Docusign Envelope ID: 75AF2192-C155-46E0-8D6D-07598AE2B35B
Charity No: 1165837
THE CUNMONT CHARITABLE TRUST
ANNUAL REPORT and ACCOUNTS For the year ended 31 March 2024
Docusign Envelope ID: 75AF2192-C155-46E0-8D6D-07598AE2B35B
THE CUNMONT CHARITABLE TRUST
Trustees’ Annual Report
For the year ended 31 March 2024
The trustees present their report and accounts of the charity for the year ended 31 March 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 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 Republic of Ireland (second edition – October 2019) .
Objectives and activities for the public benefit
The objectives of the Trust are to advance the charitable purposes of other bodies by making grants and providing financial support for charitable projects and activities. The trustees make decisions about which bodies receive grants and how the support will be structured.
The Trust furthers its charitable purposes for the public benefit through its grant-making policy. Grants will be made to registered charities proposed by individual Trustees and approved by the Trustees.
Achievements and performance
During the year to March 2024, the Trust received £143,547 (2023: £106,278) in investment income and the value of the investments increased by £776,911 (2023: decreased by £305,225). £50,000 of donations were made to the Trust by the Trustees, on which £12,500 of Gift Aid was claimed.
The Trustees paid approved grants of £101,602 in the year. No grants were committed in the year 2023/24 apart from brought forward commitments.
The below table shows amounts paid in the prior and current year.
| Payments in Year Ending 31 March | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Dynamic Earth | 12,500 | 25,000 | ||
| Engineering Development Trust | 12,500 | 12,500 | ||
| Outward Bound Trust | 15,000 | 16,602 | ||
| Edinburgh Science Foundation | 5,000 | 5,000 | ||
| Make 2nds Count | 5,000 | 6,250 | ||
| World Endometriosis Research | ||||
| Foundation | 5,000 | |||
| Circle | 12,500 | 12,500 | 12,500 | |
| Greenhouse | 6,250 | |||
| Ripple Effect | 5,000 | 5,000 | 5,000 | |
| Fruit Market Gallery | 12,500 | 12,500 | 12,500 | |
| Totalpaid | 55,000 | 101,602 | 30,000 | 30,000 |
| Total Commitment | 162,500 | - |
1
Docusign Envelope ID: 75AF2192-C155-46E0-8D6D-07598AE2B35B
THE CUNMONT CHARITABLE TRUST
Trustees’ Annual Report
For the year ended 31 March 2024
The grants paid were to fund the following:
-
To the Dynamic Earth Charitable Trust, half to fund the Dino Club and half for unrestricted use,
-
To Engineering Development Trust to support Insight into University,
-
To the Outward Bound Trust to support Gracemount High School,
-
To Edinburgh Science Foundation to aid in the festival’s return to pre-Covid capacity and for unrestricted use,
-
To Make 2nds Count to support research projects,
-
To Circle to support the organisation in improving the outcomes of families impacted by substance abuse etc.,
-
To Greenhouse to support the organisation in the provision of facilities and mentorship for children,
-
To Ripple Effect to help fund the support they provide to families in African communities.
-
To Fruit Market Gallery to fund the school programme and/or research projects.
Financial review (including reserves policy)
Total income for the period excluding gains on investments amounted to £206,047 (2023: £300,653). Realised and unrealised gains on investments totalled £776,911 (2023: loss of £305,225). Expenditure for the year amounted to £8,001 (2023: £173,444). £50,000 of donations were made to the Trust by the Trustees, on which £12,500 of Gift Aid will be claimed.
Investment Policy
The trustees recognise the difficulty of actively managing investments themselves or in choosing an active manager that will be reasonably certain to outperform in the future. The funds will therefore be invested in pooled vehicles with a large proportion in broadly-spread, low-cost passive funds together with suitable pooled vehicles received as donations. This gives a large spread of underlying securities and diversification is further improved by having underlying exposure to some fixed interest as well as equity securities, overseas as well as UK companies and more than one pooled fund.
Cash is held in bank accounts chosen by the corporate trustees. The trustees do not impose any ethical policy in selecting investments.
Reserves Policy
Donations from the Princes Exchange Foundation or from members of the Callander family will be treated as unrestricted funds unless other conditions are stipulated by the donor. The unrestricted reserves at 31 March 2024 were £7,115,018 (2023: £6,140,261). The Trustees review the level of grants issued regularly and the accumulated surplus is intended to provide surety that in the event of a reduction in income generated the Trust would still be able to make grants.
Plans for future periods
The Trust will continue to receive and consider grant proposals and where appropriate make grants based on those proposals.
Risk management
The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and financing of the Trust and are satisfied that systems are in place to mitigate exposure to the major risks. As the Trust relies on donations and on its investment return in order to make grants, the principal risks faced by the Trust lies in the receipt of those donations and the performance of its investments. The Trustees have mitigated the investment risk by having a diversified investment portfolio.
Structure, governance and management
The Trust is a registered charity, number 1165837, and is constituted under a trust deed dated 29 October 2015. The trust deed was amended on 30 August 2016 to rename the Trust from The Callander Charitable Trust to The Cunmont Charitable Trust.
