**Charity number SC021739** 

## **THE TUNNELL TRUST** 

**ANNUAL REPORT & ACCOUNTS** 

**YEAR ENDED 30 SEPTEMBER 2024** 

**----------------** 



## **THE TUNNELL TRUST ANNUAL REPORT YEAR ENDED 30 SEPTEMBER 2024** 

||Pages|
|---|---|
|Legal and administrative information|1|
|Trustees’ report|2-4|
|Statement of Trustees’ Responsibilities|4|
|Independent Examiner’s report|5|
|Statement of Financial Activities (incorporating||
|Income & Expenditure Account)|6|
|Balance Sheet|7|
|Notes to the financial statements|8 - 13|





**Page 1** 

## **THE TUNNELL TRUST ANNUAL REPORT YEAR ENDED 30 SEPTEMBER 2024** 

## **LEGAL AND ADMINISTRATIVE INFORMATION** 

|Registered charity number|SC021739|
|---|---|
|Registered office|The Tunnell Trust|
||64 Brunswick Street|
||Edinburgh  EH7 5HU|
|Independent Examiner||
|Bankers|Bank of Scotland|
||PO Box 1000|
||BX2 1LB|
|Brokers|Brewin Dolphin|
||Sixth Floor|
||Atria One|
||144 Morrison Street|
||Edinburgh  EH3 8EX|





**Page 2** 

## **THE TUNNELL TRUST TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2024** 

The Trustees have pleasure in presenting their Annual Report and Accounts for the year ended 30 September 2024, which comply with the requirements of the Charities & Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Statement of Recommended Practice “Accounting and Reporting by Charities 2005”, and are in accordance with the Trust’s governing document. 

## **Constitution** 

The Tunnell Trust was formed by the merger on 2 June 1999 of the former John Tunnell Trust and the former Young Musicians Trust. It is governed by a trust deed. 

The trust is intended to be a permanent tribute to the memory of the late John Tunnell, O.B.E. and his wife the late Mrs Wendy Tunnell. 

## **Objectives and organisation** 

The main objectives of the Trust are to promote music, to advance the education of young musicians and to develop and improve the knowledge, understanding and practice of music through the recognition and development of music in the United Kingdom and elsewhere. As part of these objectives the Trustees intend to maintain a fund to apply the income in support of young professional chamber music groups at the outset of their careers. There have been no changes to the objectives since the last annual report. The Trustees meet at least three times a year and decisions are referred to the appropriate Trustee for action. The Trust is registered with the Office of the Scottish Charity Regulator as a charitable trust. 

## **Policies adopted to further the objects** 

Each year the Trust holds auditions for young musicians and makes awards. Public performances are arranged for the successful groups. It also holds a Chamber Music Course on the Isle of Coll, Scotland, where musicians are coached by internationally acclaimed professors and perform at public concerts promoted by the Trust. 

## **Trustees** 

The Trustees at the date of this report year are: 


## **Reserves policy** 

The activities of the charity are funded by donations from individuals and companies, based on annual budgets established by the Trustees. The annual income of the Trust is normally utilised in the activities of the year.  The charity selects groups annually and offers them concerts in Scottish Music Clubs.  The charity has designated funds totaling £44,200 for awards already declared but not paid. 

## **Risk management** 

The Trustees have considered the major risks to which the charity is exposed and has established systems to manage those risks. 



**Page 3** 

**THE TUNNELL TRUST TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2024** 

## **Review of activities 2023/2024** 

During the year 22 concerts took place given by our 2022 winners: Kleio Quartet _(string quartet)_ (4), Salomé Quartet _(string quartet)_ (4), Stroud Zhang Duo _(violin & piano)_ (4), Scholfield Clarke Duo _(saxophone & piano)_ (3), Trio Havisham _(piano trio)_ (4) and Lumas Winds _(wind quintet)_ (3) amounting to spending of £21,250. 

Our eleventh Chamber Music Course on the Isle of Coll took place from 29 June to 7 July 2024. Three groups attended: the Quintessential _(wind quintet),_ the Kyan String Quartet and the Morassi String Quartet. They enjoyed coaching sessions with our 5 tutors as well as performance in the 3 public recitals.  Costs for the course amounted to £14,938 (£16,369 in 2023). 

