust deed. the Charities Act 2011 and Accounting and Reportiny by Chaiilies." Slalemenl of Re¢ommenoed Practi appliable to cttarib.es preparing their accounts in a¢cord2nce with the Financial Reporting Slandarol applicab in the UK and Republic of Ireland {second edition- October 20191. Objectives and aGttvities forthe public benefft The objettivès of the Trust are to advance the Charrtab purposes of olhor bcxlies by making grants and providing financial support for charFtable projects and actThirties. The trtjstees make decisions aboLil which bOdS receive grdnts and how tse support will be stnjclured. The Trust furthers its charitable purwses for the public benefrt through rts granl-making PDlicy_ Grants will be made to iegislered ¢hanties proposed by indwidual Trustees and approved by the Trustees. Achievements and perfomiance During the year lo March 2021, the TrJ51ees reiVed £76.392 in investrnent income and the value of the investments increased by £785.848. whKh elim nates the fall in value experiÈncÈd in March 2020 from markel Ltncertainty following the emergence ol CoMd-19. The Trustee5 paid approved grants of £45.OOD lo the Outsvaid Bound frust. The Dynami¢ Earth Charitable Trust: Edinburgh sciep.ce Foundation and Engineering Development Tnjst and apprDved the following grants to be paid in the 2021122 year'.- £12.500 to the Dynamic Earth Charitable Trust to fijnd the Dino Club and Outreach programme of Our Dynami¢ Earth" £12.500 to Engineering Develwmenl Trust to fund ts Headslart rseS to encoumge students lo study STEM courses al University", £S.000 lo Edinburgh S¢en¢e Foundation to lund Iheir Catalyst prograrnme-. Up to £15.000 lo the Outward Bound Trust to support outward bound courses for Gracemount High School. FinanGial review {including reseThes policy) Totsl incomè for tb.e perKJd excludin9 gains on. inve5 mcnls amounted lo £76.392 {2020.' £74.9581. Realised and unrttalised ga.'ns on investments totalled £785.84812020.. loss of £353,¢S31 following recovery from the losses suffered in March 2020 experien-ed due lo market declines followtng the emergence of Covid-19. Expendrture for the year amounted lo £48.74612020.' £46.9241. InvestllnI PolNGy The trustees recognise the drffi¢uty of actwety managing investments themselves or in choosing an active manager that will be rèasonably certain to outperforrTr in the future. The funds will therefore be invested in pooled vehicles with a large prcportion broadly-spread, Iow-COSt passive funds tether with suitable pwled vehicles received as donations This gNes a large spread of underlying securities and diversification is further mproved by having underlying exposure to sorne l."xed interest as well as equrty secur,.lies, overseas as well as UK companies and more than one p(y)led fund. The perfonnance {parti¢ularly the tracking error) of the investments will be reviewed periodica15y but infrequenlty. Cash is held in bank acwunls ¢hosen bythe corporate trustees. rhe trustees do not impose any ethical poltcy in selects.ng investsnenls. Reserves Policy Donations from the Prnn5 -xchangè Foundation or from members of the Callander family will be treated as unréstricted endowments unless olher Gonrtrtions are slipulaled by the donor. The unrestricted reserves 3131 March 2021 were £3,849.7211202D.' £3,036.227}. The frustees review the level of gffjnts issued gUlarlY and the accumulated surplu5 i% intended lo pro¥Kle surely th.at in the event of a reduction in tncomè generated the Trust would still be able lo make grants.
