THE CARDRONA CHARITABLE TRUST FINANCIAL STATEMENTS FOR 5 APRIL 2022 Charfty NuMr 8C024012 AZETS AUDIT SERVICES 37 Albyn Place Aberdeen AB10 1JB
THE CARDRONA CHARITABLE TRUST FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2022 CONTENTS PAGE Members of the trust and professional advisers Trustees annual report Independent auditor's report statement of financial activities (incorporating income and expenditure account) Statement of financial position Notes to the financial statements
THE CARDRONA CHARITABLE TRUST MEMBERS OF THE TRUST AND PROFESSIONAL ADVISERS Trustees Sgcretsry Buslness address Cardron8 Glen Road Dunblane Perthshira Audltor8 Azets Audtt Service$ 37 Albyn Plac8 Aberdeen AB10 1JB Banker8 Bank of Scotland and Barclays
THE CARDRONA CHARITABLÈ TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 5 APRIL 2022 The trustees have pleasur¢ in presenting theirreport along with th¢ fllW)cial statements of the charitable Irust for the year ended 5 April 2022. The financial slat¢m¢nt$ have been prepared in ac¢ordance with the accounting policies set out in note I to the a¢¢ounts and ¢omply w&th th¢ Charity's Trust Deed, the Charitie5 and Trustee Investment (Scotland) Aot 2005, the Charities A¢¢ounts (Scotland) Regulation5 2006 tthd the Statement of Recommended Practice: Accounting and Reporting by Charities 2005. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng docum¢nt The Cardrona Charitabl¢ Tn]$t is a charitsble unincorp)rat¢d Tnlst. The purposes and administration arrdngemenls are set out in the charity's Trust Deed. iEal 5tstus The Cardrona Chatitable Tnt is a register charity In Scotland. Th¢ Fowiding Trust Ik¢ds wer¢ registered in the Books of Councils and Sessions on 25 August 1995. The Scottish charity reference number is SC024012. Trustee IndCtIOts Éralnlng stees, trdining is ongoing ihroughout th¢ year. Before a new trSlee is appointed an initial briefing will be given in order to f8miliaris¢ the prospective trust¢¢ with the charity and how &t functions. Appointmnt ond eleetlon of trste¢ New trustees must be apwinted by A resolution of the current trustees and recorded in the minutes of a m¢¢tin8 as su¢h signed by the aPltee5. Organisatknn Stees responsible for day to day manag¢m¢nt of the trust are and IDves¢ment policy The objectives of the trustees at the present time are lo invest the trnst funds in both UK unlisted investments and interest bearing bank accounts, with a vi¢w to producing & balanced growth of both capital and income. Control of the investments is in the hands of the trustees. The trust holds IOOYO ofthe shar¢s inN¢ss Valley Leisur¢ Limited, aUKbased ¢ompany. The a¢¢ounts of th¢ company are not consolidated wilh the TrusL &8 no meaningful purpose would be achi¢v¢d. Rlsk management The tru$tee5 hav¢ seSsed the major risks to which the charity is ¢xpo8ed, in particular those Telated to the op¢rations and finances of the Trus¢ and are satisfi¢d that systems are in place to mitigate the exposure to the major risks.
