Charlty r•glstra¢lon numb•r SC013499 (Scotlandl THE CUNNINGHAM TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE CUNNINGHAM TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trul• Ch•rlty numbèr (Scollandl SC013499 Prlncipal addr• Kinburn Castle Double Dykes Road Sl ArKlrews Flf• KY18 9DR Audltor Findlays Audit Limlled 11 Dudhope Terrace Dvnd DD3 6TS Bnk•r• The Royal Bank of Scoll8TrJ 113-115 South st?1 St Andrews KY16 9Q8 SollcStor• Thcrfntons Law LLP Whllehall Htsu$e 33 Yepman Shore Dundee DD1 48J Inv•*im•nt mllnagern Brwn t)olphin 144 Mothson Street Edlnburgh EH2 8BR
THE CUNNINGHAM TRUST CONTENTS P•g• Trusteos, report Statement ot Iru8tees' rtssponsiknlitses kndependont audllorf$ r•port StAtement ol fihoncial activltie¥ 8¥lance sheet 10 Not88 the flnand81 slatemenls
THE CUNNINGHAM TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 The tru6tees present Ihe¢r wnual report and financial 8tst8m8nts for year ended 6 April 2024. Th8 financial $tatementB have been proparfrd in acc(dancè wth th• accountin9 polti•s s•1 aut in nole I to Ihg financial staiéments and cornply vAlh tha Charitys Tnjsl Deed, the Charili8s ano Trust88 Inv8slmènl Iscotlandl Act 2005, the Chfjiilie5 ACuniS (Scollandl Regulatsons 2006 las arnendedl and 'Accountsng and Repot1in9 by Charities.. Stalernent ol Recommended Practice applicable to ch8ntie8 pr¢p&rirbg their accounts in 8ccordance with the Financial Reporting Standard applicablo in the UK and Rapublic of Ireland IFRS 1021" 19ffective 1 January 20191. oeJECTIVES AND ACTIVtfiES Purpos•• of th• ¢harlty The fundamental purpose of the Trust shall be the encouragemenl ol m?diral r?5¥arch and Ihe r¢lief of 8uffering by thè dis8bled. the blind. Ihe elderty. the Ill and tho distressed in such manner or w8y as may tts th TNstÈés, sèam proper and 1$ regarde¢ in law a5 charilable, including wilhovt prqu(Jice lo the foregng generality, and whether by themselves orjolnlly wth olh?rJ'. support research Into the diagnosls, cause. Ire8tmenl and th& prev&nllon of dlsease and Illness and to sypport and encourage facllrties fof Ihe diagnosls, investlgalion, conlrol and trg4ltnenl ol ds$ease and iln8ss", lo assist and COwq)erate with PubliG Bodies, universit$, mfjdlcal pYacts"liongrs 198ner81 or o¢herwisel, wolunt8ry and ch8ritable organiBalion8 and othars in efforts io provide focS11ts88 for furthenng the rolid ol sufièrin9, dlstrèss or illne$5', to consider 8pplicallon8 ftr lunds and to makè grants ol lunds, t•thether by way of regulor grants 01 income, capitsl Surns, special grants, continuing grants, •ndowm8nt ond malni•nante ol fellgwBhips or any COM3110n Ihereof for the fundamental purpose ol Ihis Tnjst and Ihal wh8ih&r dlr•clly or Indlre¢tty Ihrough •ny othèr Trust tsr Association. Grant maklng pollcy Gran15 are awarded based on a strategy which aims to absorbs as n08rfy as prathc8b18 the whole nel investment and rental incomo on 8 rolllng tsasi5. Prior (0 2013 applichtions lor funding for medical research We received and pio¢ess¢d on an ad hoc basi5. In 2013 the Trustees decided lo adopt a more slructured appfoach and also lo aThcourage thos& at the Start ol their careers. To this end, Ihe Trustees from 2014 to 2019 held annual competitions open to r8search8rs at Scottish UnIv•r5.S lor sthol8r8hips to lund PhD itudenl$ throughout their pericxj of study. Appli¢8ts'ons are revlewed by the Twstees. suentific adviser and a panel selected by him for th•ir relnt prole55ional expertise. Their revigWS ore ryrculated lo the Twste85 who make the final decisorr4. ACHIEVEMENTS AND PERFORMANCE Summry No compelitKJnB Were held in 2020, 2021 or 2022 because of the impact of the Co¥ pandemic. In lh¢ Six ygars pfior lo Ihi5, 18 awards lotalliro jusl undef £1,500,OOO'. an average of £83,333 ter award. ond £250,000 ptr annum, werg rnadg. Last yoar's Compet0Th r•$ukod in four awards being made al a COBI of £376.000.' an average of £94,000 per award. Inv•$trn•nt porfomianc• The charity'5 pfirnary fundraising costs are investment managemenl fees. The valu8 of the lunds Jnder managernenl in the year increased ty 6% as lh8 financial markels recovered from the pandemic. Bret and Ihe war in Ukrain&. Thè dvid8nd y181d maIned relatively ¢on8islent at 2.7QA12023- 2.8%).