THE CUNMONT CHARITABLE TRUST Trustees, Annual Report For the year ended 31 March 2021 Res8rves PoIY (cont'd) In the Case of capital endowments, income and c8prtal elements wll be accounted for separately and grants will, nomally, be reslrded lo the income generated by the endowment. Plans for future periods The Trust will continue lo re¢eive and consider grant proposaL% and where apcjropriate make donations based on IhDse proposals. Risk management The Trustees have assessed the major risks to whh the Trust is exposed. in particular those related to the operations and financing of the Trust. and are satisfied that systems are in place lo mftiigale exposure to the major risks. As the Trust relies on donations and on its investment return in order to make donations, the principal risks faced by the Trust lies in the reipt of those donations and the performance of ils inveslmenls. The Trustees have mitigated the investment risk by having a diversrfied '.nvestment porfolio. Structure. govemance and management The Trust is a registered chaiity, niimber 1165837, and is constrtuted uncler a trust deed dated 29 Octor>er 2015. The trust deed was amended on 30 August 2016 to rename the Trust from The Callander Charrtable Trust lo The Cunmont Charrtable Trust. New trustees are apFK)inted by Alex and Rhona Callander. as settk)rs. The Trust Deed has no minimum or maximum number of trustees. Trust do not need to be re-appointed at any time. The trustees are considerad lo be the key management persofinel of the Trust and are not remunerdled. Referèncè and administrative information Charity gIStratIon number 1165837 Trustees Alexander Jawne5 Callander Rhona Ann Caliander TC Trustco L:mrted Edward James Calrander (appointed 3 September 20211 Elizabeth Louise Callander lappoinled 3 September 2021) Registered office Tuican Connèll 12 Sianhope Gata Lo4don W1K 1AW Bankers Bank of Scotland 11 Earl Grey Street Edinbdrgh EH3 6BN Stockbrokers Rathbone Investment Management Limited Port of Liverpts)l Building Prer Head Liverpool L3 1NW Independent E¥arnineT Chiene + Tait LLP Chartered Accountants 61 Dublin Street Edinbdrgh EH3 6NL
THE CUNMONT CHARITABLE TRUST Trustees. Annual Report For the year ended 31 March 2021 Trustees, responsibilities The trustees are responsible for prepartng the Tnjstees, Annual Report and the accounts in accordan with applicable law and Unrted Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Praclicel. The law applicable lo charities in England & Wale5 requires the trustees to prepare accounts for each Iinancial period which give a trde and fair view of the st2te of affairs of the charity and ot the incoming resources and application of resources of the charity for that period_ In preparing these accounts, the trustee5 are required lo". sÈlèct suttable accoup.ting policies apd then app them consistently,. observe the me .0d$ and prinCipS in the Charities SORP- make jL,dgemer,Is and estim*es that are reasonable and prudent", slate whether applicable accounting standards have been followed, subject ID any material departures disclosed and explained in the accounts". prepare the a¢counls on the going cOnM basis unless it is inappropriate lo presume that the cb.arity will continue in opèrab'on. The trustees are responsible ftti keeping proper accountr.rg record5 that disclc5e with reasonable accuracy at any lime the financial position of tho charrty and cnabLQ trhem LO ensure that the accounts comply with the Charities Act 2011, the Charities IAccounls and Reports} Regulations 2008 and the provisions of the trust deed. They are also responsible lor safeguarding the a55e15 t)f the rhattty and henTr for taking reasonable steps for the prevention and detection of fraud and othèr irregulariiies. Approved by the trustees on 2tr22 and Signed on their behaw by-. Alexander James Callander Trusiee
THE CUNMONT CHARITABLE TRUST Independent Examiner's Report to the Trustees of The Cunmont Charitable Trust For the year ended 31 March 2021 I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2021 which are sel out on pages 5 to 10. Responsibilities and basis of report As the charity's trustee5' you are responsible for the preparation of the accounts in accordance with the requirements of the Chartti Ad 2011 {'the ACYI. I report in spect of my examinatK)n of the chanty's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the appIab]e Directions given by the Char(ty Commission under section 14515llb) of the Act. Independent examinerfs statement I have completed my exatninalion. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charily as required by section 13D of the Act,. or the accounts do not accord with those records.. or the accounts do not comply with the appliGable requirements GonGerning the form and content of accounts set out in the Charities IA¢counls and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view. which is not a maller considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examinion lo which attention should be drawn in this reKK)rt order to enable a proper understanding of the accounts lo be reArhpA Jeremy Chittleburgh Bsc CA Chiene + Tait LLP Chartered Accountants and Independent Examiners 61 Dublin Street Edinburgh EH3 6NL 04 February 2022
THE cUNM0 CHARITABLE TRUST ststement of Financial Activities For the year ended 31 March 2021 2021 2020 Income and end0yents fiom: Investment income 76,392 74.958 Total income and endowrrtents 76,392 74,958 Expendire on: Raising funds charitab activrties 21JO 200 46,724 Total expenditure 48.746 46 924 Nel gains on investments 785,848 1353,4531 Net movement in funds 813,494 1325,4191 Reconciliation of funds= Total lunds brought forward 3,036.227 3,361.846 Total funds carried fon¥ard 3,849,721 3,036,227 All income and expenditure denve from conts"nuing tiV"eS. The statent of financial aclNrties includes all gains and k)sses recognised during the period. All funds in both the Current and ¢omparatwe year are Unrestted.