THE CARDRONA CHARITABLE TRUST TRUSTEES ANNUAL REPORT YEAR ENDED 5 APRIL 2022 Reserv¢s policy All th¢ resetv¢s ofthe charity are unrestricted and are sufficient to ensure the continued activities of the charity for the foreseeable futhre. TRUST OBJEcfivES ANJ) ACTIVITIES The obj¢ctiY¢s of the Tn]st are ihe adVCement of the Christian religion with picular emphasis on evangelism and the encourageTnent among believers of good works in all parts of the world. Donations are made to variowq organisations in order achiev¢ thes¢ objectives. ACHIEVEMENTS, PERFORMANCE, FINANCIAL REVIEW AI¥D FUTURE PLANS During the year, the Ttust made di)nations of £225,236 {2021- £333,529) as detailed in not¢ 6 to the a¢¢ourLiS. Ness VleY Leisu Limited made a loss in the year lo 26 September 2021 amounting to £119,896. Futur¢ profits in this company a anticipat¢d. All funds are unrestricted. The net outgoing resources for the year amounted to £154,201 (2021 £316,398). The tnjstees intend to ¢ontinue to provid¢ for the T¢ purposes along existin# lines. TAXATION The Trust is recogni5ed as achaTity by the Inland Revenu4 and iherefoT¢ benefits from exemption from taxation on income. THE TRUSTEES The trustees who served the charity during the period were As follows:
THE CARDRONA CHARITABLE TRUST TRUSTEES ANNUAL REPORT {•1) YEAR ENDED 5 APRIL 2022 RESPONSIBILITIES OF THE TRuEEs Law opplicable to charities in Scotland requirts the trustees lo prepare finan¢ial statements for each rinan¢ial which give atrue and fair view of the Ch8rity's financial activities during the year and of its financial ptI10n at th¢ end ofthe year. In preparing fi[)¢1&1 statements. giving &true and fair view, the trustees are Tequtred to.. s¢le¢t suitabl¢ a¢¢ounting poli¢i¢s and then apply them consistently. and m9ke judgements and estimates that are re&sonable and prudeni. - statr whether applicable accounting Standards and statements of reLommend¢d prn¢tic¢ have been followed, subj'ect to any departUTes disclosed and explained in the financial statements. prepare financial statements on the going CO¢M bgsis unleAs it is inappropriate to presume that the Charity will ¢ontinue in operation. The trustees are reswnsible for keeping proper accounting records that disclose with re8sonabl¢ accuracy at any time the fanCial position of the Charity and which ¢nabl¢ them to ensure that the financial statements comply with the Charities and Trustee Investsnent (Scotland) Act 2005 and the Charity ArUnIS (Scotland) R¢gulalions 2006. The Trustees are also responsible for safeguarding the assets of the Charity and hence for tsking Te&8onable steps for the prevention and detection of frnud aMI other irregularities. The trustees have ¢ompli¢d with th¢ir duties in section 4 of th¢ 2006 Charities Act. In so far as the lrnst¢¢s ar¢ aware.. - There is no relevant audit inforniation of whiclLthe charity's auditors ar¢ unawatr. and The Trustees have tsken all steps that they ought to have taken to make th¢ms¢lv¢s awdre of any relevant audtt infornialion and to ethbligh Ihat the auditors are aware of th&¢ inforn)ation. Signed hehalf of the Tru8tee$ 'ust¢¢ Appn)ved by the tsustees on 31 January 2023,
THE CARDRONA CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CARDRONA CHARITABLE TRUST YEAR ENDED 5 APRIL 2022 We have audited the financial aternents gf The Cardrona Charitsble Trust for the y¢ar ended 5 April 2022 which Comprise the Statement of Firwicial Activities (In¢orporating Income and Expenditure Account), th¢ Statement of Financi81 Position and the related notes." The fiTJancial sta¢e)nents have been prepared under the acc4)unting policies sel out therein. This rewrt is made solely to the Charity's Ttees, as a body? in ac¢ordan¢¢ with Section 44 {] Kc) of the Chariti¢s and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities A¢¢ounts (Scotland) Regulations 21M16. Our audil work has b¢¢n undertaken Soth we might slate to the Charity's Trustees those matters we att required to state to Ihetn in an auditor's report and for no other purpose. To the fi]Il¢st extent pemiitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body. for our audit WOTK for this reporL or for the opinions we have formed. RESPECTIVE RESPOI¥SIBILITILS OF THE TRUSTEES AND THE AUDITORS The trustees. responsibilities for preparing th¢ Annual Report and the Financial Statements in accordance with applicable law. regulations and United Kingdom Ac¢ounting Standards (United Kingdom