THE CUNNINGHAM TRUST TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 FINANCIAL REVIEW As at 5th April 2024, tha chafity held total res•Nes of £12,215,575 12023 £11,500,036) all of vh)ith worè unrestricted lor use as Truste&$ fil. The overall value of investments has risen in rasponse to the 9oneral &conornic clirnata. and ther? was a marked incre8so across all incorne slrearns.. particularly in latiOn to dividends receiv8d nn inv•stm8nls. Moving into year end 2026. the ¢h8rily •r financblly ¥18ble and have no oper8ts.onal cernS. Goln9 Conc•rn The Trustees havè no ecrtoms about the chartlls ablllty lo COnn& cpeialing as a going conearn. Rer¥•I pollcy The resetves of the Ttvsl derive liorn ori9ifflal and subsequent capil81 donalion6 logether with the growth In valu• ol inv881ments. The Trustees have adopted a reserves pdicy that ensurès the continuiry ability of Ihe Tru811o meet its obi•div88, whèrèby lh8 unreslrl¢ted funds nDI cornmitted or invosled in invèstment properties and inveslrnents. I'lhe free r85erves"I h8ld by the Tru5¢ should amounl to 3 rmnlhs ol the unresldcied reseNes oxpon¢e(1, which equates £112,267 in gener81 lunds. The l¢vel ol reeli5ed Iree re3erve3 held on 5 April 2024 was £346.313 ond th•y rg currenuy rneeung this policy. F4trthei. th• capit81 lund Is availabl• to b¢ usod in exceptional circum8tsrK•8. Inv••trMnt polley Th• accounl is manag9¢ on 8 discrellon8ry mandate and has Ihe aim ol athievlng a b81anced reium from Income and capital growth. Whilst Ihe TNsi?es hav? not sel 8 rniTrimum income objective for the fund, 11 Is understood Ihjt a reasonable level of income is reqtsired to mèel the Spending commitrnenls of the Charity. In accordance with th& Tw81 Deeil, the Trustees h8ve the power lo Invest In such stocks, shares. invesimenls and property 85 they see fil. The Tru$t's porlfolio is Managed by Brewin Dolphin. Rl•k m•n•gom•nt The princpal risk laced by Ihe Trust lies in the performanc• ol invèstmtnis. Th* Tru5te?s consider variabllily of Investment retums lo constitute Ihe Trust'5 major finan¢io1 ri$k. This Is Mgat&d by r8iainiDg expert investrnenl manag•rs and having a dlversrfied Inve61menl portfc410. PLANS FOR FUTURE PERIODS No ¢hange is pr8s&nlly envisaged in the Twst's strategy and wmp¢tillon8 will tInUe to run biennually in order to continuè meeting Ihg charitable objeclives. STRUCTURE, GOVERNANCE AND MANAGEMENT Gov•rnlng document The Cunningham Trust Is a Scottish Charty, established In 1984 govomod by a Declaralion of Tru51. ed during the year and vp to the date ol sign•tsJw of the finttncial ¥taternents were., R•uultm•nt and appolnlmènl Trustees are nominatel by Ihe existlng Tnjstees and thelr appointmènt confiwmed by a formal deed of assUMp0n.
THE CUNNINGHAM TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Organ15ailon 8tru¢tur• and d•clslon maklng The Trustèes consider the board of Trustees lo be the key management personnel of lh8 Trust, in charg8 01 direcling and contrdling the Trust ard njnning and operating the Trust on a day lo day basis. AJI Tru51ee5 give Iheir Ilme freely and no Trustee remuneraOn or exp8nses were poid in the year. Twslees are quIred lo disc105e all relevant interests an¢J in acwrdance th the Trust'5 policy withdraw from decisions vthe a Cont¢1 of intefesl arises. The Trust 15 a(Jministered under the supervision of the Trustees wl)o meet annually to a8ses8 granl applications 8nd olh8rwise as necessary. Day to day 3dminisiralion is camed out by the Twst's solicitors. Inductlon and tralnlng The Trustees have considorad a pollcy c¥) Trustee Snduction and training prior to new Trustees being appotntod. Thls indudes awareness ol a Tru8lees' responsibllitie$. the governlng documeni, adrninislrats've procedure5. the history and philosophical approach of the charity. A new Trustee receives copies ol the previous ytaffs financial stslernenls, minutes of Trustees, r¢¢gTr1 meetsng8 and a copy of tha OSCR l&allet'Guidance a1 Good Pr8¢ti¢o for Charity Trustèes" If Appropn8te. Audltor In accortjance 1h lh wnpany's 8rtlc1ts5, a resolutlon proFKJslng thal FlndlayE Audli Llmil•d be T8appolnted a$ auditor ol Ihe company wlll be put tst a G¢ner¥l Meeting. Dl$¢l¢¥ur• of IDforynatlon lo •udltor Each of Ihe Iru6188s has confirmed that thèra is ntr infomall¢)n of which Ihey are 8ware whlch Is rebvant to the audit, bul of which the auditor is unaware. They have lurther confimd Ihat they have taken appropriate slep5 10 Identlly relevanl in1natIOn and to establlsh that the audllor15 aware of suc* Inform8110n. The Iruslees, report was approved by the Board of Trustees. 28 October 2024
THE CUNNINGHAM TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2024 The truste95 afe fgsponsiblg fry preparing the Trusto•s' R•pM and th• fin8ndal stalem8nts in accordanc8 Wth applicable law and Uniie¢J Kingdom Accounting Standards (Llnited Kingdom Generally Accepted Accounting Practice). The law applicae lo charilies in Scotland requires thè tru5tee5 lo Pfepare financial slatements for each financial year whith give 8 true and lair wew of the stste ol affairs ol the Iw$t and ol the Sncomlng resources and application ol resources ol the trust for Ihal y88r. In preparlng these financial slalements, the truslees are required to.. sdecl 5uilabkg accounting policies and Ihen apY them consist•nlly', observe the malhods an¢ pnn¢iple$ In lh¥ Ch8ritle$ SORP,. make judgernents and estimates that gr• ia89on8blè and F¢uéenl'. slale whether applScable accounting standards have be6n followed. subjèct to any mal¢rial deparlure8 disclosed and 8xplain8d in th8 flnanei81 stat8mentS', ond prepare the financial stalements on lh6 going conc•m bgsls unL*5s It 18 InapprDpriat? to pr85uine thal the charlty will continue in operati. The truslee5 are r8sponslble lor keoplng suffident a¢¢ouhlng rècords that dlsclose th reasonable accuraw at any time the financial position ol the trust and enab them lo ensure that the flnancl81 statements compty with the Charities and Trustoe Investment Iscouandl Act 2005. the Charili88 Accounts IScotl8ndl ReguLg1ions 2006 la3 amandedl and the provislons of the Injsl deed. They are also responsi• lor sBlègts8rding thè assè18 01 Ihe Iru81 and hence lor taking rfasonable sleps for the Pfevenlion and d8leclion offraud and other irreguladiies.
