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
bOd￿S receive grdnts and how t￿se 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 re￿iVed £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.
Investll￿nI 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 t￿ether 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 Prnn￿5 -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 PoI￿Y (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 wh￿h 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 re￿ipt 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 AC￿pted 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 prinCip￿S 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 cOn￿M 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 appI￿ab]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 examin*ion 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 end0y￿ents fiom:
Investment income
76,392
74.958
Total income and endowrrtents
76,392
74,958
Expendi￿re 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 stat￿ent of financial aclNrties includes all gains and k)sses recognised during the period.
All funds in both the Current and ¢omparatwe year are Unrest￿ted.

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".
2￿22 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 r￿1ved.
Interest on funds held on depos(t is included when r￿1vab￿ 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 rUf￿S
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, profesS￿n81 fees
and trust managen*nt 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 unfu￿JI1ed ￿nditIOn attsching lo Ihst grant is oU￿lde 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 finar￿131 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 w￿h5n 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 be￿eeD. 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 re￿Ned
Corporate bonds
Dividènds re￿iVed
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