Gen¢rnlly A¢c¢pted Ac¢ounting Practice) are set out in the Statemenl of TTUStees' Responsibilities. We have been appointed 8$ auditors undcr section 44(1)(¢) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance WAth regulations made under that Act. Our responsibility is to audit Éh¢ financial $tsl¢ments in 4¢¢ordance with relevant legal gnd regulatory requirements and International Stsndards on Auditing (UK and Ireland). We rert to you our opinion as lo whether the financial statements give a tsue and fair view and are properly prepared in accordance with the Charities gnd Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006. We also port lo you if, in our opinion the infomiation given in the Trustecs. Annual Report is not consistent with the financial statements, if th¢ Charity h&s not kept proper accountillg r¢¢ords, if the Charity'g statement of account is not in agreement with these arrounting r¢¢ord& or if we have not received all the infomiation and explanations we ure for our audiL We tEad the Tru5tees' Annual Report and wnsider the implications for our JH)Ort if we become awaTe of any apparent misstatements within tt. BASIS OF AUDIT OPINION We conducted ouraudit in accordance with Internation8] Standards on AuditinglUK and Jr¢land) issued by the Auditing Practices Board. An audit includes examination. on a test b&si4 of evidence relevant to the 8mounts and disclos¢$ in th¢ finen¢ial statem¢nts. It also includes an assessment of the 8ignific8nt estimates and judgements made by the Trustees in the prepaTAtion of the financial statements, and of wheth¢r the a¢¢ounting policies are appropriute to the Charity's C1MstanCes. con5iStentty wlied and adequately disclosed. We planned and perforned our audlt so as to obtain all the inforniation and explanations wbich we considered necessary in order to provide us with sufficient evid¢n¢e to give re&sonable assurance that the financial ststements ar¢ fre¢ from m&trria] misstatemenL whether caused by fraud or other inrgularity or error. In fom)ing our opinion we also evaluated the overaS1 adeoua¢y of th¢ pr&4entation of inforTnation in the financial statem¢nts.
THE CARDRONA CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE CARDRONA CHARITABLE TRUST fcondnu8f4 YEAR ENDED 5 APRIL 2022 OPINION In our opinion: The financial statements give a trn¢ and fair view, in accordance with United Kingdom Generalty AcCe¢d Accounting Practice, of the stste of affairs of th¢ charity &8 at 5 April 2022 and of ils incoming sOUrceS and application of reSoUrs. forthe yearthen ended. and The financial ststements hav¢ b¢¢nproperly preparedin acrdanCe withthe Charities andTrustees Jnvesthjent (Scotlond) Act 2005 and regulation 8 of th¢ Charities Accounts (S¢otland) R¢gulations 2006. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEYrioN We have nothing to ttp)rt in respect of the following m&tters where the Charity Accounts (Swtland) Regulations 2006 {as amended) requires us to report lo you if, in our opinion: the inf0mtIOn given in the trust¢es' report is incotkSiSt¢nt in any material Tespect with the financial statements. or the charittble trust has not kept ryoper and adequats accounting r¢cords' or the fjnancial statements are not in agreement with the ac¢ounting records and returns. or we have not receiv¢d all the inforntstion and exp18nalions we require for our audit, (Senior Ststlltory Auditor) For and on behalf of Azets Audit Services Chartered accountsnts & statutory auditor 37 AlbyTh Place Aberdeen ABIO IJB Dale- 31 January 2023
THE CARDRONA CHARITABLE TRUST STA TEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 5 APRIL 2022 Totsl FndS Total Funds 2022 2021 INCOMING RESOURCES Donations Rentsl in¢ome Intcrest receivable 51,000 22,913 2,192 20,000 6,001 26.001 TOTAL INCOMING RESOURCES 76.105 RESOURCES EXPENDED Direct charitabl¢ expenditure - donations Other charitsble exp¢nditur¢ TOTAL RESOURCES EXPENDED 225,236 $070 230006 333,529 8,870 342,399 NKT (OUTGOING) I INCOMING RESOURCFS FOR THE YEAR {154,201) (316,398) NET MOVEMENf IN FUNDS FOR YEAR {14201) (316.398) 7,029856 7,345,854 Fund balances brought fonvard Fund balance$ ¢atried forward 14 14 75255 7,029,456 All movem¢nts are in Unrestrictsd Funds The charity h&s no T¢cognised gains or losses other than the results for the year as set out aix)ve. All of the &¢tiviti¢s of the charity are classed as continuing. Th• notOB on pag88 9 to 16 ff0 ofth08e ffln•n¢lo1 •tatsm•nts.