THE CUNNINGHAM TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CUNNINGHAM TRUST Opinlon We have audiled the finanoal slal•m8nts ol Th• Cunningham Trust Ith8 'tru$t'l lor Ihe year ended 5 Aw"12024 Ythich comprise the statement ol flnanclal activities, the balance sheet and notes to the financial stalements. induding $ignific8nt accounting poliues. The financtal reporting framework that ha5 been apled in iheir preparabon is applicab18 law and Vniled Kin9dom Accounting Slandards, includlng Finaneial RèpLYting Standard 102 The Financial Reporting Sl8nGlard 4pplicabl? In Ihe UK and Republic ol Ireland (United Kingdom Generally Accepted Accounting PiacilGel. In our Onion. the financial 3t8temenls'. give a Iruè and fair view ol the slate ol the charrty'8 affairs as at 5 April 2024 and of its In¢ome and exp8ndi¢ure account. for the year thon 8ndgd- have been prop•rfy pmp8rad In 8ccordance wilh Unrted Kingdom Gon•rnlty AePtd ACcJnftg Prnetic8'. and have been prepared In acccffdance wrth the requlrernenls of the CharltSe$ 8nd Tnjsiee Invesimeni IScoU8ndl Acl 25 •nd regulalion 8 ol Ihe Charitie5 Accounts (Scotlandl Regulaiions 2006 las amend8dl. 8a•l• for oplnlon We conducted our oudil In accordance with Inlernab'onal St8ndards on Auditing IUKI IISAS IUKII and bpplieable law. Our responsibilities under Ihose standards are furthèr deseribed in th8 Audiloes spOnsibl11118S lor lh* audil ol the financial stalernents section ol our report. We are Inden¢ent of Ihe trust In 8¢cordance wlh Ihe ethical reqLtirem&nts Ihat ara relevant Io our audil ol the financial statements In Ihè UK, ineluding the FRC'S Eihicjl Standard. and the provlsion$ 8v8ilable for srnall enlilies. in Ihe circumstanc8s $01 out in nol8 20 to tho finaneial 51aternents. and wg have fulfilled our Oiher eihical respon&.litIeS In accordanc6 wlh these requirernents. We believe Ihat the audil evldence w6 havtr oblalned 1$ suffi¢i¢nt and approprlale lo provide a basls for our opinion. Conelu•lon• Y•l•tln8 to golng Gonc•rn In auditing the finaneiol siettsments, wè havo conduded Ihal ¢he Iwslee?. u8e of the going concem basie ol accounling in Ihg prgparatlon of Ihe finanrial 6tatgm&nts Is approprtat•. Based on tht K)rk wts hovg pormed, we have not identrfied any material uncertainlS r¢laling lo ¢venls ov condltK)n6 that, indivSdually or coll•ctlvaly, may 6t slgnificant doubl on the trust's ability lo conllnue as a gng oncern for a peiiod ol at leasl fv46lve months frorn when Iht finanoal slalÈmÈnls arè 8Ulhorised lor issue. Our reswrnsibililes and th? reSpCS1bMrt1es of the trustees wilh rèyct to golThg conctrn ar¢ dtr¥csibed in the r8levanl sections of thls mpjrt. Olh•r Inforniatlon The other Inlomiauon comprls8s Ihe information Included in Ihe ann¢Jal report other than th8 finalat stal8rn8nls aTrd our auditor's report lhere(. The truslefjs are responsible for Ihe other informatloTh conlained wilhln the annual report. Our opinion on the finan¢ial statements doe5 not cover tho other information and we do noi exwesg any fom) of assurance CclUsion thereon. Our responskn'llty is to raad th• oihèr Informatson and, in doing so, consider whether Ihe olher inforrnauon 15 materially Inconslslent wlth the fSnanclal statemenis or our knowledge obi8irned In the course of the Budit, or otherwise 8ppears to be materially misstated. 11 we identrfy such mater1 inconJi¥l?nc4e8 or apparent malenal misslaiernents, we arg required to determing whether this givès rise to a malerrdl mis5tat8m8nt in the finanaal ststements th¢rnselvo$. If, based on the work we have performed, WB condude that thère Is a material misslatement ol thi5 her Information, we ¥Te required lo report Ih8¢ lacl. VV8 hav& nothing to rèport in this regard.