THE CUNMONT CHARITABLE TRUST Balance Sheet As at 31 March 2021 2021 2020 No Flxed assets Investments 3,712.284 2,926,436 Current assets Cash al bank and in hand 184,840 157,827 Creditors: amounts falling due within one year {47,4031 148,0361 Net current assets 137.437 109,791 Net asset5 3.849,721 3,036.227 Funds Endowment funds 3,849,721 3.036,227 The accounts were approved and authottsed for issue by the Trustees on 31 half of the board of trustees by". 222 and Signed on Alexander James CalLAnder Trustee The notes on pages 7 to 10 fom part of these accounts.
THE CUNMONT CHARITABLE TRUST Notes to the Accounts For the year ended 31 March 2021 Accounting policies ',a i General inforniation and basis of prèparation accounls have been prepared in accordance wrth Accounting and Reporting by Charities". Siatement of Recommended Practi¢e applicable to chartties preparing their accounts in accordance with the Financial Reporting Slandaid applicable in the UK and Republic of Sreland IFRS 102 {second edition October 20191, ihe Financral Reporting Standard applicable in the Unrted Kingdom and Republic of Ireland IFRS 1021. and the Charrties Act 2071. The charty constitutes a public benefft entty as dÈfined by FRS 102. The aoGounls are prepared on a going concem basis tjnder the historical cost convèntion, modified to include certain iterns at lair value. The accounis are prÈsented in sterling which Is the functional cuirency of the chanty The truslees have assessed the Trust's abilty lo Contin as a going conceTn and, despite the ongoing pandemit, have reasonable èxpeGlatK)n that the Trust has adequate resources lo continue in operational existence for the foreseeable fuiure. The 5ignilicanl a¢¢ounling pol[e$ applied in the preparation of these accDunts are sel out below. These policies have bèÈn consistently applied to all years presenled unless otherwise stal. (bl Fund5 All funds are endowments and are available for use atthe dis¢relion of the trustees in fllrtheran of the general objectNes gf the Gharity and which have not been deSTgnated for other purposes. Icl Income recognition All incoming resources are induded in the Slalemer.t of Financial ActDirties ISOFAI when the charity 15 legalty enlilled lo the income after any perf0mlan conditions have been met, the amount can be measured relHbty and rt probable that the income will be r1ved. Interest on funds held on depos(t is included when r1vab and the atnounl can be measured reliably by the Gharty," this is normally upcn no11fjc-t.n of tle interest paid or payable by the bank. Dividellds are recognised On the dividend 4as been declared and r.otrfication has been received of the dividend due. This is nomialty upon noltficatK)n by our stockbrokers of the cwidend yield of the invèstment portfolio. Idl Exp8nditurÈ recognition All exper.ditLJrè is accounted for on an aGGtuals basis and has bèen cLAssrfied under hèadings that aggregate all costs re5ated to the category. Expendrture is recogn sed where there is a legal or constructive obligation to make payments to third parties, .'t is probable that the settlewenl will be reqLJired and the anKJunl of the obligation can be measuTed reliabty. Irrecoverabk VAT is charged as an expense against the acti¥ty for which expenditure arose.
