Charity number SC021739
THE TUNNELL TRUST
ANNUAL REPORT & ACCOUNTS
YEAR ENDED 30 SEPTEMBER 2025
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THE TUNNELL TRUST ANNUAL REPORT YEAR ENDED 30 SEPTEMBER 2025
| 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 - 12 |
Page 1
THE TUNNELL TRUST ANNUAL REPORT YEAR ENDED 30 SEPTEMBER 2025
LEGAL AND ADMINISTRATIVE INFORMATION
| Registered charity number | SC021739 |
|---|---|
| Registered office | The Tunnell Trust |
| 64 Brunswick Street | |
| Edinburgh EH7 5HU | |
| Independent Examiner | Anson Clark, MA, FCA |
| 11 Dean Bank Lane | |
| Edinburgh EH3 5BS | |
| 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 2025
The Trustees have pleasure in presenting their Annual Report and Accounts for the year ended 30 September 2025, 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: Christopher J Packard Tom Chadwick (secretary) David W S Todd (treasurer) Fraser Gordon (joined January 2025) David McLellan Andrew Scott Philippa Tunnell William Tunnell (chairman) Jeremy Young (retired January 2025)
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 £46,575 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 2025
Review of activities 2024/2025
During the year 22 concerts took place given by our 2023 winners: Asaka Quartet (string quartet) (6), Kyan Quartet (string quartet) (4), Piano Phase Duo (piano, 4 hands) (6) and Trio Arisonto (violin, horn & piano) (6) amounting to spending of £21,450 (£21,250 in 2024).
Our twelfth Chamber Music Course on the Isle of Coll took place from 28[th] June to 6[th] July 2024. Three groups attended: CATIL Quintet (wind quintet), Trio Archai and the Telyn 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 £17,461 (£14,938 in 2024).
Future plans and commitments
We hosted our annual London auditions in September 2025. We received 41 (42 in 2024) applications from young chamber groups. 14 were chosen for audition. Three groups were selected as Award Winners for performances during the 2026/2027 season: Allora Ensemble (string quintet & accordion) (5 concerts), CATIL Quintet ( wind quintet) (5 concerts) and the Isla String Quartet (5 concerts). Spending on the 15 Awards Scheme concerts for 2026/27 season was set at £25,125 (£21,450 in 2024).
The Trust also hopes to promote its thirteenth Annual Course on the Isle of Coll from 27[th] June – 5[th] July 2026. It is expected that the cost of promoting this event will be in line with 2024 at approximately £17,000. In line with the Trustees’ policy, any other events promoted by the Trust during 2026/27 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 2024/25 generous donations were received from 9 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 2025
Review of financial position
The Trust’s direct spending on Young Musicians in 2025 was £49,587 (2024 - £48,544). The income of the Trust during the 12 month period was £43,532 (2024 - £52,346). 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 £10,073 (2024 - £10,975). The valuation of investments at 30 September 2025 was £336,493 (2024 -- £328,997) Cash in the bank at 30 September 2025 was £14,014 (2024 - £29,729). The net assets at the end of the period amounted to £353,150 as compared to the net assets at the beginning of the period of £354,674.
Designated funds
Total Charity Funds include amounts totalling £46,575 relating to awards for future years.
This report was approved by the Trustees on and signed on their behalf by
William Tunnell Chairman
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 2025. 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 2025 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
-
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
- which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed Date: 2[nd] April 2026
Anson Clark 11 Dean Bank Lane Edinburgh EH3 5BS
Page 6
THE TUNNELL TRUST STATEMENT OF FINANCIAL ACTIVITIES (incorporating Income & Expenditure Account) YEAR ENDED 30 SEPTEMBER 2025
| Incoming resources Incoming resources from generated funds Voluntary income Investment income Bank Interest Incoming resources from charitable activities Total incoming resources Resources expended Costs of generating voluntary income Charitable activities Governance costs Total resources expended Net outgoing resources before other recognised gains and losses Other recognised gains / (losses) Gains / (losses) on investment assets Net movement in funds Reconciliation of Funds Total funds brought forward Total funds carried forward |
Note 2 3 4 5 6 7 10 |
Total Funds Unrestricted Year ended 30 September 2025 £ Total Funds Unrestricted Year ended 30 September 2024 £ 16,819 22,611 10,073 10,975 74 89 |
|---|---|---|
| 26,966 33,675 16,566 18,671 |
||
| 43,532 52,346 |
||
| (3,643) (4,433) (49,587) (48,544) (2,650) (2,650) |
||
| (55,880) (55,627) |
||
| (12,348) (3,281) 10,934 25,260 |
||
| (1,414) 21,980 354,674 332,695 |
||
| 353,260 354,674 |
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.