THE CUNNINGHAM TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CUNNINGHAM TRUST M•tt•r on T•thi¢h we •re required to report by exc•ptlon We have nothing tts report respeel ol the lollowing rnatter5 in r8lation lo vthich the Charities knounts (Scotlandl Regulaticns 2006 las amended) qUIre us lo report to you If, tn our 010n.. Ihe inlorThation given In the ffinancial statements is inconsi6tent in any maierial SpecI wllh the trusie&s' port., or propar accounting records have nol been kepl,. or lh8 financial statements arg not in agr$ern8nt wlth actountlng r4cord8', or w• have nol roeeived all thè inlomatlon and exF4anatioThs we r&quire for our audil. R••pon•lblllll•• ol tru•te•• As explained more bjlly irn th• stat•m•nt ol truslees, respon$ibilitie5. the trustees are responsible for th& Pfeparation gf lh8 fin8ncial statemen15 and lor being saiisfied that they givè a tm8 8nd f4lr view. and for Such internal control as tho Irustees detemiine is necessary to enable th prparatioTh of flnan¢4al slatgmen¢5 that are free from material missiatgmvnt, whether due to fraud or •iror. In pr8paring th$ financial statemgnls, the trustees are responsible for assessing th8 trnst's atslity to continue as a going concern, (Jisclosing, as applicable, mallers rèl&t8d to gCing concein and tsslng tha going G¢nwn basis of accounllng unless the trusiee6 either intend to cease eratIons. or have no realistic ahernatlV8 but to do so. Audltorfs r•iponilbllltl•s for th• •udlt of th• fln•ncl•l •tat•m•nts We hav8 been appoinled as a¢Jditor undar soclion 4411 Ilcl of the Charits'4s and Trusie8 Invgslmfrnt (Scotlandl Act 2005 ond report In accordance with the Act and relevant regulatlons made or hovlng effe¢1 Ihereunder. Our oblectlv8$ affj io obialn reèsonable assurance about whether the flnand81 statem8nls as a are free from rnglerial migslalemenl, whethér due to Ir8ud or error, and to iJsue an 8uditorf& report that includes our oplnion. R8asonable assurance 15 a high level ol assurane8 but Is not a guarantge that an audit conducted in accordance wilh ISAS IUKI will always delecl a material rnlsstai8ment wh8n It oxisls. Mlssi8lèmènts can aris8 from fraud or ewror and 4re conjidered rnateiial if, individually or in the aggregate, Ihey could reasonably be expected lo influ8nce th8 oconomlc d•clsions of usorg lak•n on the basi5 01 these financial slalement6. Irrtrgulgrities. induding Iraud, are Instances of non-com lane• with laws and r•gUla.0S. We design procedures in Ilne wllh our responsibilitle5. OUtllne¢J above, lo detect materlal mlsstatemants In respect of iiregulanlies. Includlng fraud. The exlent to which our procedures a capable of delecling Irregularities. Includlng Iraud, is rJei8iled txlow. The audit teom has 8ppropriat¢ $kills and ?xpertise fequired and through discussicns wllh managemtrnt and trustees 8nd knowledg• ol th8 s•clor to ansure any non-cornpliance is r8cognised 8nd all necessary dlsclosures are made. The controls in place help the charity mrtigate the nsk ol fraud and al80 aids Ihern In highlighting any inslancg5 ol fraud thal may occur. The key procedur¢s wt und•rtook 19 deted Irreguladlles induding fraud during the course ol the audit inGlud¥d'. Making enquiries ol management Mnd Trust•89 About Any known or suspecled instances of non- Gompliance with18ws and regulations and fraud.. Enquiries ol managemenl & tnjslees as to whether they eonsider there Is a susc*pkn"bilily to fraud and th8if knowledge ol how actU81, suspected and alleged fraud may occur., Reviewing mlnutas of b08rd mèeling5', Reviewing correspondence and inspectlon report¥ frorn regulator5 including OSCR.. Review of any areas where there is potanlial ol mana9&rnent bi?$, larg¢ & unusual transactions and Ihe risk of undisdosed related pa'eS., Performed analytical procedure5 to idents'fy any unusual Iransactions.. Audiling the n5k ol mana9emgnl ovgrride of controls. Because of the fiekd In which the charlly operates in. WO Mygntified lh& lollowlng areas 8$ those rnost likety to have a material impacl on the ffin8ncial sta¢ements.'