THE CARDRONA CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION 5 APRIL 2022 2022 2021 t4ot• FIXED ASSETS Tangible assets Investments 10 11 202,168 2,476,001 2,502,168 2,476,001 4,978.169 4,97&169 CURRENT ASSETS Debtors Cash at bank 12 3011,423 1kn07,678 277,172 1,781,161 2,058,333 .908,101 CREDITORS: Amounts f4lllng due Jvithin one year 13 (11,015) (7,046} NET CURRENT ASSETS ]W7.086 2.051,287 TOTAL A&SETS LESS CURRENT LIABILllEs 6075255 7.029,456 FUNDS Unrestricted 14 $255 875355 7,029,456 7,029.456 TOTAL FUNDS These fin)cIal statements w¢r¢ approved by the trustees on the 31 January 2023 are signed on their behalf by.. TRUSTEE Th• nots8 on 0•$ g to 11 lorni rt01th• fIn¥Ill 8tatem#nts.
THE CARDRONA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2022 ACCOUNTING POLICIES Ba81s of accountlng Th¢ financial statements have been prepatEd under the hidorical cost convention, except for th¢ Tevaiuation of certain fixed asseis. a] in accordance with applicable United Kingdom accounting standar(L4, the Stst¢meftt of Recommended Practice "Accounting and Reporting by Chatities" issued in March 2005 (SORP 2005), the Charities and Trustee Inveslment {Scotland) Act 2005. d the Charities Accounts (Scot18nd) Regulalions 2006. Incoming resour¢es Income is recognised in the Peri in which the charity is entitled to receipt and the amount can be measured with reasonable ¢¢rtainty. Income 1$ def¢ff¢d only when the charity has to fulfil conditions before becoming entitled to it or where the donor bas specified that the income is to b¢ expended in & future period. Resourees expended Resources exp¢nded are reGogrti5¢d in the year in which they are incurr¢d. R¢50urces expended include attributable VAT which cannot be recovered. Resources expended ar¢ 8]Iated to the particulaJ aclivity where the cost relates directly to ihat activity or are apportioned appropriately. Ffixed *$sels All fixed assets are initially recorded at cost. Flxed tt investmeDts Unlistedinv¢stm¢nts &re stated at ¢osL Gains andlosses ondisposal and revoluation of investmeThts ¢harged or creditsd to th¢ SOFA. Deprechtlon No depreci74tion is proyided for on freehold property. Thiy departutE from Genernlly Acceed Accounting Principle4 is in the opinion of the trust¢¢s. ne¢&9ry for the accounts to show a true and fair view.
THE CARDRONA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED S APRIL 2022 DONATIONS TotAI Fund$ Totsl Funds 2022 2021 Donations received 51,000 51,000 Fncluded within the above donations is £50.0(N) from Macdonald Hotels Limit¢d. 3. INCOME FROM CHARITABLE TRADING ACTIVITIES 2022 2021 Rental InMe {net of expenses) 22913 20.000 4. INVESTMENT INCOME Value 2022 Valu¢ 2021 Incom¢ 2022 Income 2021 Oth¢r UK unlisted investments 2.476,1101 2.476.001 2.47&lJOI 2,476,001 INTEREST RECEIVABLE 2022 2021 Bank int¢r¢st receivable Oth¢r loan interest receivable 814 lJ78 4,656 1.345 2,192 6.001 -10-
THE CARDRONA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2022 COSTS EN FURTHERANCE OF CHAIUTABLE OBJECTS During the yearthe Trust made charitable donations as follows: Refomjation Scotland Trust Nora Docherty School Safe Families Bethany Christian Trust Edinburgh Christian Concern Blythswood C£w¢ Trinitarian Bible Society Melvill¢-Knox Chrisfian School 48.000 40,000 10,000 5,000 50,000 10,000 5,000 7,000,181 Others under £5,0(Hl 50,236 225,236 7. ADMINISTRATIVE COSTS Tot81 Funds Total Funds 2022 2021 Other costs Audit fees 1.770 3JOO 070 5.870 3.000 8,870 TOTAL RESOURCES EXPEI¥DED Tol41 Fmthds Total Funds 2022 2021 Otkner Costs Direct charitable ¢xp¢ndi Administrative costs 225236 5,070 230J116 22S236 5.070 230J06 333,529 8.870 342J99 No 88lari¢s or wages have been paid to employee4 including the tNstees of the tr$1. during the y¢ar. NET INCOMING I (OUTGOING) RESOURCES Net Operating Resouwes is stated after ¢harging: 2022 2021 Auditors, remunerntion as auditors 3JOO 3,000 11
