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
Tru*l•
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
B*nk•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 $tatementB have been proparfrd in acc(*dancè wth th• accountin9 polti•s s•1 aut in nole I to Ihg
financial staiéments and cornply vAlh tha Charitys Tnjsl Deed, the Charili8s ano Trust88 Inv8slmènl Iscotlandl Act
2005, the Chfjiilie5 AC￿uniS (Scollandl Regulatsons 2006 las arnendedl and 'Accountsng and Repot1in9 by
Charities.. Stalernent ol Recommended Practice applicable to ch8ntie8 pr¢p&rirbg their accounts in 8ccordance with
the Financial Reporting Standard applicablo in the UK and Rapublic of Ireland IFRS 1021" 19ffective 1 January
20191.
oeJECTIVES AND ACTIVtfiES
Purpos•• of th• ¢harlty
The fundamental purpose of the Trust shall be the encouragemenl ol m?diral r?5¥arch and Ihe r¢lief of 8uffering by
thè dis8bled. the blind. Ihe elderty. the Ill and tho distressed in such manner or w8y as may tts th* TNstÈés, sèam
proper and 1$ regarde¢ in law a5 charilable, including wilhovt prqu(Jice lo the foreg￿ng 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$5',
to consider 8pplicallon8 ftr lunds and to makè grants ol lunds, t•thether by way of regulor grants 01 income,
capitsl Surns, special grants, continuing grants, •ndowm8nt ond malni•nante ol fellgwBhips or any
COM￿￿3110n Ihereof for the fundamental purpose ol Ihis Tnjst and Ihal wh8ih&r dlr•clly or Indlre¢tty Ihrough
•ny othèr Trust tsr Association.
Grant maklng pollcy
Gran15 are awarded based on a strategy which aims to absorbs as n08rfy as prathc8b18 the whole nel investment
and rental incomo on 8 rolllng tsasi5. Prior (0 2013 applichtions lor funding for medical research We￿ received and
pio¢ess¢d on an ad hoc basi5. In 2013 the Trustees decided lo adopt a more slructured appfoach and also lo
aThcourage thos& at the Start ol their careers. To this end, Ihe Trustees from 2014 to 2019 held annual competitions
open to r8search8rs at Scottish UnIv•r5￿.￿S lor sthol8r8hips to lund PhD itudenl$ throughout their pericxj of study.
Appli¢8ts'ons are revlewed by the Twstees. suentific adviser and a panel selected by him for th•ir rel￿￿nt
prole55ional expertise. Their revigWS ore ryrculated lo the Twste85 who make the final decisorr4.
ACHIEVEMENTS AND PERFORMANCE
Summ*ry
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 Compet￿0Th 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. Bre￿t 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 COn￿n￿& cpeialing as a going conearn.
R￿er¥•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$t's porlfolio is Managed by Brewin Dolphin.
Rl•k m•n•gom•nt
The princ*pal risk laced by Ihe Trust lies in the performanc• ol invèstmtnis. Th* Tru5te?s consider variabllily of
Investment retums lo constitute Ihe Trust'5 major finan¢io1 ri$k. This Is M￿gat&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 assUMp￿0n.

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 remunera￿On 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$. the governlng documeni, adrninislrats've procedure5. the
history and philosophical approach of the charity. A new Trustee receives copies ol the previous ytaffs financial
stslernenls, minutes of Trustees, r¢¢gTr1 meetsng8 and a copy of tha OSCR l&allet'Guidance a￿1 Good Pr8¢ti¢o for
Charity Trustèes" If Appropn8te.
Audltor
In accortjance ￿1h lh* wnpany's 8rtlc1ts5, a resolutlon proFKJslng thal FlndlayE Audli Llmil•d be T8appolnted a$
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 confim*d Ihat they have taken appropriate slep5 10
Identlly relevanl in1￿￿natIOn 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 applica￿e 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$t and ol the Sncomlng resources and application
ol resources ol the trust for Ihal y88r.
In preparlng these financial slalements, the truslees are required to..
sdecl 5uilabkg accounting policies and Ihen ap￿Y them consist•nlly',
observe the malhods an¢ pnn¢iple$ 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 $ignific8nt accounting poliues. The financtal reporting framework that ha5 been ap￿led in iheir preparabon
is applicab18 law and Vniled Kin9dom Accounting Slandards, includlng Finaneial RèpLYting Standard 102 The
Financial Reporting Sl8nGlard 4pplicabl? In Ihe UK and Republic ol Ireland (United Kingdom Generally Accepted
Accounting PiacilGel.
In our O￿nion. the financial 3t8temenls'.
give a Iruè and fair view ol the slate ol the charrty'8 affairs as at 5 April 2024 and of its In¢ome and
exp8ndi¢ure account. for the year thon 8ndgd-
have been prop•rfy pmp8rad In 8ccordance wilh Unrted Kingdom Gon•rnlty A￿ePt￿d ACc￿Jn￿ftg Prnetic8'.
and
have been prepared In acccffdance wrth the requlrernenls of the CharltSe$ 8nd Tnjsiee Invesimeni IScoU8ndl
Acl 2￿5 •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 Inde￿n¢￿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 p￿ormed, we have not identrfied any material uncertainl￿S 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 g￿ng
oncern for a peiiod ol at leasl fv46lve months frorn when Iht finanoal slalÈmÈnls arè 8Ulhorised lor issue.
Our reswrnsibililes and th? reSpC￿S1bMrt1es 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 fina￿lat 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 C￿clUsion 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 mater￿1 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 0￿￿10n..