New trustees are appointed by Alex Callander, as settlor. The Trust Deed has no minimum or maximum number of trustees. Trustees do not need to be re-appointed at any time. The trustees are considered to be the key management personnel of the Trust and are not remunerated.
2
Docusign Envelope ID: 75AF2192-C155-46E0-8D6D-07598AE2B35B
THE CUNMONT CHARITABLE TRUST
Trustees’ Annual Report
For the year ended 31 March 2024
Reference and administrative information
| Charity registration number | 1165837 |
|---|---|
| Trustees | Alexander James Callander |
| TC Trustco Limited | |
| Edward James Callander | |
| Elizabeth Louise Callander | |
| Registered office | Turcan Connell |
| 12 Stanhope Gate | |
| London | |
| W1K 1AW | |
| Bankers | Bank of Scotland |
| New Uberior House | |
| 11 Earl Grey Street | |
| Edinburgh | |
| EH3 9BN | |
| Stockbrokers | Rathbone Investment Management Limited |
| Port of Liverpool Building | |
| Pier Head | |
| Liverpool | |
| L3 1NW | |
| Independent Examiner | Chiene + Tait LLP (Trading as CT) |
| Chartered Accountants | |
| 61 Dublin Street | |
| Edinburgh | |
| EH3 6NL |
3
Docusign Envelope ID: 75AF2192-C155-46E0-8D6D-07598AE2B35B
THE CUNMONT CHARITABLE TRUST
Trustees’ Annual Report
For the year ended 31 March 2024
Trustees’ responsibilities
The trustees are responsible for preparing the Trustees’ Annual Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare accounts for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts;
-
prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
Approved by the trustees on[30 January 2025 ] and signed on their behalf by:
Alexander James Callander Trustee
4
Docusign Envelope ID: 75AF2192-C155-46E0-8D6D-07598AE2B35B
THE CUNMONT CHARITABLE TRUST
INDEPENDENT EXAMINER’S REPORT TO THE DIRECTORS AND MEMBERS OF THE CUNMONT CHARITABLE TRUST
For the year ended 31 March 2024
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2024 which are set out on page 6 to 13.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. 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 charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Jeremy Chittleburgh CA CT Chartered Accountants and Independent Examiner 61 Dublin Street Edinburgh EH3 6NL
31 January 2025
…………………………
5
Docusign Envelope ID: 75AF2192-C155-46E0-8D6D-07598AE2B35B
THE CUNMONT CHARITABLE TRUST
Statement of Financial Activities
For the year ended 31 March 2024
| Note Income and endowments from: Donations and Legacies Gift Aid Investment income 2 Total income and endowments Expenditure on: Raising funds 3 Charitable activities 4 Total expenditure Net gains/(losses) on investments 7 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
2024 £ 50,000 12,500 143,547 206,047 200 8,001 8,201 776,911 974,757 6,140,261 7,115,018 |
2023 £ 155,500 38,875 106,278 |
||
|---|---|---|---|---|
| 300,653 | ||||
| 200 173,244 |
||||
| 173,444 | ||||
| (305,225) | ||||
| (178,016) 6,318,277 |
||||
| 6,140,261 |
All income and expenditure derive from continuing activities.
The statement of financial activities includes all gains and losses recognised during the period. All funds in both the current and comparative year are unrestricted.
The notes on pages 9 to 13 form part of these accounts.
6
Docusign Envelope ID: 75AF2192-C155-46E0-8D6D-07598AE2B35B
THE CUNMONT CHARITABLE TRUST
Balance Sheet
As at 31 March 2024
| s at 31 March 2024 | ||||
|---|---|---|---|---|
| Note Fixed assets Investments 7 Current assets Cash at bank and in hand Accrued Income Creditors: amounts falling due within one year 8 Net current assets Total Assets Less Current Liabilities Creditors: amounts falling due after more than one 9 year Funds Endowment funds |
2024 £ 6,923,348 204,065 51,375 255,440 (33,770) 221,670 7,145,018 (30,000) 7,115,018 7,115,018 |
2023 £ 6,146,437 122,009 38,875 160,884 (107,060) 53,824 6,200,261 (60,000) 6,140,261 6,140,261 |
||
The accounts were approved and authorised for issue by the Trustees on _[30 January 2025] and signed on behalf of the board of trustees by:
Alexander James Callander Trustee
7
Docusign Envelope ID: 75AF2192-C155-46E0-8D6D-07598AE2B35B
THE CUNMONT CHARITABLE TRUST
Statement of Cash Flows
For the year ended 31 March 2024
| Cash flows from operating activities: Net (expenditure)/ income for the year Adjustments for: Losses/(Gains) on investments Dividends and interest from investments Decrease/(Increase) in debtors Increase in creditors Net cash (used in)/ generated by operating activities Cash flows from investing activities: Dividends and interest from investments Purchase of investments Net (used in)/cash provided by investing activities Change in cash and cash equivalents in year Cash and cash equivalents at 1 April 2023 Cash and cash equivalents at 31 March 2024 |
2024 £ 974,757 (776,911) (143,547) (12,500) (103,290) (61,491) 143,547 - 143,547 82,056 122,009 204,065 |
2023 £ (178,016) 305,225 (106,278) 398,625 104,559 524,115 106,278 (660,646) (554,368) (30,253) 152,262 122,009 |
||
|---|---|---|---|---|
| Analysis of changes in net debt | |||
|---|---|---|---|
| 2023 | Cash-flows | 2024 | |
| £ | £ | £ | |
| Cash and cash equivalents | 122,009 | 82,056 | 204,065 |
The notes on pages 9 to 13 form part of these accounts.