THE CARDRONA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED S APRIL 2022 10. TANGIBLE FIXED ASSETS Freehold Investment pyoperty COST At 6 AprAI 2021 Additions Disposals At 5 April 2022 2,5112,168 2,502,168 DEPRECIATION At 6 April 2021 atMI 5 April 2022 NET BOOK VALUE At 5 April 2022 At 5 April 2021 2,502,168 2,502,168 Investment prop*rti¢s w¢r¢ valued on Bn on market value blS by the trnstees at 5 Aprtl 2022 at £2.502,168. No depreciation is provided in respect of such properties. The current value of investment properties and changes in the current value are of prime importance rather than a calculation of systematic annual depreciation. D¢preoiation is only one ofthe many factors refle¢led tnth¢ annual valuation and the amounL which mightotherwise have be¢n shown, cannot be s¢parntely identified or quantified. 12-
THE CARDRONA CHARITABLE TRUST NO.TES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2022 11. INVESTMENTS 2022 2021 Cosl at 6 Aptil 2021 Additions 2,476,001 2.276.001 200,000 Cost at 5 April 2022 2,476.0(11 2,476,000 Histori¢&l Cost at 5 April 2022 Analysis of investments 2,476JJOI 2,476,001 Totsl Fund$ Total Funds 2022 2021 At Cost (hher UK unlisted investments 2,476,110] 2,476,001 2,476.001 2,476,001 Included in the abov¢ investments is £l,01)O.000 invested in the company. Macdottald Hotels Limited a comwiy r¢gistered in Scotland. The Trust owns 2V/o of the issued share capital of Macdonald Hotels Limitcd. The tolal Shareholde, Funds ofthe Macdonald Hotels Limited Group as at 30 September 2021, was £108m. Included the alx)ve illvestm¢nt is £1.476.001 invested in atrnding company Ness Vall¢y Leisur¢ Litnited. A$ at 5 April 2022. the TrusÉ owned IOOYo of the issued shar¢ ¢apitai of Ness Vall¢y L¢isur¢ Limited. The a¢¢ounts ofthe company are not consolidated withthe Trustas no Tneaningful purpose for readers of these accounts would be achieved. A summary of the transactions and fanCial position of Ness VleY Leisure Ltmited for the period to 26 S¢ptemb¢r 2021 is sel out ixlow: Turnover ExFtnditure (Loss) for year Capital and Reserves 32.060 (151.956) (119.896) 588.245 The prin¢Apal a¢tivity of N¢ss Valley Leisure Lirnited is that of the pmvision of leisure activili¢s. 13-
THE CARDRONA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2022 12. DEBTORS 2022 2021 Amounts owed from Monument L¢isu¢r Limited Amounts owed from Ness Valley Leisure Limited Amounts owed froin Cardona Company oiher debtor5 56Jll 35395 208.617 55.133 12,382 208,617 1.040 3110.423 277,172 Loan interest is charged on amount5 Outstanding from Monument Leisure Limited, at commer¢iai rates of interest. . 13. CREDITORS: Amounts falling due withln yegr 2022 2021 Other ¢tEdttors 11,015 ii,ois 7.046 7,046 14. FUNDS Gen•ral Fund Totsl At 6 April 2021 . Incomingl(Outgoings) for the year At S Aprll 2022 7,029,456 7.029,456 {154,201) (154,201) 0,875,255 6.875,255 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS TAngibk Fixed Assets IDv¢stJtttttts Net current Assets Total Unregtri¢led In¢om¢ funds 2J02,168 2,47&1MII 2,476,ODI '1,897,086 6.875,255 6.875,255 TOTAL FUNDS 2,502,168 1,897,086 16. RELATED PARTY TRANSACTIONS Some of the trust¢¢s are also directots of Monument Leisure Limited. At the year-end 8 loan of £56,511 (2021- £55.133) was outstanding from Monument Leisure Limited. These amounts are included within debiors and int¢rest is charged on th¢ amounls outstanding at comm¢r¢ial rates of interest. -14-