THE CUNNINGHAM TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CUNNINGHAM TRUST Direct impact on financial slatem&nts'. FRS 102 SORP 2019 Indirect impact on fin•nci41 stslemènl$'. GDPR Charity Tru81 Deed Owin9 to the inherent lirnilalions of an audil. Ihèro 18 unavoidable risk that some rnal•rial n)i8slatemenl$ in th¢ financial 51alemen15 may not be detected, even though the audit 15 properly planned and performed in 8c¢ordance with the ISA$ ILIKI. For instance. the further removed non-compliance Is from the events and IransaciKJns reflected In the flnancial slalemenls, Ihe less likely the aulilor Is lo become aware of it or lo recogni5e the non-Gompli4ri¢o. A lurth•r de$criptlC•n of our responslbililies Is avallable on the Financial Reporting Councll's webslle al.. https',11 www.Ir¢.org.ukJaudilor5re5ponsibililies. Th15 desGriplion form$ part ol our audilof's report. U•• ol our r•port This report 1$ made $olely lo th? charity's trustees, as * body, in aecordanee with regul•lion 10 of the Chariti•s Accounts (Scollandl Regulations 2006, Our audit work has been undertakèn so that we might slate lo the charity's trustees tho88 matlers we are required to slate to them in an auditor's rgpgrt and for nc other purp08•. To the full¢•l extonl permitted by Iw, we do not aept or 8s$umo respontyibilily lo anyone othèr than the ch8rfly and Ihe Charity, Iru8te&s 98 a body, lor our •udll work, for thi$ roport. or lor the oplnlon8 we h•v• form&d, Flndlays Audlt Llmlt•d Statutory Audltor 110udhop• Terrace Dundee DD3 6TS 28 October 2024
THE CUNNINGHAM TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT R)R THE YEAR ENDED 5 APRIL 2024 Curr•nt Ilnanclal yoar Unr••trl¢i•d Unr••trlcted fvnds lund• g•n•rJl capltal 2024 X124 Totsl Tot•1 2024 2023 Mot•• Incom• from: Inv8Strnents 357,142 357,142 343,301 Totsl In¢om• 357,142 357,142 343,301 exp•ndltvr• on: Raising funds Chartlable activllYd5 11.032 385.762 52,275 63.30T 385.762 73.543 191.758 T¢)t•l •xpondMurn 396,794 52,275 449,069 285.301 Nèt gAIn(lo$S¢s) on investrnents 807,466 807.466 11,102,902) M•¢ InvJm•ll•xp•ndlturnl and rno•Am•nt in lund• I39.2) 755,191 715,539 11,024,902) R•con¢lll•llan ollund•'. Fund balance5 816 April 2023 385,965 11.114.071 11,500.036 12,524,938 Fund bal•ne•• at 5 Apdl 2024 346.313 11,869,262 12,215,575 11.SC4),038 The stalamèni of flnanclal adivltles include5 all gains and losses recognisad In th8 ar. AJI incom and •xpenditure derwe from continuing activities. The note8 on pages 11 to 19 form part ol Ih&str finandal slal?monl$.
THE CUNNINGHAM TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Prlor flnanell y•ar unl••t¢t•d Unr••trlct•d funds fvnd• n•ral capit•l 202J 2023 Total 2023 Not•a Incom• from.. Invtstm?nts 343.301 343,301 Total Ineom• 343.301 343,301 exp•ndrtur• on: R8isirvJ funds Charitable acth'vlties 9,311 191,758 84,232 73,S43 191,758 Tot•1 •xp•ndltur• 201,069 64,232 265,301 Nat gginsllkn1 inveslrnenty 11,102,902) 11.102,902} N•t In¢0mlmP•ndIlUr•l and mov•rn•nt In lund• 142,232 11.1fj7,1341 11.024,902) Reconclllatlon ol fund•: Fund b8lancg8 al 6 Aprll 2022 243,733 12.281.205 12.524,938 Fund b•l•Trc•8 at S Aprbl 2023 385,965 11.114.071 11.500,036
THE CUNNINGHAM TRUST BALANCE SHEET AS AT 5APRIL 2024 2024 2023 Not•• FSx•d a•MIs Invèstment prop8rty Inv8slmentS 11 12 920,000 11.557.382 850,(MJO 10,870,832 12.477,382 11.720,&72 Cufftint a•wts Debtors Cash 8¢ bank and In hand 13 9.144 394,707 4,325 320,765 403,851 325,090 Cr•dllor•: •nount* f•lllng du• wlthln on• y•ar 14 1352,0021 1300,7411 M•t curr•nt •s••t• 51.849 24,349 Tot•1 ••Mt• l••• curr•nt Il•bllltl•• 12,529,231 11,745,181 Cr•dltorn: amount• falllmg du• •n•r mor• than on• y••r 15 1313,6561 1245,1451 12,215,575 11.500.038 Th• ftpnd• of the tru•t Unrestncted lund5- 98ngrpl Unr•strictgd lunds. capilal 346,313 11,869,262 38S.965 11.114,071 17 12,215,575 11.SOO.036 The notès on pagès 11 to 19 Icfm part ol these financi81 slat•m•nl8. The financiol statements wer8 approved by the Iru$lees on 28 Oclober 2024 10-