## **Future plans and commitments** 

We hosted our annual London auditions in September 2024. We received 42 applications from young chamber groups. 15 were chosen for audition. Five groups were selected as Award Winners for performances during the 2025/2026 season: Chloé Piano Trio _(piano trio)_ (5 concerts), Hyde Clarinet Quartet ( _clarinet quartet)_ (3 concerts), Intesa Duo _(viol duo + voice)_ (5 concerts), Talos Quartet _(string quartet_ ) (5 concerts) and Trio Archai _(piano trio_ ) (3 concerts). Spending on the Awards Scheme concerts for 2025/26 season was set at £21,450. The number of concerts for the 2025/26 season was agreed at 21. 

The Trust also hopes to promote its twelfth annual Chamber Music Course on the Isle of Coll from 28 June to 6 July 2025. It is expected that the cost of promoting this event will be in line with 2024 at approximately £16,000.  In line with the Trustees’ policy, any other events promoted by the Trust during 2025/26 will only be undertaken where no deficit will be incurred. 

## **Fund Raising** 

The Trust seeks to support its core activities and other promotions by raising funds from three major sources: national charities, commercial sponsorship and donations from individuals.  In 2023/24 generous donations were received from 13 charities. 

Numerous donations were also received from generous individuals during the year.  It is the policy of the Trust to continue to raise funds from these and other sources and other grant making bodies in the future in support of its activities. 



**Page 4** 

## **THE TUNNELL TRUST TRUSTEES’ REPORT YEAR ENDED 30 SEPTEMBER 2024** 

## **Review of financial position** 

The Trust’s direct spending on Young Musicians in 2024 was £48,544  (2023 - £54,686).  This included transporting a grand piano gifted to the Trust to the Isle of Coll for use at future Chamber Music Courses on the Isle of Coll.  The income of the Trust during the 12 month period was £52,346 (2023 - £47,302).  The Trust’s main investments consist of fixed interest British Government stocks, with additional investment in UK Investment Trusts and General Equities managed on the advice of its brokers, Brewin Dolphin. 

Investment income remained steady for the 12 month period at £10,975 (2023 - £11,012).  The valuation of investments at 30 September 2024 was £328,997 (2023 -- £305,621)   Cash in the bank at 30 September 2024 was £31,253 (2023 - £31,855).  The net assets at the end of the period amounted to £354,674 as compared to the net assets at the beginning of the period of £332,695. 

## **Designated funds** 

Total Charity Funds include amounts totalling £44,200 relating to awards for future years. 

This report was approved by the Trustees on and signed on their behalf by 


## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES** 

The Trustees are required by the Charities & Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Trust Deed to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the results of the Trust for that period. 

The Trustees confirm that suitable accounting policies have been used and applied consistently, in accordance with the methods and principles set out in the SORP, and reasonable and prudent judgments and estimates have been made in the preparation of the financial statements for the period ended 30 September 2021. The Trustees also confirm that applicable accounting standards have been followed and that the financial statements have been prepared on the going concern basis. 

The Trustees are responsible for keeping proper accounting records, for taking reasonable steps to safeguard the assets of the Trust and to prevent and detect fraud and other irregularities. 



**Page 5** 

## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE TUNNELL TRUST** 

I report on the accounts of the charity for the twelve months ended 30 September 2024 which are set out on pages 6 to 13. 

## **Respective responsibilities of trustees and examiner** 

The Charity’s Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1)(d) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention. 

## **Basis of independent examiner’s statement** 

My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. 

## **Independent examiner’s statement** 

In the course of my examination, no matter has come to my attention 

1. which gives me reasonable cause to believe that in any material respect the requirements 

- to keep accounting records in accordance with section 44(1)(a) of the Act and Regulation 4 of the 2006 

- Accounts Regulations (as amended), and 

- to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 

- Accounts Regulations (as amended) 

have not been met, or 

2. which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 




**Page 6** 

## **THE TUNNELL TRUST STATEMENT OF FINANCIAL ACTIVITIES (incorporating Income & Expenditure Account) YEAR ENDED 30 SEPTEMBER 2024** 