8
Docusign Envelope ID: 75AF2192-C155-46E0-8D6D-07598AE2B35B
THE CUNMONT CHARITABLE TRUST
Notes to the Accounts
For the year ended 31 March 2024
1 Accounting policies
(a) General information and basis of preparation
The accounts have been prepared in accordance with 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 Republic of Ireland (FRS 102 (second edition – October 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The accounts are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The accounts are presented in sterling which is the functional currency of the charity.
The trustees have assessed the Trust’s ability to continue as a going concern and have reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future.
The significant accounting policies applied in the preparation of these accounts are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b) Funds
All funds are expendable endowments and are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
(c) Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our stockbrokers of the dividend yield of the investment portfolio.
(d) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
9
Docusign Envelope ID: 75AF2192-C155-46E0-8D6D-07598AE2B35B
THE CUNMONT CHARITABLE TRUST
Notes to the Accounts
For the year ended 31 March 2024
1 Accounting policies (cont’d)
(d) Expenditure recognition (cont’d)
Costs of raising funds
The costs of raising funds consist of investment management fees.
Charitable activities
Costs of charitable activities include grants and donations made, governance costs, professional fees and trust management fees.
Grants and donations payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.
(e) Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
(f) Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.
(g) Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
(h) Gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and the carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities and are allocated to the endowment fund.
10
Docusign Envelope ID: 75AF2192-C155-46E0-8D6D-07598AE2B35B
THE CUNMONT CHARITABLE TRUST
Notes to the Accounts
| For the year ended 31 March 2024 2 Income from investments Interest received Corporate bonds Dividends received 3 Expenditure on raising funds Investment management fees 4 Charitable activities expenditure Grants and donations (note 5) Independent Examination Legal fees 5 Analysis of Grants and donations Our Dynamic Earth Outward Bound Trust Edinburgh Science Foundation Engineering Development Trust Make 2nds Count Greenhouse Circle Ripple Effect Fruitmarket Gallery |
2024 2023 £ £ 953 3,239 21,142 16,041 121,452 86,998 |
|---|---|
| 143,547 106,278 |
|
| 2024 2023 £ £ 200 200 |
|
| 2024 2023 £ £ (3,398) 162,500 2,160 3,210 9,239 7,534 |
|
| 8,001 173,244 |
|
| 2024 2023 £ £ - 25,000 (3,398) 17,500 - 5,000 - 12,500 - 6,250 - 6,250 - 37,500 - 15,000 - 37,500 |
|
| (3,398) 162,500 |
11
Docusign Envelope ID: 75AF2192-C155-46E0-8D6D-07598AE2B35B
THE CUNMONT CHARITABLE TRUST
Notes to the Accounts
For the year ended 31 March 2024
6 Trustees' and key management personnel remuneration and expenses
The trustees, who are considered to be the key management personnel, neither received nor waived any remuneration during the year.
The trustees did not have any expenses reimbursed during the year.
7 Fixed asset investments
| Market value At 1 April 2023 Additions Unrealised losses/gains At 31 March 2024 Cost: At 31 March 2024 |
2024 2023 £ £ 6,146,437 5,791,017 - 660,646 776,911 (305,226) |
|---|---|
| 6,923,348 6,146,437 |
|
| 5,517,460 5,522,610 |
Investments which comprise more than 5% of the total portfolio at the year-end were as follows:
| Baillie Gifford Corp Bond Inc. Vanguard FTSE UK Vanguard Life Strategy 100% equity Vanguard Life Strategy 80% equity |
2024 £ 2023 £ 474,114 454,026 552,047 529,897 2,410,151 2,068,519 3,367,616 2,978,324 |
|---|---|
8 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | |
|---|---|
| Accruals and deferred income Grants payable |
2024 2023 £ £ 3,770 2,060 30,000 105,000 |
| 33,770 107,060 |
9 Creditors: amounts falling due after more than one year
| Grants Payable | 2024 2023 £ £ 30,000 60,000 |
|---|---|
| 30,000 60,000 |
12
Docusign Envelope ID: 75AF2192-C155-46E0-8D6D-07598AE2B35B
THE CUNMONT CHARITABLE TRUST
Notes to the Accounts
For the year ended 31 March 2024
10 Related party transactions
There were no related party transactions during the year other than in relation to donations from trustees (2023: £Nil).
11 Donations from Trustees
The aggregate value of donations from Trustees received during the year was £50,000 (2023: £155,500).
13