THE CUNNINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Aeeounting pollc Charlty Inforniatlo The CLJnningh8rn Trusl is a Scollish charilabk trust registerèd wlth OSCR (charity number SC0134991. The princik4¢ aiJ(Jre55 is Kinburn Castle. Double Dykes Road, StAndrews, KY16 9DR. 1.1 Ac¢ountlnq conventlon The financlal slalements have been pPared in accordance wllh the charills Tru$1 D*gd, the Ch8rftles and Trustee Investment Iseotlandl Act 2005, the Charities Accounts (Scotlandl Regulations 2006 la5 arn¢ndedl, FRS 102 "The Finanual Rèporting Standard appllcable In the UK 8nd Republic of Ireland. I"FRS 102.1 and Ih? Charlties SORP"Accounling and Reping by Charitles". $18tenenl ol Recommended Pr8cts"ce applScable lo charilies preparing their 8ccounl8 in accordance with Ihe Financial Repwting Standord applicable in the UK and Repu1¢ of Ireland IFRS 1021" (effective 1 JanLtary 20191. The IDJst is a Publie B¢n¢fit EntY as defined by FRS 102. The Irust has lakon advantage ol lh• provi$ion$ #) th• SORP lor ¢hariti¢$ nol to PTep8re a Statement of Cosh Flows. The flnanclal slotements are prepartra In $18rting, whlch Is Ihe fijnctlonol currency ol ihe iNsl. Montlary amounls in these finanrial staternent5 are rounded to the ne8res1 £. Th¢ finandal Al•l¢rn¢nl$ have been prepared under th• hlstorical Cost convonts'on. modifi¢d to Include the i•valuation ol frethold properties and lo include inv8Stm8nt propèrtias and c•rt8in financial instrLwnen15 al lair value. Th8 pnn¢lp81 accwnting pollcies adopled a set out bekjw. 1.2 Golng conc•rn At Ihe time ol approwing the finan¢ial 31Blernen15. Ihe liustees have a reasonable expe¢taiion that the trust has adequale resourees to eontinue In op¢rabon81 existence lor the lore3eeable future. Thus Ihe trLL8l¢es conlinve lo adopt the going concem basis of accounting in preparing Ihg financial statements. 1.3 Ch•rlt•bl• funds Unfestricied funds ar8 available for use 81 the discrebon of the Iruslees in furthefance ol their tharitablè objecllves. Capital (unds are monias Iwld in inv95trnenls wilh an alm lo generate dividend Income. 1A Incom• In¢orne is ¢09Th8ed when Ihe Ivust is le9ally ents¢d lo rt Jfter any performance corlI10n$ have been Mel, th• amounts be measured reliably, and it 18 probabl• ihat inCDm• will be rec8iv•d. 1.5 Expenditur• Expenditure Ts reeognised onct there is a legal or con51ruclive obligation lo transfer economic b8nèflt lu a thlrd party. it Is probabl6 that a transfèr ol economic benefits will be required in settlement. and Ihe amount of the obligation can be measured reliably. Exp8Thditurè Is tJ85sified by activity. The costs of each activity are made up of the total of di1 costs 8nd shad costs, including SUPFXXt costs involved in undertaking each acllvlty. Secretarlal •xp¥n$8s are spllt befvleen support and governanc¢ on the following baws.. Suwjort cosls.. Gov¢rnon¢g wsts.. 80% 20%
THE CUNNINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting polici•8 Icontinuedl 1.6 Inwstm•nt wop•rty Inveslrnent prop8rly. ¥iCh is property h81d kn 8am rentals andlor lor eapilal appreciation, is initially recoanisecs al c05t. whith Includes the purchas& cost and any dlrecuy attributable expendiiur8. SuOsèquènUy It is mèasured #t fair value at the repo.n9 end datè. Th¢ surplus N deficit on revaluation is ieojgnised in profil of loss. 1.7 Flx•d •88•t Inv•stm•nts FIx8d 8sset Investments are initially m•asurnd Al trans#dion price excluding transaetion costs, ond are subsoqu¢nlly rnga$ured al fair value ai each repornng dai8. Changes in lair value are recognisèd in n$1 incomellexpenditurel lor tho year. Transaciion costs are expensed as incurred. 1.1 Cash and ca•h •qulv•l•nt• Cash and cash equivalenis indudtr ca¥h In hand, dep031t8 held ot cbll with bank¥, other 8hort4erm Ilquld Invèstmenls with original malur+lies of thrè8 months or1•s9, ?rnd bank ov8rdrafts. Bank ovordr8fts ar• shown wllhin borrowing5 in cvrrenl liabillts'es, 1.9 FlnancSol In•trumEnt• The Iru51 has ¢leGled lo apply the provisions of Secllon 11 '8asiG Financlal Inslnjrronts, and Seclbn 12 '01hor Financial Instrumants 1$sues' of FRS 102 to al of ils financial instruments. Financial inslrurnenls are legnISed in the Irusi's balanrA sheet %then the trusi becom•s paty lo the ¢ontr8clu81 provisions of the instrument. Financlal assels and li8bllilles are oflset, wllh the nel amounts presanied In thè financlal slalements. when Ihere is a legally enforceable right lo set off the recognised amounts and there 15 an sntention lo sellle on a net ba$ or lo rg¥li$o tho aSt and s•ttl• the liabillty Blmuhanggusly. 8•lc Iln•ncl•l •s#•t 88Blc financiBI 8$sels. which indude dèbtors and cash •nd bank balancas, ar8 inil18lly mtè5ured 8t Iransa¢iion prlce Including transactlon costs and are suOs6quenly caNled at afflcKtised cost using the effecliv& inleresl method unless the arrangemenl constitutes a ffinancing transactn, where Ihtr 1ransacts.on is measured at thè pra81 v8lug ol the futur8 r8ceipts discounted al a market rale of inle$t. Financial assets classlfied as re1vable wllhln one y¢•r 8re nor amort15ed.