|**Incoming resources**<br>Incoming resources from generated funds<br>Voluntary income<br>Investment income<br>Bank Interest<br>Incoming resources from charitable activities<br>**_Total incoming resources_**<br>**Resources expended**<br>Costs of generating voluntary income<br>Charitable activities<br>Governance costs<br>**_Total resources expended_**<br>**_Net outgoing resources before other recognised_**<br>**_gains and losses_**<br>**Other recognised gains / (losses)**<br>**Gains / (losses) on investment assets**<br>**_Net movement in funds_**<br>**Reconciliation of Funds**<br>**Total funds brought forward**<br>**_Total funds carried forward_**|Note<br>2<br>3<br>4<br>5<br>6<br>7<br>10|Total Funds<br>Unrestricted<br>Year ended<br>30 September<br>2024<br>£<br>Total Funds<br>Unrestricted<br>Year ended<br>30 September<br>2023<br>£<br>22,611<br>24,314<br>10,975<br>11,012<br>89<br>37|
|---|---|---|
|||33,675<br>35,364<br>18,671<br>11,939|
|||52,346<br>47,302|
|||(4,433)<br>(3,934)<br>(48,544)<br>(54,686)<br>(2,650)<br>(2,650)|
|||(55,627)<br>(61,270)|
|||(3,281)<br>(13,968)<br>25,260<br>(823)|
|||21,980<br>(14,791)<br>332,695<br>347,486|
|||354,674<br>332,695|



The Trust Fund reserves have accumulated through operating activities over the life of the fund and, in the opinion of the Trustees, these funds are unrestricted. 



Pagè 7
THE TUNNELL TRUST
BALANCE SHE
30 SEPTEMBER 2024
2024
2023
Note
Investments
io
328,997
305,621
328.997
305,621
Totolfixed ossets
CURRENT ASSErs:
Debtors
Cash at bank
li
1.524
29,729
1,221
30,566
Total current assets
31.253
31.787
Crèdrcors". amounts falling duÈ within onè yèar
12
15,5711
14,7131
Net current a55ets
25.682
27,074
Net assets
332 695
The funds of the charity:
Unrestrictèd incomè funds
Designatsd funds- Awards Scheme
310,474
44,2
288,945
43,750
13
Total chaiityfvnds
354.674
332,695
Approved by the Trustees on 13 February 2025
and signed on their behalf bv.

**Page 8** 

**THE TUNNELL TRUST NOTES TO THE ACCOUNTS YEAR ENDED 30 SEPTEMBER 2024** 

## **Principal accounting policies** 

The financial statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom, the Charities & Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), and in compliance with Statement of Recommended Practice “Accounting and Reporting by Charities” (revised 2005). 

Awards made to music groups are included in the accounts in the year in which they are paid, on the basis that even where awards for the following year have been decided before the accounting date, they will be made from future income. 

## **Basis of accounting** 

The financial statements are prepared in accordance with the historical cost convention, except for investments, which are included at market value. 

## **Incoming Resources** 

All income is accounted for on an accruals basis. 

## **Expenditure** 

Income of the Trust is applied towards the support of professional young chamber music ensembles, Music Clubs and Arts Guilds in Scotland in accordance with the objects and purposes of the Trust Deed. 

Expenditure is accounted for on an accruals basis, and is classified under the principal categories of charitable and other expenditure in order to provide more useful information to users of the financial statements. Charitable expenditure, governance costs and publicity comprise direct expenditure attributable to the activity. Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with use of the resources. 

Governance costs consists of those costs associated with the governance arrangements of the Trust which relate to the general running of the Trust. 

Irrecoverable VAT is included with the relevant expenditure. 

## **Investment Assets** 

Investments are made at the discretion of the Trustees in accordance with investment powers in the Trust Deed. 

Investment assets are stated at their market value, and surpluses or deficits arising on revaluation are taken to general trust reserves. Brokers’ commission and other costs of acquisition are written off in the year of purchase. 

## **Fund Accounting** 

The Trust fund comprises the accumulated surplus on the statement of financial activities. It is available for use at the discretion of the Trustees in furtherance of the objects and purposes of the Trust as stated in the Trust Deed. 

## **Cash Flow Statement** 

The Trust qualifies as a small entity under the terms of FRS 1 and as a consequence it is exempt from the requirements to publish a cash flow statement. 