THE CUNMONT CHARITABLE TRUST Notes to the Accounts For the year ended 31 March 2021 Accounting policie5 Icont'dl Idl Expenditurè recognition {conVdl osls of r&isiffu rUfS Tle costs of raising funds ¢onstst of investment management lees and wsts of maintaining the investmenl propety. Chaitable acltvrties C0515 of Ghar(table activities include grants and donations made. govemance costs, profesSn81 fees and trust managennt fees. Grants and donatlDns payab are payments ade to third parties in Ihe furthèrance of the charitable objects of the Trust. In the Gase of an unconditional grant offer this is accrued On the recipient has been notified of he grant award Ttr.e notrrication gives lfrie recipient a ieasonable expectation that they will receive the on&year or multtsyear grant. Grants awards that are subject to the re¢iptent fulfilling perfollnance conditions are only acciued when the recipient has been notified of thè grant and any remaining unfuJI1ed nditIOn attsching lo Ihst grant is oUlde of thè control ofthe Trust. Provtsions foi grants are made when the Intents"on lo make a grant has been communicated to the re¢ipienl bL>I there is uncertainty as to the timing of the grant or the arTK>unl of grant payable. (el Investments Investments are a-.orm of basic finantial instrument and are initially rewnised al theirtransaclion value and subsequently rnea5ured al their tair value as at the balan sieet datè using 'h.è closing quoted market pri. The statement of financial activities Includes the nel gains and 105ses arising on revaluation and disposals Ihroughou¢ the year. The Trust does not acquire pui options, derivalNes or other complex finar131 instruments. Thè main form of financial risk faced by Ihe chanty is that of volatility in equity markets and investment markets due lo wider econom conditioos. the attitude of investors to investment risk, and changes in sentiment concerning equities and within parti¢blar sectots or sub sèctor5. If) Debtors and creditor5 Debtors and ¢red,lor5 wlh no Stated interest rate and receivable or payable within one year are recorded al transaction price. Igl Tax The charity is exernpl charrty wh5n the meap.ing of schedule 3 of the Charities Act 2011 and is considered to pass the lesls Sel out in Paragraph 1 Schedule 6 Finan¢e Act 2010 and therefore It fneets the definf(ion of a charrtable company f UK corporation tax purpose5. Ihl GaÈns and losses All gains and lossès are taken lo the Statement of Financial Activities as they arise. Realised gains and losses on investments are cakulaled as the difference beeeD. sales proceeds and théir opèning carrying value or their puTchase value rf acquired subsequent to the first day of the financial yeaF. Unrealised gains ald losses are calculated as the differen¢e behve¢n the fair value al the year end and the carrying value. Realised and unrÈalised investment gain5 and k)sses are combined In the Statement of Financial Aclivrties and are alk)cated :o the endowment fund.
THE CUNMONT CHARITABLE TRUST Notes to the Accounts p the year ended 31 March 2021 Income from investments 2021 2020 Interest reNed Corporate bonds Dividènds reiVed 76 7,235 67,647 7,235 69,157 76,392 74,958 Expenditure on raising funds 2021 2020 Investment management fees 200 200 20D 200 Charitable activities èxpenditure 2021 2020 Grants aiid doD.ations {note 5} Independent Exarriinalion Legal fees Bank Fees 45,000 1.736 1.801 42,000 t.660 3,064 48,546 46.724 Analysis of Grants and donations 2021 2020 Our Dynamic Earth Outward Bound Trust EdinbiJFgh Science Foundation Engineering Development Trust 12,500 15.000 5,000 12,500 12,500 12,000 5,000 12,500 45.000 42.000
THE CUNPIONT CHARITABLE TRUST Notes to the Accounts For year ended 31 Mar¢h 2021 Trustees. and key rTranagement personnel remuneration and expenses The Iruslees. who are considered to be the key management personnel. neither re¢eNed nor waived any remuneialion during the year. The trustees did not have any expenses reimbursed during the year. Fixed asset Investments 2021 2020 Market value At 1 April 2020 Disposals Realised gains Unrealised gains Al 31 March 2021 2,926,436 3.279,889 785.848 3,712,284 1353,4531 2,926,436 Cost: Al 31 March 2021 3.022,912 3,022,912 Investments which comprise more than 5°% of the total potffolio at the year end were as follows". 2021 2020 Baillie Grfford CorF Bond Inc. Vanguard FTSE U Vanguard Life Slr*egy 100% Vanguard Lrfe Strategy 80D 302.009 257,798 1,038,592 2.000,764 268,990 21 C>,778 778,619 1,$84,194 Creditors= amounts falling due within one yèar 2021 2020 AGGruals and defefred income Grantg payable 2,403 45,ODO 47.403 2,904 45,000 47.904 10