1¢ fin•••1 H•blllll•s
Basic financial liabilities. Induding credilor5 and bank loars are initsally rewgnisod ai Iransaction price unless Ihe 8rr8ngement constltules a financing transaction. where the debt Instrumnt 15 rn•asur8d al the pres8nl value ol the future payments discounl8d al a m*k81 ral8 01 int•re81. FinaThcial liabililies classifi•d as payablè whhln one year 8re Thot arnortised. Debt instrumenls subsèqu8nUy carri9d at Ornortised c05t, uslng Iho offectiv¢ Int¢re$l r8le melhod. Trade creditors are obligations to pay for gDods or Services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified os cunI liabilities if payment is wilhin one year or le55. If not, they are presented as non.curienl liablliliès. Trade creditors are recognised initially at transaaion prl¢e and subsequenuy measured al amortised cost using Ihe ettectyve Interest method. Derecognltlon ol fin•ncl•l Ilablllths FinanciBI liabilits'es aro derecognised when the trust's contractU41 obligaiions expire or 8Te dlscharged or ncelled. 12-
THE CUNNINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Incom• from Invmtmonts Unr••trl¢l•d Unr•$tri¢t•d fvnds lund• 2024 2023 Ren181 Income Incorne from listed inveslmenls Interest receivabkry 48,042 307,559 1.541 41,3 301.B27 174 357,142 343.301 R•l•lng funds Unr••trlct•d Unv••trict•d fund• lund• g•neral ¢Jpltal 2024 2024 Totsl Unr••trlGt•d Unr••lrlrA•d fund• lund• g•n•r•l capltal 2023 2023 Tot•1 2024 2023 Fundr8i$ing and pu$clIy'. Olher lundrnisng C0818 11,032 11,032 9.311 9,311 Investment management 52,275 52.275 64,232 64,232 11.032 52,275 63,307 9.311 64.232 73,$43 ExpondUle on Cha1•b Mctlvltl•• Grnnt- maklng actlvlths 2024 Grant. maklng actlvltles 2023 Dlr•et co•1• Grant furnding of activities (see note 51 366,662 17S.279 Shar• ol Ivpport and gov•rn•nce coBtI l•ee note 61 Svpport Governance 8,160 10.940 8.390 8.089 385,7fj2 191.758 An•lysl$ by fund Unrestricted funds- genernl 385,762 191.758 13-
THE CUNNINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Gr•nt payablg 2024 2023 Grants to InsiiiuUons17 grants).. Unlver51ty ol Sirathclyde Unlv8rslly ol Dund•o Unlver5ily of StAndrews University ol Glasgow Universlly of West ol Scotland Queen Morgarel University Universlty ol Edinburgh Vniversrty ofAberdn Other 271.241 102.038 10.319 1,230 3,6 13,938 1,8LK¢ 1,8CQ 147,481 120,1661 2.000 4,860 366,662 175,279 Three grants were aw8rd•d to Slrathclyde Unlv•r8ity in YE24. A balanc• was returned from Edinburgh UniverSY in relation lo an under$p¢nl on a hi5kKic granl award. The Charity dld not und8rtake Any acllvily dirèdiy but mel ils ch4rti•ble purposes by maklng granls. All grgnts were awarded to in51ilutions lor medlcal reseaich. Four ngw granls were awarO&Y in the year., other amounts pay8blglrgc¢ivable were in relation lo existirsg grant awords #ndlor hororarium payments to reviewws. Support ¢o•l• •llo¢at•d to •rtI¥l 1014 2023 SÈcrétari#l fèes Governance costs 8,160 10,940 8,39) 8,08 19,100 16,479 Anaty••d b•tw••n.' GT3nl-making 8c(ivits'es 19.100 16,479 2024 2023 Gov•mnc• co•ts comprlje.. Audil fees SeLYetwial 188s 8,0 2,040 5,992 2,Ce7 10,94Q 8,CQ9 Gov•manc8 eost$ Inc$ payments to Ihe auditors of £8.90012023 - £5,992) for audit fees. Included wiihin the YE24 fees Is an undw-afjcrual for YE23. 14
THE CUNNINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 N•t mov•M•nt In funds 2024 21123 nat mov•monl in funds is $18led after ch8rgingllcditIngl.' Fè8$ p8yBblè for the audit of th• charityg finanaal stal•m•nl• 8,900 5,992 Tru•to•• None of the tyusl8Ès lor 8ny persons connecled wllh thernl received any remuneration or benefits from th trust dunrrfJ the year. No Trusttses were reirnbursed for 8ny expenses in either year. Galn• •nd lo••e• on Inv••tments Uny••trl¢t Unr••trlcl•d fund• lund• capltal 2023 2024 G•lnsll1055?sl aiislng on. R8valualSon of inv8slm•nts Sale ol Investrnents R8valuatlon of invastrn•nt pr¢¥)808 3SN),321 347,145 70,C0 11.436,0821 333,180 807,466 11.102,gJ21 10 Taxatlon The charity is •x•mpt from t8xation lis activieS because all its Income Is applled loi tharilable purposes. 11 Inv••tm•nt prop•rty 21)24 F•lr valu• At 6 April 2023 Nel gains or Ios888 thUgh fair v8Iu8 adjuBtrngn¢s 850.wo 70.000 At S April 2024 920.0 Investrnènt propèrty comprises ol 93C Markel St & 68 Mark8t St. St Andrews. Scotland. Prolessional valLtations werè eamed out In January 2024 on both ol the Charity's investsnent properties by Shepherd Chartered Survoycws on an Op rna$t value for existing use baws.