**Page 9** 

## **THE TUNNELL TRUST NOTES TO THE ACCOUNTS YEAR ENDED 30 SEPTEMBER 2024** 

|2<br>VOLUNTARY INCOME<br>Albert & Eugenie Frost Music Trust<br>Bernard Sunley<br>CMS Charitable Trust<br>Cookie Matheson Charitable Trust<br>Cruden Foundation<br>D’Oyly Carte<br>Hope Scott Trust<br>Hugh Fraser Foundation<br>Marchus Trust<br>Marigold Whittome Memorial Trust<br>Radcliffe Trust<br>Thriplow Charitable Award Scheme<br>The Misses Barrie Charitable Trust<br>Sundry small donations<br> Gift aid donations including tax recovered<br> Thirtieth Anniversary Appeal<br> Kenneth Robb Memorial<br>3<br>INVESTMENT INCOME<br>Absolute Return<br>Asia Pacific Equities<br>Developed Asia ex Japan Equities<br>Emerging Market Equities<br>European Equities<br>Global Equities<br>Global Index linked Bonds<br>Global Investments<br> Japanese Equities<br>Global Property<br> North American Equities<br> Overseas Bonds<br> Property<br> UK Bonds<br>UK Equities<br> UK IG Corporate Bonds<br> Other Investment Income<br>|2024<br>£<br>2023<br>£<br>3,500<br>2,500<br>3,000<br>0<br>1,000<br>0<br>1,500<br>0<br>1,000<br>0<br>0<br>4,000<br>1,840<br>0<br>2,000<br>0<br>0<br>5,000<br>3,000<br>6,000<br>2,000<br>0<br>0<br>3,000<br>1,500<br>0|
|---|---|
||20,340<br>20,500<br>860<br>1,074<br>843<br>972<br>160<br>757<br>408<br>1,011|
||22,611<br>24,314|
||443<br>515<br>607<br>728<br>299<br>0<br>134<br>131<br>85<br>305<br>389<br>0<br>809<br>0<br>264<br>631<br>210<br>421<br>500<br>0<br>1,588<br>1,910<br>0<br>476<br>37<br>761<br>818<br>1,577<br>2,347<br>2,320<br>1,320<br>0<br>1,125<br>1,237|
||10,975<br>11,012|





**Page 10** 

## **THE TUNNELL TRUST NOTES TO THE ACCOUNTS YEAR ENDED 30 SEPTEMBER 2024** 

|4<br> <br> <br> <br> <br> <br> <br> <br> <br>5<br>6|INCOMING RESOURCES FROM CHARITABLE<br>ACTIVITIES<br>Music Coll<br>Albert & Eugenie Frost Music Trust<br>CMS Charitable Trust<br>Cruden Foundation<br>Headley Trust<br>Marigold Whittome Memorial Trust<br>PF Charitable Trust<br>The Misses Barrie Charitable Trust<br>Other donations<br>COST OF GENERATING VOLUNTARY INCOME<br>Commission<br>Fundraising expenses<br>CHARITABLE ACTIVITIES<br>Awards to music groups<br>Apollo’s Cabinet<br>Bona Fide<br>Broen Ensemble<br>Ensemble Renard<br>Kwon Lim Duo<br>Perseus Duo<br>Haversham Trio<br>Kleio Quartet<br>Lumas Winds<br>Salome Quartet<br>Schofield Clarke Duo<br>Stroud Zhang Duo<br>Music Coll costs<br>Auditions<br>Support costs<br>Administration fees & expenses<br>Bank & broker’s charges<br>Advertising<br>Sundry expenses<br>Coll Piano transport||2024<br>£<br>2023<br>£<br>3,000<br>2,500<br>1,000<br>0<br>0<br>1,000<br>4,000<br>3,000<br>3,000<br>0<br>3,000<br>3,000<br>1,500<br>0<br>3,171<br>2,439|
|---|---|---|---|
||||18,671<br>11,939|
||||4,128<br>3,629<br>305<br>305|
||||4,433<br>3,934|
||||0<br>8,250<br>0<br>6,600<br>0<br>1,200<br>0<br>8,250<br>0<br>1,100<br>0<br>3,300<br>2,950<br>0<br>4,800<br>0<br>4,500<br>0<br>4,800<br>0<br>1,800<br>0<br>2,400<br>0|
||||21,250<br>28,700<br>14,938<br>16,369<br>306<br>283<br>6,600<br>6,600<br>1,570<br>1,661<br>6<br>394<br>655<br>679<br>3,219<br>0|
||||49,544<br>54,686|