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* pr*paratioTh 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 gC*ing
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￿.0￿S. 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 $olely lo th? charity's trustees, as * body, in aecordanee with regul•lion 10 of the Chariti•s
Accounts (Scollandl Regulations 2006, Our audit work has been undertakèn so that we might slate lo the charity's
trustees tho88 matlers we are required to slate to them in an auditor's rgpgrt and for nc other purp08•. To the full¢•l
extonl permitted by Iw, we do not a￿ept or 8s$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 flnanel*l 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 gginsllkn￿￿1 ￿ inveslrnenty
11,102,902) 11.102,902}
N•t In¢0m￿l*mP•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 p￿Pared 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 Rep￿ing by Charitles". $18tenenl ol Recommended Pr8cts"ce applScable
lo charilies preparing their 8ccounl8 in accordance with Ihe Financial Repwting Standord applicable in the UK
and Repu￿1¢ of Ireland IFRS 1021" (effective 1 JanLtary 20191. The IDJst is a Publie B¢n¢fit En￿tY as defined
by FRS 102.
The Irust has lakon advantage ol lh• provi$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 cor￿lI10n$ 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 di￿1 costs 8nd
sha￿d 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 le￿gnISed 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$o tho aS￿t and s•ttl• the liabillty Blmuhanggusly.
8•*lc Iln•ncl•l •s#•t*
88Blc financiBI 8$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 transact￿n, where Ihtr 1ransacts.on is
measured at thè pra8￿1 v8lug ol the futur8 r8ceipts discounted al a market rale of inle￿$t. Financial assets
classlfied as re￿1vable wllhln one y¢•r 8re nor amort15ed.
#1¢ fin•￿••1 H•blllll•s
Basic financial liabilities. Induding credilor5 and bank loars are initsally rewgnisod ai Iransaction price unless
Ihe 8rr8ngement constltules a financing transaction. where the debt Instrumnt 15 rn•asur8d al the pres8nl
value ol the future payments discounl8d al a m*k81 ral8 01 int•re81. FinaThcial liabililies classifi•d as payablè
whhln one year 8re Thot arnortised.
Debt instrumenls subsèqu8nUy carri9d at Ornortised c05t, uslng Iho offectiv¢ Int¢re$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 cu￿nI 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,$43
Expond￿Ule on Cha￿1•b￿ Mctlvltl••
Grnnt-
maklng
actlvlths
2024
Grant.
maklng
actlvltles
2023
Dlr•et co•1•
Grant furnding of activities (see note 51
366,662
17S.279
Shar• ol Ivpport and gov•rn•nce coBtI l•ee note 61
Svpport
Governance
8,160
10.940
8.390
8.089
385,7fj2
191.758
An•lysl$ 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 ofAberd￿n
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 UniverS￿Y in relation lo an under$p¢nl on a hi5kKic granl award.
The Charity dld not und8rtake Any acllvily dirèdiy but mel ils ch4rti•ble purposes by maklng granls. All grgnts
were awarded to in51ilutions lor medlcal reseaich. Four ngw granls were awarO&Y in the year., other amounts
pay8blglrgc¢ivable were in relation lo existirsg grant awords #ndlor hororarium payments to reviewws.
Support ¢o•l• •llo¢at•d to •rtI¥l￿
1014
2023
SÈcrétari#l fèes
Governance costs
8,160
10,940
8,39)
8,08
19,100
16,479
Anaty••d b•tw••n.'
GT3nl-making 8c(ivits'es
19.100
16,479
2024
2023
Gov•m*nc• co•ts comprlje..
Audil fees
SeLYetwial 188s
8,￿0
2,040
5,992
2,Ce7
10,94Q
8,CQ9
Gov•manc8 eost$ 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 $18led after ch8rgingllc￿ditIngl.'
Fè8$ 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¢¥)8￿08
3SN),321
347,145
70,C￿0
11.436,0821
333,180
807,466
11.102,gJ21
10 Taxatlon
The charity is •x•mpt from t8xation ￿ lis activi￿eS 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 th￿Ugh 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• p￿10110 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 informati￿7 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 vol￿9 ￿ 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¢$tm¢nts it makes to irnplement ils investm8nt
stratogy. The Iru518es mana99 inveslmont risks, inclvding uedit rfsk and rn8ik8t rlsk, wllhin Agr88d risk limits
which are set tAkino Inio 8ccount5 the TnJsl'3 Stralegic Investment ctjeclives. These Investmènt obj8cIivès
and rlsk limits are Imp￿rn¢￿t¢d through thg inve31ment rnanager ag￿ments in place with the Tru$l'8
Inveslment managers and mon110￿d 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• t*lthln ¢)n• y•
2024
3023
Othar cr8dilors
Accruals and deferred income
332,162
19,840
274,952
25,789
352,002
3￿J.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 R￿oUr¢•*
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•s0￿re•l
R•#ourc••
•x￿1)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 Ap￿1
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 ￿n￿l
Unr•strl¢t•d UNr•strlet•d
lunds
lundj
21124
2023
Fund b8￿nCeS al S A4JriI 2024 or? rgpre5ente(I by..
Inve5trnenl p¥operties
Inv•stmenls
CurTent assetsllliablllt￿$j
Long tem li8￿.1111•S
920,000
850,IJ)O
11,557,382 10.870,832
51,849
24,349
1313.6561 1245,1451
12.215.575 11.500,036
19 R•lit•d p•rty tr•vwctlon•
There were no disd09abl• related party knnsacl￿nS durfjng Iho ￿aT12023- none).
20 Non4udSt ••Thlc•• provld•d by audltor
In comrn￿ Wilh many businesses of our Size and nalure w8 us• our audllor lo assisi with thè prèparèiion ol
the financlal stalemeni$.
19-