THE CUNNINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 11 In¥eslm•nt wop•rty IContlnu•d) If investrnent properti98 worg slated on an hi8ioric41 Cost b8818 rathèr than a fAlr vAluè b88is, ts 8mounts would hav• bèen included as follows.. 20Z4 2023 Cost Accumu18t•d d•pr8ciatro) 292,370 292.370 Carrying amounl 292,370 292.370 12 Flx•d ••••t In¥••tm•hts Ll•t•d lrni••trn•nt• C••h In portfollo Tot#1 CoAt or v•lu•tlon Al 6 Aprtl 2023 Addldons Valuauon changes Other cost movam8nls Dl8pos#I8 10.629,6a4 10,870,832 2,915,079 6,458,743 390,321 39),321 2.355 2,355 12,S99,1591 13,565,710) 16.164,869) 241,148 3,483,864 At S April 2024 11,398,280 159.102 11.557,382 Carrylnq amount Al 05 Apiil 2024 11,398,280 159.102 11.557,382 Al 05 h4iil 2023 10,629,684 241.148 10.870,832 Th• tru•tM• eonildttr Indlvldu•l hgldlnq• In •xG•6• of 5% of th• p10110 valu• to b• m•t•rl¥l, 114t•rlal Int•r•sls ty v•lu•: 2024 2023 BROWN ADVISORY FUNDS VANGUARD FUNDS PLC FIDELITY UCITS SSGA SPDR 828,389 1,(X)0.626 718.296 578,976 16-
THE CUNNINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 12 Flxgd a¥•et Invostments Icorbtlnu•dl Inv•$lm•nt rlslr$ FRS 102 requires Ihe disclosure of informati7 in relation lo wiain Inve51rnenl risk5, These risks are set out by FRS 102 gs lollow8'. Credit risk.. this 15 the risk Ihol one party 10 a fjnanclal Instrument 11 cause a flnanclal10ss for the other party by lailing to di8cherge an obligation. Markel risk.. thls comprlses currency risk. interest rale risk and olher pnce sk CvThency risk.. thls is th8 risk that tha falr vol9 future ¢88hnowB ol a financial asset wll flucluale because of Ihe changes in markel interest ratès Inlwo8t ratè risk.. thi81¥ the risk Ihat the lair value of futu cashfl)w9 01 a finan¢ial J33•1 will IluctrJgle becJu8e of changes In Markèt Inler•sl rat8S The trust ha5 exposure to these risks beuuse ol th¢ inv¢$tm¢nts it makes to irnplement ils investm8nt stratogy. The Iru518es mana99 inveslmont risks, inclvding uedit rfsk and rn8ik8t rlsk, wllhin Agr88d risk limits which are set tAkino Inio 8ccount5 the TnJsl'3 Stralegic Investment ctjeclives. These Investmènt obj8cIivès and rlsk limits are Imprn¢t¢d through thg inve31ment rnanager agments in place with the Tru$l'8 Inveslment managers and mon110d by the Tru5t885 by regular reviews of Ihe investment portfolw. Curnncy rljk The Charlly is subject lo euryeney rlsk beeausè 80rn? ol Ihg Charitys inveslrr*nls ar8 h•ld In owtS•8S markets vla the pooled Inveslmenl vtshicl8s. Al tht year end, rhe Ch8dty's exposure lo funds investing In overs¢a$ 59¢urilie8 was E6,591,24712023. £5,841,060). Int•r••t r•t• wl•k Th¢ charily is subject lo inleresl rate risk through investments compvi51ng bonds. Al the year end Ihe Charity's •xpostJrè lo lund3 investino in bonds was £1,382,14812023- £964,904). Olhr prlc• rlik Oiher pfice risk 8riSe5 princlpally in relation to eouitr8s held In poolèd vèhi¢l&s. The Charity Trwr¢ages this ¢XP95ure to olher price risk by construcllng a diverse portfolio of invo51fflen15 across various mafkels. At Ihe y8ar ortd thp funds exposuie lo Ihe5e lunds was £3.424.88612023- E3.823.7191. 13 D•blor• 1014 2023 Amounts l•lllng du• wlthln on• y••r. Othèr dèbtors 9,144 4,325 17
THE CUNNINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 14 Credltorn: •rnounls falmng du• tlthln ¢)n• y• 2024 3023 Othar cr8dilors Accruals and deferred income 332,162 19,840 274,952 25,789 352,002 3J.141 15 CY•dltor: llrnovnt¥ f•lllnq due aft•r morn than on• y•ar 2024 1023 Other creditors 313,e56 245,145 11 Unr••trfct•d fund• rh• unrè$trlctgd funds tsl the charity cornpri6e Ihe unexp•nd8d b81anc•s of donations and grBnl¥ which Bre not sutsiect to speciflc ¢ondlllOn$ by dontsrs and grantor5 as lo how they may b8 used. At 6 Aprll 2023 Incornlng RoUr¢•* r••our¢•• •xp•nd•d At S Aprll 2024 G•n•ral lunds 38S,965 357,142 1396,7941 346,313 Pr•v10 y••r: At 6 Aprll 2022 Inc¢>mlno r•s0re•l R•#ourc•• •x1)I•d At 5 Aprll 2023 General lunijs 243.733 343.301 1201.0691 385,965 17 Unr••trlct•d fvnd• * cwplt•l Thes& are unrestriGted fund5 whiGh are malerial to Ihe tru5l'$ activities. At 6 Aprti 2023 O•ln• and Al 5 Aprll 2024 oxpond•d Caprtal Fund 11,114,071 152,2751 807,466 11.869,262 Pf•vious year., At O Ap1 2022 Rèsources Expended GalnB and At S Aprll 2023 12,281.20S 164,2321 11,102,902) 11,114,071 18
THE CUNNINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 18 An•lysl• of net jssets b¢tween nl Unr•strl¢t•d UNr•strlet•d lunds lundj 21124 2023 Fund b8nCeS al S A4JriI 2024 or? rgpre5ente(I by.. Inve5trnenl p¥operties Inv•stmenls CurTent assetsllliablllt$j Long tem li8.1111•S 920,000 850,IJ)O 11,557,382 10.870,832 51,849 24,349 1313.6561 1245,1451 12.215.575 11.500,036 19 R•lit•d p•rty tr•vwctlon• There were no disd09abl• related party knnsaclnS durfjng Iho aT12023- none). 20 Non4udSt ••Thlc•• provld•d by audltor In comrn Wilh many businesses of our Size and nalure w8 us• our audllor lo assisi with thè prèparèiion ol the financlal stalemeni$. 19-