**Page 11** 

## **THE TUNNELL TRUST NOTES TO THE ACCOUNTS YEAR ENDED 30 SEPTEMBER 2024** 

|7<br>8<br>9|GOVERNANCE COSTS<br>Consultants’ fees and expenses<br>Independent Examiner<br>The Trust does not have any<br>employees.<br>COMMITMENTS – FUTURE<br>AWARDS<br>The awards are to be made out of<br>future income<br>Season 2023-24<br>Haversham Trio<br>Kleio Quartet<br>Lumas Winds<br>Salome Quartet<br>Schofield Clarke Duo<br>Stroud Zhang Duo<br>Season 2024-25<br>Asaka Quartet<br>Kyan Quartet<br>Piano Phase<br>Trio Arisonto<br>Season 2025-26<br>Chloe Piano Trio<br>Hyde Clarinet Quartet<br>Intesa Duo<br>Talos Quartet<br>Trio Archai<br>_see note 13_|||2024<br>£<br>2023<br>£<br>2,400<br>2,400<br>250<br>250|
|---|---|---|---|---|
|||||2,650<br>2,650|
||||0<br>2,700<br>0<br>4,800<br>0<br>4,500<br>0<br>4,800<br>0<br>1,800<br>0<br>2,400<br>7,800<br>7,800<br>5,200<br>5,200<br>3,900<br>3,900<br>5,850<br>5,850<br>4,875<br>0<br>3,900<br>0<br>3,250<br>0<br>6,500<br>0<br>2,925<br>0<br>44,200<br>43,750||
||||||





**Page 12** 

## **THE TUNNELL TRUST NOTES TO THE ACCOUNTS YEAR ENDED 30 SEPTEMBER 2024** 

|10|2024<br>£<br>2023<br>£<br>INVESTMENTS<br>Market value as at 1 October 2023<br>302,884<br>325,198<br>Acquisitions<br>137,317<br>45,744<br>Disposals<br>(115,579)<br>(53,796)<br>Net gain/loss on revaluation at 30 September 2024<br>1,296<br>(14,262)<br>Market value at 30 September 2024<br>325,919<br>302,884<br>Un-invested funds with stockbroker<br>3,073<br>2,737<br>328,992<br>305,621<br>Historical cost at 30 September 2024<br>310,802<br>292,794<br>Net gain/loss on disposal of investments<br>Proceeds<br>139,543<br>67,235<br>Book value<br>(115,579)<br>(53,796)<br>Net realized gain/loss in year<br>23,964<br>13,439<br>Net gain/loss on revaluation at 30 September 2024<br>1,296<br>(14,262)<br>Total gains / (losses) on Investment assets<br>25,260<br>(823)<br>Holdings which are greater than 5% of the portfolio<br>Investments which comprise more than 5% of the portfolio<br>Fidelity UCITS<br>£35,029<br>Schroder Unit Trusts<br>£17,088<br>Vanguard Funds<br>£34,622|
|---|---|





**Page 13** 

## **THE TUNNELL TRUST NOTES TO THE ACCOUNTS YEAR ENDED 30 SEPTEMBER 2024** 

|11<br>DEBTORS AND PREPAYMENTS DUE IN LESS THAN ONE<br>YEAR<br>VAT recoverable<br>Sundry<br>12<br>CREDITORS: AMOUNTS FALLING DUE WITHIN ONE<br>YEAR<br>Sundry creditors & accruals<br>Other<br>13<br>DESIGNATED FUNDS<br>Although the awards are made out of future income<br>the Charity has designated funds both for concerts<br>postponed because of Covid and concerts planned.<br>Awards made for 2023-24<br>Awards made for 2024-25<br>Awards made for 2025-26<br>Total awards to be paid in 2023-24<br>14<br>TRUST FUND|2024<br>£<br>2023<br>£<br>1,440<br>1,221<br>84<br>0|
|---|---|
||1,524<br>1,221|
||5,571<br>4,605<br>0<br>108|
||5,571<br>4,713|
||0<br>22,750<br>21,000<br>22,750<br>21,450<br>0|
||44,200<br>43,750|
|||



The Trust's investments are in fixed interest British Government stocks, investment trusts, unit trusts and equities, all of which are listed on the UK Stock Exchange.  The investments are managed by Brewin Dolphin Limited. 

The Trust Fund reserves have accumulated through operating activities over the life of the fund and, in the opinion of the Trustees, these funds are unrestricted.