Page 7
THE TUNNELL TRUST BALANCE SHEET 30 SEPTEMBER 2025
| Investments Total fixed assets CURRENT ASSETS: Debtors Cash at bank Total current assets Creditors: amounts falling due within one year Net current assets Net assets The funds of the charity: Unrestricted income funds Designated funds – Awards Scheme Total charity funds Approved by the Trustees on 1st April 2026 and signed on their behalf by: Trustee Trustee |
Note 2025 £ 10 336,493 336,493 11 7,125 14,014 21,139 12 (4,482) 16,657 353,150 306,575 13 46,575 353,150 William Tunnell David W. S. Todd |
2025 £ 336,493 |
2024 £ 328,997 |
|---|---|---|---|
| 336,493 | 328,997 | ||
| 7,125 14,014 |
1,524 29,729 |
||
| 21,139 (4,482) |
31,253 | ||
| (5,571) | |||
| 16,657 | 25,682 | ||
| 353,150 | 354,674 | ||
| 306,575 46,575 |
310,474 44,200 |
||
| 353,150 | 354,674 | ||
Page 8
THE TUNNELL TRUST NOTES TO THE ACCOUNTS YEAR ENDED 30 SEPTEMBER 2025
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 2025
| 2 3 4 5 |
VOLUNTARY INCOME Albert & Eugenie Frost Music Trust Bernard Sunley CMS Charitable Trust Cookie Matheson Charitable Trust Cruden Foundation Hope Scott Trust Hugh Fraser Foundation Marigold Whittome Memorial Trust Radcliffe Trust The Misses Barrie Charitable Trust Sundry small donations Gift aid donations including tax recovered Thirtieth Anniversary Appeal Kenneth Robb Memorial INVESTMENT INCOME INCOMING RESOURCES FROM CHARITABLE ACTIVITIES Music Coll Albert & Eugenie Frost Music Trust CMS Charitable Trust Cruden Foundation Headley Trust Marigold Whittome Memorial Trust PF Charitable Trust The Misses Barrie Charitable Trust Tickets and merchandise Other donations COST OF GENERATING VOLUNTARY INCOME Commission Fundraising expenses |
2025 £ 2024 £ 4,500 3,500 0 3,000 0 1,000 0 1,500 0 1,000 0 1,840 2,000 2,000 3,000 3,000 2,000 2,000 3,000 1,500 |
|---|---|---|
| 14.500 20,340 1,096 860 1,223 843 0 160 0 408 |
||
| 16,819 22,611 |
||
| 10,073 10,975 |
||
| 2,500 3,000 0 1,000 1,000 0 4,000 4,000 3,000 3,000 3,000 3,000 0 1,500 1,749 0 1,317 3,171 |
||
| 16,566 18,671 |
||
| 3,338 4,128 305 305 |
||
| 3,643 4,433 |
Page 10
THE TUNNELL TRUST NOTES TO THE ACCOUNTS YEAR ENDED 30 SEPTEMBER 2025
| HE TUNNELL TRUST OTES TO THE ACCOUNTS EAR ENDED 30 SEPTEMBER 2025 |
Page | Page | |
|---|---|---|---|
| 6 CHARITABLE ACTIVITIES Awards to music groups Haversham Trio Kleio Quartet Lumas Winds Salome Quartet Schofield Clarke Duo Stroud Zhang Duo Asaka Quartet Kyan Quartet Piano Phase Project Trio Arisonto Music Coll costs Auditions Support costs Administration fees & expenses Bank & broker’s charges Advertising Sundry expenses Coll Piano transport 7 GOVERNANCE COSTS Consultants’ fees and expenses Independent Examiner |
2025 £ 2024 £ 0 2,950 0 4,800 0 4,500 0 4,800 0 1,800 0 2,400 6,500 0 5,200 0 3,900 0 5,850 0 |
||
| 21,450 21,250 17,461 14,938 223 306 6,600 6,600 2,998 1,570 321 6 279 655 254 3,219 |
