THE CARDRONA CHARITABLE TRUST
FINANCIAL STATEMENTS
FOR
5 APRIL 2022
Charfty NuM￿r 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]$t is a charitsble unincorp)rat¢d Tnlst. The purposes and administration
arrdngemenls are set out in the charity's Trust Deed.
i*Eal 5tstus
The Cardrona Chatitable Tn￿t is a register￿ charity In Scotland. Th¢ Fowiding Trust Ik¢ds wer¢
registered in the Books of Councils and Sessions on 25 August 1995. The Scottish charity reference
number is SC024012.
Trustee Ind￿CtIOts Éralnlng
stees, trdining is ongoing ihroughout th¢ year. Before a new tr￿Slee is appointed an initial briefing
will be given in order to f8miliaris¢ the prospective trust¢¢ with the charity and how &t functions.
Appointm*nt ond eleetlon of tr￿ste¢
New trustees must be apwinted by A resolution of the current trustees and recorded in the minutes of a
m¢¢tin8 as su¢h signed by the aP￿l￿tee5.
Organisatknn
Stees responsible for day to day manag¢m¢nt of the trust are
and
IDves¢ment policy
The objectives of the trustees at the present time are lo invest the trnst funds in both UK unlisted
investments and interest bearing bank accounts, with a vi¢w to producing & balanced growth of both
capital and income. Control of the investments is in the hands of the trustees.
The trust holds IOOYO ofthe shar¢s inN¢ss Valley Leisur¢ Limited, aUKbased ¢ompany. The a¢¢ounts
of th¢ company are not consolidated wilh the TrusL &8 no meaningful purpose would be achi¢v¢d.
Rlsk management
The tru$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 adV￿Cement of the Christian religion with p￿icular 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 V￿leY 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 TRu￿EEs
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 p￿tI10n 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 f￿anCial 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 Ar￿UnIS (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 T￿￿tees, 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 $tsl¢ments in 4¢¢ordance with relevant legal gnd regulatory requirements and
International Stsndards on Auditing (UK and Ireland).
We re￿rt to you our opinion as lo whether the financial statements give a tsue and fair view and are
properly prepared in accordance with the Charities gnd Trustee Investment (Scotland) Act 2005 and
regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
We also ￿port lo you if, in our opinion the infomiation given in the Trustecs. Annual Report is not
consistent with the financial statements, if th¢ Charity h&s not kept proper accountillg r¢¢ords, if the
Charity'g statement of account is not in agreement with these arrounting r¢¢ord& or if we have not
received all the infomiation and explanations we ￿u￿re for our audiL
We tEad the Tru5tees' Annual Report and wnsider the implications for our JH)Ort if we become awaTe
of any apparent misstatements within tt.
BASIS OF AUDIT OPINION
We conducted ouraudit in accordance with Internation8] Standards on AuditinglUK and Jr¢land) issued
by the Auditing Practices Board. An audit includes examination. on a test b&si4 of evidence relevant to
the 8mounts and disclos￿¢$ 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 C1￿￿MstanCes. 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 reSoUr￿s. forthe yearthen ended. and
The financial ststements hav¢ b¢¢nproperly preparedin ac￿rdanCe 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 inf0m￿tIOn 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 F￿ndS 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
2￿02,168
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 LIABIL￿llEs
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]I￿ated 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 Acce￿ed
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 In￿Me {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 o￿n market value b￿lS 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
f￿anCial position of Ness V￿leY 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-