|||
| 49,587 49,544 |
|||
| 2024 £ 2023 £ 2,400 2,400 250 250 |
|||
| 2,650 2,650 |
8 The Trust does not have any employees.
Andrew Scott, Trustee, received remuneration for property let for Music Coll. Jonathan Tunnell, Artistic Director, and Charles Tunnell, Artistic Advisor are related parties to three of the Trustees and received remuneration for professional services rendered. During the year no Trustees’ expenses were reimbursed.
Page 11
THE TUNNELL TRUST NOTES TO THE ACCOUNTS YEAR ENDED 30 SEPTEMBER 2025
| 9 | COMMITMENTS – FUTURE AWARDS The awards are to be made out of future income Season 2025-26 Chloe Piano Trio Hyde Clarinet Quartet Intesa Duo Talos Quartet Trio Archai Season 2026-27 CATIL Wind Quintet Isla String Quartet Allora Ensemble see note 13 |
2025 £ 4,875 3,900 3,250 6,500 2,925 |
|---|---|---|
| 21,450 | ||
| 8,375 6,700 10,050 |
||
| 25,125 | ||
| 46,575 |
| 10 | INVESTMENTS Market value as at 1 October 2024 Acquisitions Disposals Net gain/loss on revaluation at 30 September 2025 Market value at 30 September 2025 Un-invested funds with stockbroker Historical cost at 30 September 2025 Net gain/loss on disposal of investments Proceeds Book value Net realized gain/loss in year Net gain/loss on revaluation at 30 September 2025 Total gains / (losses) on Investment assets |
2025 £ 2024 £ 325,919 302,884 37,312 137,317 (42,506) (115,579) 11,795 1,296 |
|---|---|---|
| 332,631 325,919 3,972 3,073 |
||
| 336,493 328,992 |
||
| 306,625 310,802 41,535 139,543 (42,506) (115,579) |
||
| (971) 23,964 11,795 1,296 |
||
| 10,824 25,260 |
Page 12
THE TUNNELL TRUST NOTES TO THE ACCOUNTS YEAR ENDED 30 SEPTEMBER 2025
| 11 12 13 14 |
Holdings which are greater than 5% of the portfolio Investments which comprise more than 5% of the portfolio Vanguard Funds 11.83% £40,017 Fidelity UCITS 11.28% £38,132 Schroder Unit Trusts 5.58% £18,875 DEBTORS AND PREPAYMENTS DUE IN LESS THAN ONE YEAR 2025 £ 2024 £ VAT recoverable 1,041 1,440 Sundry 6,084 84 7,125 1,524 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Sundry creditors & accruals 4,482 5,571 Other 0 0 4,482 5,571 DESIGNATED FUNDS Although the awards are made out of future income the Charity has designated funds for concerts planned. Awards made for 2024-25 22,750 Awards made for 2025-26 21,450 21,450 Awards made for 2026-27 25,125 Total awards to be paid in 2025-27 46,575 44,200 TRUST FUND |
Holdings which are greater than 5% of the portfolio Investments which comprise more than 5% of the portfolio Vanguard Funds 11.83% £40,017 Fidelity UCITS 11.28% £38,132 Schroder Unit Trusts 5.58% £18,875 DEBTORS AND PREPAYMENTS DUE IN LESS THAN ONE YEAR 2025 £ 2024 £ VAT recoverable 1,041 1,440 Sundry 6,084 84 7,125 1,524 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Sundry creditors & accruals 4,482 5,571 Other 0 0 4,482 5,571 DESIGNATED FUNDS Although the awards are made out of future income the Charity has designated funds for concerts planned. Awards made for 2024-25 22,750 Awards made for 2025-26 21,450 21,450 Awards made for 2026-27 25,125 Total awards to be paid in 2025-27 46,575 44,200 TRUST FUND |
|---|---|---|
| 7,125 1,524 |
||
| 4,482 5,571 0 0 |
||
| 4,482 5,571 |
||
| 22,750 21,450 21,450 25,125 |
||
| 46,575 44,200 |
||
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.